Group 1: Financial Support for Manufacturing and SMEs - The manufacturing industry in Shaoguan is rapidly developing, with large manufacturers requiring significant funding for expansion, while small and micro enterprises focus on cost-saving measures [1] - As of April 2025, the loan balance for Shaoguan's manufacturing sector reached 26.774 billion yuan, with inclusive loans for small and micro enterprises at 39.624 billion yuan, reflecting year-on-year growth of 10.72% and 13.24% respectively [1] - The local People's Bank of China has implemented various financial policies to support the development of the real economy, with financial institutions tailoring solutions for different scales of enterprises [1] Group 2: Case Study of Deli Packaging Technology Co., Ltd. - Deli Packaging, established in 2000, specializes in diverse products such as PE shrink film and has established long-term partnerships with leading beverage brands [2] - The company has initiated a project to produce 9,000 tons of packaging film annually, leading to increased funding needs, which were met by a 20 million yuan loan from Liyuan Rural Commercial Bank [2][3] - Deli Packaging serves as a model for other small enterprises in financing, showcasing the innovative mortgage loan product that allows rural collective land use rights to be used as collateral [3] Group 3: Financial Innovations and Benefits for SMEs - The introduction of a 40 basis point interest rate reduction by Guangfa Bank for Bai Rui Construction significantly alleviated the financial burden on the company, saving approximately 40,000 yuan annually in interest [4] - The construction industry faces challenges with long accounts receivable cycles, making financial support crucial for operational continuity [4] - Guangfa Bank has implemented various measures, including no-repayment renewal loans, reducing the renewal time from two weeks to three days, enhancing cash flow for enterprises [5] Group 4: Comprehensive Financial Services - Guangfa Bank offers a range of services, including credit cards and digital financial products, to improve internal management for SMEs [6] - The bank encourages clients to utilize online platforms for financing applications, providing 24/7 quality service and leveraging various monetary policy tools to support medium-sized enterprises [6] - Customized financial service packages, including flexible repayment plans and interest rate reductions, are designed to deliver more accessible financial services to small and micro enterprises [6]

Investment Rating - The report maintains an "Outperform" rating for the light industry manufacturing sector [5][9]. Core Insights - British American Tobacco (BAT) reported H1 2025 revenue slightly exceeding guidance, with expectations for accelerated growth in H2 driven by new products [2][18]. - Glo Hilo officially launched in Japan on June 9, 2025, with a focus on consumer feedback in a mature heat-not-burn (HNB) market [2][20]. - Bricks and mortar toy company Blokko has been included in the Hong Kong Stock Connect, with a strategy focusing on global expansion and diverse product offerings [3][35]. Summary by Sections 1. Core Insights and Investment Recommendations - The report highlights a recovery in the home furnishing sector due to government subsidies, recommending companies like Oppein Home and Sophia for their strategic advancements [15][16]. - In the paper and packaging sector, the report suggests focusing on Sun Paper for growth driven by new capacity and Yutong Technology for its stable fundamentals and high dividends [15][16]. 2. Recent Research Tracking and Investment Thoughts - BAT's H1 revenue slightly exceeded guidance, with H2 expected to accelerate due to new product launches [2][18]. - Glo Hilo's launch in Japan is anticipated to benefit from positive consumer feedback, with Smoker as a key supplier [2][20]. - Blokko's global strategy is progressing, with a focus on diverse IP products and community engagement through BFC events [3][35]. 3. Market Review - The light industry sector saw a 2.18% increase last week, outperforming the broader market [37]. - The furniture retail sector reported a 26.9% year-on-year increase in April, while building materials saw a decline of 2.5% [42][49]. 4. Key Data Tracking - In April, furniture retail sales reached 15.3 billion yuan, with a cumulative year-on-year increase of 20.2% [42]. - The paper sector experienced mixed price movements, with domestic prices for certain grades remaining stable while others saw slight fluctuations [49][58]. - The real estate market showed a 3.3% decline in transaction volume for new homes in major cities [64][69]. 5. Company Announcements and Industry Dynamics - Morning Glory announced a change in financial leadership and plans for share buybacks [83]. - The report notes ongoing developments in the entertainment sector, with a focus on companies like Morning Glory for their growth in new business areas [16].

