每经AI快讯，有投资者在投资者互动平台提问：尊敬的董秘，公司二季度和七月份产能利用率分别是 多少？ 大庆华科（000985.SZ）8月19日在投资者互动平台表示，公司第二季度的产能利用率为116.18%，七月 份的产能利用率为118.55%。 （文章来源：每日经济新闻） ...

Core Viewpoint - Daqing Huake (000985.SZ) reported a capacity utilization rate of 116.18% for the second quarter and 118.55% for July, indicating strong operational performance [1] Group 1 - The company's second quarter capacity utilization rate was 116.18% [1] - The capacity utilization rate for July reached 118.55% [1]

Core Viewpoint - Jiangsu Lihua Food Group Co., Ltd. reported a decline in net profit for the first half of 2025, despite a revenue increase, indicating challenges in the poultry sector while the pork segment showed significant growth [1][2]. Company Performance - In the first half of 2025, the company achieved operating revenue of 8.353 billion yuan, a year-on-year increase of 7.02%, but the net profit attributable to shareholders was 149 million yuan, a decline of 74.10% [1]. - The sales revenue from yellow feathered chickens was 6.335 billion yuan, down 6.76% year-on-year, while pork revenue reached 1.947 billion yuan, up 117.65% [1]. - The gross margin for yellow feathered chicken was 6.21%, while for pork it was 22.46% [1]. Industry Analysis - The yellow feathered chicken market experienced a "drop-rise-drop" price trend, with prices at historically low levels, leading to overall poor profitability in the poultry farming sector during the first half of 2025 [2]. - The company anticipates improved performance in the chicken business in the second half of the year due to higher traditional consumption and increased demand from holidays and tourism [2]. - The pork segment saw a significant increase in sales, with 949,600 pigs sold, a year-on-year increase of 118.35%, attributed to improved capacity utilization and increased stocking [2][3]. Cost and Pricing Trends - The complete cost of chicken production fell below 11 yuan/kg, while pork production costs were at 12.8 yuan/kg due to a decrease in feed raw material prices [3]. - Analysts predict that the yellow feathered chicken prices may enter an upward cycle in the second half of the year, driven by increased demand from school meals and holiday preparations [3].

Group 1 - The company reported that the total cost of fattening pigs in July was approximately 13 to 13.5 yuan per kilogram [2] - The company is currently facing low capacity utilization in its pig farms, leading to high depreciation and amortization costs [2] - There is potential for further improvement in costs through enhancements in supply chain efficiency, genetic upgrades, and hardware optimization in pig farms, contingent on cash flow improvements [2]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - Last week, the prices of finished steel products rebounded briefly and then declined. The spot market was relatively strong, and the basis widened significantly. The consumption of listed steel products decreased month - on - month, while the total output increased slightly. - In terms of varieties, both the production and sales of rebar decreased, with consumption declining faster than production, and the total inventory continued to rise. Both the production and sales of hot - rolled coils increased, and the total inventory increased slightly month - on - month. In the short term, the structure of stronger hot - rolled coils and weaker rebar is maintained. For rebar, the valuation is in the repair stage, and the 01 contract should pay attention to the support at 3200. Operate with caution [7]. 