1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views Glass and Soda Ash - In the context of macro - warming and driven by news of coking coal accidents, the soda ash futures market rebounded. Fundamentally, weekly production increased significantly, but the demand was obviously in excess under the current weekly production. In the medium - term, after the second - quarter rush for photovoltaic installation, the growth of photovoltaic glass capacity slowed down, and the float glass capacity remained flat. There is still pressure on supply and demand in the future, and there may be further cold - repair expectations. Without actual capacity withdrawal or load reduction, the inventory will be further pressured. Attention should be paid to the implementation of policies and the load - regulation of soda ash plants [1]. Natural Rubber - Due to continuous rainy weather in both domestic and foreign production areas, upstream supply fell short of expectations, and raw material prices remained high. The de - stocking rate of spot inventory in Qingdao slowed down, and with the incremental release of alternative plantings in Yunnan, China's social inventory increased, intensifying the market's bearish sentiment. In terms of demand, although agents may slightly increase their purchases to meet monthly tasks at the end of the month, downstream demand mainly continues with regular replenishment. Affected by external factors, trading in the Beijing - Tianjin - Hebei region may slow down, and mining and engineering operations in some other regions may be suspended, which is negative for the replacement demand. Overall, affected by the dovish stance of the Federal Reserve, market sentiment improved, driving up rubber prices, but rubber prices are expected to fluctuate within a range. The reference range for the 01 contract is 15,000 - 16,500. Follow - up attention should be paid to the raw material supply during the peak production season in the main production areas, and short positions can be considered if the raw material supply goes smoothly [3]. Polysilicon - In August, both supply and demand of polysilicon increased, but the supply growth rate was relatively large, and there was still pressure on inventory accumulation. Due to the previous sharp rise in prices above the full - cost level and the addition of two new delivery brands by the Guangzhou Futures Exchange, it is expected that the number of warehouse receipts will further increase. Currently, attention can be paid to the constraints of energy consumption and green - electricity ratio in promoting the orderly exit of backward production capacity. The price will mainly fluctuate at a high level, with the lower limit of the price fluctuation range rising to 47,000 yuan/ton and the upper limit possibly between 58,000 - 60,000 yuan/ton. It is recommended to try long positions on dips. When the price is high, put options can be bought during low - volatility periods to try short positions. Technically, the futures price may choose a direction to break through in a converging triangle, and straddle options can be bought when the volatility is low. Investors are advised to pay attention to position control and risk management in advance [5]. Industrial Silicon - From the cost perspective, raw material prices started to rise, and the electricity price in the southwest region will gradually increase during the dry season, causing the cost center of industrial silicon to rise. Although the production of industrial silicon increased month - on - month recently, there were also news of production - capacity clearance, and small furnaces may be shut down. In terms of supply and demand, both supply and demand increased in August, maintaining a tight balance. If some production capacity is cleared in the long - term, the supply pressure will be reduced. It is recommended to try long positions on dips. However, it should be noted that as production increases, inventory and warehouse - receipt pressure are emerging. The main price fluctuation range is expected to be between 8,000 - 9,500 yuan/ton, and long positions established at the previous low level of 8,000 - 8,500 yuan/ton should be held [6]. Logs - No overall core view is explicitly stated in the log report, but data on price, supply, inventory, and demand are presented. 