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Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - **Soda Ash**: The supply - increase and demand - stable pattern continues. With the resumption of weekly production to a high level and stable demand, there is still pressure on soda ash enterprises to accumulate inventory. The futures price may continue to fluctuate weakly. The SA2509 contract is expected to find support around 1300 yuan/ton. Opportunities for short - selling on rebounds due to macro - positive factors or supply reduction can be monitored [5]. - **Glass**: The marginal change in glass supply and demand is limited. The large number of registered warehouse receipts suppresses the near - month price. The short - term market may continue to oscillate weakly. Attention should be paid to the impact of macro - policies, and 5 - 9 reverse arbitrage can be considered [6]. 3. Summary by Directory 3.1 Weekly View Summary - **Soda Ash**: The device operating rate is 89.50% (+1.45%), weekly output is 75.56 tons (+1.78 tons). The apparent demand is 73.73 tons (-0.88 tons). The enterprise inventory is 171.13 tons (+1.83 tons). The price is weakly stable, and the futures price may be weak [5]. - **Glass**: The float glass daily melting volume is 15.85 tons, unchanged. The total inventory of sample enterprises is 6507.8 million weight boxes (-12.5 million weight boxes, -0.19% MoM, +9.94% YoY). The average order days of deep - processing enterprises is 9.3 days (13.4% MoM, -17.7% YoY). The price is slightly up, and the market may be weak [6]. 3.2 Variety Details Decomposition - **Market Review - Spot Price**: As of April 17, 2025, in the central China region, the heavy soda ash market price is 1400 yuan/ton, and the light soda ash is 1300 yuan/ton. In the northern China region, the heavy soda ash is 1550 yuan/ton, and the light soda ash is 1450 yuan/ton. The soda ash futures price is weak, and the glass futures price drops sharply [12][15]. - **Market Review - Spread**: As of April 17, 2025, the soda ash 5 - 9 spread is -39 yuan/ton (+10 yuan/ton MoM), the glass 5 - 9 spread is -28 yuan/ton (+18 yuan/ton MoM), and the glass - soda ash arbitrage spread is 192 yuan/ton (+41 yuan/ton MoM) [20]. - **Fundamentals - Supply**: Soda ash output is 75.56 tons (+1.78 tons). The comprehensive capacity utilization rate is 89.50% (+1.45%). Some plants have maintenance plans. The float glass daily output is 15.85 tons, and the photovoltaic daily melting volume is 96130 tons, both unchanged [28][32][43]. - **Fundamentals - Inventory**: As of April 17, 2025, soda ash enterprise inventory is 171.13 tons (+1.83 tons). The total inventory of float glass sample enterprises is 6507.8 million weight boxes (-12.5 million weight boxes, -0.19% MoM, +9.94% YoY) [36][48]. - **Fundamentals - Profit**: As of April 17, 2025, the theoretical profit of ammonia - soda process soda ash is -60 yuan/ton (+26 yuan/ton MoM), and the theoretical profit of dual - ton combined - soda process is 154 yuan/ton (-10 yuan/ton MoM) [51].

Core Viewpoint - The A-share market has shown signs of recovery following the support from "national team" funds, with indices and individual stocks rebounding after a period of decline [1][5]. Group 1: Market Performance - After a series of gains, A-shares experienced a slight decline at the end of the week, with many stocks and the Shanghai Composite Index showing an eight-day winning streak [2]. - The market has become more cautious regarding tariff information, leading to a shift from increased trading volume to a period of reduced trading activity [3]. - The rebound in the A-share market has been influenced by the "national team" funds, which have actively supported the market since April 7, particularly through significant purchases of major banks [5]. Group 2: Fund Flows - In the past five days, significant net inflows have been observed in various indices, with the banking index seeing a net inflow of 13.056 billion and the retail index 5.557 billion [6]. - The "national team" holds approximately 1.04 trillion yuan in ETFs, accounting for about 36% of the total A-share stock-type ETF market, with net inflows exceeding 200 billion yuan in recent weeks [7]. Group 3: Economic Indicators - The first quarter GDP growth was reported at 5.4% year-on-year, with improvements in investment, consumption, and exports compared to the first two months of the year [9]. - The real estate sector has shown signs of recovery, with March data indicating a smaller decline in sales area and sales amount compared to previous months [11][13]. - Consumer sector performance has been strong, with companies like Dongpeng Beverage reporting significant revenue and profit growth in their first-quarter results [15]. Group 4: Policy and Future Outlook - The government is expected to implement policies to stimulate domestic demand and stabilize the real estate market, with potential measures including infrastructure investment and consumption subsidies [24][26]. - Analysts predict that monetary policy will also be adjusted, with expectations of a reduction in the reserve requirement ratio and interest rates to improve liquidity [25][30]. - The market is closely monitoring the timing and scale of these policy measures, as they will significantly influence market expectations and economic stability [28][36].

