策略参考 投资咨询业务资格：证监许可【2011】1778 号 宝城期货豆类油脂早报（2025 年 6 月 13 日） 品种观点参考 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为偏弱，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为偏强。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 品种：豆粕（M） 日内观点：震荡偏弱 中期观点：震荡 参考观点：震荡偏弱 核心逻辑：美国农业部报告无亮点，市场关注焦点转向 6 月末种植面积报告。豆类市场交易逻辑围绕天气 题材和贸易前景展开，美豆期价呈现天气市波动特征，整体走势易涨难跌，国内豆粕期价受原料大豆进口 成本支撑，短期回落空间有限。 品种：棕榈油(P) 日内观点：震荡偏弱 中期观点：震荡 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 时间周期说明：短期为一周以内、中期为两周至一月(以前一日夜盘收盘价为基准) 品种 短期 中期 日内 观点参考 核心逻辑概要 <点击目录链接，直达品种 ...

木诺表示，在参观中，工业园的产业集聚和创新模式给他留下深刻印象。"其中有一家生产汽车冷却系 统的企业介绍，他们通过技术升级将效率提升了30%，这堪称该领域的重大突破。精细化的温控技术不 仅关乎工业，更与民生息息相关，这样的技术发展对我们意义重大。" 他回顾，秘中的友谊可追溯至19世纪，当时的美食交流催生了秘鲁的"中餐厅(Chifa)"文化，这种文化融 合也带动了当地农业和食品加工业的发展。"随着两国之间的文化交流、经贸合作不断深化，我认为未 来我们在金属、纺织、食品、制鞋、化妆品和渔业等生产制造领域将拥有更广阔的合作空间。" 中新网杭州6月12日电(蓝伊旎)"中国拥有新技术、高端设备和强大的投资能力，秘鲁则拥有丰富的劳动 力和原材料，两国优势互补，是长期贸易合作的'完美组合'。"12日，"杭领通商"系列活动之"国别对接 会"在浙江杭州举办，秘鲁驻上海总领事馆经济商务处商务参赞贝纳尔多·木诺(Bernardo Muoz)表示，希 望秘中能结合各自优势强化合作。 据悉，该活动由杭州市政协主办，杭州市国际商会、钱塘区政协和钱塘区商务局共同承办，旨在搭建起 企业与外国使领馆及商务机构面对面交流的平台，服务企业国际化发 ...

Core Viewpoint - ST Shun Tian (600287) reported significant growth in net cash flow from operating activities for the year 2024, attributed to various factors, and clarified that there is no concentration of suppliers and customers in its commodity circulation business [1][4]. Financial Performance - The company achieved operating revenues of 3.069 billion yuan, 124 million yuan, and 20 million yuan from its main business segments: commodity circulation, garment processing, and chemical warehousing, with gross profit margins of 14%, 3.56%, and 16.81% respectively [1]. - Quarterly operating revenues were reported as 798 million yuan, 636 million yuan, 880 million yuan, and 935 million yuan, with net profits of 11.49 million yuan, 7.38 million yuan, 38.34 million yuan, and -8.29 million yuan [2]. Cash Flow Analysis - The net cash flow from operating activities for the reporting period was 504 million yuan, showing a significant year-on-year increase [2][4]. - The fluctuations in quarterly net cash flow were influenced by various business settlement models, including prepayment sales and credit sales, as well as factors like employee bonuses and the recovery of trust plan funds [3][4]. Business Segments and Comparisons - The company’s domestic business revenue was 1.203 billion yuan, while overseas business revenue reached 2.009 billion yuan [1]. - In the garment trade segment, the company's gross profit margin was 19.42%, compared to 14.54% for Jiangsu Guotai, 21.33% for Sumeida, and 19.19% for Liaoning Chengda, indicating no significant differences [1].

