多家华尔街投行看好中国"反内卷"政策。继高盛后，摩根大通发声称：中国"去产能"政策或将提振股 市。 近日，中国召开的中央财经委员会第六次会议明确要求，依法治理企业低价无序竞争，推动落后产能有 序退出，成为国家层面给出的反内卷政策新信号。同时，钢铁、水泥、电池、塑料加工等多个行业协会 也陆续发起了"反内卷"号召。 7月9日，摩根大通最新研报显示，中国政府治理产能过剩的政策若执行得当，将对股市和全球贸易产生 积极影响。该行策略师Wendy Liu表示，中国行业龙头企业尤其是新能源汽车和房地产相关公司，有望 从更强的定价能力、更高的收入市场份额和更健康的利润率中受益。 高盛分析师认为，此次政策表述显示重心正从此前的"反内卷"短期措施转向更加根本性的产能退出机 制。 摩根大通表示，这些政策可能缓解通胀压力并提升利润率，同时通过抑制中国低价出口来减少贸易摩 擦。 据澎湃近日报道，7月1日召开的中央财经委员会第六次会议，对推进全国统一大市场建设进行部署。会 议强调，纵深推进全国统一大市场建设，要聚焦重点难点，依法依规治理企业低价无序竞争，引导企业 提升产品品质，推动落后产能有序退出。 据该投行统计，目前所有产能过剩行业的 ...

以下文章来源于镜相工作室 ，作者镜相作者 镜相工作室 . 商业世界的风向与人 将投中网设为"星标⭐"，第一时间收获最新推送 工作日的下午，义乌丁店村一座两千平米的工厂深处，一排注塑机轰隆作响，空气中有新塑料加热后 的气味。一大袋粉色的pc颗粒灌入注塑机，仅需十来秒，就变成一个个带蝴蝶结形状的马桶坐浴 盆，再由机械臂取走放置在传送带上，最终整齐地码在箱子里。 十几位工人的工作更多是最后的组装和打包。有的正在组装方形冰桶，有的打包手办展示柜，还有的 给纸巾盒打上塑封。大卡车停在工厂门口，这些日用小百货即将通过义乌极尽成熟的物流网络，送进 千家万户的冰箱、厨房、卫生间。 这些看似不起眼的塑料小物件，背后有着精妙的设计：红色的冰桶由带按键和时间刻度的盖子、软胶 冰格、收纳冰块的抽屉组成，只要按压一下，冰块就能脱模，掉落到抽屉里收纳起来。手办展示柜不 仅是一个透明塑料盒子，还加入了可拆卸的挡板、用于固定手办的防滑条，还能搭配贴纸、灯带等配 件自己DIY。这些是张小杰拼多多店铺里最畅销的商品。他29岁，在拼多多上做生意的第九年，靠卖 这些小物件卖出了两个亿。 作者丨 李丹 编辑丨 王悦闻 来源丨 镜相工作室 义乌最不缺的 ...

Core Viewpoint - The company Longhong High-Tech is attempting to acquire 100% equity of Guangxi Changke, which is controlled by the same actual controller, Tao Chunfeng, and this transaction is classified as a related party transaction. The acquisition aims to enhance the company's competitive edge in the synthetic resin and plastic production sector, aligning with its existing business operations [1][3]. Group 1: Acquisition Details - Longhong High-Tech signed a share acquisition intention agreement with three parties on July 7, 2023, regarding the acquisition of Guangxi Changke [1]. - This is not the first attempt by Longhong High-Tech to acquire Guangxi Changke; a previous cash acquisition plan was announced on August 31, 2023, but was terminated after just over a month due to market changes and failure to reach consensus on core transaction conditions [3][6]. - Guangxi Changke specializes in the research, production, and sales of special synthetic resin polymer materials, with products that can replace imported materials, thus providing potential for domestic market growth [3]. Group 2: Financial Performance - Guangxi Changke's financial performance showed significant revenue growth from 402.61 million yuan in 2021 to 607.47 million yuan in 2022, but net profit declined from 22.55 million yuan to 10.52 million yuan, and further to a loss of 17.60 million yuan in the first half of 2023 [4]. - The company's total assets as of June 30, 2023, were 266.51 million yuan, with total liabilities of 176.44 million yuan, indicating a challenging financial position [5]. - Longhong High-Tech's net profit has been declining since its IPO in 2020, with a reported loss of 16.43 million yuan in the first quarter of 2025, attributed to production efficiency upgrades and declining sales prices [9]. Group 3: Capital Movements - The actual controller, Tao Chunfeng, has been actively involved in capital movements, including a planned private placement to raise up to 1.2 billion yuan, with part of the funds potentially aimed at supporting the acquisition [12][13]. - Following the termination of the acquisition, the planned private placement amount was significantly reduced, indicating a shift in financial strategy [14]. - Longhong High-Tech has also initiated another private placement to raise up to 300 million yuan for various projects, including technology upgrades and working capital [15][16].

