Core Viewpoint - Jinfa Technology (600143.SH) is expected to achieve a net profit of 5.50 billion to 6.50 billion yuan in the first half of 2025, reflecting a year-on-year increase of 44.82% to 71.15% [1] Group 1: Financial Performance - The company anticipates a non-recurring net profit of 5.01 billion to 6.01 billion yuan, representing a year-on-year growth of 43.48% to 72.12% [1] - The growth is attributed to the steady increase in sales and gross profit from modified plastics, improved operational quality in green petrochemicals, and growth in sales and gross profit from special engineering plastics [1] Group 2: Business Segments - The modified plastics business is a core driver of Jinfa Technology's stable growth, with continuous product development and market share expansion in sectors such as automotive, electronics, and new energy [2] - The special engineering plastics segment has become a significant performance driver, with a 91% year-on-year increase in sales volume in Q1 2025 [3] Group 3: Technological Advancements - Jinfa Technology has launched a new generation of low-carbon LCP materials and is the second company globally to receive ISCC PLUS certification for LCP materials [4] - The company is focusing on the industrialization of new materials such as long-chain polyamide and PEEK, with applications in high-end sectors like robotics and aerospace [4] Group 4: Global Expansion - The company is actively pursuing global expansion, with successful establishment of overseas bases in Vietnam and Spain, and ongoing construction in Poland, Mexico, and Indonesia [2] Group 5: Future Outlook - With the recovery of the manufacturing sector and the acceleration of new production capabilities, Jinfa Technology is positioned to strengthen its leading position in the chemical new materials sector [5] - The company maintains a stable cash dividend policy, having distributed a total of 67.53 billion yuan in dividends since its listing, indicating a commitment to returning value to investors [4][6]

江苏省战略性新兴产业母基金(简称"江苏省战新母基金")第三批产业专项基金正式启动。 截至目前，江苏战新基金集群已经实现全省13个设区市全覆盖，重点投资新能源、新能源(智能网联)汽 车、低空经济和空天产业、新型电力(智能电网)、海工装备与高技术船舶、新材料等产业领域。 此外，江苏省农垦集团发起的规模10亿元的江苏农垦现代生物技术产业投资基金，将围绕医药健康、生 物农业、特色新型食品等相关领域开展直投，进一步加大省属企业战略性新兴产业投资布局，增强国有 企业核心功能、提高核心竞争力。 在扶持天使投资方面，由江苏高投集团和苏州创新投资集团共同发起的5亿元江苏省新智未来产业天使 投资基金，重在支持更多高层次人才创新创业，推动通用智能、先进计算、第三代半导体、量子科技、 合成生物、前沿新材料、深海、深地、空天开发等未来产业领域更多前沿科技成果转化落地，进一步服 务江苏省打造具有全球影响力的产业科技创新中心。 据悉，江苏省战新母基金自去年6月正式启动运作至今刚满一年，该基金充分发挥政府引导基金的撬动 效应，成效显著，有力支撑了全省战略性新兴产业和未来产业的发展壮大：目前两批产业专项基金共36 只、规模914亿元已全部组建 ...

Core Viewpoint - Ningbo Changhong High Polymer Technology Co., Ltd. (Changhong High Tech) expects a significant decline in net profit for the first half of 2025, projecting a profit of 4 million to 6 million yuan, representing a year-on-year decrease of 93.79% to 95.86% due to production disruptions and market demand issues [1][2] Group 1: Financial Performance - The company anticipates a net profit of 4 million to 6 million yuan for the first half of 2025, a decrease of 93.79% to 95.86% compared to the previous year [1] - The decline in performance is attributed to a prolonged shutdown for technical upgrades at its subsidiary, Zhejiang Changhong Biomaterials Co., Ltd., which affected production capacity [1] - Market demand has been insufficient, leading to a larger drop in product sales prices compared to raw material prices, resulting in a decline in gross margin [1] Group 2: Strategic Outlook - Changhong High Tech has established a dual-driven development pattern in the thermoplastic elastomer (TPES) and biodegradable PBAT sectors, focusing on a comprehensive industrial layout for biodegradable plastics [1] - The management emphasizes that the technical upgrades, while impacting short-term profits, will support cost reduction and market expansion in the future [1] - With the implementation of national policies aimed at boosting domestic demand and consumption, the overall industry outlook is improving, and the company's product market is expected to gradually recover [1][2] Group 3: Future Growth Potential - Following the completion of technical upgrades and stabilization of production, Changhong High Tech achieved better profitability in the second quarter, indicating positive signals for recovery [2] - The company aims to restore growth momentum in the second half of the year through technological upgrades, capacity optimization, and market expansion [2] - Changhong High Tech is focused on consolidating its leading position in the industry and injecting new momentum for long-term high-quality development [2]

