（记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：1、目前公司湖北基地无浆可用的情况是否已经得到解 决？自制浆产线什么时候能达产？达产后产能是否能完全满足湖北基地的需求？公司有没有预期什么时 候湖北基地能盈利？ 2、您认为食品卡纸的竞争恶性周期预计什么时候能好转？ 仙鹤股份（603733.SH）9月30日在投资者互动平台表示，1.湖北基地一期项目的自制浆产线已经顺利投 产，目前产能正稳步提升，达产后将能够满足基地的用浆需求。依托成本优势与规模化效应，湖北项目 预计将逐步进入盈利周期，为公司创造持续价值。2.食品卡纸行业当前市场竞争虽存在一定压力，但公 司已通过全产业链布局与产品差异化策略，构建了坚实的核心竞争力。随着市场持续向绿色、高端产品 方向转型，预计竞争格局有望逐步改善，公司会适时调整经营策略，以保障盈利能力，实现稳健发展。 ...

9月30日，深圳市纺织（集团）股份有限公司（以下简称"公司"）于 2025 年 9 月 26日以专人送达和电 子邮件的方式发出了召开公司第八届董事会第四十四次会议（临时会议）的通知，本次董事会会议于 2025 年 9 月 29 日（星期一）下午 4:00在公司会议室以现场结合通讯表决方式召开，公司过半数董事推 举董事李刚主持本次会议。会议应出席董事 9 人，实际出席董事 8 人，其中董事王川、孟飞以通讯表决 方式出席，独立董事吴光权因个人原因未能出席。公司高级管理人员列席了会议。 一、以 8 票同意、0 票反对、0 票弃权的表决结果通过了《关于选举第八届 董事会董事长的议案》； 同意选举李刚为公司第八届董事会董事长（简历附后），任期与本届董事会 相同，自本次董事会审议通过之日起至公司第八届董事会届满之日止。 二、以 8 票同意、0 票反对、0 票弃权的表决结果通过了《关于增补第八届 董事会专门委员会委员的议案》； 在业务结构优化方面，公司持续推进 "产品差异化" 策略取得显著成效。报告期内，超大尺寸 TV 用偏 光片以及 OLED 手机用偏光片等高价值产品销量稳步提升，有效对冲了部分产品价格下降带来的压 力。 ...

Financial Performance - The company has been experiencing continuous losses, with significant financial challenges highlighted during the investor relations meeting [1][2][3] - The controlling shareholder holds 185,700,000 shares, accounting for 18.82% of the total share capital [2] - The stock price has dropped approximately 40% over the last 10 days, raising concerns about potential delisting [4][10] Management Responses - The management has implemented cost-cutting measures, including layoffs and salary reductions, to mitigate losses [1][2] - The company is exploring various strategies to improve performance, including asset sales and restructuring [2][3][11] - There is no current plan for major shareholder or executive stock purchases, indicating a cautious approach to market conditions [3][4] Future Outlook - The company has paused investments in the Anhui Jinpu New Energy project, with future investments contingent on market conditions [1][2] - The management is focused on enhancing product differentiation, particularly in high-end titanium dioxide applications [5][11] - The company remains open to potential mergers or acquisitions if suitable opportunities arise [4][5][11] Market Challenges - The company faces significant market pressures, including overcapacity in the titanium dioxide sector, high costs, and intense competition [7][8][12] - Recent market environment changes have contributed to the uncertainty surrounding the company's restructuring efforts [12][15] - The company is actively seeking new opportunities to adapt to the evolving market landscape [11][14]

Core Insights - The industry is shifting from a focus on store quantity to long-term sustainability and product differentiation [2] - Companies face three main constraints in expansion: talent management, supply chain stability, and financial risk due to high initial investments [1][2] - The competitive landscape is evolving, with brands seeking to establish barriers through quality and differentiation rather than just low prices [1] Group 1: Industry Challenges - The reliance on "store quantity" for scaling is fragile, as excessive store density increases demands on cash flow and supply chain responsiveness [1] - Talent acquisition and management cannot keep pace with rapid store openings, posing a significant challenge for companies [1] - Supply chain issues arise from cross-regional operations, leading to increased logistics costs and supply stability concerns [1] Group 2: Competitive Landscape - The competition has shifted from price wars to a focus on supply chain depth and product differentiation [1] - Companies are increasingly investing in brand development to create competitive advantages and enhance pricing power [1] - The introduction of private labels and diversified product offerings is becoming a key strategy for companies to meet diverse consumer demands [1] Group 3: Company Strategies - Mingming Group launched its first proprietary brand series and introduced a dual-brand store model to enhance product offerings [1] - Wancheng Group is diversifying its business model by opening new stores that feature private label products and fresh produce [1] - The emphasis on "high quality-price ratio" is becoming a core competitive advantage in the snack industry [1]

