25Q1 绿证核发量激增，3 月用电量同比+4.8% 2025 年 04 月 20 日 ➢ 本周（20250414-20250418）电力板块行情：本周电力板块走势优于大盘。 截至 2025 年 04 月 18 日，本周公用事业板块收于 2318.99 点，上涨 40.42 点， 涨幅 1.77%；电力子板块收于 3,099.51 点，上涨 54.97 点，涨幅 1.81%，高于 沪深 300 本周涨幅。公用事业（电力）板块涨幅在申万 31 个一级板块中排第 7 位。从电力子板块来看：火电板块表现最优，火力发电上涨 2.99%，水力发电上 涨 1.33%，光伏发电下跌 0.17%，风力发电下跌 0.06%。 ➢ 本周专题：2025Q1 国家能源局核发绿证 6.62 亿个。截至 2025 年 3 月底， 累计核发绿证 56.17 亿个。其中，华北区域跨区跨省绿电交易电量达 295.1 亿千 瓦时，同比增长 73%；华东区域跨区跨省绿电交易电量达 38.55 亿千瓦时，同比 增长 67.83%。25Q1 南方区域绿证绿电平台交易规模达 1289 亿千瓦时，绿证 需求激增。25Q1 南方区域交易绿证 1.289 亿 ...

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, particularly focusing on quality domestic companies such as BYD, Geely, and Xpeng [5]. Core Views - The automotive industry is undergoing significant transformation driven by smart electric vehicles and autonomous driving technologies, with a strong emphasis on innovation and competition among domestic brands [10][12]. - The upcoming Shanghai Auto Show is expected to showcase advancements in intelligent driving and high-end models, indicating a shift towards premium offerings in the market [11]. - The report highlights the importance of new vehicle launches and government policies in stimulating demand, particularly in the passenger vehicle segment [12][43]. Summary by Sections Weekly Insights - The automotive sector underperformed the market, with a decline of 0.39% in the A-share automotive sector from April 14 to April 18, ranking 28th among sub-industries [34]. - The report suggests focusing on a core portfolio of companies including BYD, Geely, Xpeng, and Xiaomi, as they are well-positioned to benefit from the ongoing industry changes [10]. Passenger Vehicles - Passenger vehicle sales reached 351,000 units in the second week of April 2025, showing a year-on-year increase of 13.1% and a month-on-month increase of 4.0% [42]. - The penetration rate of new energy vehicles (NEVs) reached 52.8%, up 2.8 percentage points from the previous month, indicating strong demand driven by policy support [42]. - The report emphasizes the positive outlook for companies with strong fundamentals and intelligent driving capabilities, recommending BYD, Geely, and Xpeng [12][13]. New Energy and Intelligent Vehicles - The report notes that 2025 is expected to be a pivotal year for intelligent driving, with BYD leading the charge by equipping its entire lineup with advanced driving systems [12][15]. - The introduction of new models such as the Xpeng G7 and the Li Auto i8 is anticipated to catalyze market growth and enhance valuations in the sector [12]. Components and Supply Chain - The report identifies key players in the automotive parts sector, recommending companies like Top Group and New Spring for their strong positioning in the supply chain [24]. - It highlights the potential for growth in the smart driving and intelligent cockpit segments, suggesting investments in companies like Bertley and Horizon Robotics [15]. Motorcycles - The motorcycle market is experiencing significant growth, with sales of mid-to-large displacement motorcycles increasing by 68.4% year-on-year in March 2025 [25]. - The report recommends focusing on leading companies in this segment, particularly Spring Power, which has shown strong market performance [26]. Heavy Trucks - The heavy truck market is expected to recover due to expanded government subsidies for replacing old vehicles, with sales in March 2025 reaching 111,000 units, a month-on-month increase of 37% [27][28]. - The report suggests monitoring companies like China National Heavy Duty Truck for potential growth opportunities in this sector [29]. Tires - The tire industry is projected to benefit from high demand and ongoing globalization, with leading companies expected to expand their production capabilities overseas [30][31]. - The report recommends focusing on leading tire manufacturers such as Sailun and high-growth companies like Senkiren [32].