富时中国A50指数连续 光大银行 2564.31亿市值 12.56亿成交额 4.34 -0.10(-2.25%) 保险 中国太保 中国人保 中国平安 明 3750.19亿市值 3699.98亿市值 10509.13亿市值 23.20亿成交额 62.69亿成交额 14.31亿成交额 57.71 8.48 38.46 +0.84(+2.23%) +0.58(+1.02%) -0.11(-1.28%) 酿酒行业 贵州茅台 山西汾酒 五粮液 17925.94亿市值 2165.31亿市值 4824.84亿市值 82.39亿成交额 15.79亿成交额 35.63亿成交额 1427.00 177.49 124.30 -1.05(-0.59%) +0.50(+0.04%) +1.72(+1.40%) 米含体 海光信息 北方华创 寒武纪-U HYGON 2387.28亿市值 2317.58亿市值 3194.34亿市值 12.33亿成交额 28.81亿成交额 63.59亿成交额 330.83 553.98 137.43 +1.00(+0.30%) +30.48(+5.82%) +2.32(+1.72%) 铁路公路 石油行业 中国 ...

甲醇：港口累库，价格承压 —20250711 张永鸽 从业资格号：F0282934 投资咨询证号：Z0011351 张艳雯 从业资格号：F03088843 价格：本期港口甲醇现货价格回落，江苏价格在2370-2480元/吨，广东价格2390-2470元/吨。因内地补充量充足，港口表需低位、库存累积， 且后市主流港口可流通量预计增加，压制市场价格。内地市场呈偏弱震荡，主产区鄂尔多斯北线价格区间1963-2010元/吨，下游东营接货价 2225-2265元/吨。虽局部供应收紧带动下游低价买盘，但终端需求疲软，下游仅刚需谨慎采购，企业让利出货下，价格上涨动力不足。 供应：周内国内甲醇产量增至1909928吨，较上周减少77148吨，装置产能利用率为84.75%，环比跌3.89%。本期内有新增检修装置，如陕西 渭化、内蒙古东日、甘肃华亭，及河北一套、内蒙古一套、新疆一套、山东两套装置；有检修、减产装置恢复，如重庆卡贝乐、内蒙古君正、 烟台万华、云南先锋、中石化长城，及山东、新疆各一套装置。港口库存方面，华东地区累库，库存增加6.10万吨；华南地区去库，库存减 少1.58万吨。 弘业期货金融研究院 下游需求：甲醇下游需 ...

Core Viewpoint - Yifeng New Materials Co., Ltd. has submitted its IPO application to the Shenzhen Stock Exchange, aiming to raise 844 million yuan for various projects, including high-refractive optical resin materials and digital construction [1][4]. Company Overview - Yifeng New Materials, formerly known as Shandong Yifeng Biochemical Environmental Protection Co., Ltd., changed its name in November 2021 after withdrawing its previous IPO application for the Sci-Tech Innovation Board [3]. - The company focuses on organic sulfur chemistry and optical new materials, producing key products such as thiourea and polysulfide materials [6][10]. Financial Performance - The company reported a decline in revenue from 714 million yuan in 2022 to 625 million yuan in 2023, with a further drop to 602 million yuan in 2024 [15][16]. - The net profit for the years 2022, 2023, and 2024 was approximately 135 million yuan, 137 million yuan, and 139 million yuan, respectively, indicating minimal growth [17]. Investment Projects - The planned investment projects include: - High-refractive optical resin materials project: 419.26 million yuan - High-end functional materials cyclic olefin project: 137.97 million yuan - R&D center construction project: 134.48 million yuan - Digital construction project: 112.88 million yuan - Marketing channel construction project: 39.67 million yuan [5]. Market Position - Yifeng New Materials holds a 5.33% market share in the global polysulfide curing agent market, with an estimated market size of 992 million yuan in 2024 [8]. - The company is a leading producer of thiourea, with a 26.40% market share in a global market valued at approximately 851 million yuan in 2024 [8]. Shareholding Structure - The major shareholders include Ma Yunsheng (32.45%) and Wan Chunling (12.66%), with the Ma family collectively holding nearly 50% of the company [23][24]. - The company has undergone shareholding changes, including instances of shareholding representation, which have been resolved [22][23]. R&D and Innovation - Yifeng New Materials has invested in R&D, with expenses of 22.07 million yuan in 2024, representing 3.67% of its revenue [22]. - The company holds 148 domestic patents and has participated in setting international standards for thiourea [21].

