Core Insights - The profits of industrial enterprises above designated size in China decreased by 1.1% year-on-year from January to May 2025, with a significant drop of 9.1% in May alone, marking the largest decline since October of the previous year [2][3] Group 1: Profit Trends - The manufacturing sector's profit growth rate increased by 5.4% year-on-year from January to May, outperforming the overall profit growth rate of industrial enterprises by 6.5 percentage points [2] - State-owned enterprises experienced a profit decline of 7.4%, while private enterprises saw a profit increase of 3.4% during the same period [4] Group 2: Factors Influencing Profitability - The decline in profits is attributed to external environmental shocks, continuous decreases in the Producer Price Index (PPI), and insufficient domestic demand [3] - The average collection period for accounts receivable exceeded 70 days, indicating significant asset turnover pressure within the industrial sector [3] Group 3: Impact of Tariffs - State-owned enterprises were more adversely affected by tariffs compared to private enterprises, with state-owned profits declining by 18.1% in May [3][4] - The rising costs due to tariffs have eroded profits, as some enterprises bear the tariff costs themselves, while others face supply chain adjustment costs [6] Group 4: Sector-Specific Performance - The profits of the large equipment manufacturing sector surged by 60%-120%, driven by new production capabilities and supportive policies [2] - Downstream industries such as entertainment products, textiles, and food manufacturing faced significant profit declines of -27.0%, -18.3%, and -7.0% respectively in May [6]

"省委十一届九次全会深入贯彻落实习近平总书记考察河南重要讲话，制定'1+2+4+N'目标任务体系， 作出建设'五个强省'战略安排。新乡将牢记领袖嘱托，聚焦目标任务，抓发展、强治理、惠民生、转作 风，为奋力谱写中原大地推进中国式现代化新篇章作出更大贡献。"6月25日，新乡市委书记李卫东在接 受采访时表示，将以"新"引擎全力助推强省建设。 着力推动高效互联互通。以重大交通基础设施建设为先导，建好跨境电商综合试验区、国家骨干冷链物 流基地，发展公铁、陆海多式联运，加快建成交通强市，把交通优势转化为枢纽优势、开放优势、发展 优势。 着力建设农业创新高地。扛牢中原农谷建设重任，推进新一轮三年行动计划，强化农业科技和装备支 撑，推动产学研深度融合，打造国家级、国际化农业创新高地，加快建成农业强市。 着力构建现代化产业体系。新乡专精特新企业数量全省第二，规上工业规模全省第三。新乡将突出"产 业兴市"，以科技创新引领产业创新，做大做强装备制造、化工、生物医药、食品制造等主导产业，加 快建设制造强市，更好融入服务全国统一大市场。 着力培育壮大数字经济。以中小企业数字化转型试点城市建设为抓手，加快企业智能场景应用全覆盖， 统筹推 ...

序号股东名称持股比例1青岛亿创联投投资发展有限公司80%2青岛参发展食品有限公司20% 来源：金融界 经营范围含许可项目：食品销售。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体 经营项目以相关部门批准文件或许可证件为准）食品互联网销售（仅销售预包装食品）；互联网销售 （除销售需要许可的商品）；国内贸易代理；信息技术咨询服务；道路货物运输站经营；数据处理和存 储支持服务；销售代理；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；物联网应 用服务；服装服饰批发；包装服务；电子过磅服务；日用品批发；汽车装饰用品销售；厨具卫具及日用 杂品零售；体育用品及器材零售；文具用品零售；自动售货机销售；劳动保护用品销售；日用产品修 理；外卖递送服务。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 天眼查App显示，近日，青岛一参行健康食品有限公司成立，法定代表人为刘世玉，注册资本200万人 民币，青岛亿创联投投资发展有限公司、青岛参发展食品有限公司持股。 企业名称青岛一参行健康食品有限公司法定代表人刘世玉注册资本200万人民币国标行业制造业>食品 制造业>其他食品制造地址山东省青岛市李沧 ...

天眼查App显示，近日，别样清欢（河源）食品科技有限公司成立，法定代表人为林燕燕，注册资本 1000万人民币，由别样泡泡（上海）食品科技有限公司全资持股。 企业名称别样清欢（河源）食品科技有限公司法定代表人林燕燕注册资本1000万人民币国标行业制造业 >食品制造业>其他食品制造地址河源市高新区高新五路147号金地创谷2号楼二楼A区-73（仅限办公场 所使用）企业类型有限责任公司(自然人投资或控股的法人独资)营业期限2025-6-24至无固定期限登记机 关河源市市场监督管理局 序号股东名称持股比例1别样泡泡（上海）食品科技有限公司100% 来源：金融界 经营范围含许可项目：饮料生产；食品生产；特殊医学用途配方食品生产；保健食品生产；婴幼儿配方 食品生产；乳制品生产；茶叶制品生产；粮食加工食品生产；食品销售。（依法须经批准的项目，经相 关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）技术服务、技术 开发、技术咨询、技术交流、技术转让、技术推广；自然科学研究和试验发展；医学研究和试验发展； 农业科学研究和试验发展；食品销售（仅销售预包装食品）；婴幼儿配方乳粉及其他婴幼儿配方食品销 售；保 ...

