会上，来自中国科学院、全国畜牧总站草业处、中国农业科学院、通辽市相关单位等机构和地区的 行业专家，围绕田菁与青贮玉米混作新模式成果、草牧业政策解读与展望、高产优质青贮玉米密植精准 调控技术，全力打造农牧结合高质量发展的"通辽模式"等主题作了精彩报告，分享了前沿技术、创新见 解和实战经验。田间展示区对青贮产业新作物、新品种、新装备、新技术等进行多种形式展示，中国种 子协会面向全国征集的64个各类优良青贮作物品种在此集中亮相。 全国青贮玉米育种、生产、加工、销售企业、合作社、大户，以及相关行业专家、学者和工作者共 计350余人参加会议。 青贮产业融合发展大会是我国青贮玉米产业领域具有国家级影响力的行业盛会。自2017年首次在通 辽市举办以来，已成功举办七届，现已成为青贮作物产业链相关企业、科研机构进行交流展示、技术推 广与合作对接的重要平台。本次会议聚焦种业科技自立自强、产业链协同升级与新质生产力培育，探 索"以养带种、以种促养、种养结合"的产业链融合发展机制与模式，促进优质青贮玉米品种和高产优质 技术的推广应用，带动农牧民持续增收，推动产业实现可持续健康发展。 9月14日至16日，2025年第七届青贮产业融合发 ...

Core Viewpoint - The synthetic resin industry in China is at a critical juncture, transitioning from "scale expansion" to "quality and efficiency" and from "following and running" to "original leadership" [1] Group 1: Industry Growth and Demand - The synthetic resin market in China has seen a steady growth in demand at an average annual rate of 4.35% over the past six years, with consumption surpassing 137 million tons in 2024, maintaining its position as the world's largest producer and consumer [1] - Synthetic resins are deeply integrated into various sectors, including new energy, low-altitude economy, intelligent technology, and everyday life, providing significant support for China's dual carbon goals and manufacturing upgrades [1] Group 2: Industry Upgrades and Challenges - The synthetic resin industry is shifting from a dominance of general-purpose materials to a focus on high-end and differentiated products, with rapid growth in the production of polyethylene and polypropylene, and an increasing proportion of high-end grades [2] - Despite improvements in self-sufficiency, the industry faces challenges such as insufficient technological innovation, severe homogenization, structural contradictions, intense competition in certain markets, and limitations in expanding overseas [2] Group 3: Recommendations for High-Quality Development - Experts suggest focusing on national strategies and market demands, targeting emerging fields like new energy vehicles and humanoid robots, and overcoming core technological bottlenecks to enhance the performance and functionality of synthetic resin materials [3] - There is a call to promote the large-scale application of bio-based materials, circular economy technologies, and chemical recycling, along with establishing standards for carbon emissions and carbon footprint accounting [3] - The industry should foster deep collaboration between upstream raw material companies and downstream application sectors, and encourage innovation among small and medium enterprises alongside leading firms to create a new ecosystem [3] Group 4: Event Overview - The conference was organized by the China Synthetic Resin Association, with over 1,000 representatives from enterprises and research institutions in attendance [4]

Core Viewpoint - The State Administration for Market Regulation and the Ministry of Industry and Information Technology have issued the "Measurement Support Action Plan for the Development of New Quality Productivity in Industries (2025-2030)" aimed at enhancing measurement capabilities in key industries to drive innovation and resource optimization [1] Group 1: Key Industries and Focus Areas - The plan targets key industries such as new generation information technology, artificial intelligence, aerospace, new energy, new materials, high-end equipment, biomedicine, quantum technology, integrated circuits, and instruments [1] - It emphasizes the identification of major measurement needs to form a series of key projects that will be collaboratively tackled by key units [1] Group 2: Objectives and Implementation - The initiative aims to effectively address critical measurement issues in industrial development, strengthen technological innovation, and optimize resource allocation [1] - It seeks to accelerate the transformation of achievements and promote the integration of the "traceability chain, innovation chain, and industrial chain" [1] - The plan positions measurement as a catalyst and engine for promoting the development of new quality productivity in industries [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report highlights that the self-discipline on the supply side of the cement industry has led to a rebound in profits from the bottom [8] - The company achieved total revenue of 91.03 billion yuan in 2024, a year-on-year decrease of 35.5%, and a net profit attributable to shareholders of 7.696 billion yuan, down 26.2% year-on-year [12] - The report emphasizes the company's cost advantages and the effectiveness of supply-side discipline in stabilizing cement prices [13][14] Summary by Sections Event - The company disclosed its 2024 annual report, reporting total revenue of 91.03 billion yuan, a decrease of 35.5% year-on-year, and a net profit of 7.696 billion yuan, down 26.2% year-on-year. The fourth quarter alone saw revenue of 22.879 billion yuan, a decrease of 45.5% year-on-year, but net profit increased by 42.3% to 2.498 billion yuan [12] Commentary - The self-discipline in the cement industry has led to a rebound in profits in Q4. The company's sales volume of cement and clinker was 268 million tons, down 6.1% year-on-year, with an average price of 246 yuan per ton, a gross profit of 59 yuan, and a net profit of 29 yuan per ton, all showing declines. The cost per ton decreased by 18 yuan to 187 yuan due to better fuel substitution and raw material procurement [13] - Despite continued pressure on cement demand in the second half of 2024, the self-discipline in supply management has shown significant results, stabilizing national cement prices at high levels [13] - The company is expanding its overseas operations, establishing offices in Africa and South America, and increasing its clinker production capacity by 2.3 million tons [13] Financial Forecast and Investment Rating - The company is expected to demonstrate cost leadership and expand its industrial chain, providing new growth momentum. The report raises the profit forecast for 2025-2026 to 10.9 billion and 12.2 billion yuan, respectively, with a new forecast for 2027 at 12.6 billion yuan, corresponding to P/E ratios of 12, 11, and 10 times [17]