Core Viewpoint - CICC has raised the profit forecast for Uni-President China (00220) for 2025 and 2026 by 3% to 2.29 billion and 2.62 billion yuan respectively, citing the company's resilient beverage business amid increasing competition [1] Group 1: Financial Performance - The company reported 1H25 revenue of 17.087 billion yuan, a year-on-year increase of 10.6%, and a net profit attributable to shareholders of 1.287 billion yuan, up 33.2% year-on-year [2] - In 2Q25, the net profit attributable to shareholders was 685 million yuan, reflecting a year-on-year increase of 34.6% [2] Group 2: Beverage Business Performance - The beverage segment achieved a revenue increase of 7.6% year-on-year in 1H25, despite intensified competition [3] - Tea beverage revenue grew by 9.1% year-on-year in 1H25, with double-digit growth in products like Double Brew and Spring Green Tea [3] - Juice and milk tea revenues increased by 1.7% and 3.5% year-on-year respectively, indicating stable growth [3] Group 3: Cost and Profitability - The company's gross margin improved by 0.5 percentage points year-on-year in 1H25, driven by cost reductions and enhanced capacity utilization [3] - The beverage gross margin increased by 1.4 percentage points year-on-year, while the food gross margin decreased by 0.4 percentage points due to rising palm oil prices [3] - The net profit margin rose by 1.3 percentage points to 7.5% in 1H25, supported by effective cost control measures [3] Group 4: Future Outlook - The company anticipates that the beverage business may face slight pressure in 3Q due to intensified competition, but expects overall steady growth for the year [4] - The company maintains a rational competitive strategy and aims to keep its expense investment steady, which is expected to support stable profit margins in the second half of the year [4]

| 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1221.00 | +39.00↑ | J主力合约收盘价（日，元/吨） | 1644.50 | +10.00↑ | | 期货市场 | JM期货合约持仓量（日，手） | 862415.00 | +57495.00↑ | J期货合约持仓量（日，手） | 52939.00 | +201.00↑ | | | 焦煤前20名合约净持仓（日，手） | -94717.00 | +12500.00↑ | 焦炭前20名合约净持仓（日，手） | -7460.00 | -258.00↓ | | | JM1-9月合约价差（日，元/吨） | 147.00 | 0.00 | J1-9月合约价差（日，元/吨） | 88.00 | +14.50↑ | | | 焦煤仓单（日，张） | 0.00 | 0.00 | 焦炭仓单（日，张） | 800.00 | +40.00↑ | | | 干其毛都蒙5原煤（日，元/吨） | 930.00 ...

2024年度，浪莎股份内衣生产量为400.42万套，上一年度为454.34万套。其中，公司内衣设计产能259万 套，年自产量为47.32万套，产能利用率仅为18.27%，较上一年度数据大幅下滑(2023年自产量为71.78万 套，产能利用率为27.71%。)；OEM(代工)产量353.1万套，上一年度为382.56万套。 此外，浪莎股份短裤、文胸2024年度的产能利用率也分别只有14.54%、7.70%。 2024年度，浪莎股份营收3.8亿元，同比下降2.08%。对此，浪莎股份表示，2024年虽然服务消费强势回 升带动了商品消费需求增长，但是普通消费类产品受宏观环境影响，特别是纺织内衣产品市场竞争激 烈，致使本期公司营业收入有所下降。今年一季度，公司营收6460.18万元，同比下降9.65%。 业绩波动的同时，浪莎股份管理层的变化更令外界关注。6月下旬，两位被视为接班人的家族二代成员 ——翁晓锋(创始人翁关荣之子)和翁晓菲(创始人翁荣金之女)同时退出核心管理层。据媒体报道，上市 公司称此次管理层变动是出于公司内控管理调整，公司正尝试"去家族化"，从"家族治理"向"职业经理 人"模式转型。 企查查显示，煦合企业 ...

Production Side - As of the fourth week of July, the blast furnace operating rate was 83.48%, stable compared to the previous period and above last year's average[19] - The rebar operating rate increased to 43.95%, up 2.38 percentage points from the previous period, exceeding last year's average[19] - The cement mill operating rate recorded 36.95%, a slight decrease compared to the previous period[19] - The asphalt inventory saw a significant decline, indicating an acceleration in physical work volume in the infrastructure sector[7] Demand Side - In July, the real estate market remained weak, with the transaction area of commercial housing in 30 cities down by 27.43% month-on-month and 11.26% year-on-year[7] - The average daily sales of passenger cars were 53,006.50 units, reflecting a month-on-month decrease of 21.88%[8] - The total box office revenue for movies was 84,200.00 million yuan, showing a month-on-month increase of 99.53% but a year-on-year decline of 14.85%[8] Trade and Prices - The CCFI (China Containerized Freight Index) rose to 1,305.40, with a month-on-month growth of 2.19%[9] - The SCFI (Shanghai Containerized Freight Index) decreased to 1,684.07, reflecting a month-on-month decline of 16.42%[9] - The CPI showed a mild increase in consumer prices, while industrial product prices fluctuated, with PPI pressures from weak energy prices[9]

