2025 年 06 月 08 日 行业周报 看好/维持 银行 银行 银行周报（0602-0608）：央行买断式逆回购呵护流动性 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 24/6/3 24/8/14 24/10/25 25/1/5 25/3/18 25/5/29 ◼ 子行业评级 | 国有银行 | 看好 | | --- | --- | | 股份制银行 | 看好 | | 区域性银行 | 看好 | | 推荐公司及评级 ◼ | | | 中信银行 | 增持 | | 招商银行 | 买入 | | 重庆银行 | 增持 | | 渝农商行 | 买入 | 相关研究报告 <<银行周报（0526-0601）：全国农信 社改革再下一城>>--2025-06-03 <<银行周报（0519-0525）：存款挂牌 利率调降呵护银行息差>>--2025- 05-26 证券分析师：夏芈卬 电话：010-88695119 E-MAIL：xiama@tpyzq.com 分析师登记编号：S1190523030003 研究助理：王子钦 E-MAIL：wangziqin@tpyzq.com 一般证券业务登记编号：S119012401 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6][12] Core Views - The company is a leading lithium battery separator manufacturer based in Yunnan, focusing on solid-state battery materials. It recently launched a series of new products, including ultra-pure lithium sulfide and high-conductivity solid-state electrolyte membranes, which are expected to play a crucial role in the future of solid-state battery technology [4][5]. Financial Performance and Forecast - The company is projected to achieve revenues of 11.38 billion, 13.84 billion, and 17.71 billion yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 12.00%, 21.54%, and 28.02% [6][8]. - The net profit attributable to shareholders is expected to be 211.14 million, 799.14 million, and 1.73 billion yuan for the same years, with growth rates of 137.95%, 278.49%, and 116.93% [6][8]. - The earnings per share (EPS) are forecasted to be 0.22, 0.82, and 1.79 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 127.56, 33.70, and 15.54 [6][8]. Product Development - The company has a leading position in the sulfide solid electrolyte route, having introduced several core materials that enhance battery performance, such as ultra-pure lithium sulfide with a purity of over 99.9% and solid-state electrolytes with high ionic conductivity [5][6]. - The production project for sulfide solid electrolyte materials is located in Yuxi, with an expected annual production capacity of 1,000 tons upon full completion [5].

Investment Rating - The investment rating for the company is "Buy" with a target price based on the last closing price of 5.36 [1] Core Views - The report highlights the optimization of revenue structure and the solid advantage in liabilities for the company [1] - The company demonstrated revenue resilience with a slight increase in operating income and net profit for 2024, while Q1 2025 showed a minor decline [4][5] - The company maintains a strong net interest margin and has effectively optimized its asset allocation, leading to significant investment income growth [5][6] Financial Performance Summary - For 2024, the company achieved operating income of 348.775 billion yuan and net profit of 86.479 billion yuan, representing year-on-year growth of 1.83% and 0.24% respectively [4] - In Q1 2025, the company reported operating income of 89.363 billion yuan and net profit of 25.246 billion yuan, with year-on-year changes of -0.07% and -2.62% respectively [4] - The annualized weighted ROE for 2024 and Q1 2025 was 9.84% and 11.33%, showing a slight decline compared to the previous year [4] Revenue and Profitability Insights - The company’s revenue showed resilience with a year-on-year increase of 1.83% in 2024, while Q1 2025 experienced a slight decline of 0.07% [5] - The net interest income for Q1 2025 was 68.857 billion yuan, down 3.79% year-on-year, influenced by asset repricing and adjustments in the asset-liability structure [5] - Investment income for Q1 2025 was 10.149 billion yuan, reflecting an 18.81% increase year-on-year due to improved asset trading capabilities [5] Asset Quality and Risk Management - As of the end of 2024, the company’s non-performing loan ratio was 0.90%, slightly increasing to 0.91% by Q1 2025, indicating stable asset quality [6] - The provision coverage ratio was 266.13% at the end of Q1 2025, demonstrating strong risk mitigation capabilities [6] Future Earnings Forecast - Projected operating income for 2024-2026 is 352.843 billion yuan, 365.678 billion yuan, and 382.307 billion yuan respectively, with corresponding net profits of 87.717 billion yuan, 90.150 billion yuan, and 93.341 billion yuan [6] - The book value per share (BVPS) is expected to grow from 9.04 yuan in 2025 to 11.28 yuan in 2027, with price-to-book (PB) ratios decreasing from 0.59 to 0.48 [6]