酒石酸是一种白色结晶有机酸，天然存在于多种水果中。它通常与碳酸氢钠混合，作为发酵粉出售，用作食品制备中的发酵剂。酒 石酸本身作为抗氧化剂添加到食品中，赋予食品独特的酸味。酒石酸用于许多应用，包括食品和饮料、葡萄酒、制药、建筑、化妆 品和化学工业。对于食品、饮料和葡萄酒，酒石酸用于酸化和增强其风味。在制药行业，酒石酸用作制备抗生素、药丸、药片和其 他一些治疗心脏病的药物的赋形剂。在建筑行业，酒石酸用于石膏和水泥以延缓干燥，并用作陶瓷的流化剂。在化学工业中，酒石 酸用于摄影、电子抛光和塑料工业。对于化妆品，酒石酸用作一些天然身体霜中的基本化合物。 根据 QYResearch 最新调研报告显示，预计 2 03 1 年全球 酒石酸 市场规模将达到 609.94 百万美元，未来几年年复合增长率 CAGR 为 4.6% （ 2025-2031 ）。 就产品类型而言，目前食品饮料是最主要的需求来源， 2024 年占据大约 40.2% 的份额。 全球 酒石酸 市场前 10 强生产商排名及市场占有率（基于 2 02 4 年调研数据；目前最新数据以本公司最新调研数据为准） 根据 QYResearch 头部企业研究中心调研，全球范 ...

Core Insights - Zhengdan Co., Ltd. reported exceptional financial results for 2024, with a revenue of 3.48 billion yuan, a year-on-year increase of 126.31%, and a net profit attributable to shareholders of 1.19 billion yuan, reflecting a staggering growth of approximately 11,949.30% [2][3][5] Financial Performance - The company achieved a net profit of 1.19 billion yuan and a net profit excluding non-recurring items of 1.18 billion yuan, with year-on-year growth rates of about 11,949.30% and 25,313.81% respectively [3][4] - Quarterly revenue for 2024 was reported as follows: Q1: 518 million yuan, Q2: 864 million yuan, Q3: 1.21 billion yuan, Q4: 884 million yuan, with year-on-year growth rates of 28.80%, 155.08%, 214.25%, and 115.40% respectively [3][4] - The operating cash flow net amount reached 892 million yuan, marking a year-on-year increase of 431.03% [7] Market Dynamics - The significant growth in performance is attributed to the permanent closure of TMA production lines by U.S. manufacturers, leading to a notable increase in overseas demand for Chinese TMA [5][6] - The sales volume and price of TMA, the company's main product, saw substantial increases compared to the previous year, contributing to the overall revenue growth [5][6] Operational Efficiency - The company has successfully enhanced its production capacity and efficiency, with a significant increase in the utilization rates of TMA and TOTM products, leading to reduced marginal costs and improved profitability [5][6] - The comprehensive gross margin and net margin for 2024 were reported at 41.49% and 34.19%, respectively, reflecting increases of 37.64 percentage points and 33.55 percentage points year-on-year [6] Strategic Initiatives - Zhengdan Co., Ltd. is expanding its production capabilities, with plans to invest 350 million yuan in a green upgrade project for TMA production, aimed at addressing current capacity shortages and filling market gaps [6] - The company has also initiated a project for high molecular specialty resin monomers, further diversifying its product offerings [6] Financial Health - As of the end of 2024, the company's asset-liability ratio was 8.98%, a significant decrease of 21.58 percentage points from the previous year, indicating strong financial stability [7] - The company proposed a cash dividend of 368 million yuan, with a dividend payout ratio of 30.92%, reflecting a cautious approach to profit distribution despite strong earnings [7]

截至2025年4月15日收盘，惠通科技(301601)报收于40.8元，上涨3.19%，换手率29.53%，成交量8.85万 手，成交额3.58亿元。 董秘最新回复 投资者： 贵公司的主营产品双氧水是否能用于芯片半导体清洗？对应客户有哪一些？ 董秘： 尊敬的投资者：您好！公司的双氧水流化床技术所制备的双氧水主要应用于化工、造纸、纺织 等行业，感谢您的关注！ 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构 成投资建议。 董秘： 尊敬的投资者：您好！公司在东南亚东盟国家越南、印度尼西亚的销售情况请您关注公司后续 披露的定期报告，目前没有在一带一路国家建立分公司的计划。感谢您的关注！ 当日关注点 交易信息汇总：4月15日主力资金净流出301.48万元，占总成交额0.84%；游资资金净流出65.36万 元，占总成交额0.18%；散户资金净流入366.84万元，占总成交额1.03%。 交易信息汇总 4月15日主力资金净流出301.48万元，占总成交额0.84%；游资资金净流出65.36万元，占总成交额 0.18%；散户资金净流入366.84万元，占总成交额 ...

