Core Viewpoint - The article emphasizes the need for a new model of real estate development to stabilize and promote healthy growth in the real estate market, as highlighted in a recent State Council meeting led by Premier Li Qiang [3]. Group 1: Real Estate Policy Developments - The State Council meeting called for a focus on long-term strategies and the establishment of foundational systems to support real estate development [3]. - There is an emphasis on the construction of "good houses" and the integration of urban renewal mechanisms to enhance policy coordination across planning, land, finance, and other areas [3]. - The meeting proposed a nationwide assessment of supplied land and ongoing projects to optimize existing policies and improve their effectiveness [3]. Group 2: Local Government Initiatives - Guangzhou's proposal to eliminate restrictive measures and reduce down payment ratios and interest rates aims to stimulate consumer demand in the housing market [4]. - The plan includes significant investments in the renovation of old residential areas and the construction of new projects, with a target of over 150 old residential area renovations and 9,000 elevator updates by 2025 [4]. - The initiative to use special loans for purchasing existing commercial housing as resettlement housing is expected to further support the real estate sector [4]. Group 3: Market Performance and Data - The market performance indicators show a decline in the CITIC building materials index by 2.16% and the CITIC construction index by 1.27% [5]. - The average price of national PO42.5 cement increased slightly to 365.70 yuan/ton, while the national cement enterprise shipment rate decreased by 2.3 percentage points [5]. - Glass prices fell to 1,203 yuan/ton, with a slight decrease in inventory levels [6].