3. Summary by Relevant Catalogs **Supply and Demand Fundamentals** - **Price and Output**: Last week, domestic steel spot prices fluctuated slightly. As of August 14, the total output of five major steel products increased by 2420 tons. The apparent demand was 831,020 tons, a decrease of 14,720 tons month - on - month. As of August 15, the long - process cash - inclusive cost of rebar in East China was 3134.5 yuan, with a profit of about 138 yuan, and the long - process cash - inclusive profit of hot - rolled coils was about 225.5 yuan. For electric furnaces in East China, the flat - rate electricity cost was about 3368 yuan, and the valley - rate electricity cost was about 3240 yuan [6]. - **Scrap Steel**: As of August 15, the price of scrap steel in Zhangjiagang was 2150 yuan/ton, a month - on - month increase of 10 yuan/ton. The capacity utilization rate of 89 independent electric arc furnace enterprises was 36.3%, a month - on - month increase of 1.5 percentage points. The daily consumption of 255 sample steel mills was 558,000 tons, a month - on - month increase of 6100 tons. The supply of scrap steel increased, but the inventory of 255 steel enterprises decreased by 2.6% [7]. - **Macro Data**: In 2025 from January to July, the cumulative output of pig iron was 506 million tons, a decrease of 1.3% year - on - year, and the cumulative output of crude steel was 595 million tons, a decrease of 3.1% year - on - year. In July 2025, the PMI was 49.3%. The newly - added medium - and long - term loans of enterprises decreased year - on - year. From January to July 2025, national fixed - asset investment increased by 1.6% year - on - year, infrastructure investment decreased by 5.07%, manufacturing investment decreased by 0.25%, and real estate development investment decreased by 17% [17][19][23]. - **Real Estate Data**: From January to July, the floor area under construction of real estate development enterprises decreased by 9.2% year - on - year, the new construction area decreased by 19.4% year - on - year, and the completed floor area decreased by 16.5% year - on - year [30]. **Main Varieties' Basis and Spread** - **Spread Strategy**: This week, the spread between hot - rolled coils and rebar continued to be strong [41]. **Supply Analysis** - **Long - Process Supply**: As of August 15, the blast furnace capacity utilization rate of 247 steel enterprises was 90.2%, a month - on - month increase of 0.14%, and the daily output of hot metal was 2407,000 tons, a month - on - month increase of 0.14% [44]. - **Short - Process Supply**: As of August 14, the capacity utilization rate of 89 domestic electric furnace plants was 36.3%, a month - on - month increase of 1.5 percentage points. As of August 15, the iron - scrap price difference was - 37.7 yuan, a month - on - month increase of 7.3 yuan [47]. **Demand - Related Indicators** - **Rebar Production**: This week, the original sample output of rebar was 220,450 tons, a decrease of 730 tons. Among them, the long - process output was 190,250 tons, a decrease of 290 tons, and the short - process output was 30,200 tons, a decrease of 440 tons [60]. - **Building Materials Transactions**: The trading volume of building materials in different regions showed different trends [63]. - **Cement Mill Operating Rate**: The average operating rate of national cement mills was 41.91%, a month - on - month increase of 6.2 percentage points, turning from a decline to an increase [71]. - **Real Estate Sales**: The 30 - city real - estate sales data showed certain trends [73]. **Inventory Situation** - **Rebar Inventory**: The original sample rebar factory inventory was 172,260 tons, an increase of 4060 tons, the social inventory was 414,930 tons, an increase of 26,450 tons, and the total inventory was 587,190 tons, an increase of 30,510 tons [76]. - **Hot - Rolled Coil Inventory**: This week, the output of hot - rolled coils was 315,590 tons, a month - on - month increase of 700 tons. The apparent demand was 314,750 tons, a month - on - month increase of 8540 tons. The factory inventory increased by 2100 tons, the social inventory decreased by 1210 tons, and the total inventory increased by 840 tons [79]. **Export Situation** - As of August 15, the FOB export price of China was 480 US dollars, an increase of 5 US dollars, and the export profit was - 4.5 US dollars, an increase of 6.4 US dollars. The outbound volume of 32 major domestic ports was 3.0699 million tons, an increase of 425,500 tons [90].

