Summary of Key Points from Conference Call Records Industry or Company Involved - Focus on the Chinese stock market, particularly A-shares and Hong Kong stocks, with emphasis on technology and emerging industries [1][4][5] Core Insights and Arguments - **De-dollarization Trend**: Global funds are shifting away from the US dollar, leading to increased investment in Chinese markets, including A-shares and Hong Kong stocks [1][4] - **Policy Reforms**: Since September 2024, China's policy reforms and collaboration with the Hong Kong Stock Exchange have accelerated capital market reforms, particularly benefiting technology and emerging industries [1][4] - **Investment Opportunities**: PCB (Printed Circuit Board) and overseas computing power are highlighted as key investment areas, with a focus on "leading, localization, and globalization" as future development directions [1][5] - **Economic Challenges and Opportunities**: Current economic challenges include macroeconomic pressures and poor trade data, but long-term opportunities exist in new consumption and technology sectors [2] - **Profitability Concentration**: The trend of leading companies gaining market share is evident, especially in industries like machinery, public utilities, and transportation, where capacity utilization is high [3][17] - **Domestic and Foreign Capital**: Both foreign and domestic capital are crucial for driving equity asset growth, with foreign capital holdings exceeding 3 trillion yuan and domestic capital increasingly influencing pricing in Hong Kong stocks [12][13] Other Important but Possibly Overlooked Content - **Globalization Impact**: Young leaders (born in the 80s and 90s) are more inclined to implement globalization strategies, leading to sustained growth in overseas revenues for their companies [3][30][31] - **Sector-Specific Trends**: Significant progress in domestic substitution rates in sectors like carbon fiber, special gases, and industrial robots, indicating a steady advancement in localization efforts [8][23] - **Emerging Market Influence**: Emerging markets are becoming significant drivers of Chinese exports, with countries like Indonesia and Saudi Arabia increasing their reliance on Chinese imports [26] - **ETF Influence**: ETFs have become a major source of incremental funds in the A-share market, with significant purchases observed since September 2024 [15][16] - **Traditional vs. New Materials**: Traditional industries and new material sectors are both showing strong potential for overseas expansion, with specific companies highlighted for their performance [28][29] This summary encapsulates the key points from the conference call records, focusing on the Chinese stock market's dynamics, investment opportunities, and the impact of globalization and domestic policies.

2025 年 6 月 22 日 行业研究 "618"战报出炉，宠物消费同比高增 ——光大证券农林牧渔行业周报（20250616-20250622） 要点 25 年"618"结束，宠物经济持续兑现高景气。根据京东"618"战报，超 400 个宠物品牌商家销售额同比增长超 100%，宠物成交用户同比增长 32%、 新晋养宠用户同比增长 39%。宠食方面，基于各品牌销售额表现，各宠食品类 排名如下：（1）猫干粮 TOP10：皇家、麦富迪、网易严选、渴望、蓝氏、天 然百利、爱肯拿、弗列加特、诚实一口、冠能；（2）狗干粮 TOP10：皇家、 麦富迪、伯纳天纯、疯狂小狗、爱肯拿、渴望、网易严选、蓝氏、冠能、凯锐 思；（3）猫零食/湿粮 TOP5：麦富迪、蓝氏、顽皮、弗列加特、网易严选； （4）狗零食/湿粮 TOP5：麦富迪、爵宴、疯狂小狗、ZEAL、顽皮。 本周猪价上涨。根据博亚和讯，6 月 20 日全国外三元生猪均价为 14.22 元 /kg，周环比上涨 1.43%，15 公斤仔猪均价 31.85 元/公斤，周环比下跌 3.16%。根据涌益咨询数据，本周商品猪出栏均重为 128.28kg，周环比下跌 0.54kg，全国 ...

Core Viewpoint - The document outlines the internal reporting obligations for significant information within Guangdong Haid Group Co., Ltd, ensuring timely, accurate, and comprehensive disclosure to protect investors' rights [1][2][3]. Group 1: Internal Reporting Obligations - The internal reporting system applies to the company, wholly-owned subsidiaries, controlling subsidiaries, and affiliated companies [1]. - Individuals with reporting obligations include directors, senior management, department heads, and significant shareholders [1][2]. - Major information must be reported immediately to the board secretary and must be accurate and complete, without significant omissions or misleading statements [2][3]. Group 2: Scope of Major Information - The reporting scope includes non-related transactions, guarantees, financial assistance, and significant asset purchases or sales exceeding 10% of the company's audited revenue or 10 million yuan [2][3]. - Related transactions must be reported if they exceed 0.5% of the company's latest audited net assets [3][4]. - Legal matters such as lawsuits and arbitrations must also be reported promptly [3][4]. Group 3: Reporting Procedures - The company mandates a real-time reporting system for significant information, requiring immediate communication to the board chairman and board secretary [7][8]. - Reports must include the reasons for significant events, involved parties, and any agreements or approvals related to the events [7][8]. - Failure to report significant information in a timely manner may result in disciplinary actions against responsible individuals [9]. Group 4: Management and Responsibilities - The board secretary and securities department are responsible for managing the reporting of significant information and ensuring compliance with relevant laws and regulations [6][7]. - The company emphasizes the importance of confidentiality regarding undisclosed information to prevent insider trading [9]. - Regular training and communication are required for personnel responsible for reporting to ensure timely and accurate disclosures [9].