3. Summary by Relevant Catalogs Glass and Soda Ash Prices and Spreads - Glass:华北报价1140元/吨,华东报价1190元/吨,华中报价1090元/吨,华南报价1230元/吨,价格 remained unchanged. Glass 2505 rose 0.87% to 1280 yuan/ton, and Glass 2509 rose 0.20% to 999 yuan/ton. The 05 basis decreased by 8.53% to - 140 yuan/ton [1]. - Soda Ash:华北报价1350元/吨,华东 and华中报价1250元/吨,西北报价1020元/吨, all unchanged. Soda Ash 2505 rose 1.02% to 1393 yuan/ton, and Soda Ash 2509 remained unchanged at 1226 yuan/ton. The 05 basis decreased by 48.28% to - 43 yuan/ton [1]. Supply - Soda Ash: The operating rate on August 22 was 88.48%, up 1.33% from August 15, and the weekly output was 77.14 tons, up 1.33% [1]. - Float Glass: The daily melting volume remained unchanged at 15.96 tons [1]. - Photovoltaic Glass: The daily melting volume remained unchanged at 89,290 tons [1]. Inventory - Glass Factory: The inventory on August 22 was 63.606 million weight - boxes, up 0.28% from August 15 [1]. - Soda Ash Factory: The inventory on August 22 was 1.9106 million tons, up 0.89% from August 15. The inventory in delivery warehouses was 496,300 tons, up 6.37% [1]. Real Estate Data - New Construction Area: The current value is - 0.09%, up 0.09% from the previous value [1]. - Construction Area: The current value is 0.05%, down 2.43% from the previous value [1]. - Completion Area: The current value is - 0.22%, down 0.03% from the previous value [1]. - Sales Area: The current value is - 6.55%, down 6.50% from the previous value [1]. Natural Rubber Prices and Spreads - Spot: Yunnan state - owned whole - latex (SCRWF) in Shanghai rose 1.37% to 14,850 yuan/ton. The whole - latex basis (switched to the 2509 contract) decreased by 8.21% to - 1,055 yuan/ton. Thai standard mixed rubber remained unchanged at 14,600 yuan/ton. The non - standard price difference decreased by 27.32% to - 1,305 yuan/ton [3]. - Raw Materials: The FOB mid - price of cup rubber in the international market rose 0.71% to 49.50 Thai baht/kg, and the FOB mid - price of glue rose 0.45% to 55.00 Thai baht/kg [3]. - Futures Month - to - Month Spreads: The 9 - 1 spread decreased by 5.24% to - 1005 yuan/ton, the 1 - 5 spread decreased by 5.00% to - 100 yuan/ton, and the 5 - 9 spread increased by 5.21% to 1110 yuan/ton [3]. Fundamentals - Production: In June, Thailand's production was 392,600 tons, up 44.23%; India's production was 62,400 tons, up 30.82%; Indonesia's production was 176,200 tons, down 12.03%; China's production was 103,200 tons, down 6.80% [3]. - Tire Production: In July, domestic tire production was 94.364 million pieces, down 8.16%; tire exports were 66.65 million pieces, up 10.51% [3]. - Import: In June, the total import of natural rubber was 474,800 tons, up 2.47%. In July, the import of natural and synthetic rubber (including latex) was 630,000 tons, up 5.00% [3]. Inventory - Bonded Area: The inventory was 616,731 tons, down 0.50% [3]. - Futures Warehouse: The inventory of natural rubber in the SHFE was 44,857 tons, down 3.47% [3]. - Warehouse Rates: In Qingdao, the inbound rate of dry rubber in bonded warehouses decreased by 3.71%, and the outbound rate increased. The inbound rate of dry rubber in general trade decreased by 0.72%, and the outbound rate decreased by 0.32% [3]. Polysilicon Spot Prices and Basis - N - type Reclaimed Feedstock: The average price remained unchanged at 49,000 yuan/ton. The N - type material basis (average price) decreased by 7.28% to - 2,580 yuan/ton [5]. - N - type Silicon Wafers: The average price of 210mm wafers and 210R wafers remained unchanged at 1.58 yuan/piece and 1.38 yuan/piece respectively [5]. - Cells and Components: The average prices of single - crystal Topcon cells (210R), Topcon components (210mm for distributed), and N - type 210mm components for centralized projects remained unchanged [5]. Futures Prices and Month - to - Month Spreads - The main contract rose 0.34% to 21,580 yuan/ton. The current - to - first - continuous spread decreased by 26.67% to - 190 yuan/ton, the first - to - second - continuous spread increased by 36.00% to 170 yuan/ton, and the second - to - third - continuous spread remained unchanged [5]. Fundamentals - Weekly: The silicon wafer production was 12.29 GM, up 1.57%; the polysilicon production was 29,100 tons, down 0.68% [5]. - Monthly: The polysilicon production was 101,000 tons, up 5.10%; the import was 12,000 tons, up 47.48%; the export was 21,000 tons, down 3.92%; the net export was 10,000 tons, down 32.44%. The silicon wafer production was 52.75 GM, down 10.35%; the import was 30,000 tons, down 53.06%; the export was 460,000 tons, down 24.68%; the net export was 430,000 tons, down 21.43%. The silicon wafer demand was 58.54 GM, up 0.21% [5]. Inventory - Polysilicon: The inventory was 249,000 tons, up 2.89%; the number of warehouse receipts was 6,540, up 1.24% [5]. - Silicon Wafers: The inventory was 17.41 GM, down 12.07% [5]. Industrial Silicon Spot Prices and Basis - East China Oxygen - Passed SI5530: The price rose 1.08% to 9,320 yuan/ton, and the basis rose 33.66% to 675 yuan/ton [6]. - East China SI4210: The price remained unchanged at 9,000 yuan/ton, and the basis rose 127.27% to 125 yuan/ton [6]. - Xinjiang 99 Silicon: The price rose 2.37% to 8,650 yuan/ton, and the basis rose 53.47% to 775 yuan/ton [6]. Month - to - Month Spreads - The 2509 - 2510 spread decreased by 75.00% to - 35 yuan/ton; the 2510 - 2511 spread increased by 100.00% to 0 yuan/ton; the 2511 - 2512 spread decreased by 4.29% to - 365 yuan/ton; the 2512 - 2601 spread increased by 100.00% to 10 yuan/ton; the 2601 - 2602 spread decreased by 140.00% to - 20 yuan/ton [6]. Fundamentals - Production: National industrial silicon production was 338,300 tons, up 3.23%. Xinjiang's production was 150,300 tons, down 15.21%; Yunnan's production was 41,200 tons, up 153.86%; Sichuan's production was 48,500 tons, up 31.05% [6]. - Operating Rate: The national operating rate was 52.61%, up 2.47%. Xinjiang's operating rate was 52.59%, down 18.21%; Yunnan's operating rate was 32.89%, up 133.76%; Sichuan's operating rate was 36.96%, up 56.81% [6]. - Other Productions: Organic silicon DMC production, polysilicon production, and recycled aluminum alloy production also had corresponding changes [6]. - Exports: Industrial silicon exports were 74,000 tons, up 8.32% [6]. Inventory - Xinjiang Factory: The inventory was 120,100 tons, up 2.65% [6]. - Yunnan Factory: The inventory was 31,900 tons, up 1.59% [6]. - Sichuan Factory: The inventory was 22,800 tons, up 0.89% [6]. - Social Inventory: The inventory was 543,000 tons, down 0.37% [6]. - Warehouse Receipt Inventory: The inventory was 255,200 tons, down 0.23% [6]. - Non - Warehouse Receipt Inventory: The inventory was 287,800 tons, down 0.49% [6]. Logs Futures and Spot Prices - Log Futures: Log 2509 rose 0.31% to 803.5 yuan/ton; Log 2511 rose 0.61% to 820 yuan/ton; Log 2601 rose 0.67% to 831.5 yuan/ton. The 9 - 11 spread decreased to - 16.5 yuan/ton, the 9 - 1 spread decreased to - 28 yuan/ton. The 09 contract basis decreased to - 53.5 yuan/ton, the 11 contract basis decreased to - 70 yuan/ton, and the 01 contract basis decreased to - 81.5 yuan/ton [7]. - Spot: The prices of various types of radiation pine and spruce in Rizhao and Taicang ports remained unchanged [7]. Outer - Market Quotes - The CFR price of 4 - meter medium - grade A radiation pine remained at 116 US dollars/JAS cubic meter, and the CFR price of 11.8 - meter spruce remained at 128 euros/JAS cubic meter [7]. Cost - The RMB - US dollar exchange rate decreased to 7.158 yuan, and the import theoretical cost decreased to 815.94 yuan [7]. Supply - In July, the shipping volume in the port was 1.733 million cubic meters, down 1.51% from June. The number of departing ships from New Zealand to China, Japan, and South Korea was 47, down 11.32% [7]. Inventory - China: The inventory was 3.05 million cubic meters, down 0.33% [7]. - Shandong: The inventory was 1.86 million cubic meters, up 0.32% [7]. - Jiangsu: The inventory was 995,000 cubic meters, up 1.22% [7]. Demand - China: The daily average outbound volume was 64,500 cubic meters, up 2% [7]. - Shandong: The daily average outbound volume was 34,900 cubic meters, down 3% [7]. - Jiangsu: The daily average outbound volume was 24,200 cubic meters, up 4% [7].

