[原Tab油le_价Titl格e] 表现强势，万华福建工业园装置复产 [Table_ReportDate] 基础化工 | 行业简评报告 | 2024.04.08 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [⚫T abl本e_周Su化mm工a板ry]块 表现：本周（4月1日-4月3日）上证综指报收3069.3， 翟绪丽 周涨幅 0.92%，深证成指报收 9544.77，周涨幅 1.53%，中小板 100指 首席分析师 数报收5862.42，周涨幅1.21%，基础化工（申万）报收3373.36，周涨 SAC执证编号：S0110522010001 幅 4.09%，跑赢上证综指 3.17pct。申万 31 个一级行业，24 个涨幅为 zhaixuli@sczq.com.cn 正，申万化工 7个二级子行业中，全部涨幅为正，申万化工 23个三级 电话：010-81152683 子行业中，22 个涨幅为正。涨幅居前的个股有奥克股份、万丰股份、 三祥新材、恒光股份、七彩化学、雅运股份、博菲电气、卓越新能、 甄理 福莱新材、索通发展。 化工行业研究助理 ⚫ 化工品价格回顾： 本周我们关注 ...

Investment Rating - The investment rating for the company is "Buy" [2]. Core Views - The company achieved record high revenue and net profit in 2023, with a total revenue of 186.27 billion yuan, a year-on-year increase of 7.68%, and a net profit attributable to shareholders of 8.25 billion yuan, up 35.98% year-on-year. The company also sold 80% of its stake in the NPM copper mine, focusing on core assets [2]. - The company is set to see significant growth in copper and cobalt production with the commissioning of two world-class copper-cobalt mines. In 2023, copper production reached 419,500 tons and cobalt production reached 55,500 tons, representing year-on-year increases of 51% and 174%, respectively. The company aims to produce over 520,000 tons of copper and over 60,000 tons of cobalt in 2024 [2]. - The company has substantial resource potential in its Congo copper-cobalt mines, with a total resource of 34.64 million tons of copper and 5.25 million tons of cobalt as of 2023. The company plans to enhance exploration efforts and initiate resource expansion plans [2]. - Supply growth is limited while demand continues to rise, suggesting that copper prices are likely to steadily increase. The company is expected to benefit significantly from this trend [2]. - The company is projected to achieve revenues of 200.31 billion yuan, 199.20 billion yuan, and 200.29 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 10.79 billion yuan, 11.37 billion yuan, and 11.95 billion yuan for the same years [3]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 186.27 billion yuan and a net profit of 8.25 billion yuan, with significant growth in Q4, where revenue reached 54.59 billion yuan, up 34.72% year-on-year, and net profit soared to 5.81 billion yuan, up 547.79% year-on-year [2]. - The company’s earnings per share (EPS) for 2024 is projected to be 0.50 yuan, with a price-to-earnings (PE) ratio of 17.49 [3]. Production Outlook - The company plans to ramp up copper production to over 520,000 tons in 2024, an increase of over 100,000 tons from 2023, and aims for cobalt production to exceed 60,000 tons [2]. - The company’s copper and cobalt mines in Congo have a combined resource of 34.64 million tons of copper and 5.25 million tons of cobalt, with plans for further exploration and resource expansion [2]. Market Conditions - The global supply of copper is expected to face constraints due to various factors, while demand remains robust, indicating a potential upward trend in copper prices [2].

[Table_ReportDate] 食品饮料&农林牧渔 | 行业简评报告 | 2024.04.07 [Table_Rank] 评级： 看好 核心观点 | --- | --- | --- | |-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[汽Tab车le_行Titl业e] 周报：小米汽车大定超预期 ，供应链公司 有望受益 [Table_ReportDate] 汽车 | 行业简评报告 | 2024.04.03 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [ ⚫T abl小e_米Su汽mm车a正ry]式 上市，新车提供三款车型 岳清慧 3 月 28 日，小米集团在北京召开发布会，正式发布首款电动汽车小米 汽车首席分析师 SU7。 SAC执证编号：S0110521050003 1）定价：新车提供 SU7、SU7Pro、SU7Max 三款车型，定价分别为 yueqinghui@sczq.com.cn 21.59万元、24.59万元和29.99万元。 2）设计与功能:C 级豪华纯电轿车，风阻系数为 0.195Cd，内部配有 16.1英寸中控大屏和7.1英寸可翻转仪表盘。 [市Ta场bl指e数_Ch走ar势t]（ 最近1年） 3）性能:标准版和Pro 版搭载 220 千瓦 V6 电机，四驱 Max 版拥有 673 0.2 汽车 沪深300 马力，续航可达800公里。 4）智能驾驶:提供Pilot Pro和Pilot ...

