Investment Rating - The report maintains an "Outperform" rating for the coal industry [1] Core Viewpoints - The coal market is expected to stabilize with potential price rebounds due to inventory reductions at ports and increased demand from power plants as summer approaches [4][5] - The report highlights a U-shaped price trend for thermal coal in 2025, with limited production growth and anticipated demand recovery driving prices upward [4] - The coal sector is seen as having confirmed its bottom, with market concerns over earnings per share (EPS) likely to dissipate [5] Summary by Sections 1. Industry Data Tracking - **Price Analysis**: As of May 23, 2025, the Qinhuangdao Q5500 thermal coal price is 611 CNY/ton, down 0.49% from the previous week [9][10] - **Supply and Demand**: Rail input to Qinhuangdao port increased by 3.46% to 419,000 tons, while port throughput rose by 44.34% to 599,000 tons [32][33] - **Inventory Analysis**: Total coal inventory at major ports decreased by 1.09% to 77.84 million tons [43][44] 2. Market Performance - The coal sector outperformed the broader market, with a 1.03% increase compared to a 0.57% decline in the Shanghai Composite Index [65] - Notable performers include Dayou Energy and Jinkong Coal, with increases of 5.76% and 5.20% respectively [67] 3. International Coal Market - International thermal coal prices have declined, with Newcastle port FOB thermal coal at 68 USD/ton, down 1.81% [54][56] - The price gap between domestic and international coal has widened, with a thermal coal price difference of 5.57 CNY/ton [63]

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2]. Core Views - Precious metals are expected to see a long-term bullish trend, with gold prices rising slightly by 1.27% during the week of May 19-23, 2025. Ongoing international trade issues, particularly threats of tariffs on EU products, contribute to a persistent uncertainty in global trade, which is likely to support gold prices [4]. - Industrial metal prices have generally declined, with significant drops in copper (-1.5%), aluminum (-0.6%), lead (-0.4%), zinc (-2.2%), tin (-0.4%), and nickel (-2.1%) due to tariff concerns affecting global demand [4]. - Small metals show mixed trends, with prices for praseodymium-neodymium oxides declining, while tungsten concentrate prices are on the rise, driven by recovering manufacturing demand [4]. - Energy metals, particularly lithium, have seen price declines, with lithium carbonate prices down by 3.0% and 40.6% year-on-year. The report emphasizes the need to monitor future demand growth for energy metals [4]. Summary by Sections 1. Industry Data Review 1.1 Precious Metals - Gold prices are forecasted to remain strong due to ongoing trade uncertainties and the weakening position of the US dollar [4]. 1.2 Industrial Metals - The report details the price changes for various industrial metals, highlighting a general downward trend influenced by tariff discussions [27]. 1.3 Small Metals - The report notes a decrease in prices for praseodymium-neodymium oxides, while tungsten prices are increasing, indicating a potential growth in demand for tungsten in manufacturing [29][31]. 1.4 Energy Metals - Lithium and cobalt prices are declining, with lithium carbonate prices down by 3.0% week-on-week and 40.6% year-on-year, indicating a significant market adjustment [34]. 2. Market Data - The non-ferrous metals sector saw a 1.26% increase, contrasting with a 0.57% drop in the Shanghai Composite Index, indicating a relative strength in the sector [35]. 3. Key Events of the Week - A significant event was President Trump's threat to impose a 50% tariff on EU products starting June 1, 2025, which could impact the non-ferrous metals market [41].

[Table_Main] 证券研究报告 | 行业周报 通信 优于大市（维持） 证券分析师 李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 市场表现 -20% -10% 0% 10% 20% 29% 39% 49% 2024-05 2024-09 2025-01 通信 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《美国 BIS 加强 AI 芯片出口管制， 算力供需将向国内回归》，2025.5.19 2.《中美将开始接触，出海产业链预 期向好》，2025.5.10 3.《国内需求回归，国产算力深度布 局》，2025.5.5 4.《通宇通讯（002792.SZ）：净利润 率同比增长，低空、卫星东风将启》， 2025.4.28 5. 《 海 外 加 大 Capex ， 国 内 cloudmatrix 规模部署，算力和光通 信具持续性》，2025.4.26 通信 2025 年 05 月 26 日 美国对昇腾禁用遭反制，生态竞赛掀 开帷幕 [Table_Summary] 投资要点： 1. 投资策略 请务必阅读正文之后的信息披露和法律声明 1.1 美国对华芯 ...

