招商证券指出，公司在主要品牌客户中的渗透率提升，通过生产效率的优化，化解关税不利影响。下半 年将合作欧洲新客户，优先把握欧亚市场的增长机遇。华西证券认为，在关税背景下，公司对美销售占 比约30%，越南产能占比约60%，能够覆盖美国出口，未来公司将发展重点放在亚洲及欧洲地区，通过 拓展欧洲大客户及设立新基地有望带动欧洲市场渗透率快速提升，同时公司有望迎来下游客户景气度共 振的红利期。 智通财经APP获悉，晶苑国际(02232)涨超8%，截至发稿，涨8.88%，报6.62港元，成交额2449.1万港 元。 消息面上，晶苑国际发布2025年中期业绩，收益12.29亿美元，同比增长12.4%；公司拥有人应占溢利 9826.5万美元，同比增长17%；每股基本盈利3.44美仙，拟派中期股息每股16.3港仙。休闲服及贴身内 衣的毛利率上升主要是由于生产效率有效提升。毛衣的毛利率下降主要是由于毛利率较低的常规款销量 增加。此外，公司在中报披露，下半年将与一家领先的欧洲品牌客户建立全新合作伙伴关系。 ...

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints of the Report - For the JM2601 contract of coking coal, in the short - term, it is in a range - bound state; in the medium - term, it shows an oscillatory and slightly upward trend. The overall view is that it oscillates due to the intertwining of multiple and short factors [1][5]. - For the J2601 contract of coke, in the short - term, it is in a range - bound state; in the medium - term, it shows an oscillatory and slightly upward trend. The overall view is that it oscillates and operates at a high level due to increased production - limit disturbances [1][7]. 3) Summary According to Related Catalogs Coking Coal (JM) - **Price and Market Information**: The latest quotation of Mongolian coking coal at the Ganqimao Port is 1,190 yuan/ton, with a week - on - week flat [5]. - **Core Logic**: Before the 9.3 parade, coking plants and steel mills around Beijing face production - limit pressure, causing short - term demand for coking coal to be under pressure and increasing market divergence. However, through capacity optimization and industrial upgrading, the oversupply situation of coking coal is expected to gradually ease, and the price center still has an upward basis in the long - term [5]. Coke (J) - **Price and Market Information**: On August 20, the main contract of coke closed at 1,678 yuan/ton, with an intraday decline of 2.33%. The position of the main contract was 39,100 lots, an increase of 644 lots compared with the previous trading day. The latest quotation of the ex - warehouse price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1,520 yuan/ton, with a week - on - week increase of 3.40%; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1,470 yuan/ton, with a week - on - week decrease of 0.68% [7]. - **Core Logic**: Since August, there have been continuous disturbances in the supply of coking coal, the raw material of coke. Although the actual supply of domestic coking coal has not been significantly affected, market expectations have improved. After a periodic adjustment, the futures price of coke may still show a characteristic of being easy to rise and difficult to fall [7].

Group 1 - The core viewpoint is that the government is implementing measures to optimize production capacity and encourage the development of emerging technology sectors to address overcapacity issues in various industries such as automotive, photovoltaic, lithium batteries, steel, and cement [1] - The current round of "anti-involution" measures includes production cuts in overcapacity industries, which will impact medium to long-term capital expenditures and loan demands for companies [1] - The central bank has increased the quota for re-loans for technological innovation and technological transformation by 300 billion yuan, and the balance of technology loans reached 44.1 trillion yuan by the end of June, showing a year-on-year growth of 12.5%, which is 5.8 percentage points higher than the growth rate of all loans during the same period [1] Group 2 - The structure of new loans has shifted from over 60% in real estate and infrastructure in 2016 to approximately 70% in the "five major articles" of finance, indicating a significant change in lending focus [1] - The loan growth for technology-oriented small and medium-sized enterprises has maintained over 20% this year, reflecting a robust demand for credit in emerging sectors [1] - As the adjustment of short-term overcapacity concludes, the effective credit demand for companies is expected to recover vitality [1]

