Group 1: Company Performance - In the first half of 2025, the company focused on production, sales, R&D, and project construction, optimizing processes for efficiency [2] - The company developed new products such as the carnol® series and Hiclaim® series polyether polyols, targeting multinational corporations and the new energy vehicle sector [2] - Project construction is progressing with an emphasis on quality control and safety management, aiming for early production [2] Group 2: Industry Trends - The second half of 2024 is expected to see increased demand for polyether due to government fiscal policies promoting infrastructure, technology innovation, and green economy [2] - The rapid growth of the new energy vehicle industry is creating new opportunities for polyether applications in lightweight materials [3] - The polyether industry is anticipated to develop positively in 2025, presenting both challenges and opportunities [3] Group 3: Export and Market Impact - In 2024, the company experienced good growth in export volume, primarily to Southeast Asia, India, and Europe, focusing on home goods, footwear, and automotive seating [3] - The impact of U.S. tariffs on the company is minimal due to a small percentage of exports directed to the U.S. market [3] Group 4: Project Development - The "Carbon Dioxide Polyether and High-Performance Polyol Project" utilizes CO2 as a substitute for petrochemical materials, offering superior mechanical properties and environmental benefits [3] - The project is being constructed in phases, with the first phase of 80,000 tons/year of CO2 polyether and 300,000 tons/year of polyether polyol expected to be operational by Q4 2025 [3]

Core Viewpoint - Zunming Soy Products Co., Ltd. (stock code: 003030.SZ) is expected to achieve a revenue of 905 million to 915 million yuan in the first half of 2025, representing a year-on-year growth of 19.54% to 20.86% [1][2] Group 1: Financial Performance - The company anticipates a significant reduction in losses for Q2 2025, with a decrease of 71% to 82% compared to the same period last year, and a reduction of 14% to 48% compared to Q1 2025 [1] - The company has a strong production capacity with over 15 million tons of annual soybean processing capability, supported by seven production bases across various regions [1] Group 2: Strategic Initiatives - Zunming is actively expanding its sales channels and enhancing partnerships with major supermarkets, restaurant chains, and e-commerce platforms, promoting the integration of online and offline sales [1] - The company has introduced a small delivery model targeting community fresh convenience stores, life supermarkets, unit canteens, and small restaurants, which has improved service and effectively controlled terminal operations [1] - Zunming is focusing on strategic adjustments to support robust production and sales, with expectations of scale effects as production capacities in various bases are gradually released [1][2] Group 3: Competitive Positioning - In a market characterized by low concentration and intense competition, Zunming is strengthening its core competitiveness and building solid barriers [2] - The company relies on a comprehensive cold chain distribution system, digital management capabilities, a diversified product matrix, and ongoing R&D advantages to consolidate existing market channels [2] - Zunming aims to enhance the influence and coverage of its brand nationwide through cross-regional business expansion, with a focus on maintaining steady revenue growth and improving profitability [2]

（文章来源：证券日报） 值得一提的是，近年来，庄园牧场在稳固西北基本盘的基础上，积极拓展市场，为公司未来发展开辟了 新的增长空间。 具体来看，庄园牧场产品自2024年进入香港市场以来，已连续六次获得客户复购订单，累计供应量近百 吨。此外，公司通过分析东南亚乳业局势和市场调研，精准定位东南亚牛奶需求增加的目标市场，于今 年2月份成功通过东南亚食品药品相关政府部门的认证审核，成为首次拿到该市场"通行证"的甘肃乳 企。首批100吨纯牛奶5月底从天津港发往东南亚市场。 7月15日，兰州庄园牧场股份有限公司（以下简称"庄园牧场"）发布2025年半年度业绩预告，公司预计 上半年归属于上市公司股东的净利润亏损2600万元至3400万元，较上年同期明显改善，亏损幅度显著收 窄，去年同期亏损8782.87万元。 公告显示，2025年上半年，面对激烈的市场竞争，庄园牧场积极应对，在全产业链范围内大力推行精细 化管理与精益化运营，通过降本控费、降本增效等一系列措施，成效逐步显现。公司整体毛利率实现同 比提升，为减亏提供了核心支撑。 庄园牧场成立于2000年，是一家集奶牛养殖、技术研发、乳品加工、销售为一体的专业化乳制品生产企 业， ...

