Group 1 - Jiangsu Market Supervision Administration has launched a "green channel" for mandatory product certification to support foreign trade enterprises transitioning to domestic sales [1] - The announcement includes a list of certification agencies and service measures for mandatory product certification (CCC certification) [1] - The "Mandatory Product Certification Catalog" includes 16 categories and 105 types of products, such as electrical wires, low-voltage electrical appliances, and children's products, effective until the end of 2024 [2] Group 2 - There are two methods for obtaining CCC certification: self-declaration evaluation and third-party certification [2] - Certain products marked with an asterisk (*) and double asterisk (**) are eligible for self-declaration evaluation, while the remaining products require third-party certification [2] - A total of 34 certification agencies have obtained CCC certification qualifications, and companies can access the list and contact information through the national certification and accreditation public service information platform [3]

Financial Data and Key Metrics Changes - The company achieved net sales of $702 million, reflecting a 5% organic volume growth driven by construction services, steel conduit, metal framing, and cable management products [6][11] - Adjusted EBITDA was $116 million, with adjusted EBITDA margins expanding sequentially to 16.6% from 15% in the previous quarter [11] - Adjusted EPS was reported at $2.04, showing a positive trend compared to the previous year [11] Business Line Data and Key Metrics Changes - Organic volumes increased by 5% compared to a 1% decline in the same quarter of the previous fiscal year [11] - Average selling prices declined by 17% year-over-year, primarily due to decreases in PVC and steel conduit products, although there was sequential pricing improvement for steel conduit [12][16] - The Electrical Cable and Flexible Conduit category grew year-to-date by low single digits, while metal framing, cable management, and construction services saw high single-digit growth [13][16] Market Data and Key Metrics Changes - The Dodge Momentum Index indicated a slowdown in planning activity across several non-residential categories [10] - Despite year-to-date increases in construction starts and planning activities, there are indications of potential slower activity moving forward [19][20] Company Strategy and Development Direction - The company remains committed to a balanced capital deployment model, focusing on returning cash to shareholders through share repurchases and dividends while investing in growth initiatives [18][25] - The management highlighted the importance of domestic manufacturing and the ability to serve customers effectively in the evolving electrical industry [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about demand for U.S.-made steel conduit in 2025, despite uncertainties related to tariffs and macroeconomic conditions [9][20] - The company is maintaining its full-year fiscal 2025 adjusted EBITDA guidance in the range of $375 million to $425 million and adjusted EPS between $5.75 and $6.85 [21][10] Other Important Information - An impairment charge of $50 million was announced for certain long-lived assets related to HDP pipe and conduit products due to competition from emerging technologies [8][67] - A new five-year labor agreement was ratified with the United Steel Workers at the Harvey, Illinois facility, which is expected to enhance productivity [7] Q&A Session Summary Question: Expectations for PVC conduits for the remainder of the year - Management indicated that pricing has continued to decline, but they are still on track with previous guidance regarding PVC conduit pricing [30] Question: Market share for PVC conduit - Management believes they remain a leader in the PVC conduit market, although imports have been increasing [31][32] Question: Recent import levels and potential pricing upside - Management noted that PVC imports have increased significantly year-over-year, but the future trajectory is uncertain due to tariffs [40][41] Question: Net tariff benefit in updated fiscal guidance - Management suggested that a 2% to 3% reduction in volume could be offset by tariff increases, indicating a net positive for shareholders [61] Question: Update on steel conduit imports from Mexico - Management confirmed that while there has been a reduction in imports, they do not expect a complete halt due to the 25% tariff [64][65] Question: Impairment of HD PVC and competitive changes - The impairment was influenced by competition from fiber optic technologies and the administration's plans to increase funding for satellite internet [66][69] Question: Direction from the administration on tariffs - Management stated they have not received specific guidance from the administration regarding tariffs or the BEAD program [73] Question: Cadence of demand for products - Management reported that demand has improved month-over-month, with customers remaining cautiously optimistic [94] Question: Construction services opportunity - Management indicated that data centers are expected to be a significant portion of construction services moving forward [96][98] Question: Pricing assumptions for FY 2025 - Management has not changed pricing assumptions despite tariff impacts, indicating that overall price versus cost dynamics remain within expected ranges [99][102]

