Report Information - Report Type: Fixed Income Report - Release Time: May 12, 2025 - Analysts: Liang Weichao, Cui Chao [2] Industry Investment Rating - Not provided in the report Core Viewpoints - High - frequency economic data shows that production heat is in a downward trend due to holidays, with chemical and tire开工率 at seasonal lows, while blast furnace and asphalt开工率 have increased. Second, the commercial housing transaction area has declined, and the land transaction area has continued to rise, both close to last - year's levels. Third, price trends are divergent, with crude oil prices rising from a low level, coking coal and rebar prices falling, and copper prices relatively stable; agricultural products generally continue the seasonal downward trend, with a large increase in fruit prices. Short - term focus should be on the implementation of new round of growth - stabilizing stimulus policies, the recovery of the real estate market, and the trend of commodity prices [2][30] Section Summaries Production - Steel: The coking oven capacity utilization rate decreased by 0.38 pct, the blast furnace开工率 increased by 0.29 pct, and the rebar output decreased by 9.85 tons. The inventory increased by 15.11 tons [3][9] - Petroleum Asphalt: The开工率 increased by 0.5 pct [3][9] - Chemical Industry: The PX开工率 increased slightly by 0.81 pct at a low level, and the PTA开工率 decreased significantly by 4.65 pct [3][9] - Automobile Tires: The开工率 decreased seasonally and significantly, with the all - steel tire开工率 decreasing by 11.47 pct and the semi - steel tire开工率 decreasing by 14.08 pct [3][10] Demand - Real Estate: The commercial housing transaction area declined, and the inventory - to - sales ratio decreased; the land transaction area continued to rise, and the residential land transaction premium rate increased [13] - Movie Box Office: It increased by 559 million yuan compared with the previous week [13] - Automobile: In the week of April 30, the daily average retail sales of manufacturers increased by 63,000 vehicles, and the daily average wholesale sales increased by 119,000 vehicles [16] - Shipping Index: The SCFI increased by 0.32%, the CCFI decreased by 1.31%, and the BDI decreased by 8.59% [18] Prices - Energy: The Brent crude oil price increased by 4.27% to $63.91 per barrel, and the coking coal futures price decreased by 4.74% to 883.5 yuan per ton [20] - Metals: The LME copper, aluminum, and zinc futures prices changed by + 0.15%, - 0.58%, and + 1.76% respectively, and the domestic rebar futures price decreased by 1.94% [21] - Agricultural Products: They continued the seasonal downward trend, with the agricultural product wholesale price 200 index decreasing by 1.14%. The prices of pork, eggs, vegetables, and fruits changed by + 0.15%, - 0.87%, + 0.23%, and + 5.53% respectively compared with the previous week [23][24] Logistics - Subway Passenger Volume: The passenger volumes in Beijing and Shanghai both decreased [26] - Flight Execution Volume: Both domestic and international flight volumes decreased [27] - Urban Traffic: The peak congestion index in first - tier cities decreased overall [27]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report highlights that tungsten prices continue to rise due to a tightening supply-demand dynamic, with a significant reduction in mining quotas leading to a supply contraction of 4,000 tons, a decrease of 6.45% compared to the previous year [7] - Copper prices are expected to fluctuate around $9,300, influenced by trade pricing reversals and macroeconomic factors, with a notable increase in copper inventory at COMEX [6] - Aluminum prices have shown a downward trend due to weak expectations, although domestic demand remains strong with rapid inventory depletion [6] - Rare earth prices have surged due to tight supply and increased overseas prices, with domestic procurement activity remaining moderate [7] Summary by Sections Industry Overview - The closing index for the industry is at 4695.15, with a weekly high of 5020.22 and a low of 3700.9 [2] Price Movements - Basic metals: LME copper decreased by 0.89%, aluminum by 0.39%, zinc increased by 1.14%, lead by 3.55%, and tin decreased by 0.65% [19] - Precious metals: COMEX gold decreased by 3.27%, silver by 1.66%, while NYMEX palladium increased by 0.25% and platinum decreased by 0.85% [19] Inventory Changes - Global visible inventory changes: copper decreased by 3,989 tons, aluminum by 12,070 tons, zinc by 2,949 tons, lead by 9,115 tons, tin by 54 tons, and nickel by 3,111 tons [26]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [6][13]. Core Views - The company has shown a recovery in performance with a significant increase in both revenue and net profit for 2024, with revenue reaching 12.0% growth year-on-year and net profit increasing by 107.1% [3][4]. - The growth in international passenger traffic continues, contributing to the recovery of both aviation and non-aviation revenues [4][5]. - The company is expected to maintain a positive growth trajectory in net profit for the years 2025 to 2027, with projections of 24.4 billion, 29.4 billion, and 33.6 billion respectively [6]. Company Overview - The latest closing price of the company's stock is 32.08 yuan, with a total market capitalization of 798 billion yuan and a circulating market value of 616 billion yuan [2]. - The company has a total share capital of 2.488 billion shares, with 1.919 billion shares in circulation [2]. - The largest shareholder is Shanghai Airport (Group) Co., Ltd. [2]. Financial Performance - In 2024, the company reported operating revenue of 12.37 billion yuan, a year-on-year increase of 12.0%, and a net profit attributable to shareholders of 1.93 billion yuan, up 107.1% [3][9]. - The first quarter of 2025 saw operating revenue of 3.17 billion yuan, reflecting a 4.7% year-on-year growth, with net profit reaching 519 million yuan, a 34.5% increase [3][5]. - The company’s operating costs for 2024 were 9.656 billion yuan, a 4.7% increase year-on-year, while the cost structure remained stable [4][12]. Revenue Breakdown - The aviation revenue for 2024 was 5.56 billion yuan, up 27.1% year-on-year, driven by a significant increase in passenger throughput [4]. - Non-aviation revenue was impacted by a decrease in commercial transfer rights and duty-free rental income, with commercial catering revenue declining by 15.5% to 2.055 billion yuan [4][9]. - Logistics business revenue increased by 13.3% to 1.68 billion yuan due to higher cargo station throughput [4].

证券研究报告：有色金属|行业周报 发布时间：2025-05-12 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 4695.15 | | --- | --- | --- | | 52 | 周最高 | 5020.22 | | 52 | 周最低 | 3700.9 | 行业相对指数表现 2024-05 2024-07 2024-10 2024-12 2025-02 2025-05 -24% -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 有色金属 沪深300 资料来源：聚源，中邮证券研究所 有色金属行业报告 （2025.05.05-2025.05.10） 钨价持续上涨，供紧需强趋势明显 l 投资要点 贵金属：黄金宽幅震荡，等待中美关税谈判落地。本周金银呈现 出震荡行情，且波动较大，沪金主力虽有降波，但波动率依然处于历 史高位。等待中美关税谈判落地以及波动率调整到位后择机重新超配 黄金以及黄金股。未来，特朗普政府关税阴云仍在，贸易逆差缩减的 本质是美债买盘的衰减，美国长债利率上行概率加大，黄金的配置价 值凸显。具体来说，只要长端美债名义利率位于 4%以上，黄金上涨趋 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price compared to the benchmark index of over 20% [6][13]. Core Views - The company has shown a recovery in performance with a significant increase in both revenue and net profit for 2024 and Q1 2025, driven by a rise in international passenger traffic [3][4]. - The demand for civil aviation passenger and cargo transport continues to grow, with an upward trend in hub airport business volume expected to persist [6]. Company Overview - The latest closing price is 32.08 yuan, with a total market capitalization of 798 billion yuan and a circulating market value of 616 billion yuan [2]. - The company reported a revenue of 12.37 billion yuan in 2024, a year-on-year increase of 12.0%, and a net profit attributable to shareholders of 1.93 billion yuan, up 107.1% [3][9]. - In Q1 2025, the company achieved a revenue of 3.17 billion yuan, reflecting a 4.7% year-on-year growth, and a net profit of 519 million yuan, which is a 34.5% increase [3][5]. Financial Performance - The passenger throughput at Shanghai Pudong and Hongqiao airports showed significant growth, with Pudong airport handling 76.79 million passengers (up 41.0%) and Hongqiao airport 47.94 million passengers (up 12.8%) in 2024 [4]. - The company's operating costs for 2024 were 9.66 billion yuan, a 4.7% increase year-on-year, while the operating profit margin improved due to stable cost management and additional disposal gains [4][12]. - Forecasts for net profit attributable to shareholders for 2025-2027 are 2.44 billion yuan, 2.94 billion yuan, and 3.36 billion yuan, respectively, indicating a strong growth trajectory [6][9].