Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - With the tax - period impact mostly over, the inter - bank market funds are in an abundant state. The A - share market has strong liquidity and market sentiment, and the stock index is expected to run strongly. It is recommended to adjust and go long as the main strategy [4][6] 3. Summary by Related Catalogs Market Data of Macro - Finance - DR001 closed at 1.31 with a change of - 4.66bp; DR007 at 1.47 with - 1.61bp; GC001 at 1.36 with 4.00bp; GC007 at 1.47 with - 1.00bp; SHBOR 3M at 1.55 with - 0.20bp; LPR 5 - year at 3.50 with 0.00bp; 1 - year treasury at 1.35 with 0.25bp; 5 - year treasury at 1.53 with 1.25bp; 10 - year treasury at 1.69 with 1.20bp; 10 - year US treasury at 4.44 with - 3.00bp [3] - The central bank conducted 214.8 billion yuan of 7 - day reverse repurchase operations yesterday at an operating rate of 1.40%. There were 342.5 billion yuan of reverse repurchases and 120 billion yuan of treasury cash fixed - deposits due on the same day [3] - This week, there will be 1.7268 trillion yuan of reverse repurchases due in the central bank's open market. From Monday to Friday, 226.2 billion yuan, 342.5 billion yuan, 520.1 billion yuan, 450.5 billion yuan, and 187.5 billion yuan will mature respectively. Additionally, 200 billion yuan of MLF will mature on July 25, and 120 billion yuan of treasury cash fixed - deposits matured on July 22 [4] Stock Index Futures and Stock Market Conditions - The CSI 300 rose 0.82% to 4119; the SSE 50 rose 0.72% to 2792; the CSI 500 rose 0.85% to 6213; the CSI 1000 rose 0.38% to 6637. The trading volume of the Shanghai and Shenzhen stock markets reached 1.893 trillion yuan, an increase of 193.1 billion yuan from the previous day [5] - Industry sectors mostly rose. The engineering machinery, coal, cement building materials, steel, engineering consulting services, engineering construction, energy metals, and precious metals sectors led the gains, while the packaging materials, gaming, and banking sectors led the losses [5] - The trading volume and open interest of IF, IH, IC, and IM contracts changed. For example, IF trading volume increased by 31.4% to 117,403, and its open interest increased by 6.5% to 267,547 [5] Stock Index Futures Basis Conditions - IF basis for the current - month contract is 0.06%, next - month 0.00%, current - quarter 0.01%, and next - quarter 2.62%; IH basis is - 1.43%, - 1.02%, - 0.56%, - 0.36% respectively; IC basis is 7.39%, 8.36%, 8.31%, 7.93% respectively; IM basis is 10.79%, 11.34%, 11.22%, 10.59% respectively [7]

Core Viewpoint - The company has made significant progress in developing antibacterial coating preservation technology and eco-friendly stone-plastic packaging, addressing the issues of "white pollution" and fruit and vegetable loss in agricultural circulation [1][2]. Group 1: Technology Development - The company has developed a green low-carbon stone-plastic packaging product based on natural inorganic powders and polymer composite materials, which is non-toxic and supports 100% physical recycling [1][2]. - The antibacterial coating technology integrated into the packaging provides three innovative functions: it releases plant-based antibacterial components to inhibit microbial growth and fruit ripening, optimizes internal temperature and humidity to delay metabolism, and enhances barrier performance to maintain the freshness of fruits and vegetables [2]. Group 2: Environmental and Agricultural Impact - The stone-plastic packaging's low-carbon characteristics throughout the entire lifecycle contribute to the packaging industry's achievement of "dual carbon" goals, providing a practical path for low-carbon transformation [2]. - The breakthrough in preservation technology directly enhances the commercialization rate and added value of agricultural products, effectively addressing post-harvest processing and terminal preservation challenges, thereby reducing logistics costs while ensuring supply quality [2]. Group 3: Future Directions - The company is collaborating with research institutions, large agricultural bases, fresh e-commerce platforms, and logistics companies to promote technological iteration and standardized application [3]. - The company aims to position itself as an "integrated service provider of green packaging and smart preservation," continuously exploring the integration of eco-friendly materials and preservation technologies to serve broader agricultural regions and consumer markets [3].

