银河有色 有色研发报告 有色和贵金属每日早盘观察 2025 年 8 月 4 日星期一 【市场回顾】 【重要资讯】 力市场仍处于平衡状态。 研究所副所长、有色及贵 金属板块负责人：车红云 期货从业证号：F03088215 投资咨询号：Z0017510 研究员：王伟 期货从业证号：F03143400 投资咨询从业证号： Z0022141 研究员：王露晨 CFA 期货从业证号：F03110758 投资咨询从业证号： Z0021675 研究员：陈婧 FRM 期货从业证号：F03107034 投资咨询从业证号： Z0018401 研究员：陈寒松 期货从业证号：F03129697 投资咨询从业证号： Z0020351 联系方式： 上海：021-65789219 有色和贵金属每日早盘观察 贵金属 2.美联储观点：①威廉姆斯：5 月和 6 月非农数据异常大幅下调才是焦点，对 9 月降息 持开放态度。②美联储理事沃勒和鲍曼发文回应为何反对美联储不降息，均提及劳动 力市场出现疲软。③哈玛克：就业报告"令人失望"，但不意味着上周应该降息；劳动 1 / 16 北京：010-68569781 银河有色 有色研发报告 3.美联储观察：美 ...

Group 1 - The "2025 China Enterprises Going Global Summit" was held in Shenzhen, focusing on providing a high-end platform for Chinese companies to address challenges in global expansion amidst deep restructuring of global industrial chains [1] - The summit aimed to facilitate thought exchange, resource connection, and regulatory dialogue among Chinese enterprises [1] Group 2 - Sun Yuanjiang, Chief Representative of the Asian Infrastructure Investment Bank's Abu Dhabi Business Center, highlighted the challenges faced by Chinese companies in the Middle East, including navigating complex political landscapes, regulatory compliance, cultural differences, and lack of localization [3] - He emphasized the need for Chinese enterprises to understand geopolitical dynamics, regulatory frameworks, and social cultural sensitivities in the region [3] - The Middle East is transitioning from a resource-driven model to one focused on innovation, sustainable development, and regional leadership, which requires Chinese companies to adapt [3][4] Group 3 - Sun Yuanjiang stated that Chinese companies must evolve from exporters to co-creators, from builders to partners, and from investors to community stakeholders in the Middle East [4]

Core Viewpoint - Malaysia is actively reshaping its position to become a core participant in the global semiconductor supply chain, aiming to attract over 500 billion Malaysian Ringgit (approximately 107 billion USD) in public and private investments through its National Semiconductor Strategy (NSS) launched in May 2024 [1][2]. Investment and Incentives - The Malaysian government has committed to providing 25 billion Malaysian Ringgit (approximately 5.3 billion USD) in incentives, including tax exemptions, grants, and infrastructure support to attract foreign investors and local entrepreneurs [2]. - Major semiconductor manufacturers like Intel and Infineon are expanding their operations in Malaysia, with Intel investing 7 billion USD in Penang and Infineon committing 5 billion Euros to enhance its power semiconductor capacity in Kulim [2]. Talent Development - The NSS includes an ambitious plan to train and upskill 60,000 local engineers to meet the complex demands of modern semiconductor manufacturing [2][3]. - A dual training system has been approved to combine classroom learning with practical factory experience, aiming to address the current skills gap and retain top engineering talent by offering competitive salaries [3]. Local Industry Growth - The NSS aims to nurture at least 10 local advanced packaging and integrated circuit (IC) design companies, with each expected to generate revenues between 1 billion to 4.7 billion Malaysian Ringgit (approximately 210 million to 1 billion USD) by 2030 [3]. - Government-related investors are creating targeted funding pools to support local deep-tech startups, emphasizing the commercialization of research outcomes in semiconductor physics and materials science [3]. Strategic Positioning - Malaysia's strategic location at the crossroads of East Asia and West Asia, along with its political neutrality, makes it an ideal place for semiconductor companies seeking to diversify their production bases [3][4]. - The country is enhancing its appeal as a regional semiconductor hub by actively participating in regional trade agreements and fostering cross-border R&D collaborations [4]. Sustainability and ESG Focus - Malaysia is positioning itself as a forward-thinking and environmentally conscious manufacturing base, integrating renewable energy and carbon tracking tools in semiconductor production [4]. - The NSS aligns with Malaysia's push for sustainable manufacturing practices, which is increasingly prioritized by technology companies [4]. Long-term Vision - Malaysia's investment in the semiconductor sector is not just about factories and engineers but also about establishing long-term technological sovereignty amid accelerating global semiconductor competition [5].

