今年是西藏自治区成立60周年。一直以来，中国信保全面贯彻新时代党的治藏方略，积极履行政策 性职能，持续加大对西藏外经贸企业的支持力度，将金融服务融入稳定、发展、生态、强边四件大事， 绘就雪域高原高质量发展的崭新图景。特别是在助力当地企业拓展国内外市场方面，中国信保发挥了信 用保险的积极作用。 西藏圣信工贸有限公司（以下简称"圣信工贸"）是一家研发生产牦牛绒、羊绒、羊毛制品的公司， 其产品远销尼泊尔、印度等国家，年销售额已突破2000万元。 在开拓海外市场的过程中，风险也如影随形，尼泊尔多次外汇管制给圣信工贸敲响了警钟。2022年 5月，西藏自治区统保平台正式搭建，圣信工贸成为首批加入平台的企业，并顺利获取了政策性出口信 用保险保障。据了解，该平台由西藏自治区商务厅与中国信保四川分公司联合打造，旨在为企业出口面 临的信用风险提供保障，保险责任涵盖商业、政治风险，充分贴合了大部分当地出口企业单个订单小、 交易频次低的业务特点。 2023年5月4日，圣信工贸还成为了西藏首家信保保单融资业务的受益者，带动西藏国际商务、多肽 生物等一批企业用上了信保保单融资功能，进一步提升了市场竞争力。 据介绍，雪域高原对外贸易有其特 ...

丨证券研究报告丨 公司研究丨点评报告丨新澳股份（603889.SH） [Table_Title] 新澳股份 2025H1 业绩点评：羊绒业务持续放 量，期待新澳越南及新澳银川产能兑现 报告要点 [Table_Summary] 新澳股份 2025H1 实现营收 25.5 亿元，同比-0.1%，归母净利润 2.7 亿元，同比+1.7%；其中 Q2 实现收入 14.5 亿元，同比-0.4%，归母净利润 1.7 亿元，同比-0.4% 。 分析师及联系人 [Table_Author] 于旭辉 SAC：S0490518020002 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 新澳股份（603889.SH） cjzqdt11111 [Table_Title 新澳股份 2025H1 2] 业绩点评：羊绒业务持续放 量，期待新澳越南及新澳银川产能兑现 [Table_Summary2] 事件描述 新澳股份 2025H1 实现营收 25.5 亿元，同比-0.1%，归母净利润 2.7 亿元，同比+1.7%；其中 Q2 实现营收 14.5 亿元，同比-0.4%， ...

[Table_Title] 羊绒表现靓丽，越南及银川子公司逐步投产 证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 22 日 [Table_Title2] 新澳股份(603889) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 603889 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 8.53/5.09 | | 目标价格： | | 总市值(亿) | 44.49 | | 最新收盘价： | 6.09 | 自由流通市值(亿) | 43.89 | | | | 自由流通股数(百万) | 720.66 | [Table_Summary] 事件概述 2025H1 公司收入/归母净利/扣非归母净利/经营性现金流净额分别为 25.54/2.71/2.68/-0.11 亿元、同比 增长-0.08%/1.67%/3.16%/-116.71%，符合市场预期。经营性活动现金流净额大幅下降主要由于购买商品、接 受劳务支付的现金增加和子公司新澳越南及新澳银川逐步投产前期成本支出增加，经营现金流低于净利主要由 ...

Core Insights - Mongolia's total foreign trade volume reached $14.2 billion in the first seven months of 2025, representing a year-on-year decline of 9.0% [1] Trade Performance - Export trade amounted to $7.8 billion, down 16.1% year-on-year [1] - Import trade reached $6.5 billion, showing a growth of 10.7% year-on-year [1] - The trade surplus was $1.3 billion, which is a decrease of 55.2% compared to the previous year [1] Commodity Exports - Coal exports fell by $2.4 billion year-on-year [1] - Cashmere exports decreased by $200 million year-on-year [1] - Crude oil exports declined by $40 million year-on-year [1] - Iron ore exports dropped by $20 million year-on-year [1] - Copper concentrate exports increased by $1.1 billion year-on-year [1] - Zinc ore exports rose by $30 million year-on-year [1] Trade Partners - The top five export destinations for Mongolia were China (91.9%), Switzerland (5.0%), the United States (1.2%), Russia (0.4%), and Italy (0.2%) [1] - The top five sources of imports were China (38.7%), Russia (23.6%), Japan (12.3%), South Korea (4.4%), and the United States (4.0%) [1]

Core Viewpoint - The Chinese cashmere industry is at a critical period of transformation and upgrading, emphasizing high-quality development aligned with the directions of "technology, fashion, green, and health" as well as market demands for "price, quality, sustainability, and traceability" [1] Group 1: Industry Development - The 2025 China Cashmere Industry High-Quality Development Conference aims to explore collaborative innovation across the entire industry chain and sustainable development paths, enhancing the internal driving force of the industry [1][2] - The conference featured discussions on various topics including the development trends of cashmere technology, the impact of international trade on sustainable development, and carbon emission research during the 14th Five-Year Plan [2][3] Group 2: Market Position and Innovation - China holds a significant position in the global cashmere supply and manufacturing capabilities, necessitating the reliance on new production forces to enhance product variety, quality, and brand creation [3] - The China Wool Textile Industry Association has been focusing on raw material testing technology, promoting digitalization, intelligence, AI, and genetic technology to improve industry testing efficiency and strengthen standardization [3] Group 3: Exhibition Highlights - The 8th China (Ordos) International Cashmere and Wool Exhibition emphasizes the deep integration of technological and industrial innovation, attracting over 30 international enterprises from 10 countries and nearly 200 domestic exhibitors [4] - The exhibition features six major exhibition areas and three centers for discussion, fashion release, and achievement display, showcasing the global value chain integration of the cashmere and wool industry [4]

