Investment Rating - The report maintains an "Overweight" rating for the industry [2] Core Insights - Precious metals and industrial metals have shown strong performance, while energy metals are under pressure [1] - The overall performance of the non-ferrous metal sector in 2024 saw a 32% increase, lagging behind the CSI 300 index by 115 percentage points [14] - In Q1 2025, the non-ferrous metal sector rose by 120%, outperforming the CSI 300 index by 132 percentage points, with precious metals increasing by 255% and industrial metals by 133% [14] Summary by Sections Market Overview - The total market capitalization of the industry is approximately 2,976.948 billion yuan, with a circulating market value of about 2,794.166 billion yuan [2] Precious Metals - In 2024, the average price of gold was 5,594 yuan per gram, a year-on-year increase of 242%, leading to a total revenue of 2,820 billion yuan and a net profit of 1,497.2 billion yuan, reflecting a 52% increase [18] - In Q1 2025, the average gold price reached 6,722 yuan per gram, up 37% year-on-year, with revenue of 818 billion yuan and a net profit of 473.1 billion yuan, marking a 47% increase [30] Copper - The average copper price in 2024 was 75,000 yuan per ton, a 103% increase year-on-year, with total revenue of 14,452 billion yuan and a net profit of 754.81 billion yuan, a 40% increase [34] - In Q1 2025, the copper price was 77,000 yuan per ton, up 11.4% year-on-year, with revenue of 3,357 billion yuan and a net profit of 233 billion yuan, a 50% increase [48] Aluminum - In 2024, the aluminum sector saw an average price of 20,000 yuan per ton, a 7.2% increase year-on-year, with total revenue of 4,207 billion yuan and a net profit of 410.28 billion yuan, a 27% increase [57] - In Q1 2025, the average aluminum price was 21,000 yuan per ton, with revenue of 1,032 billion yuan and a net profit of 109.75 billion yuan, a 29% increase [72] Lithium - The lithium sector faced significant challenges in 2024, with the average price of battery-grade lithium carbonate dropping by 65.1% year-on-year, leading to a revenue decline of 48% [77] - In Q1 2025, the lithium sector showed signs of recovery, with revenue of 126 billion yuan and a net profit of 464 million yuan, reflecting a year-on-year increase of 159% [91] Rare Earth Permanent Magnets - In 2024, the rare earth sector experienced a decline, with total revenue of 600 billion yuan and a net profit of 121.1 billion yuan, a 67% decrease [101] - In Q1 2025, the sector showed recovery with revenue of 145 billion yuan and a net profit of 867 million yuan, a 221% increase year-on-year [130] Institutional Holdings - In Q1 2025, the allocation ratio for the non-ferrous metal sector was 434%, with significant increases in allocations for precious and industrial metals [141]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's main business performance is stable, with ongoing advancements in new audiovisual formats [7] - The company reported a total revenue of 979 million yuan for 2024, a decrease of 1.4% year-on-year, and a net profit attributable to shareholders of 400 million yuan, down 2.4% year-on-year [6][8] - The company is actively pursuing innovation and diversification in its business model, particularly in the IPTV sector and micro-short drama production [8] Financial Performance Summary - Revenue projections for the company are as follows: 1,017 million yuan in 2025, 1,055 million yuan in 2026, and 1,092 million yuan in 2027, with growth rates of 4%, 4%, and 3% respectively [2][8] - The net profit attributable to shareholders is expected to be 426 million yuan in 2025, 448 million yuan in 2026, and 470 million yuan in 2027, with growth rates of 6%, 5%, and 5% respectively [2][8] - The company plans to distribute a cash dividend of 210 million yuan in 2024, with a dividend payout ratio of 51.7% [8] Business Development Summary - The IPTV core business generated revenue of 795 million yuan in 2024, a slight increase of 0.02%, while value-added services contributed 139 million yuan [8] - The company is expanding its micro-short drama initiatives, collaborating with local governments and private enterprises to establish a production base and develop content across multiple platforms [8] - AI technology is being integrated into the company's operations, enhancing video production efficiency and reducing costs [8] Valuation Metrics - The company's P/E ratios are projected to be 24.5 in 2024, 23.1 in 2025, 21.9 in 2026, and 20.9 in 2027 [2] - The P/B ratios are expected to be 2.6 in 2024, 2.4 in 2025, 2.2 in 2026, and 2.0 in 2027 [2]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [3][14]. Core Views - The company reported a significant year-on-year increase in net profit for Q1 2025, achieving 1.33 billion yuan, which represents a 9680.17% increase, although it saw a quarter-on-quarter decline of 59.10% [3][4]. - The company is the only manufacturer in the industry capable of producing 20 million tons of welded steel pipes, with a strong brand presence and production bases across multiple regions in China [5]. - The overseas sales revenue surged by 724.07% in 2024, indicating a robust expansion strategy in international markets, particularly in Southeast Asia and the Middle East [5]. Financial Performance Summary - For 2023A, the company achieved a revenue of 60,918 million yuan, with a projected revenue of 58,111 million yuan for 2025E, reflecting a growth rate of 6% [3]. - The net profit attributable to the parent company is forecasted to be 607 million yuan in 2025E, with a significant growth rate of 43% compared to the previous year [3]. - The gross margin for Q1 2025 was reported at 3.32%, showing a year-on-year increase of 1.02 percentage points [5]. Future Projections - The company is expected to achieve net profits of 6.07 billion yuan, 7.09 billion yuan, and 8.07 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 14, 12, and 10 [6]. - The report anticipates a gradual recovery in profitability per ton of welded steel pipes, contributing to the overall financial performance improvement [6].