Group 1: Product Overview - The main products of Taihe New Materials are spandex and aramid, which contribute significantly to revenue and profit [2][3]. - The production capacity for aramid is 32,000 tons, with sales volume in the first half of the year around 10,000 tons [2][3]. Group 2: Market Performance - Aramid sales volume increased year-on-year, but average prices declined, leading to stable revenue and a slight decrease in profit [2][3]. - The overall demand in downstream markets is growing, but the growth rate is not significant [3][4]. Group 3: Competitive Landscape - Price declines are attributed to increased competition, including new entrants and recovery of foreign leading companies [3][4]. - The company maintains a cost advantage in aramid production, with the lowest costs globally and high-quality products [4][5]. Group 4: Future Outlook - The company plans to enhance product quality to narrow the gap with global leaders and expand into new markets, such as tires and rubber hoses [4][5]. - The aramid segment is expected to see limited price decline potential, as current prices are already low [4][5]. Group 5: Innovations and Developments - The company is developing a production line for aramid coating, with positive feedback from customers [6][7]. - Future directions include expanding production capacity and focusing on downstream applications, particularly in electric vehicles and safety solutions [6][7][8]. Group 6: Financial Performance - The company reported a slight loss in the first half of the year, with spandex sales volume around 30,000 tons [7][8]. - The gross margin for aramid is approximately 30% [5][7]. Group 7: New Business Areas - The company is exploring new applications for aramid, including in electric vehicle batteries and insulation materials [9][10]. - The market for aramid paper and membranes is also being targeted, with potential applications in electrical insulation and lightweight structures [9][13].

Group 1 - The core point of the articles is that Xiaomi has renamed its upcoming smartphone series from Xiaomi 16 to Xiaomi 17 to directly compete with Apple, indicating a strategic shift in its branding approach [1][3] - Lei Jun, the CEO of Xiaomi, explicitly stated that the renaming is aimed at "competing head-on with Apple," showing the company's ambition to differentiate itself in the market [1] - The decision to rename the series reflects Xiaomi's intention to move away from the Android ecosystem and take a more aggressive stance against Apple, highlighting its willingness to take risks for differentiation [1]

Core Viewpoint - Zhuque Fund's General Manager Liang Yuejun no longer independently manages public funds, but remains in a frontline investment position [1][2][4]. Fund Management Changes - Liang Yuejun has stepped down from managing the Zhuque Enterprise Preferred Fund, which is now managed by Chen Fei, while he continues to co-manage other funds [4][9]. - Currently, all four public funds under Liang's name are co-managed, with a total scale of approximately 5.995 billion [4][6]. Fund Performance - As of the second quarter of 2025, Zhuque Fund's public management scale is 10.084 billion, with active equity funds dominating the portfolio [6][7]. - The performance of five active equity funds since inception shows positive returns, with Zhuque Industry Preferred achieving a return of 67.87% [7][8]. Fund Manager Profiles - Chen Fei, with nine years of experience, has been appointed as a co-manager for several funds, contributing to product differentiation [9][10]. - Wang Yihang, previously in private equity, has been managing Zhuque Industry Intelligence since February 2021, focusing on sectors like technology and renewable energy [11].

