Group 1 - The company Yingxin Development (SZ 000620) held its 15th meeting of the 11th board of directors on September 29, 2025, via telecommunication to discuss the appointment of an accounting firm [1] - For the first half of 2025, Yingxin Development's revenue composition was as follows: 45.07% from the cultural tourism industry, 27.62% from residential property sales, and 27.31% from other businesses [1] - As of the report date, Yingxin Development's market capitalization was 9.6 billion yuan [1] Group 2 - The competition between Farmer and Yibao has intensified, with Farmer's green bottle launch leading to a significant market share decline for Yibao, dropping nearly 5 percentage points [1]

Group 1 - The core point of the article is that Yingxin Development (SZ 000620) announced the results of its 13th board meeting, which reviewed the 2025 semi-annual report [1] - For the year 2024, the revenue composition of Yingxin Development is as follows: 60.39% from residential property sales, 22.82% from the cultural tourism industry, and 16.79% from other businesses [1] - As of the report, the market capitalization of Yingxin Development is 9.3 billion yuan [1] Group 2 - The article mentions that nearly 120 brands and 1,600 vehicles are competing in the southwest region, indicating a significant event in the automotive industry [1] - The first A-level car exhibition of the year is set to reshape the market landscape for new energy vehicles [1]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - In July, China's monthly electricity consumption exceeded 1 trillion kWh for the first time, and in 2024, China's annual power generation reached 10,086.9 billion kWh, ranking first in the world and accounting for 32.27% of global power generation. Attention should be paid to the electricity price changes in the upstream energy sector [1]. - On August 26, the State Council conducted the 15th special study on "accelerating the innovative development of service trade and actively cultivating new drivers for foreign trade development." The focus is on the development of emerging import - export business in the service industry [1]. 3. Summary by Directory A. Middle - level Event Overview - **Production Industry**: In July, China's single - month electricity consumption exceeded 1 trillion kWh for the first time. In 2024, China's annual power generation was 10,086.9 billion kWh, ranking first in the world. Attention should be paid to the electricity price changes in the upstream energy sector [1]. - **Service Industry**: On August 26, the State Council carried out the 15th special study. The Prime Minister pointed out to expand high - quality service imports, promote institutional opening - up of service trade, and enhance the competitiveness of service exports, especially in emerging fields [1]. B. Industry Overview - **Upstream**: The price of glass in the black industry is falling; the price of eggs in the agricultural industry is falling; the price of PTA in the chemical industry is rising, while the price of urea is falling [2]. - **Mid - stream**: The PX operating rate in the chemical industry is rising; the coal consumption of power plants in the energy industry is increasing; the operating rate of pig products in the agricultural industry is rising [2]. - **Downstream**: The sales of commercial housing in first - and second - tier cities in the real estate industry are seasonally falling; the number of domestic flights in the service industry remains stable at a high level [2]. C. Key Industry Price Index Tracking - **Agriculture**: On August 26, the spot price of corn was 2,305.7 yuan/ton, down 0.43% year - on - year; the spot price of eggs was 6.5 yuan/kg, down 3.42% year - on - year; the spot price of palm oil was 9,638.0 yuan/ton, down 0.54% year - on - year; the spot price of cotton was 15,330.8 yuan/ton, up 0.57% year - on - year; the average wholesale price of pork was 20.0 yuan/kg, down 0.99% year - on - year; the spot price of copper was 79,638.3 yuan/ton, up 0.68% year - on - year; the spot price of zinc was 22,276.0 yuan/ton, up 0.44% year - on - year [37]. - **Non - ferrous Metals**: The spot price of aluminum was 20,790.0 yuan/ton (H frequency) and 16,868.8 yuan/ton (daily frequency), up 0.89% and 1.20% year - on - year respectively; the spot price of nickel was 121,750.0 yuan/ton, down 0.15% year - on - year [37]. - **Ferrous Metals**: The spot price of rebar was 3,247.0 yuan/ton, up 0.03% year - on - year; the spot price of iron ore was 795.9 yuan/ton, up 1.94% year - on - year; the spot price of wire rod was 3,405.0 yuan/ton, with no year - on - year change; the spot price of glass was 13.9 yuan/square meter, down 2.80% year - on - year [37]. - **Non - metals**: The spot price of natural rubber was 15,066.7 yuan/ton, up 0.72% year - on - year; the China Plastics City price index was 804.2, down 0.32% year - on - year [37]. - **Energy**: The spot price of WTI crude oil was 64.8 US dollars/barrel, up 2.18% year - on - year; the spot price of Brent crude oil was 68.8 US dollars/barrel, up 3.30% year - on - year; the spot price of liquefied natural gas was 3,910.0 yuan/ton, down 1.21% year - on - year; the coal price was 783.0 yuan/ton, up 0.13% year - on - year [37]. - **Chemical Industry**: The spot price of PTA was 4,922.5 yuan/ton, up 4.16% year - on - year; the spot price of polyethylene was 7,440.0 yuan/ton, up 0.02% year - on - year; the spot price of urea was 1,712.5 yuan/ton, down 3.04% year - on - year; the spot price of soda ash was 1,290.0 yuan/ton, with no year - on - year change; the national cement price index was 130.0, up 0.05% year - on - year [37]. - **Real Estate**: The building materials composite index was 115.2 points, down 0.05% year - on - year; the national concrete price index was 93.0 points, down 0.29% year - on - year [37].

Core Viewpoint - Yingxin Development (SZ 000620, closing price: 1.61 yuan) announced on August 14 that its 11th Board of Directors meeting was held via communication, where the proposal to change the company’s board secretary was reviewed [2]. Financial Performance - For the year 2024, Yingxin Development's revenue composition is as follows: 60.39% from residential property sales, 22.82% from the cultural tourism industry, and 16.79% from other businesses [2].

Group 1 - The company announced that Mr. Lu Bingbo will no longer serve as the secretary of the board and will not hold any positions in the company or its subsidiaries [2] - Mr. Bian Dongrui has been appointed as the new secretary of the board [2] - For the year 2024, the revenue composition of the company is as follows: 60.39% from residential property sales, 22.82% from the cultural tourism industry, and 16.79% from other businesses [2]