证券代码：002637 证券简称：赞宇科技 赞宇科技集团股份有限公司投资者关系活动记录表 编号：2025-004 | 投资者关系活 | □特定对象调研 □分析师会议 | | | | | --- | --- | --- | --- | --- | | 动类别 | □媒体采访 □业绩说明会 | | | | | | □新闻发布会 □ 路演活动 | | | | | | □现场参观 | | | | | | （ 电话会议 ） 其他 | | | | | 参与单位名称 | 国信证券杨林，薛聪，张歆钰，浙商证券汤永俊，中信证 | | | | | 及人员姓名 | 券裘科，民生证券曾佳晨等。 | | | | | 时间 | 年 月 日 2025 8 21 10:00-11:00 | | | | | 地点 | | | 杭州市西湖区古墩路 号赞宇大厦 会议室 702 1812 | | | 上市公司接待 | 董秘徐强、证券事务代表郑乐东 | | | | | 人员姓名 | | | | | | | 双方就公司 2025 年半年报的经营业绩、项目建设等相 | | | | | | 关问题进行了沟通，相关问答记录如下： | | | | | | 公 ...

Core Viewpoint - Zhangjiakou Martin Daily Chemical Co., Ltd. has been established with a registered capital of 100,000 RMB, indicating a new player in the daily chemical products industry [1] Company Summary - The legal representative of the company is Zhong Zixin [1] - The company’s business scope includes manufacturing and sales of daily chemical products, retail of arts and crafts, and various other related activities [1] - Specific activities include the cultivation of aromatic crops, wholesale and retail of cosmetics, and sales of daily necessities [1] Industry Summary - The establishment of this company reflects ongoing growth and diversification in the daily chemical products sector [1] - The inclusion of smart vehicle equipment manufacturing and sales indicates a trend towards technological integration within the industry [1] - The company is positioned to engage in both domestic and international trade through its import and export capabilities [1]

