Investment Rating - The report maintains a "Recommended" rating for the transportation industry [1]. Core Insights - The report highlights that U.S. sanctions against Iran are intensifying, and OPEC has reached a consensus to increase production, indicating upward potential for the tanker sector [2][7]. - The express delivery business has shown significant growth, with a year-on-year increase of 21.5% in volume and 13.8% in revenue for 2024 [3][17]. Summary by Sections Weekly Focus - The U.S. government has announced additional sanctions against Iran, targeting several individuals, entities, and vessels involved in Iranian oil exports, including 10 VLCC supertankers [7]. - OPEC has agreed to gradually increase production starting April, aiming to release 2.2 million barrels per day [7]. Industry Data Tracking (2025.03.09 – 03.15) Aviation Data - Domestic flight volume for the week was 84,029 flights, averaging 12,004 flights per day, a slight decrease of 0.10% week-on-week and 0.50% year-on-year [10][11]. - Domestic passenger volume reached 11.43 million, a 0.05% increase week-on-week and a 2.12% increase year-on-year [11]. - The average domestic ticket price decreased by 3.49% week-on-week and 6.31% year-on-year [11]. Express Delivery Data - For the week of March 3-9, the average daily collection volume was approximately 555 million pieces, a week-on-week increase of 3.99% [17]. - Year-to-date (January 1 - March 9), the average daily collection volume was about 495 million pieces, reflecting a year-on-year increase of 36.00% [17]. - In February 2025, the express delivery industry handled 13.59 billion pieces, a year-on-year increase of 58.8% [19]. Shipping Data - The BDI index for dry bulk shipping was 1,517 points, reflecting a week-on-week increase of 20% [50]. - The VLCC-TCE rate was $38,329 per day, a decrease of 3% week-on-week [51]. Recent Key Reports - The report recommends focusing on companies such as COSCO Shipping Energy, Shandong Highway, and China Eastern Airlines, among others, as part of the investment strategy [4].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The report highlights that Great Wall Motors is focusing on steady progress in exports, particularly in the Tank series, while the Haval and Wey brands are undergoing updates to enhance their market presence [2] Financial Summary - The company's revenue is projected to grow from 173.21 billion in 2023 to 310.26 billion in 2026, reflecting a compound annual growth rate (CAGR) of approximately 15.6% [3] - The net profit is expected to increase significantly from 7.02 billion in 2023 to 18.28 billion in 2026, with a notable growth rate of 81.0% in 2024 [3] - The return on equity (ROE) is forecasted to improve from 10.3% in 2023 to 18.6% in 2026 [3] Export Growth - The report indicates that Great Wall Motors is expanding its export markets, particularly in Russia, South America, and right-hand drive markets, with a focus on increasing sales volume [7] - The South American market is projected to reach approximately 5.15 million units in 2024, with Brazil being a key focus for expansion [8] Product Competitiveness - The Tank series is noted for its strong competitive edge in off-road capabilities, with the Hi4Z technology enhancing its performance [25] - The company has maintained a market share of over 45% in the pickup segment since 2022, with stable profitability from models like the Cannon and Fengjun 5 [30] Brand Strategy - The report emphasizes that Haval and Wey brands are improving their margins through product adjustments and channel reforms, with new models like the Haval Max and updates to existing models showing positive results [35] - The company plans to increase its dealership network significantly, aiming for around 1,200 stores by the end of 2024, focusing on direct sales of Tank and Wey products [37]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The cyclical recovery expectation is significantly warming under multiple factors, with a focus on leading chemical companies and development opportunities in certain sub-industries [2][4] - The government has proposed a consumption boost action plan aimed at expanding domestic demand, which is expected to benefit the chemical industry [2][3] - The demand for oxalic acid is expected to improve due to the expansion of production capacity by leading companies in the lithium iron phosphate sector [4][6] Summary by Sections Industry Overview - The report highlights the government's focus on boosting consumption and domestic demand, which is expected to positively impact the chemical industry [2][3] - The cyclical recovery is supported by policies aimed at stabilizing the real estate market and promoting population growth, which will further enhance demand for chemical products [4] Key Companies and Sub-industries - Key companies to watch include Wanhua Chemical, Hualu Hengsheng, Satellite Chemical, Baofeng Energy, Hengli Petrochemical, and Rongsheng Petrochemical [4][7] - Recommended sub-industries include SAP (Satellite Chemical, Wanhua Chemical), polyester filament (Tongkun Co., New Fengming), spandex (HuaFeng Chemical, Xinxiang Chemical Fiber), and organic silicon (Hesheng Silicon, Dongyue Silicon Materials) [4] Price Trends and Market Dynamics - The report notes that international oil prices are fluctuating, influenced by various factors including U.S. economic data and geopolitical situations [6][11] - The price of oxalic acid is projected to increase significantly due to rising demand from lithium iron phosphate production [6][12] - The report also indicates that the prices of various chemical products, such as sulfuric acid and compound fertilizers, are on the rise due to seasonal demand and supply constraints [12][13]

