证券研究报告 有色金属 | 小金属 港股|首次覆盖报告 hyzqdatemark 2025 年 07 月 11 日 证券分析师 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 郑冰倩 SAC：S1350525040002 zhengbingqian@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 07 | | | 月 日 | 10 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 2.26 | | | | | 一年内最高/最低（港 | | | | 2.64/1.19 | | | | | 元） | | | | | | | | | 总市值（百万港元） | | | | 17,177.54 | | | | | 流通市值（百万港元） | | | | 17,177.54 | | | | | 资产负债率（%） | | | | | 49.99 | ...

证券研究报告 传媒 | 游戏Ⅱ 非金融|首次覆盖报告 hyzqdatemark 2025 年 07 月 11 日 证券分析师 联系人 魏桢 weizhen@huayuanstock.com | 2025 | 10 | | | 年 | 07 | 月 | 日 | | | | 基本数据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 14.15 | | | | | | | | 一 | | 最 | | | | | | | | 内 | | 年 | | | | （元） | | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | 6,940.72 | | | | | | | | 流通市值（百万元） | | | | | | | | 5,636.63 | | | | | | | | 总股本（百万股） | | | | | | | | 490.51 | | | | | | | | ...

Group 1: Public Utilities and Environmental Protection - The report emphasizes the dual trends of high cleanliness on the generation side and high electrification on the consumption side as key developments in the power system, with the grid serving as a crucial bridge between the two [5][6] - The review of the ultra-high voltage (UHV) construction during the 14th Five-Year Plan indicates that progress has been below expectations, highlighting the need to address terminal demand to achieve goals [6][7] - The outlook for the distribution network by 2030 suggests that recent policy reforms will lead to more diverse distribution network forms, enhancing renewable energy consumption and advancing distribution network development [8][9] Group 2: Metal New Materials - Antai Technology - Antai Technology's business structure is based on a "2+3+4" system, focusing on core industries and emerging sectors, with steady growth in traditional business and significant potential in new areas like special powders and nuclear fusion [10][11] - The company reported a revenue of 7.573 billion yuan in 2024, a decrease of 7.50% year-on-year, but a net profit increase of 49.26% to 372 million yuan, indicating a positive trend in operational efficiency [11][12] - The emerging business sectors are expected to see rapid growth, particularly in special powders, amorphous materials, and controllable nuclear fusion, driven by high industry demand [12][14]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its future performance [6][12][13]. Core Insights - The company is positioned to benefit from stable growth in traditional businesses while also capitalizing on three key growth areas: special powders, amorphous materials, and controlled nuclear fusion [6][9][15]. - The company has shown continuous improvement in operational efficiency, with a notable decrease in the proportion of expenses relative to revenue, indicating effective cost management [7][40]. - The company has a comprehensive product portfolio, structured under a "2+3+4" business model, which includes two core industries, three key industries, and four incubating industries, allowing for diversified growth opportunities [9][27]. Summary by Sections 1. Business Structure and Market Position - The company operates as a core platform for metal new materials under China Steel Research, focusing on high-end applications in various strategic industries such as AI, new energy, and aerospace [21][24]. - The "2+3+4" structure includes two core industries (refractory tungsten and molybdenum, rare earth permanent magnets), three key industries (amorphous/nanocrystalline materials, high-alloy high-speed steel, superhard materials), and four incubating industries (special powders, injection molding, welding materials, controlled nuclear fusion) [27][28]. 2. Historical Performance and Financial Health - The company has experienced steady revenue and net profit growth from 2021 to 2023, with a two-year compound annual growth rate (CAGR) of 14.26% and 20.53%, respectively [32][35]. - In Q1 2025, the company reported a revenue of 1.782 billion yuan, a year-on-year decrease of 5.76%, while net profit increased by 4.95% to 83 million yuan, indicating resilience despite challenges [7][32]. 3. Growth Drivers - The special powders segment is expected to see sustained high growth due to increasing demand in the electric vehicle and AI sectors, with a projected compound annual growth rate of 10.5% in the global injection molding market from 2023 to 2030 [15][48]. - The amorphous materials segment is entering a high-growth cycle, with significant applications in energy-efficient transformers and electric motors, which are gaining traction in the market [61][74]. - The controlled nuclear fusion segment is accelerating towards commercialization, with the company positioned to benefit from advancements in this field [75]. 4. Profitability Forecast and Valuation - The company is projected to achieve net profits of 330 million yuan, 422 million yuan, and 545 million yuan for the years 2025, 2026, and 2027, respectively, with earnings per share (EPS) expected to be 0.31, 0.40, and 0.52 yuan [11][13]. - The report suggests a valuation premium for the company due to its multiple business segments entering growth phases, with a price-to-earnings (P/E) ratio forecasted at 40.38 for 2025 [12][13].