Core Points - Shanghai Huili Building Materials Co., Ltd. completed a related party transaction involving the transfer of 37.50% equity in Shanghai Huili Paint Co., Ltd. to its controlling shareholder, Shanghai Huili Group Co., Ltd. [1] - The transaction was approved by the company's board and annual general meeting, with the total cash payment received amounting to RMB 51.3 million [2] - The equity transfer has been registered, and the relevant companies have obtained updated business licenses [1][2] Equity Transfer Details - Before the transfer, the shareholding structure of Shanghai Huili Paint Co., Ltd. was 100% held by Shanghai Huili Building Materials Co., Ltd. After the transfer, the shareholding structure remains at 100% but reflects the new ownership [1] - The registered capital of Shanghai Huili Paint Co., Ltd. is RMB 50 million, and it was established on February 9, 2004 [1] - Shanghai Zhongyuan Huili Building Materials Co., Ltd., which provided 10% equity as part of the transaction, has a registered capital of RMB 112.45 million and was established on May 4, 1999 [2] Transaction Completion - As of June 13, 2025, the company confirmed that it has received all cash payments related to the equity transfer, marking the completion of the related party transaction [2]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The allocation value of stock indices continues to increase, with a clear upward trend in the long - term. It is recommended to buy IF and IM far - month contracts on dips [1]. - The intention to protect liquidity in the bond market is clear, and the expectation of the bond market has slightly improved, but it is difficult to form a trend - based market [1]. - For precious metals, the short - term gold price is expected to be volatile, and the medium - to - long - term price center will rise. It is advisable to buy on dips or hold short out - of - the - money put options. Silver has a high probability of upward valuation repair [4]. - For base metals, copper, aluminum, and nickel prices are expected to be range - bound, while alumina prices are expected to be weakly volatile [4]. - For energy and chemical products, crude oil prices have limited upside potential and will maintain high volatility; methanol and polyolefin prices are expected to decline [10]. - For building materials, the prices of soda ash and glass are expected to be weakly volatile, and it is recommended to hold short positions [8]. - For steel and coal, the prices of steel products, iron ore, coking coal, and coke are expected to be volatile, with a weakening trend [5][8]. - For agricultural products, cotton prices are expected to be range - bound, and rubber prices are expected to be weakly volatile [10]. 3. Summary by Variety Stock Indices - Last week, the A - share market was strong, with communication and non - ferrous metals leading the gains, and home appliances and automobiles leading the losses. The trading volume on Friday decreased slightly to 1.18 trillion yuan. - In June, the A - share market started well, with technology stocks driving market sentiment and slightly boosting trading volume. - Overseas macro uncertainties have reduced global economic growth expectations, but Chinese assets have attracted the attention of foreign institutions. - The upward trend of stock indices is clear, but short - term breakthroughs require an increase in trading volume. It is recommended to buy IF and IM far - month contracts on dips [1]. Bonds - The central bank's intention to protect the market is clear, and the early announcement of repurchase operations has boosted market confidence. - Last Friday, bond futures closed higher. After the China - US call, China - US economic and trade consultations will be held in London. - The macro situation is uncertain, and the bond market is difficult to form a trend - based market. Short - term market conditions are mainly affected by liquidity [1]. Precious Metals - Gold: The short - term price is expected to be volatile, and the medium - to - long - term price center will rise. It is advisable to buy on dips or hold short out - of - the money put options. - Silver: The gold - silver ratio is high, and the valuation of silver is low. If the gold price remains strong, the probability of upward valuation repair of silver increases. It is advisable to hold short out - of - the money put options [4]. Base Metals Copper - Last week, copper prices fluctuated within a range. Macro uncertainties remain high, and the supply of copper ore is still tight. - The demand is affected by macro uncertainties and the domestic consumption off - season. - LME inventories are decreasing, while COMEX and SHFE inventories are increasing. Copper prices are expected to remain range - bound [4]. Aluminum and Alumina - Alumina: The supply is uncertain, but the short - term impact is weakening. The resumption of production is expected to increase supply pressure, and prices may continue to run close to the cost line. - Aluminum: The supply is constrained, with support at the bottom, but the demand policy is uncertain, and the directional driving force is limited [4]. Nickel - The supply of nickel ore is gradually recovering, and the supply of refined nickel is in excess. The demand from the stainless steel and new energy sectors is weak. - The price of nickel is expected to remain range - bound, and it is advisable to hold short call options [4]. Energy and Chemical Products Crude Oil - The US non - farm payrolls data exceeded expectations, and geopolitical disturbances continue. The number of US oil rigs has decreased significantly. - The demand for gasoline and diesel in the US is lower than expected. Oil prices have limited upside potential and will maintain high volatility [10]. Methanol - Overseas methanol plant operating rates have increased, and the price of thermal coal is stable. - Affected by positive factors such as the recovery of olefin plant demand and China - US talks, methanol futures prices have rebounded, but further upside is limited [10]. Polyolefins - The production of polyolefins has increased slightly, and more production capacity is expected to resume this week. - Downstream industries are entering the off - season, and the operating rate is decreasing. It is recommended to pay attention to the opportunity of going long the L - PP spread [10]. Building Materials Soda Ash - The production of soda ash is expected to increase in June, while demand is weak. The supply is relatively loose, and inventory is high. - It is recommended to hold short positions in the SA509 contract and go short on rebounds near the cash cost line [2][8]. Glass - The glass market has entered the off - season, with weak demand and high inventory. - It is recommended to hold short positions in the FG509 contract and consider long - short spread strategies [8]. Steel and Coal Steel Products - The spot prices of steel products are weak, and demand has entered the off - season. - The results of the China - US trade negotiations will affect market sentiment. It is recommended to hold short call options for rebar and short positions for hot - rolled coils [5][8]. Iron Ore - The static supply - demand structure of imported iron ore is healthy, but the supply is expected to increase seasonally, and demand may decline. - It is recommended to hold the 9 - 1 positive spread combination or short the I2601 contract with a stop - loss [5][8]. Coking Coal and Coke - The supply of coking coal is in excess, and the price rebound is not sustainable. - The demand for coke is weak, and the price is under pressure [8]. Agricultural Products Cotton - The weather in the Xinjiang cotton - producing area is normal, and downstream demand is gradually recovering. - It is advisable to hold positions patiently and wait for a breakthrough in the price range [10]. Rubber - The supply of rubber is increasing, while demand is decreasing. The price is expected to be weakly volatile [10].

