Industry Investment Rating - The report maintains a "Neutral" rating for the steel industry and an "Overweight" rating for the non-ferrous metals industry [1][2] Core Views - Steel: Downstream demand is in a seasonal off-peak period, with weak supply and demand dynamics. Steel prices are expected to fluctuate, with attention needed on the upcoming Third Plenum [1] - Copper: Antofagasta has agreed on a new processing fee (TC) of $23.25 per dry ton with some Chinese smelters, covering 50% of copper concentrate supply for H2 2024 and H1 2025. Copper prices may fluctuate in the short term due to moderate demand [1][2] - Aluminum: Supply of alumina remains tight, with no large-scale resumption of bauxite mining in Shanxi and Henan. Aluminum prices are expected to fluctuate due to steady production release and moderate downstream demand [1] - Lithium: Tariffs imposed by the US and EU on Chinese new energy vehicles and batteries may impact export demand. Lithium prices are expected to remain weak due to oversupply pressures [2] Key Data and Trends Steel - Demand: Shanghai terminal rebar and wire rod procurement volume was 16,300 tons on July 5, up 10.14% from June 28 [9] - Supply: Production of five major steel products was 8.9792 million tons on July 5, down 1.41% from June 28 and 4.14% year-on-year [10] - Inventory: Total steel inventory (social + mill) was 17.561 million tons on July 5, up 0.22% from June 28 and 10.11% year-on-year [14] - Raw materials: PB fines price at Qingdao Port rose 1.95% to 836 yuan/wet ton from June 28 to July 5 [15] Copper - Processing fees: TC/RC for Chinese smelters was $2.60 per ton and 0.26 cents per pound on July 5, up 8.33% from June 28 [22] - Prices: LME copper spot price rose 3.51% to $9,800 per ton, while Yangtze River nonferrous copper spot price rose 2.73% to 79,900 yuan per ton from June 28 to July 5 [23] - Inventory: LME copper inventory increased 6.38% to 191,600 tons, while SHFE copper inventory rose 0.39% to 250,600 tons [23] Aluminum - Prices: LME aluminum spot price rose 0.40% to $2,500 per ton, while Yangtze River nonferrous aluminum spot price rose 0.60% to 20,300 yuan per ton from June 28 to July 5 [25] - Inventory: LME aluminum inventory decreased 2.65% to 999,700 tons, while SHFE aluminum inventory fell 2.19% to 152,500 tons [25] Lithium - Prices: Domestic battery-grade lithium carbonate price fell 1.29% to 91,800 yuan per ton, while lithium concentrate (6%-6.5%) import price fell 0.98% to $1,015 per ton from June 28 to July 5 [31] Recommended Stocks - The report maintains "Overweight" ratings for the following stocks: Boway Alloy (601137), CMOC Group (603993), Zhongjin Gold (600489), Yunnan Tin (000960), and Zijin Mining (601899) [2] Market Performance - From June 28 to July 5, the steel sector rose 1.92%, while the non-ferrous metals sector gained 2.61%. Precious metals and industrial metals were among the top performers [43]

行 业 行业周报 [Table_MainInfo] 关注地产政策显效,纺织制造企业订单有望平稳 研 究 ――轻工制造&纺织服饰行业周报 | | | | | |----------------------------------------------|--------------|--------------------------------------|---------------------------------------| | 分析师: 袁艺博 | | SAC NO: | 2024 年 7 月 8 日 | | [Table_Author] 证券分析师袁艺博022-23839135 | | [Table_Summary]投资要点:行业要闻 | | | yuanyb@bhzq.com | | 1)土耳其对进口瓦楞原纸实施保障措施。 | | | [Table_Contactor] | | | | | [Table_Contactor][Table_IndInvest]子行业评级 | | 2)美国服装市场前景喜忧参半。 | | | 家居用品 | 中性 | | | | 造纸 | 中性 | 公司重要公告 | ...