行业周报 | 计算机 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 03 月 16 日 相关研究 【兴证计算机】RISC-V 开源生态：正在 快速崛起的国产化分支-2025.03.09 【兴证计算机】DeepSeek 跟踪：AI 平 权领军，加力开源及降价-2025.03.02 【兴证计算机】一文看懂 DS 带动下推理 算力市场空间及投资机会-2025.02.23 分析师：蒋佳霖 S0190515050002 jiangjialin@xyzq.com.cn 分析师：孙乾 S0190518110001 sunqian@xyzq.com.cn eCall 潜在市场有多大？—eCall 产业跟踪系 列二（03.09-03.15） 投资要点： 分析师：陈鑫 S0190522030001 chenxin21@xyzq.com.cn 分析师：杨本鸿 S0190522080001 yangbenhong@xyzq.com.cn 分析师：张旭光 S0190523090002 zhangxuguang@xyzq.com.cn 分析师：杨海盟 S0190523070001 yanghaimeng@xyzq.com ...

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [1] Core Insights - The report highlights that U.S. sanctions against Iran are intensifying, and OPEC has reached a consensus to increase production, indicating upward potential for the oil tanker sector [2][7] - The express delivery business volume has shown significant year-on-year growth, with a reported increase of 21.5% in 2024 [3] Summary by Sections Weekly Focus - The U.S. government has announced additional sanctions against Iran, targeting several individuals, entities, and vessels involved in Iranian oil exports, including 10 VLCC supertankers, which constitutes about 20% of the global tanker fleet [7] - OPEC has agreed to gradually increase production starting April, aiming to release 2.2 million barrels per day [7] Industry Data Tracking (2025.03.09 – 03.15) Aviation Data - Domestic flight volume for the week was 84,029 flights, averaging 12,004 flights per day, a slight decrease of 0.10% week-on-week and 0.50% year-on-year [10] - Domestic passenger volume reached 11.43 million, a 0.05% increase week-on-week and a 2.12% increase year-on-year [11] - The average domestic ticket price decreased by 3.49% week-on-week and 6.31% year-on-year [11] Express Delivery Data - For the week of March 3-9, the average daily collection volume was approximately 555 million pieces, a 3.99% increase from the previous week [17] - Year-to-date, the average daily collection volume is about 495 million pieces, reflecting a 36.00% increase year-on-year [17] - In 2024, the express delivery business volume increased by 21.5% year-on-year, with revenue up by 13.8% [3] Shipping Data - The BDI index for dry bulk shipping was reported at 1,517 points, a 20% increase week-on-week [48] - The VLCC-TCE rate was $38,329 per day, a 3% decrease week-on-week [49] Recent Key Reports - The report recommends focusing on companies such as COSCO Shipping Energy, Shandong Highway, and China Eastern Airlines, among others, as part of the investment strategy [4]

| 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 03 月 17 日 | 行业周报 | 有色金属 证券研究报告 相关研究 【兴证金属】铜行业点评：铜价再起波 澜，关注德国财政转向带来的预期变化- 2025.03.16 【兴证金属】有色金属：欧盟预增加国 防开支有望支撑小金属及稀土价格上行- 2025.03.09 【兴证金属】锑行业点评：多重逻辑叠 加，锑价有望持续走强-2025.03.07 分析师：蔡屹 S0190518030002 caiyi@xyzq.com.cn 分析师：赵远喆 S0190524070011 zhaoyuanji@xyzq.com.cn 研究助理：汤璐阳 tangluyang@xyzq.com.cn 刚果（金）矿业生产扰动率抬升，推高全球铜、 钴、锡等金属价格 投资要点： ⚫ 周度观点：刚果（金）矿业生产扰动率抬升，推高全球铜、钴、锡等金属价格。 开年以来，金属价格持续走强，除关税因素及宏观因素影响外，刚果（金）无疑成为短期 催化的焦点。刚果（金）政府于 2 月 24 日宣布暂停钴出口四个月；3 月 13 日，刚果（金） 东部北基伍省 Bis ...