Group 1: Report Industry Investment Rating - No relevant content available Group 2: Core Views of the Report - For both Jiao Coal 2601 and Coke 2601, the short - term, mid - term, and intraday views are all "oscillation", with Jiao Coal 2601 having a short - term "interval oscillation", mid - term "oscillatory and bullish", and intraday "oscillatory and bearish", and Coke 2601 having similar characteristics [1] - The Jiao Coal market may enter a high - level oscillation pattern, with short - term adjustments possible, but the medium - to - long - term price center has an upward basis. The Coke futures price may show a characteristic of being easy to rise and hard to fall after a phased adjustment [5][6] Group 3: Summaries by Related Catalogs Jiao Coal (JM) - Intraday view: Oscillatory and bearish; Mid - term view: Oscillatory and bullish; Reference view: Oscillation [5] - On August 19, the main Jiao Coal contract closed at 1194.5 points, down 1.89% intraday. The main contract's open interest was 713,900 lots, a decrease of 2,226 lots from the previous trading day [5] - In the spot market, the latest quotation of Mongolian coal at the Ganqimaodu Port was 1190.0 yuan/ton, flat week - on - week, with the equivalent futures warehouse receipt cost about 1167 yuan/ton [5] - After the "anti - involution" rectification, the Jiao Coal market may gradually improve, and the oversupply situation is expected to ease [5] Coke (J) - Intraday view: Oscillatory and bearish; Mid - term view: Oscillatory and bullish; Reference view: Oscillation [6] - In the spot market, the latest quotation of the Rizhao Port's quasi - first - grade wet - quenched coke flat - price index was 1520 yuan/ton, up 3.40% week - on - week; the ex - warehouse price of Qingdao Port's quasi - first - grade wet - quenched coke was 1470 yuan/ton, down 0.68% week - on - week [6] - Since August, there have been continuous news disturbances on the supply side of Jiao Coal, the raw material of Coke. Although the actual supply of domestic Jiao Coal has not been significantly affected, market expectations have improved. The subsequent environmental protection production restrictions for the 9.3 military parade will support the fundamentals of Coke [6]

Group 1 - Company stock closed at 4.18 yuan on August 12, 2025, down 0.48% with a turnover rate of 2.0% and a trading volume of 704,500 hands, resulting in a transaction amount of 295 million yuan [1] - The company has no current plans to introduce state-owned capital, and all relevant information will be disclosed through designated media [2] - The company's asset-liability ratio is at a normal industry level, and it aims to gradually reduce leverage while optimizing its financial structure [2] Group 2 - On August 12, the net outflow of main funds was 25.6 million yuan, while retail investors saw a net inflow of 16.8 million yuan [3][4] - The trading data indicates that speculative funds had a net inflow of 8.79 million yuan [4]

Financial Data and Key Metrics Changes - Second quarter consolidated revenues were $39.2 million, an 8% increase compared to the prior year period [11] - Adjusted EBITDA for the second quarter declined to $2.1 million from $3.6 million in the prior year, with an adjusted EBITDA margin dropping by 5.3% [12] - Total cash and availability on the credit facility at the end of the second quarter was approximately $15 million, with line of credit borrowings increasing to support a nearly $14 million increase in operating working capital [18] Business Line Data and Key Metrics Changes - Revenue in the Heavy Fabrication segment grew year over year by 27% to $25 million, driven by increased sales of wind power sectors [13] - Gearing orders increased to $6.8 million, up over $2 million compared to the prior year, although segment revenue fell to $7.3 million, down over $3 million year over year [14][15] - Industrial Solutions recorded nearly $14 million in orders, surpassing the previous record of $10 million, with segment revenue up 30% sequentially to $7.4 million [16] Market Data and Key Metrics Changes - Customer activity in the power generation market saw a 14% year-over-year increase in order rates, totaling $21 million [5] - Orders within the industrial solutions business more than tripled year over year, driven by strong demand for new gas turbine units [7] - The company noted robust demand from power generation and increasing demand from oil and gas customers, offsetting softness in wind, industrials, and mining [5] Company Strategy and Development Direction - The company is focusing on high-value precision manufacturing end markets and optimizing its asset footprint through the sale of its industrial fabrication operations in Manitowoc [4][5] - Investments are being made in equipment technology to improve process capabilities and profitability, particularly in the Industrial Solutions segment [8] - The company aims to capitalize on growth opportunities in the natural gas turbine market and is expanding its manufacturing capacity to meet future demand [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the domestic onshore wind power activity continuing at its present rate through 2026, with sustained demand for wind repowering adapters [23] - The company anticipates improved utilization of its manufacturing footprint for the rest of the year and into 2026, positioning itself for steady, profitable growth [25] - Management highlighted the importance of a diverse customer base during periods of trade policy uncertainty, emphasizing the competitive advantage of a 100% domestic manufacturing base [11] Other Important Information - The company is suspending its previously issued financial guidance for the full year 2025 due to the pending asset sale of Manitowoc [18] - The expected completion of the Manitowoc transaction is anticipated to add approximately $13 million in cash to the balance sheet while reducing costs by $8 million annually [5] Q&A Session Summary Question: Guidance uncertainty related to the Manitowoc sale - Management indicated that uncertainty is mostly related to timing, with some transitional costs expected as operations wind down [28][29] Question: Visibility into additional demand for Industrial Solutions - Management noted strong visibility with key customers, particularly GE Vernova, and indicated that they can fulfill increased demand with existing capacity [34][35] Question: Strategies to capitalize on growing demand for power generation - The company has expanded its independent sales rep organizations and is increasing capacity in Industrial Solutions and gearing markets to meet demand [41][42] Question: Demand outlook for wind-related business - Management expects a pull-in of orders in 2026 and 2027 as developers take advantage of recent tax law changes [49] Question: Demand visibility for tower orders - Management confirmed strong visibility for orders through 2026, with a good flow of power and adapter orders expected [53]

