Core Viewpoint - The protection and utilization of cultural heritage, particularly the Grand Canal, is emphasized as a priority for sustainable development and community well-being in Jiangsu province, guided by Xi Jinping's directives [1][11]. Group 1: Cultural Heritage Protection - Xi Jinping's approach integrates historical responsibility with cultural heritage protection, advocating for a strategy of "protection first, rescue first, reasonable use, and inheritance development" [1][2]. - Jiangsu has made significant strides in the protection and revitalization of the Grand Canal, exemplified by the transformation of the Yangzhou Sanwan Ecological Cultural Park [2][4]. - The Grand Canal is recognized as a living cultural heritage that embodies the spirit of the Chinese nation, with efforts focused on its creative transformation and innovative development [7][9]. Group 2: Economic and Social Impact - The Grand Canal serves as both a "wealth river" and a "happiness river," contributing to the economic and social well-being of the communities along its banks [12][13]. - Jiangsu's initiatives have led to an increase in cargo transport via the Grand Canal, with annual freight volumes averaging around 500 million tons, significantly enhancing regional economic activity [13]. - The province has adopted a "micro-renovation" approach to improve historical cultural districts, enhancing public spaces and community engagement [14][15]. Group 3: Innovative Financing and Development - The establishment of the Jiangsu Grand Canal Cultural Tourism Development Fund, with a mother fund of 2 billion yuan, aims to support various cultural heritage projects [6]. - The integration of financial resources from government, private sectors, and social capital is crucial for the sustainable development of cultural heritage [6][16]. - Jiangsu's focus on digital empowerment and creative innovation is intended to merge historical culture with modern life, enhancing public access and appreciation of cultural heritage [16].

Summary of Conference Call Records Industry or Company Involved - **Li Min Co., Ltd.**: Engaged in the research, production, and sales of pesticides and veterinary drugs - **Angli Kang**: Focused on the production of innovative and generic pharmaceuticals, including pet medications Core Points and Arguments Li Min Co., Ltd. - The company is investing in a new energy project for solid-state batteries, aiming to produce 20,000 tons/year of LiFSI, which is expected to contribute an additional gross profit of 600-800 million yuan [3][4] - The company is collaborating with Chengdu Green Xinnuo and Shanghai Zhisheng Yougu to develop RNA and small peptide biopesticides, enhancing its synthetic biology capabilities [3] - The demand for the company's products is anticipated to increase due to the supply tightness of chlorantraniliprole, which overlaps with its existing products [3] - The company has signed a cooperation agreement with a technical team led by Professor Guan Shiyou, focusing on the full chain technology of new energy electrolytes [3] Angli Kang - The company is involved in the production of chemical raw materials, chemical formulations, and veterinary drugs, with a focus on various therapeutic areas including anti-infectives and cardiovascular drugs [5] - Angli Kang has a pipeline of approximately 50 new generic drug varieties expected to be launched, supported by significant R&D investments over the past few years [5] - The company is shifting its R&D strategy towards modified new drugs and innovative drugs, particularly in the areas of cardiovascular and pain management [5] - The pet medication project initiated in 2021 targets various health issues in pets, including pain, colds, and digestive problems [5] Other Important but Possibly Overlooked Content - The overall market showed a mixed performance with the ChiNext index leading the gains, while the Shanghai Composite Index managed to stay above 3400 points [1] - Institutional participation decreased slightly, with 17 stocks having net buy/sell amounts exceeding 10 million yuan, indicating a cautious market sentiment [2] - The performance of various sectors was noted, with rare earth permanent magnet stocks and automotive parts showing strong gains, while nuclear power stocks faced adjustments [1] - The projected increase in LiFSI usage in new battery technologies, particularly in the 4680 battery, is expected to drive demand significantly, with estimates suggesting a potential increase in usage from 0.5-2% to as high as 15% [4]

