Core Viewpoint - A new company named Junfeng (Yuxi) Trading Co., Ltd. has been established with a registered capital of 500,000 RMB, focusing on various construction-related activities [1] Company Summary - The legal representative of the newly established company is Chen Rui [1] - The registered capital of the company is 500,000 RMB [1] - The business scope includes sales of building materials, manufacturing of building blocks, processing of building stones, manufacturing and sales of bricks and tiles, retail and wholesale of hardware products, and sales of metal fittings for construction [1]

天眼查App显示，近日，云南平嘉市政材料有限责任公司成立，法定代表人为朱家龙，注册资本900万 人民币，经营范围为一般项目：建筑材料销售；市政设施管理；工程管理服务；工程技术服务（规划管 理、勘察、设计、监理除外）；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；技 术进出口；贸易经纪；国内贸易代理；进出口代理；销售代理；寄卖服务；五金产品批发；五金产品零 售；五金产品制造；五金产品研发；门窗销售；金属材料销售；有色金属压延加工；非金属矿及制品销 售；非金属矿物制品制造。（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）。 ...

Group 1 - A new company named Luohe Xiangli Trading Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Chen Quanfa [1] - The business scope includes sales of construction decoration materials, manufacturing of lightweight construction materials, and various other construction-related products and services [1] Group 2 - The company is involved in the retail of hardware products and sales of refractory materials, bricks, asbestos products, and cement products [1] - The company is permitted to operate independently based on its business license, excluding projects that require approval [1]

天眼查App显示，近日，漯河硕精建筑材料有限公司成立，法定代表人为李宗雨，注册资本100万人民 币，经营范围为一般项目：建筑材料销售；建筑装饰材料销售；轻质建筑材料销售；劳务服务（不含劳 务派遣）；园林绿化工程施工；建筑工程机械与设备租赁；建筑物清洁服务；工程管理服务；建筑砌块 销售；体育场地设施工程施工；金属门窗工程施工；建筑工程用机械销售；机械设备销售；土石方工程 施工；保温材料销售；室内木门窗安装服务；普通机械设备安装服务；五金产品批发（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）许可项目：建筑劳务分包；建设工程施工；城市建筑垃 圾处置（清运）；电气安装服务；测绘服务；建筑物拆除作业（爆破作业除外）；施工专业作业；住宅 室内装饰装修；路基路面养护作业；输电、供电、受电电力设施的安装、维修和试验；公路管理与养护 （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）。 ...

天眼查App显示，近日，崇义县微若思建材有限公司成立，法定代表人为李祥忠，注册资本200万人民 币，经营范围为一般项目：建筑材料销售，建筑用石加工，建筑装饰材料销售，会议及展览服务，租赁 服务（不含许可类租赁服务），机械设备租赁，技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广，非金属废料和碎屑加工处理，非金属矿及制品销售，资源再生利用技术研发，矿山机械 销售，金属矿石销售，农副产品销售，新型建筑材料制造（不含危险化学品），园林绿化工程施工，生 态环境材料销售，城市绿化管理，生态环境材料制造（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）。 ...

Core Viewpoint - Zhongqi New Materials experienced a significant stock price increase of 6.44% on September 5, closing at 56.37 yuan, with a total of 9 block trades amounting to 71,800 shares and a total transaction value of 34.227 million yuan [1]. Trading Details - The first block trade occurred at a price of 47.67 yuan for 200,000 shares, totaling 9.534 million yuan, with a discount rate of -15.43% [1]. - Subsequent trades maintained the same price of 47.67 yuan, with varying volumes and transaction values, all reflecting a consistent discount rate of -15.43% [2]. - The total transaction volume from the 9 trades amounted to 34.227 million yuan, with the largest single trade being 150,000 shares for a total of 7.1505 million yuan [2]. Recent Performance - Over the past three months, Zhongqi New Materials has recorded a total of 12 block trades with a cumulative transaction value of 46.5073 million yuan [3]. - In the last five trading days, the stock has declined by 3.95%, with a net outflow of 37.1545 million yuan in principal funds [3].