业 行业月报 北京出台地产优化政策,关注工程机械需求改善 ——机械设备行业 7 月月报 | 分析师: 宁前羽 | SAC NO : | S1150522070001 | 2024 年 7 月 3 日 | |----------------------|-------------------------------------------------------|----------------------------------------------------|---------------------------------------------------| | 证券分析师 | | | | | 宁前羽 | 投资要点: | | | | 022-23839174 | | | | | ningqy@bhzq.com | 行情回顾 | | | | | 2024 年 6 月 2 日 -2024 | 年 7 月 2 日,沪深 300 | 指数下跌 3.02% ,申万机械 | | | 设备板块下跌 8.02% | ,跑输沪深 300 指数 5.00 | 个百分点,在申万所有一级行 | | 子行业评级 | 业中位于 ...

行业半年度投资策略报告 把握出海主线,寻高股息优质标的 ――2024 年轻工制造&纺织服饰半年度策略报告 投资要点: 家居行业弱复苏,以旧换新或撬动存量需求 近年国内房地产行业持续承压,今年前 5 月,住宅类商品房销售面积同比下 降 23.60%,但中央和地方政府持续出台地产宽松政策,如降低首付比例和住 房公积金贷款利率等。目前家具类商品零售额呈现弱复苏态势,前 5 月同比 增长 3.00%。申万家居用品行业韧性较强,一季度营收同比增长 10.28%,归 母净利润同比增长 8.81%,软体家居板块表现亮眼。"以旧换新"政策深化推 进,短期有助于撬动存量市场需求。 家居出海:库存边际变化推动短期需求,跨境电商奠定长期发展基石 家具产品出口表现亮眼,前 5 月累计出口额同比增长 16.60%,保持较好景气 度。短中期看,美国渠道商或启动补库周期,一定程度驱动家具出口稳增长, 后续美国降息预期落地或带动地产销售改善,继续推动家具出口向好。长期 来看,跨境电商的快速发展,特别是在中国平台崛起和品牌化趋势的推动下, 为家居产品的出海奠定了坚实基础。 纺织制造订单改善可期,品牌服饰出海恰逢时机 纺织制造行业受益于出口数据 ...

行业月报 6 月价格集体调整,《稀土管理条例》发布 ――金属行业 7 月月报 | 分析师: | 张珂 | SAC NO : | S1150523120001 2024 年 7 月 2 日 | |----------------------------|-----------|-----------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 证券分析师 张珂 | | 投资要点: | | | 022-23839062 | | 行业数据 | | | zhangke@bhzq.com | | 钢铁:根据中国物流信息中心数据, | 6 月 ...

业 行业周报 北京出台地产新政,持续关注服装出海 ――轻工制造&纺织服饰行业周报 1)王力安防:公司拟向不超过 341 人授予 2,131.00 万股的限制性股票。 2)富安娜:公司拟向 163 人授予 1,200 万股限制性股票。 分析师: 袁艺博 SAC NO: S1150521120002 2024 年 7 月 1 日 证券分析师 袁艺博 022-23839135 yuanyb@bhzq.com 投资要点: 行业要闻 1)木材进口市场新动态:前五个月数据解读。 [Table_IndInvest 子行业评级 ] 家居用品 中性 造纸 中性 包装印刷 中性 文娱用品 中性 纺织制造 中性 服装家纺 中性 饰品 中性 重点品种推荐 欧派家居 2)冲击高端市场,骆驼发布新品牌喜马拉雅。 公司重要公告 增持 索菲亚 增持 好太太 增持 探路者 增持 森马服饰 增持 欧派家居 本周策略 行情回顾 6 月 24 日至 6 月 28 日,轻工制造行业跑输沪深 300 0.96pct:SW 轻工制造 (-1.93%)VS 沪深 300(-0.97%);纺织服饰行业跑输沪深 300 1.61pct:SW 纺织服饰(-2.5 ...

