Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core Viewpoints of the Report - For precious metals, short - term observation is recommended as there is a possibility of correction in the short - to - medium term, and the market is in a state of multi - empty game [4]. - For copper, prices are expected to remain high before May Day due to short - term tariff alleviation, strong pre - holiday consumption, and supply - side speculation. After May Day, the impact on consumption should be monitored [10]. - For alumina, prices are expected to stabilize and fluctuate in the short term, and short - selling on rebounds is recommended [18]. - For electrolytic aluminum, prices are expected to fluctuate within a range, and attention should be paid to tariff policies and domestic demand - boosting policies [21]. - For zinc, prices may rebound due to low social inventory, but the fundamentals are under pressure, and short - selling on rallies can be considered [26]. - For lead, prices are expected to be relatively strong in the short term, and attention should be paid to macro factors and import profitability [31]. - For nickel, prices may fluctuate widely in the short term, and a mid - term strategy of short - selling on rebounds is recommended [36]. - For stainless steel, prices may fluctuate in the short term and decline in the medium term [43]. - For industrial silicon, the short - term price is expected to be weak, and short - selling on rallies is recommended [47]. - For polysilicon, the short - term price is expected to be weak, and short - term positive arbitrage should take profit and exit [49]. - For lithium carbonate, a strategy of short - selling on rebounds is recommended [54]. - For tin, prices are expected to adjust with fluctuations in the short term, and risk prevention is necessary [58]. Summary by Related Catalogs Precious Metals Market Review - On Friday, precious metals gave back the previous day's gains. London gold closed down 0.9% at $3318.62 per ounce, and London silver closed down 1.53% at $33.1 per ounce. Shanghai gold and silver futures also declined [2]. Important Information - Trump made statements about tariff negotiations, and the US 4 - month inflation expectations and consumer confidence index were released. The probability of the Fed maintaining or cutting interest rates was also given [2]. Logic Analysis - Trump's attitude softening boosted market risk appetite, but after China's clarification, the market entered a wait - and - see state. Precious metals may correct in the short - to - medium term [4]. Trading Strategy - Unilateral: Temporarily observe. - Arbitrage: Observe. - Options: Observe [5]. Copper Market Review - LME copper closed at $9375 on Friday, up $15 or 0.16%. LME and COMEX inventories increased [7]. Important Information - Trump made statements about trade agreements, and major copper producers' production and sales expectations were reported [8]. Logic Analysis - Macro: Trump's trade agreement plan. Supply: Concentrate processing fees are falling, and smelter losses may increase. Demand: Downstream consumption has decreased, but pre - holiday stocking demand has increased [10]. Trading Strategy - Unilateral: Prices will remain high before May Day. After May Day, short - selling opportunities can be considered if consumption is affected. - Arbitrage: Observe. - Options: Observe [10][11]. Alumina Market Review - The night - session futures contract of alumina 2505 fell by 8 yuan/ton to 2823 yuan/ton. Spot prices in different regions showed different trends [13]. Important Information - There were issues with the Guinean shipping terminal, and the market supply was in a state of increase and decrease alternation. The relationship between price and production capacity was also analyzed [14]. Logic Analysis - After price declines and increased losses, production capacity adjustments occurred. Short - term supply - demand surplus was alleviated, and the market focused on the ore end [16]. Trading Strategy - Unilateral: Short - sell on rebounds. - Arbitrage: Observe. - Options: Observe [18]. Electrolytic Aluminum Market Review - The night - session futures contract of Shanghai aluminum 2506 rose by 15 yuan/ton to 19970 yuan/ton. Spot prices in different regions increased [19]. Important Information - The Politburo meeting and Trump's tariff statements were reported, and aluminum ingot inventories decreased [19][20]. Logic Analysis - Tariff issues are in negotiation. Fundamentally, the weighted开工率 of aluminum processing is stable, and the import of aluminum ingots may limit price increases. The annual supply - demand is expected to be in surplus [21]. Trading Strategy - Unilateral: Prices will fluctuate within a range, and attention should be