亏损净额大幅增加主要是归因于：(i)受宏观经济形势不利及出口贸易环境下滑综合影响，收益由上年同 期约人民币164.6百万元大幅减少不少于20%至期间约人民币122.9百万元；及(ii)透过将物业、厂房及设 备以及使用权资产的可收回金额与假发业务以及衣物清洁护理、个人清洁护理及家居清洁护理产品业务 项下的账面值比较，确认物业、厂房及设备以及使用权资产减值亏损约人民币47.2百万元。 格隆汇8月26日丨中国派对文化(01532.HK)发布公告，集团预期截至2025年6月30日止六个月将录得亏损 净额介于约人民币46.0百万元至人民币49.0百万元，而上年同期则录得亏损净额约人民币527,000元。 ...

当前宏观经济形势与大 宗商品市场基本研判 教授 北京工商大学证券期货研究所 所长、 技术创新闻网报色转型、行业自信助力和谐发展 主办单位:中国有色金属工业协会 胡俞越 嘉宾简介： 胡俞越，经济学家和著名期货专家，1983 年毕业于南京大学，北京工商大学证券期货研 究所所长，教授。兼任全国人大《期货法》起草小组顾问，中国农业大学、中南大学、青岛 大学、山东工商学院兼职教授，中国商业史学会副会长，中国期货业协会研究发展委员会委 员、中国上市公司协会独董委员会委员和学术顾问委员会委员，中国市场学会金融工作委员 会主任、首都企业改革与发展研究会常务理事，北京工商管理学会理事，上海期货交易所产 品委员会委员，大连商品交易所战略咨询委员会委员，郑州商品交易所咨询顾问委员会委 员，大连商品交易所研究院专家委员会副主任，中物联大宗商品市场分会专家委员会副主 任，新华社、中央电视台和北京电视台特约评论员。担任多家上市公司、期货公司、基金公 司独立董事。 胡俞越长期从事证券期货、宏观经济、市场理论、流通理论和中国近现代市场等方面的教 学研究工作，著有 30 多部专著，发表学术论文 500 多篇。曾主持国家社科基金、国家自科 基金 ...

财务报表中对有大幅变动的财务项目的原因说明如下： 应收票据变动幅度为-66.98%,原因:收到的票据减少，同时加快票据流转。 应收款项融资变动幅度为-45.03%,原因:收到的票据减少，同时加快票据流转。 据证券之星公开数据整理，近期川仪股份（603100）发布2025年中报。截至本报告期末，公司营业总收 入32.81亿元，同比下降12.37%，归母净利润3.25亿元，同比下降10.46%。按单季度数据看，第二季度 营业总收入18.33亿元，同比下降15.79%，第二季度归母净利润2.11亿元，同比下降1.45%。本报告期川 仪股份盈利能力上升，毛利率同比增幅4.59%，净利率同比增幅3.57%。 本次财报公布的各项数据指标表现一般。其中，毛利率33.87%，同比增5.06%，净利率10.04%，同比增 3.57%，销售费用、管理费用、财务费用总计5.58亿元，三费占营收比17.01%，同比增3.64%，每股净资 产8.8元，同比减13.95%，每股经营性现金流0.49元，同比增159.11%，每股收益0.63元，同比减11.27% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | -- ...