Core Viewpoint - The internal audit system of Guangdong Haid Group Co., Ltd. is designed to enhance internal control, improve corporate governance, and protect the legal rights of the company and its shareholders [1][2]. Group 1: Internal Audit Responsibilities - The Audit Committee is responsible for evaluating the effectiveness of internal controls and the implementation of internal audit work across the company and its subsidiaries [1][2]. - The internal audit department must conduct independent and objective evaluations of the effectiveness of internal controls, risk management, and the authenticity and completeness of financial information [1][2]. - The Audit Center must maintain independence and is not to be under the leadership of the finance department, ensuring its budget is guaranteed by the company [1][2][3]. Group 2: Reporting and Communication - The Audit Center is required to report at least quarterly to the Board or Audit Committee on the execution of the internal audit plan and any issues discovered [2][3]. - The Audit Committee must oversee the Audit Center and ensure that it conducts checks on significant events such as fundraising, related transactions, and major financial dealings [2][3][4]. - The Audit Committee must provide written assessments of the effectiveness of internal controls based on reports from the Audit Center and disclose any significant deficiencies or risks to the Shenzhen Stock Exchange [3][4]. Group 3: Internal Audit Procedures - The internal audit process includes determining annual audit priorities, notifying audited entities, and collecting evidence to form audit conclusions [4][5]. - The scope of internal control reviews includes the establishment and implementation of internal control systems related to financial reporting and information disclosure [5][6]. - The Audit Center must ensure that any identified issues are rectified by the audited units within a specified timeframe and follow up on the implementation of corrective measures [5][6]. Group 4: Rewards and Penalties - The company will reward audit personnel who perform their duties diligently and contribute significantly to the organization [6]. - Penalties will be imposed on units or individuals who obstruct or fail to cooperate with internal audits, provide false information, or do not correct identified issues [6][7]. - Serious violations, such as embezzlement or leaking company secrets, will lead to disciplinary actions and potential legal consequences [6][7].

广东海大集团股份有限公司 （4）、 （5）项事项的，合同金额不超过上市公司 最近一个会计年度经审计主营业务收入 50%或者绝对金额超过 5 亿 元。 第一章 总 则 $$(\,3\,)\;\;\;\mathbb{H}\,\mathbb{H}\,$$ 第一条 为了规范广东海大集团股份有限公司（以下简称"公司"）经营管理行为， 保证经营班子依法行使职权，勤勉高效地工作，根据《中华人民共和国 （以下简称 "《公司法》"）和《广东海大集团股份有限公司章 公司法》 程》（以下简称"《公司章程》"）及其他规定，制定本细则。 第二条 公司总经理（总裁，以下简称"总裁"）及副总经理（副总裁，以下简 称"副总裁"）应当遵守法律、行政法规和《公司章程》的规定，履行 诚信和勤勉的义务。 第二章 总裁职权 第三条 总裁对董事会负责，行使下列职权： （一）主持公司的生产经营管理工作，组织实施董事会决议，并向董事 会报告工作； （二）组织实施公司年度经营计划和投资方案； （三）拟订公司内部管理机构设置方案； （四）拟订公司的基本管理制度； （五）制定公司的具体规章； （六）提请董事会聘任或者解聘公司副总裁、总工程师、财务总监； （七）决 ...

Core Viewpoint - The document outlines the regulations and procedures for Guangdong Haida Group Co., Ltd. regarding external financial assistance to prevent financial risks and ensure stable operations [1][2]. Group 1: Definition and Scope of Financial Assistance - External financial assistance refers to the provision of funds or entrusted loans by the company and its subsidiaries, either for a fee or free of charge, with certain exceptions [1]. - Exceptions include financial assistance as part of the company's main business, assistance to subsidiaries with over 50% ownership, and other situations recognized by regulatory authorities [1]. Group 2: Approval Authority and Procedures - Financial assistance must be approved by the board of directors or shareholders' meeting, requiring a two-thirds majority of attending directors, excluding related directors from voting [1]. - Specific conditions, such as a debt ratio exceeding 70% or assistance amounts exceeding 10% of the latest audited net assets, require further approval from the shareholders' meeting [1]. Group 3: Responsibilities and Disclosure - The finance center is responsible for conducting risk assessments on the recipient of financial assistance, and the legal department assists in compliance and legal matters [2]. - The company must disclose financial assistance information according to regulatory requirements and must report any repayment issues or financial difficulties of the recipient [2]. Group 4: Penalties and Compliance - Violations of the financial assistance regulations that result in losses will lead to economic responsibility for the involved personnel [2]. - The provisions apply to the company's subsidiaries as well, ensuring consistent compliance across the organization [2].