Group 1 - The company, Henan Jindan Lactic Acid Technology Co., Ltd, issued 7,000,000 convertible bonds with a total fundraising amount of approximately RMB 689.61 million [1][13] - The bonds have a face value of RMB 100 each and are set to be listed on the Shenzhen Stock Exchange [1][2] - The initial conversion price for the bonds is set at RMB 20.94 per share, which is based on the average trading price of the company's stock prior to the announcement [1][2] Group 2 - The company specializes in the research, production, and sales of lactic acid and its derivatives, with a production capacity of 183,000 tons per year [9][10] - The main products include lactic acid, sodium lactate, and calcium lactate, which are widely used in food, feed, biodegradable materials, and pharmaceuticals [9][10] - The company has been recognized as a leading enterprise in the lactic acid industry, exporting products to over 90 countries and regions [9][10] Group 3 - For the fiscal year 2024, the company reported a revenue of RMB 150.54 million, a year-on-year increase of 6.15%, primarily due to increased sales of lactic acid and lactate products [11] - The operating profit and net profit attributable to shareholders decreased significantly by 67.93% and 56.01% respectively, mainly due to impairment losses [11][12] - The net cash flow from operating activities increased by 634.96% to RMB 26.05 million, attributed to reduced procurement costs for corn raw materials [12] Group 4 - The company plans to use the proceeds from the convertible bonds for projects including the construction of a 75,000-ton biodegradable material project, with total project investment estimated at RMB 1.03 billion [8][15] - As of December 31, 2024, the company had utilized RMB 504.15 million of the raised funds, with the remaining funds allocated for ongoing project construction [15] - The project to produce biodegradable materials is currently under construction and is expected to reach operational status by August 2025 [15][17]

Core Viewpoint - The doubling of tariffs on steel and aluminum to 50% by the Trump administration is significantly impacting U.S. food manufacturers, leading them to reconsider their packaging strategies and shift towards alternatives like sterile cartons, glass, and plastic [1][2][3]. Group 1: Impact on Food Manufacturers - Pacific Coast Producers, a major canned food supplier, is facing a 6% increase in special steel costs due to the new tariffs, which could lead to annual losses of up to $40 million and a planned 24% price increase for customers [1][3]. - The influx of imported canned goods from China and Southeast Asia has been driving down prices for domestic products since 2017, exacerbating the impact of the new tariffs [1][3]. - Companies are exploring alternative packaging solutions, such as sterile cartons from Tetra Pak and SIG Group, to mitigate rising costs [2][3]. Group 2: Industry Response and Trends - The beverage industry is also affected, with Coca-Cola indicating a potential shift towards plastic packaging if aluminum costs rise significantly [2][5]. - The American Glass Packaging Association is seeing opportunities to capture market share from aluminum cans due to the tariffs [3][4]. - Analysts suggest that if tariffs persist, companies will need to rethink their packaging strategies to maintain profitability [3][4]. Group 3: Challenges in Transitioning Packaging - Transitioning to alternatives like glass or sterile cartons presents logistical and cost challenges, as glass is generally more expensive due to its heavier weight [4][5]. - The majority of aluminum used in beverage cans is recycled, which may shield some manufacturers from tariff impacts [4][5]. - Companies that have diversified their packaging options, like Coca-Cola, may adapt more easily to tariff changes compared to those focused solely on canned products [5][6].