简历显示，赵诣先生:中国,工学硕士,曾任申银万国证券研究所中小盘研究员、机械研究员,农银汇理基金管理有限公司研究员、基金经理助理、基金经理、 投资部副总经理(主持工作)、投资部总经理等。现任泉果基金管理有限公司公募投资部基金经理。 7月14日，恩捷股份连续4个交易日下跌，区间累计跌幅-2.83%。云南恩捷新材料股份有限公司于2016年9月在中国A股上市挂牌,股票简称:恩捷股份,股票代 码:002812,涵盖"新能源"和"包装"两大业务体系,以及"膜类产品""包装印刷产品""纸制品包装"三大产品板块,服务于全球大型锂电池生产企业、卷烟生产企 业、食品饮料生产企业、塑料包装企业、印刷企业等,坚持质量为本和技术创新,产品品质享誉业界。 财报显示，泉果基金旗下泉果旭源三年持有期混合A为恩捷股份前十大股东，今年一季度增持。今年以来收益率2.25%，同类排名3560(总4561)。 泉果旭源三年持有期混合A基金经理为赵诣。 | ○ 基金经理：赵诣 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 累计任职时间：7年又 ...

2025 年 7 月 14 日 警惕宏观扰动 镍价弱势震荡 核心观点及策略 一、 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 zhao.kx@jygh.com. cn 从业资格号：F03112296 投资咨询号：20021040 镍周报 敬请参阅最后一页免责声明 1 / 8 ⚫ 宏观面，关税风波扰动再起，特朗普接连发出两批关税信 函，但7月信函所提关税税率整体较4月有所下调，皆在促使 相关国家尽快与美达成贸易协议。此外，对等关税豁免期延 后至8月1日。美联储议息会议纪要指出，当前多数官员仍认 为美联储有能力等待经济数据进一步明朗，并认为年底降息 是较为合适 ...

在要约收购方面，智元恒岳及致远新创以要约方式增持1.49亿股，占总股本37%。其中，SWANCOR萨 摩亚将以其所持上市公司1.35亿股无限售条件流通股份（占上市公司股份总数的33.63%）就本次要约收 购有效申报预受要约。 智元恒岳、致远新创拟至少收购上纬新材63.62%的股份，至多收购66.99%的股份，最高收购价为11.6亿 元。结合9.41亿元的协议转让价，总交易价格将达21亿元。上述交易完成后，上纬新材控股股东将由 SWANCOR萨摩亚变更为智元恒岳，智元机器人实控人、董事长兼CEO邓泰华将成为实际控制人。 智元机器人的本次资本运作在业内引起较大震动。相比审核周期较长的IPO选项，这项策略能够提升智 元登陆资本市场的确定性。业内人士认为，上纬新材也并非空壳，公司在环保材料和复合材料领域具备 产线、客户与现金流，有望和智元形成业务协同。 转自：新华财经 新华财经北京7月14日电（康耕甫）14日，科创板上市公司上纬新材股价继续涨停。截至当日收盘，公 司股价16.14元/股，涨幅20%，已经连续4个交易日实现"20cm"涨停，区间涨幅107.46%。 公开信息显示，上纬新材主营高性能复合材料，属于新材料领 ...