行业周报 | 公用事业 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 03 月 16 日 相关研究 【兴证公用】前两月我国进口煤规模同 比+2.1%、进口天然气规模同比-7.7%- 2025.03.09 【兴证公用】多省电力现货市场加速推 进，关注煤价下行周期火电配置价值- 2025.03.02 分析师：朱理显 S0190525010004 zhulixian@xyzq.com.cn 江苏海风项目建设加速，南方区域电力市场拟 于 6 月底连续结算试运行 投资要点： 请阅读最后评级说明和重要声明 1/24 【兴证研究】红利系列一：他山之石： 复盘香港公用事业股，红利投资再优化- 2025.03.02 分析师：蔡屹 S0190518030002 caiyi@xyzq.com.cn 分析师：李静云 S0190522120001 lijingyun@xyzq.com.cn 分析师：史一粟 S0190523110001 shiyisu@xyzq.com.cn | 表 1、 | LNG 国产液厂&接收站出厂价（2025/3/10-2025/3/14 | | | 单位:元/吨）. 14 | | --- | ...

证券研究报告 目 录 CATALOGUE 生产投资向好，地产成交回暖 地产 消费 价格 生产&基建 出行 04 05 01 02 03 00 政策 中观数据周报 投资要点 KEY POINTS 1 • 国内政策：专项债收储工作规范明确；发展消费金融提振消费。中央层面，国务院常务会议讨论通过《国务院2025年重点工作分工方 案》，李强总理在国务院第八次全体会议上强调更加注重加大政策力度和激发市场力量良性互动、协同发力。实施好更加积极有为的宏 观政策。产业层面，《促进环保装备制造业高质量发展若干意见》印发。金融财税层面，自然资源部就做好运用地方政府专项债券支持 土地储备有关工作出台通知，在发债要求、申报审核等方面做出明确要求。国家金融监督管理总局要求金融机构大力发展消费金融，助 力提振消费。 • 生产&基建：高频指标呈现向好态势。本周高炉、螺纹钢、涤纶长丝开工率持续提高，PTA、沥青开工率反弹，动力煤日耗相对稳定，但 建筑资金到位率仍处于低位。总体上看生产、基建相关高频指标有向好趋势。 • 地产：新房、二手房成交回暖。本周30城新房成交面积季节性回升，一线城市回升明显。9城二手房成交面积短暂回落后转向上行，体现 ...

行业周报 | 煤炭 证券研究报告 推荐（维持） 报告日期 2025 03 16 相关研究 2025.3.2- 2025.3.8 -2025.03.09 2025 - 2025.03.05 2025.2.23- 2025.3.1 -2025.03.02 分析师：王锟 S0190521010002 wangkun89@xyzq.com.cn 分析师：李冉冉 S0190525010002 liranran@xyzq.com.cn 煤炭行业周报（2025.3.9-2025.3.15）—— 产地煤价回升，静待非电需求复苏 投资要点： 3 9 2742.0 880.3/1211.4/650.3 -1.9/+6.8/-5.0 ⚫ 3 14 1400 / 20 / 1430 / 5# 870 / 5# 1050 / 5 / 3 14 1241 / 43 / 1371 / 21 / 130 / 22 / ⚫ 请阅读最后评级说明和重要声明 1/14 ⚫ ⚫ | | 4 | | --- | --- | | | 4 | | | 8 | | | 9 | | | 10 | | 11 | | | 2025.3.10-2025.3.14 | ...

证券研究报告 | 海外宏观 【兴证宏观 | 经济脉搏】海外周报 2025.03.10-2025.03.16 风险偏好下降 分 析 师：.段 超（S0190516070004） 卓 泓（S0190519070002） 研究助理：王祉凝 报告日期：2025年3月16日 投资要点 KEY POINTS 美国：经济软指标继续降温但就业暂保持韧性，美元与美债利率继续震荡，关税不确定性压制美股。周三发布的美国CPI全面弱于预期后，市场对 滞胀担忧或有所缓和，推动美债利率、美元上涨；后半周公布的初请失业金人数下降，绝对水平仍较低，3月消费者信心指数继续下滑。2月末3月 初市场的衰退担忧暂缓，美元与美债利率横盘震荡；而关税不稳定性继续抑制风险偏好，美股下跌、黄金上涨，现货黄金一度涨破3000美元/盎司。 政策反复与政府裁员动摇居民收入和企业投资预期，美国经济短期内或继续偏弱运行，但由于失业率等硬指标仍存韧性，市场对下周FOMC会议上 降息预期微弱，关注新一期点阵图对未来通胀、利率走势的指引以及鲍威尔表态。财政方面，截至周五，众议院提出的新一版持续决议（用于将联 邦政府自由裁量支出维持到本财年结束，详参《 美国财政整顿 》）赶 ...