Financial Data and Key Metrics Changes - The company achieved net sales of $702 million, reflecting a 5% organic volume growth driven by construction services, steel conduit, metal framing, and cable management products [6][11] - Adjusted EBITDA was $116 million, with adjusted EBITDA margins expanding sequentially to 16.6% from 15% in the previous quarter [11] - Adjusted EPS was reported at $2.04, down from $2.4 year-over-year [6][11] Business Line Data and Key Metrics Changes - Organic volumes increased by 5% compared to a 1% decline in the same quarter of the previous fiscal year [11] - Average selling prices declined by 17% year-over-year, primarily due to decreases in PVC and steel conduit products, although there was sequential pricing improvement for steel conduit [11][12] - The Electrical Cable and Flexible Conduit category grew year-to-date by low single digits, while metal framing, cable management, and construction services saw high single-digit growth [13][15] Market Data and Key Metrics Changes - The Dodge Momentum Index indicated a slowdown in planning activity across several non-residential categories [10] - Despite year-to-date increases in construction starts and planning activities, there are indications of potential slower activity moving forward [19] - The company remains optimistic about demand for U.S.-made steel conduit in 2025, despite uncertainties regarding tariffs and their economic impact [9][19] Company Strategy and Development Direction - The company is focused on maximizing shareholder value through strategic asset management, including a recent divestiture of its Northwest Polymers recycling business [6][7] - A new five-year labor agreement was ratified with the United Steel Workers, enhancing productivity and customer service capabilities [7] - The company is committed to a balanced capital deployment model, emphasizing cash returns to shareholders through share repurchases and dividends [16][22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding future demand, noting that while the second quarter exceeded expectations, growth in the Construction Services business is expected to moderate in the second half of the year [18][20] - The company maintains its full-year fiscal 2025 adjusted EBITDA guidance in the range of $375 million to $425 million and adjusted EPS between $5.75 and $6.85 [20] - Management highlighted the challenges posed by tariffs and the unpredictability of the macroeconomic environment, which could impact volume expectations [19][20] Other Important Information - An impairment charge of $50 million was recorded for certain long-lived assets related to HDP pipe and conduit products due to competitive technologies and delays in government funding [8][66] - The company has repurchased approximately $50 million in shares during the second quarter and increased its dividend to $0.33 per share [7][8] Q&A Session Summary Question: Expectations for PVC conduits for the balance of the year - Management indicated that pricing has continued to decline but remains aligned with previous guidance, making it difficult to predict future pricing accurately [29] Question: Market share for PVC conduit - Management believes Atkore remains a leader in the PVC conduit market, despite increasing imports [30][31] Question: Import levels and potential pricing upside - Management noted that PVC imports are up solid double digits year-over-year, but future trends are uncertain due to tariffs and market dynamics [38][39] Question: Net tariff benefit in updated fiscal guidance - Management suggested that a 2% to 3% reduction in volume could be offset by tariff increases, indicating a net positive for shareholders [59] Question: Update on steel conduit imports from Mexico - Management confirmed that while there has been a reduction in imports, they have not completely stopped, and the 25% tariff will impact pricing strategies [61][63] Question: Impairment of HD PVC and competitive changes - The impairment was influenced by emerging technologies in fiber optics and the administration's plans to increase funding for satellite internet [66][67] Question: Direction from the administration on tariffs - Management stated there has been no concrete direction from the administration regarding tariffs, leading to a prudent decision to take the impairment charge [72][75] Question: Profitability of the torque tube business without IRA support - Management confirmed that the torque tube business remains profitable even without IRA support, although the IRA has driven additional demand [83][86] Question: Cadence of demand for products - Management reported that demand has improved month-over-month, with cautious optimism from customers regarding future volumes [93][94] Question: Construction services opportunity and data centers - Management indicated that data centers are expected to become the largest portion of construction services moving forward, alongside chip manufacturing [95][96]

中国资产全线走强。 "五一"假期后首个交易日，A股全线走高，沪指涨超1%重返3300点上方，深证成指、创业板指涨近 2%；港股亦上扬，恒生指数一度涨超1%，南向资金净买入超130亿港元。 可控核聚变概念盘中大幅拉升，截至收盘，中洲特材、久盛电气20%涨停，海陆重工（002255）、合锻 智能（603011）、雪人股份（002639）、兰石重装（603169）等均涨停。 | 代码 | 名称 | � 涨幅% | 现价 | 涨跌 | 采价 | 卖价 | 営量 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300963 | 中洲特材 | R 20.01 | 18.17 | 3.03 | 18.17 | - | 636658 | | 301082 | 久盛电气 | 19.97 R | 16.52 | 2.75 | 16.52 | l | 199013 | | 301310 | 表示V | R 15.36 | 40.10 | 5.34 | 40.10 | l | 131874 | | 301137 哈焊华通 | | 14.23 R | 22.31 | 2.78 ...

3，热门概念：可控核聚变概念集体走强，久盛电气、合锻智能、兰石重装、海陆重工等涨停。 | 上证指数 | 3316.11 c | 37.08 | 1.13% | 5518 2 | | --- | --- | --- | --- | --- | | 深证成指 | 10082.34 c | 182.51 | 1.84% | 7843 Z | | THE50 | 1373.90 c | 42.77 | 3.21% | 285亿 | | 万得全A | 5046.97 c | 90.89 | 1.83% | 136447 | | 科创50 | 1026.52 c | 14.10 | 1.39% | 275亿 | | 创业板指 | 1986.41 c | 38.38 | 1.97% | 3625 Z | | 沪深300 | 3808.54 c | 37.97 | 1.01% | 2679亿 | | 中证500 | 5740.33 c | 108.51 | 1.93% | 2171亿 | | 中证800 | 4127.92 с | 50.77 | 1.25% | 4850 Z | | 中证1000 | 6102.92 c | ...

