供应端：压力逐渐增加 2025年是近几年PE产能扩张压力最大的一年，也是此轮产能扩张周期的最后一年。上半年PE产能扩张 压力较小，除了一季度多套新装置集中投产之外，二季度几无新装置投产。不过，下半年PE仍将面临 吉林石化、裕龙石化、湛江巴斯夫等多套新装置投产压力，预计届时总产能将突破4000万吨/年。 成本端：利润存在压缩空间 今年PE利润情况较去年明显改善，其中煤制PE利润丰厚，一度达到2000元/吨，虽然近期有所回落，但 是依然在1500元/吨附近。油制PE一改近几年长期亏损的状态，基本扭亏为盈。综合来看，目前PE处于 近五年利润最好的状态，但考虑到PE曾经长期处于亏损状态，并且今年产能扩张压力较大，后期随着 供应压力陆续兑现，利润也存在压缩空间。 进出口：结构或逐渐改变 目前PE进出口格局变化不大，依然是净进口状态。其中，每月进口量在120万吨左右，每月出口量在5 万～10万吨。随着PE新装置陆续投产，国内供应将逐渐转向过剩，届时PE进出口格局或逐渐改变。作 为对比，PP曾经每月净进口30万吨左右，但是随着产能扩张逐渐兑现，进口大幅减少，出口明显增 加。目前PP进口和出口基本抵消，后期PE也有望像PP一 ...

Core Viewpoint - Zhejiang DoubleArrow Rubber Co., Ltd. has issued convertible bonds to raise funds for its operations, with a total amount of RMB 51.364 million, and the company continues to maintain a leading position in the rubber conveyor belt industry despite facing challenges in revenue growth [2][3][18]. Section 1: Bond Issuance Details - The company has received approval from the China Securities Regulatory Commission for the issuance of convertible bonds, which was passed by the board and shareholders in 2021 [2]. - A total of 5.1364 million convertible bonds were issued at a face value of RMB 100 each, raising a gross amount of RMB 51.364 million [3][4]. - The bonds have a maturity period of six years, from February 11, 2022, to February 10, 2028, with a tiered interest rate starting from 0.30% in the first year to 2.00% in the sixth year [4][5]. Section 2: Financial Performance - In 2024, the company produced 91.0865 million square meters of rubber conveyor belts, a year-on-year increase of 13.41%, while the operating revenue was RMB 271.284 million, reflecting a 4.64% increase compared to the previous year [18]. - The net profit attributable to shareholders decreased by 37.70% to RMB 14.41989 million, and the basic earnings per share dropped by 37.29% to RMB 0.37 [19]. - The total assets of the company increased by 1.37% to RMB 379.647 million, while the weighted average return on equity decreased to 6.76% [19]. Section 3: Use of Raised Funds - The net proceeds from the bond issuance amounted to RMB 50.65643 million, which have been allocated to specific projects as planned [19]. - The company has not changed the use of the raised funds, and the feasibility of the investment projects remains intact [19]. - The company has invested a total of RMB 52.05014 million from the raised funds, achieving 102.75% of the planned investment [19]. Section 4: Company Overview - Zhejiang DoubleArrow Rubber Co., Ltd. specializes in the research, production, and sales of rubber conveyor belts, serving various industries such as power, ports, metallurgy, and mining [18]. - The company has established a complete product chain from ordinary to high-end conveyor belts and has been recognized as the top in the rubber conveyor belt industry in China for several consecutive years [18].

Group 1 - The Shanghai Composite Index has recently surpassed the annual high set on March 18, 2025, and is approaching the high from October 8, 2024, indicating a significant market movement [1] - There is a noticeable divergence among various sectors, with banking, agriculture, personal care, military, chemical, transportation, and petrochemical industries showing a higher proportion of stocks exceeding their March 18, 2025 closing prices [1] - Conversely, sectors such as steel, electronics, home appliances, telecommunications, computers, and electrical equipment have a lower proportion of stocks exceeding their March 18, 2025 levels [1] Group 2 - In the secondary industry analysis, financial (banking, insurance, diversified finance), military (naval equipment, ground weaponry), agriculture (animal health, agricultural products, planting, feed), precious metals, personal care products, and chemical pharmaceuticals show a higher proportion of stocks exceeding their March 18, 2025 closing prices [4] - Sectors like home appliances, electrical equipment, TMT (television broadcasting, communication services, consumer electronics, semiconductors, optical electronics), general steel, and machinery (engineering machinery, automation equipment) have a lower proportion of stocks exceeding their March 18, 2025 levels [4] - Comparing to the October 8, 2024 closing prices, banking, motorcycles, military (ground weaponry, aerospace equipment), chemicals (plastics, non-metallic materials), and new consumption (entertainment products, personal care products, retail, accessories) show a higher proportion of stocks exceeding their previous levels [4]