paid to tariff and domestic demand policies. - Arbitrage: Observe. - Options: Observe [21]. Zinc Market Review - LME zinc fell 2.22% to $2645.5/ton, and Shanghai zinc 2506 fell 0.86% to 22550 yuan/ton. Spot trading was light [23]. Important Information - The Politburo meeting, industrial enterprise profit data, and LME's plan for a low - carbon metal premium mechanism were reported [24][25]. Logic Analysis - In May, domestic zinc concentrate supply will be relatively loose, and refined zinc production will remain high. Consumption is expected to decline after the peak season [25]. Trading Strategy - Unilateral: Prices may rebound due to low inventory, but short - selling on rallies can be considered. - Arbitrage: Observe. - Options: Observe [26]. Lead Market Review - LME lead fell 0.84% to $1945/ton, and Shanghai lead 2506 fell 0.94% to 16855 yuan/ton. Spot trading showed different performances in different regions [28]. Important Information - The Politburo meeting and the approval of nuclear power projects were reported [31]. Logic Analysis - Domestic secondary lead smelting may cut production due to losses. Prices may be strong, but attention should be paid to import profitability [31]. Trading Strategy - Unilateral: Prices will fluctuate strongly in the short term, and attention should be paid to macro and import factors. - Arbitrage: Observe. - Options: Observe [31]. Nickel Market Review - LME nickel fell to $15490/ton, and inventories decreased. Spot premiums and prices showed different trends [33]. Important Information - The production capacity and project responses of some nickel - related companies were reported, and Vale's nickel production increased [33][35]. Logic Analysis - Macro sentiment affects short - term prices. In May, the domestic trade benchmark price of Indonesian nickel ore decreased, but the full price remained firm. Supply is high, and demand may decline [36]. Trading Strategy - Unilateral: Short - sell on rebounds in the mid - term. - Arbitrage: Observe. - Options: Sell out - of - the - money call options [39]. Stainless Steel Market Review - The main contract of stainless steel SS2506 fell to 12685 yuan/ton, and inventories decreased. Spot prices were reported [38][39]. Important Information - Steel Union's inventory statistics were reported [39]. Logic Analysis - Cost - driven price increases may end, and demand is unclear. Short - term prices follow nickel and macro factors, and may decline in the medium term [42]. Trading Strategy - Unilateral: Fluctuate in the short term and decline in the medium term. - Arbitrage: Observe [43]. Industrial Silicon Market Review - The futures price of industrial silicon fell 0.85% to 8780 yuan/ton, and spot prices continued to decline [45]. Important Information - An organic silicon factory planned to carry out maintenance [45]. Comprehensive Analysis - DMC prices are falling, and monomer enterprise maintenance is increasing. Demand is weak, and supply may increase. The price is in a negative cycle [46]. Strategy - Unilateral: Short - sell on rallies. - Options: Observe. - Arbitrage: Participate in reverse arbitrage of Si2511 and Si2512 [47]. Polysilicon Market Review - The futures price of polysilicon fell 1.84% to 38390 yuan/ton, and spot prices declined [49]. Important Information - National energy data showed an increase in photovoltaic installation [49]. Comprehensive Analysis - Component, silicon wafer, and battery prices are falling, and the industry is pessimistic about demand. The futures market has strong multi - empty games, and prices are expected to decline [49]. Strategy - Unilateral: Observe in the short term and pay attention to manufacturers' production of delivery products after the holiday. - Options: None. - Arbitrage: Take profit and exit the long PS2506 and short PS2511 arbitrage [50][51]. Lithium Carbonate Market Review - The main contract of lithium carbonate fell to 68180 yuan/ton, and spot prices declined [53]. Important Information - The progress of the automobile circulation reform and Tesla's situation in India were reported [53]. Logic Analysis - Production decreased last week, but inventory increased slightly, indicating weak demand. After May, supply may increase, and prices may be under pressure [53]. Pre - holiday Positioning Suggestion - Unilateral: Short - sell on rebounds. - Arbitrage: Observe. - Options: Hold put ratio options [54]. Tin Market Review - The night - session futures contract of Shanghai tin 2505 fell 0.3% to 262025 yuan/ton, and spot prices increased. Trading was light [56]. Important Information - Trump's trade agreement statements and Tin Industry Co.'s quarterly report were reported [57]. Logic Analysis - Trump's trade negotiation plan may cause market fluctuations. The short - term supply of tin ore is tight, but the annual supply - demand tension is relieved [58]. Trading Strategy - Unilateral: Adjust with fluctuations in the short term and pay attention to risks. - Options: Observe [58][60].