瑞财经 吴文婷近日，浙江万得福智能科技股份有限公司（以下简称"万得福"）启动A股IPO辅导，辅导机构为民生证券股份有限公司，律师事务所为上海市 锦天城律师事务所，会计师事务所为立信会计师事务所(特殊普通合伙)。 公开资料显示，万得福的主营业务为食品级聚丙烯(PP)和聚苯乙烯(PS)为原材料的普通塑料餐具和高档仿金属塑料餐具的研发、生产、销售和售后服务。 公司曾用名为"金华万得福日用品股份有限公司"，于2022年更名为"浙江万得福智能科技股份有限公司"。其曾于2015年新三板挂牌，于2021年摘牌。 资料显示，张一为，男，1966年出生，中国籍，无境外永久居留权。1985年至1988年就职于金华艾青中学，任教师；1988年至1991年就职于金华县经济协作 公司，任业务经理；1991年至2009年就职于金华市进出口有限公司，任业务经理；2009年起至今就职于公司，任总经理；现任股份公司董事长、总经理。 田莉，女，1972年出生，中国籍，无境外永久居留权。2018年4月起至今任职于公司，任董事。 值得注意的是，早在2024年7月，万得福曾聘请东方证券为辅导机构，在浙江证监局辅导备案，启动A股IPO。如今，其更换辅导 ...

Core Viewpoint - The event "豪爽篮球局" organized by 优益C showcases a new approach to health beverages, targeting young consumers through interactive and engaging formats [1][12]. Group 1: Event Overview - The "豪爽篮球局" event took place on July 4, 2025, featuring a basketball match between two teams led by notable figures, including basketball expert 吴勇豪 and 蒙牛集团's low-temperature division general manager 纪臣 [1][4]. - The event utilized live streaming, competitive play, and interactive sales to connect health beverages with young consumers [1][4]. Group 2: Product Highlights - 吴勇豪 promoted his favorite product, "益生菌柠檬茶," which combines high-quality tea and a proprietary probiotic formula, enhancing vitality during sports [4]. - A new product, "益生菌冰柚子," was introduced, featuring 500 billion active probiotics to aid digestion [4]. - The product range also includes "优益C畅快菌粉," designed for the elderly, addressing diverse health needs [4]. Group 3: Brand Strategy - 纪臣 emphasizes the importance of innovation in probiotic low-temperature dairy products, focusing on health, taste, and functionality [8]. - The collaboration with NBA reflects the brand's commitment to health and vitality, aligning with the spirit of teamwork and perseverance [10]. - Future plans include continued NBA collaborations and a focus on youth-oriented, functional, and lifestyle-driven products in the probiotic beverage sector [12].

Core Viewpoint - The conference focused on the high-quality development of the meat products industry, emphasizing food safety and industry standards, with DeLis Group sharing its practices and commitments in this area [1][2]. Group 1: Food Safety Practices - DeLis Group implements a rigorous food safety management system through daily control, weekly inspections, and monthly assessments to ensure risk management throughout the production process [1]. - The company has upgraded its production facilities and optimized processes, establishing a comprehensive food safety traceability system that accurately records every step from raw material procurement to sales [1]. - DeLis Group strictly adheres to regulations regarding raw material sourcing, collaborating only with reputable suppliers to ensure product quality [1]. Group 2: Commitment to Quality and Transparency - The company emphasizes its commitment to integrity in operations, accepting supervision from government, media, and consumers, and proactively disclosing production information to uphold consumer rights [2]. - DeLis Group is responding to the China Meat Association's initiative to enhance meat safety, committing to full-process quality control and technological innovation to provide safe and nutritious meat products [2]. - The company calls for collaboration within the industry to build a more robust food safety assurance system, aiming to elevate the meat products sector to a new stage of high-quality development [2].

格隆汇获悉，近日，有研金属复合材料（北京）股份公司（简称"有研复材"）提交了首次公开发行股票并在科创板上 市招股说明书申报稿，保荐机构为中信证券。 有研复材主要从事金属复合材料及制品、特种有色金属合金制品的研发、 生产和销售，产品应用于航空航天、军工电 子、智能终端等领域。 2022年、2023年、2024年（简称"报告期"），公司的金属复合材料及制品营收占比为59.19%、66.70%、72.80%，为上 涨势头，成为Rheem、A.O.Smith等全球知名热水器公司的主要供应商。 报告期内，特种有色金属合金制品有所下降。公司研制的铝合金槽道热管精密型材批量应用于航天器热控系统；航空 精密铝合金管材大批量应用于战斗机燃油、环控系统；公司突破大规格细晶铝合金铸锭电磁搅拌半连铸技术，大铸锭 产品在导弹、火箭、战斗机等航空航天领域实现批量应用。 报告期的主要财务数据和财务指标，图片来源招股书 有研复材存在政府补助及税收优惠政策变动的风险。报告期内，公司政府补助确认的其他收益金额分别为0.15亿元、 0.07亿元、0.12亿元，占各期净利润的比例分别为20.51%、11.40%、16.91%；如果未来相关政府部门对 ...

