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 ...

Core Viewpoint - The article discusses the rapid growth and popularity of "童颜针" (youthful face injection) in the Chinese medical aesthetics market, highlighting its mechanism, market dynamics, and the competitive landscape among companies involved in this sector [6][8][22]. Market Growth - The market size of youthful face injections in China grew from approximately 100 million yuan in 2021 to over 3 billion yuan by 2024, representing a 30-fold increase in three years [6]. - Major companies like 长春圣博玛 and 爱美客 reported significant revenues from their youthful face injection products, with 长春圣博玛's "艾维岚" expected to generate over 4 billion yuan in revenue [6][24]. Product Dynamics - The core ingredient of most youthful face injections is 聚左旋乳酸 (PLLA), which stimulates collagen production in the skin [4][15]. - Different brands of youthful face injections vary in composition and pricing, with products like "濡白天使" priced around 10,000 yuan, while others like "艾塑菲" exceed 20,000 yuan [12][24]. Competitive Landscape - The entry of numerous pharmaceutical companies into the youthful face injection market has intensified competition, with over 20 companies currently registering products [30]. - The high profit margins associated with these products, with 爱美客 reporting a gross margin of 93.76% for gel-based injections, have attracted more players to the market [24][25]. Regulatory Environment - The approval of several youthful face injection products by the National Medical Products Administration (NMPA) has legitimized the market, with five products approved by 2024 [22][27]. Consumer Behavior - The article notes a growing trend among urban women to seek youthful face injections, driven by aggressive marketing and social media promotions [10][11]. - Despite the high costs, the demand for youthful face injections remains strong, with companies like 江苏吴中 achieving significant sales shortly after product launches [24][26]. Future Outlook - The global market for youthful face injections is projected to reach $1.545 billion by 2025, with a compound annual growth rate of approximately 3.8% from 2025 to 2033 [26]. - The competitive landscape is expected to evolve further, with potential price wars as more products enter the market [30].

Group 1 - The company expects to achieve a net profit attributable to shareholders of 550 million to 650 million yuan for the first half of 2025, representing an increase of 170 million to 270 million yuan compared to the same period last year, with a year-on-year growth of 44.82% to 71.15% [1][2] - The company anticipates a net profit attributable to shareholders after deducting non-recurring gains and losses of 501 million to 601 million yuan, which is an increase of 152 million to 252 million yuan compared to the same period last year, reflecting a year-on-year growth of 43.48% to 72.12% [1][2] - The previous year's net profit attributable to shareholders was 380 million yuan, and the profit before tax was 518 million yuan [2] Group 2 - The main reasons for the expected profit increase include advanced material research and application innovation capabilities, strengthened industry chain collaboration, and improved global layout, leading to steady growth in revenue and significant increase in net profit [2] - The company has seen steady growth in sales and gross profit in sectors such as automotive, electronics, and new energy, while accelerating its global expansion with rapid growth in overseas business [2] - Cost reduction and efficiency improvement through process optimization, along with the development of high-end specialty materials and acceleration of integrated synthesis and modification projects, have contributed to the continuous improvement in operational quality [2]

证券代码：603681 证券简称：永冠新材 公告编号：2025-055 转债代码：113653 转债简称：永 22 转债 上海永冠众诚新材料科技（集团）股份有限公司 ? 预计2025年半年度实现归属于母公司所有者的扣除非经常性损益的净利润为 减少 91.05%到 93.94%。 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 万元，同比减少 91.05%到 93.94%。 （三）本次业绩预告为公司根据经营情况的初步测算，未经注册会计师审计。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比下降50%以 上。 ? 上海永冠众诚新材料科技（集团）股份有限公司（以下简称"公司"）预计 期相比，将减少 5,255.50 万元到 5,805.50 万元，同比减少 61.43%到 67.86%。 展望未来，随着国家政策持续推进制造业"高端化、智能化、绿色化"发展，公司 将继续坚定"传统业务提质、新兴业务突破"战略，聚焦汽车、新能源、工业、可降解 等国 ...

2025 年 07 月 14 日 模型提示行业交易拥挤度上升，市 场情绪逐渐修复 ——量化择时周报 20250711 本研究报告仅通过邮件提供给 中庚基金 使用。1 权 益 量 化 研 究 证 券 研 究 报 告 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 (8621)23297818× shensy@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 量 化 策 略 相关研究 - ⚫ 市场情绪得到修复：市场情绪指标数值为-0.25，较上周五的-0.9 有所上升，代表市场情 绪进一步修复，观点偏多。从所有分项指标分数之和的变化来看，本周分数呈现上升趋势。 ⚫ 行业交易拥挤度上升，PCR 结合 VIX 指标同步转正反映市场情绪修复：行业间交易波动 率上升代表当前资金活跃度回暖，资金观点分歧减弱、短期情绪不确定性下降；行业涨跌 趋势指标继续提示行业涨跌趋势不强，指标位置大幅提升但是上攻力量略显不足，因此短 期内可能迎来进一步调整。另外 PCR ...