Production Insights - As of the fourth week of July, the national blast furnace operating rate was 83.48%, stable compared to the previous period and above last year's average[11] - The rebar operating rate increased to 43.95%, up by 2.38 percentage points from the previous period, also above last year's average[11] - The cement mill operating rate recorded 36.95%, showing a slight decline compared to the previous period[3] Inventory and Capacity Utilization - As of the fourth week of July, rebar inventory decreased by 4.29% compared to the previous period, indicating a reduction in stock levels[27] - The capacity utilization rate for electric furnaces was 53.48%, up by 2.51 percentage points from the previous month, slightly above last year's average[46] - Cement clinker capacity utilization was 58.10%, down by 0.45 percentage points from the previous month, below last year's average[46] Demand Trends - In July, the sales area of commercial housing in 30 cities decreased by 27.43% month-on-month and 11.26% year-on-year[4] - The average daily sales of passenger cars were 53,006.50 units, reflecting a month-on-month decline of 21.88%[4] - The volume of postal express collection was 3.704 billion pieces, down by 5.29% month-on-month but up by 15.14% year-on-year[4] Price Movements - The average price of cement was 338.17 yuan/ton, down by 0.33% month-on-month, below last year's average[67] - The price of rebar increased by 4.14% month-on-month to 3,310.40 yuan/ton, still below last year's average[68] - The price of asphalt rose by 0.40% month-on-month to 3,823.00 yuan/ton, above last year's average[69]

Report Overview - The report is a daily report on the synthetic rubber industry dated August 4, 2025 [1] 1. Industry Investment Rating - No industry investment rating is provided in the report 2. Core View - Recently, the support from the cost and supply side has weakened. Both the synthetic rubber futures and the mainstream supply prices have shown a rapid rise and then a fall. Arbitrageurs have actively entered the market, but the downstream terminal procurement has been negative. The overall inventory of production enterprises has decreased, while the inventory of trading enterprises has slightly increased. There are short - term shutdown and maintenance expectations for the butadiene rubber plants of Qixiang Tengda and Maoming Petrochemical this week, and the Shandong Yihua butadiene rubber plant is expected to restart. The supply is expected to decrease slightly, but the inventory of production enterprises may still increase under the weak demand expectation. The overall capacity utilization rate of the tire industry is expected to be slightly adjusted, and the overall improvement space is limited. The short - term of the br2509 contract is expected to fluctuate in the range of 11,000 - 11,700 yuan/ton [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the main contract of synthetic rubber is 11,395 yuan/ton, down 60 yuan; the position of the main contract is 31,806 lots, down 2,133 lots. The 9 - 10 spread of synthetic rubber is 5 yuan/ton, down 5 yuan. The total warehouse receipt quantity of butadiene rubber is 2,490 tons, up 200 tons [2] 3.2 Spot Market - The mainstream price of BR9000 cis - butadiene rubber from Qilu Petrochemical in Shandong is 11,600 yuan/ton, down 100 yuan; that from Daqing Petrochemical in Shandong is 11,550 yuan/ton, down 50 yuan; that from Maoming Petrochemical in Guangdong is 11,550 yuan/ton, down 50 yuan; that from Daqing Petrochemical in Shanghai is 11,600 yuan/ton, unchanged. The basis of synthetic rubber is 205 yuan/ton, up 10 yuan. The price of Brent crude oil is 69.67 dollars/barrel, down 2.86 dollars; the price of WTI crude oil is 67.33 dollars/barrel, down 1.93 dollars. The price of Northeast Asian ethylene is 820 dollars/ton, down 7.12 dollars; the price of naphtha CFR Japan is 603.88 dollars/ton, unchanged; the intermediate price of butadiene CFR China is 1,080 dollars/ton, unchanged; the mainstream price of butadiene in the Shandong market is 9,200 yuan/ton, up 50 yuan [2] 3.3 Upstream Situation - The weekly production capacity of butadiene is 14.78 million tons/week, up 0.01 million tons; the capacity utilization rate is 69.97%, down 0.03 percentage points. The port inventory of butadiene is 10,400 tons, down 5,300 tons. The operating rate of Shandong local refinery atmospheric and vacuum distillation unit is 48.2%, up 0.04 percentage points. The monthly output of cis - butadiene rubber is 122,500 tons, down 16,900 tons; the weekly capacity utilization rate is 72.46%, up 4.83 percentage points. The weekly production profit of cis - butadiene rubber is - 375 yuan/ton, up 65 yuan. The social inventory of cis - butadiene rubber is 31,300 tons, down 1,000 tons; the manufacturer's inventory is 23,800 tons, down 1,050 tons; the trader's inventory is 7,520 tons, up 50 tons [2] 3.4 Downstream Situation - The operating rate of domestic semi - steel tires is 74.45%, down 1.42 percentage points; the operating rate of domestic all - steel tires is 61.08%, down 3.94 percentage points. The monthly output of all - steel tires is 12.62 million pieces, up 800,000 pieces; the monthly output of semi - steel tires is 55.23 million pieces, up 1.08 million pieces. The inventory days of all - steel tires in Shandong are 39.45 days, down 1.5 days; the inventory days of semi - steel tires in Shandong are 45.64 days, down 0.91 days [2] 3.5 Industry News - As of July 30, the inventory of high - cis butadiene rubber sample enterprises in China is 31,300 tons, a decrease of 1,000 tons from the previous period, a month - on - month decrease of 3.09%. As of July 31, the capacity utilization rate of semi - steel tire sample enterprises is 69.98%, a month - on - month decrease of 0.08 percentage points and a year - on - year decrease of 10.19 percentage points; the capacity utilization rate of all - steel tire sample enterprises is 59.26%, a month - on - month decrease of 2.97 percentage points and a year - on - year decrease of 0.20 percentage points. In June 2025, China's butadiene rubber export volume was 29,748.90 tons, a month - on - month increase of 5.99%; from January to June 2025, the total export volume was 152,812.3 tons, an increase of 35,992.05 tons compared with the same period last year, a year - on - year increase of 30.81%. In June 2025, China's butadiene rubber import volume was 19,183.53 tons, a month - on - month decrease of 20.38%; from January to June 2025, the total import volume was 138,619.08 tons, an increase of 2,537.53 tons compared with the same period last year, a year - on - year increase of 1.86% [2]

