Group 1 - The fluorochemical index decreased by 6.06% this week, underperforming the Shanghai Composite Index by 2.95% [1][2] - The fluorochemical index closed at 3570.93 points, increasing by 6.61% during the week, outperforming the Shanghai Composite Index by 6.05%, the CSI 300 Index by 6.23%, the basic chemical index by 3.28%, and the new materials index by 5.17% [1][2] Group 2 - Global demand for air conditioning is surging, leading to further increases in refrigerant prices [3] - In South Korea, Samsung Electronics' air conditioner sales in Q1 2025 increased by 51% year-on-year, while LG Electronics saw a 60% increase [3] - India's air conditioning market is expected to grow by 20% to 25% in 2025, with projected sales of 15 to 16 million units [3] - Major Chinese refrigerant manufacturers have raised prices by 500 to 2500 yuan/ton for various refrigerant models, with R32 and R134a increasing by 5.21% and 4.35% respectively [3][4] Group 3 - As of April 25, the average market price for fluorite was 3,698 yuan/ton, down 0.48% from the previous week, but up 7.21% year-on-year [4] - Refrigerant prices as of April 25 include R32 at 48,500 yuan/ton (up 1.04%), R125 at 45,000 yuan/ton (unchanged), and R134a at 47,000 yuan/ton (up 1.08%) [5] Group 4 - Recommended stocks benefiting from the fluorochemical industry include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology [6] - Other beneficiaries include Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [6]

赵占才，1987年出生，2006年入伍，2008年转业，2010年入职，2011年被分配到检修三 班。与多数从象牙塔走出的员工相比，他自嘲自己既无文凭，又无专业，还无长相，是 个"三无人员"。但就是这样一个看似普通得不能再普通的人，却以积极向上、热情乐观的可 贵品质把工作做得可圈可点，把生活过得丰富多彩，受到大家的普遍喜爱。不少年轻人称 他"才哥"，很多年长同事和单位领导则亲切地喊他"我才"。 "赵占才的才华首先表现在文体方面，他喜欢文艺表演，会说相声，会拍视频，篮球、 乒乓球都打的很好，多次为公司赢得荣誉。"这是赵占才留给朔州公司干部员工的第一印 象。 4月17日，一条由朔州供电公司拍摄、宣传放风筝要远离高压线的短视频在国网山西省 电力公司系统内外迅速传播，短时间点击量突破5万。画面中，一位电网员工发现有群众带 小孩准备在电力线路附近放风筝，立马操着浓厚的朔州口音边追边喊："大哥，安全第一， 电力线路附近不能放风筝。"眼看着群众已经走远，这位员工仍是紧追不舍，喋喋不休，大 有今天非要给对方好好上一课的感觉。这位电网员工就是赵占才扮演的，他的表演诙谐幽 默，喜感十足，令人忍俊不禁，百看不厌。 常言道，人不可貌 ...

开源证券近日发布煤炭行业周报：当前国内经济运行偏弱，海外面临特朗普上台之后关 税政策打压，美国处于降息周期且国内利率也进入下行通道，煤炭稳健红利仍可配置，此外 保险资金已在24年11月底完成考核，当前已开始新的布局期，煤炭等红利板块且国资背景风 险小，或成为险资布局的首选方向。 以下为研究报告摘要： 本周要闻回顾：政治局会议传递"稳"字当头，否极泰来重视煤炭配置 煤炭股稳健红利投资逻辑：当前国内经济运行偏弱，海外面临特朗普上台之后关税政策 打压，美国处于降息周期且国内利率也进入下行通道，煤炭稳健红利仍可配置，此外保险资 金已在24年11月底完成考核，当前已开始新的布局期，煤炭等红利板块且国资背景风险小， 或成为险资布局的首选方向。煤炭股周期弹性投资逻辑：3月两会召开之后，无论动力煤还 是炼焦煤价格均处于低位，随着供需基本面的持续改善，两类煤种有望企稳反弹，其中动力 煤存在区间内弹性而炼焦煤是完全弹性；当前宏观政策已表现力度很大，市场更期待政策落 地后反映在需求上的真实效果，2025年"两会"之后，政策方案落实以及开春施工季的来临， 煤炭的需求和价格均有望体现出向上趋势，煤炭股周期属性将显现。煤炭板块有望迎来重 ...

