Investment Rating - The industry investment rating is "Buy" [2] Core Views - The report indicates that the social electricity consumption in March increased by 4.8% year-on-year, and the supply-demand situation is expected to gradually improve in the second quarter [11][68] - The coal price has shown signs of stabilization, with expectations of a rebound as inventory levels decrease and demand increases in the upcoming summer peak [7][32][70] Market Dynamics - Recent market dynamics show a slight decline in thermal coal prices, with the CCI5500 thermal coal price reported at 670 RMB/ton, down 2 RMB/ton week-on-week [7][13] - The coal mining operating rate as of April 16 was 90.2%, reflecting a 0.3 percentage point increase week-on-week [16] - The inventory of thermal coal at major ports increased by 2.8% week-on-week, indicating a slight rise in supply [16][18] Industry Insights - The report highlights that the coal industry index rose by 2.6%, outperforming the CSI 300 index by 2.0 percentage points [68] - The first round of price increases for coke has been implemented, with prices rising by 50-55 RMB/ton, supported by strong demand from steel production [56][66] - The report notes that the first two months of 2025 saw a significant decline in industry profits, with total profits of 50.7 billion RMB, down 47.3% year-on-year [71][73] Key Companies - Key companies with stable profits and high dividends include Shaanxi Coal and China Shenhua [7][71] - Companies with low valuations and long-term growth potential include Xinji Energy and Yanzhou Coal [7][71] - Companies benefiting from positive demand expectations and low price-to-book ratios include Huabei Mining and Shanxi Coking Coal [7][71]

大飞机国际化进展可期，主赛道中长期确定性高 [Table_Summary] 核心观点： [Table_Page] 投资策略周报|国防军工 证券研究报告 | [Table_Grade] 行业评级 3570068 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-04-20 | Xml [Table_Title] 国防军工行业 | [分析师： Table_Author]孟祥杰 | | | --- | --- | | | SAC 执证号：S0260521040002 | | | SFC CE No. BRF275 | | | 010-59136693 | | | mengxiangjie@gf.com.cn | | 分析师： | 吴坤其 | | | SAC 执证号：S0260522120001 | | | SFC CE No. BRT139 | | | 010-59133689 | | | wukunqi@gf.com.cn | | 分析师： | 邱净博 | | | SAC 执证号：S0260522120005 | | | 010-59136685 | | | qiu ...

Investment Rating - The industry investment rating is "Buy" [3] Core Views - The power sector is expected to stand out due to fundamental reversals, rigid demand, and low allocation [1][8] - The electricity market has shown improvements with a year-on-year growth of 4.8% in March, and a narrowing decline in thermal power generation [8][19] - The report emphasizes that the electricity sector is transitioning from a weak dividend to a strong dividend phase, with significant improvements in earnings per share (EPS) expectations [8] Summary by Sections Electricity Demand - In the first three months of 2025, the total electricity consumption increased by 4.8% year-on-year, with a compound annual growth rate (CAGR) of 5.3% from 2022 to 2025 [19] - The electricity consumption for the secondary industry grew by 1.9% year-on-year, while the primary and tertiary industries saw increases of 8.7% and 5.2%, respectively [27] Installed Capacity - In January and February 2025, a total of 55 GW of new capacity was added, with wind and solar accounting for 49 GW [19] - The share of thermal power in total installed capacity has decreased to 43% [19] Energy Prices - The report notes a slight increase in capacity prices, with a year-on-year rise of 23.3% in some provinces, while energy prices have significantly decreased [8][19] - The latest coal price is reported at 663 CNY per ton, down 163 CNY per ton year-on-year [8] Investment Recommendations - The report suggests focusing on three investment combinations: 1. A defensive combination of stable dividend assets in hydropower and regional comprehensive energy [8] 2. An elastic thermal power combination that benefits from low coal prices [8] 3. A green energy offensive combination driven by policy support [8]

[Table_Page] 投资策略周报|农林牧渔 证券研究报告 [TAblE_TitlE] 农林牧渔行业 [TAblE_SummAry] 核心观点： | [TAblE_G rADE] 行业评级 3570068 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-04-20 | [Table_PicQuote] 相对市场表现 -24% -14% -5% 5% 14% 24% 04/24 07/24 09/24 11/24 02/25 04/25 农林牧渔 沪深300 | [分析师： TAblE_Author 钱浩] | | | --- | --- | | | SAC 执证号：S0260517080014 | | | SFC CE No. BND274 | | | 021-38003634 | | | shqianhao@gf.com.cn | | 分析师： | 郑颖欣 | | | SAC 执证号：S0260520070001 | | | 021-38003632 | | | zhengyingxin@gf.com.cn | | 分析师： | 周舒玥 | | | SA ...

[Table_Page] 投资策略周报|建筑装饰 证券研究报告 [Table_Title] 建筑行业周报 3 月市政投资延续回暖趋势，继续关注内 | 建筑行业周报:民爆矿服企业 | 2025-04-13 | | --- | --- | | 加速在疆布局、核电投资延 | | | 续高增，继续关注矿服、核 | | | 电工程龙头 | | | 建筑装饰行业:遇强则强、更 | 2025-04-09 | | 加积极有为，充分重视内需 | | | 逆周期调节、"一带一路" | | | 投资机会 | | | 建筑行业周报:重视逆周期调 | 2025-04-06 | | 节、高标农田、战略腹地等 | | | 涉安全领域投资机会 | | 识别风险，发现价值 请务必阅读末页的免责声明 需逆周期及安全投资领域 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 3570068 | 买入 | | 报告日期 | 2025-04-20 | 相对市场表现 [Table_PicQuote] [分析师： Table_Author]耿鹏智 SAC 执证号： ...

