Group 1 - Jiangsu Leyue Technology Co., Ltd. has been established with a registered capital of 10 million RMB [1] - The legal representative of the company is Zhou Xiaoting [1] - The company's business scope includes software development for network and information security, manufacturing and sales of plastic products, bio-based materials, paper products, and ecological environment materials [1] Group 2 - The company is also involved in the research and development of new material technologies, as well as the sales of packaging materials and engineering plastics [1] - The operations are conducted independently based on the business license, without the need for prior approval for certain projects [1]

Group 1 - Cangzhou Weiheng Technology Co., Ltd. has been established recently with a registered capital of 100,000 RMB [1] - The legal representative of the company is Hu Jian [1] - The business scope includes technology services, development, consulting, and transfer, as well as manufacturing and sales of plastic products, hardware products, and electronic products [1] Group 2 - The company is also involved in internet sales (excluding items that require licensing), import and export of goods, and mold manufacturing and sales [1] - The company operates under the principle of conducting business activities independently with its business license, except for projects that require approval [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - In the first half of 2025, the company's revenue increased, but net profit and non - recurring profit after deduction decreased significantly. The company faced challenges such as low capacity utilization and increased financial expenses, but also showed positive signs in overseas production and 3D printing cooperation [24]. 3. Summary by Directory 01. Research Basic Situation - Research object: Jialian Technology [16] - Industry: Plastics [16] - Reception time: August 29, 2025 [16] - Company reception staff: General Manager Ma Henghui, Board Secretary Wang Bo, and Financial Controller Qian Miaoxian [16] 02. Detailed Research Institutions - Investment companies: Beijing Zhikai Investment, Kaifeng Investment, Qingli Investment, Shanghai Jisheng Investment [17][18] - Fund management companies: Caitong Fund, Chunhou Fund, Donghai Fund, etc. [17][18] - Securities companies: Debang Securities, Northeast Securities, Guohai Securities, etc. [17][18] - Other types: Hongluo Private Securities Fund, Shanghai Genxi Private Fund, Shanghai Zhurun Investment [17][18] - Insurance asset management company: Taikang Asset [18] 03. Research Institution Proportion No information provided. 04. Main Content Data - **2025 semi - annual operation**: The company achieved a cumulative revenue of 1.123 billion yuan, a year - on - year increase of 5.26%. Net profit attributable to shareholders was - 64.6698 million yuan, a year - on - year decrease of 204.81%. Non - recurring profit after deduction was - 67.1622 million yuan, a year - on - year decrease of 431.31%. Domestic sales revenue was 627 million yuan, a year - on - year increase of 35.07%, and overseas sales revenue was 496 million yuan, a year - on - year decrease of 17.68% [24]. - **Reasons for net profit loss**: Affected by Sino - US trade, subsidiaries were in the initial production stage, with low capacity utilization, increased manufacturing and management expenses, and increased financial expenses due to interest on convertible bonds [24]. - **Thailand factory situation**: The first - phase capacity of the Thailand production base has been released, orders have been transferred for production and shipped, and overseas production personnel have arrived. Future capacity can meet market demand [24]. - **3D printing cooperation**: The company has cooperated with some leading 3D printing companies, and its 3D printing consumables have a wide range of application prospects [26]. - **Own brand plan**: The company will consider launching its own brand based on product characteristics, market demand, and strategic planning [26]. - **Thailand factory personnel layout**: Currently, the Thailand production base has sufficient personnel reserves, and in the future, personnel will be optimized with the improvement of automation technology [26].

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - In the short - term, stock index futures have risen sharply due to policy, capital, and sentiment factors, but corporate earnings have not significantly improved, so be wary of adjustments caused by profit - taking. Gold rebounds in the short - term, but pay attention to increased volatility risks. In the medium - to long - term, the stock index maintains a wide - range oscillation, and gold faces a risk of deep adjustment [32]. 3. Summary According to Related Catalogs 3.1 Domestic and Foreign Macroeconomic Data - From January to July this year, the profits of industrial enterprises above designated size decreased by 1.7% year - on - year, and the inventory of finished products increased by 2.4% year - on - year, with the growth rate falling for four consecutive months, indicating insufficient terminal demand and high operating pressure on downstream enterprises [4]. 3.2 Stock Index Fundamental Data 3.2.1 Corporate Earnings - The decline in the profits of industrial enterprises above designated size has narrowed marginally, but there is a differentiation in operating efficiency among different industries. The profits of high - end and equipment manufacturing industries maintain rapid growth, while those of industries such as textiles, chemical fibers, and plastics decline more [15]. 3.2.2 Capital - The margin trading balance in the Shanghai and Shenzhen stock markets has exceeded 2.2 trillion yuan, hitting a record high. The central bank has carried out 2273.1 billion yuan of 7 - day reverse repurchase and 600 billion yuan of 1 - year MLF operations this week, achieving a net investment of 496.1 billion yuan [19]. 3.3 Gold Fundamental Data 3.3.1 Risk - free Interest Rate: Holding Cost, Inflation Level - In the US, durable goods orders decreased by 2.8% month - on - month in July, and the consumer confidence index dropped from 98.7 to 97.4 in August, indicating a slowdown in manufacturing activities and pressure on employment. The market has repeatedly digested the expectation of a Fed rate cut in September, and the US Treasury yield has declined slightly [22]. 3.3.2 US Consumer Confidence Index, Employment Situation - Affected by Trump's tariff policy, US manufacturing activities have slowed down significantly, downstream durable goods orders have declined, and employment is under pressure [22]. 3.3.3 Domestic and Foreign Gold Inventory Situation - Shanghai gold futures warehouse receipts and inventory have increased significantly, while New York futures inventory has continued to decline, and market bullish sentiment has cooled [29].