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report analyzes various financial derivatives and commodity futures, including stock index futures, treasury bond futures, precious metals, shipping indices, non - ferrous metals, ferrous metals, agricultural products, etc. The overall market is affected by factors such as Trump's statement on tariff reduction, Fed's economic "Beige Book", and supply - demand fundamentals of different commodities. Suggestions for different products range from trading strategies like selling out - of - the - money put options, to long - short strategies and interval operations [2][3][5]. Summary according to the Table of Contents Financial Derivatives Financial Futures - **Stock Index Futures**: The export chain is picking up, and the trading sentiment of the index has risen. Although most of the four major stock index futures contracts fell, the A - share market may trade on the potential incremental stimulus policies from the Politburo meeting at the end of the month. It is recommended to sell out - of - the - money put options to earn premiums [2][3][4]. - **Treasury Bond Futures**: Treasury bond futures closed down across the board. In the short term, it is necessary to pay attention to the issuance of ultra - long - term special treasury bonds and the MLF roll - over. The bond market is expected to fluctuate in the short term and may rise after the implementation of reserve requirement ratio cuts and interest rate cuts. Suggested strategies include interval operations, positive spread arbitrage for TS contracts, and steepening the yield curve [5][6]. Precious Metals - **Gold and Silver**: Gold and silver prices showed a differentiated trend. Gold continued to correct, while silver strengthened due to its industrial properties. In the long - term, gold still has upward momentum, but in the short term, it may be volatile. Silver is expected to fluctuate in the range of $32 - 34. It is recommended to hold long positions in silver lightly [9][10][11]. Shipping Index (European Line) - **SCFIS**: The spot prices of some leading shipping companies have adjusted, and the shipping index has shown different trends. The market expects the supply - demand situation to improve in May, and the news of tariff reduction may boost the market. It is recommended to take a long position and consider widening the spread between August and June contracts [12][13]. Commodity Futures Non - Ferrous Metals - **Copper**: The spot price of copper has increased, and the supply of copper mines is tight. The demand side is strong, and the inventory is decreasing. The copper price is expected to fluctuate strongly in the short term, with the main contract reference range of 76,000 - 79,000 yuan/ton [14][17][18]. - **Zinc**: The spot price of zinc has increased, and the supply of zinc mines is abundant. The demand side is weak after the peak season. The zinc price may fluctuate in the short term, with the main contract reference range of 21,500 - 23,500 yuan/ton. It is recommended to take a short - selling approach in the medium - long term [19][20][21]. - **Tin**: The supply side is gradually recovering, and the demand side is uncertain. It is recommended to hold short positions on rebounds, with the short - term view of high - level fluctuations [21][22][23]. - **Nickel**: The market sentiment is stable, and the nickel price is expected to fluctuate. The cost has a certain support, but the medium - term supply is abundant. The main contract is expected to operate in the range of 122,000 - 128,000 yuan/ton [24][25][26]. - **Stainless Steel**: The market sentiment has recovered, but the fundamentals still have pressure. The price is expected to fluctuate weakly, with the main contract reference range of 12,600 - 13,000 yuan/ton [27][28][29]. - **Lithium Carbonate**: The supply pressure is obvious, and the demand is general. The inventory is high. The price is expected to fluctuate weakly, with the main contract reference range of 66,000 - 72,000 yuan/ton [30][31][33]. Ferrous Metals - **Steel**: The peak of apparent demand has passed, and the cold - hot spread is narrowing. The supply is high, and the demand is expected to weaken in the second quarter. The inventory has decreased. It is recommended to wait and see for single - side trading and pay attention to the support at the previous low for the long - steel short - ore strategy [34][35][36]. - **Iron Ore**: The iron ore price rebounded due to macro factors. The iron water output is high, and