Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [2] Core Insights - The report highlights the ongoing growth in the weight loss sector, emphasizing companies such as Innovent Biologics, Boryung Pharmaceutical, and Ascletis Pharma [5][10] - A new guideline for obesity treatment was released by the National Health Commission, which includes various treatment methods and lists five approved weight loss drugs [7][10] - The report notes that the pharmaceutical sector has shown resilience, with the Shenwan Pharmaceutical Index outperforming the CSI 300 Index in recent weeks [16][34] Summary by Sections 1. Weight Loss Sector - The weight loss market remains robust, with a focus on companies like Innovent Biologics, Boryung Pharmaceutical, and Ascletis Pharma [5][10] - The National Health Commission's 2024 Obesity Diagnosis and Treatment Guidelines detail various treatment methods and list five approved weight loss medications [7][10] 2. Market Performance Review - For the week of March 24-28, 2025, the Shenwan Pharmaceutical Index increased by 0.98%, outperforming the CSI 300 Index by 0.97% [16] - Year-to-date, the Shenwan Pharmaceutical Index has risen by 3.53%, also outperforming the CSI 300 Index [16] 3. Key Company Updates - Innovent Biologics has submitted an NDA for its drug, with expected approvals for weight loss and type 2 diabetes indications in 2025 [11] - Boryung Pharmaceutical's BGM0504 has shown promising results in clinical trials, with significant weight loss percentages reported [12] - Ascletis Pharma's ASC47 has demonstrated unique properties in targeting fat tissue, with favorable clinical trial results [14] - Federated Pharmaceuticals has entered a licensing agreement with Novo Nordisk for its drug UBT251, which includes substantial potential milestone payments [15]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 139.12 billion yuan for 2024, a year-on-year decrease of 7.29%, and a net profit attributable to shareholders of 14.43 billion yuan, down 28.39% year-on-year [5] - The coal business showed strong performance with self-produced coal sales increasing by 6.68% year-on-year, while the average selling price of coal decreased by 16.31% [5] - The company plans to produce 155-160 million tons of coal in 2025, aiming for a 3% reduction in sales cost per ton compared to the previous year [5] Financial Performance - In Q4 2024, the company achieved a revenue of 32.49 billion yuan, a year-on-year increase of 128.2%, but a quarter-on-quarter decrease of 5.33% [5] - The average selling price of coal in Q4 was 637.79 yuan per ton, down 4.56% year-on-year [5] - The company plans to distribute a cash dividend of 0.54 yuan per share for 2024, with a total cash dividend of 0.77 yuan per share, representing 53.59% of the net profit for the year [5] Revenue and Profit Forecast - The company expects revenues of 125.8 billion yuan, 128.8 billion yuan, and 130.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 9.5 billion yuan, 11.5 billion yuan, and 12.8 billion yuan [5][6] - The projected P/E ratios for 2025, 2026, and 2027 are 14.39, 11.87, and 10.71 respectively [5][6] Market Comparison - The company's stock has shown a relative performance against the CSI 300 index, with a year-to-date decline of 34% [3][4] - The report indicates that the company's performance is expected to outperform the market in the coming months [2]

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [2]. Core Views - The report highlights the impact of the 25% tariff on imported cars and key components imposed by the Trump administration, which is expected to raise car prices and suppress consumer demand, potentially leading to layoffs in the automotive industry [4]. - Geopolitical tensions and tariffs have strengthened the safe-haven sentiment for gold, resulting in a significant increase in gold prices [4]. - The report notes a divergence in domestic metal prices, with copper prices declining due to weakened downstream consumption and high price suppression [4]. - The report emphasizes the potential for a long-term bull market in precious metals, particularly gold, as the Federal Reserve enters a rate-cutting cycle [4]. Summary by Sections 1. Industry Data Review - Precious Metals: Gold prices increased, with the Shanghai Gold Exchange closing at 721 CNY per gram, reflecting a weekly change of 2.0% and a yearly change of 39.0% [11]. - Industrial Metals: Prices are mixed, with copper prices down by 0.2% on the SHFE and 0.3% on the LME [34][35]. - Rare Earths and Tungsten: Prices for praseodymium and neodymium oxides have decreased, while tungsten concentrate prices have increased [4]. - Energy Metals: Lithium carbonate prices have fallen, while cobalt prices have risen [4]. 2. Market Performance - The report indicates a significant drop in automotive manufacturer stock prices following the tariff announcement, with General Motors and Ford both declining over 3% [4]. - The report also notes that Tesla's stock rose due to its localized production strategy [4]. 3. Investment Recommendations - Precious Metals: The report recommends investing in companies like Shandong Gold, Zhongjin Gold, and Yulong Co., as the actual interest rates decline, enhancing gold's investment value [4]. - Industrial Metals: The report suggests that aluminum-related stocks such as Shenhuo Co. and Tianshan Aluminum are likely to benefit from policy-driven economic improvements [4]. - New Materials: The report expresses optimism about sectors related to artificial intelligence materials and smart automotive components, recommending companies like Huada New Materials and Platinum New Materials [5].