Core Viewpoint - Shanghai Chlor-Alkali Company has established a new党建品牌 ("Party Building Brand") named "'氯'践行" to integrate党建 (Party Building) with business operations, aiming for high-quality development and a positive corporate image [1] Group 1: Party Building Initiatives - The company emphasizes the central role of "氯" (Chlorine) in its production and operations, enhancing the ideological appeal through collective efforts [2] - Annual "thematic discussions" and "rational suggestions" activities are conducted to foster development and encourage employee participation [3] - Each of the 23 grassroots party branches selects a unique theme annually, promoting leadership and development among party members [4] Group 2: Strategic Development - The company implements the "江河入海" (River to Sea) strategic development approach, focusing on comprehensive growth [5] Group 3: Green Development - The company integrates the "green" element into its operations, enhancing development momentum and fostering new productive capabilities, with a total of 224 patents applied, 9 of which received Shanghai Science and Technology Awards [6] - Digital technologies, including AI and robotics, are deployed to facilitate green transformation and innovation, significantly improving safety levels in chemical operations [6] - The company has established a "waste-free factory" in the Shanghai Chemical Zone and adheres to environmentally friendly practices in its projects, such as protecting mangroves in Guangxi [6] Group 4: Safety and Integrity - The company focuses on safety and integrity, implementing "律" (Law) requirements to enhance team action and maintain a transparent ecosystem [7] - Future plans include creating a党建品牌 matrix, focusing on four dimensions for systematic layout and organic integration [7] Group 5: Structural and Mechanism Enhancements - The company will lead with the core brand "'氯'践行" to establish a spiritual core and action guidelines [8] - It aims to deeply embed党建 into the business chain, ensuring that party branches are integrated within operational areas [8] - A closed-loop management system will be implemented, including a star rating assessment mechanism for party branches to promote collaborative success [9] - The company will leverage resource integration and a smart党建 platform to enhance the standardization and specialization of party branches [9]

Core Viewpoint - The company anticipates a decline in revenue and net profit for the first half of 2025, primarily due to inventory reduction and the impact of a fertility subsidy program [1][2]. Group 1: Financial Performance - The company expects to achieve revenue of 9.1-9.3 billion for H1 2025, representing a year-on-year decline of 7.9%-9.9% [1]. - The projected net profit for H1 2025 is estimated to be between 1.0-1.2 billion, reflecting a year-on-year decrease of 36%-47% [1]. - The company plans to allocate no less than 1.0 billion for share buybacks and expects to distribute dividends of at least 2.0 billion in 2025, down from 2.72 billion in the previous year [1][2]. Group 2: Market Outlook - The company forecasts low single-digit growth for full-year revenue, with H2 2025 revenue expected to increase by 10%-15% [2]. - The anticipated completion of inventory adjustments in Q3 2025 is expected to positively impact revenue [2]. - The company plans to launch higher-end products in H2 2025, which may drive revenue improvement [2]. Group 3: Investment Strategy - The company has announced a share buyback plan and a commitment to dividend distribution, enhancing shareholder returns [2][3]. - The long-term outlook remains positive due to expected recovery in newborn population growth and the implementation of fertility subsidies, suggesting a potential industry improvement cycle of 2-3 years [2]. - The company has adjusted its earnings forecasts for 2025-2027, with a target price set at 5.1 HKD and a recommendation downgrade to "recommended" [3].

机构：中金公司 研究员：陈文博/王文丹/方云朋 预告1H25 盈利同比下降36-47% 启动不少于10 亿元股份回购，全年派息额不低于20 亿元。公司拟启动不低于10 亿元的股份回购用于潜 在员工激励计划，公告25 年派息不低于20亿人民币，相当于25 年我们利润预期的60%以上，彰显公司 对于提升股东回报的决心。考虑公司覆盖全生命周期营养产品的长期布局，未来公司有望在功能营养事 业及儿青事业获取更多增量。同时我们认为去库存利好公司渠道稳健稳定发展，短期虽有影响，但长期 利好公司竞争力进一步夯实。 盈利预测与估值 由于公司去库存调整及大包粉减值，我们下调25/26 年盈利预测26%/16%至28.7/36.6 亿元，当前交易在 13/10 倍25/26 年P/E；下调目标价27%至6 港币，对应18/14 倍25/26 年P/E和31%上行空间，维持跑赢行 业评级。 飞鹤发布盈利预警公告：预计1H25 收入91-93 亿元，同比下降7.9-9.9%，预计1H25 净利润10-12 亿元， 同比下滑36-47%，低于市场预期，主因去库存调整及大包粉减值。 关注要点 去库存及奶粉补贴多重影响致收入低于市场预期，利 ...