沧州明珠塑料股份有限公司 董事会审计委员会议事规则 第一章 总则 第一条 为强化董事会决策功能，做到事前审计、专业审计，确保董事会对经 理层的有效监督，完善公司治理结构，根据《中华人民共和国公司法》《中华人民 共和国证券法》和《沧州明珠塑料股份有限公司章程》 （以下简称"《公司章程》"） 及其他有关规定，公司特设立董事会审计委员会，并制定本议事规则。 第二条 审计委员会是董事会按照《公司章程》设立的专门工作机构，主要负 责负责审核公司财务信息及其披露、监督及评估内外部审计工作和内部控制，同时 行使《公司法》规定的监事会职权。 第二章 人员组成 第三条 审计委员会成员由三名董事组成，其中独立董事两名，委员中至少有 一名独立董事为专业会计人士。公司董事会成员中的职工代表可以成为审计委员会 成员。 第四条 审计委员会委员由董事长、 二分之一以上独立董事或者全体董事的 三分之一提名，并由董事会选举产生。 第五条 审计委员会设主任委员（召集人）一名，由独立董事委员担任，负责 主持委员会工作；主任委员在委员内选举，并报请董事会批准产生。 第六条 审计委员会任期与董事会一致，委员任期届满，连选可以连任。期间 如有委员不再担 ...

【聚烯烃周报】产能投放压力仍大，需求弱势 研究员：周琴 期货从业证号：F3076447 投资咨询证号：Z0015943 目录 | 第一章 | 综合分析与交易策略 | 2 | | --- | --- | --- | | 第二章 | 核心逻辑分析 | 4 | | 第三章 | PE周度数据追踪 | 11 | | 第三章 | PP周度数据追踪 | 27 | GALAXYFUTURES 1 综合分析与交易策略 【综合分析】 三季度PP、PE仍有较大产能投放压力，四季度投产节奏放缓，尤其是塑料下半年标品投产预期仅50万吨，标品投产压力较上半年明显减 轻。但并非供应收紧，上半年检修高位，下半年存量开工存回升预期，终端需求同比弱势，目前看不到能扭转需求弱势的强有力因素，因 此也缺乏上涨动力，策略上仍以逢高沽空为主。 【策略】 单边：中短期偏空思路对待。 套利：暂时观望； 期权：暂时观望。（观点仅供参考，不作为买卖依据） GALAXYFUTURES 2 目录 | 第一章 | 综合分析与交易策略 | 2 | | --- | --- | --- | | 第二章 | 核心逻辑分析 | 4 | | 第三章 | PE周度数据追踪 | 9 ...

证 券 研 究 报 告 谁卷？谁赢？——反内卷行业比较 2025年7月8日 证券分析师：姚 佩 执业编号：S0360522120004 邮箱：yaopei@hcyjs.com 证券分析师：丁炎晨 执业编号：S0360523070005 邮箱：dingyanchen@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 谁卷？谁赢？——反内卷行业比较 证 券 研 究 报 告 ┃ 摘要 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 2 • 7/1中央财经委会议聚焦供给侧优化和"反内卷"竞争，参考2015-2016年供给侧改革经验，后续相关产业有望出台具体方案。 • "反内卷"重点行业：高库存、高CAPEX、低产能利用率、价格水平低。从库存、CAPEX、产能利用率、价格水平4个角度筛选当前"内卷" 程度更高的行业，也是下半年政策发力的重点领域。周期：化工（化学制品、橡胶、非金属材料），有色（能源金属等），煤炭，钢铁（普钢、 冶钢原 ...