Market Overview - A-shares maintained a volatile consolidation trend with total trading volume shrinking again, while Hong Kong stocks surged in the afternoon, with both major indices rising [1] - The Shanghai Composite Index closed down 0.18% at 3340.69 points, the Shenzhen Component Index down 0.61% at 10029.11 points, and the ChiNext Index down 0.68% at 1991.64 points [1] New Consumption Sector - The "new consumption" concept stocks, particularly yellow wine and various beverages, saw a significant rise, with Kweichow Moutai (601579) hitting the daily limit and reaching a new high [3] - Kweichow Moutai reported over 10,000 viewers in a live broadcast on Douyin, with sales exceeding 10 million yuan in 12 hours, and over 40% of buyers aged 18-35 [3] - The company has launched a new line of sparkling yellow wine, catering to the younger demographic with diverse flavors [3] Food and Beverage Sector - Food and beverage stocks were active, with companies like Keta Bio (300858), Youyou Foods (603697), Junyao Health, and Quanyuan Spring all hitting the daily limit [4] - Keta Bio rose by 19.99% to 17.59 yuan, while Youyou Foods increased by 10.02% to 14.05 yuan [5] Innovative Drug Sector - The innovative drug concept saw a resurgence, with companies like Sanofi (688336) and Changshan Pharmaceutical (300255) both hitting new highs, with increases of over 15% [7] - Sanofi's stock rose by 15.31% to 58.90 yuan, while Changshan Pharmaceutical increased by 14.86% to 31.70 yuan [8] Pesticide Sector - The pesticide sector experienced a strong rally, with Zhongqi Co. (300575) hitting the daily limit with a 20% increase, and other companies like Yabeng Chemical (300261) and Hailier also seeing significant gains [10] - The recent explosion at a chemical plant in Shandong may lead to industry consolidation and reduced market supply, potentially driving up prices and improving the fundamentals of pesticide stocks [12]

Group 1 - India proposed a "zero-for-zero" tariff arrangement for specific goods, including steel, auto parts, and pharmaceuticals, during trade negotiations with the US, contingent on reciprocity and limited to a certain quantity of imports [1] - The US has concerns regarding India's quality control measures, viewing them as non-tariff trade barriers, while a 10% baseline tariff remains in effect despite the suspension of a 26% "reciprocal tariff" [1] - India's exports of pharmaceuticals to the US have exceeded $10.5 billion, and engineering products reached $19.1 billion, yet the US maintains a trade deficit of $45.7 billion with India [1] Group 2 - The US Treasury Secretary indicated that India could be the fastest country to reach a trade agreement with the US, although skepticism remains regarding the actual progress of negotiations [3] - The Chinese Ministry of Commerce initiated an anti-dumping investigation against Indian imports of chlorpyrifos, concluding that dumping occurred and caused substantial harm to the domestic industry [3] Group 3 - India has significantly increased its chlorpyrifos exports to China, with a 75.79% rise in volume from 2019 to 2023, while the price per ton dropped by 42.07%, leading to a decline in market share for Chinese producers [5] - The market share of Indian chlorpyrifos in China rose from 49% to 71.47% over the same period, causing financial distress for Chinese manufacturers [5] Group 4 - India has shown a tendency to balance its relationships, often leading to conflicts within BRICS, as evidenced by its absence from a recent BRICS foreign ministers' meeting [7] - The announcement of anti-dumping measures by China against India serves as a warning to protect its own interests amid these trade dynamics [7]