Core Insights - Inner Mongolia is actively promoting the transformation and development of agriculture and animal husbandry, focusing on ecological agriculture and deep processing of agricultural products to enhance the quality and efficiency of the industry [2][6]. Group 1: Agricultural Production Optimization - The introduction of intercropping, such as planting sunflowers between rows of wheat, has led to a 30% increase in net profit per mu [2]. - In 2024, grain production in Inner Mongolia is expected to reach 82.01 billion jin, with an average yield increase of 24.2 jin per mu [2]. Group 2: Structural Improvement - The region is optimizing its production structure by developing 18 advantageous industrial belts for crops and livestock, including corn, wheat, and beef [4]. - The focus is on selecting high-quality varieties and efficient planting models to ensure both yield and income for farmers [4]. Group 3: Technological Empowerment - The contribution rate of agricultural technology progress in Inner Mongolia has reached 62.4%, with over 90% mechanization in crop farming [5]. - Smart farming technologies are being adopted, allowing for automated feeding and management of livestock, significantly improving efficiency [5]. Group 4: Deep Processing and Value Chain Extension - The development of deep processing in agriculture aims to extend the industrial chain, with a target of achieving a processing conversion rate of over 78% for major agricultural products in 2023 [6]. - The agricultural industry in Inner Mongolia is projected to exceed 700 billion yuan in key industry chain output value by 2024 [6].

Group 1 - The article highlights the growth of e-commerce in Tibet, particularly in rural areas, enabling local farmers to sell their products online and connect with broader markets [1][2][3] - The integration of a "supply and marketing cooperative + e-commerce + enterprises (cooperatives) + farmers" model in Achang County has addressed the issue of unsold quality products [2] - The online sales of agricultural products in Shannan City are projected to reach 76.9 million yuan in 2024, indicating a shift from "producing to sell" to "planting according to demand" [2] Group 2 - The article discusses the establishment of a community factory model in Lhasa, where local artisans are trained and provided with orders to create traditional handicrafts, thus generating income [3] - E-commerce has significantly expanded the market for Tibetan cultural products, with online retail sales in Tibet reaching 10.84 billion yuan in the first four months of 2025, a year-on-year increase of 36.7% [3] - The director of the e-commerce department in Tibet emphasizes the need to enhance logistics in rural areas, reduce costs, and cultivate e-commerce talent to further promote local products [4]

Core Viewpoint - The article highlights the significance of the cashmere harvesting season for the local economy in the Ordos region, particularly focusing on the high-quality "Albas" white cashmere goats and the innovative practices adopted by local herders to enhance the value of cashmere production [5][6]. Group 1: Cashmere Production - Ordos is known for its world-renowned "Albas" white cashmere goats, with peak raw cashmere production exceeding 3,300 tons, accounting for 47% of Inner Mongolia's output, 22% of China's total, and 13% globally [5]. - The cashmere harvesting season is crucial for local herders, as timely collection prevents significant losses due to natural shedding [5][6]. Group 2: Innovative Practices - The Ulanwusu Agricultural Social Service Team, established in 2021, provides cashmere harvesting services, along with cashmere testing and breeding improvement, enhancing the efficiency and profitability of local herders [5]. - Herders are adopting scientific breeding techniques, such as gene testing for selecting breeding goats, which has led to a stable cashmere fiber diameter of 13.7 microns, setting a quality benchmark in the region [6]. Group 3: Economic Impact - The organized approach to cashmere collection and grading is expected to increase the selling price of cashmere by approximately 20% due to better quality management [5]. - Local agricultural authorities are promoting detailed grading of cashmere based on fiber thickness to maximize the benefits for herders, ensuring they receive more subsidies and rewards [6].

Core Viewpoint - The event in Ordos City highlights the implementation of the "Quality and Price" subsidy policy, which aims to enhance the quality of cashmere production and support local herders through financial incentives and collaboration among enterprises [1][2]. Group 1: Policy Implementation and Impact - Since the introduction of the "Quality and Price" policy in 2019, the subsidy amount per kilogram of raw cashmere has increased nearly fourfold, benefiting 15 times more herders [2]. - From 2019 to 2024, the total acquisition of raw cashmere in the Ordos region reached 164.37 tons, with subsidies amounting to 4.62 million yuan, benefiting 843 herders [2]. - The average fineness of cashmere purchased in the region improved from 15.78 microns in 2019 to 15 microns in 2024, with the proportion of cashmere below 14.5 microns rising to 31.5% [2]. Group 2: Industry Development and Support Measures - The company emphasizes the integration of herders' interests with the high-quality development of the cashmere industry, implementing various measures to enhance herding techniques and conditions [3]. - Free training courses are provided to herders to promote advanced breeding concepts and techniques, alongside the construction of modern breeding facilities equipped with digital systems [3]. - The establishment of a virtuous cycle is aimed at ensuring high-quality cashmere production, linking quality raw materials to high-end products and market recognition [3]. Group 3: Quality Breeding and Future Plans - The company set a record by purchasing a top-grade Albas white cashmere goat for 235,000 yuan at the "Albas" Cup breeding competition, showcasing the economic value of quality breeding stock [4]. - The company plans to deepen the connection between herders and enterprises, expanding the coverage of the "Quality and Price" policy and innovating ways to support the development of quality cashmere breeding resources [4]. - The goal is to establish Ordos as a leading global cashmere raw material base, contributing to the overall economic uplift of the region [4].