以下为研究报告摘要： 中银证券近日发布化工行业周报：本周（04.21-04.27）均价跟踪的100个化工品种中， 共有17个品种价格上涨，58个品种价格下跌，25个品种价格稳定。跟踪的产品中29%的产品 月均价环比上涨，64%的产品月均价环比下跌，另外7%产品价格持平。周均价涨幅居前的 品种分别是高效氯氟氰菊酯、聚合MDI（华东）、石脑油（新加坡）、R134a（巨化）、双 酚A（华东）；而周均价跌幅居前的品种分别是NYMEX天然气、维生素A、DMF（华 东）、煤焦油（山西）、丙烯腈。 四月份，行业受关税相关政策、原油价格大幅波动等因素影响较大，建议关注年报季报 行情，自主可控日益关键的电子材料公司，以及分红派息政策稳健的能源企业等。 投资建议 截至4月27日，SW基础化工市盈率（TTM剔除负值）为21.45倍，处在历史（2002年至 今）的56.30%分位数；市净率为1.76倍，处在历史水平的8.83%分位数。SW石油石化市盈率 （TTM剔除负值）为10.41倍，处在历史（2002年至今）的9.89%分位数；市净率为1.16倍， 处在历史水平的0.93%分位数。四月份，行业受关税相关政策、原油价格大幅波动等因 ...

Core Viewpoint - The report indicates that the A-share non-ferrous metal industry is experiencing a renewed interest from actively managed equity funds, particularly in gold and copper sectors, driven by external economic factors and a favorable outlook for gold prices [1][5]. Group 1: Fund Holdings Analysis - In Q1 2025, actively managed equity funds increased their holdings in the A-share non-ferrous metal industry, with the market value of heavy holdings rising to 2.18% of total stock investments, up from 1.76% in Q4 2024, marking a 0.42 percentage point increase after two consecutive quarters of reduction [2]. - The main focus of fund replenishment in Q1 2025 was on the gold and copper sectors, with respective market value proportions of 0.44% and 0.85% of total fund stock investments, reflecting increases of 0.18 percentage points for gold and 0.18 percentage points for copper compared to Q4 2024 [3]. Group 2: Concentration of Holdings - The concentration of holdings in the A-share non-ferrous metal industry increased, with the top 10 stocks accounting for 73.23% of the total market value of heavy holdings, up 3 percentage points from the previous quarter [4]. - The top stocks held by actively managed equity funds in the non-ferrous metal sector include Zijin Mining, Yun Aluminum, Shandong Gold, and others, with notable increases in holdings for companies like Zhongfu Industrial and Chuangjiang New Materials [4]. Group 3: Market Outlook and Recommendations - The report suggests that the ongoing U.S. tariff increases and the resulting economic uncertainties may lead to a sustained rise in gold prices, which are expected to stabilize around $3,000 per ounce, thereby enhancing the performance and cash flow of gold companies [1][5]. - There is significant room for increased holdings in the A-share gold sector, as current positions remain below the high levels seen in the first three quarters of 2024, indicating potential for further investment [5]. - The report recommends focusing on stocks such as Chifeng Jilong Gold Mining, Shandong Gold, and others in the gold sector, as well as high-dividend, low-valuation leaders in the copper and aluminum sectors like Zijin Mining and China Aluminum for medium to long-term investment [5].

Core Viewpoint - The report highlights a positive trend in the power equipment and new energy sectors, with significant growth in various sub-sectors, particularly in wind power and new energy vehicles, driven by favorable government policies and market demand [1][2][3]. Industry Summary - The power equipment and new energy sector saw an overall increase of 2.40% in the last week, with wind power rising by 4.52%, new energy vehicles by 3.80%, and nuclear power by 3.16% [1][3]. - In the photovoltaic sector, China's first quarter saw a rapid increase in installed capacity, with a year-on-year growth of 30.5%, totaling 59.71 GW for January to March 2025 [2][3]. - The government is expected to strengthen supply-side reforms in the photovoltaic industry, focusing on cost reduction and efficiency improvements [2]. - The wind power sector is anticipated to benefit from steady domestic project bidding and construction, with a positive demand outlook for 2025 [2][3]. - The new energy vehicle market is projected to maintain high growth, supported by government initiatives to develop smart connected vehicles [2][3]. Company Summary - Major companies reported significant earnings growth for the first quarter of 2025, including: - 阳光电源 (Sungrow Power) with a profit of 3.36 billion yuan, up 16.92% year-on-year [4]. - 天赐材料 (Tinci Materials) with a profit of 150 million yuan, up 30.80% [4]. - 亿纬锂能 (EVE Energy) with a profit of 1.10 billion yuan, up 3.32% [4]. - 中科电气 (Zhongke Electric) with a profit of 134 million yuan, up 465.80% [4]. - 大金重工 (Dajin Heavy Industry) with a profit of 231 million yuan, up 335.91% [4].

