一 、成分股分红进度 截至2025年7月15日： 上证50指数中，有0家公司处于预案阶段，7家公司处于决案阶段，5家公司进入实 施阶段，35家公司已分红，3家公司不分红； 沪深300指数中，有2家公司处于预案阶段，51家公司处于决案阶段，31家公司进 入实施阶段，190家公司已分红，26家公司不分红； 中证500指数中，有1家公司处于预案阶段，51家公司处于决案阶段，17家公司进 入实施阶段，354家公司已分红，77家公司不分红； 中证1000指数中，有1家公司处于预案阶段，54家公司处于决案阶段，44家公司 进入实施阶段，691家公司已分红，210家公司不分红。 二、行业成分股股息率比较 我们对当前已披露分红预案的个股股息率进行了统计，其中，煤炭、银行和钢铁行业的股 息率排名前三。 三、已实现及剩余股息率 截至2025年7月15日： 上证50指数已实现股息率为1.80%，剩余股息率0.46%； 沪深300指数已实现股息率为1.35%，剩余股息率0.53%； 中证500指数已实现股息率为1.09%，剩余股息率0.20%； 中证1000指数已实现股息率为0.83%，剩余股息率0.12%。 四、股指期货升贴水情况 ...

Core Viewpoint - Youyou Food's subsidiary, Youyou Food Chongqing Manufacturing Co., Ltd., has invested 20 million yuan in an investment fund with a total scale of approximately 482.85 million yuan, representing a 4.1421% stake in the fund [1][2]. Investment Details - The investment fund primarily focuses on sectors such as biomanufacturing, agricultural technology, food engineering and supply chain, and agricultural machinery and related equipment [1]. - The fund aims to enhance business synergy, expand investment layout, and capture opportunities in related industries, aligning with the company's development strategy and shareholder interests [1]. Fund Partners - The investment fund is established in partnership with 10 institutions and individuals, including Guangdong Wens Investment Co., Ltd., Yunnan Plateau Characteristic Agriculture Equity Investment Fund, and Hengqin Guangdong-Macao Deep Cooperation Zone Industrial Investment Fund [2][3]. - Notably, Wens Investment is fully controlled by Wens Foodstuffs Group, which is a leading enterprise in the agricultural sector, indicating a strategic alignment with Youyou Food's core business in food processing [3]. Capital Contribution Structure - The total capital contribution of the fund is 48.285 million yuan, with Wens Investment and Yunnan Plateau Fund each contributing 16 million yuan, accounting for 33.1366% of the total [3]. - Youyou Food's contribution of 2 million yuan represents 4.1421% of the total fund, indicating a relatively low impact on the company's net assets and operational activities [4]. Funding Phases - The initial phase will require partners to pay 50% of their subscribed capital, with the second phase contingent on the completion of 70% of the first phase's investment [4].

Core Points - The former chairman of Jingyi Co., Ltd. resigned due to exposure of a dishonesty record, leading to the election of a new chairman, Gu Chong, who is a financial director born in the 1980s [1][5][6] - Gu Chong has a background in finance, having previously worked at Nantong Sanjian Group and its holding company, which is also a major shareholder of Jingyi [3][4] - Following the leadership change, Jingyi's stock price experienced significant volatility, reaching a recent high before a sharp decline on the day of the new chairman's election [4][6] Company Background - Jingyi Co., Ltd. was established in 1999 and listed on the Shenzhen Stock Exchange in 2009, primarily engaged in copper processing products [4] - The company has faced substantial revenue fluctuations over the past five years, with a reported revenue drop of over 60% in 2022 and net profit consistently below 100 million yuan [4] Regulatory Context - The resignation of the former chairman was prompted by a regulatory decision from the Guangdong Securities Regulatory Commission, which highlighted failures in disclosing the chairman's dishonesty status [5][6] - The commission mandated Jingyi to rectify its governance issues and replace the chairman within two trading days of the decision [5]