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [6] Core Insights - The liquidity indicators show that the M1 and M2 growth rate difference narrowed to -3.2 percentage points in July, marking a 49-month high [1][11] - The construction and real estate sectors are experiencing a decline, with key enterprises' average daily crude steel output hitting a year-to-date low in late July [2][20] - The profitability of titanium dioxide and flat glass remains low, with significant negative margins reported [70] Summary by Sections Liquidity - The M1 and M2 growth rate difference was -3.2 percentage points in July, a month-on-month increase of 0.5 percentage points [1][17] - The BCI small and medium enterprise financing environment index for July was 46.09, down 6.16% month-on-month [1][17] - The London gold spot price decreased by 1.86% compared to the previous week [1] Infrastructure and Real Estate Chain - Key enterprises' average daily crude steel output reached a year-to-date low in late July [2][38] - The national real estate new construction area from January to July 2025 showed a year-on-year decline of 19.40% [20] - The national cement price index decreased by 0.37% this week, with a cement profit of 29 yuan/ton [56] Industrial Products Chain - The operating rate of semi-steel tires is at a five-year high, with a current rate of 72.07%, down 2.28 percentage points [2] - Major commodity prices showed mixed results, with cold-rolled steel, copper, and aluminum prices increasing by 1.24%, 0.69%, and 0.24% respectively [2] Export Chain - The new export orders PMI for China in July was 47.10%, a decrease of 0.6 percentage points [4] - The CCFI comprehensive index for container shipping rates was 1193.34 points, down 0.62% [4] Valuation Metrics - The Shanghai Composite Index increased by 2.37%, with the industrial metals sector performing best at +5.31% [4] - The PB ratio of the ordinary steel sector relative to the Shanghai and Shenzhen markets is currently at 0.54, with a historical high of 0.82 [4] Investment Recommendations - The report suggests that the profitability of the steel sector is expected to recover to historical average levels, following regulatory support for the industry [5]

Core Viewpoint - The article discusses the challenges faced by South Korean battery manufacturers in the electric vehicle market due to the rapid expansion of Chinese companies, highlighting a significant decline in production capacity utilization rates among major South Korean firms [2][3][4]. Group 1: South Korean Battery Manufacturers' Performance - LG Energy Solution reported an average capacity utilization rate of 51.3% in the first half of 2025, down from 69.3% in 2023 and projected to drop to 57.8% in 2024 [2]. - SK On's capacity utilization rate was 52.2% in the first half of 2025, a recovery from 43.6% in 2024 but significantly lower than 87.7% in 2023 [3]. - Samsung SDI's small battery division had a capacity utilization rate of 44%, with overall estimates around 50%, and its European factory saw rates as low as 30% to 40% in Q1 2025 [3]. Group 2: Market Share and Growth Rates - The total installed capacity of electric vehicle batteries outside China grew by 23.8% year-on-year to 209.2 GWh, while the combined market share of the three major South Korean battery manufacturers fell by 8.1 percentage points to 37.5% [3][4]. - In the top ten list of electric vehicle battery installations outside China, LG Energy Solution and SK On saw year-on-year increases of 2.2% and 10.6%, reaching 43 GWh and 19.6 GWh respectively, while Samsung SDI experienced a 7.8% decline [3]. Group 3: Chinese Battery Manufacturers' Growth - Five Chinese electric vehicle battery manufacturers ranked in the top ten for installations outside China, with CATL and BYD showing significant growth rates of 33.2% and 153% respectively [4]. - Other Chinese companies also reported growth rates exceeding 30% in the same period, indicating a strong competitive position against South Korean firms [4]. Group 4: R&D Investments - In response to competitive pressures, South Korean companies are increasing their R&D expenditures, with Samsung SDI spending 704 billion KRW (11.1% of sales), LG Energy Solution investing 620 billion KRW (5.2% of sales), and SK On allocating approximately 148 billion KRW (0.52% of sales) [4][5].

Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - The PVC market is facing a complex situation. In the short - term, due to the maintenance of some factories, the PVC capacity utilization rate is expected to decline. In the long - term, new PVC production capacity is planned to be put into operation in August, and the considerable chlor - alkali profit provides room for increasing the PVC device load, so the supply pressure in the future market is still not optimistic. The domestic downstream demand is in the off - season with only rigid procurement, and the weak real - estate market continues to drag down domestic demand. The anti - dumping policy in India and the rainy season also hinder short - term overseas demand. Technically, V2601 should pay attention to the support around 4970 [3][4]. 3. Summary by Relevant Catalogs Futures Market - The closing price of PVC futures (V2601) is 5054 yuan/ton, down 43 yuan; the trading volume is 819,976 lots, up 315,680 lots; the open interest is 869,290 lots, up 83,334 lots. The net long position of the top 20 futures holders is - 63,473 lots, down 4,750 lots [3]. Spot Market - In the East China region, the price of ethylene - based PVC is 5075 yuan/ton (unchanged), and the price of calcium - carbide - based PVC is 4869.23 yuan/ton, down 10.38 yuan. In the South China region, the price of ethylene - based PVC is 5005 yuan/ton, down 35 yuan, and the price of calcium - carbide - based PVC is 4906.88 yuan/ton, down 25.62 yuan. The CIF price of PVC in China is 700 US dollars/ton (unchanged), and the FOB price in Northwest Europe is 750 US dollars/ton (unchanged). The basis of PVC is - 254 yuan/ton, down 150 yuan [3]. Upstream Situation - The mainstream average price of calcium carbide in Central China is 2650 yuan/ton (unchanged), in North China is 2548.33 yuan/ton, down 41.67 yuan, and in Northwest China is 2320 yuan/ton, down 28 yuan. The mainstream price of liquid chlorine in Inner Mongolia is - 575 yuan/ton (unchanged). The intermediate price of VCM CFR in the Far East is 521 US dollars/ton (unchanged), and in Southeast Asia is 548 US dollars/ton (unchanged). The intermediate price of EDC CFR in the Far East is 181 US dollars/ton, down 8 US dollars, and in Southeast Asia is 189 US dollars/ton, down 9 US dollars [3]. Industry Situation - The weekly operating rate of PVC is 80.33%, up 0.87 percentage points. The operating rate of calcium - carbide - based PVC is 79.96%, up 1.31 percentage points, and the operating rate of ethylene - based PVC is 81.26%, down 0.23 percentage points. The total social inventory of PVC is 49.28 tons, up 1.2 tons. The inventory in the East China region is 43.52 tons, up 1.15 tons, and in the South China region is 5.76 tons, up 0.05 tons [3]. Downstream Situation - The national real - estate climate index is 93.34, down 0.26. The cumulative value of new housing construction area is 35,2060,000 square meters, up 48,416,800 square meters. The cumulative value of real - estate construction area is 6,387,310,000 square meters, up 54,095,700 square meters. The cumulative value of real - estate development investment is 244.755 billion yuan, up 53.2069 billion yuan [3]. Option Market - The 20 - day historical volatility of PVC is 25.96%, down 3.19 percentage points; the 40 - day historical volatility is 23.03%, up 0.07 percentage points. The implied volatility of at - the - money put options is 28.81%, up 5.3 percentage points, and the implied volatility of at - the - money call options is 28.81%, up 5.3 percentage points [3]. Industry News - India may adjust the anti - dumping tax rate on imported PVC, with a much higher increase for the Chinese mainland than other countries and regions. The market price of PVC SG5 in Shanghai, Changzhou, and Hangzhou on August 18 was 0 - 50 yuan/ton lower than last Friday, at 4780 - 4880 yuan/ton. The PVC main contract has changed to V2601, which closed down 1.17% at 5054 yuan/ton. From August 9 to 15, the PVC capacity utilization rate in China was 80.33%, up 0.87% from the previous period. As of August 14, the PVC social inventory increased by 4.53% to 811,400 tons compared with the previous period, and decreased by 12.72% year - on - year [3]. Viewpoint Summary - In the short - term, due to the maintenance of some factories, the PVC capacity utilization rate is expected to decline. In the long - term, new PVC production capacity is planned to be put into operation in August, and the considerable chlor - alkali profit provides room for increasing the PVC device load, so the supply pressure in the future market is still not optimistic. The domestic downstream demand is in the off - season with only rigid procurement, and the weak real - estate market continues to drag down domestic demand. The anti - dumping policy in India and the rainy season also hinder short - term overseas demand. The domestic calcium - carbide price is under pressure, and the US dollar price of ethylene may maintain a slight upward trend. Technically, V2601 should pay attention to the support around 4970 [3][4].