本报讯 （记者马宇薇）8月26日，物产中大集团股份有限公司（以下简称"物产中大"）发布2025年半年 报。上半年，公司共实现营业收入2885.37亿元，同比微降1.92%；利润总额37.37亿元，同比增长 16.03%；归属于上市公司股东的净利润20.4亿元，同比增长29.65%。 公开资料显示，物产中大是中国供应链集成服务引领者，是首批国家级供应链创新与应用示范企业，是 中国具有影响力的大宗商品供应链集成服务商之一。物产中大已连续15年位列世界500强，根据《财 富》2025年7月29日公布的最新结果，2025年排名位列149位。 今年上半年，物产中大根据"一体两翼"发展战略，围绕智慧供应链集成服务开展更加积极、更加聚焦、 更加有效的系列经营管理和投资活动，按照"以供应链思维、做产业链整合、构建物产中大生态圈"的实 施路径，塑造战略协同、周期对冲、产融互动的产业格局。 从业绩表现来看，物产中大的供应链集成服务主业实现稳健发展，核心优势不断凸显。报告期内，其共 实现营业收入2656.1亿元，占公司营业收入92.06%。金属、能源、化工、汽车服务等核心业务规模均列 全国前列。其中，销售钢材3797.2万吨，同比 ...

| 国泰海通证券 | | --- | | GUOTAI HAITONG SECURITIES | 目 录 | | 每日报告精选（2025-08-21 09:00——2025-08-22 15:00） 2 | | | --- | --- | --- | |  | 行业跟踪报告：物流仓储《快递单价降幅收窄，反内卷持续扩散》2025-08-22 | 2 | |  | 行业策略：新能源发电《光伏行业研究方法》2025-08-22 | 3 | |  | 行业策略：建材《回归常识，探寻本源》2025-08-21 | 3 | |  | 行业跟踪报告：机器人《Figure 人形机器人实现无遮挡行走，能力边界持续突破》2025-08-21 | 3 | |  | 行业跟踪报告：乳制品《肉奶共振，弹性可期》2025-08-21 | 4 | |  | 海外报告：富途控股（FUTU.O）《净入金强劲，Crypto 持续开拓》2025-08-22 | 5 | |  | 公司半年报点评：巴比食品（605338）《经营势能向上，业绩超预期》2025-08-22 | 5 | |  | 海外报告：北森控股（9669）《HCM S ...

Group 1: Military Industry - The military sector is experiencing an upward trend, driven by the intensifying geopolitical competition among major powers, with a long-term positive outlook for military investments [4][5][6] - The recent commemorative events for the 80th anniversary of the victory in the Anti-Japanese War have highlighted the importance of national defense, leading to increased military spending [5] - Key companies to focus on include major manufacturers and component suppliers such as AVIC Shenyang Aircraft Corporation, AVIC South Lake, and AVIC Xi'an Aircraft Industry [4] Group 2: Non-Metallic Building Materials - The implementation of new national standards for refrigerators is expected to accelerate the demand for VIP boards, with the company Reascent Technology poised for significant growth following its acquisition of Maikelong [8][9] - The company has integrated its supply chain from fiberglass cotton to VIP core materials and VIP boards, which is anticipated to enhance its competitive edge and profitability [9] Group 3: Dairy Industry - The price of raw milk continues to decline, and a supply-demand balance is expected in the second half of 2025, benefiting from reduced production and improved demand [11][19] - Beef prices are entering an upward cycle due to supply reduction and decreased import pressures, with a projected increase in profitability for livestock companies [12][20] - The cyclical resonance between meat and milk production is expected to enhance the profitability of leading livestock companies [11][21]

Core Concept - The core philosophy of Dongya Futures is to "respect the market," which shapes its unique corporate identity and builds customer trust through a deep understanding of market dynamics and flexible service strategies [1] Group 1: Respecting Market Dynamics - The first step in respecting the market is acknowledging its objectivity and complexity, with the team at Dongya Futures adopting a humble approach to observe market trends and avoid subjective judgments [2] - The team integrates market rules into daily services, proactively monitoring external changes to provide clients with informed recommendations, thereby reducing decision-making risks for clients [2] Group 2: Flexibility in Response - Dongya Futures promotes an "elastic service" model, allowing for quick adjustments based on market feedback without being tied to traditional paths or superficial innovations [3] - The flexibility is built on solid foundational capabilities, with the team conducting regular reviews and sharing experiences to create a dynamic adjustment mechanism [3] Group 3: Customer-Centric Approach - The company views customers as a bridge to the market, using customer feedback as a key basis for service improvement and establishing a mechanism to convert suggestions into actionable optimizations [4] - Dongya Futures emphasizes understanding both expressed and unexpressed customer needs, allowing the team to anticipate market trends and adjust service focus accordingly [4] Group 4: Long-Term Value Orientation - The company adheres to a "long-term value" approach, prioritizing sustainable solutions in service design and focusing on the growth potential of team members rather than short-term performance [6] - Resources are allocated to maintain customer relationships and optimize service details, with regular follow-ups and free consultations for existing clients to reinforce trust [6] Group 5: Market Recognition and Future Outlook - The respect for the market translates into a deep understanding of its own value, with Dongya Futures demonstrating that true market respect leads to not only commercial success but also a profound self-awareness [6] - The company aims to continue exploring service possibilities in a dynamic balance, positioning itself as a benchmark in the industry [6]

