广东迪生力汽配股份有限公司2025 年半年度报告 公司代码：603335 公司简称：迪生力 广东迪生力汽配股份有限公司 广东迪生力汽配股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人赵瑞贞、主管会计工作负责人林子欣及会计机构负责人（会计主管人员）黄少 华声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 否 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述可能存在的 ...

2025年8月22日 证券研究报告 | 中观高频景气图谱（2025.8） 上游资源行业景气提振 策略研究 · 策略专题 证券分析师：王开 联系人：陈凯畅 021-60933132 021-60375429 wangkai8@guosen.com.cn chenkaichang@guosen.com.cn S0980521030001 S0980523090002 请务必阅读正文之后的免责声明及其项下所有内容 目录 01 中观超额收益追踪 图1：基础化工行业超额收益与燃料油收盘价 图2：基础化工行业超额收益与甲醇期货收盘价 图3：基础化工行业超额收益与聚氯乙烯期货收盘价 图4：基础化工行业超额收益与国产氯化钾批发价 图5：基础化工行业超额收益与尿素批发价 资料来源：万得，国信证券经济研究所整理。 资料来源：万得，国信证券经济研究所整理。 资料来源：万得，国信证券经济研究所整理。 期货收盘 价(连 续):燃料 油:月:平 均值:同 比 期货收盘 价(连 续):甲 醇:月:平 均值:同 比 期货收盘 价(连 续):聚氯 乙 烯 (PVC): 月:平均 值:同比 批发价: 国产氯化 钾:国内: 月:平均 值:同比 批 ...

Economic Activity Index - The China High-Frequency Economic Activity Index (YHEI) as of August 19, 2025, is 1.15, down 0.05 from August 12 [1][3] - The "import dry bulk freight index" fell by 0.10 to 1.02, contributing to the decline in YHEI [1][3] - The "30-city commodity housing sales index" increased by 0.03 to 0.44, fluctuating between 0.41 and 0.45 since early August [1][3] Consumption and Retail - In July, the total retail sales of consumer goods reached 38,780.2 billion yuan, growing by 3.7% year-on-year, a decrease of 1.1 percentage points from the previous month [25] - Retail sales of goods grew by 4.0%, down 1.3 percentage points from last month, while catering revenue increased by 1.1%, up 0.2 percentage points [25] - Excluding automobiles, retail sales of consumer goods grew by 4.3%, down from 4.8% in the previous month [25] Automotive Sector - Automotive sales saw a year-on-year growth of 14.66%, up from 13.83% last month, indicating continuous improvement over four months [25] Foreign Trade - In July, the trade surplus was 98.245 billion USD, a year-on-year increase of 14.93%, but the growth rate decreased by 0.78 percentage points from the previous month [25] - Import and export amounts grew by 4.1% and 7.2% year-on-year, respectively, both higher than last month [25] Industrial Production - In July, the industrial added value for large-scale industries grew by 5.7% year-on-year, a decrease of 1.1 percentage points [26] - High-tech industries saw a growth rate of 9.3%, down 0.4 percentage points [26] - The production index for the service industry grew by 5.8%, slowing down by 0.2 percentage points for two consecutive months [26] Monetary Policy - The central bank's net fund injection through open market operations was 684.2 billion yuan as of August 19 [6] - The 7-day reverse repurchase rate was 1.4% [6] Interest Rates - The overnight interbank rate rose by 21 basis points to 1.57% over the past week [11][12] - The 1-year and 5-year swap rates increased by 2 and 5 basis points to 1.54% and 1.63%, respectively [15][18] Real Estate Market - In the week ending August 19, new and second-hand housing transaction areas in first-tier cities increased by 6.71% and 7.06%, respectively [42][45] - In contrast, third-tier cities saw a decrease in transaction areas by 5.13% and 29.2% for new and second-hand homes [42][45] Shipping and Logistics - The China Coastal Bulk Freight Index (CCBFI) rose by 30.48 points to 1,090.99 points [38] - The Baltic Dry Index fell by 53 points to 1,964 points [38] Global Economic Indicators - The US dollar index increased by 0.21 points to 98.28, while the RMB/USD exchange rate rose by 91 basis points to 7.182 [53][54]