Group 1 - The State Intellectual Property Office of China granted a patent for "Preparation of Polycaprolactone Shape Memory Materials and Their Preparation Methods and Applications" to Sinopec Nanjing Chemical Research Institute Co., Ltd., China Petroleum & Chemical Corporation, and Sinopec Group Nanjing Chemical Industry Co., Ltd. The patent announcement number is CN116041680B, with an application date of October 2022 [1][2][3] Group 2 - Sinopec Nanjing Chemical Research Institute Co., Ltd. was established in 1994, located in Nanjing, with a registered capital of 80 million RMB. The company has made investments in 3 enterprises, participated in 461 bidding projects, and holds 1,649 patent records [1] - China Petroleum & Chemical Corporation was founded in 2000, based in Beijing, with a registered capital of approximately 12,173.97 million RMB. The company has invested in 263 enterprises, engaged in 5,000 bidding projects, and possesses 5,000 patent records [1] - Sinopec Group Nanjing Chemical Industry Co., Ltd. was established in 1985, also located in Nanjing, with a registered capital of approximately 2,402.15 million RMB. The company has invested in 16 enterprises, participated in 5,000 bidding projects, and holds 569 patent records [2]

Core Viewpoint - The stock of Dazhong Southeast has experienced significant price increases, achieving a cumulative rise of 78.52% over 11 trading days, with 7 of those days being limit-up days [2] Trading Performance - The stock recorded a trading volume of 437 million shares and a transaction amount of 1.902 billion yuan on the latest trading day, with a turnover rate of 23.25% [2] - The total market capitalization of the stock reached 8.584 billion yuan, with the circulating market capitalization also at 8.584 billion yuan [2] Margin Trading Data - As of July 7, the margin trading balance for the stock was 325 million yuan, with a financing balance of 325 million yuan, reflecting an increase of 61.49 million yuan from the previous trading day, a growth of 23.36% [2] - Over the past 11 days, the margin trading balance has increased by 162 million yuan, representing a growth of 99.29% [2] Institutional Activity - The stock has appeared on the Dragon and Tiger list four times due to significant price deviations and trading volume [2] - Institutional investors have net bought 56.43 million yuan, while the cumulative net purchase from the Shenzhen Stock Connect was 46.02 million yuan [2] - The total net buying from brokerage seats amounted to 29.36 million yuan [2] Financial Performance - According to the Q1 report released on April 30, the company achieved total operating revenue of 311 million yuan, a year-on-year increase of 0.02%, and a net profit of 4.6588 million yuan, a year-on-year increase of 152.25% [2]

Core Viewpoint - The China Plastics Processing Industry Association (CPPIA) organized a themed party day event to celebrate the 104th anniversary of the founding of the Communist Party of China, emphasizing the importance of adhering to the Central Eight Regulations and strengthening the integrity and self-discipline of its party branch [1][2]. Group 1 - The CPPIA party branch conducted a special party class focusing on the implementation of the Central Eight Regulations and the importance of maintaining integrity and self-discipline within the organization [1]. - The event included a speech by Wang Shicheng, Deputy Secretary of the China Light Industry Federation, and was attended by all party members and staff from the CPPIA [1]. - Wang Zhanjie, the party branch secretary, provided a systematic interpretation of the learning's significance, discussing the Central Eight Regulations and their implications, as well as sharing experiences and case studies [1][2]. Group 2 - The meeting emphasized the need for all party members to deeply understand and integrate the important discussions by General Secretary Xi Jinping regarding party conduct, while continuously enhancing party character [2]. - The CPPIA aims to strengthen its long-term mechanisms for supervision and assessment, ensuring that the results of conduct improvement translate into work motivation for the association and the industry [2]. - The party class aimed to enhance the awareness of integrity and self-discipline among party members, improve work styles, and reinforce the sense of responsibility, contributing to the high-quality development of the plastics industry [2].

【环球时报驻德国特约记者 青木】"德国正研究如何为能源密集型企业提供数十亿欧元补贴，这是总理 默茨提升德国重工业竞争力承诺的一部分"，英国《金融时报》6日援引消息人士的话报道称，德国经济 部长卡特琳娜·赖歇计划将符合电价补贴条件的德国企业数量从350家扩大至2200家，而据初步估算，德 国将要为此投入约40亿欧元。"商业内幕网"6日报道称，德国经济部正着手制定工业电价补贴方案—— 这是德国联盟党和社民党联合执政协议中旨在降低工业企业用电成本的核心措施。德国政府表示，在经 济增长乏力的背景下，优先保障工业企业减负对维持就业至关重要。 争议声中扩大工业支持 《金融时报》报道称，该措施将在3年内承担企业最高达50%的电费支出。德国经济部表示，该计划旨 在为化工、玻璃和塑料行业提供"迅速可靠"的支持，这些行业"通过价值链对其他行业产生深远影响"。 德国经济部认为，该计划符合欧盟上月制定的新国家援助框架。欧盟委员会上月表示，将允许成员国补 贴工业企业最高达50%的电费成本以助其脱碳。据《金融时报》报道，赖歇曾向布鲁塞尔方面施压，要 求允许对德国重工业提供更多国家支持，其理由是若欧元区最大经济体恢复增长，整个货币联盟都将 ...