Core Viewpoint - The company plans to sell its wholly-owned subsidiary, De Rui Mining Co., Ltd., for a total transaction price of 135 million yuan to optimize resource allocation and improve cash flow for its main business [1][2]. Summary by Sections Basic Situation Overview - The company will transfer 100% equity of De Rui Mining for 135 million yuan, after which it will no longer hold any shares in De Rui Mining, and the latter will be excluded from the company's consolidated financial statements [1]. External Guarantee Basic Situation - The company previously provided a loan guarantee for De Rui Mining's associate company, Zhongdu Ruihua Mining Development Co., Ltd., with a maximum guarantee amount of 240 million yuan based on a 30% equity stake [2]. - As of the announcement date, the company has a guarantee balance of 143.13 million yuan for De Rui Mining [3]. Transaction Target Basic Situation - As of April 30, 2025, De Rui Mining's total assets were approximately 168.15 million yuan, total liabilities were 111.75 million yuan, and net profit was approximately 1.45 million yuan [5]. Impact of External Guarantee and Follow-up Arrangements - The external guarantee is a passive result of the equity sale and will be managed through a counter-guarantee agreement with the buyer, Fengyang Mining Investment Holding Co., Ltd. [7][8]. - The company will not provide new guarantees for De Rui Mining and its associate during the approved guarantee period [7]. Board of Directors' Opinion - The board believes that the external guarantee is manageable and will not significantly impact the company's daily operations, and they will ensure the buyer fulfills the obligation to release the guarantee [10].

Core Viewpoint - The credit rating agency has assigned a stable outlook to Sichuan Hebang Biotechnology Co., Ltd. (referred to as "Hebang Bio"), reflecting its competitive advantages in cost and product diversification, despite facing significant challenges in profitability and operational risks in the coming years [3][6][7]. Financial Performance - Hebang Bio's total assets are projected to be CNY 298.45 billion in 2025, with total liabilities at CNY 90.80 billion [3]. - The company's operating revenue is expected to decline sharply to CNY 17.26 billion in 2025, down from CNY 85.47 billion in 2024, indicating a significant drop in sales [3]. - The net profit attributable to shareholders is forecasted to plummet by 97.55% in 2024, reflecting the adverse impact of industry cyclicality [3][7]. - The company's EBITDA interest coverage ratio is expected to remain stable, with total debt to total capital at 31.46% [3][7]. Business Segments - Hebang Bio's main business segments include chemicals, pesticides, and photovoltaic products, with key products being soda ash, glyphosate, and glass [3][6]. - The company is expanding its methionine and mineral products business, which are expected to become new profit growth points [3][7]. - The mining segment is facing significant uncertainty and risks related to overseas cooperation and political factors, which could impact operational stability [7][9]. Industry Environment - The chemical and agricultural sectors are experiencing downward price trends, with major products like soda ash and glyphosate entering a price decline phase due to oversupply [11][13]. - The glass and photovoltaic industries are also under pressure, with demand expected to weaken in the short term, leading to a supply-demand imbalance [11][12]. - The overall market for glyphosate is influenced by transgenic policies and demand fluctuations, particularly in major markets like South America [14][15]. Risk Factors - The company faces significant capital expenditure pressures and risks related to inventory impairment, with inventory value projected to increase to CNY 45.45 billion by the end of 2024 [7][9]. - Environmental and safety risks are heightened due to stricter national policies and the nature of some products being classified as hazardous [6][7]. - The mining sector's operational risks are compounded by geopolitical factors and the uncertainty of exploration outcomes [7][9].

General Principles - The purpose of the independent director system is to improve the governance structure of Zhejiang Samsung New Materials Co., Ltd. and protect the interests of minority shareholders and stakeholders [1] - Independent directors must not hold any other positions in the company and should have no direct or indirect interests that could affect their independent judgment [1][2] Responsibilities and Duties - Independent directors have a duty of loyalty and diligence to the company and all shareholders, participating in decision-making, supervision, and providing professional advice [2] - The company must ensure that independent directors account for at least one-third of the board, including at least one accounting professional [2][3] Qualifications for Independent Directors - Candidates for independent directors must meet specific qualifications, including independence, relevant knowledge, and at least five years of experience in legal, accounting, or economic fields [5][6] - Independent directors can serve on the boards of a maximum of three domestic listed companies to ensure they have sufficient time to fulfill their responsibilities [6][7] Independence Criteria - Individuals with certain relationships or interests, such as family members of company employees or significant shareholders, are prohibited from serving as independent directors [4][5] - Independent directors must conduct annual self-assessments of their independence and submit reports to the board [5] Nomination and Election Process - Independent director candidates can be proposed by the board or shareholders holding at least 1% of the company's shares, and must be approved by the shareholders' meeting [11][12] - The election of independent directors must follow a cumulative voting system, ensuring transparency in the voting process for minority shareholders [11][12] Responsibilities and Voting Rights - Independent directors are responsible for participating in board decisions, supervising potential conflicts of interest, and providing objective advice to enhance decision-making [21][22] - They have the right to independently hire external consultants, propose meetings, and express independent opinions on matters that may harm the company or minority shareholders [22][23] Meeting Procedures - Independent directors must attend board meetings and can delegate their voting rights if unable to attend, ensuring their opinions are still represented [24][25] - Special meetings for independent directors must be held regularly, with proper notice and documentation maintained for at least ten years [30][31] Support and Compensation - The company must provide necessary resources and support for independent directors to perform their duties effectively [34][35] - Independent directors are entitled to compensation that reflects their responsibilities, which must be approved by the shareholders' meeting [41][42] Implementation and Amendments - This independent director system will be implemented upon approval by the shareholders' meeting and may be amended in accordance with future regulations [43][44]