Group 1: Natural Rubber Report Industry Investment Rating No information provided. Core View Short - term rubber prices rebound due to macro - sentiment, but the weak fundamental expectation remains unchanged. Adopt a short - selling approach on rallies, and consider short positions in the 14,000 - 14,500 range. Pay attention to raw material supply in each production area and US tariff changes [2]. Summary by Related Catalogs - **Spot Prices and Basis**: The price of Yunnan state - owned standard rubber (SCRWF) in Shanghai increased by 100 yuan/ton to 14,350 yuan/ton, with a 0.70% increase. The basis of whole - milk rubber (switched to the 2509 contract) rose by 145 to - 10, a 93.55% increase. Other raw material prices showed various changes [2]. - **Inter - month Spreads**: The 9 - 1 spread increased by 10 to - 860, a 1.15% increase; the 1 - 5 spread increased by 15 to - 40, a 27.27% increase; the 5 - 9 spread decreased by 25 to 900, a - 2.70% decrease [2]. - **Fundamental Data**: In May, Thailand's rubber production increased by 166,500 tons to 272,200 tons, a 157.52% increase. The operating rates of semi - steel and all - steel tires increased. The domestic tire production decreased slightly, while the tire export volume increased. The import volume of natural rubber decreased [2]. - **Inventory Changes**: The bonded - area inventory increased by 14,802 tons to 632,090 tons, a 2.40% increase. The factory - warehouse futures inventory of natural rubber on the SHFE increased by 7,258 tons to 36,994 tons, a 24.41% increase [2]. Group 2: Glass and Soda Ash Report Industry Investment Rating No information provided. Core View For soda ash, although the futures price rebounded due to macro - sentiment and spot trading improved, the supply - demand situation remains in an obvious surplus, and inventory is accumulating. It is recommended to wait and look for short - selling opportunities after the sentiment fades. For glass, although the futures price is strong due to macro - sentiment, the demand is under pressure in the off - season, and the industry needs capacity reduction. It is recommended to wait and see [4]. Summary by Related Catalogs - **Glass - related Prices and Spreads**: The prices of glass in North China, East China, Central China, and South China showed small changes. The prices of glass futures contracts 2505 and 2509 increased slightly [4]. - **Soda - ash - related Prices and Spreads**: The prices of soda ash in different regions remained stable. The prices of soda ash futures contracts 2505 and 2509 decreased slightly [4]. - **Supply Data**: The operating rate of soda ash remained unchanged, and the weekly production was stable. The daily melting volume of float glass increased slightly, while the daily melting volume of photovoltaic glass remained unchanged [4]. - **Inventory Data**: The glass market inventory decreased by 198,300 square meters to 67.102 million square meters, a - 2.87% decrease. The soda - ash factory inventory and delivery - warehouse inventory increased [4]. - **Real - estate Data**: The year - on - year changes in new construction area, construction area, completion area, and sales area showed different trends [4]. Group 3: Log Futures Report Industry Investment Rating No information provided. Core View In the fundamental aspect, the demand for logs enters the off - season from June to August. The arrival volume remains low, and the supply is expected to decrease seasonally. The 09 contract is expected to fluctuate weakly. Be vigilant against emotional price increases [5]. Summary by Related Catalogs - **Futures and Spot Prices**: The prices of log futures contracts 2507, 2509, and 2511 decreased slightly. The prices of some spot logs decreased, while the outer - market quotation increased [5]. - **Supply**: The port shipment volume increased by 228,000 cubic meters to 1.955 million cubic meters, a 13.20% increase. The number of ships from New Zealand to China, Japan, and South Korea decreased by 5 to 58, a - 7.94% decrease [5]. - **Inventory**: The total inventory of coniferous logs in China decreased by 130,000 cubic meters to 3.23 million cubic meters, a - 3.87% decrease [5]. - **Demand**: The average daily outbound volume increased by 12,000 cubic meters to 669,000 cubic meters [5]. Group 4: Industrial Silicon Report Industry Investment Rating No information provided. Core View The price of industrial silicon increased due to the expectation of anti - involution policies, with less impact from supply - demand fundamentals. The supply is expected to increase further. Technically, it shows a strong - side fluctuation. In the short - term, it is expected to remain strong, but short - selling can be considered if large - scale enterprises resume production or the price of polysilicon drops. Risk management is recommended [6]. Summary by Related Catalogs - **Spot Prices and Basis**: The prices of different grades of industrial silicon in East China and Xinjiang increased. The basis of different grades decreased [6]. - **Inter - month Spreads**: The spreads between different contracts showed various changes [6]. - **Fundamental Data**: In June, the national industrial silicon production increased by 20,000 tons to 327,700 tons, a 6.50% increase. The production of related downstream products also changed [6]. - **Inventory Changes**: The factory - warehouse inventory in Xinjiang decreased by 26,200 tons to 123,900 tons, a - 17.46% decrease. The social inventory decreased slightly [6]. Group 5: Polysilicon Report Industry Investment Rating No information provided. Core View The price of polysilicon increased rapidly under the expectation of policies, but the market is cautious about the new price. There is a large discount in the futures market, and there is room for price repair. The market may fluctuate greatly next week. Attention should be paid to the price of P - type cauliflower - like polysilicon and risk management [7]. Summary by Related Catalogs - **Spot Prices and Basis**: The average prices of different types of polysilicon remained stable, while the basis of some types increased slightly [7]. - **Futures Prices and Inter - month Spreads**: The prices of polysilicon futures contracts and the spreads between different contracts showed various changes [7]. - **Fundamental Data**: The weekly production of silicon wafers and polysilicon decreased. The monthly production of polysilicon increased, while the import and export volumes changed [7]. - **Inventory Changes**: The polysilicon inventory increased by 4,000 tons to 276,000 tons, a 1.47% increase. The silicon - wafer inventory decreased [7].