Report Title - "Sugar Weekly Report" [1] Report Core View - The 01 contract of sugar has rebounded as expected and is expected to have further upward space. The current price of the 01 contract has a large discount, and the futures price will first repair part of the discount upwards. The sugar fundamentals are showing signs of improvement, and there is still further upward momentum [10]. Summary by Directory 01 Weekly Core Points and Strategies - **Supply**: China's sugar imports in June 2025 reached 430,000 tons, a month - on - month increase of 28.71% and a year - on - year increase of 1434.86%. The cumulative imports from January to June were 1.04 million tons, a year - on - year decrease of 19.7%. The time of import volume arrival is delayed, and the subsequent pressure is still high, but the staggered supply of processed sugar and domestic sugar eases the impact [10]. - **Demand**: The price of processed sugar has gradually stabilized, driving the market trading atmosphere to warm up, accelerating the inventory removal process in production areas, and the overall spot trading is fair [10]. - **Inventory**: The inventory of domestic sugar mills is low, but the social inventory is at a moderately high level. The shipping volume from Brazil in July is low, and the arrival after August is expected to be lower than expected, so the pressure on processed sugar is not large [10]. - **Warehouse Receipts**: As of August 15, the registered sugar warehouse receipts were 17,104, with 0 valid forecasts, a total of 17,104, compared with 18,545 last week [10]. - **Basis**: The basis is upward. The spot prices in various regions are stable, and the recent linkage between futures and spot prices has strengthened, driving the market trading atmosphere to warm up and accelerating the inventory removal process in production areas [10]. - **Profit**: The out - of - quota import cost from Brazil is about 5,578 yuan/ton, with a slight increase, and the out - of - quota import profit remains flat [10]. - **Macro**: Domestically, the economy shows a weak recovery pattern, and there are expectations of more stimulus policies in the fourth quarter. Overseas, the Fed is expected to cut interest rates twice in 2025, with the first cut likely in September [10]. 02 Sugar Market News This Week - **Brazil**: It is estimated that the sugarcane planting area in 2025 will be 9.241643 million hectares, a 0.2% increase from the previous month's estimate and a 0.8% increase from the previous year. The sugarcane production is estimated to be 695.085205 million tons, a 0.3% increase from the previous month's estimate but a 1.6% decrease from the previous year. From the beginning of the 2025/26 crushing season to the first half of July, the cumulative sugar production decreased by 9.22% year - on - year [15]. - **India**: The estimated total sugar production in the 2025/26 crushing season will increase by 18% to about 34.9 million tons, and the total planting area is estimated to be about 5.724 million hectares, slightly higher than that in the 2024/25 season [16]. 03 Weekly Sugar Data - **Domestic Production**: In the 2024 - 2025 sugar - making season, the national sugar production was 11.1621 million tons, a year - on - year increase of 119,890 tons and a growth rate of 12.03% [20]. - **Domestic Sales**: As of the end of June, the cumulative sugar sales were 7.3834 million tons, a year - on - year increase of 50,520 tons and a growth rate of 7.34%. The cumulative sales rate was 74.11%, a slowdown of 2.54 percentage points year - on - year. The cumulative sales of sugar reached 8.1138 million tons, a year - on - year increase of 152,100 tons and a growth rate of 23.07%, and the cumulative sales rate was 72.69%, an acceleration of 6.52 percentage points year - on - year [24][27]. - **Domestic Substitute Imports**: In June 2025, the total imports of domestic substitute syrups and premixes were 115,500 tons, a year - on - year decrease of 103,500 tons. From January to June 2025, the total imports were 459,100 tons, a year - on - year decrease of 492,400 tons [34]. - **Out - of - Quota Import Cost**: The out - of - quota import cost decreased slightly this week [38]. - **Warehouse Receipt Quantity**: The number of warehouse receipts has declined from a high level. As of August 15, the total number of registered warehouse receipts was 17,104 [42].

会议表示，要准确理解把握中共中央关于当前经济形势的分析判断和经济工作的指导思想、大政方 针、重要部署。准确把握国内外形势，切实把思想和行动凝聚到习近平总书记关于东北、辽宁全面振兴 的重要讲话和指示批示精神上来，统一思想认识，坚定发展信心。紧紧围绕省委部署安排，结合统战工 作实际和岗位实践，为决胜之年决胜之战凝聚人心、凝聚共识、凝聚智慧、凝聚力量。 报告会以电视电话会议形式举办，省、市统战干部，各民主党派、工商联、无党派人士、新的社会 阶层人士代表共1300余人参加。 8月13日，省委统战部举办第3期形势政策报告会，邀请辽宁大学党委副书记、校长余淼杰围绕当前 宏观经济形势作辅导报告。 ...