Group 1 - Mexico plans to increase import tariffs on Chinese goods in its 2026 budget proposal, responding to U.S. pressure and Trump's policies [1][3] - The affected products include automobiles, textiles, and plastic products, which are crucial in Mexico-China trade [1] - Mexico's economic situation is challenging, with a projected GDP growth of only 0.8% in 2025 and inflation at 3.7%, leading to cautious trade policy decisions [3] Group 2 - The trade volume between Mexico and China exceeds $100 billion, with Chinese exports to Mexico exceeding $90 billion, indicating significant economic interdependence [5] - Implementing tariffs could lead to higher consumer prices in Mexico and negatively impact its business environment [5] - Mexico's decision to impose tariffs may provoke a strong response from China, which has historically adopted a restrained approach to external pressures [5][7] Group 3 - If Mexico insists on implementing tariffs, it risks losing access to the Chinese market and facing severe economic repercussions from potential Chinese retaliation [7] - The move to appease Trump may temporarily relieve domestic pressure but could place Mexico in a more vulnerable position in the long run [7] - The complexities of global economic dynamics necessitate a reevaluation of Mexico's stance in the ongoing U.S.-China trade conflict [7]

Group 1 - A new company, Shantou Aiyouhui Daily Necessities Co., Ltd., has been established with a registered capital of 100,000 RMB [1] - The company's business scope includes manufacturing plastic products, rubber products, and metal daily necessities, as well as providing information technology consulting services [1] - The company also engages in the wholesale and retail of various daily necessities, including kitchenware, office supplies, and household appliances [1] Group 2 - The company is involved in the sales of non-medical masks, pet food and supplies, and offers intellectual property services [1] - The establishment of this company reflects the growing demand for diverse consumer goods and services in the daily necessities sector [1] - The wide range of products and services indicates a strategic approach to capture multiple market segments [1]

Group 1 - The core point of the article is that Mogao Co., Ltd. held its 11th fourth board meeting on August 27, 2025, to review various proposals, including the revision of the annual work report management measures [1] - For the fiscal year 2024, the revenue composition of Mogao Co., Ltd. is as follows: biodegradable materials and products account for 33.76%, plastic products for 22.46%, pharmaceuticals for 20.45%, agriculture for 18.45%, and other businesses for 4.89% [1] - As of the report date, the market capitalization of Mogao Co., Ltd. is 2 billion yuan [1]

Group 1 - The stock price of Shuangwei New Materials reached 87.61 yuan as of August 28, 2025, with an increase of 8.53 yuan, representing a rise of 10.79% [1] - The trading volume on that day was 1.732 billion yuan, with a turnover rate of 5.13% [1] - Shuangwei New Materials specializes in the research, production, and sales of high-performance composite materials and resins, which are widely used in wind power, rail transportation, and aerospace sectors [1] Group 2 - Jin Feng Investment Holdings reduced its stake by 4.0336 million shares between June 13 and August 28, 2025, accounting for 1% of the total share capital, and has completed its reduction plan [1] - After the reduction, Jin Feng Investment Holdings still holds 4.40% of the company's shares [1] - On August 28, the net inflow of main funds was 46.7424 million yuan, representing 0.13% of the circulating market value, while the net outflow over the past five days was 127 million yuan, accounting for 0.36% of the circulating market value [1]

Group 1 - A new company, Foshan Shunde District Anxie Plastic Products Processing Plant, has been established with a registered capital of 10,000 RMB [1] - The company's business scope includes manufacturing plastic products, hardware products, and various other manufacturing and installation services [1] - The company is authorized to conduct business activities independently based on its business license, except for projects that require approval [1]

Group 1 - Shenzhen Weiji Precision Co., Ltd. has been established with a registered capital of 8 million RMB [1] - The legal representative of the company is Yang Qin [1] - The company's business scope includes mold manufacturing, plastic products manufacturing, hardware product research and development, and various technical services [1] Group 2 - The company is involved in the manufacturing and sales of electronic components and power electronic components [1] - It also engages in import and export activities and specialized design services [1] - There are no licensed operating projects listed for the company [1]