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given content. 2. Core Viewpoints of the Report - The profit of float glass enterprises has slightly increased, and the daily melting volume is relatively stable. With the glass from the previously ignited production lines expected to be available this week and no clear plans for new production line ignition or shutdown, the supply side may continue to increase slightly. - The terminal demand for float glass remains weak. However, driven by improved market sentiment, spot-futures traders and distributors in the North China market are more active in purchasing, and downstream industries are replenishing their stocks due to rigid demand. As a result, most factories have significantly reduced their inventories. - The glass price is expected to fluctuate in the near term, with the support level for the 01 contract at 1250 yuan. It is recommended to adopt a short - term trading strategy of selling high and buying low and pay attention to setting stop - losses. [2][21] 3. Summary by Directory 3.1 Chapter 1: Market Review - The spot price of the domestic float glass market has risen, with an average price of 1190 yuan/ton, a increase of 13.88 yuan/ton compared to the previous period. - In the North China market, the upward trend is obvious. Driven by market sentiment, the purchasing enthusiasm of spot - futures traders and distributors is high, and downstream industries are replenishing their stocks due to rigid demand. Most factories have significantly reduced their inventories, and prices have been raised multiple times. - In the East China market, the negotiation focus has increased. Boosted by macro - sentiment and continuous price increases in the peripheral market, the prices of most enterprises in the East China region have risen. Processors have replenished their stocks moderately, and the trading atmosphere is acceptable. [8] 3.2 Chapter 2: Analysis of Price Influencing Factors 3.2.1 Supply Analysis - As of July 24, the average operating rate of the float glass industry was 75.1%, a decrease of 0.43 percentage points month - on - month; the average capacity utilization rate was 79.14%, an increase of 0.07 percentage points month - on - month. With the glass from the previously ignited production lines expected to be available and no clear plans for new production line ignition or shutdown, the supply side may continue to increase slightly. - As of July 24, the weekly average profit of float glass using natural gas as fuel was - 168.36 yuan/ton, an increase of 10.54 yuan/ton compared to the previous period; the weekly average profit of float glass using coal - made gas as fuel was 128.93 yuan/ton, an increase of 7.10 yuan/ton; the weekly average profit of float glass using petroleum coke as fuel was 53.42 yuan/ton, an increase of 58.18 yuan/ton. [11] 3.2.2 Demand Analysis - As of July 15, 2025, the average order days of national deep - processing sample enterprises was 9.3 days, a decrease of 2.1% month - on - month and 7.0% year - on - year. In mid - July, most deep - processing enterprises reported that their orders basically remained at the previous level, with no signs of improvement in demand. Currently, the profit level is still low, and a few enterprises reported a continued decline in orders. - The terminal demand for float glass remains weak. From January to June 2025, the cumulative completed area of real estate was 22566.61 million square meters, a year - on - year decrease of 14.8%. In June 2025, the inventory warning index of Chinese automobile dealers was 56.6%, a decrease of 5.7 percentage points year - on - year and an increase of 3.9 percentage points month - on - month. The inventory warning index is above the boom - bust line, indicating a decline in the prosperity of the automobile circulation industry. According to data from the China Association of Automobile Manufacturers, the automobile production in June was 2.799 million vehicles, and the sales volume was 2.904 million vehicles. [13] 3.2.3 Inventory Analysis - As of July 24, 2025, the total inventory of national float glass sample enterprises was 61.896 million heavy boxes, a decrease of 3.043 million heavy boxes compared to the previous period, a month - on - month decrease of 4.69% and a year - on - year decrease of 7.74%. The inventory days were 26.6 days, a decrease of 1.3 days compared to the previous period. - Driven by market sentiment, the purchasing enthusiasm of spot - futures traders and distributors in the North China region has increased, and downstream industries are replenishing their stocks due to rigid demand. Most factories have significantly reduced their inventories, leading to a larger decline in regional inventory. In the East China market, the overall sales have improved, and the inventory has continued to decrease month - on - month. With the continuous increase in peripheral prices and the narrowing of regional price differences, most enterprises in the East China region have adjusted their prices, which has accelerated the sales speed. At the same time, due to the relatively appropriate prices of over - aged and qualified products of some enterprises in Jiangsu and Anhui, processors have replenished their stocks moderately, and enterprises have significantly reduced their inventories. [16] 3.2.4 Position Analysis - As of July 25, the long positions of the top 20 members in the glass futures market were 773,747, an increase of 28,882; the short positions were 950,052, an increase of 14,998. The net position of the top 20 members was bearish. [19] 3.3 Chapter 3: Market Outlook and Investment Strategy - The profit of float glass enterprises has slightly increased, and the daily melting volume is relatively stable. With the glass from the previously ignited production lines expected to be available this week and no clear plans for new production line ignition or shutdown, the supply side may continue to increase slightly. - The terminal demand for float glass remains weak. Driven by market sentiment, spot - futures traders and distributors in the North China market are more active in purchasing, and downstream industries are replenishing their stocks due to rigid demand. Most factories have significantly reduced their inventories. In the future, attention should be paid to the changes in the start - up of float glass production lines. - The glass price is expected to fluctuate in the near term, with the support level for the 01 contract at 1250 yuan. It is recommended to adopt a short - term trading strategy of selling high and buying low and pay attention to setting stop - losses. [21]