the supply is expected to increase. The inventory is decreasing. The price is expected to fluctuate widely [37][38]. - **Coke**: The first round of price increase has been implemented, and the second round may be proposed this week. The supply and demand situation has improved marginally. It is recommended to hold the long - coke short - coking coal strategy [39][40][41]. - **Coking Coal**: The market auction has weakened again, and the inventory is high. The price may still fall. It is recommended to use arbitrage strategies and continue to hold the long - coke short - coking coal strategy [42][43][44]. - **Silicon Ferrosilicon**: The price has decreased compared with the previous period. The supply has decreased, and the demand has increased slightly. The price is expected to fluctuate weakly [45][46][47]. - **Manganese Silico - manganese**: The steel procurement price has decreased. The supply has decreased, and the demand has also decreased slightly. The price is expected to fluctuate widely [48][50][51]. Agricultural Products - **Meal**: The domestic soybean meal basis is strong, while the US soybean lacks upward momentum. The Brazilian supply pressure is still being realized. It is recommended to close short positions and consider long - term long positions at low prices [52][53][54]. - **Pigs**: The consumption support is insufficient. The spot price fluctuates. It is necessary to pay attention to the performance of second - round fattening pigs' sales. The 09 contract is expected to fluctuate in the range of 14,000 - 14,800 yuan/ton [55][56][57]. - **Corn**: The spot price is stable and strong. The supply is tightening in the long - term, but the short - term increase is limited. The price is expected to fluctuate within a range [58]. - **Sugar**: The international raw sugar price fluctuates weakly, and the domestic sugar price maintains a high - level shock. The market expects an increase in production in the 25/26 season, which will suppress the price in the long - term [59]. - **Cotton**: The US cotton is bottom - oscillating, and the domestic demand has no obvious increase. It is necessary to pay attention to the weather and macro factors [61].

Report Industry Investment Ratings - Not provided in the content Core Views - Trump's tariff policy has led to significant fluctuations in overseas stock markets, suppressing market risk appetite. However, domestic monetary policy tools have sufficient room for adjustment, and institutions such as Central Huijin have increased their holdings of ETFs to stabilize the market. Policy encourages long - term capital to enter the market. [2][4] - The economic growth in the first quarter was good, but there may be pressure in the second quarter due to tariffs. Interest rates are in a game stage, expected to remain volatile in the short - term. [6] - There are differences between the net long positions of foreign gold management funds and the holdings of gold ETFs, and there is a risk of a short - term pullback in gold prices. [7] - The prices of various metals and energy chemicals are affected by factors such as supply and demand, policies, and tariffs, showing different trends. [10][11][40] Summaries by Categories Macro - financial Stock Index - The previous trading day saw mixed performance of major indexes, with a decline in trading volume. Macro news includes national measures to stabilize the stock market and real estate, and Trump - related tariff and interest - rate remarks. The financing amount decreased, and the overnight Shibor rate increased. [2] - The P/E ratios, P/B ratios, and dividend yields of major indexes are provided, along with the basis ratios of stock index futures. [3] - Affected by Trump's tariff policy, overseas stock market fluctuations suppress risk appetite. It is recommended to go long on IH or IF futures related to the economy and IC or IM futures related to "new - quality productivity" after the tariff impact weakens. The strategy is to buy IM long - positions on dips. [4] Treasury Bonds - On Friday, the main contracts of TL and T rose, while TF and TS fell. Fiscal revenue data shows a decline in tax revenue and an increase in non - tax revenue. Trump called for the Fed to lower interest rates. The central bank conducted reverse repurchase operations, achieving a net injection. [5][6] - Economic growth in the first quarter was good, but there may be pressure in the second quarter. Interest rates are in a game stage, expected to remain volatile in the short - term. Attention should be paid to policy signals from the end - of - April meeting and economic data. [6] Precious Metals - The prices of Shanghai gold and COMEX gold rose, while Shanghai silver and COMEX silver fell. Trump expressed confidence in a