Report Industry Investment Rating No information provided in the given content. Core Views of the Report The report comprehensively analyzes the market conditions of various financial derivatives and commodity futures on July 30, 2025. It presents the market performance, influencing factors, and operation suggestions for each category, including stock index futures, treasury bond futures, precious metals, container shipping futures, non - ferrous metals, black metals, and agricultural products. The overall market is affected by multiple factors such as macro - policies, international trade negotiations, and seasonal demand changes. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: On Tuesday, A - shares showed an intraday upward trend, with all major indices closing in the green. The technology sector led the rally, while high - dividend sectors declined. All four major stock index futures contracts rose with the indices. With the market approaching the mid - report disclosure period, it is necessary to verify the substantial improvement of corporate earnings. It is recommended to gradually take profits on IM futures long positions and switch to a small amount of MO put option short positions with an exercise price of 6000 on the 08 contract [2][3][4]. - **Treasury Bond Futures**: The stock market was strong, and there were expectations of incremental policies from the Politburo meeting, causing treasury bond futures to decline significantly. Long - term bonds were more strongly suppressed by policy expectations, while the loosening of funds supported short - term bonds. It is recommended to wait and see in the short term and pay attention to the incremental policies of the Politburo meeting and the progress of Sino - US negotiations. The 2509 - 2512 contract inter - period spread may tend to rise in the short term [5][6]. Precious Metals - **Gold and Silver**: As the Fed's interest rate decision approaches, precious metals are in a state of shock consolidation. The market will gradually return to the influence logic of the US economic fundamentals. It is recommended to buy gold at low levels during the correction and buy silver at low levels above $38. The inflow of institutional funds into ETFs provides short - term support for prices [7][9][10]. Container Shipping Futures - **EC**: The main contract is in a weak shock state. The current mainstream shipping companies have announced their August prices, and the uncertainty has decreased. It is expected to show a weak shock in the short - term, and it is recommended to short the 08 and 10 contracts at high prices [11][12]. Commodity Futures Non - Ferrous Metals - **Copper**: The copper market is in a narrow - range shock, waiting for macro driving factors. The supply of copper concentrate is expected to be restricted, and the demand shows resilience in the short - term. The inventories of COMEX, LME, and domestic social inventories are all increasing. It is expected to be in a shock state, and the main contract is expected to trade between 78,000 - 80,000 yuan/ton [13][15][16]. - **Alumina**: The warehouse receipts have decreased again, and there is a risk of a short squeeze. The supply of bauxite in Guinea is expected to be tight, and the inventory of warehouse receipts is low, supporting the price in the short - term. However, the market is expected to be slightly oversupplied in the medium - term. It is recommended to wait and see in the short - term and short at high prices in the medium - term, with the main contract expected to trade between 3100 - 3500 yuan/ton [17][18]. - **Aluminum**: The aluminum price has slightly declined, and the expectation of inventory accumulation in the off - season is still strong. The supply is stable, and the demand is in the traditional off - season. It is expected to be in a wide - range shock, and the main contract is expected to trade between 20,200 - 21,000 yuan/ton [19][21]. - **Aluminum Alloy**: The terminal consumption in the off - season is weak, and the social inventory in the main consumption areas is close to full. The supply is expected to decline slightly in July, and the demand is weak. It is expected to be in a wide - range shock, and the main contract is expected to trade between 19,600 - 20,400 yuan/ton [21][22][23]. - **Zinc**: The Sino - US trade negotiations have started, and the market is waiting for macro guidance. The supply of zinc ore is expected to be loose, but the production growth rate is lower than expected. The demand is affected by the off - season and the rise in price. It is expected to be in a shock state, and the main contract is expected to trade between 22,000 - 23,000 yuan/ton [23][24][27]. - **Tin**: The market sentiment has weakened, and the tin price has fallen from a high level. The supply of tin ore is tight, and the demand is weak. It is recommended to wait and see, and the market is expected to be in a wide - range shock [27][28][29]. - **Nickel**: The market sentiment has gradually been digested, and the nickel price is in a weak shock state. The supply is expected to increase slightly, and the demand is stable in the electroplating and alloy sectors but weak in the stainless steel and nickel sulfate sectors. It is expected to be in a range adjustment, and the main contract is expected to trade between 120,000 - 128,000 yuan/ton [29][30][31]. - **Stainless Steel**: The stainless steel market is in a narrow - range shock, and the demand is still dragged down. The supply is slightly reduced, but the demand is weak. It is expected to be in a range operation, and the main contract is expected to trade between 12,600 - 13,200 yuan/ton [32][33][35]. - **Lithium Carbonate**: The market sentiment has not improved significantly, and the trading core has shifted to the mining end. The supply is relatively high in the short - term, and the demand is stable. The whole - link inventory is increasing, but the growth rate has slowed down. It is recommended to wait and see carefully, and the market is expected to be in a wide - range shock [35][36][38]. Black Metals - **Steel**: The expectation of production restrictions has affected the steel price to strengthen. The cost has increased, and the profit of steel mills has improved. The supply is expected to be affected by production restrictions, and the demand is seasonally stable. It is recommended to try long positions as the steel price has broken through the previous high [40][41]. - **Iron Ore**: The iron ore price fluctuates with the steel price. The global shipment volume has increased, and the port inventory has slightly increased. The demand for iron ore is supported by the high - level iron water production. It is recommended to be cautious when going long on a single - side basis and consider the strategy of going long on hot - rolled coils and short on iron ore [42][45]. - **Coking Coal**: The futures price has fluctuated greatly, and the spot price has increased steadily. The supply is tight, and the demand is strong. The inventory is at a medium level. It is recommended to be cautious when going long on a single - side basis and consider the strategy of going long on coking coal and short on iron ore, avoiding the risk of exchange intervention [46][50][51]. - **Coke**: The fourth price increase of mainstream coking plants has been implemented, and there is still an expectation of further price increases. The supply is difficult to increase due to corporate losses, and the demand is supported by the recovery of iron water production. The inventory is at a medium level. It is recommended to be cautious when going long on a single - side basis and consider the strategy of going long on coke and short on iron ore, avoiding the risk of exchange intervention [52][55]. Agricultural Products - **Meal**: The bottom of US soybeans is well - supported, but the supply - demand situation suppresses the meal price. The domestic soybean and soybean meal inventories are rising, and the supply is high in the short - term. It is recommended to wait and see [56][57][58]. - **Pigs**: The spot price is in a weak state, and the previous policy benefits have been digested. The supply and demand are both weak, and the short - term price is not optimistic. It is recommended to be cautious when shorting the far - month contracts and pay attention to the impact of hedging funds [59][60]. - **Corn**: The market is in a state of long - short balance, and the price is in a shock state. The supply is relatively stable, and the demand is weak. The substitution effect is slowing down. It is recommended to pay attention to the subsequent policy auctions [61][62]. - **Sugar**: The international raw sugar price is bottom - oscillating, and the domestic sugar price is also in a bottom - shock state. The international market has no new driving factors, and the domestic supply - demand situation is gradually becoming looser. It is recommended to maintain a short - biased view after a rebound [63]. - **Cotton**: The domestic cotton price is expected to be in a range - shock in the short - term and under pressure after the new cotton is listed. The supply pressure is increasing marginally, and the demand is weak [64].