证券研究报告 晨会 hyzqdatemark 2025 年 07 月 09 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年07月09日 华源晨会精粹 20250709 固定收益 美降息预期回落，国内债基久期继续上升——利率周报：中观高频数据： 经济修复呈现"弱复苏中的结构性亮点"的格局。消费市场复苏动能分化；货运量 保持韧性，出口指标承压；基建相关行业扩张，化工链阶段性调整；商品房成交量 分化；大宗商品价格承压。机构行为：截至 7 月 6 日，理财公司公募理财产品破净 率约为 0.86%，较年初下降 1.11pct，当前破净率的年内百分位已低于 10%。截至 7 月 4 日，本周债基久期继续上升，我们估算利率债中长期债基久期平均数自 4 月初 以来快速走高，7 月 4 日测算约 5.2 年，信用债中长期债基久期平均数自 5 月中旬以 来持续窄幅震荡，7 月 4 日测算约 2.2 年。三季度利率债预计窄幅震荡，继续看多收 益率 2%以上的长久期城投债及资本债。7 月理财规模预计大幅增长，看多长久期下 沉的城投及资本债，看多城投点心债及美元债，力推民生、渤海、恒丰银行永续债， 关注保险次级债机会。 ...

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [4] Core Viewpoints - The construction sector is currently focusing on two main lines: dividends and "Construction+" strategies. The macro liquidity is abundant, and interest rates remain low, leading to a preference for low-volatility, high-dividend, and low-valuation assets. The value of dividend asset allocation continues to rise. Additionally, policies are continuously supporting construction companies to explore new growth avenues through mergers, restructuring, and transformation into new business areas such as new energy, smart manufacturing, digitalization, and operation services [4][12] Summary by Sections Key Recommendations - Recommended companies include Sichuan Road and Bridge, which is deeply involved in infrastructure construction in the Sichuan-Chongqing region, benefiting from a strong order backlog and high profitability. The company’s order scale is expected to reach 291.3 billion yuan by the end of 2024, providing solid growth assurance for the next three years. The dividend policy is continuously optimized, with a commitment to a dividend payout ratio of no less than 60% over the next three years, and a current dividend yield at a relatively high level in the industry [5][11][14] - Attention is also drawn to Jianghe Group, which has maintained its leading position in the industry despite the overall downturn. The company has a strong order expansion capability and is actively returning profits to shareholders, with a projected dividend payout ratio of nearly 98% in 2024, resulting in a dividend yield of approximately 9% [5][18][24] Market Performance - The construction decoration index increased by 0.63% during the week, with sub-sectors such as landscaping, steel structures, and decoration showing significant gains of 4.01%, 3.33%, and 2.13% respectively. A total of 96 stocks in the construction sector rose, with the top five performers being Chengbang Co. (+42.23%), Hangzhou Landscaping (+31.16%), Hopu Co. (+21.35%), Huilv Ecology (+15.65%), and Baijia Technology (+12.50%) [7][37] Structural Investment Opportunities - The report suggests three main lines for structural investment opportunities in the construction sector: 1. Continued investment in regional infrastructure, particularly in the central and western regions and along the "Belt and Road" initiative [7] 2. Valuation recovery of central and state-owned enterprises benefiting from stable dividends and governance improvements [7] 3. Growth