Group 1 - The article discusses the missed investment opportunities in sectors such as small-cap stocks, new consumption, technology, and innovative pharmaceuticals, leading to mediocre returns in equity markets [1][3] - A significant error was made by over-investing in industrial commodities, which have seen substantial declines [1][2] - The analysis emphasizes the importance of a scientific framework and independent research to avoid being swayed by market narratives and to maintain a stable value assessment system [4][5] Group 2 - The article highlights the need for a deeper understanding of foreign capital behavior, which has been a shortcoming in the past [13][15] - It stresses the importance of selecting stocks with alpha rather than merely capturing industry beta, indicating a shift towards more rigorous stock selection criteria [15][16] - The focus on safety and risk-reward ratios in investment decisions is emphasized, with a preference for low PB and high dividend yield stocks [18][20] Group 3 - The article outlines the current investment strategy, which includes maintaining a significant allocation to gold as a strategic hedge against deflation and currency fluctuations [27][28] - It discusses the outlook for government bonds, indicating a preference for short-term holdings due to the negative carry associated with longer-term positions [29] - The article notes that many industrial commodities are trading below marginal costs, leading to a cautious approach in this sector while monitoring for potential opportunities [30][31] Group 4 - The long-term equity holdings are primarily focused on companies with cyclical characteristics, high dividends, and low price-to-book ratios, forming the basis of the investment portfolio [32][33] - Recent adjustments in the portfolio include a complete reduction of bank stocks, reflecting a strategic shift in response to market conditions [34]

Group 1 - The core idea of the news is that Dongfang Yuhong is launching the 2025 "Safety and Environmental Month" initiative to enhance employee safety awareness and improve safety and environmental management capabilities in its manufacturing plants [1][5] - The initiative includes activities such as "Five Ones" promotion, special inspections, emergency drills, safety and environmental risk identification, and sustainable development theme activities [1] - On June 5, Dongfang Yuhong held an "Environmental Open Day" in response to the theme "Beautiful China, I Go First," engaging students in interactive activities to promote green development concepts [1] Group 2 - The company has established a "system + technology + management" three-dimensional environmental protection system, which includes forming a special working group to improve management systems, investing in pollution treatment equipment upgrades, and implementing dual systems for environmental and energy management [5] - Dongfang Yuhong's full-chain model of "source reduction - process control - end treatment" provides a replicable practice sample for the green transformation of the building materials industry [5] - The environmental activities at the Yueyang factory not only reflect Dongfang Yuhong's commitment to sustainable development over the past thirty years but also aim to foster social consensus on green and low-carbon initiatives [5]

本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、监事会会议召开情况 北新集团建材股份有限公司（以下简称"公司"）第七届监事会第十四次临 时会议于 2025 年 5 月 29 日以通讯方式和直接送达方式进行表决。会议通知于 表决票 3 张，会议的召集和召开符合《公司法》等相关法律法规和《北新集团建 材股份有限公司章程》的规定，所作决议合法有效。 二、监事会会议审议情况 会议经过审议，表决通过了以下决议： （一）审议通过了《公司 2024 年限制性股票激励计划（草案修订稿）及其 摘要》； 监事会认为：公司结合实际情况对本次激励计划进行修订，公司董事会在审 议该议案时，关联董事已回避表决，修订后的激励计划内容及审议程序符合《公 司法》《证券法》《国有控股上市公司（境内）实施股权激励试行办法》《中央 企业控股上市公司实施股权激励工作指引》《上市公司股权激励管理办法》等有 关法律、法规和规范性文件以及《北新集团建材股份有限公司章程》的规定，不 存在损害公司及全体股东利益的情形。监事会同意对本次激励计划进行修订。 证券代码：000786 证券简称：北新建材 公告编号：2 ...

