Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - In March 2025, the decline in new home sales and new construction area significantly narrowed, indicating a potential recovery in the real estate market [1][2] - The cumulative sales area of commercial housing from January to March 2025 showed a year-on-year growth rate of -3%, an improvement from -5.1% previously, while the cumulative sales amount decreased by -2.1% compared to -2.6% previously [1] - The cumulative new construction area from January to March 2025 had a year-on-year growth rate of -24.4%, improving from -29.6% previously, and the cumulative completion area showed a decline of -14.3%, also an improvement from -15.6% [2] - The funding for real estate development companies saw a year-on-year growth rate of -3.7% from January to March 2025, slightly worsening from -3.6% previously, with a notable decline in self-raised funds [3] Summary by Sections Sales Data - In March 2025, the sales area of new homes showed a year-on-year growth rate of -0.9%, improving from -5.1% previously, while the sales amount decreased by -1.6% compared to -2.6% previously [1] Development Investment - The cumulative development investment from January to March 2025 had a year-on-year growth rate of -9.9%, slightly worsening from -9.8% previously, with March showing a single-month decline of -10% [2] Funding Sources - The year-on-year growth rate of funding for real estate development companies in March 2025 was -3.9%, worsening from -3.6% previously, with self-raised funds declining by -11.7% [3] Investment Recommendations - Short-term focus on valuation recovery opportunities due to policy easing, and long-term focus on leading companies with core city resources and real estate operation capabilities, such as Poly Developments, China Resources Land, and others [3]

| 分析师 | 林阳 电话：021-65465572 邮箱：linyang@dxzq.net.cn | 执业证书编号：S1480524080001 | | --- | --- | --- | | 分析师 | 康明怡 电话：021-25102911 邮箱：kangmy@dxzq.net.cn | 执业证书编号：S1480519090001 | | 分析师 | 林瑾璐 电话：021-25102905 邮箱：linjl@dxzq.net.cn | 执业证书编号：S1480519070002 | | 分析师 | 陈刚 电话：010-66554028 邮箱：chen_gang@dxzq.net.cn | 执业证书编号：S1480521080001 | | 分析师 | 刘嘉玮 电话：010-66554043 邮箱：liujw_yjs@dxzq.net.cn | 执业证书编号：S1480519050001 | | 分析师 | 田馨宇 电话：010-66554013 邮箱：tianxy@dxzq.net.cn | 执业证书编号：S1480521070003 | 主要观点： 宏观：国内政策储备充分。消费价格、经济景气度均有所改 ...

伦敦现货价白银美 元_20250113_173521.xlsx 镁行业深度（I）：供需或进入持续性紧平 衡状态--全球供给显现单一市场风险 2025 年 4 月 16 日 看好/维持 有色金属 行业报告 | 分析师 | 张天丰 电话：021-25102914 邮箱：zhang_tf@dxzq.net.cn | 执业证书编号：S1480520100001 | | --- | --- | --- | | 研究助理 | 闵泓朴 电话：021-65462553 邮箱：minhp-yjs@dxzq.net.cn | 执业证书编号：S1480124060003 | 投资摘要： 镁，元素周期表中ⅡA 族的碱土金属，呈银白色且具有延展性。镁质量轻、密度小，其相对原子质量为 24.305，相对密度为 1.74g/cm3，熔点 648.8℃，沸点 1107℃。镁属于活泼金属，在干燥空气中较为稳定，但受热可与水作用，且能与大多数的 非金属，如卤素、氮、硫等作用，溶于酸会放出氢气，还原性较强。镁元素在地壳中分布较广，占地壳质量的 2.1%，在地 壳中各元素里排名第八。镁化学性质活泼，在自然界中仅以化合物状态存在，在已知的 1500 ...