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [10][13]. Core Insights - The company achieved a revenue of 35.392 billion yuan in 2024, representing a year-on-year growth of 11.98%. The net profit attributable to shareholders was 1.207 billion yuan, up 28.56% year-on-year, with a non-recurring net profit of 263 million yuan, increasing by 125.86% [5][7]. - The gross margin for both power and energy storage batteries improved, with overseas revenue surpassing 10 billion yuan for the first time, accounting for 31% of total revenue [5][6]. - The company ranked third globally in phosphate iron lithium battery installations with a market share of 6.18%, and its global power lithium battery installation volume grew by 73.8%, achieving a market share of 3.2% [6]. Financial Performance - For Q1 2025, the company reported a revenue of 9.055 billion yuan, a year-on-year increase of 20.61%, and a net profit of 101 million yuan, up 45.55% year-on-year [6]. - The forecast for 2025-2027 indicates revenues of 46.621 billion yuan, 53.673 billion yuan, and 63.690 billion yuan, with respective growth rates of 31.73%, 15.13%, and 18.66% [7][11]. - The projected net profit for 2025-2027 is 1.746 billion yuan, 2.330 billion yuan, and 2.907 billion yuan, with growth rates of 44.67%, 33.46%, and 24.77% [7][11]. Market Position - The company has made significant inroads in the power battery sector, securing contracts with high-end vehicle manufacturers and expanding its presence in the Asia-Pacific and European markets [6]. - The company is focusing on enhancing its supply to A-class vehicles and has successfully delivered over twenty energy storage stations [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [10][13]. Core Insights - The company achieved a revenue of 35.392 billion yuan in 2024, representing a year-on-year growth of 11.98%. The net profit attributable to shareholders reached 1.207 billion yuan, up 28.56% year-on-year, with a non-recurring net profit of 263 million yuan, increasing by 125.86% [5][7]. - The gross margin for both power and energy storage batteries improved, with overseas revenue surpassing 10 billion yuan for the first time, marking a growth of over 70% year-on-year, accounting for 31% of total revenue [5][6]. - The company ranked third globally in the installed capacity of lithium iron phosphate batteries with a market share of 6.18%, and eighth in global power lithium battery installed capacity with a year-on-year growth of 73.8% [6]. Financial Performance - For Q1 2025, the company reported a revenue of 9.055 billion yuan, a year-on-year increase of 20.61%, and a net profit of 101 million yuan, up 45.55% year-on-year [6]. - The forecast for 2025-2027 indicates revenues of 46.621 billion yuan, 53.673 billion yuan, and 63.690 billion yuan, with respective growth rates of 31.73%, 15.13%, and 18.66% [7][11]. - The projected net profit for the same period is 1.746 billion yuan, 2.330 billion yuan, and 2.907 billion yuan, with growth rates of 44.67%, 33.46%, and 24.77% respectively [7][11]. Market Position - The company has made significant inroads in the power battery sector, securing contracts with high-end vehicle manufacturers and expanding its market presence in Asia-Pacific and Europe-Africa [6]. - The company’s market share in China's power lithium battery installed capacity reached 4.59%, ranking fourth, which is an improvement from the previous year [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price between 10% and 20% over the next six months [12]. Core Views - The company reported a revenue of 42.16 billion yuan in 2024, a year-on-year increase of 3.6%, and a net profit attributable to shareholders of 12.77 billion yuan, up 10.6% year-on-year [3][7]. - The performance of cross-line trains has been stable, contributing to revenue growth, while the main line train passenger volume decreased by 2.3% due to weak business travel [4]. - The company’s core costs remained stable, with total costs increasing slightly by 0.6% to 22.18 billion yuan in 2024, while management and financial expenses decreased [5][6]. Summary by Sections Company Overview - The latest closing price is 5.96 yuan, with a total market capitalization of 292.7 billion yuan and a P/E ratio of 22.92 [2]. Financial Performance - In Q1 2025, the company achieved a revenue of 10.22 billion yuan, a year-on-year increase of 1.2%, with net profit remaining stable at 2.96 billion yuan [3][6]. - The company expects revenues for 2025 to reach 43.92 billion yuan, with a projected growth rate of 6.9% [7][10]. Cost and Expense Management - The company’s overall costs were 22.18 billion yuan in 2024, with a slight increase of 0.6%, while management expenses rose marginally [5][11]. - Financial expenses decreased significantly by 1.57 percentage points to 4.24% due to debt repayment and declining interest rates [5]. Future Outlook - The company anticipates stable growth in personal travel, which will positively impact its network service business, and a gradual recovery in business travel is expected to improve the main line train operations [7].

