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【广发宏观王丹】4月EPMI初步显示外需影响
郭磊宏观茶座· 2025-04-21 09:46
Core Viewpoint - The April EPMI (Emerging Industry PMI) decreased by 10.2 points to 49.4, marking the largest decline for this month since 2014, with the absolute level being the second lowest for the same period, only higher than April 2022 [1][6][5]. Summary by Sections EPMI Overview - The April EPMI stands at 49.4, down 10.2 points, indicating a significant contraction in emerging industries [6][5]. - Among seven major sub-industries, only three are in the expansion zone, a decrease of four from March [1][7]. Sub-Indicators Analysis - Production, product orders, and export orders fell by 16.1, 15.4, and 17.6 points respectively, with export orders dropping below 40 [2][7]. - The production-to-demand ratio is at 2.6, better than the averages for 2023 and 2024 [2][7]. - Price indicators have also declined, with purchase prices and sales prices down by 4.8 and 4.4 points respectively [2][8]. - Employment indicators fell by 5.9 points, the largest monthly decline in 2023, with foreign trade estimated to support around 170 million jobs, accounting for 24% of total employment [2][7]. - Loan difficulty decreased by 3.3 points, indicating a more relaxed monetary policy environment [2][9]. Manufacturing PMI Outlook - The manufacturing PMI is likely to slow down in April, typically a peak season for industry, but historically shows a slight decline compared to March [3][9]. - High-frequency data indicates a slowdown in industries related to external demand, while domestic demand sectors like steel and coke show stronger operating rates [3][10]. Sector Performance - The energy-saving and environmental protection, as well as the biotechnology sectors, experienced relatively smaller declines, indicating their lower correlation with external demand [3][10]. - The new generation information technology, new energy vehicles, and new energy sectors are leading with a prosperity index above 50, driven by trends in artificial intelligence and supportive policies [3][11]. Policy Response - The EPMI data reflects external demand impacts, prompting policy attention, with the State Council emphasizing the need for counter-cyclical adjustments [4][12]. - A special long-term bond issuance of 1.3 trillion yuan is set to accelerate fiscal progress, with expectations for policy measures to stabilize growth in the upcoming months [4][12].
中材节能: 中材节能股份有限公司董事会议事规则(2025年第一次修订)
Zheng Quan Zhi Xing· 2025-03-26 11:16
中材节能: 中材节能股份有限公司董事会议事规则 (2025年第一次修订) 中材节能股份有限公司 董事会议事规则 第一章 总则 第一条 为完善中材节能股份有限公司(以下简称"公司")法人治理结构, 规范公司董事会的议事方式和决策程序,明确董事会的职责权限,提高董事会 规范运作和科学决策水平,根据《中华人民共和国公司法》(以下简称"公司 法")等有关法律法规及《中材节能股份有限公司章程》(以下简称《公司章 程》)的规定,并结合公司实际情况,制定本规则。 第二条 公司依法设立董事会,受股东大会委托,负责公司经营管理,对股 东大会负责。 第三条 董事会应在《公司法》、《公司章程》、股东大会授予的职权及本 议事规则规定的范围内行使职权,不得超越职权范围,并不得干涉董事对其自 身权利的处分。 第四条 公司董事会由 8 名董事组成,由股东各方推荐,股东大会选举产生 或更换,并可在任期届满前由股东大会解除其职务。董事任期三年,任期届满, 可连选连任。 董事会设董事长一人,公司可根据实际情况设副董事长。董事长和副董事 长由董事会以全体董事的过半数选举产生。 第五条 董事会议事实行会议制度。董事会会议分为定期会议和临时会议, 定 ...