Financial Data and Key Metrics Changes - Sales for the fourth quarter decreased 5% year over year, with Metal Cutting declining 4% and Infrastructure declining 5% [16][21] - Adjusted EPS declined to $0.34 compared to $0.49 in the prior year quarter [20] - Adjusted EBITDA margin was 14.8%, down from 17.7% in the prior year quarter [18] - Cash flow from operating activities for the year was $208 million, with a full year free operating cash flow of $121 million compared to $175 million in the prior year [12][25] Business Line Data and Key Metrics Changes - Metal Cutting reported an organic sales decline of 4% year over year, with adjusted operating margin decreasing to 7.9% [21][23] - Infrastructure organic sales decreased by 5% year over year, with adjusted operating margin declining to 6.8% [23][25] - Aerospace and Defense grew 1% year over year, while Transportation declined 4% and General Engineering declined 5% [22][24] Market Data and Key Metrics Changes - Most end markets experienced mid single-digit declines on a constant currency basis, with Energy declining 6% due to lower activity [11][22] - Aerospace and Defense is expected to see low double-digit growth, while Transportation is projected to decline mid-single digits [13][14] Company Strategy and Development Direction - The company is focusing on rightsizing capacity and optimizing its cost structure to address structural cost issues [34][36] - Plans include consolidating operations and maximizing efficiency across all locations, with a target of $125 million in cost savings by 2027 [36][38] - The company aims to maintain flexibility for future recovery while addressing current low volumes [37] Management's Comments on Operating Environment and Future Outlook - Management acknowledged continued market softness and uncertainty around tariffs impacting global production [10][11] - The outlook for fiscal 2026 includes expected sales between $1.95 billion and $2.05 billion, with volume ranging from negative 5% to flat [27] - Management expressed confidence in the long-term prospects of end markets despite near-term challenges [82] Other Important Information - The company returned $122 million to shareholders through share repurchases and dividends [12] - The company has a healthy balance sheet with $840 million of cash and revolver availability at quarter end [26] Q&A Session Summary Question: Can you provide more color on the fiscal year 2026 outlook? - Management indicated a balanced view on the outlook, projecting single-digit declines in certain segments while expecting growth in Aerospace and Defense [40][41] Question: How much of the strategy shift is due to Kennametal's positioning versus macro factors? - Management noted that both structural challenges and market conditions are influencing the strategy, with a focus on sustainable changes [42][44] Question: What is the expected seasonality of earnings for fiscal 2026? - Management expects a normal seasonal pattern with about 40% of EPS in the first half and 60% in the second half [48][51] Question: Are margins expected to improve in fiscal 2026? - Management projected operating margin improvements, although some headwinds from tariffs may compress margins [53][59] Question: How does the company plan to address competitive pressures? - Management emphasized ongoing portfolio optimization and actions to improve performance in low-performing areas [68][70] Question: What is the outlook for the energy end market? - Management expects a flat outlook for energy, with rig counts projected to decline [72] Question: What is the expectation for Aerospace and Defense growth? - Management anticipates stable low double-digit growth in Aerospace and Defense throughout the fiscal year [75]

