Core Viewpoint - The conference focused on the high-quality development of the meat products industry, emphasizing food safety and industry standards, with DeLis Group sharing its practices and commitments in this area [1][2]. Group 1: Food Safety Practices - DeLis Group implements a rigorous food safety management system through daily control, weekly inspections, and monthly assessments to ensure risk management throughout the production process [1]. - The company has upgraded its production facilities and optimized processes, establishing a comprehensive food safety traceability system that accurately records every step from raw material procurement to sales [1]. - DeLis Group strictly adheres to regulations regarding raw material sourcing, collaborating only with reputable suppliers to ensure product quality [1]. Group 2: Commitment to Quality and Transparency - The company emphasizes its commitment to integrity in operations, accepting supervision from government, media, and consumers, and proactively disclosing production information to uphold consumer rights [2]. - DeLis Group is responding to the China Meat Association's initiative to enhance meat safety, committing to full-process quality control and technological innovation to provide safe and nutritious meat products [2]. - The company calls for collaboration within the industry to build a more robust food safety assurance system, aiming to elevate the meat products sector to a new stage of high-quality development [2].

格隆汇获悉，近日，有研金属复合材料（北京）股份公司（简称"有研复材"）提交了首次公开发行股票并在科创板上 市招股说明书申报稿，保荐机构为中信证券。 有研复材主要从事金属复合材料及制品、特种有色金属合金制品的研发、 生产和销售，产品应用于航空航天、军工电 子、智能终端等领域。 2022年、2023年、2024年（简称"报告期"），公司的金属复合材料及制品营收占比为59.19%、66.70%、72.80%，为上 涨势头，成为Rheem、A.O.Smith等全球知名热水器公司的主要供应商。 报告期内，特种有色金属合金制品有所下降。公司研制的铝合金槽道热管精密型材批量应用于航天器热控系统；航空 精密铝合金管材大批量应用于战斗机燃油、环控系统；公司突破大规格细晶铝合金铸锭电磁搅拌半连铸技术，大铸锭 产品在导弹、火箭、战斗机等航空航天领域实现批量应用。 报告期的主要财务数据和财务指标，图片来源招股书 有研复材存在政府补助及税收优惠政策变动的风险。报告期内，公司政府补助确认的其他收益金额分别为0.15亿元、 0.07亿元、0.12亿元，占各期净利润的比例分别为20.51%、11.40%、16.91%；如果未来相关政府部门对 ...

Core Viewpoint - Shanghai Chlor-Alkali Company has established a new党建品牌 ("Party Building Brand") named "'氯'践行" to integrate党建 (Party Building) with business operations, aiming for high-quality development and a positive corporate image [1] Group 1: Party Building Initiatives - The company emphasizes the central role of "氯" (Chlorine) in its production and operations, enhancing the ideological appeal through collective efforts [2] - Annual "thematic discussions" and "rational suggestions" activities are conducted to foster development and encourage employee participation [3] - Each of the 23 grassroots party branches selects a unique theme annually, promoting leadership and development among party members [4] Group 2: Strategic Development - The company implements the "江河入海" (River to Sea) strategic development approach, focusing on comprehensive growth [5] Group 3: Green Development - The company integrates the "green" element into its operations, enhancing development momentum and fostering new productive capabilities, with a total of 224 patents applied, 9 of which received Shanghai Science and Technology Awards [6] - Digital technologies, including AI and robotics, are deployed to facilitate green transformation and innovation, significantly improving safety levels in chemical operations [6] - The company has established a "waste-free factory" in the Shanghai Chemical Zone and adheres to environmentally friendly practices in its projects, such as protecting mangroves in Guangxi [6] Group 4: Safety and Integrity - The company focuses on safety and integrity, implementing "律" (Law) requirements to enhance team action and maintain a transparent ecosystem [7] - Future plans include creating a党建品牌 matrix, focusing on four dimensions for systematic layout and organic integration [7] Group 5: Structural and Mechanism Enhancements - The company will lead with the core brand "'氯'践行" to establish a spiritual core and action guidelines [8] - It aims to deeply embed党建 into the business chain, ensuring that party branches are integrated within operational areas [8] - A closed-loop management system will be implemented, including a star rating assessment mechanism for party branches to promote collaborative success [9] - The company will leverage resource integration and a smart党建 platform to enhance the standardization and specialization of party branches [9]