2 0 2 5 . 7 . 1 5 原木周报 中泰期货股份有限公司 高萍 交易咨询证号：Z0012806 目录 CONTENTS 1 原木综述 2 原木平衡表解析 3 原木供需解析 4 原木成本利润 Part 1 原木综述 1.1 原木综述——供给端 5 原木价格与价差 | | | 项目 | 单位 | 2025年5月 2025/7/11 | 2025年4月 2025/7/4 | 环比 | 累计 同比 | 预估下周/月 根据三方数据线性预估 | 综述 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 国外 | 到船量 | 条 | 10 | 13 | -3 | —— | 6条 | | | | | 到港量 | 万方 | 34.35 | 44.3 | -9.95 | | 19.2万方 | | | | | 针叶原木进口量 | | 219.07 | 218.46 | 0.61 | -11% | | | | | | 辐射松进口量 | | 169.00 | 165.45 | 3.55 | -6% | | 短期来看，下周到港仍处低位，供应端具 ...

Core Insights - The Xi'an International Port is becoming a crucial hub for the China-Europe Railway Express, enhancing the integration of local enterprises into global supply chains [1][4] - The development of smart manufacturing and logistics in Xi'an is exemplified by companies like Geely and Aijiu Group, which leverage the railway for efficient production and distribution [2][3] Group 1: Company Developments - Geely's Xi'an manufacturing base has achieved an output of 142,000 vehicles and a production value of 15.773 billion yuan from January to May this year, fostering a local automotive ecosystem [1] - Aijiu Group has established a "three-in-one" logistics processing park across Kazakhstan and Xinjiang, importing nearly 100,000 tons of feed wheat through the railway in the first half of the year [2] - Konka's smart home appliance production line operates under China's Industry 4.0 standards, with over 60% of its products exported via the China-Europe Railway Express, totaling 229,000 appliances shipped by June [3] Group 2: Industry Impact - The China-Europe Railway Express (Xi'an) has expanded to 18 international routes, with a projected increase in train operations from over 100 in the early days to 4,985 by 2024 [3] - The railway has become a key driver for the development of Xi'an's hub economy, facilitating the flow of goods and enhancing the city's outward economic growth [3] - The establishment of the China-Xi'an Kazakhstan terminal marks a significant upgrade in logistics capabilities, transitioning from "point-to-point" to "hub-to-hub" operations [3]

极目新闻记者 袁超一 7月15日，湖北省发改委发布公告，湖北成品油价格按机制下调，92号汽油、95号汽油、0号柴油每升分别下降0.1元、0.11元、0.1元。 根据近期国际市场油价变化情况和国家发改委调价信息，按照现行成品油价格形成机制，自2025年7月15日24时起，国内汽、柴油价格（标准品）每吨分别 下调130元和125元。调价后，我省汽、柴油最高零售价格相应调整，92号、95号汽油分别下降至每升7.27元、7.78元，0号柴油降至每升6.9元。 以油箱容量50升的普通私家车计算，此次调价后，车主们空油箱加满92号汽油将少花5元左右。 湖北市场油价（图源：湖北省发改委） 本轮是2025年第十四次调价，也是2025年的第六次下调。本次调价过后，2025年成品油调价将呈现"六涨六跌两搁浅"的格局。根据"十个工作日"原则，下一 次调价窗口将在2025年7月29日24时开启。 国内机构分析称，展望后市，美国对产油国的制裁立场延续，且美国传统燃油消费旺季仍在进行中，不过OPEC+增产将在7到9月进行，地缘局势也有缓和 趋势，多空博弈迹象可能再度增强。整体来看，预计下一轮成品油调价搁浅的概率较大。 国家发展改革委强调 ...