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core Viewpoints of the Report - Last week, the price of the domestic natural rubber futures main contract fluctuated upward and rose slightly. Looking ahead, the overall macro - atmosphere warmed up last week, which boosted the rubber price. The supply side had support, the demand side performed okay, and the social inventory and Qingdao total inventory of natural rubber continued to decline with an expanding decline rate. It is expected that the disk may maintain a volatile and slightly stronger operation in the short term [8][91] - The report suggests that for unilateral operations, investors should continue to hold long positions, consider taking profits at high prices, and pay attention to the pressure near the semi - annual line; for arbitrage, consider conducting 09 - 01 reverse arbitrage at an appropriate time; for options, it is recommended to wait and see [9][93] Group 3: Summary by Relevant Catalogs Price Analysis Futures Price - Last week, the price of the natural rubber main contract RU2601 ranged from 15,565 to 16,000 yuan/ton, and the futures price fluctuated upward and rose slightly overall. As of the close on the afternoon of August 15, 2025, the main contract RU2601 closed at 15,905 yuan/ton, rising 355 points or 2.28% for the week [6][15] Spot Price - As of August 15, 2025, the spot price of Yunnan State - owned full - latex (SCRWF) was 14,750 yuan/ton, up 250 yuan/ton from the previous week; the spot price of Thai three - smoked sheets (RSS3) was 19,850 yuan/ton, up 50 yuan/ton from the previous week; the spot price of Vietnamese 3L (SVR3L) was 14,800 yuan/ton, up 150 yuan/ton from the previous week [20] - As of August 15, 2025, the arrival price of natural rubber in Qingdao was 2,230 US dollars/ton, up 30 US dollars/ton from the previous week [23] Basis and Spread - Using the spot quotation of Shanghai Yunnan State - owned full - latex (SCRWF) as the spot reference price and the futures price of the natural rubber main contract as the futures reference price, the basis between the two expanded slightly compared with the previous week. As of August 15, 2025, the basis was maintained at - 1,155 yuan/ton, an expansion of 105 yuan/ton from the previous week [27] - As of August 15, 2025, both the domestic and foreign prices of natural rubber rose slightly compared with the previous week [30] Important Market Information - Macroeconomic data: US July PPI soared, CPI was mixed, and the market's expectation of a Fed rate cut in September was over 90%. The US government expanded the scope of tariffs on steel and aluminum imports, and the US Treasury Secretary called for a rate cut [30][31][32] - International relations: Trump and Putin held a meeting in Alaska, and Sino - US reciprocal tariffs were extended for 90 days [31][35] - Domestic economic data: In July, China's industrial added value and social consumption increased year - on - year, and the real estate investment decreased. The prices of commercial housing in 70 cities declined month - on - month, and the inventory decreased [35][36] - Automobile industry data: In July, China's automobile production and sales increased year - on - year, and the sales of heavy - duty trucks decreased month - on - month but increased year - on - year [37] Supply - side Situation - As of June 30, 2025, the total output of major natural rubber - producing countries was 835,400 tons, an increase of 112,700 tons or 15.6% from the previous month. The output of Thailand increased significantly, while that of Indonesia decreased slightly [43] - As of June 30, 2025, the monthly output of synthetic rubber in China was 703,000 tons, a year - on - year increase of 3.7%, and the cumulative output was 4.231 million tons, a year - on - year increase of 5.4% [48][52] - As of June 30, 2025, the import volume of new pneumatic rubber tires in China was 9,400 tons, a month - on - month increase of 3.3% [56] - In July 2025, China's imports of natural and synthetic rubber totaled 634,000 tons, a 27.2% increase compared with the same period in 2024 [90] Demand - side Situation - As of August 14, 2025, the operating rate of semi - steel tire enterprises decreased by 2.28% to 72.07%, and the operating rate of all - steel tire enterprises increased by 2.09% to 63.09% [58] - As of July 31, 2025, China's monthly automobile production was 2.5911 million vehicles, a year - on - year increase of 13.3% and a month - on - month decrease of 7.27%; the monthly sales volume was 2.5934 million vehicles, a year - on - year increase of 14.66% and a month - on - month decrease of 10.71% [62][65] - As of July 31, 2025, the monthly sales volume of Chinese heavy - duty trucks was 84,885 vehicles, a year - on - year increase of 45.62% and a month - on - month decrease of 13.26% [71] - As of June 30, 2025, the monthly output of Chinese tire casings was 102.749 million pieces, a year - on - year decrease of 1.1%; the export volume of new pneumatic rubber tires was 60.31 million pieces, a month - on - month decrease of 2.44% [74][79] - In the first half of 2025, China's rubber tire exports were 4.71 million tons, a year - on - year increase of 4.5% [90] Inventory - side Situation - As of August 15, 2025, the natural rubber futures inventory on the Shanghai Futures Exchange was 179,930 tons, an increase of 3,650 tons from the previous week [89] - As of August 10, 2025, China's natural rubber social inventory was 1.278 million tons, a month - on - month decrease of 11,000 tons or 0.85%. The total social inventory of dark - colored rubber was 797,000 tons, a month - on - month decrease of 0.8%; the total social inventory of light - colored rubber was 480,000 tons, a month - on - month decrease of 0.8% [89] - As of August 10, 2025, the total inventory of natural rubber in Qingdao's bonded and general trade areas was 619,900 tons, a month - on - month decrease of 11,900 tons or 1.89%. The bonded area inventory decreased by 0.24% to 75,300 tons, and the general trade inventory decreased by 2.11% to 544,600 tons [89] Fundamental Analysis - Supply side: Currently in the peak supply season of global natural rubber, recent rainfall in Southeast Asian and domestic production areas affected the release of new rubber, boosting raw material prices. In July 2025, China's imports of natural and synthetic rubber increased year - on - year [90] - Demand side: Last week, the operating rate of semi - steel tire enterprises decreased slightly, and that of all - steel tire enterprises increased slightly. The inventory pressure of all - steel tire enterprises eased, while the inventory reduction of semi - steel tire enterprises was still difficult. Downstream product enterprises remained on the sidelines and maintained just - in - time procurement. In July, China's automobile production and sales increased year - on - year, and heavy - duty truck sales decreased month - on - month but increased year - on - year [90] - Inventory: Last week, the inventory on the Shanghai Futures Exchange increased significantly, while China's natural rubber social inventory and Qingdao total inventory continued to decline [90] 后市展望 (Outlook) - The overall macro - atmosphere warmed up last week, with mixed US July inflation data, Sino - US reciprocal tariffs extended for 90 days, and the US - Russia meeting boosting market risk appetite. The supply side has pressure due to increased new rubber output, and the demand side has mixed performance. Considering the decline in inventory, the disk is expected to maintain a volatile and slightly stronger operation in the short term [8][91] - Key points to follow include macro - sentiment changes, weather disturbances in rubber - producing areas, terminal demand changes, zero - tariff policy progress, EU anti - dumping investigation updates, and Sino - US tariff changes [92]