Core Viewpoint - The increase in A-share financing balance to a nearly 10-year high indicates a surge in investor enthusiasm, reflecting a positive signal for the market [1] Group 1: Market Dynamics - The record high in financing balance is a direct manifestation of active market trading, with capital being a crucial driver for market trends [1] - Investors are increasingly confident in the market's future trajectory, based on macroeconomic assessments, industry trends, and stock valuations [1] - China's economy is experiencing stable recovery, supported by favorable policies that provide a solid macroeconomic foundation for the A-share market [1] Group 2: Industry Trends - Emerging industries such as new energy and semiconductors are thriving, while traditional industries are undergoing transformation, attracting significant investor interest [1] - Investors are willing to leverage financing to capitalize on economic growth opportunities, injecting vitality into the market [1] Group 3: Financing Environment - Relatively low financing costs and the security of compliant financing channels are key factors driving the increase in financing balance [2] - The shift from illegal financing to compliant channels has been facilitated by enhanced regulatory measures, providing investors with safer options [2] - Compliant financing allows investors to expand their investment scale without increasing personal capital, optimizing fund utilization [2] Group 4: Market Stability - The rise in financing balance has significant implications for optimizing the capital structure, as investors can flexibly allocate funds while managing market volatility [2] - The availability of compliant financing reduces the market space for illegal financing, promoting a stable and healthy market environment [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The domestic nickel ore supply is tight, the smelting end has profit losses, some non - integrated smelters choose to cut production, the demand end has mixed performance, and the recent supply and demand are both weak. The domestic social inventory increases, the overseas LME inventory decreases, and the cancelled warrants rise. Technically, the price drops while the positions rise, with a strong short - selling atmosphere, breaking below the MA60 support. It is expected to fluctuate weakly in the short term. It is recommended to wait and see or try short positions with a light position [2][3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 119,830 yuan/ton, down 1,890 yuan; the 08 - 09 contract spread is - 200 yuan/ton, down 20 yuan. The LME 3 - month nickel price is 15,085 US dollars/ton, down 240 US dollars. The main contract position of Shanghai nickel is 97,451 lots, an increase of 4,816 lots. The net long position of the top 20 futures positions of Shanghai nickel is - 17,819 lots, an increase of 853 lots. The LME nickel inventory is 208,692 tons, an increase of 600 tons. The Shanghai Futures Exchange nickel inventory is 25,451 tons, an increase of 174 tons. The LME nickel cancelled warrants total 10,278 tons, an increase of 960 tons. The warehouse receipt quantity of Shanghai nickel is 21,705 tons, down 54 tons [2] 3.2 Spot Market - The SMM1 nickel spot price is 121,250 yuan/ton, down 1,800 yuan; the spot average price of 1 nickel plate in Yangtze River Non - ferrous is 121,150 yuan/ton, down 2,000 yuan. The Shanghai electrolytic nickel CIF (bill of lading) price is 85 US dollars/ton, unchanged; the Shanghai electrolytic nickel bonded warehouse (warehouse receipt) price is 85 US dollars/ton, unchanged. The average price of battery - grade nickel sulfate is 27,900 yuan/ton, unchanged. The basis of the NI main contract is 1,420 yuan/ton, an increase of 90 yuan. The LME nickel (spot/three - month) premium is - 208.37 US dollars/ton, down 2.75 US dollars [2] 3.3 Upstream Situation - The monthly import volume of nickel ore is 434.66 million tons, an increase of 41.94 million tons. The total port inventory of nickel ore is 987.87 million tons, an increase of 39.51 million tons. The average monthly import unit price of nickel ore is 65.84 US dollars/ton, down 7.57 US dollars. The tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged [2] 3.4 Industry Situation - The monthly electrolytic nickel output is 29,430 tons, an increase of 1,120 tons. The total monthly nickel - iron output is 22,600 metal tons, down 1,300 metal tons. The monthly import volume of refined nickel and alloys is 17,215.27 tons, down 472.3 tons. The monthly import volume of nickel - iron is 1.0414 