Core Insights - The essence of service has evolved beyond merely solving problems to understanding the fundamental needs of clients and providing long-term value and trust [1][7] - East Asia Futures has developed a service methodology that aligns with market trends and respects client demands, becoming a core differentiator in its competitive strategy [1][7] Deep Understanding: From Surface Needs to Core Demands - Many service failures stem from superficial interpretations of client needs. East Asia Futures emphasizes the importance of understanding unspoken client expectations through comprehensive questioning and scenario analysis [2] - The team's ability to redefine problems from the client's perspective allows for a more thorough reference framework that addresses underlying goals such as efficiency, risk avoidance, or resource integration [2] Flexible Adaptation: No Standard Answers, Only Optimal Solutions - The value of service is often reflected in its ability to handle uncertainty. East Asia Futures rejects a templated service model, opting instead for dynamic strategy adjustments based on the client's stage and external factors [3] - The team can quickly mobilize resources and reorganize tasks to respond to sudden changes in client needs, often providing emergency solutions within 24 hours [3] Long-term Partnership: Service is Not a One-time Transaction - East Asia Futures views service as the beginning of a long-term partnership, regularly following up with clients to identify new needs or potential issues after project completion [4] - The team remains committed to tracking the effectiveness of implemented solutions and providing ongoing support, ensuring that service translates into real value for clients [4] Proactive Innovation: The Secret to Exceeding Expectations - High-quality service not only meets needs but also creates surprises. East Asia Futures integrates innovative thinking into regular services, enhancing communication methods and introducing cross-industry insights [5] - The team balances innovation with risk control, employing strategies like small-scale testing to ensure the feasibility of new initiatives [5] Trust Building: Proving Reliability Through Action - The highest form of service is becoming a trusted partner for clients. East Asia Futures understands that trust is built over time through transparency and consistent performance [7] - The team treats all clients equally, regardless of size or urgency, ensuring that no client's needs are overlooked and maintaining service stability even during peak periods [7] Conclusion - The future of competition in the service industry will continue to evolve, but the core principle remains: focusing on the genuine needs of clients is essential for creating irreplaceable value. East Asia Futures exemplifies this through its commitment to deep understanding, flexible adaptation, long-term partnership, and proactive innovation [8]

Core Viewpoint - The number of futures companies listed on the New Third Board is expected to decrease again, reflecting challenges faced by small and medium-sized futures companies in securing effective financing and the concentration of resources among leading firms [4][10]. Group 1: Company Actions - Dongbei Securities announced that its subsidiary, Bohai Futures, plans to apply for termination of its listing on the New Third Board, ending over eight years of listing [3][5]. - Bohai Futures' decision is based on its development planning needs and is expected to have no significant impact on the company's normal operations [6]. Group 2: Industry Trends - In April 2023, two other futures companies, Jinyuan Futures and Funeng Futures, also withdrew from the New Third Board, reducing the number of listed futures companies from 13 to 11 [4][10]. - If Bohai Futures exits, the total will drop to 10, with all remaining companies having a market value of less than 10 billion yuan, and many experiencing low trading volumes [10]. Group 3: Financial Performance - Bohai Futures reported a significant decline in performance for 2024, with revenue of approximately 2.32 billion yuan, a year-on-year decrease of 17.79%, and a net loss of 29.38 million yuan [7]. - In contrast, the company had net profits exceeding 10 million yuan in both 2022 and 2023 [7]. Group 4: Market Challenges - The withdrawal of futures companies from the New Third Board indicates limited effective financing opportunities in the capital market for small and medium-sized firms, highlighting a pronounced "Matthew effect" where resources tend to concentrate among larger companies [4][10]. - Industry insiders suggest that small and medium-sized futures companies must seek breakthroughs in differentiated development, business innovation, mergers and acquisitions, internal management, and policy support to survive in a competitive market [10].