tariff agreement, and the VIX index declined. The net long positions of foreign gold management funds decreased, while the holdings of global gold ETFs increased significantly. There is a risk of a short - term pullback in gold prices. [7] - It is expected that the Fed will maintain a hawkish stance in May. It is recommended to hold existing gold long - positions, and the cost - effectiveness of opening new long - positions is low. For silver, it is recommended to wait and see. [8] Non - ferrous Metals Copper - Last week, copper prices fluctuated slightly higher. Exchange inventories decreased, and the spot import was slightly in deficit. The LME market shifted from premium to discount. The scrap copper supply was tight, and the operating rate of recycled copper rod enterprises decreased. Trump's statement and the approaching Politburo meeting may bring positive sentiment. In the short - term, prices may fluctuate. [10] Aluminum - Last week, aluminum prices fluctuated weakly. Domestic and LME inventories decreased, and the spot premium increased. The demand for photovoltaic - related aluminum is strong. The impact of tariffs is limited, and domestic aluminum prices are expected to be supported by the decline in inventory, with the possibility of a wider spread between months. [11] Zinc - Last week, zinc prices continued to decline. Domestic and overseas inventories showed different trends, and the basis and spread changed. The supply is expected to be loose, and downstream procurement is expected to weaken. In the short - term, prices may fluctuate at a low level, and there is a risk of further decline in the medium - term. [12][13] Lead - Last week, lead prices rebounded after a decline. Domestic and overseas inventories decreased, and the basis and spread strengthened slightly. The supply is generally loose, and the demand is stable. In the short - term, prices may fluctuate strongly, and in the medium - term, they are expected to fluctuate in a range. [14] Nickel - Last week, nickel prices recovered due to the alleviation of tariff concerns. The supply is expected to increase, the demand for high - priced nickel is limited, and the cost support may weaken. It is recommended to short on rallies. [15] Tin - Last week, tin prices fluctuated. The supply may decrease in April, and the demand has improved but its sustainability is uncertain. The inventory has decreased. In the short - term, prices are expected to fluctuate at a high level. [16] Lithium Carbonate - The price of lithium carbonate decreased slightly. The impact of tariffs has faded, and the price has entered the bottom - cost area. Production has decreased, and inventory accumulation has slowed. The supply and demand may weaken, and the price is likely to fluctuate weakly. [18] Alumina - The alumina index fell. The spot price remained unchanged, the basis was positive, and the overseas price was stable. The supply is still in surplus, but there are more production cuts recently. It is recommended to wait and see. [19] Stainless Steel - The price of stainless steel decreased. The spot price was stable, and the basis increased. The raw material price was stable, and the inventory decreased. The sales were slow, and the price decline was limited by cost inversion. [20] Black Building Materials Steel - The prices of rebar and hot - rolled coil decreased. The registered warehouse receipts decreased, and the positions increased. The spot price also decreased. The "tariff issue" has a great impact on the overall commodity price, and the demand for steel is affected. The supply and demand of steel have different trends, and the inventory is decreasing. The market shows a pattern of "strong reality, weak expectation". [22][23] Iron Ore - The price of iron ore decreased. The overseas mine shipments were stable, the arrival volume increased, the demand may weaken, and the inventory decreased. In the short - term, it will wait for consolidation, and in the later stage, there is downward pressure on the price. [24] Glass and Soda Ash - The spot price of glass decreased, the sales were weak, and the inventory decline slowed. The spot price of soda ash was stable, the supply was at a high level, and the inventory decreased slightly. The demand for soda ash from photovoltaic glass provides some support, and it is expected to run weakly. [25][26] Manganese Silicon and Ferrosilicon - The price of manganese silicon continued to decline, and the price of ferrosilicon also decreased. The supply is relatively strong, and the demand is weak. The cost of manganese ore may continue to decline, and there is a risk of further price decline. For ferrosilicon, the production is decreasing, but the demand may also weaken. It is recommended to wait