Investment Rating - The investment rating for the company is upgraded to "Buy" [1] Core Views - The company is a leading domestic supplier of electrolyte additives, with a focus on expanding into new areas such as lithium sulfide, maintaining a competitive edge [8][9] - The company's core products, including vinyl carbonate (VC) and fluoroethylene carbonate (FEC), have seen significant market share growth, with VC sales increasing by 70.2% and FEC sales by 166.8% in the first nine months of 2025 [11] - The price of additives has rebounded from a bottom, with current market prices for VC at 178,000 yuan/ton and FEC at 72,000 yuan/ton, indicating a tight supply-demand balance [16] - The company plans to launch a new production line for VC with a capacity of 30,000 tons in the second half of 2026, utilizing advanced short-process technology to enhance efficiency and reduce costs [15] - Profit forecasts have been adjusted, with a projected net profit of 1.063 billion yuan in 2026 and 1.752 billion yuan in 2027, reflecting a significant recovery from previous losses [22] Financial Summary - Total revenue is expected to grow from 504.90 million yuan in 2024 to 4,108.02 million yuan in 2027, with a compound annual growth rate of 41.70% [1] - The net profit attributable to the parent company is forecasted to improve from a loss of 174.67 million yuan in 2024 to a profit of 1,752.39 million yuan in 2027, indicating a turnaround in profitability [1] - The earnings per share (EPS) is projected to rise from -1.10 yuan in 2024 to 10.99 yuan in 2027, reflecting the company's recovery trajectory [1]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector saw a weekly increase of 1.46%, ranking in the upper middle among all primary industries. The energy metals sector rose by 5.08%, while the precious metals sector increased by 0.68% [1][14] - Gold prices have broken through the consolidation range, while silver's bullish sentiment has peaked, indicating a potential risk of a sharp short-term correction [1][49][50] Summary by Sections Market Review - The Shanghai Composite Index rose by 0.33%, with the non-ferrous metals sector outperforming the index by 1.44 percentage points [14] - The report highlights the performance of various sub-sectors, with energy metals leading the gains [14] Industrial Metals - **Copper**: Prices fluctuated with LME copper at $11,882 per ton (up 2.85%) and SHFE copper at ¥93,180 per ton (down 0.96%). Supply remains weak, with a forecasted global copper shortage of 150,000 tons by 2026. Demand is deteriorating as construction projects pause, leading to increased spot market discounts [2][30] - **Aluminum**: LME aluminum rose to $2,945 per ton (up 2.43%), while SHFE aluminum was at ¥22,185 per ton (up 0.07%). Supply conditions are stable, with new capacity coming online, but demand remains cautious due to a downturn in the real estate sector [3][35] - **Zinc**: Prices fell, with LME zinc at $3,073 per ton (down 2.12%) and SHFE zinc at ¥23,065 per ton (down 2.29%). Inventory levels showed mixed trends [41] - **Tin**: Prices increased, with LME tin at $43,227 per ton (up 5.11%) and SHFE tin at ¥343,040 per ton (up 3.02%). Supply from Indonesia has increased, but demand remains cautious [46] Precious Metals - **Gold**: COMEX gold closed at $4,368.70 per ounce (up 0.90%), while SHFE gold was at ¥979.90 per gram (up 0.95%). Economic data from the U.S. showed mixed results, but overall inflation appears to be cooling, which may influence future gold prices positively [4][49] - **Silver**: The report warns of extreme bullish sentiment in silver, with potential for a sharp correction as market volatility peaks [50]

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 地产数据环比不悲观 2025 年 12 月 22 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 周观点：（1）11 月地产数据同比来看，如期降幅扩大，但环比来看，除 了拿地金额大幅弱化，地产销售和建安投资仍保持了正常季节性规律。 地产数据分叉值得重视，若能持续则说明地产有企稳迹象。经济工作会 议之后，经济刺激预期有所弱化。美联储议息决议反映出后续降息路径 比较纠结。短期市场或进入震荡期，首先关注红利高息方向，例如兔宝 宝、上峰水泥、塔牌集团、欧普照明、欧派家居等。其次是欧美出口产 业链，例如中国巨石、中材科技、圣晖集成、亚翔集成、爱丽家居、石 头科技、海尔智家等。再次是装修消费方向，例如三棵树、悍高集团、 箭牌家居、兔宝宝、欧派家居等。中长期而言，中国国力的相对上升和 再通胀进程或推动汇率持续升值，消费和科技白马公司值得战略性关 注。（2）科技方面，十五五期间科技自立自强是重中之重。国产半导体 有望加快发展，尤其是先进制程，继续推荐洁净室工程板块，订单均有 高增，例如圣晖集成，建议关注亚翔集成和柏诚股份，受益 ...