Industrial Sector - China's industrial production remains stable, with a recovery in steel and construction material output, showing a week-on-week increase of 3.7%[1] - Daily average pig iron output is higher than the same period last year, indicating a positive trend in steel production[3] - Cement clinker capacity utilization rate has improved, reflecting a rebound in the cement industry[5] Real Estate - New home sales in 30 major cities decreased by 15.9% year-on-year as of August 8, but the decline rate improved by 2.2 percentage points compared to the previous week[1] - The second-hand housing listing price index fell by 0.27% week-on-week as of July 28, indicating a slight downward trend in property prices[20] Domestic Demand - Movie box office revenue continues to perform strongly, with a daily average of CNY 24.143 million, a year-on-year increase of 98.7%[1] - Retail sales of major home appliances grew by 10.5% year-on-year as of August 1, showing robust consumer demand[25] - The number of domestic flights increased by 8.8% year-on-year, reflecting a recovery in travel activity[26] External Demand - Port cargo throughput increased by 6.8% year-on-year as of August 3, indicating a positive trend in external trade[30] - The global manufacturing PMI index was at 49.7% in July, down 0.7 percentage points from June, suggesting a slight contraction in manufacturing activity[1] Price Trends - Black raw material futures prices rebounded, with coking coal futures up by 12.3% and rebar futures up by 0.3%[1] - The South China industrial product index fell by 1.0%, while the black raw material index rose by 2.7%[1]

固定收益 | 固定收益定期 地产成交继续缩量 证券研究报告 2025 年 08 月 09 日 高频跟踪周报 20250809 核心关注点：地产新房成交环比回落且同比偏弱，低于季节性水平，仍需 政策进一步支持；电影票房回暖，迁徙规模指数回落；生产领域工业运行 平稳，基建开工维持韧性；投资方面螺纹钢消费量价分化，水泥需求回落； 商品期货平稳运行，品种表现分化，碳酸锂、铁矿石和多晶硅整体收涨。 需求：新房成交环比回落，观影消费边际回暖 （1）地产方面，本周 20 城商品房成交面积环比回落，同比下降，明显低 于季节性水平。此外，重点城市二手房成交面积环比整体下降，北京、上 海、深圳、杭州二手房成交面积均环周下降。（2）消费方面，观影消费同 比上升，全国迁徙规模指数环周下降，地铁出行边际回落。 当前地产供需两端维持偏弱表现，下半年地产宽松政策或仍需积极发力， 如核心城市限购进一步松绑、下调住房贷款利率、降低首付比例等措施， 释放改善性住房需求。 对应可以看到，8 月 8 日北京购房新政公布，符合条件家庭五环外购房不 再限制套数，进而改善家庭、个人的购房动力。 生产：工业生产运行平稳，PTA 开工率回落 （1）中上游方面 ...