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In the short term, the situation of supply exceeding demand for domestic pure benzene is expected to continue, putting pressure on prices; in the long - term, the new production capacity of pure benzene downstream in August is higher than that of pure benzene, and the supply - demand contradiction may improve. The supply - demand situation of crude oil continues to be supply - dominant, and international oil prices are expected to fluctuate weakly. Technically, BZ2603 should pay attention to the support around 6100 and the resistance around 6300 [2] Summary by Relevant Catalogs Futures Market - The main closing price of pure benzene is 6186 yuan/ton, down 3 yuan; the main settlement price is 6171 yuan/ton, down 17 yuan. The main trading volume is 5030 lots, up 759 lots; the main open interest is 14110 lots, down 588 lots [2] Spot Market - The mainstream prices of pure benzene in East China, North China, South China, and Northeast China are 6100 - 6150 yuan/ton, 6130 - 6120 yuan/ton respectively, with different changes. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi are 6250 yuan/ton (down 75 yuan) and 6050 yuan/ton (unchanged) respectively. The spot price of pure benzene in South Korea's FOB middle price is 734 US dollars/ton, up 1 US dollar; the CIF middle price in China is 748.5 US dollars/ton, unchanged [2] Upstream Situation - The spot price of Brent DTD crude oil is 67.97 US dollars/barrel, down 0.61 US dollars; the CFR middle price of naphtha in Japan is 572.5 US dollars/ton, up 1.5 US dollars [2] Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13%; the weekly output is 44.52 tons, down 0.08 tons. The port inventory of pure benzene is 14.6 tons, down 1.7 tons; the production cost is 5327.8 yuan/ton, down 118.2 yuan; the production profit is 737 yuan/ton, up 76 yuan [2] Downstream Situation - The开工率 of styrene is 78.18%, up 0.45%; the capacity utilization rates of caprolactam, phenol, aniline, and adipic acid are 95.72% (up 6.41%), 78.54% (down 0.46%), 69.24% (down 0.1%), and 64.3% (up 2%) respectively [2] Industry News - From August 8th to 14th, the profit of PetroChina's benzene was 689 yuan/ton, up 113 yuan/ton from last week. As of August 18th, the total commercial inventory of pure benzene ports in Jiangsu was 14.4 tons, down 1.37% from the previous period [2]

Report Summary 1. Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views - The current coal - coke market is oscillating due to cost support, emotional resilience, and a weak supply - demand balance. Without new negative factors, coal prices may continue to oscillate [1]. - After the US - Russia talks, the risk - aversion sentiment has cooled. Coupled with the Fed's interest - rate cut, gold is expected to be oscillating with a downward bias in the medium term [1]. - Due to the off - season of high temperature and heavy rain and the sluggish real estate market, the steel market's supply - demand pressure has increased in the short term, and steel prices may oscillate weakly. However, the supply - demand pressure may ease around late August and early September, and the price movement range may be limited [3]. - The supply of iron ore may increase, demand may slightly rise, and the inventory may slightly decrease. Therefore, iron ore prices are expected to oscillate [3]. - The significant increase in US sales data and PPI has led to a revision of the expected interest - rate cut, but the probability of a September rate cut remains above 80%. The falling US dollar index supports precious metals, and silver is expected to oscillate with an upward bias [4]. - The short - term supply of live pigs exceeds demand. It is recommended to go long at low prices and set stop - loss and take - profit levels. Pig farmers can choose to sell for hedging according to the slaughter schedule [4]. - The export of Malaysian palm oil has increased, and affected by the plantation investigation in Indonesia, palm oil prices have broken through previous highs. The domestic market shows high - level oscillation [5]. - The short - term spot price of soybean meal will experience a phased correction, while the medium - to - long - term price center will gradually rise [7]. - The domestic soda ash market price is oscillating at a low level, with high supply and tepid demand. The 01 contract is expected to oscillate in