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company is a leading lithium battery separator manufacturer based in Yunnan, focusing on solid-state battery materials. It recently launched a series of new products, including ultra-pure lithium sulfide and high-conductivity solid-state electrolyte membranes, which are expected to play a crucial role in the future of solid-state battery technology [4][5] Financial Summary - The company is projected to achieve revenues of CNY 11.38 billion, CNY 13.84 billion, and CNY 17.71 billion for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 12.00%, 21.54%, and 28.02% [6] - The net profit attributable to shareholders is expected to be CNY 211 million, CNY 799 million, and CNY 1.73 billion for the same years, with growth rates of 137.95%, 278.49%, and 116.93% [6] - The earnings per share (EPS) are forecasted to be CNY 0.22, CNY 0.82, and CNY 1.79 for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 127.56, 33.70, and 15.54 [6][9] Product Development - The company has a leading position in the sulfide solid electrolyte layout, with products that include ultra-pure lithium sulfide, fine sulfide solid electrolytes, and high-conductivity solid-state electrolyte membranes. These products exhibit high ionic conductivity and are designed to enhance battery performance [5][6]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The price of Sustainable Aviation Fuel (SAF) has increased, with the latest European FOB price at $1898 per ton, up 6.51% week-on-week and 2.37% year-to-date [3][12] - Refrigerant prices remain high, with R22 at 36000 CNY per ton, R32 at 51000 CNY per ton, and R134a at 48500 CNY per ton, all stable compared to the previous week [4][12] - The demand for high-performance fibers and lightweight materials is expected to rise due to advancements in robotics and the low-altitude economy [5][40] Summary by Sections 1. Sub-industry Tracking - SAF prices have risen significantly, reflecting strong demand and supply dynamics [3][12] - Refrigerant prices are stable but have shown significant year-on-year increases, enhancing profitability [4][12] - The market for high-performance fibers, such as carbon fiber and ultra-high molecular weight polyethylene (UHMWPE), is gaining attention due to their applications in various industries [5][40] 2. Electronic Chemicals - The electronic chemicals sector is characterized by a wide variety of specialized products, with a focus on wet electronic chemicals, photoresists, and electronic gases [14][17] - The market is experiencing a shift towards domestic production due to policy support and import substitution trends [21][24] 3. New Production Forces - Carbon fiber and UHMWPE are highlighted as key materials benefiting from the low-altitude economy and robotics industry [36][40] - PEEK materials are increasingly used in humanoid robots, with significant growth in market demand [41][40] 4. Lithium Battery/Storage Materials - Conductive agents like carbon black and carbon nanotubes are essential for lithium battery materials, with current market prices reflecting a downward trend [44][47] - Sodium-ion battery materials are gaining traction due to their cost advantages and potential applications in large-scale energy storage [47][48] 5. Renewable and Modified Plastics - The market for renewable plastics is expanding, driven by environmental concerns and increasing recycling rates [64][68] - Special engineering plastics are in demand across various sectors, including automotive and aerospace, due to their superior performance characteristics [64][68] 6. Coatings, Inks, and Pigments - The demand for new functional coating materials is rising, supported by growth in the automotive and consumer electronics sectors [71][72] 7. Market Performance - The basic chemical industry has shown resilience, with a 2.65% increase in the index, outperforming the broader market [75][81]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The price of Sustainable Aviation Fuel (SAF) has increased, with the latest European FOB price at $1898 per ton, up 6.51% week-on-week and 2.37% year-to-date [3][12] - Refrigerant prices remain high, with R22 at 36000 CNY per ton, R32 at 51000 CNY per ton, and R134a at 48500 CNY per ton, all stable compared to the previous week [4][12] - The demand for high-performance fibers and lightweight materials is expected to rise due to advancements in robotics and the low-altitude economy [5][40] Summary by Sections 1. Sub-industry Tracking - SAF prices have risen significantly, with a year-to-date increase of 2.37% [3][12] - Refrigerant prices have stabilized at high levels, with notable increases compared to last year [4][12] - The market for high-performance fibers, such as carbon fiber and ultra-high molecular weight polyethylene (UHMWPE), is gaining attention due to their applications in various industries [5][40] 2. Electronic Chemicals - The electronic chemicals sector