and see or follow the short - term trend. [27][28][29] Industrial Silicon - The price of industrial silicon accelerated its decline. The supply is in surplus, and the demand is insufficient. Downstream industries have over - supply, and the production of industrial silicon is still expanding. It is recommended to wait and see or follow the short - term trend. [32][33] Energy and Chemicals Rubber - The global financial market is volatile, and the decline in rubber prices has released most of the risks. The bulls expect price increases due to production - cut expectations, while the bears are bearish due to weak demand. The operating rate of tire enterprises decreased, and the inventory increased. It is expected to fluctuate, and short - term operations are recommended. [36][37][38] Crude Oil - The prices of WTI, Brent, and INE crude oil futures increased. European oil product inventories showed different trends, with an overall increase in refined oil inventories. It is believed that the oil price has bottomed out, and investors are advised to take profits on dips and wait for a turning point. [40][41][42] Methanol - The 09 - contract price of methanol increased, while the spot price decreased. The supply is expected to increase, and the demand may weaken. It is recommended to short on rallies, and pay attention to the 9 - 1 spread and the PP - 3MA spread. [43] Urea - The 09 - contract price of urea increased, while the spot price decreased. The supply will remain high, and the demand will be strong. The inventory is expected to decrease, and it is suitable to go long on dips, with a positive - spread strategy for the 9 - 1 spread. [44] Styrene - The price of the 06 - contract of styrene increased, while the spot price decreased. The cost is affected by the price of crude oil and pure benzene, and the downstream demand is weak. It is recommended to wait for opportunities to short on rallies. [45] PVC - The price of the PVC09 contract decreased slightly. The cost is stable, the supply and demand are weak, and the inventory is decreasing. In the short - term, it is expected to fluctuate weakly, and in the medium - term, the valuation center will continue to decline. [46][47] Ethylene Glycol - The price of the EG09 contract increased, while the spot price decreased. The supply decreased, and the demand increased. The inventory is decreasing, but there is a risk of negative feedback in the industry chain. It is expected to fluctuate weakly in the short - term. [48] PTA - The price of the PTA09 contract increased, and the spot price also increased. The supply is in the maintenance season, and the demand is affected by the downstream. The inventory is decreasing, and the processing fee is under pressure. It is recommended to wait and see. [49] p - Xylene - The price of the PX09 contract increased, and the CFR price also increased. The supply is in the maintenance season, and the demand is affected by the downstream. The inventory is decreasing, and the valuation is low. It is recommended to wait and see. [50][51] Polyethylene (PE) - The price of PE decreased. The supply will increase in the second quarter, the demand is weakening, and the price is expected to decline in the medium - and long - term. [52] Polypropylene (PP) - The price of PP increased slightly. The cost is supported, the supply will increase, and the demand will decline seasonally. It is expected to fluctuate weakly. [53] Agricultural Products Live Pigs - The domestic pig price mainly declined over the weekend. The terminal demand is limited, and the price may decline in the north and remain stable in the south. It is advisable to short on short - term rebounds. [55] Eggs - The domestic egg price was mainly stable over the weekend, with a slight decline in some areas. The supply is mostly sufficient, and the demand is average. The price may rise slightly and then stabilize, with a risk of decline later. It is recommended to wait for short - selling signals. [56] Soybean and Rapeseed Meal - The domestic soybean meal price increased locally over the weekend, with a trend of inventory accumulation in the future. The开机率 is expected to increase. The price of U.S. soybeans is affected by weather and tariffs. The cost of imported soybeans is expected to rise steadily, and domestic soybean meal is expected to fluctuate in a range. [57][58] Oils and Fats - The export of Malaysian palm oil increased in April, and the production also increased. The price of crude oil has an impact on the valuation of oils and fats. The supply of oils and fats is increasing seasonally, and there is a risk of price decline. If the macro - economy stabilizes, there may be support. [59][60] Sugar - The price of Zhengzhou sugar futures rebounded slightly. The domestic supply and demand are in a tight balance, and the price is relatively resistant to decline. In the short - term, the price may fluctuate, and in the long - term, it may decline if the weather improves. [61][62] Cotton - The price of Zhengzhou cotton futures fluctuated narrowly. The spot price increased slightly, and the basis was positive. The operating rate of spinning and weaving mills decreased, and the inventory increased. The domestic supply and demand are in a tight balance, and the price trend depends on downstream consumption. [63][64]