在交流环节，投资者就多个问题进行了提问。有投资者询问美国关税对公司的影响，公司董事、副总经 理、董事会秘书亓轶群回复称，公司业务主要面向全球市场，70%以上产品销往国外，而销往美国市场 的产品占比不高。公司将采取多元化供应链策略、优化生产工艺和流程以降低成本，运用适当的定价策 略转嫁部分关税负担，并积极拓展其他市场以减少对美国市场的依赖。目前公司已根据关税变化积极调 整业务，相关事项对公司整体经营情况影响有限。 针对投资者关于环丙氟虫胺国内上市时间的提问，亓轶群表示，环丙氟虫胺上市前需取得国内新农药登 记证，目前公司已提交新农药申请登记的材料。 5月12日下午，泰禾股份（301665）2024年度暨2025年第一季度业绩说明会在全景路演平台成功举办。 公司董事、总经理谢思勉，董事、副总经理、董事会秘书亓轶群，财务总监华虹，独立董事徐晓勇，证 券事务代表偰瑜，保荐代表人杜攀明等领导嘉宾与投资者进行了深入交流。 年报数据显示，2024年泰禾股份实现营业收入42.36亿元，同比增长9.51%；归母净利润达2.66亿元，基 本每股收益0.66元。2025年一季报显示，公司一季度营业收入为10.33亿元，同比增长18. ...

Core Viewpoint - Runfeng Co., Ltd. has postponed several fundraising projects initially planned for investment, citing complex and changing market conditions in the agricultural chemical industry as the primary reason for these delays [2][4][5]. Group 1: Project Delays - Runfeng Co., Ltd. announced the postponement of multiple fundraising projects, including the "9000 tons of Clomazone project," "38800 tons of herbicide project," "plant protection product R&D center project," and "25000 tons of glyphosate continuous technology transformation project" [1][3]. - Since mid-2022, Runfeng Co. has repeatedly adjusted the timelines for several fundraising projects, with some projects undergoing three adjustments over four years [1][2]. - The "25000 tons of glyphosate continuous technology transformation project" has been postponed from May 2024 to May 2026, while the "herbicide project" has also seen its timeline extended from July 2025 to July 2026 [3][5]. Group 2: Market Conditions - The agricultural chemical industry, where Runfeng operates, is currently at a cyclical low, characterized by oversupply, which has led to the postponement of investment projects [2][6]. - The company noted that the prices of most crop protection raw materials are at historical lows, and the market is expected to remain oversupplied due to increased production capacity in China and India [6]. - Runfeng Co. anticipates that the market will transition from "de-stocking" to "de-capacity" by 2025, leading to intensified competition and potential exits of non-competitive firms from the market [6]. Group 3: Strategic Adjustments - Runfeng Co. has indicated that the changes in fundraising project allocations are a response to evolving market demands and product pricing, reflecting a strategic adjustment to its business planning [2][5]. - Despite the delays, the company maintains that the postponed projects still align with its long-term strategic planning and remain necessary and feasible for future investment [5][6].

核心技术和先进制造双优势发威 核心产品行业地位突出 4月11日，南通泰禾化工股份有限公司(证券简称为"泰禾股份（301665）")正式在深交所创业板上市， 证券代码为"301665"。 作为一家在农药产品领域拥有行业领先地位的集团化制造企业，泰禾股份此次里程碑式的资本市场一 步，既是公司农化产品与功能化学品"双轮驱动"高质量发展的阶段成果，也是公司以国际化视野参与全 球产业链竞合的新起点。 泰禾股份位于江苏省如东县，主要从事农药产品以及功能化学品的研发、生产和销售，现有百菌清、嘧 菌酯、2,4-D等极具市场地位的农化产品，并推出了四氯丙烯等功能化学品。其中，嘧菌酯为全球第一 大杀菌剂，2,4-D为全球最大的苯氧羧酸类除草剂，百菌清为全球第二大的保护性杀菌剂。 公司坚持"上马产品必须要有持续的技术优势"原则，经过二十多年的发展，形成了以氨氧化、氯化、加 氢等反应技术为核心的技术创新体系，拥有363项专利。公司还设有农业部认证的GLP和GEP实验室， 建立了涵盖化合物设计、生物筛选、工艺研发、制剂研究的完整研发体系，先后承担4项国家"十二 五"科技支撑计划、1项"十三五"国家重点研发计划。 公司以高QHSE标准在 ...