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry, indicating an expectation of performance exceeding the benchmark by more than 5% over the next six months [11]. Core Insights - Galaxy General has completed a new round of financing amounting to $300 million, achieving a valuation of $3 billion, making it the leader in China's humanoid robot industry [1]. - The company focuses on the development of the "brain" of robots, enhancing their intelligence and generalization capabilities, which are currently lacking for large-scale industrialization [2]. - Significant partnerships have been established with leading companies in various sectors, including automotive and instant retail, indicating strong market demand and collaboration potential [2]. Summary by Sections Financing and Valuation - Galaxy General's recent financing round raised $300 million, with a current valuation of $3 billion, positioning it as the top player in the humanoid robot sector in China [1]. Technological Development - The company is concentrating on the software aspect of robotics, particularly the development of the GraspVLA model to improve task execution capabilities [2]. - In response to the current shortage of high-quality datasets, Galaxy General is pursuing a simulation data approach, which has shown promising progress [2]. Strategic Partnerships - Collaborations with major firms such as Tianqi Co., CATL, Bosch, Toyota, and others have been established, leading to the first successful deployment of humanoid robots in factories [2]. - In the instant retail sector, partnerships with companies like Aibo Medical and Meituan have been formed to implement robots in 24-hour unattended pharmacies [2]. Investment Recommendations - The report recommends focusing on companies that have equity investments in Galaxy General and have signed cooperation agreements, specifically Tianqi Co. and Shoucheng Holdings [4].

Macro Strategy - The report highlights that export control measures on key metals have become a crucial advantage for China in the context of major power competition, particularly against the US and EU [8][9] - China's leading position in key metals is attributed to its resource advantages and a complete industrial system, which is difficult for developed economies to replicate in the short term [8] Fixed Income - The bond market is expected to face challenges in 2026, with less likelihood of a one-sided decline in interest rates as seen from 2022 to 2024, suggesting a need for a more flexible trading strategy [10] - The report notes that the 10-year government bond yield increased slightly to 1.8425% during the week, reflecting market reactions to policy announcements [10] Industry Analysis Minshi Group (敏实集团) - Minshi Group is a leading global supplier of automotive exterior and structural parts, benefiting from the acceleration of electric vehicle adoption in Europe, particularly in the battery box business [22][24] - The company is expanding into humanoid robotics and liquid cooling for servers, which are expected to open new growth opportunities [22][24] - Profit forecasts for Minshi Group indicate net profits of 2.753 billion, 3.257 billion, and 3.878 billion yuan for 2025-2027, with corresponding EPS of 2.34, 2.76, and 3.29 yuan, and P/E ratios of 11.91, 10.07, and 8.46 respectively [22] Zhongwei Company (中微公司) - Zhongwei Company plans to acquire Hangzhou Zhonggui to enhance its capabilities in CMP equipment, which is crucial for semiconductor manufacturing [7] - The acquisition aims to strengthen Zhongwei's competitiveness in complete process solutions, complementing its existing dry process equipment [7] - Profit forecasts for Zhongwei Company remain at 2.44 billion, 3.41 billion, and 4.46 billion yuan for 2025-2027, with dynamic P/E ratios of 70, 50, and 38 respectively [7]

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 储能锂电淡季不淡、光伏反内卷持续推进【勘 误版】 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 12 月 22 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 行业走势 -15% -8% -1% 6% 13% 20% 27% 34% 41% 48% 2024/12/23 2025/4/22 2025/8/20 2025/12/18 电力设备 沪深300 相关研究 《储能全球开花需求旺盛，AIDC 和人 形加速》 2025-12-14 《储能锂电淡季不淡、AIDC 和人形加 2025-12-07 东吴证券研究所 1 / 50 请务必阅读正文之后的免责声明部分 速》 ◼ 电气设备 9787 下跌 3.12%，表现弱于大盘。（本周，12 月 15 日-12 月 19 日），发电设备跌 3.77%，风电 跌 3 ...

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology sector [1] Core Insights - The oral treatment landscape for psoriasis has established a dual leadership pattern with TYK2 and IL23 inhibitors, highlighting the potential of companies like Yifang Biopharma, Nocankang, and Haishike [1][16] - The A-share pharmaceutical index has shown a year-to-date increase of 14.49%, while the Hang Seng Healthcare Index has surged by 65.28% [4][9] - The report emphasizes the importance of innovative drugs, with a ranking of preferred sub-industries: innovative drugs > research services > CXO > traditional Chinese medicine > medical devices > pharmacies [10][12] Industry Trends - The report notes that the A-share pharmaceutical index has underperformed relative to the CSI 300 index, with a slight decrease of 0.14% this week [4][9] - The report highlights the strong performance of the medical commercial sector (+4.94%) and medical devices (+1.16%) this week, while the chemical pharmaceuticals sector saw a decline of -1.74% [4][9] - The report identifies key companies to watch in the TYK2 space, including Yifang Biopharma and Nocankang, as well as those involved in oral IL23 treatments like Haishike [16][12] Company-Specific Recommendations - Recommended companies in the innovative drug sector include: - Yifang Biopharma - Nocankang - Haishike - Heng Rui Medicine - Bai Jie Shen Zhou - Shi Yao Group - Zai Jian Medicine - Di Zhe Medicine [12][16] - In the CXO and research services sector, recommended companies include: - WuXi AppTec - Hao Yuan Medicine - Aopumai - Kingsray Biotech [12] - For traditional Chinese medicine, companies to focus on include: - Zuo Li Pharmaceutical - Fang Sheng Pharmaceutical - Dong E E Jiao [12] Market Performance - The report indicates that the A-share pharmaceutical index has shown a year-to-date increase of 14.49%, while the Hang Seng Healthcare Index has increased by 65.28% [4][9] - The report also notes that the medical commercial sector has performed well this week, with a gain of 4.94% [4][9]