General Provisions - The purpose of the implementation rules is to standardize the selection of company leadership, optimize the composition of the board of directors, and improve the corporate governance structure based on relevant laws and regulations [1][2] - The Nomination Committee is established as a specialized working body responsible for formulating selection criteria and procedures for directors and senior management, as well as reviewing their qualifications [1][2] Composition of the Committee - The Nomination Committee consists of three directors, with two being independent directors [3] - The committee members are nominated by the chairman, more than half of the independent directors, or one-third of all directors, and elected by the board [3][4] - The committee has a chairperson who is an independent director and is responsible for leading the committee's work [4] Responsibilities and Authority - The main responsibilities of the Nomination Committee include researching selection criteria for directors and senior management, selecting qualified candidates, and reviewing their qualifications [2][5] - The committee is accountable to the board and must submit its proposals for review, with shareholders required to respect the committee's recommendations unless there is sufficient reason to propose alternatives [2][5] Decision-Making Procedures - The committee must research the selection conditions and procedures for directors and senior management, and submit its decisions to the board for approval [3][4] - The selection process involves communication with relevant departments, searching for candidates internally and externally, and collecting detailed information about potential candidates [4][5] Meeting Rules - The committee meets as needed, with a requirement for at least two-thirds of members to be present for decisions to be valid [5][6] - Meetings can be held in person or via other means, and records of the meetings must be kept for ten years [6][7] Miscellaneous - The rules take effect upon approval by the board and will be modified as necessary [7]

Summary of the Conference Call for Zhongxin Co., Ltd. Company Overview - **Company**: Zhongxin Co., Ltd. - **Industry**: Manufacturing, specifically in the production of packaging materials Key Points and Arguments 1. **2025 Performance Outlook**: The company expects strong performance in 2025 with sufficient orders in Q3, although the 36% tariff imposed by the U.S. on Thai products introduces uncertainty. The company believes the final tariff may be lower than 36%, and even if it remains, the impact will be limited due to capacity constraints [2][3][4] 2. **Production Capacity in Thailand**: The first phase of production in Thailand has reached full capacity with an additional 20% potential. The company has secured new important clients such as Packtive and ECO product, indicating stable demand in the U.S. market [2][5] 3. **Supply Chain Issues**: In Q2, actual shipment volumes fell short of expectations due to supply chain disruptions, particularly shortages of packaging and shipping containers. However, the situation is gradually improving, and normal operations are expected to resume within two to three months [2][6][19] 4. **Customer Inventory Levels**: Major clients maintain a safety stock of 3 to 5 months, ensuring that there will be no shortages. The company prioritizes the supply to large clients to stabilize the supply chain [7][10] 5. **New Product Development**: The company developed over 170 new sample molds in the first half of 2025, indicating that the U.S. market's demand for new products remains unaffected by tariffs [11] 6. **Cost Structure and Tariff Impact**: The company uses FOB pricing, meaning tariffs are borne by customers. Even with a 36% tariff, the cost increase is manageable and can be passed down the supply chain [12] 7. **Competitor Landscape**: Competitors are facing slow progress in overseas factory construction, which limits their