Core Viewpoint - HNA Technology Co., Ltd. has entered into a strategic cooperation agreement with CWT to engage in metal trading, specifically focusing on cathode copper sourced from regions such as Africa and South America, with a total investment not exceeding 250 million RMB [1][2][9] Group 1: Transaction Details - The agreement involves HNA Technology purchasing cathode copper and related metal products from CWT for sale in China, with a contract duration of three years [2][9] - The transaction will utilize a CIF (Cost, Insurance, and Freight) model, where CWT is responsible for production, logistics, and insurance, while HNA Technology will pay for the goods upon receiving the clean bill of lading [3][7] - The expected cycle for buying and selling goods is approximately 30 days, with a maximum of 45 days depending on shipping schedules [5][7] Group 2: Financial Impact - The total investment for this trading business is projected to be no more than 250 million RMB, with an anticipated annual trading scale not exceeding 1.5 billion RMB [9][17] - The impact on HNA Technology's annual revenue is estimated to be no more than 15 million RMB, accounting for approximately 1.34% of the projected revenue for 2024, and the profit impact is also estimated at 15 million RMB, representing about 12.10% of the projected net profit for 2024 [9][20] Group 3: Risk Management - HNA Technology will not prepay for goods to mitigate financial risks, ensuring payment is made only after the goods are shipped and a clean bill of lading is obtained [11][18] - The company will conduct thorough background checks on downstream buyers to minimize the risk of bad debts and will prioritize payment methods that secure funds before goods are delivered [12][18] - CWT will provide insurance for the goods during transit to further reduce the risk of loss [13][18] Group 4: Strategic Rationale - The transaction is seen as a strategic move to enhance HNA Technology's logistics service capabilities and to create a complete logistics service loop, integrating upstream resources, midstream capacity, and downstream customer engagement [10][21] - The partnership with CWT leverages its extensive customer base and supply chain advantages, which is expected to strengthen HNA Technology's market position and operational efficiency [10][21] - The agreement is aligned with the company's long-term strategic goals and is not expected to adversely affect its financial condition or operational independence [20][21]

Core Insights - The retail industry is facing a significant issue with employee theft, which has been exacerbated by internal trust breakdowns and systemic vulnerabilities [1][17][20] - Employee theft is not only a financial burden but also a reflection of deeper issues within corporate culture and employee satisfaction [17][20] Industry Overview - The average gross profit margin for convenience stores in China is 20.1%, but the loss rate has exceeded 1.8% for three consecutive years, with over 40% of losses attributed to employee theft [1] - A case study from Inner Mongolia highlights a supermarket that lost 2 million yuan due to a coordinated theft by 16 employees, showcasing the severity of the issue [2][4] Case Studies - A chain supermarket's loss of high-end liquor through an employee's two-year theft scheme resulted in 1.27 million yuan in stolen goods, indicating the scale of organized theft [5] - An employee at an e-commerce company exploited a system vulnerability to steal 73 iPhones valued at 480,000 yuan, demonstrating the evolving nature of theft in the digital age [7] - A recent incident at a Sam's Club involved a former employee fraudulently claiming 5.5 million yuan worth of goods, highlighting the risks associated with inadequate internal controls [8] Employee Motivation - The motivations behind employee theft often stem from personal financial struggles, as illustrated by a case where a long-term employee stole goods to pay for a family member's medical expenses [10] - Companies that fail to address employee dissatisfaction and financial needs may inadvertently encourage theft as a form of retaliation [20] Solutions and Preventive Measures - Retailers are beginning to implement advanced security measures, such as AI monitoring systems, which have reportedly reduced internal theft by 62% [17] - Some companies are adopting profit-sharing models and improving employee compensation to foster a sense of ownership and reduce theft rates [17] - Psychological support programs and financial assistance for employees in need are being introduced to mitigate the risk of theft driven by desperation [17][20]

策略参考 投资咨询业务资格：证监许可【2011】1778 号 宝城期货豆类油脂早报（2025 年 6 月 12 日） 品种观点参考 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为偏弱，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为偏强。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 品种：豆粕（M） 日内观点：震荡偏强 中期观点：震荡 参考观点：震荡偏强 核心逻辑：中美原则上达成协议框架，美豆出口预期向好，此外美豆期价继续保持天气市波动特征，内外 盘豆类期价仍是易涨难跌走势。短期豆类市场交易逻辑来自天气题材和中美贸易关系前景，趋势上阶段性 反弹行情持续。 品种：豆油（Y） 日内观点：震荡偏强 中期观点：震荡 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 时间周期说明：短期为一周以内、中期为两周至一月(以前一日夜盘收盘价为基准) 品种 短期 中期 日内 观点参考 核心逻辑概要 <点击目录链接，直达品种 策略解析> 豆粕 ...