Group 1 - The core viewpoint of the news highlights the financial performance and trading activity of Linuo Pharmaceutical Packaging Co., Ltd. as of August 25, 2023, indicating a decline in stock price and significant trading volume [1] - On August 25, Linuo Pharmaceutical's stock price fell by 0.76%, with a trading volume of 359 million yuan, and a net financing purchase of 7.81 million yuan [1] - The company's financing balance reached 231 million yuan, accounting for 4.96% of its market capitalization, indicating a high level of financing activity compared to the past year [1] Group 2 - As of June 30, 2025, the number of shareholders increased by 17.08% to 11,100, while the average circulating shares per person decreased by 12.16% to 21,522 shares [2] - For the first half of 2025, Linuo Pharmaceutical reported a revenue of 499 million yuan, a year-on-year decrease of 11.07%, and a net profit attributable to shareholders of 40.97 million yuan, down 20.12% year-on-year [2] - The company has distributed a total of 139 million yuan in dividends since its A-share listing, with 92.18 million yuan distributed over the past three years [2]

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 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。 玻璃早报 2025-8-26 每日观点 玻璃： 1、基本面：玻璃生产利润修复，行业冷修速度放缓，开工率、产量下降至历史同期低位；深加工 订单不及往年同期，终端需求偏弱；偏空 2、基差：浮法玻璃河北沙河大板现货1072元/吨，FG2601收盘价为1191元/吨，基差为-119元，期 货升水现货；偏空 3、库存：全国浮法玻璃企业库存6360.60万重量箱，较前一周增加0.28%，库存在5年均值上方运 行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：玻璃基本面疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、"反内卷"政策影响下，浮法玻璃行业存产能出清预期。 主要逻辑和风险点 ...

公募基金方面，本期较上一期持股增加的公募基金共计1个，即南方中证1000ETF，持股增加占比达 0.12%。本期较上一季度新披露的公募基金共计1个，即华夏中证1000ETF。本期较上一季未再披露的公 募基金共计1个，即广发高端制造股票A。 2025年8月26日，金晶科技(600586.SH)发布2025年半年度报告。截至2025年8月25日，共有5个机构投资 者披露持有金晶科技A股股份，合计持股量达5.12亿股，占金晶科技总股本的35.85%。其中，机构投资 者包括山东金晶节能玻璃有限公司、山东金晶科技股份有限公司回购专用证券账户、招商银行股份有限 公司-南方中证1000交易型开放式指数证券投资基金、香港中央结算有限公司、招商银行股份有限公司- 华夏中证1000交易型开放式指数证券投资基金，机构投资者合计持股比例达35.85%。相较于上一季 度，机构持股比例合计上涨了0.21个百分点。 ...