Group 1 - The core viewpoint emphasizes the necessity for the green and intelligent transformation of the agricultural industry chain in the context of China's dual carbon goals and rural revitalization strategy [1][2] - New Yike Technology has developed a globally leading "environmental stone-plastic fresh-keeping packaging box," achieving 100% recyclability and reducing post-harvest loss rates to one-fifth of traditional packaging [1][2] - The company has invested five years in silent research and development, resulting in significant breakthroughs that provide a "Chinese solution" for agricultural cold chain logistics and carbon reduction efforts [1][3] Group 2 - New Yike Technology focuses on stone-plastic composite materials, enhancing the inorganic powder content to over 72%, which reduces carbon emissions by 50% compared to traditional plastic boxes [2] - The company's innovative packaging extends the freshness period of perishable items like strawberries and blueberries by 2 to 3 times, lowering transportation loss rates from the industry average of 15%-20% to below 5% [2] - New Yike Technology has obtained 17 national patents, with its dynamic humidity regulation system recognized as internationally advanced, maintaining 85% freshness after 72 hours of transport for various fruits [3]

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The report highlights the expected acceleration in the new tobacco sector for British American Tobacco in the second half of 2025, driven by strong performance in oral tobacco products and the phased launch of new products [2][6] - The 618 shopping festival is anticipated to boost domestic brands in personal care and outdoor sports, with significant growth potential for companies like Morning Glory and others leveraging IP strategies [2][6] Summary by Sections Home Furnishing - The home furnishing sector is expected to gradually recover as consumer confidence improves, with many companies currently valued at historical lows. Key players to watch include custom furniture leaders like Oppein and Sophia [6][10] Paper and Packaging - As of June 6, 2025, prices for various paper products remain stable, with white cardboard prices increasing slightly. The report suggests a cautious outlook due to overall weak terminal demand [6][54] - The paper industry saw a 1.6% year-on-year decline in revenue from January to April 2025, but fixed asset investment increased by 7.6% during the same period [66][68] Light Industry Consumption - The report notes that domestic brands in personal care are rapidly expanding their market presence, particularly through platforms like Douyin. Companies such as Dekang and Baiya are highlighted for their growth potential [6][8] Export Chain - The report indicates a robust outlook for export-oriented companies, with shipping costs rising due to increased demand for goods from China. Companies like Zhongxin and Zhejiang Nature are recommended for investment [6][8] New Tobacco - British American Tobacco's new tobacco segment is projected to see significant growth in the latter half of 2025, with a full-year growth expectation of mid-single digits, driven by strong performance in oral tobacco and the introduction of new products [6][8] Textile and Apparel - The textile and apparel sector has shown resilience, with notable sales increases during the 618 shopping festival. Brands like Anta and Li Ning are recommended for their strong performance [6][10]

Group 1 - The U.S. government has raised steel and aluminum tariffs to 50%, applying pressure on multiple countries to submit trade negotiation proposals by a specified deadline, which has sparked widespread controversy and concern internationally [1][3] - The current actual tariff level in the U.S. is the highest since 1938, and if the "reciprocal tariffs" are fully implemented, it will reach the highest level since the 1890s, directly impacting the stability of the global trade system [1][3] - The OECD has downgraded U.S. economic growth forecasts for 2025 from 2.2% to 1.6% and for 2026 to 1.5%, indicating significant negative repercussions on the U.S. economy due to the tariff policies [3][6] Group 2 - Vietnam has been specifically targeted by the U.S. to reduce its reliance on Chinese materials and components, which poses a significant threat to its economy as a large portion of its manufacturing relies on Chinese imports [3][4] - The structural dependency of Vietnam on Chinese intermediate products means that the costs of decoupling will far exceed the benefits gained from tariff reductions, complicating the trade relationship [4][6] - The increase in tariffs has led to rising costs in various sectors, including automotive and construction, with reports indicating an 8%-12% increase in metal packaging food prices in U.S. supermarkets [6][9] Group 3 - The U.S. tariff policy is causing a global chain reaction, with the EU and Japan considering countermeasures, and the uncertainty in international trade rules is leading to a decline in global investment and trade volumes [6][7] - Developing countries, particularly those reliant on steel and aluminum imports, are facing increased cost pressures, while African agricultural nations are losing market share due to increased U.S. agricultural exports [6][9] - The international community is showing a clear trend of division, with many countries refusing to take sides in the U.S.-China conflict, and multilateral cooperation mechanisms are gaining importance as a counter to unilateralism [7][9] Group 4 - China is positioning itself as a responsible global player, with significant increases in investment in ASEAN countries and cross-border e-commerce with Vietnam, indicating resilience in supply chains despite external pressures [9] - The U.S. tariff strategy is seen as an attempt to restructure the global economic order, but data suggests that this approach is leading to a "lose-lose" situation for all parties involved [9] - The future of the global economy hinges on whether unilateralism will undermine globalization or if cooperation can be fostered to create a more resilient governance system [9]

