Investment Rating - The report maintains an investment rating of "Outperform the Market" for the lithium battery industry [5][6][9]. Core Viewpoints - The lithium battery sector has shown strong sales growth, with March 2025 sales of new energy vehicles reaching 1.237 million units, a year-on-year increase of 40.09% and a month-on-month increase of 36.86% [5][16]. - The report highlights the importance of monitoring upstream raw material price trends, monthly sales, and domestic and international trade policy statements as key factors influencing the industry [5][9]. - The overall industry outlook remains positive, with expectations for continued growth in the domestic and international new energy vehicle markets [5][9]. Summary by Sections 1. Market Review - In March 2025, the lithium battery index fell by 9.76%, while the new energy vehicle index decreased by 1.61%, both underperforming the Shanghai and Shenzhen 300 index, which fell by only 0.03% [2][9]. - Among individual stocks in the lithium battery sector, 23 stocks rose while 83 fell, with a median decline of 6.04% [9][10]. 2. New Energy Vehicle Sales and Industry Prices - In March 2025, new energy vehicle sales in China reached 1.237 million units, with a market share of 42.44%, marking a historical high for the month [5][16]. - The report notes that the price of battery-grade lithium carbonate was 70,300 CNY/ton, down 6.08% from early March 2025, while lithium hydroxide was priced at 71,800 CNY/ton, down 2.21% [5][40]. - The report emphasizes the significant growth in power battery installations, which reached 56.60 GWh in March 2025, a year-on-year increase of 61.72% [5][35]. 3. Industry and Company News - The report outlines various industry developments, including government policies aimed at promoting electric vehicle infrastructure and the establishment of competitive battery material supply chains in Europe [58][59]. - It also highlights the strategic partnerships being formed within the industry, such as the collaboration between NIO and CATL to enhance battery swapping networks [59].

| 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,238.23 | 0.45 | | 深证成指 | | 9,834.44 | 0.82 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,750.52 | 0.41 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,598.27 | 0.60 | | 中证 500 | | 5,581.32 | 0.67 | | 中证 1000 | | 6,116.76 | 0.33 | | 国证 2000 | | 7,801.23 | 0.58 | | 资料来源：聚源，中原证券研究所 | | | | 分析师：张刚 登记编码：S0730511010001 国际市场表现 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源 ...

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 投行综合竞争力稳固、公募业务快速增长 ——华泰证券(601688)2024 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-10) | 收盘价(元) | 15.54 | | --- | --- | | 一年内最高/最低(元) | 20.48/11.88 | | 沪深 300 指数 | 3,735.12 | | 市净率(倍) | 0.86 | | 总市值(亿元) | 1,402.84 | | 流通市值(亿元) | 1,400.68 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 18.10 | | 总资产(亿元) | 8,142.70 | | 所有者权益(亿元) | 1,916.74 | | 净资产收益率(%) | 9.24 | | 总股本(亿股) | 90.27 | | H 股(亿股) | 17.19 | 个股相对沪深 300 指数表现 资料来源：聚源、中原证券研究所 -11% -1% 9% 19% 29% 39% 49 ...

轻工制造 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 出口增速下滑，关注关税政策影响 ——轻工制造行业月报 发布日期：2025 年 04 月 11 日 ⚫ 市场回顾：2025 年 3 月轻工制造板块下跌 1.34%，跑输沪深 300 指数 1.27pct，涨幅在中信一级行业中排名第 21 名。本月个股 涨幅靠前的 5 名分别是*ST 金时、万凯新材、德力股份、永新股 份、凯腾精工。 风险提示：1）宏观经济增长不及预期的风险； 2）行业竞争加剧的 风险； 3）需求不及预期的风险；4）原材料价格大幅上涨的风险。 证券研究报告-行业月报 同步大市(维持) 轻工制造相对沪深 300 指数表现 -23% -17% -10% -4% 2% 9% 15% 21% 2024.04 2024.08 2024.12 2025.04 轻工制造 沪深300 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 《轻工制造行业月报：海外浆厂报价上涨，关 注纸品价格提升》 2025-03-04 《轻工制造行业月报：家 ...