potential through transformation and upgrading into new business areas such as smart manufacturing and digitalization [7][12]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - The report emphasizes the importance of stabilizing the real estate market and the stock market, which has been a clear directive from the central government since September 2024. The focus on building high-quality housing is expected to drive a wave of development in this sector [4][47] - The report suggests that the real estate market is showing signs of recovery, with various local governments implementing policies to support housing demand and stabilize the market [47] Market Performance - The Shanghai Composite Index rose by 1.4%, the Shenzhen Component Index by 1.3%, the ChiNext Index by 1.5%, and the CSI 300 Index by 1.5%. The real estate sector (Shenwan) increased by 0.3% during the week [5][8] - In terms of individual stocks, *ST Nanzhi saw a significant increase of 14.6%, while ST Shenyuan experienced a decline of 6.9% [5][8] Data Tracking New Housing Transactions - In the week of June 28 to July 4, 42 key cities recorded a total new housing transaction of 3.08 million square meters, a decrease of 2.5% from the previous week. Year-to-date, the cumulative transaction volume has decreased by 2.7% year-on-year [14][18] - For July, as of the week of July 1 to July 4, new housing transactions in 42 key cities totaled 1.07 million square meters, an increase of 33.3% month-on-month but a decrease of 17.1% year-on-year [18] Second-Hand Housing Transactions - In the same week, 21 key cities recorded a total of 1.96 million square meters in second-hand housing transactions, a decrease of 9.1% from the previous week. Year-to-date, the cumulative transaction volume has increased by 20.5% year-on-year [30][34] - For July, as of the week of July 1 to July 4, second-hand housing transactions in 21 key cities totaled 1.21 million square meters, an increase of 51.2% month-on-month but a decrease of 13.3% year-on-year [34] Industry News - The Ministry of Housing and Urban-Rural Development emphasized the need for local governments to effectively utilize real estate regulation policies to promote a stable and healthy market. Various cities are implementing measures to support housing demand, including easing housing fund policies [47][48] - Specific measures include the extension of housing purchase subsidies in Wuhan until the end of 2025 and the relaxation of housing fund loan policies in cities like Nanjing and Guangzhou [47][48] Company Announcements - In June, major real estate companies reported significant declines in sales, with Yuexiu Real Estate at 10.8 billion yuan (down 29% year-on-year), Poly Developments at 29.01 billion yuan (down 31% year-on-year), and China Overseas Development at 29.71 billion yuan (down 36.3% year-on-year) [50][51] - Financing activities included Yuexiu Real Estate applying to issue bonds up to 9.6 billion yuan and Vanke A borrowing 6.249 billion yuan from its largest shareholder [50][51]