Market Performance - A-shares experienced an increase due to positive stimuli, with the Shanghai Composite Index rising by 0.52% to 3402.32 points, and the Shenzhen Composite Index increasing by 0.71% [1] - The total trading volume for A-shares was 12,867 billion, a decrease from 14,514 billion the previous day [1] - Most sectors saw gains, particularly rare earths, gaming, energy metals, insurance, automotive parts, securities, trade, non-metallic materials, jewelry, and colored metals [1] Trade Negotiations - The rise in A-shares was primarily linked to progress in US-China trade negotiations, with officials concluding a two-day meeting in London [1] - Chinese and US representatives reported professional and candid discussions, reaching a framework to implement agreements from previous high-level talks [1] - Further details regarding US-China trade negotiations are expected in the coming days, with a likelihood of positive developments [1] External Market Influences - US stock markets continued their recent upward trend, with all three major indices showing slight increases [2] - The offshore RMB exchange rate was stable around 7.188, while the US dollar remained in a consolidation phase due to various offsetting factors [2] - Market expectations for US Federal Reserve interest rate cuts have diminished, now anticipating only one cut for the year [2] Future Market Focus - The A-share market's performance is expected to be influenced by ongoing US-China trade discussions, with reduced uncertainties likely leading to diminished trade-related volatility [2] - Attention may shift towards domestic economic data and potential easing policies, especially following disappointing May import/export and price data [2]

Group 1 - The article provides a ranking of open-end funds based on their net asset value growth as of June 3, 2025, highlighting the top 10 funds with significant increases [2][4][6] - The top-performing fund is "申万菱信乐融一年持有期混合A" with a unit net value of 1.5676, showing an increase from 1.4722 on May 30, 2025, reflecting a growth of 6.4% [2][6] - The bottom-performing fund is "国泰中证钢铁ETF," which has a unit net value of 1.1848, down from 1.2022, indicating a decline of 1.1% [4][6] Group 2 - The article notes that a total of 27,382 funds have updated their net values, indicating a broad market activity [3] - The Shanghai Composite Index showed a slight rebound, with a trading volume of 1.16 trillion, and a positive advance-decline ratio of 3390 to 1783 [6] - Leading sectors include daily chemicals, cultural and recreational services, and textiles, with gains exceeding 2%, while the lagging sectors are home appliances, steel, and coal [6] Group 3 - The top 10 funds with the highest net value growth include various mixed funds and ETFs, indicating a diverse investment strategy among the leading performers [2][4] - The article emphasizes the performance of specific stocks within the funds, such as "中宠股份" and "万辰集团," which have shown significant daily increases [7] - The concentration of holdings in the top funds is noted, with "申万菱信乐融一年持有期混合A" having a concentration of 64.08% in its top ten holdings [7]

Group 1 - The core viewpoint of the article highlights the recognition of the Liao Yang Dengta City as one of the top ten counties for economic development potential in Northeast China, ranking fourth in the list released by the Saidi Fanglue County Economic Research Center [1] - Dengta City benefits from its strategic location within the Shenyang modern urban area and the "Shen-Da Open Axis," focusing on urban-rural integration and high-quality economic development through various initiatives [1] - The city has achieved significant agricultural advancements, maintaining a grain output of over 420,000 tons and leading the nation in freshwater fish yield per acre [1] Group 2 - Dengta City has been recognized as a seed cultivation county for provincial industrial champions, emphasizing technological innovation to drive industrial development [2] - The daily chemical industry in Dengta City boasts a provincial-level industrial park with an annual production capacity of 160,000 tons of natural fatty alcohol, ranking first in the country [2] - The city is actively promoting the integration of culture, sports, and tourism, enhancing the competitiveness of tourism products and developing a comprehensive tourism framework focused on ecological, cultural, red, and rural tourism [2] Group 3 - Future efforts in Dengta City will concentrate on expanding effective investment, promoting industrial transformation and upgrading, and emphasizing reform and innovation to address weaknesses and enhance economic growth [2]

Group 1: Company Overview and Strategy - As of May 9, 2025, the number of shareholders is 16,944 [2] - The company aims to become a global leader in chemical manufacturing services by focusing on surfactants, fatty chemicals, and personal care OEM/ODM [2][3] - Future development plans include enhancing technological innovation and extending the industrial chain, particularly in Indonesia and Malaysia [3] Group 2: Financial Performance and Projections - In 2024, exports accounted for 36.55% of total sales, targeting markets such as the Belt and Road Initiative, RCEP, and Africa Free Trade Area [3] - Non-operating income from government subsidies in 2024 is projected to be CNY 3,500 million [3] - The company anticipates a significant increase in net profit for 2024, despite a decline in cash flow due to rising raw material prices [3][4] Group 3: Market Trends and Challenges - The domestic market for anionic surfactants is expected to grow by 10.5% and 14.0% in 2024, with an annual growth rate of over 8% for the surfactant market [4] - The company faces challenges from intensified competition and economic pressures, impacting profit margins compared to 2021 [7][10] - The palm oil market is currently at a reasonable level, with future price movements driven by supply and demand fundamentals [8] Group 4: Operational Efficiency and Cost Management - The company is enhancing supply chain efficiency and inventory management to reduce costs [6][10] - Automation initiatives are in place to improve production efficiency and reduce operational costs [10] - The company is committed to maintaining a minimum cash dividend of 10% of distributable profits annually [5][6] Group 5: Shareholder Engagement and Market Position - The company is considering increasing its dividend payout to enhance shareholder value [6] - As a leading player in the surfactant and fatty chemical sectors, the company holds over 30% market share in both categories [10][11] - The company is focused on maintaining independence and compliance with regulatory standards amid concerns about major shareholders [11]