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its long-term growth potential and industry positioning [5][7]. Core Views - The company experienced a decline in revenue and net profit in 2024, with revenue of 1.26 billion yuan, down 9.2% year-over-year, and a net profit of 267 million yuan, down 19.2% year-over-year. The first quarter of 2025 also showed a decline in revenue of 2.86 billion yuan, down 18.3% year-over-year, and a net profit of 42 million yuan, down 54.1% year-over-year [3]. - The decline in performance is attributed to fluctuations in downstream customer demand and the long conversion cycle of R&D and construction investments. Despite this, the company is increasing its R&D investment to focus on long-term development [3][4]. - The company is expanding its business into additive manufacturing and the processing of small and medium-sized aerospace components, which is expected to open a second growth curve [5]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 1.26 billion yuan, with a year-over-year decline of 9.2%. The net profit attributable to shareholders was 267 million yuan, down 19.2% year-over-year. The first quarter of 2025 saw revenue of 286 million yuan, down 18.3% year-over-year, and a net profit of 42 million yuan, down 54.1% year-over-year [3][6]. - The company's gross margin for 2024 was 33.9%, a decrease of 0.4 percentage points year-over-year, while the net profit margin decreased by 2.6 percentage points to 21.2% [3]. Product Performance - The total sales volume of alloys in 2024 was approximately 4,895 tons, remaining stable compared to 2023. The revenue from casting high-temperature alloys was 420 million yuan, down 33.3% year-over-year, while the revenue from deformed high-temperature alloys increased by 18.4% to 520 million yuan [4]. - The company is focusing on expanding its market for deformed high-temperature alloys in the high-end civilian sector, which has shown growth despite challenges in other product lines [4]. Growth Strategy - The company is actively developing its additive manufacturing and aerospace small and medium-sized component processing businesses, which are expected to contribute to its second growth curve. By the end of 2024, the company had initiated 106 new product developments in additive manufacturing, with 90 projects completed and delivered for customer validation [5]. - The production line for small and medium-sized aerospace components has been established, with an annual production capacity of 500,000 units, and some products have already entered mass production [5]. Earnings Forecast - The company is projected to achieve net profits of 300 million yuan, 353 million yuan, and 415 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 28x, 24x, and 21x [6][10].

有色金属周报 20250420 关税不确定性持续支撑避险需求，金价再创新高 2025 年 04 月 20 日 ➢ 本周（04/14-04/18）上证综指上涨 1.19%，沪深 300 指数上涨 0.59%，SW 有 色指数上涨 0.91%，贵金属 COMEX 黄金上涨 4.61%，COMEX 白银上涨 4.60%。工业 金属 LME 铝、铜、锌、铅、镍、锡价格分别变动+0.68%、+3.08%、-1.27%、 +1.98%、+7.29%、+2.69%，工业金属库存 LME 铝、铜、锌、铅、镍、锡分别变动- 2.73%、+1.90%、+60.39%、+16.16%、+0.43%、-10.80%。 ➢ 工业金属：关税政策进入"暂停-博弈"阶段，美联储降息节奏尚不明确，内需表 现良好托底工业金属价格。核心观点：关税政策进入"暂停-博弈"阶段，美联储与特朗 普关于降息节点分歧较大，美国关税不确定性仍存；国内一季度 GDP 增长超预期，展示 消费复苏趋势，托底工业金属价格。铜方面，供应端，本周 SMM 进口铜精矿指数报- 34.71 美元/吨，周度环比减少 3.82 美元/吨，冶炼端亏损压力继续加剧。需求端，国内 铜线 ...

⚫ 行业要闻 ⚫ 公司动态 计算机周报 20250420 AI Agent 的关键拐点：MCP 堪比互联网 TCP/IP 时刻 2025 年 04 月 20 日 ⚫ 市场回顾 本周（4.14-4.18）沪深 300 指数上涨 0.59%，中小板指数下跌 1.15%，创业板 指数下跌 0.64%，计算机（中信）板块下跌 0.98%。板块个股涨幅前五名分别 为：天津磁卡、卓易信息、恒锋信息、石基信息、传艺科技；跌幅前五名分别 为：中国长城、中国软件、新大陆、汇金科技、东方通。 ➢ 浪潮软件：4 月 15 日消息，公司拟使用自有资金或自筹资金，以集中竞价 交易方式回购公司已发行的人民币普通股，回购股份用途为股权激励，回购金 额不低于人民币 2,000 万元（含）且不超过人民币 4,000 万元（含），回购价 格不超过人民币 24.99 元/股（含本数），预计回购股份数量为 80 万股-160 万 股，占总股本比例 0.25%-0.49%。 ➢ 科达自控：4 月 16 日消息，公司收到美国专利商标局授予的 1 项《发明专 利证书》，具体情况如下：METHOD AND SYSTEM FOR DETECTING OIL ...

