东兴证券股份有限公司（以下简称"东兴证券"或"保荐机构"）作为惠柏 新材料科技（上海）股份有限公司（以下简称"惠柏新材"或"公司"）首次公 开发行股票并在创业板上市的保荐机构履行持续督导职责，根据《证券发行上市 保荐业务管理办法》《深圳证券交易所上市公司自律监管指引第13号——保荐业 务》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监 管指引第2号——创业板上市公司规范运作》等相关规定，对惠柏新材新增2025 年度日常关联交易预计的事项进行了认真、审慎的核查，核查情况及核查意见如 下： 一、日常关联交易的基本情况 （一）公司已预计的 2025 年度日常关联交易情况 公司于 2024 年 11 月 20 日召开第四届董事会第五次会议和第四届监事会第 五次会议，审议通过了《关于 2025 年度日常关联交易预计的议案》，公司预计 主要内容为：购买原材料、燃料、动力产品、加工服务 3,300.00 万元，销售产品、 商品、提供或者接受劳务委托 260.00 万元，关联租赁 540.00 万元，公司独立董 事 2024 年第四次专门会议对前述议案发表了同意的审核意见。具体内容详见公 司在巨潮资讯网（ ...

证券研究报告 宏观研究 [Table_ReportType] 专题报告 | [Table_A 解运亮 uthor宏观首席 | ] 分析师 | | --- | --- | | 执业编号：S1500521040002 | | | 联系电话：010-83326858 | | | 邮 | 箱：xieyunliang@cindasc.com | 麦麟玥 宏观分析师 执业编号：S1500524070002 邮 箱：mailinyue@cindasc.com [Table_Title] 中国对美出口份额由谁来填补？ ——出口专题 [Table_ReportDate] 2025 年 8 月 22 日 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲127 号金隅 大厦B 座 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [➢Table_Summary] 对于中国出口份额而言，亚洲区域是填补美国市场的主力，非洲区域是次 要力量。中国对美出口份额回落后，这一缺口七成由亚洲填补，三成则由 非洲填补。第一，亚洲市场里，东盟填补最多 ...

证券代码：603075 证券简称：热威股份 公告编号：2025-038 杭州热威电热科技股份有限公司 关于 2025 年度日常关联交易预计的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | | | | 单位：万元 | | | | --- | --- | --- | --- | --- | --- | | 关联交易类 | | | 2024年预 2024年实际 | | 预计金额与实际发生 | | | 关联人 | | | | | | 别 | | 计金额 | 发生金额 | | 金额差异较大的原因 | | 向关联人购 | 浙江万里扬新 | | | | | | 买原材料 | 材料有限公司 | | | | | | （三）本次日常关联交易预计金额和类别 | | | | | | | | | | | | 单位：万元 | | | | 本年年初 | | | 本次预计 | | | | 至披露日 | | | 金额与上 | | | 占同类 | | 上年实 | | 占同类 | | 关联交 | 本次预 | | 与关联人 | | 年实际发 | | 关联人 ...

国泰海通证券股份有限公司 关于杭州热威电热科技股份有限公司 国泰海通证券股份有限公司（以下简称"保荐机构"）作为杭州热威电热科技 股份有限公司（以下简称"热威股份"或"公司"）首次公开发行股票并在主板上市 持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所 股票上市规则》 《上海证券交易所上市公司自律监管指引第1号——规范运作》等 相关法律、法规和规范性文件的规定，对热威股份2025年度日常关联交易预计的 事项进行了专项核查，核查情况与意见如下： 一、日常关联交易基本情况 （一）前次日常关联交易的预计和执行情况 （一）关联人的基本情况 | 关联交易类 | | | 2024年预 | | | 单位：万元 预计金额与实际发生 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 关联人 | | | | 际发生金 | | | | 别 | | 计金额 | | | | 金额差异较大的原因 | | | | | | | 额 | | | | | 向关联人购 | 浙江万里扬新 | | | | | | | | 买原材料 | 材料有限公司 | | | ...

Export Performance - In July 2025, China's exports increased by 7.2% year-on-year, up from 5.9% in the previous month[2] - Imports also rose by 4.1% year-on-year in July, compared to 1.1% previously[2] - The growth in exports is supported by indirect exports from countries like South Korea (+5.9%) and Vietnam (+17.7%) in July[2] Demand Dynamics - The demand from non-US regions may not be sustainable post-tariff implementation, as the US is set to enforce reciprocal tariffs starting August 7, 2025[2] - The resilience of demand from non-US regions is questioned, as historical trends show that a decline in US demand typically leads to reduced demand in regions like ASEAN and Africa[3] Structural Insights - The positive contribution to July's exports primarily came from raw materials, automobiles, and components, with significant contributions of 1.4, 2.6, and 1.9 percentage points respectively from the EU, ASEAN, and Africa[4] - However, there is a noted decline in exports of consumer electronics and automobiles compared to the previous month[4] Future Outlook - Short-term indicators suggest a decline in container shipments to the US, indicating a potential drop in exports to the US in August[5] - Long-term projections indicate that July may represent the peak for year-on-year export growth, with an increasing probability of accelerated decline in exports moving forward[5] Risk Factors - Risks include potential unexpected declines in external demand and unforeseen policy changes that could impact trade dynamics[6]

