· · · 这届富二代，有的早早进入自家公司历练，一路升到管理层，方便接老一辈的班。 有的呢，不喜欢自家公司的生意，就带资进组去投行，甚至直接开投资公司搞项目，想做什么行业就做 什么行业。 也有的富二代，简直是别人家的孩子，经历了高考进了名校，毕业之后实打实找工作上班，进入券商、 基金等光鲜亮丽的公司，还干到了中层。结果呢，家里老爹出事，一个电话打来，又得辞了职回去撑起 自己家公司。 二代要想好好上个班，也不容易啊。 近日，科创板上市公司力源科技发布公告，董事长沈万中因个人原因申请辞职，同时，公司董事会已提 名沈家雯为第四届董事会非独立董事候选人，任期自股东大会审议通过之日起至第四届董事会任期届满 为止。 沈家雯系公司控股股东、实控人沈万中之女。 截至公告披露日，沈家雯直接持有力源科技股份140万股，占公司总股本的比例为0.94%。另外，沈万 中直接持有力源科技股份4806.2万股，占公司总股本比例为32.10%。 有的富二代，经历了高考进了名校，毕业之后实打实找工作上班，还干到了中层。结果呢，家里老爹出 事，一个电话打来，又得辞了职回去撑起自己家公司。二代要想好好上个班，也不容易啊。 文丨金融八卦女特约作者 ...

Core Insights - The article highlights significant changes in the fund management industry, with over 1,630 funds experiencing manager changes this year, indicating a dynamic environment rather than a negative trend [1][3] - Su Wenjie, a former manager at Jiashi Fund, has made a notable transition to Guangfa Fund, where he has achieved impressive returns in a short period [4][6] Fund Management Changes - As of August 13, the total number of fund managers in the market reached 4,065, with an increase of 111 since the beginning of the year [3] - The article notes that over 920 fund managers have left their positions, while more than 610 new managers have been hired [1] Su Wenjie's Performance - Su Wenjie joined Guangfa Fund in April 2024 and took over management of several funds, achieving a total management scale of 5.835 billion yuan [4] - His long-term managed funds, such as Guangfa Advantage Growth and Guangfa Jufeng A, have shown returns of 20.97% and 17.09%, respectively [4] - Recently taken over funds, Guangfa Resource Selection A and Guangfa Growth Power Three-Year Holding A, have also performed well with returns of 7.35% and 8.10% [4] Investment Strategy - Su Wenjie’s investment strategy focuses on cyclical thinking, with top holdings in resource and chemical industry leaders [7] - His second-quarter operations included a reduction in positions due to trade war impacts, but he plans to restore positions to 80%-90% focusing on sectors like non-ferrous metals, military, chemicals, and new energy [7] Market Outlook - Su Wenjie anticipates that the ongoing trend of de-globalization will continue to drive up upstream commodity prices, with expectations for coordinated fiscal and monetary policies during China's economic recovery in 2025 [9] - His successful first year at Guangfa Fund reflects a broader industry trend where experienced fund managers with proven methodologies are becoming key focal points for capital flows [9]

Group 1: Chemical and Oil Indices Performance - The chemical index and oil index showed overall positive performance, with the chemical raw materials index rising by 1.66% and the chemical machinery index increasing by 6.08%. However, the chemical pharmaceuticals index fell by 1.30% [1] - In the oil sector, the oil processing index increased by 0.67%, the oil extraction index rose by 2.70%, and the oil trading index went up by 2.18% [1] Group 2: International Oil Prices - International crude oil prices declined, with WTI settling at $63.88 per barrel, down 5.12% from August 1, and Brent settling at $66.597 per barrel, down 4.42% [1] Group 3: Petrochemical Products Price Changes - The top five petrochemical products with price increases included liquid chlorine up by 14.98%, coke up by 4.57%, mancozeb up by 4%, coking coal up by 3.55%, and aniline up by 2.82%. The top five products with price decreases included folic acid down by 6%, acrylic acid down by 5.51%, vitamin D3 down by 5.41%, WTI down by 5.12%, and synthetic ammonia down by 4.90% [1] Group 4: Capital Market Performance of Chemical Companies - The top five chemical companies with the highest stock price increases were Kexin New Energy up by 53.05%, Amway Co. up by 51.60%, Xinhang New Materials up by 45.88%, Zhongxin Fluorine Materials up by 35.66%, and Huaxin New Materials up by 25.99%. The top five companies with the largest declines were Lianhua Technology down by 10.41%, Cangzhou Dahua down by 8.80%, Zaiseng Technology down by 8.63%, Yabeng Chemical down by 7.86%, and Xinchao Energy down by 7.21% [2]

