Investment Rating - The report maintains a positive outlook on the refrigerant industry, indicating a high level of industry prosperity and suggesting that related companies are likely to see significant profit increases [6][73]. Core Insights - In March 2025, refrigerant prices continued to rise, with R32, R125, and R134a prices reaching 47,000 CNY/ton, 45,000 CNY/ton, and 46,500 CNY/ton respectively, marking increases of 5.62%, 2.27%, and 3.33% compared to the end of February [6][14]. - The production of household air conditioners is expected to maintain a year-on-year growth trend, with production volumes projected at 24 million units in April, 23.9 million in May, and 21.3 million in June, reflecting year-on-year growth rates of 9.10%, 13.00%, and 15.90% respectively [6][38]. - The long-term contract prices for refrigerants R32 and R410a have significantly increased, with R32 rising to 46,600 CNY/ton and R410a to 47,600 CNY/ton, both reflecting increases of 6,000 CNY/ton from the first quarter [6][68]. Summary by Sections Refrigerant Tracking - As of March 31, 2025, the prices of R32, R125, and R134a were reported at 47,000 CNY/ton, 45,000 CNY/ton, and 46,500 CNY/ton, respectively, with significant month-on-month increases [6][14]. - The production of R32, R134a, and R125 in March 2025 saw a month-on-month increase of 38.09%, 46.39%, and 33.88% respectively, while R134a experienced a year-on-year decline of 12.10% [6][15]. - The total inventory of R32, R134a, and R125 increased by 10.34%, 15.86%, and 12.34% respectively as of March 28, 2025 [6][18]. Investment Recommendations - The report suggests focusing on leading companies in the refrigerant industry, such as Juhua Co., Ltd. and Sanmei Co., Ltd., as well as companies with a complete industrial chain like Jinshi Resources [6][73].

Investment Rating - The report maintains a positive outlook on the refrigerant industry, indicating a high level of industry prosperity and suggesting that related companies are likely to see significant profit increases [6][72]. Core Insights - In March 2025, refrigerant prices continued to rise, with R32, R125, and R134a prices reaching 47,000 CNY/ton, 45,000 CNY/ton, and 46,500 CNY/ton respectively, marking increases of 5.62%, 2.27%, and 3.33% compared to the end of February [6][14]. - The production of household air conditioners is expected to maintain a year-on-year growth trend, with production volumes projected at 24 million units in April, 23.9 million in May, and 21.3 million in June, reflecting year-on-year growth rates of 9.10%, 13.00%, and 15.90% respectively [6][38]. - The long-term contract prices for refrigerants R32 and R410a have significantly increased, with R32 rising to 46,600 CNY/ton and R410a to 47,600 CNY/ton, both reflecting increases of 6,000 CNY/ton from the first quarter [6][68]. Refrigerant Tracking - The production of R32, R134a, and R125 in March 2025 saw significant month-on-month increases, with R32 production up 38.09% and R134a up 46.39% [15]. - The total inventory of R32, R134a, and R125 has shown a month-on-month increase, indicating a recovery in supply levels [18]. Investment Recommendations - The report suggests focusing on leading companies in the refrigerant industry, such as Juhua Co. and Sanmei Co., which are expected to benefit from the ongoing high demand and rising prices [6][72].

[晨会纪要 Table_NewTitle] 20250415 [Table_Reportdate] 2025年04月15日 [证券分析师： Table_Authors] [Table_Report] 姚星辰 S0630523010001 yxc@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： ➢ 1.积极政策与流动性需求促进信贷回暖，贷款定价基本稳定——银行业"量价质"跟踪（十 二） ➢ 2.中长期资金入市推动市场信心重拾，关注一季报业务增长带来的配置机遇——非银金融 行业周报（20250407-20250413） 王洋 S0630513040002 wangyang@longone.com.cn ➢ 1.商务部等6部门启动"购在中国"系列活动 ➢ 2.多家银行下调存款利率 ➢ 3.金融监管局印发《关于促进金融资产管理公司高质量发展提升监管质效的指导意见》 ➢ 4.日本首相：日本不准备向美国做重大让步 ➢ 5.国家主席习近平对越南进行国事访问 [table_main] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 H ...