Core Insights - Morocco's imports increased by 8.9% in the first half of 2025, reaching $43.8 billion, while exports grew by 3.1% to $25.96 billion, resulting in a trade deficit of $17.84 billion, which is an 18.4% year-on-year increase [1] Import Analysis - The surge in imports was driven by a 29.3% increase in raw material imports, totaling $2.32 billion, a 14.9% rise in equipment imports to $10.25 billion, and a 13.3% growth in consumer goods imports reaching $10.66 billion [1] - However, energy imports saw a decline of 7.4%, amounting to $5.83 billion [1] Export Analysis - The primary contributor to export growth was phosphates and derivatives, which increased by 18.9% to $5.11 billion [1] - Key sectors faced challenges, with electronic and electrical product exports declining by 7.8%, textile and leather exports down by 4%, and automotive manufacturing exports decreasing by 3.6% [1] Trade Deficit Outlook - The significant imbalance between soaring import demand and limited export growth suggests that Morocco's trade deficit is expected to widen further over the next two years [1]

Group 1: Report Industry Investment Rating - No investment rating provided in the report Group 2: Core Viewpoints of the Report - The report suggests taking a short - selling approach on rallies for both finished products and raw materials [2][3] Group 3: Summary by Relevant Catalog Real Estate Transaction Data - From June 9th to June 15th, the total transaction (signing) area of newly - built commercial housing in 10 key cities was 1.6088 million square meters, with a 24% month - on - month increase and a 3.6% year - on - year decrease; the total transaction (signing) area of second - hand housing was 2.1823 million square meters, with a 17.8% month - on - month increase and a 5.4% year - on - year increase [3] Steel Mill Cost and Profit - On June 17th, the average cost of 76 independent electric arc furnace construction steel mills was 3262 yuan/ton, with a daily increase of 2 yuan/ton, an average profit loss of 129 yuan/ton, and a valley - electricity profit loss of 26 yuan/ton [3] Market Situation and Suggestion - The finished products oscillated and sorted at a low level yesterday, with downstream demand seasonally weakened and difficult to improve effectively in the short term, while high - start and high - output situations still exist, presenting a situation of strong supply and weak demand. It is recommended to try short - selling on rallies [3] - The view on raw materials is also to try short - selling on rallies [3]

Group 1 - The 11th World Radar Expo will be held from May 17 to 19, 2025, in Hefei, Anhui, focusing on showcasing innovative achievements in radar technology [1][3] - The theme of the expo is "Sharing Innovative Achievements to Inject Vitality into New Quality Productivity," featuring four major exhibition areas: smart electronic equipment and industrial chain, industry application, new generation information technology, and outdoor installation [1][3] - Key highlights include the presentation of "China's original" achievements such as meter-wave radar, anti-stealth radar, and high-precision perception systems, along with discussions on cutting-edge technologies and trends in the radar industry [3][4] Group 2 - The expo will facilitate international cooperation, industry exchanges, and scientific popularization, including a special "Belt and Road" digital defense release area for investment and financing activities [3][4] - A "Radar Culture and Science Popularization" exhibition will be designed to showcase radar knowledge, the history of radar development, and typical radar equipment [3][4] - The event will also feature the "2024 Annual China Radar Industry Association Science and Technology Award" and the "2025 11th World Radar Expo Gold Award" to recognize outstanding achievements in the industry [4]

| 证券代码：002092 | 证券简称：ST | 中泰 公告编号：2025-013 | | --- | --- | --- | | 债券代码：148216 | 债券简称：23 | 新化 01 | | 债券代码：148437 | 债券简称：23 | 新化 K1 | 新疆中泰化学股份有限公司 关于预计 2025 年度日常关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、日常关联交易基本情况 （一）关联交易概述 根据新疆中泰化学股份有限公司（以下简称"公司"或"中泰化学"）及下 属公司生产经营需要，对与关联方新疆中泰（集团）有限责任公司（以下简称"中 泰集团"）及其下属子公司2025年度发生采购原材料、产品、商品，销售产品、 商品，接受劳务、服务，提供劳务、服务，出租房产等的日常关联交易情况进行 了预计，并经公司2025年2月19日八届二十三次董事会审议通过，在审议该议案 时，关联董事陈辰、赵永禄对议案作了回避表决，其余董事全部同意。根据《深 圳证券交易所股票上市规则》等有关规定，此事项将提交公司2025年第一次临时 股东会审议，关联股东将回避表 ...