Core Viewpoint - The Shandong Pharmaceutical Glass Co., Ltd. is holding its first extraordinary general meeting of shareholders in 2025 to discuss significant governance changes, including the abolition of the supervisory board and amendments to the company's articles of association and meeting rules [1][2][4]. Meeting Details - The meeting will take place on September 12, 2025, at 15:00, with both on-site and online voting options available for shareholders [1][2]. - The location of the meeting is the R&D building of Shandong Pharmaceutical Glass Co., Ltd. in Yiyuan County, Zibo City, Shandong Province [2]. Agenda Items - **Proposal 1**: Abolishment of the supervisory board and the corresponding rules, transferring its powers to the audit committee of the board of directors, ensuring compliance with updated regulations [2][4]. - **Proposal 2**: Amendments to the company's articles of association to enhance governance structure and operational standards, in line with the latest regulatory requirements [4][5]. - **Proposal 3**: Revisions to the rules governing shareholder meetings to align with the adjustments in governance structure and regulatory compliance [5][6]. - **Proposal 4**: Updates to the rules governing board meetings to ensure continued adherence to regulatory standards and improve governance practices [6][7].

Core Viewpoint - The announcement details the approval of an increase in the expected daily related party transaction limits for 2025 by Shandong Jinjing Technology Co., Ltd, emphasizing that these transactions are based on normal business operations and adhere to fair market pricing principles [1][2][6] Summary by Sections 1. Overview of New Daily Related Party Transaction Limits - The board of directors has approved the proposal for increasing the expected limits for daily related party transactions for 2025, confirming that these transactions are based on normal business operations and comply with principles of equality, voluntariness, and fairness [1][2] - The independent directors unanimously agree that the increase in expected transaction limits does not affect the company's independence or harm the interests of the company and its shareholders [2][3] 2. Details of the Adjusted Transaction Limits - The expected transaction limits for 2025 have been adjusted, with specific amounts outlined for transactions with related parties, including: - For Shandong Jinjing Pittsburgh Automotive Glass Co., Ltd, the expected amount is increased to 2,500 million RMB for processing services [3][4] - For Zibo Jinjing New Energy Co., Ltd, the expected amount is set at 1,355.41 million RMB for technical services [3][4] 3. Related Party Information and Relationships - The related parties involved include Zibo Jinjing New Energy Co., Ltd and Shandong Jinjing Pittsburgh Automotive Glass Co., Ltd, both of which have been identified as having normal contractual relationships with the company [4][5] - Financial data as of December 31, 2024, shows total assets of 20,083 million RMB and total liabilities of 5,329.33 million RMB for Zibo Jinjing New Energy Co., Ltd, while Shandong Jinjing Pittsburgh Automotive Glass Co., Ltd has total assets of 56,369.74 million RMB and total liabilities of 7,878.38 million RMB [4][5] 4. Purpose and Impact of Related Transactions - The increase in expected daily related party transaction limits is deemed necessary for production and operational needs, leveraging regional advantages and technological upgrades to enhance product functionality and broaden application scenarios [5][6] - The transactions are expected to improve the company's profitability without compromising its independence or creating dependency on related parties [6]

证券代码：600586 证券简称：金晶科技 公告编号：临 2025-040 山东金晶科技股份有限公司 拟为子公司提供担保的公告 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。 重要内容提示： ● 被 担 保 人 名 称 ： 滕 州 金 晶 玻 璃 有 限 公 司 、 JINJING TECHNOLOGY MALAYSIA SDN.BHD ●本次担保数量及累计为其担保数量：本次本公司拟为滕州金晶玻璃有限公 司在招商银行淄博分行 8000 万元人民币、JINJING TECHNOLOGY MALAYSIA SDN.BHD.在 CHINA CONSTRUCTION BANK(MALAYSIA)BERHAD1800 万林 吉特授信提供担保，本公司为滕州金晶玻璃有限公司、JINJING TECHNOLOGY MALAYSIA SDN.BHD 提供担保的余额分别为 40331.87 万元、17750 万元。 过。 二、被担保人基本情况 JINJING TECHNOLOGY 公司名称 滕州金晶玻璃有限公司 MALAYSIA SDN.BHD ...