黑色金属周报-钢材 价格调整 基差走强 研究所 白净 从业资格号：F03097282； 投资咨询从业证书号：Z0018999 2025.08.04 目录 第一部分 结论及平衡表 截至7月31日，五大品种钢材整体产量增0.45万吨，五大品种库存厂库环比增0.1吨，社库增 15.29吨。表观需852.03万吨，环比降16.1万吨。截至8月1日，长流程现货端，华东螺纹长流程现 金含税成本3077元，点对点利润253元左右，热卷长流程现金含税利润233元左右。电炉端，华东 （富宝口径）平电电炉成本在3360元左右，谷电成本在3232左右，华东螺纹平电利润-110元左右， 谷电利润18元。 废钢端，截止7月31日，张家港废钢价格2150元/吨，环比上涨10元/吨。数据显示，89家独立 电弧炉企业产能利用率30.6%，环比回升1.2个百分点；255家样本钢厂日耗54.8万吨，环比增2.98 万吨；其中，132家长流程钢厂日耗27.4万吨/天，环比回升1.08万吨；短流程日耗16.7吨，环比 增1.47万吨。供应方面，255家样本钢厂日均到货54.1万吨，环比增7.56万吨，增幅16.3%。库存 方面，255家钢企废钢库存 ...

Core Insights - The main contract price for soda ash (SA2509) fluctuated between 1158 and 1457 CNY/ton in July, closing at 1247 CNY/ton with a weekly increase of 5.59% [1] - Soda ash production reached 3.1639 million tons in July, a month-on-month increase of 30,800 tons, representing a growth rate of 0.98% [1] - The capacity utilization rate for soda ash companies was 81.95% in July, down by 1.91% from the previous month [1] - Total inventory of soda ash manufacturers at the end of July was 1.7958 million tons, an increase of 27,000 tons, or 1.53% month-on-month [1] Market Trends - In August, the domestic soda ash market is expected to stabilize initially before weakening, with new price transactions slowing down and a forecast of stable to declining prices [1] - Supply of soda ash is expected to increase post-maintenance, leading to ample availability, while downstream demand remains weak with a focus on essential needs, resulting in decreased high-price transactions and weakened purchasing intentions [1] - The sentiment in the market has shifted from a strong rebound in July to a return to fundamentals, with traders advised to monitor inventory changes and downstream demand [1]