Group 1 - The announcement date for the fund distribution is April 3, 2025 [1] - The fund will distribute profits if the available profit per share exceeds 0.01 yuan, with a minimum distribution of 60% of the available profit [1] - The fund's net asset value in USD is reported as 0.1477 [1] Group 2 - The fund's open period was originally set from March 31, 2025, to April 28, 2025, but has been shortened to end on April 3, 2025 [3] - During the closed period starting April 4, 2025, the fund will not process subscriptions, redemptions, or conversions, except for dividend reinvestments [3][4] - The maximum subscription amount per investor during the open period was limited to 1 million yuan [3] Group 3 - Dongguan Securities Co., Ltd. has been selected as the liquidity service provider for the fund starting April 3, 2025 [6] - The fund aims to enhance market liquidity and stable operation through this appointment [6] Group 4 - The company participated in the offline subscription for Nantong Taihe Chemical Co., Ltd.'s IPO, with the issuance price set at 10.27 yuan per share [8] - The lead underwriter for this issuance is Everbright Securities Co., Ltd., which is a significant related party to the fund's custodian, China Everbright Bank Co., Ltd. [8]

Report Summary 1. Investment Ratings No investment ratings for the industries are provided in the reports. 2. Core Views - **Soybean Oil**: The Y2509 contract of soybean oil may face consolidation in the short - term [1]. - **Soybean Meal**: Due to large emotional fluctuations, soybean meal may fluctuate strongly in the short - term [2]. - **Corn**: The short - term corn futures price will fluctuate within a range, and an interval operation strategy is recommended [3]. - **Copper**: After a sharp decline to release risks, copper prices need a rest, and tactical defense should be carried out at an appropriate time [4]. - **Lithium Carbonate**: The 2505 contract of lithium carbonate may fluctuate weakly, and short positions can be opened on rallies [5][6]. - **Steel**: The market sentiment is pessimistic, and steel prices will fluctuate at a low level [7]. - **Coking Coal and Coke**: With sufficient supply, coking coal and coke will have a weak rebound at a low level, but the upward space is limited [8]. - **Iron Ore**: The 2505 contract of iron ore will mainly fluctuate weakly in the short - term, and traders are advised to be cautious [9]. - **Crude Oil**: After a sharp decline in the WTI main contract after the holiday, pay attention to the rebound near the support level of 430 - 450 yuan/barrel of the INE crude oil main contract [10]. - **Rubber**: Pay attention to the downstream operating rate of Shanghai rubber, and rubber will mainly fluctuate weakly [12]. - **PVC**: Due to weak macro - sentiment, the futures price may fluctuate at a low level [13][14]. - **Soda Ash**: The 05 contract of soda ash continued to decline yesterday, and the futures price is expected to fluctuate weakly in the short - term [15]. 3. Summary by Commodity Soybean Oil - **Spot Market**: The price of first - grade soybean oil at Zhangjiagang Donghai Grain and Oil is 8,230 yuan/ton, down 40 yuan/ton from the previous trading day [1]. - **Market Analysis**: During the current period, it is the sowing season of US soybeans and the harvesting and export season of South American soybeans. The harvest of Brazilian soybeans is almost completed. The new South American soybean crop is likely to have a bumper harvest. In the medium - term, the new supply and downstream demand of soybean oil may remain neutral, and the medium - term inventory may be sorted out [1]. Soybean Meal - **Spot Information**: The spot prices of 43% soybean meal in different regions are: Zhangjiagang 3,140 yuan/ton (+40), Tianjin 3,340 yuan/ton (+70), Rizhao 3,300 yuan/ton (+100), and Dongguan 3,050 yuan/ton (+40) [2]. - **Market Analysis**: The Sino - US tariff policy has caused market panic. The harvest of Brazilian soybeans is nearly finished, and the export of US soybeans is still pessimistically expected. The arrival of imported soybeans is increasing, and the terminal breeding demand is average. The inventory of oil mills' soybean