total capacity and has minimal impact on Zhongxin. The company is accelerating the construction of a 100,000-ton capacity facility in Thailand to meet U.S. market demand [4][13][16] 8. **Domestic Market Development**: Efforts to develop non-U.S. markets have been slow, particularly in Europe due to regulatory restrictions. The domestic operating rate is expected to recover to 60-70% by the end of 2025 [4][17][18] 9. **Production Cost Comparison**: The production cost in Thailand is lower than in China due to reduced labor costs, despite higher raw material prices. The advanced equipment in Thailand also contributes to lower overall production costs [25] 10. **Future Expansion Plans**: The company plans to purchase land in the Pearl River Delta region for factory expansion to support business growth, as current facilities are insufficient [22] Additional Important Information - **Supply Chain Recovery**: The supply chain situation is improving, with delivery times for packaging materials decreasing significantly [19] - **Material Sourcing**: The company prioritizes using locally sourced materials in Thailand to mitigate the impact of import tariffs on raw materials [20] - **Sales Strategy**: The company plans to collaborate with downstream design firms to enhance product development and customer engagement [23] - **Product Pricing Factors**: Product prices are influenced by structural and performance requirements, with raw material price changes having minimal impact on final pricing [24] - **Production Capacity Requirements**: To meet the expected delivery of over 30,000 tons from Thailand, domestic production needs to achieve a target of 60,000 tons [28]

Group 1 - The core point of the article is that Haishun New Materials (300501) is expanding its electronic film materials business by acquiring 100% equity of Suzhou Sirwen New Materials Technology Co., Ltd. from Caprolactam (Suzhou) Materials Technology Co., Ltd. for 7.8 million yuan [1] - The acquisition is aimed at enhancing the company's application in consumer electronics and semiconductors [1] - After the transaction, Suzhou Haishun will consolidate Sirwen's financials into its own, which had total assets of 6.5012 million yuan and net equity of 6.4992 million yuan as of June 30, 2025 [1] Group 2 - Sirwen's financial performance shows no revenue generation, with a net profit of -0.08 million yuan for the period ending June 30, 2025 [1] - The acquisition is expected to be completed by July 3, 2025, marking a strategic move for the company [1]

Core Viewpoint - The A-share market has seen significant declines in the first half of the year, with seven out of the top ten worst-performing stocks entering the delisting preparation period, highlighting the challenges faced by companies in the retail and other sectors [1][2]. Group 1: Company-Specific Insights - Renrenle (人人乐) has experienced a nearly 95% decline in stock price, with a current market capitalization of less than 150 million yuan [1]. - Renrenle, once a leading player in the retail sector with nearly 150 stores and peak revenues exceeding 12.9 billion yuan in 2012, has faced continuous losses since its first loss post-IPO in 2012 [1]. - As of 2023, Renrenle's audited net assets were -387 million yuan, worsening to -404 million yuan in 2024, triggering delisting risk warnings [1]. Group 2: Market Performance Overview - The top ten worst-performing stocks in the A-share market for the first half of the year include Renrenle, with a decline of 94.72%, followed by other companies such as Gongzhi (工智退) and Tuisu Pengbo (退市鵬博) with declines of 93.25% and 92.86% respectively [3]. - Excluding stocks that have entered the delisting preparation period and ST stocks, the next worst performers include Tianmao Group (天茂集团) with a 41.33% decline and Zhongbai Group (中百集团) with a 40.52% decline [4]. - The solar equipment sector is notably represented in the list of poor performers, indicating a broader downturn in the industry [5].