在中国市场，日产汽车计划将产能从150万辆左右削减至100 万辆。这意味着东风日产未来将关闭或转让更多工厂，削减约 三分之一的产能。 作者：王帅国 封图：受访者供图 近日，武汉经济技术开发区（汉南区）自然资源和城乡建设局发布的一份公告显示，岚图汽车科技 有限公司（下称"岚图汽车"）计划以约7.23亿元的价格，收购原本属于母公司东风汽车集团股份有 限公司（股票代码：00489.HK，下称"东风集团股份"）的一个地块。该地块面积约为120.35万平 方米，土地单价为40.06万元/亩。 资料显示，该地块即为武汉云峰工厂，虽隶属于东风集团股份，但一直为东风日产所用。武汉云峰 工厂2022年5月投产，年产能15万辆，可扩展至30万辆，配备冲压、焊装等五大工艺，兼容纯电/ 混动车型柔性生产，此前是东风日产纯电动车型Ariya等车型的生产基地，拥有成熟的纯电动车型 制造经验。 按照2024年年销量计算，东风日产目前的产能利用率只有42.65%。国际上对于制造业的产能利用 率，主流评判标准为正常区间80%左右。在整车行业，虽然企业可以通过调整生产节奏灵活控制产 能，但产能利用率通常也需要高于60%才会被视为处在正常区间。因 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - Mid - to long - term: After continuous increases due to policy speculation, black - series commodities mainly showed a volatile correction this week. Market sentiment cooled, and the market logic gradually returned to fundamentals. For steel mills, the profitability rate continued to increase, daily hot metal output continued to decline, and overseas ore shipments rebounded. For glass, the start - up rate was flat with last week, and in - plant inventory continued to decline, but the fundamental changes were limited. For soda ash, production decreased month - on - month, but the oversupply situation continued, and the supply - demand fundamentals were poor, with recent fluctuations mainly following the chemical sector. Attention should be paid to the release and implementation of relevant policies [51][55]. - Short - term: The main contracts of black - series commodities had sharp price fluctuations recently, and it was recommended to operate with caution and light positions. The main contracts of glass and soda ash closed significantly lower this week, and short - term cautious observation was recommended [52][56]. 3. Summary by Relevant Catalogs 3.1 Black - Series Weekly Market Review | Variety | Futures Closing Price Change | Futures Price Change Rate | Spot Price | Basis (Unconverted) | | --- | --- | --- | --- | --- | | Rebar (RB2510) | - 89 (from 3294 to 3205) | - 2.70% | 3370 | 165 | | Hot - Rolled Coil (HC2510) | - 66 (from 3456 to 3390) | - 1.91% | 3410 | 20 | | Iron Ore (I2509) | - 32 (from 811 to 779) | - 3.95% | 779 | 0 | | Coke (J2509) | - 134 (from 1735 to 1601) | - 7.72% | 1520 | - 81 | | Coking Coal (JM2509) | - 153 (from 1199 to 1046) | - 12.77% | 1250 | 205 | | Glass (FG509) | - 190 (from 1307 to 1117) | - 14.54% | 1320 | 203 | | Soda Ash (SA509) | - 161 (from 1408 to 1247) | - 11.43% | 1359 | 112 | [3] 3.2 Rebar - Profit: On July 31, the blast - furnace profit of rebar was 227 yuan/ton, a decrease of 29 yuan/ton compared to July 24 [7]. - Supply: As of August 1, the blast - furnace start - up rate was 83.46% (unchanged), the electric - furnace start - up rate was 62.82% (+0.64), daily hot metal output was 240.71 tons (- 1.52), and rebar production was 2.1106 million tons (- 0.9) [12]. - Demand: In the week of August 1, the apparent consumption of rebar was 2.0341 million tons, a month - on - month decrease of 131,700 tons; the trading volume of construction steel by mainstream traders was 78,119 tons [16]. - Inventory: In the week of August 1, the social inventory of rebar was 3.8414 million tons, a month - on - month increase of 111,700 tons; the in - plant inventory was 1.6215 million tons, a month - on - month decrease of 35,200 tons [20]. 3.3 Float Glass - Supply: As of August 1, the number of float - glass production lines in operation was 222 (unchanged from last week), weekly output was 1,115,225 tons (a month - on - month increase of 7050 tons). As of July 31, the capacity utilization rate was 79.78% (a month - on - month increase of 0.3 percentage points), and the start - up rate was 75% (unchanged from last week) [25]. - Inventory: On August 1, the in - plant inventory of float glass was 59.499 million weight boxes, a decrease of 2.397 million weight boxes compared to July 25; the available days of in - plant inventory were 25.5 days, a month - on - month decrease of 1.1 days [30]. - Demand: As of July 31, the order days of glass deep - processing downstream manufacturers were 9.55 days, an increase of 0.25 days compared to July 15 [34]. 3.4 Soda Ash - Supply: In the week of August 1, the capacity utilization rate of soda ash was 80.27%, a decrease of 2.75 percentage points compared to last week; production was 699,800 tons, a decrease of 24,000 tons compared to last week [39]. - Inventory: As of August 1, the in - plant inventory of soda ash was 1.7958 million tons, a decrease of 68,800 tons compared to July 25 [44]. - Production and Sales Rate: As of August 1, the production - sales rate of soda ash was 109.83%, an increase of 4.17 percentage points compared to July 25 [48].