[Table_Page] 投资策略周报|建筑材料 证券研究报告 [Table_Title] 建筑材料行业 房地产市场"仍有很大的发展空间"，关注建材板块底部机会 [Table_Summary] 核心观点： [Table_Grade] 行业评级 持有 前次评级 持有 报告日期 2025-04-20 3570068 [Table_PicQuote] 相对市场表现 -24% -14% -5% 5% 14% 24% 04/24 06/24 09/24 11/24 02/25 04/25 建筑材料 沪深300 | [分析师： Table_Author]谢璐 | | | --- | --- | | | SAC 执证号：S0260514080004 | | | SFC CE No. BMB592 | | 021-38003688 | | | | xielu@gf.com.cn | | 分析师： | 张乾 | | | SAC 执证号：S0260522080003 | | 021-38003687 | | | | gzzhangqian@gf.com.cn | | 分析师： | 吴红艳 | | | SAC 执证号：S02605 ...

Xml [Table_Page] 投资策略周报|传媒 证券研究报告 | [Table_Title] 互联网传媒行业 | | | | [Table_Gr ade] 行业评级 3570068 | 买入 | | --- | --- | --- | --- | --- | --- | | | | | | 前次评级 | 买入 | | 推出 与 OpenAI o3 | o4-mini | 新模型，快手升级可灵 | AI 2.0 | 报告日期 | 2025-04-20 | [Table_Summary] 核心观点： | 传媒行业•AI 周度跟踪之十 | 2025-04-19 | | --- | --- | | 三:OpenAI 发布 o3 与 o4-mini | | | 模型，图像推理融入思维链 | | | 游戏行业:游戏出海实力强劲， | 2025-04-15 | | 助力文化强国建设 | | | AI 应用系列报告（十）:从微软 | 2025-04-14 | | 看 AI 应用：持续完善生态，应 | | | 用场景丰富 | | [Table_Contacts] 联系人： 黄静仪 huangjingyi@gf.com.c ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 51.51 CNY and a fair value of 70.84 CNY [4]. Core Insights - The company is positioned as a leading connector manufacturer in the automotive and consumer electronics sectors, benefiting from the growing trend of automotive intelligence and the expansion of high-frequency and high-speed connectors [8][14]. - The automotive connector market is expected to grow rapidly as intelligent driving configurations penetrate mid- to low-end models, enhancing overall market demand [41][48]. - The company has established strong partnerships with major domestic automotive manufacturers, ensuring a stable supply chain and robust order backlog, which supports its growth trajectory [8][28]. Financial Summary - The company's revenue is projected to grow from 31.29 billion CNY in 2023 to 76.06 billion CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 24.8% [2]. - The net profit attributable to the parent company is expected to increase from 3.56 billion CNY in 2023 to 10.91 billion CNY in 2026, indicating strong profitability growth [2]. - The company's earnings per share (EPS) is forecasted to rise from 0.84 CNY in 2023 to 2.57 CNY in 2026, showcasing significant earnings potential [2]. Market Trends - The global connector market is projected to grow at a compound annual growth rate (CAGR) of 5.8% over the next four to five years, driven by increasing demand across various sectors, including automotive and consumer electronics [41][42]. - The automotive connector market is particularly promising, with the global market size estimated at approximately 14.15 billion USD in 2020, expected to expand further due to the rise of electric vehicles and smart driving technologies [47][48]. Product and Capacity Expansion - The company is continuously expanding its product offerings in high-frequency and high-speed connectors, which are essential for advanced automotive applications, including autonomous driving systems [8][41]. - The company has made significant investments in capacity expansion, enhancing its delivery capabilities and solidifying its position within the supply chains of leading automotive manufacturers [8][28].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The global recorded music market is projected to reach $29.6 billion in 2024, with a year-on-year growth of 5%. Streaming services are the main growth driver, accounting for 68% of the market, with revenues of $20.4 billion in 2024, reflecting a 7% increase [6][20]. - The Chinese music consumption market shows long-term growth potential, with a market size of $1.6 billion in 2024, growing by 9.6% year-on-year, and accounting for 5% of the global market share [6][31]. - The music industry value chain indicates that record companies hold significant power through their artist discovery and development systems, while streaming platforms are diversifying content to reduce reliance on core copyright resources [6][42]. Summary by Sections 1. Music Industry Demand Stability - The global recorded music industry is experiencing stable growth driven by streaming services, with the market size reaching $29.6 billion in 2024, a 5% increase year-on-year. Streaming services contribute significantly, accounting for 68% of the market [20][25]. - The U.S. remains the largest market with a size of $11.3 billion in 2024, while China ranks fifth with a market size of $1.6 billion, showing a 9.6% growth [31][33]. 2. Record Companies: Core Artist Catalogs Maintain Premium - Major record companies like Universal Music Group (UMG), Sony Music, and Warner Music Group (WMG) dominate the market, with UMG holding a 32% share of the digital music market in 2023 [52][56]. - The record companies maintain a strong position through their extensive artist catalogs and global operations, while also facing competition from streaming platforms that are developing personalized content [42][74]. 3. Streaming: Differentiated Content and Pricing Power - Streaming platforms are increasingly diversifying their content offerings, which helps them reduce dependence on traditional copyright resources. For instance, Spotify's market share is 32%, while Tencent Music Entertainment (TME) holds 15% in the global streaming market [56][63]. - The ability to increase prices is a key growth driver for streaming services, with successful price hikes observed in the U.S. market [6][56]. 4. Conclusion and Investment Recommendations - The report suggests focusing on Tencent Music (TME US) and NetEase Cloud Music (09899.HK) due to their strong growth potential driven by both volume and pricing strategies, as well as the increasing share of self-produced content [6][74].