食品饮料行业：复盘 2018 年贸易战 对食品饮料行业资产定价的影响 2018 年中美贸易战之后，我们看到食品饮料行业的业绩有所恢复，整个板块 资产定价经历一轮波澜壮阔的行情，我们希望通过分析 2018 年贸易战之后宏 观经济环境和食品饮料行业的变化，来对本轮中美贸易战之后食品饮料行业的 资产定价有所借鉴和指引。 2018 年之后食品饮料板块资产定价的变化，更多的是宏观经济复苏对行业复 苏的整体带动，与流动性充裕带来的资产配置和资产价格重估相关，受产业结 构的变化影响较小。 2025 年 4 月 16 日 看好/维持 食品饮料 行业报告 未来 3-6 个月行业大事： 2025-04-15 金徽酒：一季报披露 2025-04-16 东鹏饮料：一季报披露 2025-04-16 千禾味业：年报及一季报披露 2025-04-18 贝因美：一季报披露 2025-04-19 甘源食品：年报及一季报披露 2025-04-22 三全食品：年报及一季报披露 2025-04-22 燕京啤酒：年报披露 | 资料来源：同花顺 | | | | --- | --- | --- | | 行业基本资料 | | 占比% | | 股票家数 | ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][12]. Core Views - The company achieved an operating revenue of 50.03 billion yuan in 2024, a year-on-year increase of 17%, and a net profit attributable to shareholders of 2.93 billion yuan, up 5% year-on-year [3]. - The company plans to distribute dividends of 2.38 billion yuan in 2024, with a payout ratio of 81.3% and a dividend yield of 6.22% [3]. - The copper segment remains the core business, contributing 76.46% of total revenue in 2024, with a gross profit of 6.67 billion yuan [4]. - The company is focused on optimizing its mining and smelting processes, which is expected to enhance profitability in the smelting segment [6]. Summary by Sections Financial Performance - In 2024, the company reported a net cash flow from operating activities of 8.25 billion yuan, a 32% increase year-on-year [11]. - The gross profit margin improved from 18.04% in 2023 to 19.90% in 2024, while the net profit margin increased from 9.90% to 10.58% [11]. - The return on equity (ROE) rose from 17.76% in 2023 to 18.12% in 2024 [11]. Production and Capacity - The company’s copper production increased by 39% year-on-year to 179,000 tons in 2024, with the core mine, Yulong Copper Mine, contributing 90% of this output [4]. - The smelting capacity for copper reached 350,000 tons per year, a 67% increase year-on-year, while zinc and lead smelting capacities doubled to 200,000 tons per year [6][10]. - The company is also expanding its iron ore production capacity through ongoing projects [5]. Future Outlook - Revenue projections for 2025-2027 are 56.47 billion yuan, 60.58 billion yuan, and 63.02 billion yuan, respectively, with net profits expected to reach 4.62 billion yuan, 5.12 billion yuan, and 5.55 billion yuan [12][13]. - The company is expected to benefit from ongoing improvements in production efficiency and resource recovery rates across its operations [5][6].

东 兴 晨 报 东兴晨报 P1 2025 年 4 月 15 日星期二 分析师推荐 【东兴银行】银行行业：社融增速提升，信贷投放超预期——3 月社融金融 数据点评（20250415） 事件：4 月 13 日，中国人民银行发布 2025 年一季度社融金融数据。 观点总结：3 月政府债持续发力、信贷投放边际转暖，社融增量超预期。其 中，对公短贷同比大幅多增，反映企业经营活跃度有所提升，但也存在季末 冲量特征。居民中长贷同比多增，主要得益于地产销售改善，以及居民提前 还贷压力缓释。展望后续，关税扰动下信贷需求回暖存在一定不确定性，期 待财政、货币政策持续发力稳定信贷需求；二季度政府债有望继续发力带动 社融增速进一步回升。 点评：政府债、信贷支撑 3 月社融同比多增，社融增速环比提升。3 月社融 新增 5.89 万亿，同比多增 1.05 万亿；存量社融同比+8.4%，环比提升 0.2pct。 政府债发行前置、信贷同比多增为主要贡献。（1）3 月政府债券新增 1.48 万 亿，同比多增 1.02 万亿。一季度国债、地方政府债发行进度达 30%、36%， 明显快于去年，政府债年内发行明显前置。（2）3 月为信贷投放大月，社 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][12]. Core Views - The company achieved an operating revenue of 50.03 billion yuan in 2024, a year-on-year increase of 17%, and a net profit attributable to shareholders of 2.93 billion yuan, up 5% year-on-year [3]. - The company plans to distribute dividends of 2.38 billion yuan in 2024, with a payout ratio of 81.3% and a dividend yield of 6.22% [3]. - The copper segment remains the core business, contributing 76.46% of total revenue in 2024, with a gross profit of 6.67 billion yuan [4]. - The company is focused on optimizing its mining and smelting processes, which is expected to enhance profitability in the smelting segment [6][10]. Summary by Sections Financial Performance - In 2024, the company reported a net cash flow from operating activities of 8.25 billion yuan, a 32% increase year-on-year [11]. - The gross profit margin improved from 18.04% in 2023 to 19.90% in 2024, while the net profit margin increased from 9.90% to 10.58% [11]. - The company’s return on equity (ROE) rose from 17.76% in 2023 to 18.12% in 2024 [11]. Production and Capacity - The company’s copper production increased by 39% year-on-year to 179,000 tons in 2024, with the core mine, Yulong Copper Mine, contributing 90% of this output [4]. - The smelting capacity for copper reached 350,000 tons per year, a 67% increase year-on-year, while zinc and lead smelting capacities doubled to 200,000 tons per year [6][10]. Future Outlook - Revenue projections for 2025-2027 are 56.47 billion yuan, 60.58 billion yuan, and 63.02 billion yuan, respectively, with net profits expected to reach 4.62 billion yuan, 5.12 billion yuan, and 5.55 billion yuan [12][13]. - The company is expected to continue benefiting from ongoing optimization projects and increased production capacities across various segments [5][6].