Core Viewpoint - The financial report of Yongjin Co., Ltd. for 2024 indicates a significant increase in net profit, but a slowdown in revenue growth highlights challenges in the core business profitability and market demand [1][4][5]. Revenue Growth and Industry Pressure - In 2024, Yongjin Co., Ltd. achieved an operating revenue of 41.861 billion yuan, a year-on-year increase of 4.98%, which is an improvement from 0.81% in 2023 but significantly lower than 53.43% in 2021 and 29.16% in 2020 [4]. - The slowdown in revenue growth reflects the severe domestic and international conditions faced by the stainless steel industry, despite a 16.95% increase in the production of cold-rolled stainless steel products [4]. - The rolling quarter-on-quarter revenue growth for 2024 was -3.18%, indicating significant volatility in quarterly revenues, potentially linked to cyclical fluctuations in stainless steel prices and the company's market responsiveness [4]. Net Profit and Non-Recurring Profit Discrepancy - The attributable net profit for 2024 was 800.5 million yuan, a year-on-year increase of 77.75%, while the non-recurring net profit was 678 million yuan, up 58.85% [5]. - The gap of 127 million yuan between non-recurring and attributable net profit suggests a substantial contribution from non-core business income, such as asset disposals and government subsidies, rather than actual profitability from core operations [5]. - The gross profit margin for 2024 was 5.74%, an increase from 4.79% in 2023, indicating room for improvement in cost control and product value enhancement [5]. Overseas Expansion and Associated Risks - In 2024, Yongjin Co., Ltd. accelerated its overseas market expansion, with projects in Vietnam and Thailand reaching significant milestones [7]. - The company has established a customer base in key overseas markets such as South Korea, Japan, Mexico, India, and Turkey, but faces challenges from geopolitical risks, currency fluctuations, and local policy changes [7]. - Despite efforts to enhance market share in the appliance and electronics sectors through strategic partnerships, the company’s brand influence and market share in overseas markets remain in the early stages compared to the domestic market [7].

Core Viewpoint - The article emphasizes the resilience and entrepreneurial spirit of Fujian people, highlighting their ability to adapt and thrive despite challenging geographical and historical circumstances [3][10]. Group 1: Historical Context - Fujian's geography is characterized by "eight mountains, one water, and one field," which has historically limited agricultural potential and necessitated a focus on maritime activities for survival [7][8]. - The region has a rich history of maritime trade, being a starting point for the Maritime Silk Road, connecting Fujian with the world through the export of silk, porcelain, and tea [10][12]. Group 2: Cultural Insights - Fujian culture is marked by a blend of openness and conservatism, where the people strive to live beautifully while maintaining a strong connection to their roots [10][12]. - The local customs include paying respects to ancestors and historical figures, reflecting a deep appreciation for heritage and community [12]. Group 3: Business Examples - Anta Sports, founded by Ding Shizhong, has grown into a top global sportswear brand by focusing on quality and customer trust, distinguishing itself in a competitive market [15][16]. - Contemporary examples include CATL (Contemporary Amperex Technology Co., Limited), which has become a leader in the global battery market, supplying major automotive brands and expanding into new industries like electric shipping and smart energy solutions [19][21]. Group 4: Economic Development - The article notes the evolution of Fujian's economy, with traditional industries adapting to modern demands, such as the rise of companies like Luckin Coffee and Qingtuo Group, which have made significant impacts in their respective sectors [19][21]. - The narrative illustrates how the local population has transitioned from challenging maritime lifestyles to more prosperous living conditions, showcasing economic growth and resilience [22][24].