国金证券近日发布基础化工行业研究：本周市场震荡上行，其中申万化工指数上涨 2.71%，跑赢沪深300指数2.33%。标的方面，涨价、机器人材料、进口替代、对美敞口大的 方向表现较强，一季度业绩不佳的标的有所承压。大化工边际变化方面，本周主要想探讨下 OPEC+侧重点变化，复盘先前的OPEC+协同效果，趋势上看协同性是在明显提升，但从今 年OPEC+的动作看，其侧重点可能在逐步发生变化，比如：即使是在油价大幅承压的背景 下，OPEC+部分产油国希望6月再度加速增产，往后看，我们对于油价依然持谨慎的态度， 除了供给端的压力之外，还可能会有需求端的压力。 以下为研究报告摘要： 本周化工市场综述 本周市场震荡上行，其中申万化工指数上涨2.71%，跑赢沪深300指数2.33%。标的方 面，涨价、机器人材料、进口替代、对美敞口大的方向表现较强，一季度业绩不佳的标的有 所承压。大化工边际变化方面，本周主要想探讨下OPEC+侧重点变化，复盘先前的 OPEC+协同效果，趋势上看协同性是在明显提升，但从今年OPEC+的动作看，其侧重点可 能在逐步发生变化，比如：即使是在油价大幅承压的背景下，OPEC+部分产油国希望6月再 度加速 ...

Group 1: Oil and Petrochemical Industry - OPEC+ members are likely to propose accelerating oil production in June, leading to increased supply pressure on crude oil [1][2] - WTI crude oil futures fell by 2.15% and Brent crude oil futures decreased by 1.39% during the specified period [2] - Domestic oil companies are reducing their sensitivity to oil prices through upstream and downstream integration and diversifying their oil and gas sources [1][5] Group 2: Fluorochemical Industry - National subsidies are driving domestic demand growth, with refrigerant prices continuing to rise [3][4] - The production quota for second-generation refrigerants is decreasing, while the increase in third-generation refrigerant quotas is limited, leading to a tight supply situation [4] - The demand for refrigerants is expected to remain strong due to robust growth in the home appliance and automotive sectors, supported by national subsidy policies [3][5] Group 3: Investment Recommendations - The report suggests focusing on the oil and petrochemical sector, particularly the "Big Three" oil companies: China National Petroleum, Sinopec, and CNOOC, due to their strong earnings resilience [1][5] - In the fluorochemical sector, companies leading in third-generation refrigerant production and upstream fluorite resources are recommended for investment [5] - The semiconductor materials sector is also highlighted, with a positive outlook on inventory reduction and improving end-market fundamentals [5]

Group 1: Precious Metals - Gold - The short-term volatility of gold prices is expected to increase, while the medium to long-term outlook remains positive [2][6] - As of April 25, the COMEX gold futures contract decreased by 0.33% to $3,330.2 per ounce, and the SPDR Gold ETF fell by 0.6% to 946.27 tons [2][6] - Market expectations are being adjusted due to the fluctuating policies of Trump, which is likely to continue impacting gold prices [2][6] Group 2: Industrial Metals - Copper - As of April 25, the SHFE copper futures contract rose by 1.7% to 77,440 yuan per ton, with domestic copper social inventory at 181,700 tons, a decrease of 51,700 tons [3] - The market sentiment is recovering marginally, but remains relatively low due to uncertainties surrounding Trump's policies [3] - The demand for copper is expected to improve as domestic policies are implemented, with a tightening supply trend anticipated [3][6] Group 3: Industrial Metals - Aluminum - As of April 25, the SHFE aluminum futures contract increased by 1.7% to 20,030 yuan per ton, with domestic aluminum social inventory at 658,000 tons, down by 31,000 tons [4][5] - The traditional consumption peak season is approaching, leading to an increase in operating rates among downstream processing enterprises [5] - The aluminum price is expected to rise in the second quarter due to improved demand expectations from both domestic and overseas markets [5][6] Group 4: Investment Recommendations - The company suggests focusing on gold, copper, and aluminum sectors, with specific recommendations for Chifeng Gold, Zijin Mining, and Tianshan Shares [6]

Core Viewpoint - The launch of "Shulong 105," a 105MW high-capacity synchronous generator, marks a significant breakthrough in China's energy storage technology, achieving international advanced standards and filling a domestic gap in the compressed air energy storage sector [1][2]. Group 1: Product Features and Innovations - "Shulong 105" has a single unit capacity of 105 megawatts, which is more than double that of similar compressed air energy storage products [2]. - The comprehensive efficiency of "Shulong 105" reaches 98.8%, with ultra-low vibration levels below 35μm, which is less than half of the national standard [2]. - The product adopts an integrated design, avoiding the complexities and inefficiencies associated with conventional split designs, thus enhancing system stability [3]. Group 2: Economic and Environmental Benefits - "Shulong 105" saves over 40% in land area compared to multiple conventional motors of the same power, improves efficiency by 0.4%, and is expected to save approximately 1.8 million yuan in annual electricity costs [3]. - The development of "Shulong 105" is seen as a key support for the high-quality development of the large-scale compressed air energy storage industry [2]. Group 3: Strategic Collaborations and Future Plans - A strategic cooperation agreement was signed between China Storage Energy (Beijing) Technology Co., Ltd. and Wolong Electric Nanyang Explosion-proof Group Co., Ltd. to continue developing high-end equipment in the compressed air energy storage field [4]. - The collaboration aims to explore eco-friendly and win-win business models while promoting the large-scale, efficient, and reliable development of advanced compressed air energy storage systems [4].