1. Report Industry Investment Rating - No relevant information provided 2. Core Views - In the bond market, the central bank conducted 4065 billion yuan of 7 - day reverse repurchase operations yesterday, with 1973 billion yuan of reverse repurchases maturing. On June 25, it will conduct 3000 billion yuan of 1 - year MLF operations. The central bank adheres to a supportive monetary policy stance, and the transformation of the monetary policy framework is a continuous process [4]. - In the stock index market, due to the easing of the geopolitical conflict between Iran and Israel and the expectation of expanded market liquidity, the stock index rose with heavy volume yesterday, and the Shanghai Composite Index broke through the previous high of 3417. In the short term, the market liquidity is acceptable, and with the alleviation of macro - negatives, the stock index is expected to run strongly [5]. 3. Summary by Related Catalogs Bond Market - **Price and Change**: DRO01 closed at 1.37 with a 0.04 bp change, DR007 at 1.67 with a 16.09 bp change, GC001 at 1.60 with a 7.50 bp change, GC007 at 1.90 with a 12.00 bp change, SHBOR 3M at 1.63 with no change, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.36 with a 0.71 bp change, 5 - year treasury at 1.52 with a 0.97 bp change, 10 - year treasury at 1.65 with a 0.80 bp change, and 10 - year US treasury at 4.34 with a - 4.00 bp change [4]. - **Market Operation**: This week, there are 9603 billion yuan of reverse repurchases maturing in the central bank's open market, with 1563 billion, 2035 billion, and 1612 billion yuan maturing from Wednesday to Friday respectively. The central bank governor said that the central bank has introduced multiple monetary policy measures in the past year [4]. Stock Index Market - **Index Price and Change**: At yesterday's close, the CSI 300 rose 1.2% to 3904, the SSE 50 rose 1.16% to 2715.9, the CSI 500 rose 1.62% to 5765.8, and the CSI 1000 rose 1.92% to 6194.7. The trading volume of the Shanghai and Shenzhen stock markets reached 14146 billion yuan, a significant increase of 2920 billion yuan from the previous day [5]. - **Sector Performance**: Most industry sectors rose. The motor, battery, auto parts, game, and packaging materials sectors led the gains, while the mining, petroleum, gas, shipping port, and precious metals sectors led the losses [5]. - **Contract Information**: The trading volume and open interest of IF, IH, IC, and IM contracts all increased. The IF contract had a trading volume increase of 22.6% and an open interest increase of 4.3%, the IH contract had a trading volume increase of 14.9% and an open interest increase of 3.2%, the IC contract had a trading volume increase of 23.3% and an open interest increase of 3.1%, and the IM contract had a trading volume increase of 16.6% and an open interest increase of 1.6%. The IF, IH, IC, and IM contracts also have different levels of premium and discount rates [5]. - **Market Driver**: The rapid reversal of the Iran - Israel situation and the expectation of interest rate cuts in the US led to the rise of the stock index with heavy volume. The Shanghai Composite Index broke through the previous high [5].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The short - term fluctuations of stock indices are dominated by overseas variables, but Trump's administration has a changeable style, and tariff policies still face significant uncertainties. Domestic factors have limited driving force for stock indices, and the policy level is in a relative vacuum. It is recommended to adopt a wait - and - see approach for futures index operations and be cautious about chasing rising prices [6] 3. Summary by Relevant Catalogs 3.1 Money Market - DRO01 closed at 1.41 with a - 0.03bp change; DR007 at 1.55 with a 0.53bp change; GC001 at 1.49 with a - 1.00bp change; GC007 at 1.59 with a - 0.50bp change; SHBOR 3M at 1.65 with no change; LPR 5 - year at 3.50 with a - 10.00bp change. 