billion tons, an increase of 193,200 tons [2] 3.5 Downstream Situation - The monthly output of 300 - series stainless steel is 1.744 billion tons, down 40,700 tons. The total weekly inventory of 300 - series stainless steel is 605,700 tons, down 15,200 tons [2] 3.6 Industry News - The Political Bureau of the CPC Central Committee held a meeting on July 30, deciding to hold the Fourth Plenary Session of the 20th CPC Central Committee in Beijing in October, with the main agenda of reporting work to the Central Committee and studying suggestions for formulating the 15th Five - Year Plan for National Economic and Social Development. The meeting analyzed the current economic situation and deployed economic work for the second half of the year. The Federal Reserve has kept interest rates unchanged for five consecutive meetings, but two voting members support interest rate cuts, pointing out that economic growth has slowed down. Powell did not give guidance on a September interest rate cut, emphasizing uncertainties in tariffs and inflation. The US private sector added 104,000 jobs in July, exceeding economists' expectations but still far below last year's average level [2]

Report Industry Investment Rating No relevant information provided. Core Views - Gold: FOMC's decline releases hawkish expectations [2] - Silver: Declines from a high level [2] - Copper: The implementation of US copper import tariffs puts pressure on prices [2] - Zinc: Narrow - range fluctuations [2] - Lead: Inventory increase puts pressure on prices [2] - Tin: Range - bound fluctuations [2] - Aluminum: Slight fluctuations; Alumina: Prices weaken; Cast aluminum alloy: Follows electrolytic aluminum [2] - Nickel: Macroeconomic expectations determine the direction, and fundamentals limit the elasticity [2] - Stainless steel: Macroeconomic sentiment dominates the margin, and the real - world situation still needs to be repaired [2] Summary by Related Catalogs Gold and Silver - **Price and Trading Volume**: For gold, the closing price of Shanghai Gold 2510 was 773.78 with a daily increase of 0.30%, and the night - closing price was 770.68 with a decline of - 0.32%. For silver, the closing price of Shanghai Silver 2510 was 9192 with a decline of - 0.03%, and the night - closing price was 9090.00 with a decline of - 1.32%. The trading volume and positions of some contracts also changed [5]. - **Macroeconomic and Industry News**: The Fed has kept rates unchanged for five consecutive meetings, with two voting members supporting rate cuts. China plans to hold the 20th Fourth Plenary Session of the Central Committee. Trump imposes a 50% tariff on imported semi - finished copper [5][10]. - **Trend Intensity**: Gold trend intensity is - 1, and silver trend intensity is - 1, indicating a bearish outlook [9]. Copper - **Price and Trading Volume**: The closing price of Shanghai Copper's main contract was 78,930 with a daily increase of 0.11%, and the night - closing price was 78700 with a decline of - 0.29%. The trading volume and positions of relevant contracts changed, and there were also changes in spot prices and spreads [11]. - **Macroeconomic and Industry News**: Trump imposes a 50% tariff on imported semi - finished copper, excluding cathode copper and refined copper. Freeport - McMoRan has not seen the details of the US copper import tariff plan [10][13]. - **Trend Intensity**: Copper trend intensity is 0, indicating a neutral outlook [13]. Zinc - **Price and Trading Volume**: The closing price of Shanghai Zinc's main contract was 22670 with a daily increase of 0.07%, and the closing price of LME Zinc 3M was 2814.5 with a daily increase of 0.32%. There were changes in trading volume, positions, and various spreads [14]. - **Macroeconomic and Industry News**: Trump will impose a 25% tariff on India, and the US Q2 GDP growth is better than expected [15]. - **Trend Intensity**: Zinc trend intensity is - 1, indicating a bearish outlook [16]. Lead - **Price and Trading Volume**: The closing price of Shanghai Lead's main contract was 16890 with a decline of - 0.06%, and the closing price of LME Lead 3M was 2020 with a daily increase of 0.12%. There were changes in trading volume, positions, and inventory [17]. - **Macroeconomic and Industry News**: The Fed maintains the interest rate, and Trump has trade - related actions [18]. - **Trend Intensity**: Lead trend intensity is 0, indicating a neutral outlook [18]. Tin - **Price and Trading Volume**: The closing price of Shanghai Tin's main contract was 267,870 with a daily increase of 0.45%, and the closing