执业证书编号：S0740525040002 Email：geyx01@zts.com.cn 执业证书编号：S0740517030004 Email：daizf@zts.com.cn | | | 分析师：蒋峤 执业证书编号：S0740517090005 Email：jiangqiao@zts.com.cn 分析师：葛玉翔 1、《1Q25 保险资金重仓流通股深度 通信》2025-05-08 | 上市公司数 | 84 | | --- | --- | | 行业总市值(亿元) | 69,371.23 | | 行业流通市值(亿元) | 66,910.47 | 2、《改革双刃剑：短期挑战长期价值》 2025-04-22 3、《预定利率研究值跌破 25bps 阈 值，4Q25 或迎产品切换》2025-04-22 非银金融 证券研究报告/行业点评报告 2025 年 05 月 13 日 【政策变化与影响】 请务必阅读正文之后的重要声明部分 锚定投资者利益，驱动行业升级——公募基金高质量行动方案解 读 报告摘要 【核心举措】 投资者利益保护。1、费率改革：新主动权益基金试点浮动管理费，头部机构 1 年 内 60%新发产品需采用；降 ...

政策催化产业破局，低空运营落地可期 ——低空经济政策与应用专题报告 评级： 增持（维持） 执业证书编号：S0740522040001 Email：duchong@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 127 | | 行业总市值(亿元) | 32,722.44 | | 行业流通市值(亿元) | 30,360.12 | 设施有望迎来增量资金》2025-05-11 向好关注基础设施》2025-05-04 稳健配置价值不改》2025-04-27 交通运输 证券研究报告/行业专题报告 2025 年 05 月 13 日 报告摘要 请务必阅读正文之后的重要声明部分 分析师：杜冲 低空经济内涵不断深化，产业图谱日渐丰富：低空经济定义从早期通用航空拓展至覆 盖 0-3000 米空域的立体经济生态，以无人机、eVTOL、直升机为载体，牵引载人载 货、应急消防、文旅等多场景融合。1）应用场景不断丰富：低空旅游观光、低空通 勤、城市末端物流配送、文化赛事等领域已逐步展开试点；安防巡检、消防救援等通 航领域较成熟的应用场景或将在 eVTOL、无人机技术成熟后迎来革新。2）三大载体 ...

Q1 利润拐点已现，强势业务高速增长且山东项目步入减亏 ——东材科技 2024 年报及 2025 年一季报点评 塑料 东材科技（601208.SH） 证券研究报告/公司点评报告 2025 年 05 月 12 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A 2024A | 2025E 2026E | 2027E | | 分析师：孙颖 | | 营业收入（百万元） | 3,737 | 6,527 | 7,689 | | | | 增长率 yoy% | 3% | 21% 21% | 18% | | 执业证书编号：S0740519070002 | | 归母净利润（百万元） | 329 181 | 449 568 | 698 | | Email：sunying@zts.com.cn | | 增长率 yoy% | -21% | 27% | 23% | | | | 每股收益（元） | 0.36 | 0.50 0.63 | 0.78 | | 分析师：张昆 | | 每股现金流量 | 0.20 0. ...

中美日内瓦经贸会谈取得重大进展 中美普林格时钟 5月资产配置月报 证券研究报告/策略定期报告 2025 年 05 月 12 日 分析师:何佳烨 执业证书编号:S0740523060002 Email: heiv01@zts.com.cn 相关报告 资产配置框架系列报告: 1 重新认识美林时钟 -- 大类资产配置框架研究系列1 2 以普林格时钟为鉴,我们 如何搭建资产配置框架? -- 大类资产配置框架研究系列2 3 甚于普林格时钟框架,中 美行业轮动规律有哪些共同 的特点? 报告摘要 ■ 川普的第一份协议—U.S .- UK Economic Prosperity Deal(EPD) 美英协议（U.S.-UK Economic Prosperity Deal）:该协议未触及双边贸易核心难点 与结构性障碍,本质是象征性政治举措。美国维持关税保护主义,英国单方面降税。 关税安排未发生实质性改变,美国维持核心保护主义立场:协议宣布英国将其关税从 5.1%下调至1.8%,表面上看,英国做出了让步。然而,美国方面并未采取相应的对等 降税措施,依然保留对英商品10%的关税。这表明美国并未打破其关税保护主义的架 构,而是单方 ...