Report Industry Investment Ratings No relevant information provided. Core Views Copper - After the 232 investigation is finalized, the electrolytic copper in non-US regions shows a pattern of "loosening supply expectations and weakening actual demand", and the spot contradiction is gradually resolved. The copper price may return to macro trading in the next stage, and the negotiation of reciprocal tariffs between China and the US will also disrupt the copper price. The main contract should focus on the support level of 78,000 [1]. Aluminum - For alumina, the short - term price is supported by supply tightness expectations, but the high - capacity operation and market surplus situation remain. The price of the main contract is expected to fluctuate widely between 2,950 - 3,250 this week. For aluminum, the current price is high, but under the pressure of inventory accumulation expectations, weakening demand, and macro uncertainties, the price of the main contract is expected to face pressure in the short term, with a reference range of 20,000 - 20,800 this week [3]. Aluminum Alloy - The recycled aluminum market maintains a pattern of weak supply and demand, with more prominent demand - side contradictions. The subsequent weak demand will continue to suppress price increases. The disk is expected to fluctuate weakly, with the main contract operating between 19,400 - 20,200 [4]. Zinc - The supply of zinc ore is expected to remain loose, but the increase in domestic mine production in June fell short of expectations, providing price support. The supply of refined zinc is expected to be loose, while the demand has weakened marginally. In the medium - to - long - term, a bearish view is maintained, with the main contract reference range of 21,500 - 23,000 [8]. Nickel - Macro uncertainties increase, and the nickel fundamentals change little. The cost support for refined nickel has loosened, and the medium - term supply is expected to remain loose, restricting the upside of prices. The short - term disk is expected to adjust within a range, with the main contract reference range of 118,000 - 126,000 [11]. Tin - The actual supply of tin ore remains tight, and the demand is expected to be weak. In the short term, the macro situation is volatile. It is recommended to hold existing short positions from previous highs and pay attention to US tariff changes [14]. Stainless Steel - There are macro uncertainties, and the fundamentals still face pressure. The low - level ferronickel price weakens cost support, the supply - side production cuts fall short of expectations, and the overall demand is weak. The short - term disk is expected to fluctuate, with the main contract reference range of 12,500 - 13,000 [16]. Lithium Carbonate - The short - term fundamentals still face pressure, and the surplus may increase. The disk is in a game between sentiment and fundamentals. The short - term disk is expected to run in a relatively strong range, with the main contract reference range of 63,000 - 68,000, but there is still downward pressure in the medium term [20]. Summary by Directory Price and Basis - **Copper**: SMM 1 electrolytic copper dropped to 78,455 yuan/ton, a decrease of 0.34%. The SMM 1 electrolytic copper premium increased by 5 yuan/ton. The import profit and loss improved by 116.4 yuan/ton [1]. - **Aluminum**: SMM A00 aluminum dropped to 20,470 yuan/ton, a decrease of 1.54%. The SMM A00 aluminum premium decreased by 70 yuan/ton [3]. - **Aluminum Alloy**: SMM aluminum alloy ADC12 dropped to 20,000 yuan/ton, a decrease of 0.50% [4]. - **Zinc**: SMM 0 zinc ingot dropped to 22,180 yuan/ton, a decrease of 1.11%. The import profit and loss improved by 200.42 yuan/ton [8]. - **Nickel**: SMM 1 electrolytic nickel dropped to 121,750 yuan/ton, a decrease of 0.33%. The 1 Jinchuan nickel premium decreased by 50 yuan/ton [11]. - **Tin**: SMM 1 tin dropped to 266,500 yuan/ton, a decrease of 0.07%. The import profit and loss decreased by 605.76 yuan/ton [14]. - **Stainless Steel**: 304/2B (Wuxi Hongwang 2.0 coil) increased to 12,800 yuan/ton, an increase of 0.39%. The spot - futures price difference increased by 45 yuan/ton [16]. - **Lithium Carbonate**: SMM battery - grade lithium carbonate increased to 64,650 yuan/ton, an increase of 1.41%. The basis (SMM battery - grade lithium carbonate as the benchmark) decreased by 1,300 yuan/ton [20]. Fundamental Data - **Copper**: In June, the electrolytic copper production was 1.1349 million tons, a decrease of 0.30%. In May, the electrolytic copper import volume was 253,100 tons, an increase of 1.23% [1]. - **Aluminum**: In June, the alumina production was 7.2581 million tons, a decrease of 0.19%. The electrolytic aluminum production was 3.609 million tons, a decrease of 3.22%. In May, the electrolytic aluminum import volume was 250,500 tons [3]. - **Aluminum Alloy**: In June, the recycled aluminum alloy ingot production was 615,000 tons, an increase of 1.49%. The primary aluminum alloy ingot production was 255,000 tons, a decrease of 2.30%. In May, the un - wrought aluminum alloy ingot import volume was 97,000 tons, an increase of 11.75% [4]. - **Zinc**: In June, the refined zinc production was 585,100 tons, an increase of 6.50%. In May, the refined zinc import volume was 26,700 tons, a decrease of 5.36% [8]. - **Nickel**: In June, China's refined nickel production was 31,800 tons, a decrease of 10.04%. The refined nickel import volume was 19,157 tons, an increase of 116.90% [11]. - **Tin**: In May, the tin ore import volume was 13,449 tons, an increase of 36.39%. The SMM refined tin production was 14,840 tons, a decrease of 2.37% [14]. - **Stainless Steel**: In April (43 companies), the 300 - series stainless steel crude steel production was 1.7133 million tons, a decrease of 3.83%. In May, the stainless steel import volume was 125,100 tons, a decrease of 12.00% [16]. - **Lithium Carbonate**: In June, the lithium carbonate production was 78,090 tons, an increase of 8.34%. The lithium carbonate demand was 93,815 tons, a decrease of 0.15%. In May, the lithium carbonate import volume was 21,146 tons, a decrease of 25.37% [20]. Spread - **Copper**: The 2507 - 2508 spread decreased by 90 yuan/ton, and the 2508 - 2509 spread increased by 20 yuan/ton [1]. - **Aluminum**: The 2507 - 2508 spread decreased by 70 yuan/ton, and the 2508 - 2509 spread decreased by 25 yuan/ton [3]. - **Aluminum Alloy**: The 2511 - 2512 spread increased by 25 yuan/ton, and the 2512 - 2601 spread increased by 15 yuan/ton [4]. - **Zinc**: The 2507 - 2508 spread decreased by 25 yuan/ton, and the 2508 - 2509 spread decreased by 10 yuan/ton [8]. - **Nickel**: The 2508 - 2509 spread decreased by 10 yuan/ton, and the 2509 - 2510 spread increased by 40 yuan/ton [11]. - **Tin**: The 2507 - 2508 spread increased by 340 yuan/ton, and the 2508 - 2509 spread increased by 150 yuan/ton [14]. - **Stainless Steel**: The 2508 - 2509 spread decreased by 170 yuan/ton, and the 2509 - 2510 spread decreased by 5 yuan/ton [16]. - **Lithium Carbonate**: The 2508 - 2509 spread remained unchanged, and the 2509 - 2511 spread increased by 120 yuan/ton [20].