Core Viewpoint - The Panda Bond market is experiencing rapid expansion, with issuance expected to reach a historical high in 2024, driven by policy support, domestic and foreign yield differentials, and the internationalization of the RMB [1][2]. Group 1: Panda Bond Market Development - Panda Bonds are RMB-denominated bonds issued by foreign entities in China, marking a significant step in the dual opening of China's capital market and the internationalization of the RMB [2]. - The issuance scale for Panda Bonds reached 154.45 billion RMB in 2023 and is projected to hit 194.8 billion RMB in 2024, influenced by yield differentials, regulatory policies, and RMB internationalization [2]. Group 2: Issuance Characteristics - The majority of issuers are high-rated entities, with AAA-rated bonds accounting for 95.64% of the issuance in 2024, an increase of 3.67 percentage points from 2023 [3]. - Foreign participation has increased significantly, with foreign-invested enterprises making up 39% of issuers in 2024, up nearly 20 percentage points from 2023 [3]. - The banking, food and beverage, public utilities, and non-bank financial sectors represent 79.77% of the issuance, with banks seeing a 17.08 percentage point increase in their share [3]. Group 3: Interest Rate and Maturity Trends - The average issuance interest rate for Panda Bonds fell to 2.33% in 2024, a decrease of 53 basis points from 2023, with expectations for further decline to 1.96% in 2025 [4]. - The majority of bonds are issued with maturities of 2 to 5 years, which accounted for 72.07% of the issuance in 2024, an increase of 10.53 percentage points from 2023 [4]. Group 4: Influencing Factors - The regulatory environment for Panda Bonds has improved, enhancing participation from high-quality foreign issuers and investors [5]. - The financing cost advantage of Panda Bonds has become more pronounced due to the widening interest rate differential between China and the U.S., with the 10-year U.S.-China yield spread exceeding 300 basis points [6][7]. - The internationalization of the RMB is accelerating, with the currency gaining prominence in global payments and trade settlements, ranking as the fourth largest payment currency in 2024 [8]. Group 5: Investment Value and Strategy - The investor base for Panda Bonds primarily consists of commercial banks and non-legal entities, with non-legal entities holding 39.31% and commercial banks 34.08% of the total [11]. - The monthly trading volume of Panda Bonds increased by approximately 32% in 2024, indicating improved liquidity [12]. - The overall credit quality of Panda Bonds is high, with a significant portion of the bonds yielding below 2%, making them attractive for conservative investors [13][14]. - Opportunities for arbitrage exist between Panda Bonds and domestic bonds issued by the same corporate groups, allowing investors to capture yield differentials [18].

Business Performance - In 2024, the company's revenue increased by 21% year-on-year, but profit significantly declined due to several factors [3][4]. - The gross profit margin for 2024 was reported at 22.91% [7]. Revenue Composition - The revenue breakdown for 2024 was as follows: protective products and solutions (47.64%), functional products and solutions (49.04%), and other products (3.32%) [1][2]. Strategic Development - The company adheres to a "green, lightweight, and new" development strategy, focusing on environmental sustainability, lightweight materials, and technological innovation [2]. - The company aims to deepen its penetration in the lightweight market and expand into emerging fields with significant growth potential [2]. R&D Investment - In 2024, the total R&D expenditure was 77.53 million yuan, accounting for 6.34% of total revenue [6]. - The company holds 204 domestic patents and 2 international patents, with 26 new patents added in 2024 [6]. Market Trends - The global consumer electronics industry is expected to continue its recovery in 2025, driven by AI technology and product innovation [5]. - The demand for lightweight materials is increasing across various industries, presenting significant market opportunities for carbon fiber products [2]. Customer Engagement - The company emphasizes deep service for major clients, establishing a specialized customer service team and a customer-oriented R&D system [7][8]. - Production bases have been established in various regions to enhance resource allocation and meet customer demands efficiently [8]. Investor Returns - The company has maintained a steady dividend policy, distributing cash dividends of 3.5 yuan per 10 shares in mid-2023 and 5 yuan per 10 shares for the annual distribution [9]. - For 2024, the proposed cash dividend is 1.5 yuan per 10 shares, totaling approximately 15.97 million yuan [9]. Employee Incentives - The company is evaluating the potential initiation of an employee incentive plan based on business needs and industry conditions [10].