Economic Indicators - The weekly ECI supply index is at 49.95%, up 0.01 percentage points from last week, while the demand index is at 49.84%, down 0.01 percentage points[8] - The monthly ECI supply index for December is at 49.94%, down 0.02 percentage points from November, and the demand index is at 49.85%, down 0.03 percentage points[9] - The ECI investment index is at 49.86%, down 0.02 percentage points from November, and the consumption index is at 49.66%, down 0.01 percentage points[9] Consumer Trends - Retail sales of passenger cars from December 1-14 decreased by 24.0% year-on-year, with a total of 764,000 units sold[24] - Sales of durable goods like refrigerators and air conditioners saw a decline of over 30% year-on-year due to policy withdrawal and high base effects[9] - The average wholesale price of pork is recorded at 17.45 yuan/kg, down 0.19 yuan/kg from the previous week[42] Investment and Production - The operating rate for oil asphalt plants is at 27.60%, down 0.20 percentage points week-on-week, but up 1.70 percentage points year-on-year[30] - The cement dispatch rate is at 31.62%, up 1.53 percentage points week-on-week, but down 0.03 percentage points year-on-year[30] - The transaction area of commercial housing in 30 major cities increased by 17.65% week-on-week, totaling 230.81 million square meters[34] Export Performance - The Shanghai Containerized Freight Index (SCFI) is at 1552.92 points, up 46.46 points from the previous week[41] - South Korea's export growth for the first ten days of December is at 17.30%, an increase of 11.10 percentage points from November[36] Monetary Policy - The ELI index is at -0.44%, up 0.10 percentage points from last week, indicating a slight improvement in liquidity conditions[13] - The central bank conducted 657.5 billion yuan in reverse repos, resulting in a net withdrawal of 110 billion yuan for the week[48]

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [67]. Core Insights - The report highlights that Wanhua Chemical has announced price increases for MDI and TDI in certain regions, reflecting a positive trend in pricing within the polyurethane sector [1]. - The average prices for pure MDI, polymer MDI, and TDI are reported at 19,186, 14,721, and 14,693 CNY/ton respectively, with changes of -293, +93, and +234 CNY/ton compared to the previous week [3]. - The report provides detailed insights into various segments of the chemical industry, including polyurethane, oil and gas, and coal chemical sectors, with specific price movements and profit margins outlined for each segment [3][13]. Summary by Sections Polyurethane Sector - The average prices for pure MDI, polymer MDI, and TDI are 19,186, 14,721, and 14,693 CNY/ton, with respective profit margins of 6,149, 2,684, and 2,769 CNY/ton [3][17][19]. Oil and Gas Sector - The average prices for ethane, propane, and coal are 1,324, 4,166, and 522 CNY/ton, with changes of -102, -122, and -8 CNY/ton respectively [3][23][28]. - The average price for polyethylene is reported at 6,933 CNY/ton, with a decrease of 113 CNY/ton from the previous week [3][31]. Coal Chemical Sector - The average prices for synthetic ammonia, urea, DMF, and acetic acid are 2,346, 1,702, 3,739, and 2,422 CNY/ton, with respective profit margins of 331, 33, -396, and 225 CNY/ton [3][37][45][46]. Animal Nutrition Sector - The average prices for VA and VE are reported at 62.5 and 55.5 CNY/kg, with VE showing a 30% increase [3][53][59].

证券研究报告 大炼化周报：成本端支撑减弱，长丝价格下滑 大化工首席分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 石化化工分析师：周少玟 执业证书编号：S0600525070005 联系方式：zhoushm@dwzq.com.cn 2025年12月21日 请务必阅读正文之后的免责声明部分 投资要点 2 ◼ 【国内外重点炼化项目价差跟踪】国内重点大炼化项目本周价差为2674元/吨，环比+104元/吨（环比+4%）；国 外重点大炼化项目本周价差为1305元/吨，环比-24元/吨（环比-2%）。 ◼ 【聚酯板块】本周POY/FDY/DTY行业均价分别为6293/6536/7686元/吨，环比分别-111/-125/-61元/吨， POY/FDY/DTY行业周均利润为-58/-163/+3元/吨，环比分别-75/-85/-42元/吨，POY/FDY/DTY行业库存为 19.0/24.3/24.9天，环比分别+2.3/+2.1/+1.0天，长丝开工率为89.1%，环比-0.7pct。 ◼ 【炼油板块】国内成品油:本周汽油/柴油/航煤价格下跌。美国成品油 ...