汽车行业系列深度九 上海车展前瞻：创新智联 自主竞逐高端 2025 年 04 月 19 日 ➢ 2025 上海车展："拥抱创新 共赢未来"。第二十一届上海国际汽车工业展 览会将于 2025 年 4 月 23 日至 5 月 2 日举办，主题为"拥抱创新 共赢未来"。 本届车展规模超 36 万平方米，吸引全球近 1,000 家企业参展，海内外主流品牌 悉数亮相，覆盖 26 个国家及地区，预计发布超 100 款全球首发新车。我们拟通 过本报告梳理亮点车企，解读整车新技术，洞察产业新趋势。 ➢ 行业新技术：高阶智驾加速普及 高压快充重构体验。智能驾驶：高算力芯 片与激光雷达大规模上车。吉利领克 900 成为全球首款搭载 Thor 芯片的量产 车型，双 Orin-X 芯片成主流配置；零跑 B10 等车型以激光雷达下探至 10 万元 级市场，推动智驾平权。智能座舱：高通骁龙 8295P 芯片规模化普及，覆盖 15 万元以上车型（如小鹏 G7、零跑 B10、比亚迪汉 L/唐 L、方程豹钛 3、吉利银河 星耀 8、极氪 007 GT）；电动化：800V 高压快充成标配，续航与补能效率突 破。比亚迪全域 1,000V 平台、华 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential stock price increase of over 15% relative to the benchmark index [4]. Core Insights - The company reported a revenue of 372 million yuan for 2024, representing a year-on-year growth of 42.26%. The net loss attributable to shareholders was 63.33 million yuan, an improvement from the previous year's loss of 81.18 million yuan. For Q1 2025, revenue was 81.33 million yuan, up 25.20% year-on-year, with a net loss of 17.69 million yuan compared to a loss of 6.53 million yuan in the same period last year [1]. - The database business showed significant growth, with revenue from self-developed database products and services reaching 140 million yuan in 2024, a 35% increase, and a gross margin of 74%, up 11.64 percentage points from the previous year. In Q1 2025, the database business continued to grow rapidly, achieving 49.55 million yuan in revenue, a 54.89% increase year-on-year [1][2]. - The company is focused on continuous R&D advancements, achieving breakthroughs in core technologies, including the release of the Vastbase G100 V3.0 version, which features performance upgrades and has passed national security assessments [2]. - The company is expanding its market presence and customer base by building a nationwide marketing service network and adopting a "regional + industry" collaborative model, securing key clients in various sectors such as government, manufacturing, and finance [2][3]. - The company emphasizes ecosystem development, enhancing product integration and compatibility with over 1,100 partners and 1,700 products, thereby improving market competitiveness [2][3]. Financial Projections - The company forecasts revenues of 638 million yuan in 2025, 927 million yuan in 2026, and 1.35 billion yuan in 2027, with growth rates of 71.4%, 45.3%, and 45.9% respectively [5]. - The net profit attributable to shareholders is projected to be 2 million yuan in 2025, 58 million yuan in 2026, and 109 million yuan in 2027, with significant growth rates of 103.8%, 2289.8%, and 88.0% respectively [5][6]. - The report indicates a projected PE ratio of 1562X for 2025, decreasing to 65X in 2026 and 35X in 2027, reflecting an improving profitability outlook [5][6].