本文核心数据：销量; 中国奶酪行业渠道销量分析 我国奶酪销售渠道主要分为餐饮和零售两端，且随着西式餐饮、烘焙和新式茶饮等的兴起，奶酪的消费 场景不断增多。从2023年的数据来看，零售和餐饮渠道的奶酪销量占比大约为1:2，也就是说，2B的餐 饮渠道对奶酪销量影响较大。分渠道看，尽管零售渠道因为前述因素出现下滑，餐饮渠道的销售整体是 保持正向增长的。2020年受到疫情影响出现短暂下降，2021、2022年基本恢复，2023年较2022年增长了 5%。初步测算，2024年奶酪行业零售渠道销量为11.14万吨，餐饮渠道销量为17.3万吨。 中国奶酪行业零售端特征 在零售端，奶酪产品主要是儿童零食、成人零食、家庭烘焙佐料等，其中儿童奶酪成为主流。凯度数据 显示，儿童奶酪约占我国奶酪零售市场的比重超过50%，预计未来一段时间内将持续占据主要份额，其 中又以奶酪棒为主。 转自：前瞻产业研究院 行业主要上市公司：光明乳业(600597);伊利股份(600887);妙可蓝多(600882);天润乳业(600419);新乳业 (002946);三元股份(600429);燕塘乳业(002732)等 与此同时，零售端家庭烘焙用佐餐奶 ...

据悉，本届奶业大会以"品质与品牌，奋进中的坚守；合作与共赢，变局中的选择"为主题，现场发表了 关于学生奶、灭菌乳、焕新消费等多篇章的主旨报告。同时，围绕"奶业战略研究、乳品营养健康与消 费、特色奶产业"等内容，举办六大板块19场内容前沿、引领行业发展的研讨会。 在开幕式《胸怀炬火·赋能十五五 中国奶业擎梁者再出发仪式》上，贝因美代表和其他企业代表一起， 举起了象征中国奶业"坚守品质、匠心传承、砥砺奋进"精神的火炬，这不仅是对贝因美多年来深耕乳品 安全与品质的认可，更彰显了公司在行业低谷期勇于担当、持续投入上游建设、致力于推动奶业高质量 发展的坚定决心。 7月13日-15日，第十六届奶业大会——奶业20强(D20)论坛暨2025中国奶业展览会在厦门隆重举行。贝 因美作为中国乳业长期以来的重要、坚定力量，深度参与了大会各项环节，其精心打造的以"全家营 养，健康守护"为核心的特色展台更是受到各级领导和观众的点赞。 此外，贝因美代表还亮相大会特别设置的《稳固上游 铸牢根基 中国乳品企业厦门倡议》发布环节，共 同承诺推进奶牛产业纾困，稳定奶业基础产能，引导"稳固上游 铸牢根基"理念深入人心，有力展现了 本届奶业大会汇聚 ...

公司报告 | 公司点评 百龙创园（605016） 证券研究报告 盈利水平持续提升，期待 25H2 国内阿洛酮糖成长 【业绩快报】25H1 公司营业收入/归母净利润分别为 6.5/1.71 亿元（同比 +22.29%/+42.68%），盈利能力持续改善。 盈利能力持续上行，预计核心单品高速成长。拆分至单季度，25Q2 公司营 业收入/归母净利润/扣非归母净利润分别为 3.36/0.89/0.86 亿元（同比 +20.49%/+35.07%/+42.93%），25Q2 公司归母净利率约 26.5%，同比+2.9pct， 环比+0.5pct。25Q2 业绩高增主要系：①24 年"年产 30,000 吨可溶性膳 食纤维项目"和"年产 15,000 吨结晶糖项目"投产放量，带动销售收入增 加；②产品结构持续优化。 关税政策对业绩扰动较小，期待下半年阿洛酮糖国内放量。 ①关税扰动：目前公司核心出口产品阿洛酮糖等均在关税豁免清单，且关 税基本由下游客户承担，对公司业绩影响较小；②阿洛酮糖展望：7 月 2 日国内阿洛酮糖作为食品原料审批落地，目前在海外应用范围包括饮料、 烘焙、乳制品等，阿洛酮糖不仅口味与蔗糖相似，同时能够发 ...