price of LME Tin 3M was 33,410 with a decline of - 0.62%. There were changes in trading volume, positions, and inventory [21]. - **Macroeconomic and Industry News**: There are various macro - economic events such as Fed's interest - rate decision and Trump's tariff policies [22]. - **Trend Intensity**: Tin trend intensity is - 1, indicating a bearish outlook [24]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Volume**: For aluminum, the closing price of Shanghai Aluminum's main contract was 20625, and there were changes in trading volume, positions, and various spreads. For alumina, the closing price of the main contract was 3326, and for cast aluminum alloy, the closing price of the main contract was 20070 [26]. - **Macroeconomic and Industry News**: There are macro - economic events such as the Politburo meeting and Fed's interest - rate decision [28]. - **Trend Intensity**: Aluminum trend intensity is 0, alumina trend intensity is - 1, and cast aluminum alloy trend intensity is 0 [28]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing price of Shanghai Nickel's main contract was 121,720, and the closing price of stainless steel's main contract was 12,920. There were changes in trading volume, positions, and various spreads in the industrial chain [29]. - **Macroeconomic and Industry News**: There are industry - related events such as the potential halt of nickel exports from Ontario to the US and production - related issues in Indonesian nickel - iron smelters [29][30][31] - **Trend Intensity**: Nickel trend intensity is 0, and stainless steel trend intensity is 0, indicating a neutral outlook [33]

Core Viewpoint - The current macroeconomic situation shows overall stability in total volume, structural differentiation, stable demand, and slowing investment [3]. Group 1: Economic Growth - In Q2, GDP growth reached 5.2%, down from 5.4% previously; for the first half of the year, a GDP growth of 4.7% in the second half is sufficient to meet the annual target of 5% [6]. Group 2: Investment and Consumption - In June, fixed asset investment and consumption both saw a year-on-year decline; however, exports and industrial added value performed strongly, indicating a relatively high level of activity in the "export-driven" sector [3]. - Cumulative fixed asset investment from January to June grew by 2.8%, below the expected 3.7% and the previous value of 3.7% [6]. - Retail sales in June increased by 4.8%, lower than the expected 5.6% and the previous 6.4% [6]. Group 3: Demand and Supply Dynamics - The demand side remains stable overall, but the significant decline in fixed asset investment growth is attributed to high temperatures, further decline in PPI, and a complex external environment leading to more cautious investment decisions by market participants [3]. - The economic supply-demand relationship has improved, consistent with the stable rise in core CPI from May to June [3].

Performance Forecast - The company expects to achieve a net profit attributable to shareholders of between 90 million and 95 million RMB for the first half of 2025, representing a decline of 57.06% to 59.32% compared to the same period last year [3][4] - The net profit for the same period last year was 221.24 million RMB, and the net profit after deducting non-recurring gains and losses was 205.26 million RMB [3][4] Reasons for Profit Decline - The decline in profit is attributed to a decrease in revenue from the company's main sales regions due to fluctuating international trade policies and macroeconomic conditions, despite good growth in emerging markets [3][4] - The company has chosen not to reduce expenses in the face of external pressures, opting instead to continue investing in research and development and market expansion to build momentum for future growth [3][4] Strategic Focus - The company will continue to implement its "331" strategy, increasing investment in research and development in health-related hardware and software, smart kitchen and bathroom products, and new business areas [4] - The company aims to leverage its three core advantages of innovation, design, and intelligent manufacturing to achieve differentiated competition in niche markets and actively explore new markets and customers for high-quality development [4] Production Expansion - To mitigate the impact of US-China trade tensions, the company is accelerating the construction of its production base in Vietnam, with initial shipments expected to begin in June 2025, which will open new opportunities for the company's export business [3][4]