[Table_Main] 证券研究报告 | 行业点评 计算机 2025 年 05 月 26 日 计算机 优于大市（维持） 证券分析师 陈涵泊 资格编号：S0120524040004 邮箱：chenhb3＠tebon.com.cn 李佩京 资格编号：S0120524090004 邮箱：lipj＠tebon.com.cn 研究助理 王思 邮箱：wangsi＠tebon.com.cn 市场表现 -27% -13% 0% 13% 27% 40% 54% 67% 2024-05 2024-09 2025-01 计算机 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1）党的十八大以来，习近平总书记多次对发展壮大国有经济发表重要讲话、作出重要指示 批示，强调国有企业必须做强做优做大。 2）加快推动高水平科技自立自强：加强企业主导的产学研深度融合，推动新技术新产品新 场景大规模应用示范，打通成果转化应用"最后一公里"。 1.《博睿数据：拥抱华为与字节，新 产品或进放量周期》，2025.5.12 2.《中科星图：对标 PLTR，AI+数据 分析之王》，2025.5.8 3.《24 年报&25Q1 季报总结： 盈利 反转 ...

[Table_Main] 证券研究报告 | 行业周报 有色金属 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 市场表现 -29% -22% -15% -7% 0% 7% 15% 22% 2024-05 2024-09 2025-01 有色金属 沪深300 资料来源：德邦研究所，聚源数据 相关研究 优于大市（维持） 1.《盛达资源：金银上行，扩产在即》， 2025.4.30 2.《锡业股份：原料自给上行，行业 持续景气》，2025.4.30 3.《有色金属周报：黄金剧震，持续 看好》，2025.4.27 4.《天山铝业：利润高企，成长性明 显》，2025.4.20 5.《有色金属周报：特朗普连续喊话 美 联 储 ， 关 注 贵 金 属 表 现 》 ， 2025.4.20 有色金属 2025 年 05 月 26 日 有色金属周报：关税扰动依旧， 黄金持续看好 [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 贵金属：金价 ...

[Table_Main] 证券研究报告 | 行业周报 优于大市（维持） 通信 证券分析师 李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 市场表现 -20% -10% 0% 10% 20% 29% 39% 49% 2024-05 2024-09 2025-01 通信 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《美国 BIS 加强 AI 芯片出口管制， 算力供需将向国内回归》，2025.5.19 2.《中美将开始接触，出海产业链预 期向好》，2025.5.10 3.《国内需求回归，国产算力深度布 局》，2025.5.5 4.《通宇通讯（002792.SZ）：净利润 率同比增长，低空、卫星东风将启》， 2025.4.28 通信 2025 年 05 月 26 日 美国对昇腾禁用遭反制，生态竞赛掀 开帷幕 [Table_Summary] 投资要点： 1. 投资策略 请务必阅读正文之后的信息披露和法律声明 1.1 美国对华芯片制裁，商务部强硬回复。我们认为，特朗普政府进一步调整中美 芯片进出口管制对我国算力供应造成更深限制。我国商务部对此进行了强硬回复 ...

[Table_Main] 证券研究报告 | 行业点评 计算机 2025 年 05 月 26 日 计算机 优于大市（维持） 证券分析师 陈涵泊 资格编号：S0120524040004 邮箱：chenhb3＠tebon.com.cn 李佩京 资格编号：S0120524090004 邮箱：lipj＠tebon.com.cn 研究助理 王思 邮箱：wangsi＠tebon.com.cn 海光拟吸收合并曙光，关注中科系上 市公司隐含价值和协同价值 [Table_Summary] 投资要点： 海光拟吸收合并曙光，国产算力航母启航 市场表现 -27% -13% 0% 13% 27% 40% 54% 67% 2024-05 2024-09 2025-01 计算机 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《博睿数据：拥抱华为与字节，新 产品或进放量周期》，2025.5.12 2.《中科星图：对标 PLTR，AI+数据 分析之王》，2025.5.8 3.《24 年报&25Q1 季报总结： 盈利 反转之年，AI 产业率先体现》， 2025.5.7 4.《鼎捷数智：业绩稳健增长，AI 加 速 外 部 商 业 化 与 ...