2025 年 07 月 14 日 鼎龙股份 (300054) 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 07 月 11 日 | | --- | --- | | 收盘价（元） | 28.54 | | 一年内最高/最低（元） | 32.40/18.31 | | 市净率 | 5.8 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 20,961 | | 上证指数/深证成指 | 3,510.18/10,696.10 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 4.96 | | 资产负债率% | 34.47 | | 总股本/流通 A 股（百万） | 945/734 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 07-11 08-11 09-11 10-11 11-11 12-11 01-11 02-11 03-11 04-11 05-11 06-11 07-11 -40% -20% 0% 20% ...

证券代码：002171 证券简称：楚江新材 债券代码：128109 债券简称：楚江转债 安徽楚江科技新材料股份有限公司投资者关系活动记录表 编号：2025-012 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 ☑其他 （电话会） | | 参与单位名称及 | 本次电话会由中信证券组织，具体参会人员名单详见附件 | | 人员姓名 | | | 时间 | 2025 年 7 月 11 日 | | 地点 | 安徽楚江科技新材料股份有限公司 | | 上市公司接待人 | 楚江新材董事会秘书：姜鸿文 | | 员姓名 | 楚江新材证券事务代表：李旭 | | 投资者关系活动 | 2025 年上半年，公司预计实现归属于上市公司股东的净 | | | 利润 2.4 亿元至 2.9 亿元，同比增长 42.35%-72%；扣除非经 | | | 常性损益净利润2亿元至2.5亿元，同比增长75.43%-119.29%。 | | | 1、天鸟高新生产的产品有哪些？ | | | 回复：子公司天鸟高新作为国内碳 ...

但河北省外主营业务收入占比最高的华东地区客户毛利率不足5%，对此，交易所在第二轮问询中追问国亮新材在河北省内的竞争优势、华东地区毛利率明 显偏低的合理性以及持续拓展其他区域市场客户的能力等。 对此，国亮新材回复指出，公司在河北省内具有明显的竞争优势，但在耐火材料行业充分竞争的市场环境下，其市场份额存在被行业龙头企业抢占的风险。 新开拓市场毛利率偏低系区域经营策略所致，公司具备持续拓展其他区域市场客户的能力，但也存在业务拓展不及预期的风险。 作者：郑勇康 编辑：张佳茗 去年6月，河北国亮新材料股份有限公司（下称"国亮新材"）北交所IPO申请获受理。国亮新材是一家从事高温工业用耐火材料整体解决方案的企业，其为客 户提供耐火材料整体承包服务及耐火材料产品。 值得注意的是，交易所连续两轮都关注到了国亮新材的业绩和收入确认的合规性等问题。 行业竞争激烈、产能过剩 据招股书，国内有2,000多家耐火材料企业，生产规模相对分散，行业集中度较低，市场竞争较为激烈。国亮新材有将近80%的主营业务收入来自于河北省 内，但其在华北地区的市场占有率却不足5%。 首轮问询回复中，国亮新材在对"开拓河北省外或唐山市外的策略和具体措施"回 ...