6 月 27 日晚间，雅诗兰黛的包材商锦盛新材发布公告称，公司于 2025 年 6 月 27 日收到 证监会下发的《立案告知书》，因公司涉嫌信息披露违法违规，证监会决定对公司立案。 【导读】锦盛新材遭证监会立案调查 中国基金报记者 安曼 净亏损状态，最近三年亏损合计超 6900 万元。 锦盛新材表示，立案调查期间，公司将积极配合证监会的各项工作，严格按照相关规定及监 管要求履行信息披露义务。目前，公司各项生产经营活动均正常开展，上述事项不会对公司 的正常生产经营活动产生重大影响。 公开资料显示，锦盛新材主要从事化妆品塑料包装容器的研发、生产和销售，主要产品包括 膏霜瓶系列产品和乳液瓶系列产品。公司产品规格超过 1000 种，为雅诗兰黛 (Estée Lauder) 、欧诗漫、上海家化、华熙生物、福瑞达、巨子生物、广州环亚、温碧泉、卡姿 兰、林清轩等国内外知名化妆品企业提供高品质、多样化的化妆品塑料包装容器整体解决方 案。 锦盛新材于 2020 年 7 月 10 日在深交所创业板正式挂牌。不过，上市第二年，锦盛新材的 业绩就急转直下，从 2022 年开始由盈转亏，虽然 2024 年净利润同比小幅增长，但仍处于 ...

Core Viewpoint - The Indian Ministry of Finance has announced the imposition of anti-dumping duties on plastic processing machines imported from mainland China and Taiwan for a period of five years, following a positive final ruling by the Ministry of Commerce [1][3]. Group 1: Anti-Dumping Duties - The anti-dumping duties are set at CIF 0%-63% for products from mainland China and CIF 0%-53% for those from Taiwan [1]. - The affected products include various plastic processing machines or injection molding machines with clamping forces between 40 tons and 1500 tons, including semi-knocked down (SKD) and completely knocked down (CKD) assemblies [1][3]. Group 2: Exemptions - Certain products are exempt from these duties, including blow molding machines classified under Indian customs code 84773000, vertical injection molding machines, and all electric injection molding machines with independent servo motor control [1][2]. - Additionally, imported independent parts/components and machines used for producing non-injection molding machines are also excluded from the duties [2][3]. Group 3: Background of the Investigation - The investigation was initiated on March 29, 2024, following a request from the Plastics Machinery Manufacturers Association of India [3]. - The final ruling was made on March 27, 2025, confirming the anti-dumping measures [3].

Group 1 - Hengbang Co., Ltd. plans to establish a joint venture with Huasheng Development with a registered capital of 10 million yuan, where Hengbang will contribute 8 million yuan (80%) and Huasheng will contribute 2 million yuan (20%) [1] - Hunan Gold's subsidiary Anhua Zhazi Creek Smelting Plant will undergo temporary maintenance starting from the end of June 2025, expected to last no more than 30 days [2] - Defu Technology's subsidiary signed supply agreements for lithium battery copper foil products with two leading global companies, with contract durations of 3 years and 5 years respectively [3] Group 2 - Binjiang Group won the rights to two residential land parcels for a total price of 4.368 billion yuan [5] - Zhong'an Technology announced the resignation of its executive vice president and board secretary due to personal reasons [7] - Changqing Technology's project for special polymer materials and electronic materials has officially commenced production, adding a capacity of 120,500 tons per year [10] Group 3 - Gansu Energy received approval from the China Securities Regulatory Commission to publicly issue bonds totaling up to 2 billion yuan [10] - Shuoshi Biology obtained a medical device registration certificate for an in vitro diagnostic reagent, valid until June 2030 [12] - Yawen Co., Ltd. plans to issue shares to specific investors, with the application accepted by the Shenzhen Stock Exchange [13] Group 4 - Guoyao Modern's subsidiary received approval for the listing of a raw material drug, which is a selective anticholinergic agent [16] - Inner Mongolia First Machinery's subsidiary signed a railway freight car procurement contract worth 130 million yuan [18] - Xining Special Steel plans to raise up to 1 billion yuan through a private placement to its controlling shareholder [39] Group 5 - Huadong Medicine's subsidiary received approval for a clinical trial of a new injectable drug targeting advanced solid tumors [29] - Warner Pharmaceutical's compound potassium hydrogen phosphate injection passed the consistency evaluation for generic drugs [30] - North Special Technology plans to raise up to 300 million yuan through a private placement for a production base project in Thailand [30] Group 6 - Xiangyang Technology is the first candidate for a 533 million yuan Airbus project [45] - Haishun New Materials intends to acquire 100% of Guangdong Zhengyi Packaging [46] - Jida Zhengyuan's shareholder plans to reduce their stake by up to 0.73% due to personal financial needs [47]