德力股份（002571）公告，公司拟以1.35亿元的交易价格将其持有的凤阳德瑞矿业有限公司100%股权 转让给凤阳县矿投投资控股有限公司。本次交易完成后，公司不再持有德瑞矿业股权，德瑞矿业不再纳 入公司合并报表范围。本次交易有利于公司进一步优化资源配置，优化资产和业务结构，补充现金流， 符合公司的经营发展规划和战略布局，有利于公司未来长远可持续发展。本次交易预计产生约650万的 亏损。本次交易有利于补充主营业务现金流，对公司的财务状况及经营不会造成重大不利影响,实际影 响公司损益金额须以会计师事务所出具的审计报告为准。 ...

Report Industry Investment Rating - No information provided Core Viewpoints - The supply of soda ash is expected to remain abundant, demand will continue to decline, and prices will remain under pressure. It's recommended to consider buying put options for the soda ash main contract [2] - The probability of a correction in the glass market has increased. Although the fundamentals of glass have improved, the terminal demand has not improved. It's advisable to wait and see for now [2] Summary by Relevant Catalogs Futures Market - The closing price of the soda ash main contract was 1316 yuan/ton, down 124 yuan; the closing price of the glass main contract was 1223 yuan/ton, down 139 yuan [2] - The net position of the top 20 soda ash traders was -290077, an increase of 8272; the net position of the top 20 glass traders was -176305, an increase of 8320 [2] - The soda ash 9 - 1 contract spread was -76 yuan, an increase of 1 yuan; the glass 9 - 1 contract spread was -64 yuan, an increase of 31 yuan [2] - The soda ash basis was -50 yuan/ton, an increase of 38 yuan; the glass basis was -150 yuan/ton, a decrease of 7 yuan [2] Spot Market - The price of North China heavy soda ash was 1390 yuan/ton, an increase of 70 yuan; the price of Central China heavy soda ash was 1325 yuan/ton, an increase of 50 yuan [2] - The price of East China light soda ash was 1250 yuan/ton, an increase of 75 yuan; the price of Central China light soda ash was 1250 yuan/ton, an increase of 55 yuan [2] - The price of Shahe glass sheets was 1212 yuan/ton, an increase of 48 yuan; the price of Central China glass sheets was 1230 yuan/ton, an increase of 40 yuan [2] Industry Situation - The operating rate of soda ash plants was 83.02%, a decrease of 1.08 percentage points; the operating rate of float glass enterprises was 75%, a decrease of 0.34 percentage points [2] - The in - production capacity of glass was 15.89 million tons/year, an increase of 0.11 million tons; the number of in - production glass production lines was 223, unchanged [2] - The inventory of soda ash enterprises was 178.36 million tons, a decrease of 8.1 million tons; the inventory of glass enterprises was 6189.6 million heavy boxes, a decrease of 304.3 million heavy boxes [2] Downstream Situation - The cumulative value of new construction area in the real estate industry was 30364.32 million square meters, an increase of 7180.71 million square meters; the cumulative value of completed area was 22566.61 million square meters, an increase of 4181.47 million square meters [2] Industry News - The State Council deployed measures to gradually implement free preschool education [2] - The CSRC aimed to consolidate the market's stable and positive trend and improve the market - stabilizing mechanism [2] - The CSRC approved the registration of linear low - density polyethylene, polyvinyl chloride, and polypropylene monthly average price futures [2] - The CSRC solicited public opinions on the revised "Corporate Governance Guidelines for Listed Companies" [2] - From January to June, the total profit of industrial enterprises above the designated size was 34365.0 billion yuan, a year - on - year decrease of 1.8% [2] - In the first half of 2025, the stamp duty revenue was 1953 billion yuan, a year - on - year increase of 19.7%; the securities trading stamp duty was 785 billion yuan, a year - on - year increase of 54.1% [2]