Report on the Rubber Industry 1. Core Viewpoint - Monitor the raw material supply situation during the peak production season in major producing areas. If the raw material supply goes smoothly, consider short - selling at high prices [1]. 2. Summary by Directory Spot Price and Basis - The price of Yunnan state - owned whole - latex rubber (SCRWF) in Shanghai decreased by 100 yuan/ton to 14,400 yuan/ton, a decline of 0.69%. The basis of whole - latex rubber (switched to the 2509 contract) decreased by 130 to - 1,125, a decline of 13.07%. The price of Thai standard mixed rubber increased by 50 yuan/ton to 14,350 yuan/ton, an increase of 0.35% [1]. Monthly Spread - The 9 - 1 spread decreased by 15 to - 975, a decline of 1.56%. The 1 - 5 spread increased by 10 to - 120, an increase of 7.69%. The 5 - 9 spread increased by 5 to 1,095, an increase of 0.46% [1]. Fundamental Data - In June, Thailand's rubber production was 392,600 tons, a year - on - year increase of 44.23%. Indonesia's production was 176,200 tons, a year - on - year decrease of 12.03%. India's production was 62,400 tons, a year - on - year increase of 30.82%. China's production was 103,200 tons, a year - on - year increase [1]. Inventory Change - The bonded area inventory increased by 5,798 tons to 640,384 tons, an increase of 0.91%. The warehouse futures inventory of natural rubber on the SHFE increased by 2,318 tons to 39,716 tons, an increase of 6.20% [1]. Report on the Log Industry 1. Core Viewpoint - The supply pressure may increase. The demand is in the off - season, and the spot price is still under pressure. The short - term futures price is expected to fluctuate widely in the range of 800 - 850 [3]. 2. Summary by Directory Futures and Spot Price - The price of Log 2509 remained unchanged at 832.5. The price of Log 2511 decreased by 0.5 to 840, a decline of 0.06%. The price of Log 2601 remained unchanged at 841.5 [3]. Import Cost Calculation - The RMB - US dollar exchange rate remained unchanged at 7.183. The import theoretical cost increased by 13.84 yuan to 818.70 yuan [3]. Supply - In June, the port shipping volume was 1.76 million cubic meters, a year - on - year increase of 2.12%. The number of departing ships from New Zealand to China, Japan, and South Korea decreased by 5 to 53, a decline of 8.62% [3]. Inventory - As of August 1, the total inventory of national coniferous logs was 3.17 million cubic meters. The inventory in Shandong increased by 20,000 cubic meters to 1.95 million cubic meters, an increase of 1.04%. The inventory in Jiangsu decreased by 56,000 cubic meters to 960,000 cubic meters, a decline of 5.55% [3]. Demand - As of August 1, the average daily outbound volume of logs was 64,200 cubic meters. The demand last week increased by 10,000 cubic meters compared with the previous week [3]. Report on the Glass and Soda Ash Industry 1. Core Viewpoint Soda Ash - The supply is in excess. The spot sales are weak. Consider short - selling at high prices in the short - term and monitor the implementation of policies and the load - regulation of soda ash plants [4]. Glass - The futures price has weakened, and the market sentiment has declined. The overall spot price is difficult to increase further. Hold short positions and monitor the implementation of policies and the stocking performance of downstream industries [4]. 2. Summary by Directory Glass - related Price and Spread - The prices in North China, East China, and South China decreased, while the price in Central China remained unchanged. The prices of Glass 2505 and Glass 2509 decreased [4]. Soda Ash - related Price and Spread - The prices in North China, East China, Central China, and Northwest China remained unchanged. The prices of Soda Ash 2505 and Soda Ash 2509 decreased [4]. Supply - The soda ash production rate increased from 80.27% to 85.41%, and the weekly production increased by 45,000 tons to 744,700 tons [4]. Inventory - The glass factory inventory increased by 2.348 million weight - cases to 61.847 million weight - cases, an increase of 3.95%. The soda ash factory inventory increased by 69,300 tons to 1.8651 million tons, an increase of 3.86% [4]. Report on the Industrial Silicon Industry 1. Core Viewpoint - The spot price of industrial silicon is stable with a slight increase. The price is expected to fluctuate between 8,000 - 10,000 yuan/ton in August. Consider buying at low prices when the price drops to 8,000 - 8,500 yuan/ton. Pay attention to position control and risk management [5]. 2. Summary by Directory Spot Price and Basis - The price of East China oxygen - containing S15530 industrial silicon remained unchanged at 9,250 yuan/ton. The basis increased by 45 to 595, an increase of 8.18% [5]. Monthly Spread - The 2508 - 2509 spread increased by 130 to 40, an increase of 144.44%. The 2509 - 2510 spread decreased by 10 to - 25, a decline of 66.67% [5]. Fundamental Data - The national industrial silicon production was 300,800 tons, a year - on - year decrease of 12.10%. The organic silicon DMC production was 199,800 tons, a year - on - year decrease of 4.54% [5]. Inventory Change - The Xinjiang factory inventory decreased by 1,200 tons to 116,900 tons, a decline of 1.02%. The social inventory increased by 7,000 tons to 547,000 tons, an increase of 1.30% [5]. Report on the Polysilicon Industry 1. Core Viewpoint - The polysilicon price fluctuates and declines. The main price fluctuation range is expected to be between 45,000 - 58,000 yuan/ton. Consider buying at low prices and buying put options to short at high prices [6]. 2. Summary by Directory Spot Price and Basis - The average price of N - type re - feeding material remained unchanged at 47,000 yuan/ton. The basis of N - type material increased by 1,235 to - 3,110, an increase of 28.42% [6]. Futures Price and Monthly Spread - The price of the main contract decreased by 1,235 to 20,110, a decline of 2.41%. The spread between the current month and the first - continuous contract increased by 2,075 to - 10, an increase of 99.52% [6]. Fundamental Data - The weekly silicon wafer production was 12.02 GW, a year - on - year increase of 9.27%. The weekly polysilicon production was 29,400 tons, a year - on - year increase of 10.94% [6]. Inventory Change - The polysilicon inventory increased by 4,000 tons to 233,000 tons, an increase of 1.75%. The silicon wafer inventory increased by 960,000 pieces to 19.11 million pieces, an increase of 5.29% [6].