Core Viewpoint - The company anticipates a decline in revenue and net profit for the first half of 2025, primarily due to inventory reduction and the impact of a fertility subsidy program [1][2]. Group 1: Financial Performance - The company expects to achieve revenue of 9.1-9.3 billion for H1 2025, representing a year-on-year decline of 7.9%-9.9% [1]. - The projected net profit for H1 2025 is estimated to be between 1.0-1.2 billion, reflecting a year-on-year decrease of 36%-47% [1]. - The company plans to allocate no less than 1.0 billion for share buybacks and expects to distribute dividends of at least 2.0 billion in 2025, down from 2.72 billion in the previous year [1][2]. Group 2: Market Outlook - The company forecasts low single-digit growth for full-year revenue, with H2 2025 revenue expected to increase by 10%-15% [2]. - The anticipated completion of inventory adjustments in Q3 2025 is expected to positively impact revenue [2]. - The company plans to launch higher-end products in H2 2025, which may drive revenue improvement [2]. Group 3: Investment Strategy - The company has announced a share buyback plan and a commitment to dividend distribution, enhancing shareholder returns [2][3]. - The long-term outlook remains positive due to expected recovery in newborn population growth and the implementation of fertility subsidies, suggesting a potential industry improvement cycle of 2-3 years [2]. - The company has adjusted its earnings forecasts for 2025-2027, with a target price set at 5.1 HKD and a recommendation downgrade to "recommended" [3].

机构：中金公司 研究员：陈文博/王文丹/方云朋 预告1H25 盈利同比下降36-47% 启动不少于10 亿元股份回购，全年派息额不低于20 亿元。公司拟启动不低于10 亿元的股份回购用于潜 在员工激励计划，公告25 年派息不低于20亿人民币，相当于25 年我们利润预期的60%以上，彰显公司 对于提升股东回报的决心。考虑公司覆盖全生命周期营养产品的长期布局，未来公司有望在功能营养事 业及儿青事业获取更多增量。同时我们认为去库存利好公司渠道稳健稳定发展，短期虽有影响，但长期 利好公司竞争力进一步夯实。 盈利预测与估值 由于公司去库存调整及大包粉减值，我们下调25/26 年盈利预测26%/16%至28.7/36.6 亿元，当前交易在 13/10 倍25/26 年P/E；下调目标价27%至6 港币，对应18/14 倍25/26 年P/E和31%上行空间，维持跑赢行 业评级。 飞鹤发布盈利预警公告：预计1H25 收入91-93 亿元，同比下降7.9-9.9%，预计1H25 净利润10-12 亿元， 同比下滑36-47%，低于市场预期，主因去库存调整及大包粉减值。 关注要点 去库存及奶粉补贴多重影响致收入低于市场预期，利 ...

A 股收盘站上 3500 点整数关，市场风险偏好继续回升。周四 A 股继续震荡攀升，收盘站上 3500 点整数关，上证指数已经正式突破 2024 年 11 月 8 日的高点。并且本周的上涨是在美国宣布对 14 个国 家调整关税率后做出的反映，显示市场对关税事件的影响已经形成脱敏，对关税所带来的影响也已经有 充分预期。近期市场对于贸易冲突的担忧情绪进一步缓解，7 月政策窗口期愈来愈近，预计市场将在震 荡中继续维持缓慢盘升的格局。 风险提示：全球地缘格局出现超预期局面，关税预期的反复摇摆，关税冲击的后续影响，美联储降 息延后，海外经济衰退超预期，国内经济复苏不及预期，政策执行不及预期等。 后市展望：将有可能突破 2024 年 10 月以来的震荡区间。当前 A 股持续上行的两大支撑因素是 1） 低利率环境依然维持，且美联储表态降息有提前的可能性；2）进入 6 月下旬以来市场风险偏好回升， 诸如非银金融、传媒、军工等高风险特征板块开始上涨正是风险偏好回升的表现。6 月下旬以来，市场 开始展望增量政策，若增量政策及时有效推出落地，则 A 股将有可能迎来突破 2024 年 10 月以来横盘 震荡格局的时间窗口。 热点板块 ...