新和成（002001.SZ）：业绩同比高 增，项目建设有序推进 2025 年 4 月 15 日 强烈推荐/维持 新和成 公司报告 新和成发布 2024 年年报：公司 2024 年全年实现营业收入 216.10 亿元， YoY+42.95%，归母净利润 58.69 亿元，YoY+117.01%。 营养品板块主要产品量价齐升，香精香料和新材料产品稳步增长，带动业绩同 比高增长。从收入端看，2024 年，公司蛋氨酸等项目新产能释放，同时营养 品板块主要产品维生素、蛋氨酸市场价格修复，带动营养品板块营收同比增长 52.58%至 150.55 亿元；香精香料板块营收同比增长 19.62%至 39.16 亿元； 新材料板块营收同比增长 39.51%至 16.76 亿元。从利润端看，2024 年公司综 合毛利率同比提升 8.8 个百分点至 41.78%，带动公司净利润大幅增长。 新产品、新项目的开发建设有序推进，公司产品体系进一步丰富。公司坚持一 体化、系列化、协同化的发展战略，以"化工+"和"生物+"两为大核心平台， 专注于营养品、香精香料、高分子新材料和原料药业务，不断发展各类功能性 化学品。公司原有项目精细化运营，新 ...

新和成（002001.SZ）：业绩同比高 增，项目建设有序推进 2025 年 4 月 15 日 强烈推荐/维持 新和成 公司报告 新和成发布 2024 年年报：公司 2024 年全年实现营业收入 216.10 亿元， YoY+42.95%，归母净利润 58.69 亿元，YoY+117.01%。 营养品板块主要产品量价齐升，香精香料和新材料产品稳步增长，带动业绩同 比高增长。从收入端看，2024 年，公司蛋氨酸等项目新产能释放，同时营养 品板块主要产品维生素、蛋氨酸市场价格修复，带动营养品板块营收同比增长 52.58%至 150.55 亿元；香精香料板块营收同比增长 19.62%至 39.16 亿元； 新材料板块营收同比增长 39.51%至 16.76 亿元。从利润端看，2024 年公司综 合毛利率同比提升 8.8 个百分点至 41.78%，带动公司净利润大幅增长。 新产品、新项目的开发建设有序推进，公司产品体系进一步丰富。公司坚持一 体化、系列化、协同化的发展战略，以"化工+"和"生物+"两为大核心平台， 专注于营养品、香精香料、高分子新材料和原料药业务，不断发展各类功能性 化学品。公司原有项目精细化运营，新 ...

行 业 研 究 本次《通知》主要包含三方面内容。1.上调权益资产配置比例上限，将部分档 位偿付能力充足率对应的权益类资产比例上调 5%，进一步拓宽权益投资空间， 为实体经济提供更多股权性资本。其中，上季末综合偿付能力充足率超过 250% 低于 350%的，权益类资产账面余额不得高于本公司上季末总资产的 40%；上 季末综合偿付能力充足率超过 350%的，权益类资产账面余额不得高于本公司 上季末总资产的 50%。2.提高投资创业投资基金的集中度比例。新标准下保险 公司投资单一创业投资基金的账面余额占该基金实缴规模的比例不得高于 30%，引导保险资金加大对国家战略性新兴产业股权投资力度，精准高效服务 新质生产力。3.放宽税延养老比例监管要求。明确税延养老保险普通账户不再 单独计算投资比例，助力第三支柱养老保险高质量发展。 整体上看，当前保险行业马太效应不断增强，行业头部机构更有机会参与政策 创新，把握政策红利窗口期，未来估值上升空间更大，建议持续重点关注。此 外，在 ETF 蓬勃发展的大环境下，出于投资需求的差异化，保险 ETF 的投资 价值也应继续重点关注。 保险行业：调整保险资产监管比例， 资本市场流动性有望 ...