[Table_Reportdate] 2025年04月14日 标配 行 业 周 报 [证券分析师 Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师 王珏人 S0630523100001 wjr@longone.com.cn [table_stockTrend] -29% -19% -9% 1% 11% 21% 32% 24-03 24-05 24-07 24-09 24-11 25-01 25-03 申万行业指数:电力设备(0763) 沪深300 [相关研究 table_product] 1.光伏4月下游维持抢装，苏、粤海风 项目启动全面建设——新能源电力 行业周报（2025/03/31-2025/04/03） 2.东方电缆（603606）：公司业绩稳 步提升，在手订单再创新高——公司 简评报告 3.硅片供不应求加剧，风电招、开标 规模持续增长——新能源电力行业 周报（2025/03/24-2025/03/28） [Table_NewTitle 光伏产业链] 4月排产上行，陆风待建规模 稳步增长 ——新能源电力行业周报（2025/ ...

[Table_Reportdate] 2025年04月14日 标配 行 业 周 报 [证券分析师 Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师 于卓楠 S0630524100001 yzn@longone.com.cn 证券分析师 王珏人 S0630523100001 wjr@longone.com.cn [table_stockTrend] -29% -19% -9% 1% 11% 21% 32% 24-03 24-05 24-07 24-09 24-11 25-01 25-03 申万行业指数:电力设备(0763) 沪深300 [相关研究 table_product] [Table_NewTitle 光伏产业链] 4月排产上行，陆风待建规模 稳步增长 ——新能源电力行业周报（2025/04/07-2025/04/11） [table_main] 投资要点： ➢ 市场表现： ➢ 本周（04/07-04/11）申万光伏设备板块下跌9.56%，跑输沪深300指数6.68个百分点； 申万风电设备板块下跌8.34%，跑输沪深300指数 ...

[Table_Reportdate] 2025年04月14日 超配 业 周 报 非 银 金 融 [证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -28% -10% 8% 26% 44% 62% 80% 24-04 24-07 24-10 25-01 申万行业指数:非银金融(0749) 沪深300 [相关研究 table_product] 1.险资股权投资范围扩容，防范关税 政策下的市场冲击——非银金融行 业周报（20250331-20250406） 2.从湘财合并大智慧，看中小券商与 金融科技跨界整合新路径——非银 金融行业简评 3.年报业绩亮眼，把握发展基础夯实 下的非银板块低位配置机遇——非 银 金 融 行 业 周 报 （ 20250324- 20250330） [Table_NewTitle 中长期资金] 入市推动市场信心重拾，关 注一季报业务增长带来的配置机遇 ——非银金融行业周报（20250407-20250413） [table_main] 投资要点： 研 究 行 证券研究报告 HTTP: ...

行 业 研 究 [Table_Reportdate] 2025年04月14日 标配 业 周 报 美 容 护 理 锦波生物全球首个注射用重组Ⅲ型人源化胶原蛋白凝胶获批。4月9日，由山西锦波生物 医药股份有限公司自主研发生产的全球首个"注射用重组Ⅲ型人源化胶原蛋白凝胶"正 式获得国家药品监督管理局批准上市。这是锦波生物自主研发生产的第三个采用生物新 型材料——重组人源化胶原蛋白制备的III类植入医疗器械，标志着生物材料领域的又一 次重大技术突破。 珀莱雅首次官宣四位研发大咖。孙培文博士（珀莱雅首席研发创新官）主导全流程的产 品研发工作，并推动研发创新体系升级。孙培文博士拥有美国普渡大学药理学博士学位 及MBA学位，拥有近30年的消费品行业从业经验。黄虎博士（珀莱雅首席科学官）重点 负责基础研究、原料开发及临床功效等领域，构建企业核心技术护城河，并助力打造产 学研医协同创新生态。黄虎博士曾任清华大学化学系教授、美国宝洁总部全球首席科学 家，服务宝洁27年。Lieve Declercq 博士（珀莱雅首席科学顾问、珀莱雅欧洲科创中心 副总裁）将助力全球研发体系融合，加速珀莱雅国际化发展。Lieve Declercq 博 ...