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [1] Core Insights - The report emphasizes that operators are continuously directing capital expenditures towards computing power, which is essential for the ongoing development of computing infrastructure [3][4] - There is a sustained demand on the end-user side, ensuring a long-term narrative for AIDC (Artificial Intelligence Data Center) [3][4] - The report highlights the normal progression of AIDC construction projects and the growing domestic industry chain that warrants attention [3][4] Summary by Sections Investment Strategy - Operators' capital expenditures are increasingly focused on computing power, with significant improvements in computing infrastructure. The three major operators have reported steady advancements in their computing capabilities and have committed to increasing capital spending in this area. For instance, China Unicom's smart business revenue reached 82.5 billion RMB, a year-on-year increase of 9.6%, while China Mobile's cloud revenue hit 100.4 billion RMB, growing by 20.4% [3][4][9] - The computing infrastructure of operators is gradually being enhanced, with China Mobile's general computing power reaching 8.5 EFLOPS and intelligent computing power at 29.2 EFLOPS in 2024. China Telecom's "Xirang" platform has integrated with 50 computing partners, achieving a total of 62 EFLOPS [3][4][9] - Capital expenditures for computing are expected to continue rising, with China Unicom forecasting a 28% increase in computing investments for 2025. China Mobile anticipates a slight increase in its budget for computing resources despite an overall decrease in capital spending [3][4][9] Industry News - China Telecom's 2024 annual report indicates a continued focus on computing power, with total revenue of 523.6 billion RMB, a 3.1% increase year-on-year. The company plans to invest 836 billion RMB in capital expenditures for 2025, with a significant portion directed towards digital infrastructure [3][4][13] - Global investments in AI data centers are projected to approach 3 trillion RMB this year, driven by major tech companies like Microsoft and Amazon, which are expected to invest 371 billion USD in 2025, a 44% increase from the previous year [3][4][14] - Shanghai aims to achieve a computing scale of 200 EFLOPS by 2027, with a focus on developing a comprehensive ecosystem for the AI cloud industry [3][4][16] - A strategic cooperation agreement was signed between China Mobile and Alibaba to enhance their AI data center capabilities, indicating a collaboration between state-owned and private enterprises in the computing sector [3][4][17] Weekly Review and Focus - The telecommunications sector experienced a decline of 3.54% this week, underperforming compared to major indices. The report suggests focusing on investment opportunities within the AIDC and related industry chains [3][4][18] - The report recommends monitoring companies such as China Telecom, China Mobile, and China Unicom, as well as other firms involved in the AIDC ecosystem [3][4][21]

Investment Rating - The report maintains an "Outperform" rating for the coal industry [1] Core Viewpoints - The coal industry is expected to benefit from a recovery in demand and price stabilization, with a focus on the coal-coke-steel value chain as high furnace production resumes [4][5] - The report highlights the potential for price rebounds in coal and coke due to improved macroeconomic expectations and government policies aimed at boosting domestic demand [4] - The coal market is currently experiencing a phase of price differentiation, with thermal coal prices declining while coking coal prices remain stable [9][14] Summary by Sections 1. Industry Data Tracking - **Price Analysis**: As of March 28, 2025, the Qinhuangdao Q5500 thermal coal price is 665 CNY/ton, down 6 CNY/ton (-0.89%) from the previous week, while the Q5000 price is 592 CNY/ton, up 4 CNY/ton (+0.7%) [9][10] - **Supply and Demand Analysis**: The railway input to Qinhuangdao port increased by 7.44% to 524,000 tons, and port throughput rose by 15.38% to 570,000 tons [36][38] - **Inventory Analysis**: Total coal inventory at major ports decreased by 1.94% to 73.69 million tons, with Qinhuangdao's inventory down 4.66% to 6.95 million tons [44][47] 2. Market Review - The coal sector outperformed the broader market, with a decline of only 0.1% compared to a 0.4% drop in the Shanghai Composite Index [59] 3. Important Events Review - The report notes significant developments, including the Indian government's auction of 28 coal mines aimed at enhancing coal production and infrastructure development [68]

Investment Rating - The report maintains an "Outperform" rating for the coal industry [1] Core Viewpoints - The coal industry is expected to benefit from a recovery in demand and price stabilization, with a focus on the coal-coke-steel value chain [4][5] - The report highlights the potential for price rebounds in coal and coke due to macroeconomic improvements and government policies aimed at boosting domestic demand [4][5] Summary by Sections 1. Industry Data Tracking - **Price Analysis**: The price of thermal coal has decreased, while coking coal prices remain stable. As of March 28, 2025, the Qinhuangdao Q5500 thermal coal price is 665 CNY/ton, down 6 CNY/ton (-0.89%) from the previous week [9][10] - **Supply and Demand Analysis**: There has been an increase in railway input volumes, with Qinhuangdao port's railway input rising by 7.44% to 524,000 tons [36][39] - **Inventory Analysis**: Total coal inventory at major ports has decreased, with southern ports showing a reduction of 2.21% [44][47] 2. Market Performance - The coal sector has outperformed the broader market, with a decline of only 0.1% compared to a 0.4% drop in the Shanghai Composite Index [59] 3. Recent Important Events - The report notes significant developments in the coal sector, including the initiation of a new round of coal mine auctions in India aimed at increasing production capacity [68]