Investment Rating - The report maintains an investment rating of "In Line with the Market" for the light industry manufacturing sector [6]. Core Insights - The light industry manufacturing sector experienced a decline of 1.34% in March 2025, underperforming the CSI 300 index by 1.27 percentage points, ranking 21st among 30 sectors [12][14]. - The sector's price-to-earnings (PE) ratio as of March 31, 2025, is 30.70, which is at the 40th percentile historically, indicating a relatively low valuation compared to the past decade [20][21]. - The report highlights the impact of various factors on the paper and home furnishing segments, including fluctuating raw material prices and the influence of government policies on market demand [6][68]. Summary by Sections 1. Industry Performance Review - The light industry manufacturing index underperformed the broader market in March 2025, with a trading volume of 366.8 billion yuan, reflecting a 7.63% decrease month-on-month [12][13]. - Sub-sectors showed mixed performance, with "Other Home Furnishings" and "Metal Packaging" gaining 2.39% and 1.79% respectively, while "Furniture" and "Other Light Industry" fell by 4.25% and 7.46% respectively [14][17]. - Nearly half of the stocks in the sector saw gains, with 70 out of 171 stocks rising, while the median decline was -1.74% [17][18]. 2. Key Industry Data Tracking 2.1. Paper Industry - The paper and paper products industry reported a cumulative revenue of 209.05 billion yuan in January-February 2025, down 1.9% year-on-year, with total profits declining by 17.7% [24]. - The average price of waste yellow board paper was 1,415 yuan/ton as of March 31, 2025, reflecting a 0.86% increase from the previous month [29]. - The production of corrugated paper and boxboard continued to face downward price pressure, with average prices dropping by 3.51% and 6.54% respectively [35][36]. 2.2. Home Furnishing - The real estate market showed signs of stabilization, with cumulative sales area for new residential buildings declining by only 3.4% year-on-year in January-February 2025, a significant improvement from previous months [74]. - The furniture manufacturing sector faced challenges, with cumulative revenue of 91.22 billion yuan in January-February 2025, down 2.7% year-on-year, and profits down by 29.7% [83]. - The furniture retail sector saw a growth in sales, with a 15.63% increase in sales for building materials and home furnishings in February 2025 [88][89].

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 投行综合竞争力稳固、公募业务快速增长 ——华泰证券(601688)2024 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-10) | 收盘价(元) | 15.54 | | --- | --- | | 一年内最高/最低(元) | 20.48/11.88 | | 沪深 300 指数 | 3,735.12 | | 市净率(倍) | 0.86 | | 总市值(亿元) | 1,402.84 | | 流通市值(亿元) | 1,400.68 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 18.10 | | 总资产(亿元) | 8,142.70 | | 所有者权益(亿元) | 1,916.74 | | 净资产收益率(%) | 9.24 | | 总股本(亿股) | 90.27 | | H 股(亿股) | 17.19 | 个股相对沪深 300 指数表现 资料来源：聚源、中原证券研究所 -11% -1% 9% 19% 29% 39% 49 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the agriculture, forestry, animal husbandry, and fishery industry [4]. Core Insights - The poultry prices have stopped declining and are rebounding, supported by the release of the "Accelerating the Construction of an Agricultural Power Plan" [4]. - The report highlights that the industry is currently at a relatively low valuation compared to historical averages, indicating potential for valuation recovery [4]. Summary by Sections Market Review - In March 2025, the agriculture, forestry, animal husbandry, and fishery index rose by 2.44%, outperforming the Shanghai and Shenzhen 300 index, which fell by 0.07% [7][10]. - The animal health sector showed the highest growth, while the seed industry faced declines [10]. Livestock Farming Data Tracking - In March 2025, the average price of live pigs was 14.75 yuan/kg, with a slight month-on-month decline of 0.78% and a year-on-year decline of 0.03% [15][22]. - The average price of white feather broiler chicks was 2.88 yuan/chick, reflecting a month-on-month increase of 0.66 yuan/chick [24][27]. - The report notes a rebound in chicken prices due to improved market conditions and reduced cost pressures [27][29]. Policy Insights - The "Accelerating the Construction of an Agricultural Power Plan (2024-2035)" emphasizes the need for independent innovation in seed industry and the implementation of major biological breeding projects [31][32]. - The plan aims for significant progress in agricultural modernization by 2027 and substantial achievements by 2035 [31]. Major Agricultural Product Price Tracking - The report provides insights into the price trends of key agricultural products, indicating a strong fluctuation in corn and wheat prices [33][34]. Industry Dynamics and Company News - The report tracks significant events in the industry, including government initiatives to support agricultural development and the performance of listed companies in the sector [39][41].