[Table_Main] 证券研究报告 | 行业周报 基础化工 2025 年 05 月 25 日 基础化工 优于大市（维持） 证券分析师 王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 市场表现 -29% -22% -15% -7% 0% 7% 15% 22% 2024-05 2024-09 2025-01 2025-05 基础化工 沪深300 资料来源：德邦研究所，聚源数据 相关研究 4.《氮磷肥内外价差增扩，关注出口 相关政策变化》，2025.5.11 5.《春潮涌动！烯草酮再涨价！》， 关注 PSPI 国产替代机会，活性 染料价格创近三年新高 [Table_Summary] 投资要点： 核心观点： 请务必阅读正文之后的信息披露和法律声明 2025.5.6 1.《当前或为化工龙头的最佳配置窗 口！》，2025.5.19 2.《宝丰能源(600989.SH)：内蒙基地 完成产能爬坡，股份回购彰显发展信 心》，2025.5.15 3.《新凤鸣(603225.SH)：业绩表现稳 中有进，看好长丝景气修复》， 2025.5.12 本周基础化工板块表现弱于大盘。根据 ...

Economic Overview - The macroeconomic environment in April 2025 shows a steady improvement, with industrial production growing robustly and manufacturing investment increasing by 8.8% in the first four months, effectively offsetting a decline in real estate investment, which fell by 10.3%[5] - Social retail sales for January to April increased by 4.7% year-on-year, supported by the effects of trade and tourism[5] - Industrial added value rose by 6.4% year-on-year in the first four months, with strong performance in equipment manufacturing[5] Investment Insights - Fixed asset investment (excluding rural households) grew by 4.0% year-on-year in April, with manufacturing investment at 8.8% and infrastructure investment at 5.8%[22] - The decline in real estate investment is significant, with a cumulative decrease of 10.3% in the first four months, indicating ongoing challenges in the sector[22] Policy and Structural Adjustments - The current low inflation environment necessitates a focus on price recovery, with policies aimed at boosting domestic demand and supporting real estate and consumption sectors[5] - The structural shift towards "manufacturing as a nation" continues to strengthen economic resilience, countering the negative impacts of real estate and consumption on growth[5] Future Outlook - The economy is entering a phase of gradual recovery, with potential turning points in negative narratives observed, suggesting a more optimistic outlook for RMB assets[5] - Risks include potential policy effectiveness falling short of expectations, further declines in real estate, and slower-than-expected implementation of new policies[6]

Economic Overview - The macroeconomic environment in April 2025 shows a steady improvement, with industrial production growing robustly and manufacturing investment increasing by 8.8% in the first four months, effectively offsetting a decline in real estate investment, which fell by 10.3%[5] - Social retail sales for January to April increased by 4.7% year-on-year, supported by the effects of trade and tourism[5] - Industrial added value rose by 6.4% year-on-year in the first four months, with strong performance in equipment manufacturing[5] Investment Insights - Fixed asset investment (excluding rural households) grew by 4.0% year-on-year in April, with manufacturing investment at 8.8% and infrastructure investment at 5.8%[22] - The decline in real estate investment is significant, with a cumulative decrease of 10.3% in the first four months, indicating a need for policy support to stabilize the sector[22] Inflation and Pricing - The current economic environment is characterized by low inflation, with the Consumer Price Index (CPI) at -0.1% and the Producer Price Index (PPI) at -2.7%[10] - The focus on price recovery is crucial, with core CPI recovery linked to the stabilization of the real estate market, which is essential for internal demand recovery[5] Structural Dynamics - The "Manufacturing Nation" strategy continues to strengthen economic resilience, effectively countering the negative impacts of real estate and consumption on economic growth[5] - The ongoing structural transformation is expected to gradually reduce the drag from real estate and consumption, allowing for a more balanced economic outlook[5] Future Outlook - The economic environment is entering a "dragon in the field" phase, suggesting a potential turning point in negative narratives, with a more optimistic view on RMB assets[5] - The macroeconomic policy is expected to dynamically calibrate and gradually strengthen, indicating a shift in market expectations[6]