Core Viewpoint - The A-share market has seen significant performance forecasts from nearly 1500 listed companies for the first half of 2025, with over 630 companies expecting positive results and more than 820 anticipating declines [1] Group 1: Performance Forecasts - Over 800 listed companies disclosed their performance forecasts for the first half of 2025, with a notable focus on companies from Hunan province [1] - Among the companies, Huaneng Power ranked second in terms of year-on-year profit growth [1] - A total of 56 stocks are expected to see net profit growth exceeding 1000%, with Southern Precision, Huaneng Power, and others leading the list [2] Group 2: Major Profit Increases - Southern Precision forecasts a net profit of 200 million to 250 million yuan, representing a year-on-year increase of 28647% to 35784%, primarily due to non-recurring gains from equity investments [2] - China Shenhua, Zijin Mining, and others are expected to report net profits exceeding 10 billion yuan, with Muyuan Foods projecting a net profit of 10.2 billion to 10.7 billion yuan, a year-on-year increase of 1129.97% to 1190.26% [2] Group 3: Expected Losses - Some companies, including Vanke A, Huaxia Happiness, and Tongwei Co., are forecasting significant losses, with Vanke A expecting a loss of 10 billion to 12 billion yuan due to decreased project settlement scale and low profit margins [3] - Vanke A has taken steps to mitigate debt risks, securing 24.9 billion yuan in new financing and successfully repaying 16.49 billion yuan in public debt [3] - Huaneng Power is expected to report a net profit of 180 million to 220 million yuan, a year-on-year increase of 175 million to 215 million yuan, driven by increased power generation and reduced fuel costs [3]