新能源动力系统 -44% -34% -24% -15% -5% 4% 14% 24% 2024.04 2024.08 2024.12 2025.04 容百科技 沪深300 分析师：牟国洪 登记编码：S0730513030002 资料来源：中原证券研究所，Wind 证券研究报告-年报点评 增持(首次) | 收盘价(元) | 19.45 | | --- | --- | | 一年内最高/最低(元) | 42.58/18.08 | | 沪深 300 指数 | 3,735.12 | | 市净率(倍) | 1.11 | | 流通市值(亿元) | 139.01 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 17.47 | | 每股经营现金流(元) | 1.08 | | 毛利率(%) | 10.02 | | 净资产收益率_摊薄(%) | 3.51 | | 资产负债率(%) | 62.69 | | 总股本/流通股(万股) | 71,472.55/71,472.55 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 相关报告 联系人：李智 市场数据(2025 ...

Investment Rating - The report assigns an "Accumulate" investment rating for the company, indicating a potential increase in stock price relative to the market index [4][10]. Core Views - The company's performance is under short-term pressure, with significant declines in revenue and profit for 2024, but there are expectations for recovery in 2025 driven by the growth in the electric vehicle market and battery production [7][8]. - The company is a leader in the production of ternary materials, with a notable market share and a strong position in the industry, despite facing challenges from price declines and increased competition [8][10]. - The report highlights the company's strategic partnerships and product development in high-nickel materials and sodium-ion batteries, which are expected to enhance its competitive edge [8][10]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 15.088 billion yuan, a decrease of 33.41% year-on-year, with a net profit of 296 million yuan, down 49.06% [7][11]. - The company’s cash flow from operating activities fell by 70.85% to 523 million yuan, indicating significant financial strain [7]. - The proposed dividend distribution is 3.70 yuan per 10 shares, totaling 261 million yuan, which represents 88.11% of the net profit [7]. Market Trends - The report notes a 36.10% year-on-year increase in electric vehicle sales in China for 2024, with a total of 12.859 million units sold [7]. - The production of power batteries in China reached 1,096.8 GWh in 2024, marking a 40.96% increase, with exports contributing significantly to this growth [7]. Product and Industry Outlook - The company’s output of ternary materials increased by 22.37% in 2024, despite a drop in average prices due to competitive pressures [8]. - Expectations for 2025 include a recovery in sales driven by the ongoing demand for electric vehicles and advancements in battery technology [8][10]. - The company is enhancing its product mix and customer base, with significant growth in new energy materials such as manganese iron phosphate and sodium-ion batteries [8]. Valuation and Future Projections - The report forecasts earnings per share of 1.08 yuan and 1.40 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 17.97 and 13.88 [10][11]. - The valuation is considered reasonable relative to industry standards, with expectations of improved profitability as market conditions stabilize [10].

环保及公用事业 | 收盘价(元) | 10.72 | | --- | --- | | 一年内最高/最低(元) | 14.50/10.34 | | 沪深 300 指数 | 3,686.79 | | 市净率(倍) | 2.15 | | 流通市值(亿元) | 71.78 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 4.99 | | --- | --- | | 每股经营现金流(元) | 0.84 | | 毛利率(%) | 19.41 | | 净资产收益率_摊薄(%) | 13.93 | | 资产负债率(%) | 40.79 | | 总股本/流通股(万股) | 71,463.48/66,961.88 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -16% -11% -5% 0% 5% 11% 16% 21% 2024.04 2024.08 2024.12 2025.04 蓝天燃气 沪深300 资料来源：中原证券研究所，聚源 分析师：陈拓 登记编码：S0730522100003 chentuo@ccnew.com 城燃业务毛利率受未及时顺价影响 ...