Investment Rating - The report suggests a cautious optimism for the semiconductor industry, highlighting a moderate recovery in demand and potential growth opportunities in AIOT, AI-driven technologies, equipment materials, and consumer electronics [6][5]. Core Insights - The China Semiconductor Association has clarified that the origin of semiconductor products will be determined by the location of wafer fabrication, which may impact companies with significant overseas production [6][11]. - The U.S. has announced exemptions from "reciprocal tariffs" for certain products, including smartphones and routers, while specific tariffs on semiconductors are still under review [6][11]. - The electronic industry is currently experiencing a mild recovery, with a recommendation to focus on four main investment themes: AIOT, AI-driven innovations, upstream supply chain domestic substitution, and consumer electronics [6][5]. Summary by Sections Industry News - The U.S. Customs and Border Protection announced exemptions for certain products from the 125% "reciprocal tariffs," which may affect the semiconductor supply chain [11]. - The China Semiconductor Association has issued new guidelines for determining the origin of integrated circuits, which may benefit domestic semiconductor manufacturers [11][6]. Market Performance - The report notes that the electronic sector underperformed the broader market, with the Shanghai-Shenzhen 300 Index down 2.87% and the Shenwan Electronics Index down 3.89% [20][22]. - As of April 11, 2025, the semiconductor sub-sector showed a slight increase of 0.56%, while other electronic segments experienced declines [22][20]. Investment Recommendations - The report recommends focusing on the following sectors: 1. AIOT, with companies like Lexin Technology and Hanguang Technology [6]. 2. AI-driven innovations, including computing chips from Cambrian and Haiguang Information [6]. 3. Upstream supply chain domestic substitution, highlighting companies like North Huachuang and Zhongwei Technology [6]. 4. Consumer electronics, with potential rebounds in companies like Weir Shares and Zhaoyi Innovation [6]. Industry Data Tracking - The report indicates a slight rebound in storage chip prices since the second half of 2023, with DRAM prices facing pressure but some recovery noted in early 2025 [32][36]. - TV panel prices have shown a slight recovery, while IT panel prices are stabilizing [32][39].

行 业 研 究 [Table_Reportdate] 2025年04月14日 标配 业 周 报 美 容 护 理 [table_stockTrend] -30% -20% -10% 0% 10% 20% 30% 2024-04 2024-05 2024-06 2024-07 2024-08 2024-09 2024-10 2024-11 2024-12 2025-01 2025-02 2025-03 美容护理 沪深300 [相关研究 table_product] 1.第三款"少女针"获批，谷雨启 动A股IPO ——美容护理行业周报 (2025/3/31-2025/4/4) [Table_NewTitle 提振内需，关注优质国货企业 ] ——美容护理行业周报(2025/4/7-2025/4/11) [table_main] 投资要点： ➢ 市场表现：（1）美容护理板块：本周沪深300指数下跌2.87%，申万美容护理指数下跌 2.55%，行业跑赢大盘0.32pcts，涨幅在全部申万一级行业中排第八位。（2）个股方面： 本周板块涨幅前五的个股分别为青岛金王（26.28%）、锦波生物（13.01%）、豪悦护理 （7.5 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the non-banking financial sector relative to the broader market [6][36]. Core Insights - The report highlights that the recent adjustments in insurance capital investment regulations are expected to provide additional funding to the equity market, enhancing market confidence and creating investment opportunities [4][6]. - The performance of brokerage firms is anticipated to improve due to increased trading activity and favorable quarterly earnings forecasts, with significant profit growth reported by several major firms [6][10]. - The insurance sector is poised for growth as regulatory changes allow for higher equity investment limits, potentially injecting around 1 trillion yuan into the market [6][34]. Summary by Sections Market Review - The non-banking financial index fell by 5.2% last week, underperforming the CSI 300 index by 2.3 percentage points, with both brokerage and insurance indices showing declines of 5.4% and 4.7% respectively [6][10]. - Average daily trading volume in the stock market reached 19,722 billion yuan, a week-on-week increase of 41.9% [19]. Brokerage Insights - The report emphasizes the recovery of market confidence driven by long-term capital inflows and the proactive measures taken by major funds, including share buybacks and shareholder increases [6]. - Major brokerages reported substantial profit growth for Q1 2025, with East Wu Securities showing a year-on-year increase of 100%-120% [6][10]. Insurance Insights - Recent regulatory changes have raised the equity investment limits for insurance funds, potentially leading to an influx of approximately 1 trillion yuan into the equity market [6][34]. - The report notes that China Life Insurance expects a 30%-50% increase in net profit for Q1 2025, driven by improved liability structure and investment returns [6]. Investment Recommendations - For brokerages, the report suggests focusing on firms with strong capital positions and stable operations, particularly in the context of mergers and acquisitions [6]. - In the insurance sector, attention is drawn to large comprehensive insurance companies that possess competitive advantages under the new regulatory framework [6].