Core Viewpoint - The article emphasizes the importance of the real economy as a foundation for national economic stability, highlighting the challenges and opportunities it faces due to fluctuating raw material prices and market imbalances. It presents Ruida Futures as a leading financial service institution that supports various industries through a comprehensive service model focused on "industry research + risk management + futures-spot coordination" [1]. Group 1: Industry Research and Risk Management - Ruida Futures adheres to a service philosophy rooted in industry needs, actively providing strategies to mitigate risks associated with commodity price volatility. For instance, it helped a cold-rolled processing company manage its 20,000 tons of steel inventory by identifying price exposure based on historical data [2]. - The company has established a "data + research + service" think tank system to enhance its service to the real economy, offering standardized services like market analysis and tailored consulting to help clients manage risks and optimize inventory [2][3]. - Ruida Futures has developed an intelligent research platform that integrates extensive historical data, providing clients with multi-dimensional market forecasts and decision-making support [3]. Group 2: Innovative Risk Management Solutions - The company recognizes the challenges faced by small and medium-sized enterprises in risk management, offering innovative derivative tools to address these issues. For example, it implemented a "strangle option" strategy for a cold-rolled processing client, which not only hedged against price declines but also created additional profit opportunities [4]. - Ruida Futures designed a "futures inventory replacement" plan for a lead mine in Southwest China, allowing the client to convert physical inventory into futures contracts, thus reducing costs and managing price risks effectively [4][5]. Group 3: Integrated Futures and Spot Market Solutions - In the context of building a unified national market, Ruida Futures promotes efficiency in the industrial chain through a service model that combines inventory management, basis pricing, and cross-market collaboration [7]. - The company assists clients in optimizing inventory levels by leveraging futures market price signals, helping them avoid excess inventory or shortages that could lead to increased costs [7]. - Ruida Futures collaborates closely with its subsidiary, Ruida New Control, to provide customized basis pricing solutions, enabling clients to manage price risks effectively and enhance their operational efficiency [8]. Group 4: Future Outlook - Looking ahead, Ruida Futures aims to continue innovating its service models and deepening its service offerings, particularly by leveraging big data and artificial intelligence to improve price discovery and hedging accuracy [9]. - The company plans to increase its service investments in emerging industries such as new energy and new materials, contributing to the transformation and upgrading of the real economy [9].

Group 1 - The core viewpoint of the articles emphasizes the commitment of Yi De Futures to support rural revitalization and consolidate poverty alleviation achievements through various projects and financial education initiatives in Taihu County, Anhui Province [1][2] - Yi De Futures has signed multiple cooperation agreements with Taihu County since 2018, focusing on projects such as bamboo planting bases, rural housing renovations, and healthcare facilities, contributing to the county's high-quality economic and social development [1] - In April 2025, Yi De Futures plans to invest in a specific project for the cultivation of lily crops in Xihe Village, utilizing 20 acres of idle land to enhance agricultural structure and promote rural economic growth [1] Group 2 - Yi De Futures conducted financial knowledge training in Xihe Village to improve local officials' understanding of financial security and to help identify illegal financial activities [2] - The company also engaged in a joint party lesson with local party branches to promote integrity and self-discipline among officials, reinforcing the importance of anti-corruption measures [2] - Moving forward, Yi De Futures aims to deepen its support for Taihu County, enhancing its role in financial services for the real economy and rural development [2]

Core Viewpoint - The establishment of the Nansha Futures Industry Park is a significant development in China's futures market, aiming to create a comprehensive financial ecosystem and attract major financial enterprises to the region [1][2][3]. Group 1: Project Development - The Nansha Futures Industry Park is set to be the first comprehensive futures financial industrial park in the country, with construction aiming for completion by the end of September 2023 [1]. - The park's first building has been completed, and other construction works are progressing in an orderly manner [1]. - The project covers a total land area of 46,934 square meters and a planned total building area of approximately 151,165 square meters, with a maximum building height of about 80 meters [3]. Group 2: Policy Support - Since 2022, several policy documents have been issued by Guangdong Province and Guangzhou City to support the development of the futures market, including the "Nansha Plan" and the "Implementation Plan for High-Quality Development of the Futures Market" [1][2]. - The "Implementation Plan" outlines the positioning of the Nansha Futures Industry Park as a hub for business offices, data processing, disaster backup, product development, technological innovation, and training [2]. Group 3: Infrastructure and Connectivity - The park will have a new bus station operational by the National Day holiday, improving connectivity to the subway line [1]. - Additional transportation facilities, such as shared bike points, will also be established to facilitate employee commuting [1]. Group 4: Environmental Initiatives - The Nansha Futures Industry Park is incorporating photovoltaic building integration technology, with an expected annual power generation of approximately 1.1 million kilowatt-hours, aiming to make one of its buildings a "zero-carbon building" [4]. Group 5: Future Prospects - The park aims to attract leading enterprises in finance, futures, and next-generation information technology, creating a significant industrial cluster effect in the Greater Bay Area [4].