Core Viewpoint - The recent adjustment in fuel prices reflects the ongoing fluctuations in international oil markets, with a notable decrease in retail prices for gasoline and diesel, which is expected to impact consumer costs and logistics expenses positively [1][2]. Group 1: Price Adjustments - As of July 15, 2025, retail prices for gasoline and diesel will decrease by 130 yuan and 125 yuan respectively, translating to reductions of 0.10 yuan for 92 gasoline, 0.11 yuan for 95 gasoline, and 0.11 yuan for 0 diesel per liter [1]. - For a typical family car with a 50L fuel tank, filling up with 92 gasoline will save approximately 5 yuan [1]. - For a heavy-duty truck running 10,000 kilometers monthly with a fuel consumption of 38L per 100 kilometers, the fuel cost will decrease by around 195 yuan before the next price adjustment [1]. Group 2: Market Dynamics - The current pricing cycle has seen a weak fluctuation in international oil prices due to a combination of seasonal demand in the U.S. and easing geopolitical tensions in the Middle East, alongside an unexpected production increase from OPEC+ [1]. - Analysts predict that the upcoming price adjustments will lead to a negative change rate, indicating potential downward pressure on future market conditions [1][2]. - Domestic supply of refined oil is expected to increase as major refineries resume operations, while demand for diesel may decline due to seasonal factors and adverse weather conditions affecting construction activities [2]. Group 3: Future Outlook - The next price adjustment window is scheduled for July 29, 2025, which will provide further insights into market trends and pricing strategies [3].

Company Overview - JianKe Intelligent Equipment Manufacturing (Tianjin) Co., Ltd. has been dedicated to the intelligent rebar processing robot equipment industry for over 20 years, becoming one of the largest and most comprehensive companies in this sector in China and globally [2][3] - The company aims to be a global leader in intelligent rebar processing robot technology, focusing on high-quality development and providing comprehensive solutions for green transformation and digital upgrades in production equipment [2][4] Intellectual Property - As of December 31, 2024, the company holds 616 valid patents, including 282 domestic invention patents, 312 utility model patents, and 14 foreign invention patents [4] - The company has registered 103 trademarks, including 48 domestic, 9 from Hong Kong, Macau, and Taiwan, and 46 international trademarks [4] Market Expansion Strategy - In 2025, the company plans to pursue a dual strategy of global expansion and local deepening, focusing on emerging markets and high-potential regions [5] - Domestic strategy includes deepening strategic cooperation with various downstream sectors and developing large intelligent rebar processing robot clusters [5] - Internationally, the company will follow the "Belt and Road" initiative, expanding its export footprint to over 100 countries and enhancing its global marketing and service networks [6] Industry Barriers - The intelligent rebar processing equipment industry has high technical barriers due to the complexity of production technology and the integration of various advanced technologies [4][6] - The industry requires significant long-term investment in technology and experience to meet the demands of technological advancement and green development [4] Product Innovation: Smart Beam Factory - The Smart Beam Factory T-beam robot production line automates processes that previously required 10+ workers, reducing the workforce needed to just 3-5 operators with a 90% automation rate [7][8] - The production line addresses challenges in rebar processing, significantly improving efficiency and quality [7][9] - The system integrates functions such as rebar straightening, cutting, bending, placement, transportation, and welding, ensuring high-quality connections and efficient production [9]