is focused on wet electronic chemicals, photoresists, and electronic specialty gases, with a high degree of specialization and technical barriers [14][17] - The semiconductor materials market is projected to grow, with a CAGR of 5.3% from 2017 to 2024, reaching $67.5 billion [21][24] 3. New Production Forces - Carbon fiber and UHMWPE are highlighted as key materials in emerging industries, with carbon fiber applications in wind energy and aerospace [36][40] - The PEEK material is gaining traction in the humanoid robot industry, with a significant increase in market size [41][42] 4. Lithium Battery/Storage Materials - Conductive agents like carbon black and carbon nanotubes are essential for lithium battery materials, with current market prices for multi-walled carbon nanotube powder at 64,000 CNY per ton [44][47] - Sodium-ion battery materials are also gaining attention, with stable pricing for Prussian blue compounds [47][49] 5. Renewable and Modified Plastics - The demand for renewable plastics is increasing, with a notable rise in the recycling rate of plastics from 4.8% in 2018 to 10% in 2021 [64][68] - Special engineering plastics are in demand across various sectors, including automotive and aerospace [64][68] 6. Coatings, Inks, and Pigments - The demand for new functional coating materials is growing, driven by the automotive and consumer electronics sectors [71][73] 7. Market Performance - The basic chemical industry index increased by 2.65% in the week of June 2-8, ranking 7th among 30 major industries [75][81]

[Table_Message]2025-06-08 金融工程周报 $$\pm\nwarrow\pm\nwarrow\pm\nwarrow\pm\nwarrow\pm\nwarrow\pm\nwarrow\pm$$ 海内外权益市场、贵金属上涨，权益、商品基金表现较好 [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 研究助理：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com 一般证券业务登记编码：S1190123080008 内容摘要 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 [Table_Title] [Table_Summary] . 金 融 工 程 周 报 ◼ 大类资产市场概况：1）权益：本周 A 股市场中上证指数收盘 3385.36，涨跌幅 1.13%， 深证成指、中小板指数、创业板指、上证 50、沪深 300、中证 500、中证 1000、中证 2000、 ...

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 index by more than 5% in the next six months [41]. Core Insights - China's defense budget has maintained a growth rate of around 7%, with defense spending accounting for less than 1.5% of GDP, which is below the average level of major military powers. There is significant room for growth in defense spending, which is expected to outpace GDP growth in the long term. The year 2025 marks the end of the "14th Five-Year Plan," and the industry is anticipated to emerge from a two-year period of stagnation, entering a phase of comprehensive recovery. As orders normalize and are gradually released, the military industry may enter a "Davis Double-Trigger" phase of performance improvement and valuation enhancement. It is recommended to focus on leading companies in advanced fighter jets, low-altitude economy, domestic large aircraft, satellite internet, and deep-sea technology, which have favorable competitive landscapes and high technological barriers [4][10]. Summary by Sections Industry Perspective - The report highlights that China's defense spending has significant growth potential, with expectations for long-term increases above GDP growth rates. The military sector is poised for recovery and improvement in performance and valuations [4][10]. Market Performance - In the past week, the CSI 300 index rose by 0.40%, while the aerospace and defense index increased by 0.18%. For the month, the CSI 300 index saw a rise of 2.74%, and the aerospace and defense index increased by 8.34% [11]. Industry News - The European Union has approved a joint venture between the UK, Italy, and Japan to develop a sixth-generation fighter jet, with plans to deliver by the end of 2035. The joint venture will serve as the main contractor and system integrator for the "Global Combat Air Programme" [3][16]. - The U.S. Defense Secretary has pressured NATO allies to increase defense spending from 2% to 5% of GDP, emphasizing the need for this change before the upcoming NATO summit [19]. - The UK has announced plans to build 12 new "SSN-AUKUS" attack submarines and invest £15 billion (approximately 146.1 billion RMB) in upgrading its nuclear facilities, aiming to enhance its military capabilities [21]. Company Tracking - Several companies are making significant moves, such as: - Shangda Co., which has been approved to establish a high-temperature and corrosion-resistant alloy materials technology center [24]. - Guorui Technology, which plans to reduce its shareholding by 3% [26]. - Northern Navigation, with plans for share reductions by its executives [27].