Group 1 - The company aims to strengthen internal control and promote standardized operations and healthy development to protect investors' rights and interests [2][3] - The definition of "controlling subsidiaries" includes companies established according to the company's strategic planning and core competitiveness needs, with independent legal status [2][3] - The management principles for controlling subsidiaries focus on establishing effective control mechanisms for governance structure, assets, and resources to enhance overall operational efficiency and risk resistance [2][3][4] Group 2 - The establishment of controlling subsidiaries must comply with national laws and regulations, align with the company's development strategy, and prevent blind expansion [3][4] - The governance structure of controlling subsidiaries requires careful exercise of rights, participation in board decisions, and timely reporting of significant matters to the parent company [4][5] - The company will recommend directors and senior management to controlling subsidiaries to ensure governance and oversight [5][6] Group 3 - Controlling subsidiaries must adhere to standardized operations and comply with relevant laws and regulations, including the Shenzhen Stock Exchange listing rules [2][3][4] - The company has the right to audit and review the operations and finances of controlling subsidiaries, ensuring compliance with internal control systems [28][29] - Performance evaluations for controlling subsidiaries will be conducted annually, with rewards or penalties based on the achievement of operational targets [32][33]

广东海大集团股份有限公司 第一章 总则 第一条 为规范广东海大集团股份有限公司（以下简称"公司"、 "企业"）在银行间 债券市场发行债务融资工具的信息披露行为，保护投资者合法权益，根据 中国人民银行《银行间债券市场非金融企业债务融资工具管理办法》、中国 银行间市场交易商协会（以下简称"交易商协会"） 《银行间债券市场非金 融企业债务融资工具信息披露规则》 （以下简称"《信息披露规则》"）及相 关法律法规，制定本管理制度。 第二条 本管理制度所称"信息"，是指公司作为交易商协会的注册会员，在非金融 企业债务融资工具(以下简称"债务融资工具")发行及存续期内，对发行 债务融资工具的非金融企业偿债能力或投资者权益可能有重大影响的信 息以及债务融资工具监管部门要求披露的信息。 本管理制度所称"信息披露"，是指按照法律、法规和交易商协会规定要求 披露的信息，在规定时间内，按照规定的程序、以规定的方式向投资者披 露。 本管理制度所称"债务融资工具"，是指公司在中国银行间债券市场发行 的，约定在一定期限内还本付息的有价证券。 本管理制度所称"存续期"，是指债务融资工具发行登记完成直至付息兑付 全部完成或发生债务融资工具债权 ...

广东海大集团股份有限公司 第一章 总则 第六条 公司进行委托理财的，应当严格按照本制度执行。本制度适用于公 司及控股子公司的委托理财行为。 第二章 决策权限及审批程序 第七条 公司使用闲置自有资金进行委托理财的决策权限如下： （一）公司委托理财额度占公司最近一期经审计净资产 10%以上且绝对金 额超过 1,000 万元人民币的，应当在投资之前经董事会审议通过； （二）公司委托理财额度占公司最近一期经审计净资产 50%以上且绝对金 额超过 5,000 万元人民币的，还应当提交股东会审议； （三）公司与关联人之间进行委托理财的，还应当以委托理财额度作为计算 标准，适用《深圳证券交易所股票上市规则》关联交易的相关规定； 第一条 为了加强广东海大集团股份有限公司（以下简称"公司"）委托理 财业务的管理，在满足公司正常生产经营需要的前提下提高资金管理效率，保持 合理的流动性和资金收益，强化风险控制，保障资金安全，进一步保护公司利益 和股东的合法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司信息披露管理办法》《深圳证券交易所股票上市规则》《深圳证券交 易所上市公司自律监管指引第1号——主板上市公司 ...

广东海大集团股份有限公司 第 一 章 总 则 第 三 章 职 责 （三）聘任或者解聘上市公司财务负责人； 第十二条 审计委员会行使《公司法》规定的监事会职权，具体如下： （一）检查公司财务； 司章程》规定的召集和主持股东会会议职责时召集和主持股东 会会议； （五）向股东会会议提出提案； （六）依照《公司法》《公司章程》的相关规定，对董事、高级 管理人员提起诉讼； 第一条 为完善公司法人治理结构，充分发挥董事会的职能作用，促进董事 会有效履行职责，以形成科学、高效的决策-执行体系和激励-约束 机制，根据《中华人民共和国公司法》、《中华人民共和国证券法》 并参照《上市公司治理准则》等法律、法规和规范性文件以及本公 司章程的规定，特制定本制度。 第二条 本公司董事会下设审计委员会及战略委员会专门委员会。 第三条 各专门委员会行使公司章程和本制度赋予的各项职权。 第二章 人员组成 第四条 各专门委员会成员全部由董事组成。 第五条 各专门委员会委员由董事会选举产生。 第六条 各专门委员会委员的任期与公司董事的任期相同。任期届满经董事 会选举通过后可以连任。 第七条 战略委员会由三名董事组成，由董事长担任召集人。 第八条 ...