Group 1 - The core point of the article is that Leizhi Group's board of directors has approved a proposal not to adjust the conversion price of "Leizhi Convertible Bonds" downwards [2] Group 2 - The decision was made during the 34th meeting of the sixth board of directors [2] - The announcement was made on the evening of September 4 [2]

Report Summary 1. Market Performance on September 4, 2025 - **Stock Index Futures**: A-share market had a collective pullback. The Shanghai Composite Index fell 1.25% to 3765.88, the Shenzhen Component Index dropped 2.83% to 12118.70, and the ChiNext Index declined 4.25% to 2776.25. The trading volume reached 2544.3 billion yuan, an increase of 180.2 billion yuan from the previous day. The CSI 300 Index closed at 4365.21, down 94.62 [1][2]. - **Coke and Coking Coal**: The coke weighted index closed at 1585.0, down 21.9. The coking coal weighted index closed at 1093.5 yuan, down 21.7 [3][4]. - **Zhengzhou Sugar**: Affected by the expected sufficient supply in major producing countries, the US sugar oscillated lower on Wednesday. Zhengzhou sugar 2601 contract was pressured by the decline of US sugar and the reduction of spot prices, and continued to fall at night [5]. - **Rubber**: Shanghai rubber had a narrow - range fluctuation. Natural rubber was strong while 20 - rubber was weak. Supported by the strong rainfall in the Thai production area and the firm spot price in Southeast Asia, Shanghai rubber oscillated higher at night. Indonesia's total exports of natural rubber and mixed rubber in the first 7 months were 999,000 tons, a year - on - year increase of 10% [6]. - **Soybean Meal**: The CBOT soybean futures closed higher on September 4. The US soybean harvest will start in mid - to - late September. Brazil's soybean exports in September are expected to be 6.75 million tons. In the domestic market, the soybean meal futures price oscillated, with the M2601 contract closing at 3048 yuan/ton, a decline of 0.59% [6]. - **Live Hogs**: The live hog futures price oscillated weakly, with the LH2511 contract closing at 13365 yuan/ton, a decline of 1.37%. In September, the market supply is still under pressure, but the consumption is seasonally picking up [7]. - **Palm Oil**: The palm oil futures oscillated slightly. The main contract P2601 closed at 9390, up 0.23%. Malaysia's palm oil production in August is estimated to increase by 2.07% to 1.85 million tons [8]. - **Shanghai Copper**: The main contract of Shanghai copper closed at 79770 yuan/ton. The supply of copper concentrate is tight, and the cost supports the price. The domestic demand is expected to recover, but the export demand may decline [9]. - **Iron Ore**: The iron ore 2601 contract rose 1.67% to 791.5 yuan. The global shipment of iron ore has rebounded, and the demand is slightly weak, but the terminal demand in the peak season provides support [9]. - **Asphalt**: The asphalt 2510 contract fell 2.14% to 3468 yuan. The capacity utilization rate of asphalt continues to decline, and the short - term price will oscillate [10]. - **Cotton**: The main contract of Zhengzhou cotton closed at 13960 yuan/ton at night. The cotton inventory decreased by 167 lots [10]. - **Log**: The 2511 log contract opened at 797, closed at 797, with an increase of 317 lots. The spot prices in Shandong and Jiangsu remained unchanged. The external price increase drives the internal price up, and the market is in a game between strong expectation and weak reality [10][12]. - **Steel**: The rb2601 contract closed at 3117 yuan/ton, and the hc2601 contract closed at 3313 yuan/ton. The demand for steel is unstable, and the short - term price will fluctuate slightly [12]. - **Alumina**: The ao2601 contract closed at 2980 yuan/ton. The supply is becoming more abundant, and the cost support is weakening [13]. - **Shanghai Aluminum**: The al2510 contract closed at 20605 yuan/ton. The high - level oscillation of the main contract may continue, and the market is in a state of "macro - expectation support and fundamental suppression" [13]. 2. Core Views - The A - share market had a significant pullback on September 4, with increased trading volume [1]. - The prices of coke and coking coal are under pressure. The coking coal inventory is increasing, and the coke price increase is not implemented while some areas propose price cuts [5]. - The sugar market is affected by the expected sufficient supply, and the price is under pressure [5]. - The rubber market is supported by the supply - side situation in Southeast Asia [6]. - The soybean meal price oscillates due to sufficient domestic supply and potential supply from South America [6][7]. - The live hog market has supply pressure in the short term, but the consumption is seasonally improving [7]. - The palm oil market shows a slight upward trend, and the production in Malaysia is estimated to increase [8]. - The Shanghai copper price is affected by supply, cost, demand, and external factors such as US economic data [9]. - The iron ore price oscillates due to the change in supply - demand relationship and the support from the peak - season demand [9]. - The asphalt price oscillates with the decline of capacity utilization rate and general terminal demand [10]. - The log market is in a game between strong expectation and weak reality [12]. - The steel price has limited fluctuations, and the demand recovery will determine the future trend [12]. - The alumina price is under pressure due to increased supply and weakened cost support [13]. - The Shanghai aluminum price is in a balanced state between macro - expectation support and fundamental suppression [13]. 3. Factors Affecting Different Commodities Coke and Coking Coal - **Coke**: The eighth - round price increase is not implemented, and some areas propose the first - round price cut. The iron water production is 2.4013 million tons, a decrease of 0.62 million tons. The coal mine inventory has no pressure, and the total coking coal inventory is increasing [5]. - **Coking Coal**: The price of Tangshan Mongolian 5 refined coal is 1350, equivalent to 1130 on the futures market. The power consumption in China accounts for 30% of the terminal energy consumption, and is expected to exceed 40% by 2035. The mine inventory is increasing, the capacity utilization rate of independent coal washing plants has declined for 3 consecutive weeks, and the cumulative import growth rate has declined for 3 consecutive months [5]. Zhengzhou Sugar - The expected sufficient supply in major producing countries and the decline of US sugar and spot prices affect the price of Zhengzhou sugar [5]. Rubber - The strong rainfall in the Thai production area and the firm spot price in Southeast Asia support the price of Shanghai rubber [6]. Soybean Meal - In the international market, the US soybean harvest is approaching, and Brazil's exports are expected to increase. In the domestic market, the sufficient supply of imported soybeans, the potential supply from South America, and the increase of soybean meal inventory affect the price [6][7]. Live Hogs - The supply is under pressure in September, but the consumption is seasonally picking up due to the start of the school term [7]. Palm Oil - The production increase in Malaysia affects the price of palm oil [8]. Shanghai Copper - **Supply**: The domestic copper concentrate port inventory is low, and the refined copper production is expected to decline slightly. - **Cost**: The TC fee is negative, and the raw material price increase supports the copper price. - **Demand**: The export demand may decline due to US tariffs, but the domestic demand is expected to recover. - **External Factor**: The US non - farm payroll data on September 5 will affect the copper price [9]. Iron Ore - The global shipment of iron ore has rebounded to the annual high, and the arrival volume has increased. The iron water production has decreased slightly, but the peak - season demand provides support [9]. Asphalt - The capacity utilization rate of asphalt continues to decline, and the terminal demand is general [10]. Log - The external price increase drives the internal price up, and the market is in a game between strong expectation and weak reality [12]. Steel - The demand for steel is unstable during the off - peak to peak - season transition. The cost changes little, and the production may remain high [12]. Alumina - The supply is increasing due to the resumption of production lines and the stable output of new capacity. The cost support is weakening due to the decline of bauxite price [13]. Shanghai Aluminum - The market is in a state of "macro - expectation support and fundamental suppression", and the US non - farm payroll data on September 5 will affect the market sentiment [13].