[Table_Title] 24 年民航夏秋航季助力国际航线恢复，假期出游推动 民航出行热情 [ 交Ta 通bl 运e_ 输Rep o | r 行tDa 业te 简] 评报告 | 2024.04.03 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [T[⚫Ta balbel上_eS_周Sumu行mmm情aray回r]y ]顾 。上周沪深300指数下跌0.21%，交通运输（申万） 张功 指数上涨0.56%，在31个申万一级行业中排名第8。二级板块中， 交运行业首席分析师 航空机场周涨跌幅为+0.11%，航运港口的周涨跌幅为+1.58%，物流 SAC执证编号：S0110522030003 zhanggong1@sczq.com.cn 周涨跌幅为-0.55%，铁路公路周涨跌幅为1.19%。 ⚫ 《2024年第 13周（03月25日至03月 31日）民航运行简报》： 张莹 全国民航执行客运航班量近 10 万架次，日均航班量 14381 架次， 交运行业研究助理 环比上周上升 0.8%，同比 2023 年上升 10.7%，同比 2019 年上升 zhangying2022@sczq. ...

[Table_Title] 硅料环节博弈持续，打造数智化坚强电网或为电网未 来工作重点 [Table_ReportDate] 电力设备 | 行业点评报告 | 2024.04.03 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [⚫T abl硅e_料Su环mm节a继ry]续 博弈。硅料方面，本周N型棒状硅、P型棒状硅均无成交， 董海军 N型颗粒硅因其价格优势仅有少量成交。造成市场清淡的原因主要为下 分析师 游硅片几乎停止原料采购。硅片方面，本周硅片价格持续下跌，其中M10 SAC执证编号：S0110522090001 单晶硅片（182 mm /150μm）成交均价1.76元/片，周环比下跌2.22%； donghaijun@sczq.com.cn 电话：86-10-5651 1712 N 型单晶硅片（182 mm /130μm）成交均价 1.70 元/片，周环比下降 7.1%； G12单晶硅片（210 mm/150μm）成交均价2.55元/片，周环比 张星梅 下跌3.41%。 zhangxingmei@sczq.com.cn ⚫ 风光装机维持高增。近日，国家能源局发布1-2月 ...

[Table_Title] 特高压输电持续推进，关注国产供应商赛晶科技 [ 电Ta 子bl e |_ R 行ep 业or 简tDa 评te 报] 告 | 2024.04.03 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [Tabl e_Summary] 何立中  3 月 18 日，国家能源局关于印发《2024 年能源工作指导意见》的通 电子行业首席分析师 知。意见提出“优化完善政策机制，推动跨省跨区输电通道高质量发 SAC执证编号：S0110522110002 展。重点推进陕北—安徽、甘肃—浙江、蒙西—京津冀、大同—天津 helizhong@sczq.com.cn 电话：010-81152682 南等特高压工程核准开工，加快开展西南、西北、东北、内蒙古等清 洁能源基地送出通道前期工作。强化蒙东与东北主网联网，推进华北 韩杨 特高压交流电网向蒙西地区延伸加强，提升西北省间通道输电能力， 电子行业分析师 建成华中特高压骨干网架。加快推进西气东输四线、川气东送二线、 SAC执证编号：S0110523070002 中俄东线南段、虎林—长春等干线管道建设。持续做好农村电网巩固 h ...