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 index by more than 5% in the next six months [51]. Core Insights - Changes in geopolitical situations, along with a year-on-year decrease in US crude oil inventories by 4.36%, and a reduction in the number of active drilling rigs and fracturing fleets by 12% and 23.08% respectively, indicate a potential rebound in oil prices [3][4]. - The average Brent oil price for the year is reported at $70.8 per barrel, reflecting a year-on-year decline of 15.08% [16]. - Natural gas prices have shown significant increases, with US NYMEX natural gas futures averaging $3.69 per million British thermal units, a 75% increase year-on-year [8][9]. Summary by Sections 1. Subsector Tracking - Natural gas prices have seen fluctuations, with domestic LNG ex-factory prices at 4424 RMB/ton, a decrease of 0.85% week-on-week but an increase of 0.57% year-on-year [8]. - Brent oil prices have decreased by 1.36% in the latest week, while US commercial crude oil inventories have decreased by 0.98% week-on-week [16]. - The price of potassium fertilizer remains high, with domestic spot prices at 2900 RMB/ton, unchanged week-on-week but up 20.51% year-on-year [30]. 2. Market Performance - The petrochemical sector has seen a slight increase of 0.23%, while the CSI 300 index rose by 0.97%, ranking 23rd among 30 major sectors [35]. - Among the petrochemical sub-sectors, "Other Petrochemicals" experienced the largest increase of 2.42% [35]. 3. Key Company Announcements and Industry News - A subsidiary of a key company received a project award for the construction of a gas pipeline in Iraq, with an estimated contract value of approximately $294 million (about 2.12 billion RMB) [42]. - Domestic gasoline and diesel prices increased by 65 RMB and 60 RMB per ton respectively, effective from June 3, 2025 [43]. 4. Changes in Major Downstream Consumption Areas - Domestic fuel vehicle sales have decreased by 8.65% year-on-year since April 2025, while highway freight traffic has increased by 3.41% year-on-year [46].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [11][12]. Core Insights - The company reported a significant Q1 performance with revenue reaching 34.998 billion yuan, a year-on-year increase of 115.65%, and a net profit attributable to shareholders of 842 million yuan, up 39.04% year-on-year [3][4]. - The company's diversified product lines, particularly in high-performance computing and smart devices, have shown remarkable growth, with data business revenue exceeding 10 billion yuan in Q1 [3][4]. - The "3+N+3" strategic upgrade has effectively established a robust platform for smart products, enhancing the company's competitive edge in the global supply chain [4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 1389.46 billion yuan, 1682.68 billion yuan, and 2007.76 billion yuan, respectively, with year-on-year growth rates of 26.45%, 21.10%, and 19.32% [4][6]. - Net profit forecasts for the same years are 37.06 billion yuan, 45.30 billion yuan, and 57.03 billion yuan, with growth rates of 26.66%, 22.23%, and 25.89% [4][6]. - The projected PE ratios for 2025, 2026, and 2027 are 19X, 16X, and 13X, respectively [4].