证券代码：603687 证券简称：大胜达 公告编号：2025-026 浙江大胜达包装股份有限公司 关于变更持续督导保荐代表人的公告 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。 蒋卓征先生，东兴证券投资银行部副总裁，保荐代表人，金融学硕士，先后主持和参与了大胜达 （603687）IPO、浙江荣泰（603119）IPO项目，大胜达可转债项目，具备丰富的相关法律、财务专业 知识。 东兴证券作为公司向特定对象发行股票的保荐机构，持续督导期至2024年12月31日止。持续督导期届满 后，鉴于公司向特定对象发行股票的募集资金未使用完毕，东兴证券尚需对该事项继续履行持续督导义 务。东兴证券原委派张昱先生和蒋文先生作为持续督导保荐代表人，现因张昱先生工作变动，不再担任 公司的持续督导保荐代表人。为保证持续督导工作的有序进行，东兴证券现委派蒋卓征先生（简历附 后）为本项目的持续督导保荐代表人，接替张昱先生继续履行持续督导责任。 本次保荐代表人更换后，公司向特定对象发行股票的持续督导保荐代表人为蒋卓征先生和蒋文先生。本 次变更不影响东兴证券对 ...

Summary of the Conference Call Company Overview - The company discussed is Aptar, which operates primarily in the pharmaceutical, beauty, personal care, home care, food, and beverage sectors [2][3][5] - Approximately 46% of Aptar's business is in the pharmaceutical sector, which is the most profitable and rapidly growing segment [3][11] Key Business Segments Pharmaceutical Business - The pharmaceutical segment includes proprietary dispensing devices such as nasal sprays and injectables, notably GLP-1 [3][11] - The company has increased its core sales growth rate for the pharmaceutical business to 7-11% from a previous range of 6-10% [11] - The pharmaceutical business has a compound annual growth rate (CAGR) of about 8% over the last decade [11] - The segment contributes nearly 70% of the company's EBITDA [17] Beauty and Personal Care - The beauty segment has faced challenges but is expected to improve due to cost improvements and productivity enhancements [12][34] - China is a significant market for beauty products, with the average consumer basket containing twice as many beauty products compared to the West [34][55] - The company has undergone a significant renovation process in its beauty business, including upgrading assets and reducing non-competitive plants [34] Closures Business - The closures segment is known for innovative products like the upside-down ketchup bottle, which has expanded into various condiments and personal care products [36][38] - This segment is primarily US-focused and has been able to drive growth through converting markets to use Aptar's products [41] Financial Performance and Targets - The adjusted EBITDA target for the total company has been increased to 21-23% [11] - The return on invested capital target has been raised to 11-13% [11] - The company has returned nearly $800 million to shareholders through dividends and share buybacks from 2019 to 2024 [13] - The company maintains a strong balance sheet with a leverage ratio of 1.16, allowing for continued investment in growth opportunities [14] Sustainability and Competitive Advantage - Sustainability is a core part of Aptar's business model, providing a competitive advantage [7][15] - The company has received recognition for its sustainability efforts, including being in the top 1% of companies ranked by EcoVadis [15][16] Market Trends and Growth Drivers - There is a trend of repurposing existing drugs for nasal delivery, which is driving growth in the pharmaceutical segment [22][24] - The rise in allergic rhinitis cases, particularly in Asia, is another growth driver for the pharmaceutical business [24][25] - The company benefits from its intellectual property, allowing it to maintain revenue even when products go generic or over-the-counter [25][26] Customer Dynamics and Market Conditions - Customer conversations indicate a cautious approach to strategic actions due to ongoing tariff uncertainties [45][46] - The company has observed a resurgence in consumer confidence in China, which is expected to positively impact the beauty segment [54][55] Conclusion - Aptar is positioned for long-term growth with a focus on innovation, sustainability, and a strong balance sheet, despite facing challenges in certain segments [11][12][14]