宏观 股指 宏观：国内经济数据边际改善，央行等六部门联合印发《关于金融支持提振和扩大消费的指 导意见》，设立 5000 亿元服务消费与养老再贷款，推动中长期资金入市。国际中东局势短期 缓和但仍有反复风险。 市场分析：IM 主力收于 6097.8，成交 10.6 万手，近 5 日净流入 148.63 亿，年化基差率 2.4%， 中小盘表现相对抗跌。IC 主力收于 5729，成交 2.97 万手，年化基差率 0.5%。IF 主力收于 3904.2，成交 4.32 万手，年化基差率 1.06%。IH 主力收于 2711，成交 2.2 万手，年化基差 率 1.0%，近 5 日主力净流出 117.24 亿。 参考观点：IC\IM 维持深度贴水，空头对冲宜选择近月以规避远月基差波动风险，多头配置 可关注基差收敛机会，尤其 IH\IF 升水格局下，期现正套具备一定的安全边际。风格分化延 续，多 IM 空 IH 套利组合或仍有空间，但需要警惕小盘股高位回调压力。 原油 宏观与地缘：以伊冲突缓和，美以伊三方似乎对结果都较为满意。中东局势风云变幻，原油 风险溢价大幅收缩，价格大幅回落后，寻求 SC 主力 500 元/桶位置支撑。 ...

Core Viewpoint - Guangdong Tianxingjian New Materials Co., Ltd. has had its IPO application accepted by the Beijing Stock Exchange, with Guojin Securities as the sponsor [2] Company Overview - Tianxingjian specializes in the research, production, and sales of high-performance modified engineering plastics, including modified PC, PC alloys, modified PA, and modified PPS [2] - The company also provides raw material distribution services for modified TPU and modified PC based on customer needs, with applications in various sectors such as new energy vehicles, 3C electronics, smart home, charging piles/guns, and energy storage [2] Financial Performance - Revenue projections for Tianxingjian from 2022 to 2024 are as follows: 832 million yuan in 2022, 934 million yuan in 2023, and 1.129 billion yuan in 2024 [2] - Net profit attributable to the parent company for the same period is projected to be 61.8 million yuan in 2022, 82.9 million yuan in 2023, and 63.5 million yuan in 2024 [2] Financial Metrics - Total assets as of December 31, 2024, are projected to be approximately 1.299 billion yuan, up from 1.129 billion yuan in 2023 and 734.9 million yuan in 2022 [3] - The company's equity attributable to shareholders is expected to reach approximately 422.7 million yuan by the end of 2024, compared to 373.5 million yuan in 2023 and 285 million yuan in 2022 [3] - The asset-liability ratio for the parent company is projected to be 64.78% in 2024, an increase from 59.99% in 2023 and 20.35% in 2022 [3] - The gross profit margin is expected to decline to 16.09% in 2024 from 22.25% in 2023 and 20.34% in 2022 [3] Management and Ownership - Wang Jianwei holds a 71.11% direct stake in the company and controls a total of 75% of the voting rights, serving as the chairman and actual controller [3][4] - Wang Xiaoxu, the deputy general manager and board secretary, is Wang Jianwei's brother [5]

Group 1 - The core viewpoint emphasizes the importance of quality awards as a means to enhance overall regional quality and competitiveness, with a focus on the Jiangsu Province Governor's Quality Award as a key target for local enterprises [1][5] - The Jiangyan District Market Supervision Bureau has established a systematic approach to cultivate a tiered selection of enterprises, categorizing them into "seed players," "potential backbones," and "key sprinters" based on their quality management maturity and innovation capabilities [3] - A professional service team has been formed to provide tailored support for enterprises in the cultivation pool, addressing their specific development challenges and application bottlenecks through targeted training and simulations [3][5] Group 2 - The initiative aims to create a long-term mechanism for quality improvement, promoting advanced quality management models such as excellence performance and lean production, while facilitating the sharing of best practices among award-winning enterprises [5] - The Jiangyan District Market Supervision Bureau has successfully nurtured a cluster of quality benchmark enterprises, including 3 that have received the Governor's Quality Award and 10 that have received the Mayor's Quality Award, contributing to the region's high-quality development [5]

广发期货投资咨询业务资格:证监许可 【2011】1292号 r泉期货 GE ENTURES 中国成品油市场周度数据 苗扬 投资咨询号: Z0020680 万吨 F F END THE DE F 3500 3400 3300 3200 3100 3000 2900 2800 2700 2600 2500 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 2020 -2021 - 2022 == 2023 == 2023 == =2024 = -2025 元/咖 PECE 3 T = 3 PHONE 2000 1500 1000 500 0 -500 -1000 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 2021 = 2022 = -2023 - =2024 · -2025 HERE FEST FOR S 米 90 85 80 75 70 65 60 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 万吨 III Savis Ranger 400 350 300 250 200 150 100 50 0 1月 2月 3月 ...