Market Overview - The Shanghai Composite Index closed at 3519.65 points, up 0.27%, with a trading volume of 623.1 billion yuan [1] - The Shenzhen Component Index closed at 10684.52 points, down 0.11%, with a trading volume of 835.6 billion yuan [1] - The ChiNext Index closed at 2197.07 points, down 0.45%, with a trading volume of 387.28 billion yuan [1] - The STAR Market 50 Index closed at 992.39 points, down 0.21%, with a trading volume of 22.92 billion yuan [1] - Total trading volume for both markets was 1458.75 billion yuan, a decrease of 253.38 billion yuan from the previous trading day [1] Sector Performance - Strong sectors included machinery, public utilities, oil and petrochemicals, textiles, chemicals, non-ferrous metals, and pharmaceuticals [2] - Active concepts included PEEK materials, humanoid robots, geothermal energy, and innovative drugs [2] - Weak sectors included real estate, media, securities, education, insurance, and retail [2] Fund Flow - The net outflow of main funds from the Shanghai and Shenzhen markets was 26.576 billion yuan [3] - The net outflow from the ChiNext was 12.112 billion yuan, and from the CSI 300 was 6.366 billion yuan [4] - Only four sectors saw net inflows: machinery (394 million yuan), home appliances (117 million yuan), coal (38 million yuan), and oil and petrochemicals (37 million yuan) [4] Individual Stock Performance - A total of 2089 stocks saw net inflows, with 37 stocks receiving over 100 million yuan in net inflows [5] - The stock with the highest net inflow was Zhongji Xuchuang, with 497 million yuan [6] - Conversely, 3048 stocks experienced net outflows, with 92 stocks seeing over 100 million yuan in net outflows [7] - BYD had the highest net outflow at 1.308 billion yuan [8] Institutional Activity - Institutions had a net buy of approximately 33.89 million yuan, with 17 stocks being net bought and 14 stocks net sold [9] - The stock with the highest institutional net buy was Xiangyang Bearing, with about 111 million yuan [10]

Core Viewpoint - The company, Hengdian East Magnetic, expects a significant increase in net profit for the first half of 2025, projecting a profit of 960 million to 1.05 billion yuan, which represents a growth of 49.6% to 63.6% compared to the same period last year [1] Financial Performance - The projected net profit attributable to shareholders for the first half of 2025 is between 960 million and 1.05 billion yuan, compared to 642 million yuan in the same period last year, indicating a substantial increase [1] - The net profit after deducting non-recurring gains and losses is expected to be between 1.02 billion and 1.11 billion yuan, up from 602 million yuan year-on-year, reflecting a growth of 69.4% to 84.3% [1] - The basic earnings per share are projected to be between 0.6 yuan and 0.66 yuan [1]

Performance Forecast - The company expects to achieve a net profit of between 25 million and 34 million yuan, a significant turnaround from a loss of 59.86 million yuan in the same period last year, indicating a growth of 141.77% to 156.80% year-on-year [1][1][1] - The profit attributable to shareholders after deducting non-recurring gains and losses is forecasted to be between 24.88 million and 33.88 million yuan, compared to a loss of 64.10 million yuan in the previous year, reflecting a growth of 138.82% to 152.86% [1][1][1] - Basic earnings per share are projected to be between 0.03 yuan and 0.04 yuan, recovering from a loss of 0.08 yuan per share in the prior year [1][1][1] Reasons for Performance Change - The company has turned losses into profits primarily due to the significant losses incurred in the same period last year [1][1][1] - Financial expenses have decreased significantly, aided by a drop in the interest rate to below 30% and positive impacts from exchange rate fluctuations [1][1][1] - Continuous efforts to reduce costs and improve efficiency have led to enhanced management and production efficiency, resulting in a small profit [1][1][1]

行 基础化工 2025 年 07 月 14 日 业 研 究 基础化工 新材料周报：长鑫科技启动 IPO 辅导，国内首创 打破可乐丽垄断 投资要点： 行 业 定 期 报 告 本周行情回顾。本周（2025.07.07-2025.07.11），Wind 新材料指数收报 3954.95 点，环比上涨 2.88%。其中，涨幅前五的有宏柏新材(24.72%)、晨光新 材(23.3%)、东岳硅材(17.89%)、硅宝科技(16.97%)、普利特(11.43%)；跌幅前 五的有瑞联新材(-15.98%)、久日新材(-7.36%)、赛伍技术(-5.58%)、安集科技 (-4.96%)、润阳科技(-3.94%)。六个子行业中，申万三级行业半导体材料指数收 报 6176.23 点，环比上涨 1.77%；申万三级行业显示器件材料指数收报 1088.59 点，环比上涨 1.52%；中信三级行业有机硅材料指数收报 6489.22 点，环比上 涨 8.82%；中信三级行业碳纤维指数收报 1221.84 点，环比上涨 3.82%；中信 三级行业锂电指数收报 1867.72 点，环比上涨 0.43%；Wind 概念可降解塑料指 数收报 191 ...