Core Viewpoint - The A-share market experienced a decline, with the ChiNext Index falling by 1.35%, while the shipping sector continued to show strong performance [1] Market Performance - The three major indices opened lower and continued to decline, with the Shanghai Composite Index down by 0.42%, the Shenzhen Component Index down by 1.12%, and the ChiNext Index down by 1.35% [1] - The daily chemical sector showed resilience, with companies like Jieya Co. and Lafang Home Care reaching the daily limit [1] - The synthetic biology concept also saw gains, with Chuaning Biological and Jindawei hitting the daily limit [1] - The shipping sector maintained its strong momentum, with Ningbo Shipping, Ningbo Ocean, and Nanjing Port all reaching the daily limit [1] - The ST sector was active, with over 20 stocks such as *ST Nanzhi and *ST Aowei hitting the daily limit [1] - The pet economy concept rose, with Meino Biological and Ruoyu Chen reaching the daily limit [1] Sector Performance - The daily chemical, coal, food and beverage, and agriculture sectors led in gains [1] - Conversely, the software services, engineering machinery, diversified finance, and communication equipment sectors experienced the largest declines [1] - Weak performance was noted in sectors such as digital currency, AI, military trade concepts, and computing power leasing [1]

Group 1 - The A-share market opened higher but experienced a pullback during the day, with the Shanghai Composite Index slightly rising by 0.17% to 3374.87 points, while other major indices declined [1] - Key sectors that performed well included shipping ports, photovoltaic, banking, hotel and catering, and daily chemicals, while military-related stocks such as aerospace and shipbuilding showed significant adjustments [1] - The overnight US stock market saw substantial gains, with the Dow Jones up 2.81%, S&P 500 up 3.26%, and Nasdaq up 4.35%, contrasting with the decline in Hong Kong stocks, where the Hang Seng Index fell by 1.87% [1] Group 2 - A significant factor affecting the foreign exchange market is the upcoming release of the US April CPI, which may influence expectations regarding the Federal Reserve's interest rate decisions [2] - Due to the reduction in tariff risks, market expectations for a rate cut by the Federal Reserve have shifted, with most market participants now anticipating a potential cut in September rather than July [2] Group 3 - The A-share market's weak performance can be attributed to uncertainties surrounding ongoing tariff negotiations and a potential decrease in expectations for economic stimulus policies, particularly fiscal measures [3] - Investors are advised to maintain a watchful stance and consider adjusting their portfolios to include more tariff-sensitive export stocks, as the overall tariff situation has improved significantly [3]

Group 1 - A-shares opened higher due to various favorable policies and US-China tariff negotiations but later experienced a volatile decline, closing with minor gains across major indices [1] - The Shanghai Composite Index rose by 0.80% to 3342.67 points, while the Shenzhen Composite, ChiNext, and STAR 50 indices increased by 0.46%, 0.57%, and 0.36% respectively, with the North Star 50 index declining by 0.46% [1] - Total trading volume in the A-share market reached 150.51 billion yuan, an increase from 136.44 billion yuan the previous day [1] Group 2 - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio and a 0.1 percentage point cut in the policy interest rate, which is expected to lower the Loan Prime Rate (LPR) by approximately 0.1 percentage points [1] - Additional measures include increasing the quota for re-lending for technological innovation and agricultural support by 300 billion yuan each [1] Group 3 - China has officially announced negotiations with the US regarding tariffs, with Vice Premier He Lifeng set to meet with US Treasury Secretary Janet Yellen during a visit to Switzerland [2] - Despite a decline in US stock indices, futures indicate a potential rise in US stocks following the news of tariff negotiations [2] - The offshore RMB exchange rate fluctuated around 7.2250 after a significant rise earlier in the week [2] Group 4 - Although there are signs of policy easing and the initiation of US-China tariff discussions, the A-share market is expected to remain in a consolidation phase until more substantial positive news emerges [3] - The path to achieving results from the tariff negotiations may be lengthy, and unexpected developments during the talks cannot be ruled out [3] - The market is also awaiting the implementation of fiscal stimulus policies, which have not yet materialized [3]