智通财经APP获悉，高盛发布研报称，金隅集团(02009)上半年净亏损15亿元人民币，每股净亏损0.14元 人民币，对比去年同期净亏损8.1亿元人民币。经常性净亏损16.5亿元人民币。该行指，公司业绩差于该 行及市场预期，主要因为房地产开发利润低于预期。该行维持对金隅"中性"评级，目标价0.7港元。 该行对金隅今年至2027年每股经常性盈利预沽，由盈利0.01至0.02元人民币，转为亏损0.142至0.19元人 民币，反映建筑材料利润降低，部分被水泥单位毛利上升抵销。该行料短期内地水泥利润率持续低迷， 明年行业对未经授权产能的控制执行力度可见度将提高，预计金隅将受益。该行亦预计建筑材料利润将 因需求疲软持续低迷，房地产开发业务利润趋势将在明年和后年稳定，较今年改善，受低基数影响。 ...

Group 1 - The report indicates that buying stocks with "earnings exceeding expectations" during the mid-year reporting season does not yield sustained relative returns, as the market quickly digests the positive impact, unlike the first quarter reports which provide ongoing excess returns [3][12][20] - The mid-year reporting season exhibits severe growth illusion, making it difficult to construct effective stock selection strategies based on the relationship between earnings growth and the extent of exceeding expectations [4][31][36] - The "dilemma reversal" strategy is highlighted as a more effective approach for performance discovery during the mid-year reporting season, where stocks with downward earnings expectations in the first quarter but upward adjustments in the mid-year show significant advantages in relative returns [4][37][43] Group 2 - As of September 3, 2025, the proportion of stocks exceeding earnings expectations is 21.78%, lower than the historical average of 25.48%, but shows a significant recovery from the 15.53% low in 2024, indicating a positive shift in earnings expectations [5][54] - The report notes that only the non-bank financial, banking, and non-ferrous metal sectors have a higher proportion of upward earnings adjustments compared to downward adjustments, suggesting a lack of mainline opportunities for performance verification across industries [5][56] - The overall performance of the A-share market remains in a bottom-seeking phase, with the net profit growth rate for the Wind All A Index declining from 3.46% in the first quarter to 1.31% in the second quarter of 2025, indicating ongoing struggles in revenue and profit growth [53][54]