Core Viewpoint - The credit rating agency maintains the long-term credit rating of Qiaqia Food Co., Ltd. at AA with a stable outlook, reflecting the company's strong competitive advantages in the snack food manufacturing industry and its solid financial position [1][3][4]. Company Overview - Qiaqia Food Co., Ltd. is a leading manufacturer of snack foods in China, primarily engaged in the research, production, and sales of nut and seed products [10]. - As of March 2025, the company has a registered capital of 507 million yuan and operates 35 subsidiaries [10]. Financial Performance - For the year 2024, Qiaqia achieved total revenue of 71.31 billion yuan and a profit of 10.79 billion yuan, with a significant increase in revenue from nut products [10][17]. - The company's cash assets were reported at 49.52 billion yuan as of 2024, with a debt-to-asset ratio of 43.04% [9][10]. - The EBITDA for 2024 was 13.19 billion yuan, indicating strong operational cash flow [9]. Competitive Advantages - The company maintains a strong brand reputation, stable supply chain, innovative product processes, and extensive distribution networks, which contribute to its competitive edge in the snack food sector [3][4][12]. - Qiaqia has established a robust procurement system for raw materials, ensuring quality and stability through direct partnerships with farmers and international suppliers [13][19]. Market Position and Challenges - The snack food industry is characterized by intense competition, with Qiaqia facing challenges such as fluctuating raw material prices and the need to adapt to changing consumer preferences [4][5][11]. - The company is expanding its product lines and optimizing its product structure to capture growth in emerging markets [3][4]. Future Outlook - The outlook for Qiaqia is positive, with expectations of enhanced market strength through continued expansion into lower-tier markets and the introduction of new products [4][11]. - Potential factors for rating upgrades include significant improvements in capital strength and market demand for its products [4][5].

Group 1 - The 8th World Minnan Business Conference was held in Fuzhou, focusing on gathering Minnan business strength and promoting development [1][2] - Over 1,600 representatives from 91 countries and regions attended the conference, discussing future opportunities and development plans [1] - The conference included the announcement of 95 outstanding entrepreneurs awarded the title of "Outstanding Builders of Non-Public Economy in Fujian Province" [1] Group 2 - The conference serves as an important platform for promoting Minnan spirit, enhancing foreign openness, and facilitating investment and project cooperation [2] - A total of 20 cooperation projects were signed during the investment promotion meeting, with a total amount of 24.53 billion yuan, covering industries such as new energy, new materials, and artificial intelligence [2] - The first Overseas and Domestic New Generation Minnan Business Conference was successfully held, and 15 overseas and domestic new generation business associations signed cooperation agreements [2]

[Table_Summary] ★外需走弱但国补生效，经济数据表现分化 国 债 期 货 经济数据表现分化。生产端：1）5 月工增同比增 5.8%，低于前 值和预期，外需走弱应是核心原因，另外长期偏低的物价也应 制约了工业生产的上涨。2）政策发力进一步加速了假期需求释 放，服务业生产指数同比增 6.2%，较前值上升 0.2 个百分点。需 求端：1）1-5 月，制造业投资累计增速录得 8.5%，前值 9.8%， 外需走弱压力逐渐凸显，企业逐渐减少了长期债务和资本开 支；2）地产数据再度普遍走弱，居民部门内生性扩张意愿不 足，且 4-5 月缺乏有效稳地产政策的支撑。3）5 月社零同比增 6.4%，高于前值和预期，结构上出行社交、可选消费表现较 强，应是受到了国补等政策支撑以及"618"活动前置的影响。 4）1-5 月基建累计增速录得 10.4%，前值 10.9%，今年地方专项 债发行节奏不及市场预期，基建增速逐渐转弱。 综合 4-5 月来看，经济数据表现出了一定韧性，Q2 实现 5%的增 长难度不大。但 Q3 基本面的压力会逐渐显现：1）随着关税豁 免逐渐到期，外需走弱的压力会进一步显性化，且抢出口本身 也具有透支 ...

| 发行人全称 | 板块 | 审核状态 | 注册地 | 行业分类 | 保荐机构 | | --- | --- | --- | --- | --- | --- | | 上海超硅半导体股份有限 | 科创板 | 已受理 | 下滑 | 计算机、通信和其 | 长江证券承销保 | | 公司 | | | | 他电子设备制造业 | 荐有限公司 | | 深圳市恒运昌真空技术股 | 科创板 | 已受理 | 广东 | 专用设备制造业 | 中信证券股份有 | | 份有限公司 | | | | | 限公司 | | 西百菲乳业股份有限公 | 主板 | 已受理 | 广西 | 食品制造业 | 国融证券股份有 | | lo | | | | | 限公司 | 招股书显示，百菲乳业主要从事乳制品和含乳饮料的研发、生产与销售，产品包括以生水牛乳、生牛乳为主要原料的灭菌乳、调制乳、发酵乳、巴氏杀菌乳 和含乳饮料等。 智通财经APP获悉，6月13日，上交所披露，广西百菲乳业股份有限公司(百菲乳业)、深圳市恒运昌真空技术股份有限公司(恒运昌)、上海超硅半导体股份有 限公司(上海超硅)上交所IPO申请已获受理。 上海超硅主要从事全球半导体市场需求最大的300 m ...