Group 1 - The core viewpoint of the news is that Jinpu Titanium Industry is undergoing a strategic transformation by divesting its titanium dioxide business and acquiring 100% equity of Lide Dongfang, shifting focus to the rubber products sector [1][2] - The company has faced continuous losses due to industry challenges, with an expected loss of 160 million to 186 million yuan in the first half of 2025, a significant increase from a loss of 20 million yuan in the same period last year [1] - The transaction involves asset swaps, issuance of shares, and cash payments, resembling a "reverse merger" while maintaining control by the major shareholders [1] Group 2 - The new business, Lide Dongfang, specializes in rubber hoses and sealing shock-absorbing components, serving stable downstream industries such as automotive and rail transit [2] - Market expectations are positive, as evidenced by a stock price surge after the announcement, indicating investor optimism about the strategic shift [2] - The rubber products industry has stable demand but is characterized by high concentration and moderate technical barriers, making the integration and technical transformation capabilities of Jinpu Titanium crucial for successful transition [2][3] Group 3 - Despite initial market enthusiasm, the integration of the new business will require time, and the rubber products sector is highly competitive with limited price elasticity [3] - The ability of Jinpu Titanium to achieve a turnaround in performance will depend on its execution and resource allocation in the new sector [3] - The initial stock price increase may reflect a recovery in sentiment, but the real challenge lies in the practical implementation of the transformation [3]

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][73]. Core Views - The liquor sector is showing signs of bottoming out, with a focus on the mid-year performance of the sector. The overall sentiment is improving due to policy expectations aimed at boosting domestic demand, leading to a recovery in the liquor sector after significant declines [2][11][13]. - The beer and beverage segments are entering a peak season, with expectations for strong mid-year performance. Companies like Yanjing Beer and Zhujiang Beer are projected to achieve substantial profit growth due to cost reduction and efficiency improvements [14][15][20]. - The report emphasizes the importance of consumer engagement and market health for liquor companies, suggesting a shift towards internationalization and targeting younger demographics [2][11][13]. Summary by Sections Liquor Sector - The liquor index rose by 1.4% this week, with major brands like Kweichow Moutai and Wuliangye focusing on brand strength and service enhancement. The sector is expected to recover from low valuations, although demand pressures remain significant [2][11][13]. - Recommended stocks include Kweichow Moutai, Shanxi Fenjiu, and Luzhou Laojiao, which have demonstrated strong risk resilience [2][11][13]. Consumer Goods - The beer segment is expected to benefit from seasonal demand, with Yanjing Beer and Zhujiang Beer forecasting a 40% to 50% increase in net profit for the first half of 2025 [14][15]. - The snack sector is experiencing volatility, with a recommendation for companies with strong performance certainty, such as Wei Long and Yan Jin [16]. - In the condiment sector, leading companies are expected to show resilience, with a focus on policy developments that could enhance the restaurant industry's vitality [17]. Frozen Foods and Dairy - Frozen food companies are actively developing new products to cater to both B2B and B2C markets, with a focus on convenience and smaller packaging [18]. - The dairy sector is anticipated to see a gradual recovery in demand, supported by favorable policies and improved supply dynamics [19]. Beverages - The beverage industry is entering a peak season, with leading companies like Dongpeng Beverage expected to continue expanding their market presence [20].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In the short - term, the port methanol market has intertwined long and short factors and is expected to maintain a range - bound pattern. Inland methanol prices are expected to have limited adjustment space under the background of weak supply and demand. It is expected that methanol prices will mainly fluctuate this week, with MA2509 running in the range of 2350 - 2420 [4]. Summary According to the Catalog 1. Daily Tips - **Fundamentals**: In the port market, the tense situation in the Red Sea may provide some macro - level support. However, with the recovery of overseas plants, the fundamentals may gradually return to a supply - demand pattern of relative looseness. In the inland market, most downstream industries have poor profitability or are selling at a loss. But the raw material methanol gap of major CTO plants in the northwest has widened, and some inland supplies can flow to the ports. Also, recent concentrated shutdowns of methanol plants in the production areas provide some support to the supply side. Overall, the adjustment space of inland methanol prices is expected to be limited this week [4]. - **Basis**: The spot price of methanol in Jiangsu is 2410 yuan/ton, with a basis of 30 for the 09 contract, indicating that the spot price is higher than the futures price [4]. - **Inventory**: As of July 10, 2025, the total social inventory of methanol in the East and South China ports was 56.76 tons, an increase of 6.79 tons from the previous period. The overall available and tradable methanol supply in the coastal areas increased by 3.65 tons to 31.29 tons [4]. - **Market Chart**: The 20 - day moving average is upward, and the price is below the moving average [4]. - **Main Position**: The main position is net short, and the short position is decreasing [4]. - **Expectation**: Methanol prices are expected to fluctuate this week, with MA2509 running in the range of 2350 - 2420 [4]. 2. Long and Short Concerns - **Long Factors**: Some plants have shut down, such as Yulin Kaiyue and Xinjiang Xinya; the methanol operating rate in Iran has decreased; the 600,000 - ton/year acetic acid plant in Jingmen has started production on May 16, and the 600,000 - ton/year acetic acid plant of Xinjiang Zhonghe Hezhong is planned to be put into production in the second half of this month; major CTO plants in the northwest have an increased demand for raw material methanol [6]. - **Short Factors**: Some previously shut - down plants have resumed production, such as Inner Mongolia Donghua; there are expected to be concentrated arrivals of ships at the ports in the second half of the month; the formaldehyde market has entered the traditional off - season, and the MTBE operating rate has significantly declined; coal - based methanol has a certain profit margin and is actively selling; some plants in the production areas have accumulated inventory due to poor sales [7]. 3. Fundamental Data - **Price Data**: Various prices of methanol in the spot and futures markets are provided, including the spot price in different regions (such as Jiangsu, Shandong, Hebei, etc.), the futures closing price, and the price changes of related products. For example, the spot price of methanol in Jiangsu is 2410 yuan/ton, and the futures closing price is 2396 yuan/ton [4][8]. - **Inventory Data**: As of July 10, 2025, the total social inventory of methanol in the East and South China ports was 56.76 tons, and the available and tradable supply in the coastal areas increased by 3.65 tons to 31.29 tons [4]. - **Operating Rate Data**: The operating rates in different regions (such as East China, Shandong, Southwest, and Northwest) and the national weighted average operating rate are provided, showing a downward trend in most regions [8]. - **Profit Data**: The production profits of different methanol production processes (coal - based, natural - gas - based, and coke - oven - gas - based) are provided, with different profit trends for each process [21]. - **Downstream Product Data**: The prices, production profits, and operating rates of traditional downstream products (formaldehyde, dimethyl ether, acetic acid) and MTO products are provided, showing different trends for each product [31][34][46]. 4. Maintenance Conditions - **Domestic Plants**: Multiple domestic methanol plants in different regions (Northwest, North China, East China, Southwest, and Northeast) are in various maintenance states, including planned and unplanned shutdowns, temporary shutdowns due to failures, and production capacity reductions [56]. - **Overseas Plants**: Overseas methanol plants, mainly in Iran, Saudi Arabia, Malaysia, Qatar, and the United States, have different operating conditions, including normal operation, restarting, and low - level operation [57]. - **Olefin Plants**: Olefin plants in different regions (Northwest, East China, Central China, Shandong, and Northeast) have different operating conditions, including normal operation, shutdown for maintenance, and low - load operation [58].