OMV首席执行官Alfred Stern表示，欧洲持续的烯烃产能优化将为现存生产商提供支撑，到今年年底可 能会有高达400万吨/年的产能被关闭。Stern强调，由于公司投资改造了芬兰和瑞典的裂解装置，使其能 够使用乙烷、液化石油气和丁烷等轻质原料，OMV的资产在欧洲现金成本曲线上处于非常有利的位 置。Stern表示，公司今年前6月多项欧洲指标利润率强于预期。尽管需求持续低迷，但较低的原料成本 和欧洲裂解装置产能关停提升了利润率。不过，OMV对下半年市场保持谨慎态度，因需求预计不会显 著改善，且关税实施对市场的潜在影响仍存在巨大不确定性。尽管面临潜在市场逆风，OMV仍将欧洲 乙烯和丙烯全年指标利润率预期分别上调至高于先前预估的每吨520欧元和385欧元。对于聚烯烃， OMV现在预计其PE指标利润率将显著高于每吨400欧元，但将聚丙烯(PP)指标利润率预期从"高于"下调 至约400欧元/吨。 中化新网讯 7月31日，奥地利OMV股份公司宣布，上调全年烯烃、聚乙烯(PE)及总体聚烯烃销售量的利 润率预期，该公司还预计欧洲乙烯和丙烯的利润率将高于今年早些时候的预测值。尽管预计欧洲化学品 市场仍将承压，但该公司2025 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is actively expanding its overseas market presence by investing in new production lines in Thailand and Kazakhstan, which will enhance its production capacity and profitability [2][3] - The establishment of these overseas production lines is expected to meet the demand from local clients in the beer, energy drink, and carbonated beverage sectors, thereby broadening the company's customer base and market reach [1][2] - Following the acquisition of COFCO Packaging, the company has increased its market share in the domestic two-piece can market, positioning itself as the market leader [3] Summary by Sections Overseas Expansion - The company plans to invest approximately RMB 441.6 million in a new production line in Thailand with an annual capacity of 700 million cans [1] - A separate investment of about RMB 646.52 million is planned for a production line in Kazakhstan, targeting an annual capacity of 900 million cans [1][2] - These investments are part of the company's strategy to align with the internationalization trend in the industry and to optimize its production capacity [2] Domestic Market Position - The company has solidified its position in the domestic market, with a significant increase in market share following the acquisition of COFCO Packaging [3] - The forecast for the first half of 2025 indicates a net profit attributable to shareholders of RMB 850 million to 960 million, representing a year-on-year increase of 55% to 75% [3] Financial Projections - The report projects net profits for the years 2025 to 2027 to be RMB 1.41 billion, RMB 1.34 billion, and RMB 1.43 billion respectively [4] - The company's domestic market profitability is expected to improve, supported by the new overseas production facilities [4]

Report Industry Investment Rating - The report suggests a short - term downward trend for ethylene glycol (MEG), with a recommended strategy of short - selling at high prices [5]. Core Viewpoints - This week, MEG prices increased due to the overall upward movement of commodities, driven by policy factors such as "anti - involution" and "capacity optimization." However, the fundamentals remained unchanged, with downstream polyester maintaining the current production cut plan. Next week, MEG is expected to decline, with an operating range of 4300 - 4500 yuan/ton [5]. Summary by Directory 1. Main Views - **Price Movement Reason**: This week, MEG futures and spot prices rose with the overall commodity market, but the fundamentals were stable, and downstream polyester continued its production cut plan [5]. - **Next - Week Forecast**: Cost - wise, the results of US trade negotiations are a key concern, leading to weak crude oil price increases. Supply will increase as domestic and Saudi Arabian devices restart. Demand will remain stable as polyester maintains the current production level and weaving operations decline. Port inventory is expected to increase slightly. Overall, MEG is expected to decline, with an operating range of 4300 - 4500 yuan/ton [5]. 2. Futures and Spot Market Conditions - **Futures Market**: Weekly trading volume was 1.18 million lots, and open interest was 280,400 lots (+9,300 lots). From July 21st to July 28th, the closing price of the MEG main contract increased by 26 yuan/ton (0.59%), and the settlement price increased by 65 yuan/ton (1.48%) [9][11]. - **Spot Market**: The average basis this week was 57.40 yuan/ton, lower than last week's 68.80 yuan/ton. The domestic and international MEG prices remained inverted, with a spread of 70 - 110 US dollars/ton [12]. 3. MEG Device, Inventory, and Production Profit - **Device Operation**: The overall MEG operating rate was 62.40% from July 22nd to July 28th, up from 61.40% in the previous period. Oil - based, coal - based, and methanol - based operating rates were 63.94%, 60.07%, and 62.40% respectively. There were multiple device overhauls and restarts during the week [16][19]. - **Production Profit**: This week, the profit of coal - based MEG continued to rise slightly. The profits of MTO, coal - based, and ethylene - based production routes were - 1637.13 yuan/ton, 701.23 yuan/ton, and - 104.05 US dollars/ton respectively, compared with - 1657.42 yuan/ton, 649.11 yuan/ton, and - 115.65 US dollars/ton in the previous period [29][31]. - **Inventory**: As of July 24th, MEG port inventory was 420,400 tons, a decrease of 30,800 tons from the previous period. The decline in both hidden and visible inventories contributed to MEG's high ranking in the industry chain's price increase [35]. 4. Fundamental Analysis - **Cost**: The market is concerned about US tariff policies. The prices of raw materials such as crude oil, naphtha, ethylene, methanol, and thermal coal have an impact on MEG [42][43]. - **Demand**: Polyester factories did not further cut production. The average weekly load of polyester factories was 86.87%, and that of Jiangsu and Zhejiang looms was 58.26%. The prices of polyester products were mixed, with some products declining and others rising. The textile market was in a slow season, with weak demand and low production enthusiasm among factories [46][53]. - **Market Sentiment**: The positive commodity sentiment boosted the industry's confidence, and some downstream buyers actively purchased, resulting in a significant increase in polyester filament sales on Tuesday. However, overall, downstream buying intention was low, and the inventory of polyester factories continued to rise [55][57].