Group 1 - As of August 4, 2025, Qingdao Doublestar's stock price is 5.00 yuan, up 1.01% from the previous trading day [1] - The trading volume on that day was 72,713 hands, with a transaction amount of 0.36 billion yuan [1] - Qingdao Doublestar primarily engages in the production of rubber products, with applications in automotive tires and other fields [1] Group 2 - The company headquarters is located in Shandong, and its business spans tire manufacturing and robotics technology [1] - On August 4, the company announced on an interactive platform that it will actively respond to the national Yajiang Hydropower Station strategy by developing tire products that meet demand [1] - The company is also collaborating with domestic mainstream automakers to develop products aimed at capturing the new energy vehicle market [1] Group 3 - On August 4, the net inflow of main funds was 3.9877 million yuan, but over the past five days, the overall main funds showed a net outflow of 34.2568 million yuan [1]

Production Side - As of the fourth week of July, the blast furnace operating rate was 83.48%, stable compared to the previous period and above last year's average[19] - The rebar operating rate increased to 43.95%, up 2.38 percentage points from the previous period, exceeding last year's average[19] - The cement mill operating rate recorded 36.95%, a slight decrease compared to the previous period[19] - The asphalt inventory saw a significant decline, indicating an acceleration in physical work volume in the infrastructure sector[7] Demand Side - In July, the real estate market remained weak, with the transaction area of commercial housing in 30 cities down by 27.43% month-on-month and 11.26% year-on-year[7] - The average daily sales of passenger cars were 53,006.50 units, reflecting a month-on-month decrease of 21.88%[8] - The total box office revenue for movies was 84,200.00 million yuan, showing a month-on-month increase of 99.53% but a year-on-year decline of 14.85%[8] Trade and Prices - The CCFI (China Containerized Freight Index) rose to 1,305.40, with a month-on-month growth of 2.19%[9] - The SCFI (Shanghai Containerized Freight Index) decreased to 1,684.07, reflecting a month-on-month decline of 16.42%[9] - The CPI showed a mild increase in consumer prices, while industrial product prices fluctuated, with PPI pressures from weak energy prices[9]

Group 1 - In May 2025, China's automobile tire imports amounted to 0.5 million tons, representing a year-on-year decrease of 26.7%, with an import value of 0.37 million USD, down 23.8% year-on-year [1][3][4] - In the same month, China's automobile tire exports reached 737.6 thousand tons, showing a year-on-year increase of 11.1%, with an export value of 1.743 billion USD, up 9.6% year-on-year [1][3][4]