Core Viewpoint - The financial institutions in Nanhsiung City, Guangdong Province, have established an innovative "Four Have" financial service system to support the real economy and promote rural revitalization, injecting continuous financial momentum into local development [1][9]. Group 1: Investment Attraction - Guangdong Hongxing Hualu Industry Co., Ltd. is a key high-tech enterprise in Nanhsiung City with a total investment of 1.2 billion yuan, aiming to build a complete circular industrial chain with an expected annual output value of 2.8 billion yuan [2]. - The successful implementation of this project is supported by financial advisory services that enhance project evaluation and risk management [2][3]. - In 2024, Nanhsiung signed 144 new projects with a total investment of 6.776 billion yuan, and 157 new projects commenced construction [3]. Group 2: Rural Revitalization - Agricultural Bank's financial assistant, stationed in Wujing Town, provided tailored support to local farmers, helping them secure a low-interest loan of 2 million yuan, which significantly boosted their agricultural production [4]. - The farmer, Luo Wenqi, established a new agricultural technology company, generating an annual income of 1.5 million yuan and creating jobs for nearly 100 locals [4]. - The financial assistant model has facilitated the distribution of over 400 million yuan in loans to more than 2,000 farmers, enhancing financial accessibility [5]. Group 3: Small and Micro Enterprises Support - The fertile soil and favorable climate in Nanhsiung have led to the establishment of numerous grain and oil processing plants, such as Shunxiang Grain and Oil Processing Plant [6]. - Financial advisors from Nanhsiung Rural Commercial Bank provided tailored loan products to small enterprises, improving loan approval efficiency and supporting business growth [7]. - By the end of 2024, 65 financial advisors will cover all towns in Nanhsiung, offering comprehensive financial services [7]. Group 4: Financial Service Experience - The introduction of rural bond experience officers has improved access to financial services, allowing residents to purchase government bonds conveniently through mobile devices [8]. - A feedback platform has been established to collect suggestions from residents, enhancing the quality of financial services [8]. - The "Four Have" financial service system has shown initial success, marking a significant achievement in financial support for Nanhsiung [9].