（原标题：元创科技深主板IPO，聚焦橡胶履带产品，客户集中度较高） 格隆汇获悉，近日，元创科技股份有限公司（简称"元创科技"）提交了公开发行股票并在主板上市招股 说明书申报稿，拟冲击深主板，保荐人为国泰海通证券。 股权结构方面，2022年、2023年、2024年（简称"报告期"），王文杰为公司控股股东及实际控制人。截 至招股说明书签署日，王文杰通过直接持股方式持有公司82.27%股份，通过星腾投资控制公司8.66%股 份，合计控制公司股份的90.93%。王大元系王文杰之一致行动人，为王文杰之父，其通过直接持股方 式控制公司4.31%股份。王文杰与一致行动人王大元合计控制公司股份的95.24%。 另外，元创科技还存在应收账款回收的风险。报告期各期末，公司应收账款余额分别为4.47亿元、3.55 亿元和4.80亿元，占同期营业收入的比重分别为35.43%、31.09%和35.56%。报告期内，公司存在应收账 款逾期的情形，逾期比例分别为20.71%、13.24%和13.52%。若客户经营恶化或回款延迟，可能导致坏 账风险上升。 本次IPO，元创科技拟募资约4.85亿元，投向生产基地建设项目、技术中心建设项目和补充 ...

公司主营业务为电子树脂的研发、生产与销售。 C同宇（301630）上市首日上涨128.05%，换手率达83.97%，成交额为16.24亿元。 证券时报·数据宝统计显示，融资融券交易方面，该股上市首日融资买入额为6235.48万元，占该股全天 交易额的3.84%，最新融资余额为5187.02万元，占流通市值的比例为2.71%。 | 代码 | 简称 | 上市日期 | 上市首日涨跌 | 上市首日融资余额 | 占流通市值比 | 上市首日融券余额 | | --- | --- | --- | --- | --- | --- | --- | | | | | （%） | （万元） | 例（%） | （万元） | | 301630 | C同宇 | 2025.07.10 | 128.05 | 5187.02 | 2.71 | 0.00 | | 688729 | C屹唐 | 2025.07.08 | 174.56 | 20766.49 | 4.48 | 0.00 | | 001388 | 信通 电子 | 2025.07.01 | 286.36 | 4489.69 | 2.31 | 0.00 | | 920037 | 广信 科技 | ...

期 货 研 究 2025 年 07 月 11 日 对二甲苯：单边震荡市 PTA：关注长丝工厂减产情况，月差反套，多 MEG 空 PTA MEG：低库存，单边震荡市，月差逢低正套 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin@gtht.com | 期货 | PX 主力 | PTA 主力 | MEG 主力 | PF 主力 | SC 主力 | | --- | --- | --- | --- | --- | --- | | 昨日收盘价 | 6782 | 4742 | 4325 | 6440 | 522.5 | | 涨跌 | 6724 | 24 | 42 | -88 | 2.8 | | 涨跌幅 | 58 | 0.51% | 0.98% | -1.35% | 0.54% | | 月差 | PX9-1 | PTA9-1 | MEG9-1 | PF8-9 | SC8-9 | | 昨日收盘价 | 64 | 12 | -33 | 102 | 10.2 | | 前日收盘价 | 74 | 28 | -29 | 110 | 8.1 | | 涨跌 | -10 | -16 | -4 | -8 | 2.1 | | 现货 ...

濮耐股份 20250709 摘要 格林美采用活性氧化镁替代液碱，显著提升沉淀和过滤效率，降低 MHP 含水率，减轻环保压力，并提高金属回收率，尤其在钴回收方面效果显 著，综合效益驱动客户主动切换技术。 格林美新建生产线将全面采用活性氧化镁技术，如与戴日河谷合资的 6 万吨生产线，预计 2026 年底或 2027 年初投产。现有 16 万吨产能也可 能扩至 18 万吨，以充分利用技术优势。 公司活性氧化镁产品在非洲市场表现良好，大型客户使用后金属回收率 和氧化镁单耗指标优化，能耗控制得当，计划增加订单，并进行工艺调 整以满足欧盟钴粉销售标准。 受运费和国内低品位产品低价竞争影响，国内市场价格偏低。公司产品 提股效果优于复配产品，单耗较低，具备竞争优势，且市场需求大，能 维持当前 40%-50%利润率。 公司计划扩大产能，2025 年投产 6 万吨新线，总产能达 11 万吨，技改 后下半年达 17-18 万吨。2026 年启动 12 万吨新系统，总产能预计达 30 万吨，以应对新增客户需求。 Q&A 格林美在湿法提镍工艺中使用活性氧化镁替代片碱或液碱的进展如何？ 格林美在湿法提镍工艺中使用活性氧化镁替代片碱或液碱 ...