《澳洲金融评论报》报道称，矿企大亨Gina Rinehart连续第6年蝉联Financial Review Rich List榜首，尽 管铁矿石价格下跌导致其身家缩水6%至381亿澳元，但 依旧遥遥领先于其他人。 大宗商品价格疲软也导致其他排名前10的富豪身家缩水，包括排名第5的Clive Palmer（201亿澳元）和 第9的Nicola Forrest（128亿澳元）。 这导致澳洲10大富豪的总身家缩水了9.2%，至2020亿澳元。 但尽管如此，200名富豪的总财富仍有所增 长。 矿业依旧首当其冲，总价值1413亿 澳元（下降4.6%），其次是房地产业，总价值1258亿澳元（增长 5.5%）。 今年是Rich List发布的第43个年头，完整榜单将于周五公布。 第一份较简短的榜 单于1983年在Business Review Weekly发布，1984年扩展至200人。 （图片来源：《澳洲金融评论报》） Rinehart的父亲Lang Hancock曾跻身首份富豪榜，此后这个家族一直是榜单的常 客。 （图片来源：《澳洲金融评论报》） Rinehart的Hancock Prospecting不仅是澳洲最大的 ...

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. (referred to as "Jihong Co., Ltd." 002803.SZ) has officially listed on the Hong Kong Stock Exchange, marking a significant milestone as the first A+H listed company in Xiamen and the fifth A-share company to list on the Hong Kong Stock Exchange this year [1][4]. Company Overview - Jihong Co., Ltd. was established on December 24, 2003, and was listed on the Shenzhen Stock Exchange on July 12, 2016. The company specializes in providing integrated services including marketing strategy, product design, process design, technical planning, transportation, and logistics [5]. - The company operates 10 large packaging production bases across China and has established close partnerships with clients such as Yili and Luckin Coffee. In 2022, it was ranked 5th among the "Top 100 Printing and Packaging Enterprises in China" by Printing Manager magazine [5]. IPO Details - The IPO involved a global offering of H-shares with a base issuance of 67.91 million shares, raising approximately HKD 519 million (around RMB 478 million). The funds will be used for overseas market expansion, technology development, and brand portfolio enhancement [4]. - Upon opening, Jihong Co., Ltd.'s shares surged to HKD 11 per share, a 43.23% increase from the issue price of HKD 7.68, and reached a peak increase of 52.34% at HKD 11.70 [1]. Business Performance - For the years 2022 to 2024, Jihong Co., Ltd. projected revenues of RMB 5.376 billion, RMB 6.695 billion, and RMB 5.529 billion, respectively. The cross-border e-commerce business is expected to contribute RMB 3.107 billion, RMB 4.257 billion, and RMB 3.366 billion, accounting for 57.8%, 63.6%, and 60.9% of total revenue [10]. - The company ranks second among B2C export e-commerce companies in China with a market share of 1.3% and holds the first position in the domestic paper packaging market for fast-moving consumer goods with a market share of 1.2% [10]. Future Plans - Jihong Co., Ltd. aims to expand its business footprint in Asia, particularly in Indonesia and Vietnam, while also planning to steadily enter the European market and explore high-growth potential regions in Latin America [11].

Core Viewpoint - Jihong Co., Ltd. successfully listed on the Hong Kong Stock Exchange, with an opening price of HKD 11 per share and intra-day gains exceeding 60% [1] Group 1: Company Overview - Jihong Co., Ltd. started with packaging business and later expanded into cross-border social e-commerce, forming a dual-driven development model [1] - The company was listed on the Shenzhen Stock Exchange in July 2016 and has faced multiple inquiries from the Shenzhen Stock Exchange regarding its market activities [1][6] - The company plans to use the funds raised from the Hong Kong listing for overseas market expansion, brand portfolio enhancement, and development of self-owned brands [2][4] Group 2: Financial Performance - In 2024, Jihong Co., Ltd. reported total revenue of approximately CNY 5.53 billion, a year-on-year decline of 17.41% [4] - The net profit attributable to shareholders was approximately CNY 182 million, down 47.28% year-on-year, while the net profit excluding non-recurring gains and losses was about CNY 160 million, down 50.83% [4] - The cross-border social e-commerce business generated revenue of CNY 336.59 million, a decrease of 20.93%, while the packaging business saw a slight increase of 0.14% to CNY 209.95 million [5] Group 3: Market Strategy and Future Plans - Jihong Co., Ltd. aims to advance its global strategy by expanding overseas operations and establishing partnerships with international companies [5] - The company intends to create a "China standard + localized service" model to provide innovative and sustainable products and services [5] - The company has been recognized for its ability to capture market trends, having engaged in various hot topics such as blockchain and the metaverse [6][7]