the short term [7]. - The domestic methanol market has high - level inventory accumulation. The 01 contract is expected to oscillate weakly in the short term [8]. - For short - term national bonds, it is recommended to go long on short - term bonds and short long - term bonds. National bonds are expected to oscillate with a downward bias [9]. - The polypropylene market is in weak consolidation, and the 01 contract is expected to oscillate in the short term [9]. - Crude oil has no upward momentum in the short term and should be treated with a downward - oscillating view [11]. - The supply - demand situation of PX has a marginal weakening. PX prices are expected to oscillate with a downward bias [12]. - The asphalt market's supply is stable, but demand cannot be effectively released due to rainfall and funding shortages. The overall fundamentals have weakened [12]. 3. Summary by Commodity Coal and Coke - **Coking Coal**: Independent coking enterprises' capacity utilization is 74.34% (+0.31%), daily coke output is 65.38 (+0.28), coke inventory is 62.51 (-7.22), coking coal total inventory is 976.88 (-11.04), and coking coal available days are 11.2 days (-0.18 days) [1]. Metals - **Rebar**: 247 steel mills' blast furnace operating rate is 83.59% (-0.16 ppts), blast furnace iron - making capacity utilization is 90.22% (+0.13 ppts), steel mill profitability is 65.8% (-2.60 ppts), and daily hot - metal output is 240.66 tons (+0.34 tons, +11.89 tons YoY) [3]. - **Iron Ore**: The total inventory of imported iron ore at 45 ports is 13819.27 tons (+107.00 tons), daily port clearance volume is 334.67 tons (+12.82 tons), and the number of ships at ports is 93 (-12) [3]. - **Silver**: US retail sales in July increased by 0.5% MoM, and the year - on - year increase reached 3.9%. After inflation adjustment, the real retail sales increased by 1.2% YoY, achieving positive growth for ten consecutive months [4]. Agricultural Products - **Live Pigs**: As of August 15, the average slaughter weight of live pigs is 123.23 kg (-0.09 kg), the weekly slaughter operating rate is 28.37% (+0.16%), the profit of purchasing piglets for breeding is - 204.05 yuan/pig (-17.142.97 yuan/pig), the profit of self - breeding and self - raising is 11.83 yuan/pig (-15.59 yuan/pig), and the price of piglets is 383.33 yuan/pig (-30.48 yuan/pig) [4]. - **Palm Oil**: From August 1 to 15, the export volume of Malaysian palm oil is expected to be 724191 tons, a 16.5% increase compared to the same period last month [5]. - **Soybean Meal**: As of August 15, the inventory days of soybean meal in domestic feed enterprises are 8.35 days (-0.02 days MoM, +9.21% YoY) [7]. Chemicals - **Soda Ash**: The national mainstream price of heavy - grade soda ash is 1326 yuan/ton, the weekly output is 76.13 tons (+2.24% WoW), the total inventory of soda ash manufacturers is 189.38 tons (+1.54% WoW), the operating rate of float glass is 75.34% (+0.15% WoW), the average price of national float glass is 1160 yuan/ton (-4 yuan/ton DoD), and the total inventory of national float glass sample enterprises is 6342.6 million heavy - boxes (+2.55% WoW) [7]. - **Methanol**: The port sample inventory of Chinese methanol is 102.18 tons (+9.63 tons WoW), the sample production enterprise inventory is 29.56 tons (+0.19 tons WoW), the sample enterprise orders to be delivered are 21.94 tons (-2.14 tons WoW), the market price of methanol in Jiangsu Taicang is 2325 yuan/ton (-25 yuan/ton), the methanol capacity utilization rate is 82.4% (+0.97% WoW), and the downstream total capacity utilization rate is 72.36% (-0.34% WoW) [8]. - **Polypropylene**: The mainstream price of East China stretch - grade polypropylene is 7051 yuan/ton (-5 yuan/ton), the polypropylene capacity utilization rate is 76.92% (-1.58% DoD), the average operating rate of downstream industries is 49.35% (+0.45 ppts WoW), the commercial inventory of polypropylene is 82.72 tons (-2.92 tons WoW), and the inventory of two major oil companies' polyolefins is 76.5 tons (-1 ton WoW) [9]. - **PX**: The load of the Chinese PX industry has increased by 3.2% to 84.3(+2.3)%, and the load of the Asian PX industry has increased by 0.2% to 73.6% [12]. - **Asphalt**: As of August 13, the operating rate of domestic asphalt sample enterprises is 32.9% (+1.2% WoW). As of August 15, the weekly inventory of domestic asphalt is 58.5 tons (+3 tons WoW), the sample factory inventory is 71.1 tons (+3.2 tons WoW), and the domestic social inventory of asphalt is 134.3 tons (-2.4 tons WoW) [12]. Energy - **Crude Oil**: As of August 15, the number of US online drilling oil wells is 412, an increase of 1 compared to the previous week and a decrease of 71 compared to the same period last year [11].