证券研究报告 | 宏观专题 2025年3月28日 | | | ● 核心观点:2025年政府工作报告定调积极,1-2月一般公共预算支出处于历史高 位实现开门红,在此基础上,我们尝试构建省份财政跟踪框架,便于衡量财政数据 的重点任务进展。 · 2025年财政预算报告定调积极 证券分析师 张浩 资格编号: S0120524070001 邮箱:zhanghao3@tebon.com.cn 研究助理 连桐杉 邮箱:liants@tebon.com.cn 相关研究 · 2025年1-2月财政开门红 · 2025年财政主要任务及各省实施进度 请务必阔读正文之后的信息披露和法律声明 ● 第一本账:财政收入增速目标设置较为严谨。2025年全国一般公共预算收入增长 0.1%,达2020年疫情外最低收入增速。整体来看,收入增速目标设置较为严谨。 ● 第二本账:对调动广义财政积极性有重要作用。2025年全国政府性基金预算收入 6.2万亿,增长 0.7%。三大逻辑贯穿财政第二本账:一是规模增加;二是支持范围 增加;三是政策效果增加。 ● 赤字率:隐含名义 GDP 增速可能在 5%左右。4%的赤字率对应的赤字为 5.66 万 亿,对应的 ...

Group 1: Overview of the Mar-a-Lago Accord - The "Mar-a-Lago Accord" aims to address the long-term overvaluation of the US dollar, which has led to economic imbalances in the US economy[2] - Proposed tools for a weaker dollar policy include multilateral currency agreements, replacing "century bonds," taxing foreign holdings of US debt, and actively accumulating foreign exchange reserves[2][11] - The concept of the dollar cycle indicates that the current phase is the latter half of the third dollar cycle, with the dollar expected to weaken post-2020, although it has shown strength since 2022[2][23] Group 2: Conditions for Dollar Weakness - A necessary condition for a weaker dollar is a weakening US economy coupled with the emergence of new global growth poles[2][25] - The political and social costs of intentionally weakening the economy may deter the implementation of the Mar-a-Lago Accord[2][26] - The ability of allies to coordinate currency policies is limited compared to the past, making it difficult to replicate the success of the Plaza Accord[2][28] Group 3: Challenges to Implementing the Accord - The "Mar-a-Lago Accord" faces significant challenges, including conflicts of interest with allies regarding tariffs and defense spending[2][39] - The US's focus on domestic issues may force European allies to pursue defense autonomy, complicating cooperation[2][46] - The potential for increased inflation and debt issues in the US could undermine the effectiveness of the proposed policies[2][51]

[Table_Main] 证券研究报告 | 公司点评 三维化学(002469.SZ) 2025 年 03 月 28 日 买入（维持） 所属行业：建筑装饰/专业工程 当前价格(元)：8.94 证券分析师 王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 市场表现 -29% 0% 29% 57% 86% 114% 143% 171% 2024-03 2024-07 2024-11 三维化学 沪深300 沪深300对比 1M 2M 3M 绝对涨幅(%) 15.87 20.99 17.74 相对涨幅(%) 16.90 18.74 19.45 资料来源：德邦研究所，聚源数据 相关研究 1.《三维化学（002469.SZ）：正丙醇涨 价带来弹性，新疆煤化工赋予机遇》， 2024.11.15 2.《三维化学（002469.SZ）：工程业务 履约进度放缓拖累业绩，拟中期分红 约 6500 万元》，2024.8.27 三维化学(002469.SZ)：全年业 绩符合预期，分红比例大幅提升 投资要点 请务必阅读正文之后的信息披露和法律声明 事件：3 月 26 日，公司发布 2024 年 ...

[Table_Main] 证券研究报告 | 公司点评 三维化学(002469.SZ) 2025 年 03 月 28 日 证券分析师 王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 市场表现 -29% 0% 29% 57% 86% 114% 143% 171% 2024-03 2024-07 2024-11 三维化学 沪深300 买入（维持） 沪深300对比 1M 2M 3M 绝对涨幅(%) 15.87 20.99 17.74 相对涨幅(%) 16.90 18.74 19.45 资料来源：德邦研究所，聚源数据 所属行业：建筑装饰/专业工程 当前价格(元)：8.94 相关研究 1.《三维化学（002469.SZ）：正丙醇涨 价带来弹性，新疆煤化工赋予机遇》， 2024.11.15 2 / 4 请务必阅读正文之后的信息披露和法律声明 2.《三维化学（002469.SZ）：工程业务 履约进度放缓拖累业绩，拟中期分红 约 6500 万元》，2024.8.27 三维化学(002469.SZ)：全年业 绩符合预期，分红比例大幅提升 投资要点 请务必阅读正文之后的信息披露和法律 ...