北新集团建材股份有限公司监事会 关于公司 2024 年限制性股票激励计划（草案修订稿） 及相关事项的核查意见 依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》 （以下简称"《管理办法》"）、《国有控股上市公司（境内）实施股权激励试 行办法》（以下简称"《试行办法》"）、《中央企业控股上市公司实施股权激 励工作指引》（以下简称"《工作指引》"）等法律、法规、规范性文件和公司 章程的相关规定，北新集团建材股份有限公司（以下简称"公司"）监事会对《北 新集团建材股份有限公司 2024 年限制性股票激励计划（草案修订稿）》（以下 简称"《激励计划》（草案修订稿）"）及相关事项（以下简称"本次激励计划"） 进行了核查，发表核查意见如下： 一、公司《激励计划》（草案修订稿）的内容符合《公司法》《证券法》《管 理办法》《试行办法》《工作指引》等相关法律、法规及规范性文件的规定。公 司履行了相关的法定程序，关联董事回避了对该事项的表决，审批程序合法合规。 二、公司不存在《管理办法》和《试行办法》等法律、法规规定的不得实行 股权激励的情形 ...

Core Insights - YKK AP株式会社 is establishing its largest production and sales base in China, located in Nantong, covering an area of 168 acres, with a total investment of $100 million [1][2] - The project is expected to be completed by October 2026, with an anticipated annual taxable sales of no less than 1.1 billion yuan and a comprehensive annual tax amount exceeding 80 million yuan [1] Group 1 - The project marks YKK AP's first factory in China in 20 years, following previous investments in Dalian, Shenzhen, and Suzhou [2] - The Nantong facility will complement existing operations in Shanghai and Suzhou, forming a strategic "golden triangle" in the Yangtze River Delta to enhance product structure and market expansion [2][3] - YKK AP's focus on the Chinese market is underscored by the direct involvement of its chairman in overseeing the China operations, indicating the importance of this market to the company [3] Group 2 - The Nantong project is the first major Japanese investment in the city since it was approved as a national coastal open city, highlighting the city's growing significance in attracting foreign investment [4] - Nantong's favorable industrial ecosystem, including a complete metal casting and rolling industry chain, is expected to reduce costs and improve efficiency for YKK AP [3] - The local government is committed to providing a high-quality business environment and comprehensive support to ensure the successful completion and operation of the YKK AP project [4]

股价六连跌之后，上市29年的公司面临市值退市危机。 沪市B股上市公司汇丽B（900939.SH）于5月20日晚间发布公告称，公司股票可能被终止上市。 公告显示，5月20日，汇丽B收盘总市值为人民币2.90亿元，首次低于人民币3亿元。根据上交所上市规则，仅发行B股股票的上市公司，如果连续20个交 易日的每日股票收盘总市值均低于人民币3亿元的，则公司股票可能被上交所终止上市交易。 当日晚间披露的公告显示，汇丽B通过集中竞价交易方式首次回购公司股份59.53万股，支付的资金总额为13.50万美元，折合人民币97.15万元。 | 汇丽B | > 00 | | | | --- | --- | --- | --- | | 900939 LT | | | | | 高 0.244 | 0.244 市值4428.6万 量比 5.34 | | | | 低 0.201 | 流通 2147.2万 换 | 3.53% | | | 0.022 9.91% # | 0.201 市盈™ 45.01 额 69.15万 | | | | 分时 日Ｋ 周Ｋ 月Ｋ 五日 更多▽ （の | | | | | 均价:0.223 最新:0.244 0.022 ...

Group 1 - The company's stock may be delisted due to a market capitalization falling below RMB 300 million for 20 consecutive trading days, as per the Shanghai Stock Exchange listing rules [2][3] - As of May 20, 2025, the company's total market capitalization was RMB 290 million, marking the first instance of falling below the RMB 300 million threshold [2][3] - The company is required to disclose a risk warning announcement if its market capitalization remains below RMB 300 million for 10 consecutive trading days [2][3] Group 2 - The company has initiated a share repurchase program and is in the process of obtaining foreign exchange approval to fund the repurchase [4] - The company assures that its operational status remains normal and there have been no significant changes in the internal or external business environment [4] - The board of directors is closely monitoring the stock's performance and will comply with regulatory disclosure obligations [4]