分析师：徐驰 执业证书编号：S0740519080003 分析师：张文宇 执业证书编号：S0740520120003 证券研究报告 信用业务周报 货币与资本市场政策落地后市场或如何演绎？ 2025年5月12日 中泰证券研究所 请务必阅读正文之后的信息披露和重要声明 【市场回顾】 图表：市场表现回顾 2 数据来源：Wind，中泰证券研究所 【市场观察】一季报落地后市场或如何演绎？ 3 • 一、5月货币与资本市场政策落地后市场或如何演绎？ • 政策面上，上周三国新办会议延续"预期管理"思路，更加重视资本市场。在此次会议中，央行推出包 括数量型政策、价格型政策和结构型政策共三大类十项货币政策措施，三类政策呈现由大到小，从总 量到结构的特征。 • 金融监管总局提出八项举措全力巩固经济回升向好的基本面。八项政策围绕地产、二级市场和实体经 济融资各方面提出了政策支持，覆盖较为全面，或反映出监管部门工作更加重视经济发展，监管力度 或呈现阶段性宽松。 • 证监会提出三大举措持续稳定和活跃资本市场。证监会提出将全力巩固市场回稳向好势头、突出服务 新质生产力发展的重要着力点、大力推进中长期资金入市。新质生产力方面，会议提出三大方 ...

全球制造业 PMI 走弱，基本金属偏弱运行 | | | 有色金属 证券研究报告/行业定期报告 2025 年 05 月 12 日 | | | 执业证书编号：S0740517080003 Email：xiehh@zts.com.cn 分析师：陈凯丽 执业证书编号：S0740525050001 Email：chenkl@zts.com.cn 执业证书编号：S0740523080004 Email：liuyq07@zts.com.cn | 上市公司数 | 142 | | --- | --- | | 行业总市值(亿元) | 29,468.06 | | 行业流通市值(亿元) | 27,667.90 | 1、《海外中重稀土价格大幅上行》 2025-05-12 2、《【中泰金属观察-全球制造业 PMI 跟踪】全球制造业 PMI 跟踪：4 月， 下 行 趋 势 或 已 确 立 20250506 》 2025-05-07 3、《宏观情绪好转叠加节前去库， 基本金属整体上涨》2025-04-28 | | |  | 【本周关键词】：全球制造业 PMI 走弱，美联储维持当前利率水平。 | | --- | --- | --- | -- ...

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Views - The lithium battery industry is expected to enter a 2-3 year upward cycle, with potential improvements in performance and valuation [6][12] - The report highlights the successful listing of CATL on the Hong Kong Stock Exchange, which could be the largest IPO in Hong Kong in four years, targeting a transaction scale of approximately $5 billion [6][12] - The report recommends focusing on companies involved in solid-state battery technology and suggests several key players in the lithium battery supply chain [6][12] Summary by Sections Lithium Battery Sector - The battery industry index increased by 5.31%, outperforming the CSI 300 by 3.303 percentage points [10] - CATL's stock price rose by 7.24%, while other key players like Yiwei Lithium Energy and Hunan Youneng also saw significant gains [10] - The report emphasizes the upward trend in unit profitability for lithium battery companies in Q1 2025, indicating a potential turning point in supply and demand [6][10] Energy Storage Sector - In April 2025, the total bidding capacity for energy storage projects in China reached 10.2GW/30.2GWh [26] - The average bidding price for energy storage systems has decreased, with a year-on-year decline of 29.88% [27] - The report notes the successful bidding results for a 5GWh energy storage project by State Power Investment Corporation, with significant shares awarded to leading companies [29] Electric Power Equipment Sector - The report highlights the completion of China's first "wind-solar-fire-storage integrated" large-scale comprehensive energy base, marking a significant milestone in the power grid sector [6] - The power grid sector is expected to benefit from domestic stimulus measures, with potential increases in investment due to economic downturns [6] Market Trends - The report tracks the sales of electric vehicles in Europe, noting a 30% year-on-year increase in April 2025 [16] - The penetration rate of new energy vehicles in Europe reached 26.1%, reflecting a 6.3 percentage point increase year-on-year [16] - The report also provides insights into the pricing trends of key materials in the lithium battery supply chain, indicating a decrease in prices for lithium carbonate and other components [19][21]