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [4] Core Views - The "anti-involution" trend may drive the cement industry's supply and demand to bottom out earlier. The Central Financial Committee emphasized the need to regulate low-price competition and improve product quality, which may lead to a reduction in actual cement production capacity from over 2.1 billion tons in 2023 to 1.7 billion tons, potentially restoring capacity utilization rates to over 70% [5][18] - The demand for high-end electronic fabrics is underestimated due to the surge in computing power driven by AI. The need for advanced materials is increasing, with domestic companies achieving breakthroughs in Low-DK and Low-CTE electronic fabrics, indicating a significant growth opportunity in this sector [5] Summary by Sections 1. Sector Tracking - The construction materials index rose by 4.0%, outperforming the Shanghai Composite Index, which increased by 1.4% [9] - Key stocks with significant gains include Zaiseng Technology (+37.1%), Honghe Technology (+23.9%), and Zhongcai Technology (+20.7%) [9] 2. Data Tracking 2.1 Cement - The average price of 42.5 cement nationwide is 348.5 RMB/ton, down 4.5 RMB/ton month-on-month and down 40.8 RMB/ton year-on-year [18] - The cement inventory ratio is 65.7%, down 0.4 percentage points month-on-month and down 2.0 percentage points year-on-year [18] 2.2 Float Glass - The average price of 5mm float glass is 1274.3 RMB/ton, down 4.6 RMB/ton month-on-month and down 438.8 RMB/ton year-on-year [39] - The total inventory of key production enterprises in 13 provinces is 59 million heavy boxes, down 2.5% month-on-month and up 7.7% year-on-year [39] 2.3 Photovoltaic Glass - The average price of 2.0mm coated photovoltaic glass is 10.7 RMB/sqm, down 0.6 RMB/sqm month-on-month and down 4.6 RMB/sqm year-on-year [44] - The number of production lines for photovoltaic glass is 435, with a total daily melting capacity of 94,390 tons, down 4.0% month-on-month and down 17.0% year-on-year [44] 2.4 Glass Fiber - The average price of alkali-free glass fiber yarn is 4680.0 RMB/ton, unchanged month-on-month and up 15.0 RMB/ton year-on-year [52] - The average price of electronic yarn is 9100.0 RMB/ton, unchanged month-on-month and down 50.0 RMB/ton year-on-year [52] 2.5 Carbon Fiber - The average price of large tow carbon fiber is 72.5 RMB/kg, unchanged month-on-month and down 5.0 RMB/kg year-on-year [56] - The average operating rate of carbon fiber enterprises is 59.94%, down 0.19 percentage points month-on-month and up 13.54 percentage points year-on-year [56] 3. Investment Analysis - The investment strategy suggests that 2025 will be a turning point for listed companies, while 2026 will be a turning point for the industry. The report recommends focusing on companies in the high-growth sectors and those benefiting from the Belt and Road Initiative [5]

Investment Rating - The report maintains a "Positive" investment rating for the power equipment industry [4] Core Insights - The dual carbon strategy emphasizes the coexistence of highly clean power generation and highly electrified power consumption, with the grid serving as a crucial link between the two [4][7] - The development of ultra-high voltage (UHV) technology is essential for achieving carbon neutrality, but progress has been slower than expected [4][8] - The distribution network is critical for renewable energy consumption, yet investment during the 14th Five-Year Plan period has fallen short of expectations [4][39] Summary by Sections Ultra-High Voltage (UHV) - UHV is a key component of the dual carbon strategy, with a planned investment of 380 billion yuan for over 30,000 kilometers of lines and a capacity of 340 million kilovolt-amperes [8] - The actual progress of UHV projects has been below expectations, with only eight projects likely to be completed by 2025 [16][18] - The shift towards flexible direct current technology is noted, as it allows for higher proportions of renewable energy to be transmitted [22][24] Distribution Network - The distribution network's role has evolved significantly post-dual carbon strategy, requiring upgrades to accommodate distributed energy resources [39][40] - Despite a consensus on the need for increased investment in the distribution network, actual investment levels have been lower than anticipated during the 14th Five-Year Plan [47] - The rapid growth of distributed solar power has led to challenges in the capacity of the distribution network, necessitating further enhancements [50]

证券研究报告 非银金融 | 保险Ⅱ 金融|首次覆盖报告 hyzqdatemark 2025 年 07 月 07 日 证券分析师 陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 市场表现： | 基本数据 | | 日 | 年 | 07 | | | | | | | 月 | 04 | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 37.14 | | | | | | | | | 内 低 | 高 | | | | | | 最 | | 43.01/26.83 | | | | | | （元） | | | | | | | | | | | | | | | 总市值（百万元） | | | | | 357,299.48 | | | | | | | | | | 流通市值（百万元） | | | | | | | | | | 357,299.48 | | | | | 总股本（百万股） | | | | | | 9,6 ...