1 - year, 5 - year, and 10 - year Chinese treasury bonds decreased by 1.28bp, 1.80bp, and 0.81bp respectively, while the 10 - year US treasury bond remained unchanged at 4.46 [4] - The central bank conducted 2149 billion yuan of 7 - day reverse repurchase operations yesterday, with 2155 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 6 billion yuan. This week, 16026 billion yuan of reverse repurchases will mature in the central bank's open market. After the monthly bank assessment, the money market has become looser, and the central bank uses various tools to maintain reasonable liquidity [4][5] 3.2 Stock Index Market - Yesterday, the Shanghai - Shenzhen 300 rose 0.43% to 3868.7, the Shanghai 50 rose 0.13% to 2690.8, the CSI 500 rose 0.78% to 5739, and the CSI 1000 rose 0.88% to 6123.2. The trading volume of the two markets was 1.15 trillion yuan, a slight increase of 116 billion yuan. Most industry sectors rose, while aviation, logistics, and aerospace sectors declined [5] - Rumors of Sino - US trade negotiations have affected the market. Stock indices have rebounded for two days but have not broken through key resistance levels, and trading volume has not significantly increased. Domestic factors have limited driving force for stock indices, and the policy level is in a vacuum. It is recommended to wait and see for futures index operations [6] 3.3 Futures Contract Market - For IF, the trading volume was 69824 with a - 7.1% change, and the open interest was 229448 with a - 2.9% change. For IH, the trading volume was 31907 with a - 20.4% change, and the open interest was 78806 with a - 3.8% change. For IC, the trading volume was 58090 with a - 16.3% change, and the open interest was 206376 with a - 3.4% change. For IM, the trading volume was 151505 with a - 7.9% change, and the open interest was 315489 with a - 1.8% change [5] - The IF basis for the current - month, next - month, current - quarter, and next - quarter contracts was 15.53%, 14.05%, 0.02%, and 6.60% respectively. The IH basis was 14.60%, 14.62%, 6.77%, and 3.65% respectively. The IC basis was 19.96%, 17.35%, 14.18%, and 11.80% respectively. The IM basis was 25.77%, 21.73%, 18.19%, and 15.27% respectively [7]

Core Viewpoint - Fangda New Materials has transformed from an unknown small enterprise into a leading company in the adhesive materials industry, leveraging capital and technological innovation to enhance its market position [1][2]. Company Development - Founded in 2003, Fangda New Materials has progressed through various stages, including listing on the New Third Board in 2016, moving to the Select Tier in 2020, and finally listing on the Beijing Stock Exchange in 2021 [1]. - The company started with logistics labels and has expanded into the adhesive materials sector, focusing on personalized packaging solutions for the rapidly growing express delivery market [2]. Market Trends - The express delivery industry in China is projected to handle 1,750.8 billion packages in 2024, reflecting a year-on-year growth of 21.5%, which directly increases the demand for adhesive labels [2]. - The company aims to capitalize on the booming express delivery sector, which is seen as a "golden track" for growth [2]. R&D and Production Capacity - Fangda New Materials emphasizes strong technological R&D capabilities and a comprehensive industrial chain layout, mastering key production processes and dozens of technical formulas [3]. - The company has initiated a project for producing variable information labels, utilizing advanced automation and smart production systems to enhance product quality and precision [3][4]. - The launch of three new production lines has alleviated previous capacity constraints, allowing for significant increases in adhesive material production [3]. Strategic Goals - The company is committed to digital transformation in manufacturing, focusing on smart production and environmental sustainability [4]. - Fangda New Materials has established partnerships with major logistics companies like JD, SF, and FedEx, which helps in continuous R&D and market feedback [5]. - Plans for 2024 include further increasing R&D investment and expanding market share through additional automated production lines [5]. Industry Outlook - The adhesive label industry is expected to see consolidation, with weaker companies being merged or transformed, leading to increased industry concentration [6]. - Fangda New Materials is positioned to leverage its product quality and smart manufacturing efficiencies to enhance its competitive edge in both domestic and international markets [6]. - The company has begun exploring overseas markets, establishing joint processing plants in the U.S. and Canada, and aims to expand its global footprint while maintaining a focus on international sales [6].

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 1、股权登记日：2025年5月29日； 特别提示： 3、权益分派方案：每10股派发现金股利0.25元（含税）； 4、2024年年度权益分派实施后的除权除息参考价格=股权登记日收盘价-0.025元/股。 浙江众成包装材料股份有限公司（以下简称"公司"）2024年年度权益分派方案已获2025年5月16日召开 的公司2024年年度股东大会审议通过，现将权益分派相关事宜公告如下： 一、股东大会审议通过的权益分派方案的情况： 1、公司2024年年度股东大会审议通过的权益分派方案的具体内容为：以截至2024年末的公司总股本 905,779,387股为基数，向全体股东每10股派发现金股利0.25元（含税），共计分配现金股利人民币 22,644,484.68元（含税），分配后剩余未分配利润转入下一年度；本年度不送红股，不进行资本公积金 转增股本分配。具体内容详见公司披露于《证券时报》《中国证券报》以及巨潮资讯网 （www.cninfo.com.cn）的《2024年年度股东大会决议 ...