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].

中国银河近日发布有色金属行业周报：字节发布多款Agent工具，美团发布AI招聘，多 家AIDC公司宣布扩容2025年4月22日，字节跳动旗下火山引擎发布Agent Devops体系、AI数 据湖服务，帮助垂直领域企业加速Agent开发和运维；4月24日，美团发布AI招聘，岗位类别 包括AI基础设施、智能交互、大模型基座、视觉智能、智能产品等，致力于打造一款Native AI Agent产品。光环新网和宝信软件先后发布公告，拟投资建设天津宝坻三期项目和宝之华 北基地A4A5A6楼项目，反映出AIDC需求逐步提升。 以下为研究报告摘要： 市场行情回顾：截止到4月25日周五收市：本周上证指数+0.56%，报3295.06点；沪深 300指数+0.38%，报3786.99点；SW有色金属行业指数+1.50%，报4641点。分子行业来看， 本周有色金属行业5个二级子行业中，工业金属、贵金属、小金属、能源金属、金属新材料 较上周变动幅度分别为+2.35%、-2.52%、+1.21%、+2.93%、+1.04%。 重点金属价格数据：本周上期所铜、铝、锌、铅、镍、锡分别收于77,440元/吨、20,030 元/吨、22,75 ...

Group 1 - The company is actively ensuring the convenience of charging for electric vehicle owners during the busy travel period of the May Day holiday by conducting thorough inspections of charging stations [1][3] - The company has implemented a comprehensive safety check on charging stations, including examining the grounding of the charging station shell, internal wiring, and the functionality of charging guns and power supply facilities [3] - The company has organized personnel for on-site inspections and hazard assessments, while also promoting electricity usage awareness through social media channels [3] Group 2 - The company received positive feedback from customers regarding the convenience and efficiency of the charging services provided during the holiday [3] - The company is committed to monitoring the operational status of charging stations on highways and addressing any issues promptly to ensure a reliable charging experience for electric vehicle users [3]

Core Viewpoint - The non-ferrous metals industry index has shown strong performance, increasing by 2.43% over the past two weeks, outperforming the CSI 300 index by 1.46 percentage points, ranking eleventh among 31 first-level industries in the Shenwan classification [1][2]. Industry Performance - The non-ferrous metals industry index rose by 2.43% from April 14 to April 25, 2025, outperforming the CSI 300 index [2]. - Energy metals (4.34%), industrial metals (3.84%), and precious metals (1.74%) led the gains, while minor metals and new metal materials saw declines of -1.66% and -1.78%, respectively [1][2]. Metal Prices - As of April 25, 2025, gold prices reached a closing price of $3,330.2 per ounce, up 2.31% over the past two weeks [3]. - Silver closed at $33.34 per ounce, increasing by 3.56% [3]. - LME copper settled at $9,364 per ton, up 2.00% [3]. - LME aluminum closed at $2,412 per ton, rising by 5.56% [3]. - Other metals such as tungsten and antimony saw price declines of -1.74% and -1.04%, respectively [3]. Important Events - A medium-sized gold mine was discovered in Xinjiang, with proven gold reserves of 5,857.68 kg and an average grade of 1.60 grams per ton [4]. - Integral Metals is advancing two rare earth projects in North America to support self-sufficiency in supply chains [4]. Market Influences - Global geopolitical conflicts, tariff policies, and U.S. inflation data have heightened market risk aversion, leading to strong performance in precious and industrial metals [5]. - Domestic export control policies on strategic metals like rare earths, gallium, germanium, tungsten, and antimony are expected to reshape supply and demand dynamics, highlighting investment opportunities in strategic minor metals [5].