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The food and beverage industry is experiencing a mixed performance across various segments, with opportunities in new channels and product categories. The report highlights the need for companies to adapt to changing consumer preferences and market dynamics [5][6][7] Summary by Relevant Sections 1. Baijiu Sector - The baijiu sector achieved a total revenue of CNY 440.515 billion in 2024, with a year-on-year growth of 6.89%, and a net profit of CNY 166.778 billion, up 7.50%. In Q1 2025, revenue was CNY 152.933 billion, growing 1.82%, and net profit was CNY 63.340 billion, increasing 2.33% [15][19] - High-end baijiu brands like Moutai, Wuliangye, and Luzhou Laojiao are expected to see stable growth targets of around 9%, 5%, and steady progress respectively for 2025 [19][21] - The report notes that companies are increasing dividend rates to enhance returns for investors, with expected dividend yields for major brands ranging from 1.39% to 6.28% in 2025 [18] 2. Frozen Food - The frozen food industry is facing a slowdown in growth, with leading companies like Anjijia showing resilience while others like Qianwei Central Kitchen are under pressure due to product structure. The industry is seeking breakthroughs in products and channels to improve revenue and profit [6] 3. Snack Foods - The snack food sector is experiencing differentiation, with leading companies leveraging product innovation and channel expansion to drive growth. Salted Fish's brand "Big Demon King" has shown significant results from brand investment [6] 4. Soft Drinks - The soft drink segment is seeing high growth from brands like Dongpeng, while companies like LuLu and Master Kong maintain operational resilience. New products in the health drink category are also performing well [6] 5. Pet Food - The pet food industry remains highly prosperous, with leading companies like Guibao Pet and Zhongchong Co. showing revenue growth rates of 21.22% and 19.15% respectively in 2024 [7] 6. Bakery Products - The bakery sector is recovering, with significant growth in supermarket channels driven by new product launches. Companies like Angel Yeast are expanding their international business, contributing to overall growth [8] 7. Dairy Products - Yili's revenue is stabilizing with better-than-expected profit performance, while New Dairy is seeing continuous profit margin improvements. Yili aims for a total revenue of CNY 119 billion in 2025 [8] 8. Beer - The beer market is witnessing a recovery in consumption, with major brands like Qingdao Beer and Chongqing Beer showing positive sales growth in Q1 2025 [9] 9. Seasoning Products - The seasoning industry is under pressure, but companies like Haitian are performing steadily, with core products like soy sauce maintaining growth [9]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The food and beverage industry is experiencing a mixed performance across various segments, with opportunities in new channels and product categories. The report highlights the need for companies to adapt to changing consumer preferences and market dynamics [5][6][7] Summary by Sections 1. Baijiu Sector - The baijiu sector achieved a total revenue of CNY 440.515 billion in 2024, with a year-on-year growth of 6.89%, and a net profit of CNY 166.778 billion, up 7.50%. In Q1 2025, the sector's revenue was CNY 152.933 billion, growing 1.82%, with a net profit of CNY 63.340 billion, up 2.33% [15][19] - High-end baijiu brands like Moutai, Wuliangye, and Luzhou Laojiao are expected to see stable growth targets of around 9%, 5%, and steady progress respectively for 2025 [19][21] - The report notes that companies are increasing dividend rates to enhance returns to investors, with expected dividend yields for 2025 ranging from 1.39% to 6.28% across various brands [18][20] 2. Consumer Goods - The frozen food sector is facing a slowdown in growth, with leading companies like Anjijia showing resilience while others struggle due to intense price competition [6] - The snack food industry is diversifying through new channels such as e-commerce and overseas markets, with companies like Yanjinpuzi achieving significant growth through brand investment [6] - The soft drink segment is witnessing strong growth from brands like Dongpeng, while other established brands maintain operational resilience [6] 3. Pet Food - The pet food industry is maintaining high growth, with leading companies like Guibao Pet and Zhongchong Co. reporting revenue growth rates of 21.22% and 19.15% respectively in 2024 [7] 4. Bakery Products - The bakery sector is recovering, with significant growth in the supermarket channel, particularly for new products from brands like Sam's Club [8] 5. Dairy Products - Yili's revenue is stabilizing with better-than-expected profit performance, while New Dairy is seeing continuous profit margin improvements [8] 6. Beer - The beer market is showing signs of recovery, with major brands like Qingdao Beer and Chongqing Beer reporting volume increases in Q1 2025 [9] 7. Seasoning Products - The seasoning industry is under pressure, but companies like Haitian are performing steadily, with core products like soy sauce showing robust growth [9]