Group 1 - The article discusses the challenges faced by second-generation wealthy individuals in balancing family business responsibilities with personal career aspirations [2][3] - It highlights the case of Liyuan Technology, where the chairman Shen Wanzhong resigned due to personal reasons, later revealed to be related to a criminal conviction for financial fraud [4][6] - Shen Wanzhong's daughter, Shen Jiawen, has been nominated as a non-independent director, holding 1.4 million shares, which is 0.94% of the total shares [5][6] Group 2 - Shen Wanzhong was sentenced to one year in prison with a suspended sentence for violating disclosure regulations, with a fine of 3.3 million RMB [6][7] - Liyuan Technology was found to have inflated revenue by approximately 104 million RMB and profit by over 27 million RMB in its 2021 annual report, representing 24.71% and 68.23% of the reported figures, respectively [7] - The article also mentions the tightening of regulations against financial fraud in the capital market, emphasizing the need for accountability among those involved in such activities [10][12] Group 3 - The article further explores the trend of second-generation individuals returning to family businesses, citing Zhao Xiaomeng of Fengyuan Co., who was elected as chairwoman after a successful career in finance [13][15] - Zhao Xiaomeng's father, Zhao Guanghui, built Fengyuan Co. from scratch, and she took over to ensure continuity and growth in the family business [16][18] - The company has expanded significantly in the lithium battery materials sector, with production capacity reaching 140,000 tons, and is poised for growth as lithium prices rise [19][22] Group 4 - The article also mentions the case of Shunli Medical, where the young chairwoman Shi Wenling returned to manage the company after a successful stint in a tech firm, highlighting the trend of young leaders taking charge in family businesses [23][24] - Shunli Medical has pivoted to new product lines, including dental implants and surgical robots, in response to market pressures, leading to a significant increase in stock price [24][25] - The article notes that there are currently 12 female chairpersons in A-share listed companies, with Shi Wenling being the youngest at 27 years old [25]

PTA&MEG早报-2025年8月13日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 交易咨询业务资格：证监许可【2012】1091号 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 1、基本面：昨日PTA期货偏强震荡，现货市场商谈氛围一般，个别聚酯工厂递盘，现货基差区间波动。个别主流供应商有出货。 8月货在09贴水10~15附近成交，价格商谈区间在4680~4730附近。9月中个别在09+5有成交。今日主流现货基差在09-13。中性 6、预期：持续低加工差下，近期PTA装置变动增多，但价格上，成本端缺乏支撑且下游聚酯淡季需求一般，预计短期内PTA现货 价格震荡运行为主，现货基差企稳。关注后续PTA装置及下游聚酯负荷变动。 2、基差：现货4705，09合约基差-21，盘面贴水 中性 3、库存：PTA工厂 ...