Group 1 - The company, Shandong Jinjing Technology Co., Ltd., has approved an increase in bank credit limits for its subsidiaries to support normal production and operational needs [1][2] - The subsidiaries applying for the credit increase are Tengzhou Jinjing Glass Co., Ltd. and Jinjing Technology Malaysia SDN.BHD., with proposed new credit limits of 80 million yuan and 30.41 million yuan (equivalent to 18 million ringgit) respectively [1][2] - The board of directors has confirmed that the necessity for the credit increase is sufficient and the intended use of the funds is legal and compliant [2]

第三条 信息披露义务人应当真实、准确、完整、及时、公平地披露信息， 不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实施内幕交 易、操纵市场等违法行为。 第四条 公司应当披露的信息存在相关法律法规及规范性文件中规定的暂缓、 豁免情形的，由信息披露义务人自行审慎判断暂缓或豁免披露，履行内部审核 程序后实施，并接受中国证监会和上海证券交易所对有关信息披露暂缓、豁免 事项的事后监管。 山东金晶科技股份有限公司 信息披露暂缓与豁免管理制度 第一章 总则 第一条 为规范山东金晶科技股份有限公司（以下简称"公司"）的信息披露 暂缓与豁免行为，确保公司和相关信息披露义务人（以下简称"信息披露义务 人"）依法合规地履行信息披露义务，加强信息披露事务管理，切实保护公司投 资者及其他利益相关者的合法权益，根据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司信息披露管理办法》《上市公司信息披露暂缓与豁免 管理规定》、《上海证券交易所股票上市规则》（以下简称"《股票上市规则》"）、 《上海证券交易所上市公司自律监管指引第 2 号——信息披露事务管理》等法 律、法规及《公司章程》的有关规定，制定本制度。 第二条 ...

Core Viewpoint - The report highlights significant declines in revenue and profit for Shandong Jinjing Science & Technology Co., Ltd. in the first half of 2025, primarily due to a downturn in the glass and soda ash industries, alongside challenges in the photovoltaic glass sector [1][2]. Financial Performance - The company's operating income for the first half of 2025 was approximately CNY 2.39 billion, a decrease of 32.56% compared to CNY 3.55 billion in the same period last year [2]. - Total profit for the period was a loss of approximately CNY 131.37 million, a decline of 141.28% from a profit of CNY 318.29 million in the previous year [2]. - The net profit attributable to shareholders was a loss of about CNY 96.27 million, down 135.04% from a profit of CNY 274.77 million [2]. - The net cash flow from operating activities was CNY 224.43 million, a decrease of 57.86% from CNY 532.61 million [2]. Industry Overview - The glass industry faced a demand downturn in the first half of 2025, with a 20% decline in new construction and sales in the real estate sector, leading to a significant drop in sales prices [3][9]. - The soda ash industry is experiencing rapid capacity expansion, with total domestic capacity expected to reach 44.5 million tons by the end of 2025, resulting in increased inventory and declining sales prices [3][9]. - The photovoltaic glass sector is also under pressure, with a 20% year-on-year decline in mainstream product prices, although the long-term outlook remains positive due to ongoing technological innovations [3][9]. Business Operations - The company has a diversified product portfolio, including construction and energy-saving glass, soda ash, and photovoltaic glass, with a focus on green energy and sustainable building materials [3][9]. - The company completed a significant cold repair project for its production line, enhancing its capacity and efficiency, and has initiated several projects aimed at reducing costs and improving product quality [9][10]. - The company emphasizes the importance of investor returns, planning to distribute cash dividends totaling approximately CNY 20.96 million [10]. Strategic Focus - The company is committed to enhancing its core competitiveness through innovation and technology upgrades, aiming to transition towards a model centered on new productive forces [10][11]. - The company actively engages with investors to communicate its value and operational strategies, enhancing transparency and trust [11].