Core Viewpoint - The upcoming iPhone 17 series, including iPhone 17, iPhone 17 Air, iPhone 17 Pro, and Pro Max, is expected to enhance sales due to improvements in design, processor performance, cooling, and camera capabilities, despite potential challenges from a weak global economy and possible price increases for high-end models [2][3]. Product Specifications - The iPhone 17 series will feature the A19 processor for standard and Air models, while the Pro models will be equipped with the A19 Pro processor. The RAM for the Air, Pro, and Pro Max models will be increased to 12GB, with storage options starting from 256GB up to 1TB [4][6]. - The display technology across the series will utilize Flexible AMOLED with a refresh rate of 120Hz. The iPhone 17 will have a 6.2" display, the Air will have a 6.6" display, the Pro will also have a 6.2" display, and the Pro Max will feature a 6.8" display [4][6]. Market Expectations - TrendForce forecasts a 3.5% increase in the shipment volume of the iPhone 17 series compared to the iPhone 16 series in 2024, with the Pro series expected to remain the main sales driver. However, the introduction of the iPhone 17 Air may face challenges in meeting consumer demands for larger batteries and high-quality photography due to its reduced battery capacity and simplified camera specifications [3][6]. - The pricing for the iPhone 17 is expected to remain consistent with the previous year, while the Air, Pro, and Pro Max models may see price increases of $50 to $100 compared to last year's models, with the Air model targeting a price point similar to Samsung's S25 Edge [6][7]. Strategic Positioning - The introduction of the Air series and the anticipated foldable models represent Apple's strategy to diversify its product line and attract a broader consumer base. Future product releases may be structured to launch a mid-range model in the first half of the year, followed by the Air, Pro, Pro Max, and foldable models in the second half, creating a more distinct product matrix [7].

Core Insights - Apple is set to launch the iPhone 17 series with upgraded memory configurations, featuring 12GB RAM for the iPhone 17 Air, iPhone 17 Pro, and iPhone 17 Pro Max, while the base model iPhone 17 will retain 8GB RAM [1] Memory Configuration - iPhone 17 Air, iPhone 17 Pro, and iPhone 17 Pro Max will be equipped with 12GB LPDDR5X RAM, while the standard iPhone 17 will continue with 8GB [2] Storage Options - The standard iPhone 17 will start with a storage capacity of 128GB, offering additional options of 256GB and 512GB. In contrast, the iPhone 17 Air, Pro, and Pro Max will begin with 256GB and also offer 512GB and 1TB options [2] Pricing Strategy - The base model iPhone 17 is expected to maintain last year's pricing, while the Air, Pro, and Pro Max models are projected to increase by $50 to $100 compared to last year's models, reflecting innovation and specification upgrades [3]

Core Viewpoint - Apple is set to unveil the iPhone 17 series at the upcoming fall event, with a particular focus on the new iPhone 17 Air, which is positioned as a lightweight and thin alternative in the product lineup, aiming to attract consumers seeking a different experience in the smartphone market [1][15][18] Group 1: Product Strategy - Apple has previously attempted to introduce a fourth iPhone model, starting with the iPhone 12 mini in 2020, but these efforts have not met consumer expectations [2][3] - The iPhone 17 Air is Apple's third attempt to fill the gap between the standard, Pro, and Pro Max models, focusing on a unique selling proposition of extreme lightness and thinness rather than performance [5][13] - The Air model is designed to appeal to users who prioritize aesthetics and portability over high-end specifications, marking a strategic shift in Apple's product philosophy [15][16] Group 2: Market Positioning - The iPhone 17 Air features a 6.65-inch LTPO OLED display with a 120Hz refresh rate, but its standout attributes are its 5.5 mm thickness and weight of approximately 145 grams, making it the thinnest iPhone to date [7][12] - The pricing strategy for the Air starts at $949, which positions it above the standard iPhone 17 ($799), targeting a middle-class demographic that seeks a unique offering without the high-end features of the Pro models [10][11] - The introduction of the Air aims to create a new consumer mindset, suggesting that users do not need to compromise on aesthetics for performance or price [5][16] Group 3: Consumer Concerns - There are concerns regarding the battery capacity of the Air, which is rumored to be between 2800-3000mAh, potentially leading to battery anxiety similar to that experienced by mini users [8][9] - The Air will feature a single 48MP main camera and a 24MP front camera, raising questions about its competitiveness against flagship models with advanced camera systems [8][9] - The device will only support eSIM, which may limit its appeal in markets where eSIM adoption is not widespread, particularly in smaller cities [9] Group 4: Strategic Implications - The launch of the iPhone 17 Air represents a significant gamble for Apple, as it seeks to redefine its product matrix and capture a niche market segment that values lightweight and thin designs [14][17] - Analysts express caution regarding the potential success of the Air, noting that consumer preferences have shifted towards practical value rather than aesthetic novelty [14] - If successful, the Air could establish itself as a distinct category within Apple's product lineup, filling a gap in consumer demand for a unique smartphone experience [17][18]