Core Viewpoint - Multiple listed companies' controlling shareholders have made commitments not to reduce their holdings, reflecting confidence in the companies' future development and contributing to market stability [1][3]. Group 1: Commitments from Controlling Shareholders - Companies such as Xiangyu Medical, Wanhua Chemical, Guo New Energy, and Jinjiang Hotels have announced commitments from their controlling shareholders to refrain from selling shares for a period of 12 months [1][2]. - Xiangyu Medical's controlling shareholder, Henan Xiangyu Health Industry Management Co., Ltd., and its actual controllers have committed not to reduce their holdings from March 12, 2024, to March 11, 2025 [2]. - Wanhua Chemical's controlling shareholders have also expressed confidence in the company's future and committed to not reducing their holdings for the next 12 months [2]. Group 2: Market Stability and Confidence - The trend of controlling shareholders making long-term commitments not to sell shares is seen as a way to bolster market confidence and protect the interests of all shareholders [3][6]. - The recent increase in commitments from controlling shareholders comes amid a turbulent secondary market, with many companies taking measures to stabilize their stock prices [3][6]. Group 3: Positive Business Performance - Xiangyu Medical reported a significant increase in revenue and net profit for 2023, with total revenue reaching 745 million yuan, a year-on-year increase of 52.46%, and net profit of 230 million yuan, up 82.96% [4]. - Wanhua Chemical achieved total revenue of 175.36 billion yuan in 2023, a 5.92% increase from the previous year, with net profit of 16.81 billion yuan, reflecting a 3.57% growth [5].

Group 1: Company Insights - Jizhi Jia is recognized as the world's largest AMR warehouse robot manufacturer, leveraging a full-stack platform technology and a global service network to build competitive advantages [3][4] - The company offers a range of AMR solutions including shelf-to-person, box-to-person, and pallet-to-person picking, as well as intelligent handling, and supports modular expansion [4] - Jizhi Jia has served over 800 clients across more than 40 countries/regions, with a key customer repurchase rate of 84.3%, validating the value of its technology [4] Group 2: Financial Performance - The company is expected to see a decline in expense ratios and the release of scale effects from 2022 to 2024, indicating a potential profitability inflection point [4] - For China Shenhua (601088.SH), the asset injection is anticipated to enhance business scale and further highlight scale effects, with projected net profits of 49.77 billion, 51.25 billion, and 52.20 billion for 2025-2027, corresponding to EPS of 2.50, 2.58, and 2.63 [9] - Newan Co. (600596.SH) is expected to face profit pressure due to low prices of its main products, with revised net profit forecasts of 283 million, 472 million, and 684 million for 2025-2027, reflecting a 29.7% downward adjustment for 2025 [13] Group 3: Market Trends - Dongfang Yuhong (002271.SZ) reported a revenue decline of 10.8% year-on-year for H1 2025, with net profit down 40.2%, but maintains a strong domestic position and potential for overseas expansion [16] - Ying Shi Network (688475.SH) achieved a revenue of 1.447 billion in Q2 2025, reflecting a year-on-year growth of 7.48%, supported by competitive product offerings and market investments [18] - Shangmei Co. (2145.HK) expects a revenue increase of 16.8% to 17.3% year-on-year for H1 2025, with net profit growth of 30.9% to 35.8%, indicating strong performance in its multi-brand strategy [21] Group 4: Export and Import Dynamics - In July, China's exports showed strong growth due to diversification strategies and resilient demand from emerging markets, alongside a "grab export" effect [29] - The import growth rate is expected to rise due to domestic demand, although short-term export pressures may arise as the "grab export" effect diminishes [29]

Core Viewpoint - Chengzhi Co., Ltd. reported a revenue of 5.981 billion yuan for the first half of 2025, marking a year-on-year increase of 5.65%, with a net profit attributable to shareholders of 29.69 million yuan after deducting non-recurring gains and losses [1] Group 1: Business Performance - Chengzhi's clean energy business faced challenges due to tax payments and market conditions in the bulk chemical industry, but the semiconductor display materials segment, particularly liquid crystal products, achieved record sales and significant profit growth [1][2] - The subsidiary Nanjing Chengzhi maintained stable operations and zero safety incidents while optimizing sales strategies to enhance economic benefits from liquid products [2] - The subsidiary Chengzhi Yongqing actively adjusted sales strategies to counteract market pressures in the industry, focusing on contract sales and expanding into new markets [2] Group 2: Industry Positioning - Chengzhi Yongqing's new integrated propylene value chain project in Nanjing has commenced production, enhancing the company's resilience against market fluctuations in bulk chemicals [3] - Chengzhi's subsidiary Shijiazhuang Chengzhi Yonghua is a leading domestic manufacturer of liquid crystal materials, leveraging advanced technology from Tsinghua University and establishing a strong presence in the market with its brand "slichem" [4] - The company is expanding its product offerings beyond liquid crystal materials to include OLED and other new display technologies, addressing over 400 critical technical issues with more than 160 product series [4][5] Group 3: Market Challenges and Innovations - The liquid crystal industry is facing intense competition and challenges from new display technologies, but Shijiazhuang Chengzhi Yonghua has increased its market share and sales revenue by over 30% in the TFT-LCD liquid crystal materials segment [5]