| | 深圳中盈蓝景基金管理有限公司 杨国豪 | | --- | --- | | | 佛山市上市公司协会 吴慧涛、秦瑜娜、李展鹏、张小凤 | | | 个人投资者 李百声 | | | 华泰证券广东分公司 黄伟明、丁一娜、江惠枝 | | | 华泰证券数字化运营部 王世轩 | | | 华泰期货赵悦 | | 时间 | 2025年6月11日 15:00-17:00 | | 地点 | 公司会议室 | | 上市公司接待人员姓名 | 财务负责人 余思榆 | | | 董事会秘书 裴爽 | | | 证券事务代表 赵泽宇 | | | 证券部专员 罗富邦 | | | 1、 公司核心竞争力有哪些？ | | | 自成立以来，公司一直专注于大宗商品物流和仓储领域， | | | 有着丰富的业务经验、完善的物流路线与仓储网点，同时 | | | 公司拥有国内四大期货（商品）交易所指定交割仓库或场 | | | 所资质，在市场竞争中具备一定的竞争优势。 | | | 2、 获批期货交割仓库（场所）资质对公司有什么影 | | | 响？ | | 投资者关系活动主要内 | 期货交割资质的获批体现了官方机构对公司专业能 | | | 力与服务品质的高度认可，也 ...

点 击 蓝 字 关 注 我 们 本文全文共 3321 字，阅读全文约 11 分钟 前5个月我国货物贸易进出口增长2.5% 2025年5月份居民消费价格同比下降0.1% 2025年5月份工业生产者出厂价格同比下降3.3% 据海关统计，2025年前5个月，我国货物贸易进出口总值17.94万亿元人民币，同比（下同）增长2.5%。其 中，出口10.67万亿元，增长7.2%；进口7.27万亿元，下降3.8%。 5月份，我国货物贸易进出口总值3.81万亿元，增长2.7%。其中，出口2.28万亿元，增长6.3%；进口1.53 万亿元，下降2.1%。 前5个月我国进出口主要特点： 前5个月我国货物贸易进出口增长2.5% 一、一般贸易、加工贸易进出口增长 前5个月，我国一般贸易进出口11.51万亿元，增长0.8%，占我外贸总值的64.2%。其中，出口7.04万亿 元，增长7%；进口4.47万亿元，下降7.8%。同期，加工贸易进出口3.21万亿元，增长6.2%，占17.9%。其中， 出口1.99万亿元，增长4.5%；进口1.22万亿元，增长9.3%。此外，我国以保税物流方式进出口2.54万亿元，增 长5.9%。其中，出口1.05 ...

2025年6月8日，国联股份董事、高级副总裁王挺，卫多多高级副总裁赵德远等一行到访山东国际大宗商品交易市场有限公司（以下简称"山东国际大 宗"），山东国际大宗总经理张鹿等热情招待来访一行，双方就未来合作方向达成高度共识，并签署战略合作协议。 来访一行首先参观了山东国际大宗展示大厅，深入了解山东国际大宗平台六大增值服务、平台优势及发展规划等产业数字化运营成果。 山东国际大宗总经理张鹿首先对来访一行的到来表示热烈欢迎，同时详细阐述了山东国际大宗的供应链管理、仓储物流等业务模块与发展布局，他表示： 山东国际大宗依托青岛港作为东北亚重要大宗商品流通枢纽的区位优势及资源禀赋，发挥青岛货物集散流通中心的区位优势，辐射"一带一路"沿线国家和 地区，抢占先机，积极推进东北、华北区域性现货交易所建设。国联股份及卫多多的数字经济及全产业链发展思路站在了更高的视角来看产业链，可以为 公司未来发展切入点创造更多契机，期待与卫多多在相关业务方面展开多层次、多角度的深入合作，携手发展，实现互利共赢。 国联股份董事、高级副总裁王挺在交流中详细介绍了国联股份及卫多多的历史沿革及产业布局，他表示：国联股份多多平台正在不断以工业电子商务、深 度 ...

策略参考 投资咨询业务资格：证监许可【2011】1778 号 宝城期货豆类油脂早报（2025 年 6 月 11 日） 品种观点参考 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为偏弱，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为偏强。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 品种：豆粕（M） 日内观点：震荡偏弱 中期观点：震荡 参考观点：震荡偏弱 核心逻辑：中美贸易乐观预期仍在持续发酵，美豆呈现天气市波动特征，国内大豆市场持续获得美豆期价 提振；随着中国采购重回美国市场，美豆期价获得提振。短期豆类市场交易逻辑依然来自天气题材，合约 间结构发生微妙变化，走势上易涨难跌。日内跟随美豆期价短期波动，震荡偏弱运行为主。 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 时间周期说明：短期为一周以内、中期为两周至一月(以前一日夜盘收盘价为基准) 品种 短期 中期 日内 观点参考 核心逻辑概要 <点击目录链接，直达品种 策略解 ...