有色金属周报 20250420 关税不确定性持续支撑避险需求，金价再创新高 2025 年 04 月 20 日 ➢ 本周（04/14-04/18）上证综指上涨 1.19%，沪深 300 指数上涨 0.59%，SW 有 色指数上涨 0.91%，贵金属 COMEX 黄金上涨 4.61%，COMEX 白银上涨 4.60%。工业 金属 LME 铝、铜、锌、铅、镍、锡价格分别变动+0.68%、+3.08%、-1.27%、 +1.98%、+7.29%、+2.69%，工业金属库存 LME 铝、铜、锌、铅、镍、锡分别变动- 2.73%、+1.90%、+60.39%、+16.16%、+0.43%、-10.80%。 ➢ 工业金属：关税政策进入"暂停-博弈"阶段，美联储降息节奏尚不明确，内需表 现良好托底工业金属价格。核心观点：关税政策进入"暂停-博弈"阶段，美联储与特朗 普关于降息节点分歧较大，美国关税不确定性仍存；国内一季度 GDP 增长超预期，展示 消费复苏趋势，托底工业金属价格。铜方面，供应端，本周 SMM 进口铜精矿指数报- 34.71 美元/吨，周度环比减少 3.82 美元/吨，冶炼端亏损压力继续加剧。需求端，国内 铜线 ...

汽车和汽车零部件行业周报 20250420 上海车展将至 自主竞逐高端+智驾 2025 年 04 月 20 日 ➢ 本周数据：2025 年 4 月第 2 周（4.7-4.13）乘用车销量 35.1 万辆，同比 +13.1%，环比+4.0%；新能源乘用车销量 18.5 万辆，同比+27.2%，环比+9.9%； 新能源渗透率 52.8%，环比+2.8pct。 ➢ 本周行情：汽车板块本周表现弱于市场。本周（4 月 16-4 月 18 日）A 股汽 车板块下跌 0.39%，在申万子行业中排名第 28 位，表现弱于沪深 300（+1.45%）。 细分板块中，汽车服务、商用载货车、摩托车及其他分别上涨 2.18%、2.09%、 0.28%，乘用车、商用载客车、汽车零部件分别下跌 0.29%、0.29%、0.76%。 ➢ 本周观点：本月建议关注核心组合【比亚迪、吉利汽车、小鹏汽车、小米集 团、伯特利、拓普集团、新泉股份、沪光股份、春风动力】。 ➢ 2025 上海车展："拥抱创新 共赢未来"。第二十一届上海国际汽车工业展 览会将于 2025 年 4 月 23 日至 5 月 2 日举办，主题为"拥抱创新 共赢未来"， 科技巨头 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company experienced a decline in performance due to fluctuations in downstream customer demand and a longer conversion cycle for R&D and construction investments. The revenue for 2024 was 1.26 billion yuan, down 9.2% year-on-year, and the net profit attributable to shareholders was 267 million yuan, down 19.2% year-on-year [3][4]. - The company is focusing on increasing R&D investments to ensure long-term development, with R&D expenses rising by 11.7% to 63 million yuan in 2024, representing 5.0% of revenue [3][4]. - The company is expanding into additive manufacturing and small component processing for aviation, which is expected to open a second growth curve [5]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.26 billion yuan, with a year-on-year decrease of 9.2%. The net profit attributable to shareholders was 267 million yuan, down 19.2% year-on-year. The first quarter of 2025 saw revenue of 286 million yuan, down 18.3% year-on-year, and a net profit of 42 million yuan, down 54.1% year-on-year [3][4]. - The gross margin for 2024 was 33.9%, a decrease of 0.4 percentage points year-on-year, while the net margin was 21.2%, down 2.6 percentage points year-on-year [3]. Product Performance - The total sales volume of alloys in 2024 was approximately 4,895 tons, remaining stable compared to 2023. The revenue breakdown includes: - Cast high-temperature alloys: 420 million yuan, down 33.3% year-on-year, with a gross margin of 49.3% - Deformed high-temperature alloys: 520 million yuan, up 18.4% year-on-year, with a gross margin of 26.2% - Special stainless steel: 66 million yuan, down 22.0% year-on-year, with a gross margin of 42.6% - Other alloy products: 160 million yuan, down 10.2% year-on-year, with a gross margin of 12.2% [4]. Growth Prospects - The company is actively expanding its business in additive manufacturing and small component processing for aviation, with 106 new products under development, of which 90 have completed process validation [5]. - The forecast for net profit attributable to shareholders for 2025 to 2027 is 301 million yuan, 353 million yuan, and 415 million yuan, respectively, with corresponding PE ratios of 28x, 24x, and 21x [6][10].