Overview of Operating Performance - The company reported total revenue of 5.916 billion yuan in the first half of 2025, a year-on-year decrease of 16.31% [1] - The net profit attributable to shareholders was 743 million yuan, down 38.57% year-on-year [1] - The net profit after deducting non-recurring gains and losses was also 743 million yuan, reflecting a decline of 38.49% year-on-year [1] - In Q2, total revenue was 3.048 billion yuan, a decrease of 23.31% year-on-year, with net profit at 403 million yuan, down 36.95% [1] Key Financial Indicators - Gross margin was 31.79%, a decrease of 28.33% year-on-year [6] - Net margin was 18.21%, down 30.34% year-on-year [6] - Operating expenses accounted for 11.02% of revenue, a decrease of 8.52% year-on-year [6] - Earnings per share were 0.2 yuan, a decrease of 37.5% year-on-year [6] - Cash and cash equivalents increased by 107.27% to 4.606 billion yuan [6] - Interest-bearing debt rose by 20.34% to 11.201 billion yuan [6] - Accounts receivable decreased by 31.38% to 61.9038 million yuan [6] Cash Flow and Debt Situation - The net increase in cash and cash equivalents grew by 172.8% year-on-year, driven by increased net cash from operating and financing activities [3] - The ratio of cash and cash equivalents to current liabilities was only 62.9%, indicating a need for further attention to cash flow status [3] Main Business Analysis - The primary revenue sources for the company are soda ash and urea, accounting for 60.01% and 25.08% of main revenue, respectively [4] - The domestic soda ash market continued to operate weakly in the first half of 2025, with new capacity being released and reduced demand from downstream industries, leading to high inventory and declining prices [4] - The urea industry saw sufficient supply with stable demand, primarily driven by agricultural needs [4] Development Outlook - Despite facing adverse factors such as declining product market prices and reduced gross margins, the company managed to achieve year-on-year growth in product output and sales, as well as increased investment income from major associates, partially offsetting negative impacts [5] - The company has high interest-bearing debt of 11.201 billion yuan, with an interest-bearing asset-liability ratio of 26.84%, necessitating attention to debt risk [5]

Core Viewpoint - Styrene prices experienced a slight rebound after a decline, with the average closing price in Jiangsu market at 7325 yuan/ton as of August 6, reflecting a decrease of 75 yuan/ton or 1.01% from the previous week [1] Cost Analysis - The oil market has been under pressure with continuous negative news, leading to a decline in international oil prices, which fell by 8.67% as of August 6 compared to the previous Wednesday [1] - Pure benzene prices initially dropped but later increased, influenced by weak crude oil and futures market conditions, while a tightening supply in the north contributed to the price rise, with the average price in East China down by 20 yuan/ton as of August 6 [1] - The raw material sector lacks a unilateral driving force [1] Supply and Demand - Throughout the week, except for CNOOC Shell which faced production losses due to equipment issues, other facilities maintained stable production [1] - The main port in East China experienced reduced arrivals due to typhoon impacts, leading to a decrease in inventory, although market supply remains sufficient [1] - The output of the main downstream product, three S, is expected to see a slight increase, but the purchasing intentions at the beginning of the month remain low [1] - The supply and demand fundamentals continue to show weakness [1] Forecast - Styrene prices are expected to follow fluctuations in the bulk commodity market in the short term, with the raw material sector unlikely to show a clear direction [1] - The ongoing weak supply and demand fundamentals may be exacerbated by the commissioning of the Jingbo Sida Rui facility, which could further intensify supply-demand conflicts and pressure prices to remain weak [1]