近期监管趋严，短期波动加大 目录 玻璃基本面 01 1、玻璃行情回顾 本月玻璃走势整体较强。在原料支撑及持续不断地政策刺激下，玻璃本月持续大幅反弹。月末， 由于短期过快上涨，带来交易所监管，引发大跌。 数据来源： 博易大师 正信期货研究院 900 1400 1900 2400 2900 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 2021年 2022年 2023年 2024年 2025年 2、估值--套利 -1000 -500 0 500 1000 1500 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 2021年 2022年 2023年 2024年 2025年 01-05 1000 1200 1400 1600 1800 2000 2200 2400 2600 2800 3000 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 沙河安全 2021年 2022年 2023年 2024年 2025年 -400 -300 -200 -100 0 100 200 300 400 500 600 1月 2月 3月 4月 5 ...

【产业库存】本周全国浮法玻璃样本企业总库存6189.6万重箱，环比下降304.3万重箱或4.69%，同比减少7.74%，连 降5周创今年2月份以来新低，折库存天数26.6天，较上期下降1.3天，尤其库存前期累积明显的华中地区，降幅最为 明显，进一步提振市场情绪。 【成本利润】成本方面，石油焦制、煤炭制、天然气制玻璃成本分别为1052、1008、1438元/吨，环比变化分别为-1 、+4、-4元/吨；生产利润分别为53.4、128.9、-168.4元/吨，环比变化分别为+58.18、+7.4、+10.54元/吨。 玻璃：政策预期热度降温，价格波动放大 纯碱：交易所发布风险函，警惕价格回调 分析师：何慧 咨询账号：Z0011420 中辉期货研究院 2025.07.25 能源化工团队 郭建锋 F03126846 何 慧 Z0011420 郭艳鹏 F03104066 李 倩 F03134406 玻璃：政策预期热度降温，价格波动放大 【供应端】本周浮法玻璃行业开工率为75%，周环比下降0.34个百分点；产能利用率为79.48%，周环比增加0.57%， 日产量为15.9万吨，周环比小幅增加0.73%；周产量110.81万 ...

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃周报 2025.7.21-7.25 上周玻璃期货大幅上涨，主力合约FG2509收盘较前一周上涨25.99%报1362元/吨。 现货方面，河北沙河白玻大板报价1212元/吨，较前一周上涨11.40%。 供给方面，玻璃现货价格跟涨，行业利润修复，行业冷修速度放缓，上周全国浮法 玻璃生产线在产222条，开工率75.10%，日熔量15.90万吨，供给历史低位企稳； "反内 卷"政策持续发酵，产能有出清预期。需求方面，受宏观情绪带动以及部分企业提涨刺 激，小部分中下游刚需性补货备货，厂库明显去化，截止7月24日，全国浮法玻璃企业 库存6189.60万重量箱，较前一周减少4.69%，库存持续数周去化。综合来看， "反内卷" 政策持续发力，但玻璃基本面依旧疲 ...

| 玻璃纯碱早报 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 研究中心能化团队 | | 2025/7/28 | | | 玻 璃 | | | | | | | | | | | | | 2025/7/25 周度变化 日度变化 | 2025/7/18 | 2025/7/24 | | | | | 2025/7/18 | 2025/7/24 | | 2025/7/25 周度变化 日度变化 | | | 沙河安全 5mm大 板 | 1160.0 | 1250.0 | 1301.0 | 141.0 | 51.0 | FG09合约 | 1081.0 | 1307.0 | 1362.0 | 281.0 | 55.0 | | 沙河长城 5mm大板 | 1164.0 | 1258.0 | 1297.0 | 133.0 | 39.0 | FG01合约 | 1165.0 | 1402.0 | 1426.0 | 261.0 | 24.0 | | 沙河5mm ...