meal remains neutral. Due to the additional high - tariff imposition during the Tomb - Sweeping Festival, the short - term sentiment of soybean meal is strong [2]. Corn - **Spot Information**: The mainstream purchase prices of new corn in key deep - processing enterprises in the three northeastern provinces and Inner Mongolia are 2,088 yuan/ton; in key enterprises in North China and the Huang - Huai region, it is 2,293 yuan/ton; the purchase price at Jinzhou Port (15% moisture, bulk density 680 - 720) is 2,140 - 2,160 yuan/ton; and at Bayuquan Port (bulk density 680 - 730, 15% moisture) is 2,140 - 2,160 yuan/ton [3]. - **Market Analysis**: The US corn planting area in 2025 is expected to reach 95.326 million acres, a 12 - year high. The domestic farmers have sold nearly 90% of their grain, and the import of corn and substitute grains has decreased significantly. The downstream pig production capacity is recovering, and the overall supply - demand pattern is improving. However, there are still potential suppressing factors such as policy - grain rotation and wheat substitution [3]. Copper - **Spot Information**: The price of Shanghai 1 electrolytic copper is 73,820 - 75,400 yuan/ton, down 4,540 yuan/ton, with a premium of 100 - 200 yuan/ton. The imported copper ore index is - 26.4, down 2.26 [4]. - **Market Analysis**: The global "irrational" tariff shock has caused great fluctuations in overseas capital markets. The domestic policies are continuously strengthening, which is conducive to the recovery of market sentiment. The raw material shock is still extreme, and the copper price is in a stage of resonance [4]. Lithium Carbonate - **Spot Information**: The market price of battery - grade lithium carbonate (99.5%) is 70,500 yuan/ton (-1,400), and that of industrial - grade lithium carbonate (99.2%) is 79,100 yuan/ton (-1,400). The price difference between the two is 1,400 yuan/ton, unchanged from the previous trading day [5]. - **Market Analysis**: The forward price of lithium spodumene concentrate has been lowered. The weekly operating rate is increasing, but the growth rate is slowing down. The demand has improved but is still insufficient to drive the price up. The inventory has been continuously accumulating [5]. Steel - **Spot Information**: The price of Shanghai rebar is 3,170 yuan/ton, the Tangshan operating rate is 83.13%, the social inventory is 5.9095 million tons, and the steel mill inventory of rebar is 2.0712 million tons [7]. - **Market Analysis**: The fundamentals of steel have gradually improved, and the contango structure has weakened. The cost center of steel is rising, and the inventory is decreasing. The short - term macro - policy expectations dominate the market, and the supply and demand are both strong [7]. Coking Coal and Coke - **Spot Information**: The price of main coking coal (clean coal, Mongolia 5) is 1,200 yuan/ton; the price of quasi - first - grade metallurgical coke at Rizhao Port is 1,330 yuan/ton; the port inventory of imported coking coal is 3.4756 million tons; and the port inventory of coke is 2.1713 million tons [8]. - **Market Analysis**: The supply is relatively loose, the demand is still sluggish, the inventory of independent coking enterprises is slightly increasing, and the average profit per ton of coke is approaching the break - even point [8]. Iron Ore - **Spot Information**: The Platts Iron Ore Index is 95.65, the price of Qingdao PB (61.5%) powder is 735 yuan/ton, and the price of Australian iron ore powder (62% Fe) is 749 yuan/ton [9]. - **Market Analysis**: The supply of iron ore is increasing, and the global port inventory has reached a new high since 2023. The demand is weak, and the market is worried about the contraction of long - process steelmaking demand. However, the weakening of the US dollar index provides some support [9]. Crude Oil - **Market Analysis**: The US has postponed the collection of "reciprocal tariffs" on some countries for 90 days and reduced tariffs on some countries to 10%, while maintaining a 129% tariff on China. OPEC+ decided to increase production in May, and the US PMI data in February contracted. The trade war and the Russia - Ukraine conflict have increased uncertainties, and the demand in the second quarter may be severely affected [10]. Rubber - **Spot Information**: The spot prices of rubber are: domestic whole latex 16,600 yuan/ton, Thai RSS3 21,600 yuan/ton, Vietnamese 3L standard rubber 17,750 yuan/ton, and 20 - grade rubber 16,350 yuan/ton [11]. - **Market Analysis**: The US "reciprocal tariff" has a great impact on China's tire and automobile exports. The global supply and demand of rubber are both loose, and the market is concerned about the import volume and inventory changes of rubber in China [12]. PVC - **Spot Information**: The mainstream spot price of East China 5 - type PVC is 4,750 yuan/ton, down 50 yuan/ton month - on - month; the mainstream price of ethylene - based PVC is 5,080 yuan/ton, down 20 yuan/ton month - on - month; the price difference between the two is 330 yuan/ton, up 30 yuan/ton month - on - month [13]. - **Market Analysis**: The operating rate of PVC production enterprises has increased. The domestic downstream demand has not improved significantly. The social inventory has decreased due to various factors. The futures price has fallen due to macro - tariff factors, and the fundamentals have not improved significantly [13]. Soda Ash - **Spot Information**: The national mainstream price of heavy soda ash is 1,462.38 yuan/ton, unchanged month - on - month. The mainstream prices in East China, North China, and Central China are 1,525 yuan/ton, 1,575 yuan/ton, and 1,450 yuan/ton respectively, all unchanged month - on - month [15]. - **Market Analysis**: The operating rate of soda ash has increased, and the production has increased. The manufacturer's inventory has accumulated, and the social inventory has decreased slightly. The demand is average, and the downstream is resistant to high - priced goods. The global tariff disturbance still exists, and the short - term futures price is under pressure [15].

Group 1: Basic Chemicals - DuPont is under antitrust investigation in China, which may accelerate the domestic substitution process for ion exchange resins, particularly in the industrial water treatment sector [4] Group 2: Pharmaceuticals - The U.S. government announced a 34% tariff on all imports from the U.S. to China, which is expected to benefit domestic high-end medical device manufacturers as they continue to replace imports [5] Group 3: Automation Equipment - Bozhong Precision Engineering is a leader in 3C automation equipment, having delivered over 40 flexible modular production lines in 2023, and is expected to benefit from product innovation and increased automation rates in the consumer electronics sector [6] Group 4: Property Management - Poly Property reported a revenue of 16.34 billion yuan in 2024, an 8.5% increase year-on-year, with a net profit of 1.47 billion yuan, reflecting a 6.8% growth [7] Group 5: Electronic Materials - Nanda Optoelectronics achieved a revenue of 2.352 billion yuan in 2024, a 38.08% increase year-on-year, driven by significant growth in precursor sales [8] Group 6: Cement Industry - Huaxin Cement accelerated its international expansion, achieving revenue growth despite a downturn in the domestic cement industry, and plans to increase capital expenditure significantly in 2025 [9] Group 7: Network Solutions - StarNet Ruijie reported a revenue of 16.758 billion yuan in 2024, a 5.35% increase year-on-year, with a notable improvement in gross margin in Q4 [10]

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