Core Viewpoint - The A-share market experienced a significant upward trend, with the ChiNext Index rising nearly 2% and total market turnover exceeding 1.3 trillion yuan [1] Market Performance - The Shanghai Composite Index increased by 1.13% - The Shenzhen Component Index rose by 1.84% - The ChiNext Index saw a rise of 1.97% [1] Sector Highlights - The controllable nuclear fusion concept stocks surged, with companies like Zhongzhou Special Materials, Jiusheng Electric, and Hezhuan Intelligent hitting the daily limit [1] - Rare earth permanent magnet concept stocks also saw significant gains, with Shenghe Resources and Zhongzhou Special Materials reaching the daily limit [1] - Huawei's HarmonyOS concept stocks experienced a strong increase, with Jiulian Technology and Changshan Beiming hitting the daily limit [1] - Other sectors that performed well include digital currency, CPO, liquid cooling servers, computing power, humanoid robots, diversified finance, and non-ferrous metals [1] - The banking sector, in contrast, experienced a decline [1] Market Activity - The total market turnover exceeded 1.3 trillion yuan, with approximately 5,000 stocks rising [1]

新华社德国慕尼黑5月6日电 专访｜关税"筑墙"挡不住合作步伐——访德国巴伐利亚州副州长艾旺格 新华社记者李函林 "从巴伐利亚州的立场出发，我们坚决反对任何形式的惩罚性关税。"德国巴伐利亚州副州长兼州经济、 发展和能源部长胡贝特·艾旺格日前接受新华社记者专访时表示，贸易壁垒只会损害全球经济，巴伐利 亚州企业和民众更希望看到开放、公平、稳定的国际合作。 在他看来，主要经济体不应陷入相互加征关税的恶性循环，而应以规则为基础，通过对话和协商解决分 歧。"美国对贸易伙伴加征关税，往往会引发报复性措施。理想的做法是各方推动更开放和自由的贸易 环境，这将有助于促进各国间的合作与共同繁荣。" 作为德国经济最发达的联邦州之一，巴伐利亚州长期重视对华经贸关系。这里不仅是宝马、西门子、奥 迪、安联等跨国企业总部所在地，也是众多中国企业在欧洲发展布局的重点区域。目前，约有500家中 国企业在巴州投资运营，超过2000家本地企业与中国保持直接业务往来。 艾旺格认为，德中经济合作应超越地缘政治干扰，持续向互利共赢的方向深化发展。他说，中国一直是 巴伐利亚州非常重要的贸易伙伴。中国企业在新产品开发和新商业模式落地方面非常高效，基础设施建 ...

金十数据5月6日讯，5月6日早盘，三大指数震荡上行，截至午间收盘，沪指涨0.94%，深证成指涨 1.66%，创业板指涨2%。盘面上看，可控核聚变概念大涨，久盛电气、合锻智能等多只个股涨停；稀土 永磁概念大涨，盛和资源等涨停；华为鸿蒙概念、数字货币概念、CPO概念、算力概念、光刻机概念、 有色板块等均大涨，银行、旅游等板块下跌；全市场半日成交额逾8600亿元，约4800只个股上涨。 A股午评：创业板指涨2% 可控核聚变、稀土永磁概念大涨 ...

截至一季度末，科威特政府投资局跻身24只A股十大流通股东，市值累计54.93亿元，环比增36.95%。该机构一季度新进9只个股前十大流通股 东，增持3只，减持5只，7只持股未变。其中，增持飞科电器163万股，持仓市值3.01亿元，占流通股1.88%；增持应流股份54万股，持股市值1.82 亿元，占流通股1.44%。重仓股市值方面，持有的卫星化学、三花智控市值均超5亿元，但一季度对二者有所减持。行业分布上，其重仓个股涉及 家电、机械、硬件设备、汽车零配件、电气设备等。 阿布扎比投资局以QFII身份入场较晚，2021年才在北京设办事处，投资偏好从医药生物逐步扩展至硬件设备、建材等。截至一季度末，该机构现 身27只A股前十大流通股东，累计持股市值超106亿元，环比增74%。一季度新进12只个股前十大流通股东，增持9只，减持5只，1只持股不变。 重仓市值上，第一大重仓股为紫金矿业，持有1.63亿股，市值29.56亿元，同时持有东方锆业、河钢资源等有色金属个股。值得一提的是，紫金矿 业也是高毅资产邓晓峰的重仓股，高毅晓峰2号致信基金持股约1.93亿股，与阿布扎比投资局同列前十大流通股东。增持偏好方面，阿布扎比投资 局一 ...