行业半年度投资策略报告 品种表现分化,看好铜金组合 ――金属行业 2024 半年度投资策略报告 | 分析师: | SAC NO : | S1150523120001 | |----------------------|--------------|---------------------------------| | 证券分析师 | | | | 张珂 | 投资要点: | | | 022-23839062 | | | | zhangke@bhzq.com | 行业回顾 | | | 子行业评级 | | | | 钢铁 | | | | 有色金属 | | | | 重点品种推荐 | | | | 博威合金 | | 铜供需预期收紧,价格有望维持高位 | | 洛阳钼业 | | | | 中金黄金 | | | | 紫金矿业 | | | | 最近一年行业相对走势 | | | 2024 年 6 月 28 日 短期看,处于低位的铜矿冶炼费反映出铜矿供应偏紧,若下半年谈判的长协 | 加工费大幅回落,铜冶炼端供给有减产的可能;同时 | |--------------------------------------------------| ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for investment [5]. Core Insights - The company has evolved from a small local mining enterprise to a multinational mining group with over 30 large-scale mining resource development bases globally, ranking among the top ten in the world for copper and gold resources [2][13]. - The company is expected to benefit from strong copper and gold price forecasts, driven by supply constraints and increasing demand from emerging sectors such as electric vehicles [3]. - The company's growth is supported by technological innovation, efficient management, and strategic acquisitions, with projected annual production growth rates for copper, gold, zinc/lead, silver, lithium, and molybdenum expected to reach 8.94%, 9.08%, 4.12%, 9.55%, 146.86%, and 30.26% respectively from 2024 to 2028 [4]. Summary by Sections Company Overview - The company has a significant resource base, with proven and probable reserves of copper at 33.4 million tons, gold at 1,148.49 tons, zinc/lead at 469.92 million tons, silver at 1,863.89 tons, and lithium at 442.65 million tons as of December 31, 2023 [15][16]. Financial Performance - In Q1 2024, the company reported revenues of 74.78 billion yuan and a net profit attributable to shareholders of 6.26 billion yuan, reflecting a year-on-year change of -0.22% and +15.05% respectively [2]. Production and Growth Projections - The company is projected to achieve a net profit of 25.78 billion yuan in 2024, with earnings per share (EPS) expected to reach 0.97 yuan, corresponding to a price-to-earnings (PE) ratio of 17.42X [5]. Market Position and Competitive Advantage - The company is positioned as a leading player in the non-ferrous metals industry, with a strong focus on innovation and management practices that enhance its competitive edge in resource acquisition and production efficiency [4][5].

尊敬的各位投资者大家下午好感谢大家在百忙之中参加天津渤海化学股份有限公司2023年度业绩说明会我是本次会议的主持人天津渤海化学股份有限公司董事会秘书张瑶首先我代表公司感谢上海证券交易所上证路演中心为公司搭建的与投资者互动交流平台 希望通过本次业绩说明会能让广大投资者对公司更加了解更好的传递公司的发展理念和投资价值天津博爱化学股份有限公司已于2024年4月24日在上海证券交易所网站中国证券报上海证券报同时披露2023年度报告各位投资者可前往以上途径对公司报告内容进行详细了解 请允许我向各位介绍本次参加业绩说明会的两位公司管理层人员分别是公司董事长郭子敬先生财务总监李薇女士本次业绩会说明会分为四个部分第一部分为公司宣传片展示第二部分为公司董事长致辞第三部分为公司介绍与2023年度业绩说明 第四部分由公司管理层人员就投资者问题进行交流希望今天业绩说明会可以让大家更深层次的了解到渤海化学的经营情况发展规划和投资价值为加深广大投资者对渤海化学的了解请观看公司宣传片请大家一起走进渤海化学是什么 驱逐我们勇往直前是什么促使我们不断创新我们惊怀绿色发展之梦共驻生态文明之际我们是天津渤海化学股份有限公司 天津渤海化学股份有限公 ...

行 业 行业半年度投资策略报告 [Table_MainInfo] 把握出海主线，寻高股息优质标的 ――2024 年轻工制造&纺织服饰半年度策略报告 分析师： 袁艺博 SAC NO： S1150521120002 2024 年 6 月 28 日 [Table_Summary] 投资要点： 家居行业弱复苏，以旧换新或撬动存量需求 证 券 研 究 报 告 [Table_IndQuotePic] 最近一年行业相对走势 [Table_Contactor] | --- | --- | |--------------------------------|-------| | 子行业评级 | | | 家居用品 | 中性 | | 造纸 | 中性 | | 包装印刷 | 中性 | | 文娱用品 | 中性 | | 纺织制造 | 中性 | | 服装家纺 | 中性 | | 饰品 | 中性 | | [Table_StkSuggest]重点品种推荐 | | | 欧派家居 | 增持 | | 索菲亚 | 增持 | | 好太太 欧派家居 | 增持 | | 森马服饰 | 增持 | [Table_Author] 证券分析师 袁艺博 022-23839 ...