Investment Rating - The investment rating for the company is "Buy" [2][3]. Core Views - The company achieved a record copper production of 1 million tons in 2023, marking it as the only Chinese company to surpass this milestone and one of the fastest-growing large copper mining companies globally [3]. - The company reported a revenue of 293.4 billion yuan in 2023, an increase of 8.54% year-on-year, and a net profit attributable to shareholders of 21.12 billion yuan, up 5.38% year-on-year [3]. - The company is expected to continue its growth trajectory with projected revenues of 345.41 billion yuan, 381.99 billion yuan, and 405.56 billion yuan for 2024, 2025, and 2026, respectively [4]. Summary by Sections Company Overview - The latest closing price is 16.95 yuan, with a market capitalization of 446.23 billion yuan and a current P/E ratio of 21.13 [3]. Production and Growth - In 2023, the company produced 1.01 million tons of copper, 67.7 tons of gold, 467,000 tons of zinc, and 412 tons of silver, with respective year-on-year growth rates of 11%, 20%, 3%, and 4% [3]. - The company plans to increase copper production to 1.11 million tons in 2024 and 1.17 million tons in 2025, with gold production targets of 73.5 tons and 90 tons for the same years [3]. Financial Performance - The company’s operating income for Q4 2023 was 68.39 billion yuan, reflecting a year-on-year increase of 3.41% [3]. - The projected net profit for 2024, 2025, and 2026 is expected to be 25.07 billion yuan, 32.63 billion yuan, and 36.90 billion yuan, respectively, with corresponding EPS of 0.95, 1.24, and 1.40 [4]. Investment Outlook - The company is positioned as a global mining leader with ongoing resource acquisitions and self-exploration efforts, supporting sustainable growth in gold, copper, and lithium resources [3]. - The report maintains a "Buy" rating based on the company's competitive advantages and growth potential in the mining sector [3].

[周Tab报le_：Titl国e] 际金价创历史新高，可继续关注黄金珠宝 [Table_ReportDate] 商贸零售 | 行业简评报告 | 2024.04.03 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [Tabl e_Summary] 李田 ⚫ 周度行情：本周（2024.3.25-2024.3.31）主要宽基指数多数下跌。其 中，上证综指数下跌 0.23%，深证成指下跌 1.72%，创业板指下跌 SAC执证编号：S0110522090002 2.73%。本周（2024.3.25-2024.3.31）商贸零售（申万）指数小幅下 litian11@sczq.com.cn 跌。本周商贸零售指数下跌2.00%，在申万一级行业中排名第23，相 电话： 对沪深 300指数下跌 1.79%。商贸零售子板块方面，各子板块涨跌不 一。互联网电商跌幅最大，下跌 5.18%，涨幅最大的为旅游零售 II， [市Ta场bl指e数_Ch走ar势t]（ 最近1年） 上涨 1.32%。本周个股跌多涨少。本周共 19 只个股上涨，其中汇通 0.2 商贸零售 沪深300 能源、玉龙股份、浙江冬日、国 ...

[Table_Title] 一体化经营业绩稳健，看好长期投资价值 [Table_ReportDate] 中国神华(601088)公司简评报告 | 2024.04.03 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [Tabl e_Summary] 张飞 ⚫ 事件：公司发布2023年业绩报告，实现营业收入3430.74亿元，同比减 行业分析师 少0.4%（经调整，下同）；实现归属于上市公司股东的净利润596.94亿 SAC执证编号：S0110523080001 元，同比减少14.3%；归属于公司股东的扣除非经常性损益的净利润为 zhangfei@sczq.com.cn 电话：010-81152685 628.68亿元，同比减少10.6%。实现基本每股收益为3.00元，同比减少 14.3%，经营性净现金流为896.87亿元，同比减少18.3%。 [市Ta场bl指e数_Ch走a势rt]（ 最近1年） ⚫ 售价同比下降业绩小幅回落，长协占比降低继续保持高毛利。公司煤炭 1 中国神华 沪深300 分部 2023 年实现营业收入 2733.06 亿元，同比下降 1.5%，营业成本 18 ...