Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [33]. Core Views - The company achieved an operating revenue of 86.804 billion yuan in 2024, a year-on-year increase of 5.16%, and a net profit attributable to shareholders of 10.814 billion yuan, up 0.83% year-on-year [7][16]. - The average on-grid electricity price for the company in 2024 was 0.416 yuan per kilowatt-hour, a decrease of 1.57% compared to the previous year, while the average market transaction price fell by 3.85% to approximately 0.3869 yuan per kilowatt-hour [8][10]. - The company managed to increase its total power generation to approximately 242.181 billion kilowatt-hours, a growth of 6.08% year-on-year, with significant contributions from its subsidiaries [8][10]. - The company is in a phase of large-scale nuclear power station construction, with a total installed capacity of 43.814 million kilowatts, accounting for 45.02% of the national total [11][13]. - The company plans to increase its cash dividend to 4.797 billion yuan for 2024, raising the dividend payout ratio to 44.36% [14]. Summary by Sections Financial Performance - The company reported a total operating revenue of 86.804 billion yuan for 2024, with a net profit of 10.814 billion yuan, reflecting stable growth despite market challenges [7][16]. - The company’s financial expenses decreased by 9.40% year-on-year to 5.133 billion yuan, aided by lower debt financing costs [14]. Market Position and Growth - The company’s nuclear power generation capacity is expected to grow, with new units coming online and ongoing projects in development [10][11]. - The company’s market share in the national on-grid electricity generation reached 54.38% in 2024, highlighting its significant role in the industry [10]. Future Outlook - The company forecasts net profits of 10.968 billion yuan, 11.688 billion yuan, and 13.215 billion yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share of 0.22, 0.23, and 0.26 yuan [15][16]. - The anticipated decline in market electricity prices in the Guangdong and Guangxi regions may impact the company’s average electricity price in 2025, but the overall power generation volume is expected to maintain an upward trend [15].

Investment Rating - The report maintains an investment rating of "In line with the market" for the electrical equipment sector [4]. Core Insights - The electrical equipment sector outperformed the CSI 300 index in March, with an increase of 0.86% compared to the index's 0.65% [4]. - The manufacturing PMI returned to a growth zone at 50.2% in February 2025, indicating a significant recovery in manufacturing sentiment [4][19]. - The sector's valuation is expected to continue recovering, with the PE (TTM) at 35.27 times and PB (LF) at 2.82 times, both near historical medians [4]. - The demand for electrical equipment is anticipated to rise due to the acceleration of domestic power grid construction and the growth in electricity consumption driven by AI, big data, and cloud computing [4]. Summary by Sections Market Review - The electrical equipment index rose 0.86% in March, outperforming the CSI 300 index by 0.21 percentage points [8]. - Among the sub-sectors, the transmission and distribution equipment and distribution equipment showed strong performance, while the motor and power electronics sectors experienced declines [8]. Macroeconomic Overview - In January-February 2025, the industrial added value increased by 5.9% year-on-year, with fixed asset investment growing by 4.1% [19]. - The manufacturing PMI increased by 1.1 percentage points to 50.2%, indicating improved market demand [20]. Electrical Equipment Sector Power Operation - Total electricity consumption in January-February 2025 was 15,564 billion kWh, a year-on-year increase of 1.3% [31]. - The total installed capacity of power generation reached 3,400 million kW, a year-on-year increase of 14.5% [32]. Industry Chain - As of March 28, 2025, the price of cold-rolled oriented silicon steel remained stable at 15,950 yuan/ton, while copper and silver prices increased by 4.70% and 8.39%, respectively [52]. - The export value of transformers in January-February 2025 was $1.207 billion, a year-on-year increase of 45.60% [53]. Power Grid Tendering - In March 2025, the State Grid Company conducted two tenders for distribution network materials and 10kV transformer equipment [72].

Investment Rating - The report maintains an investment rating of "In line with the market" for the electrical equipment sector [4]. Core Viewpoints - The electrical equipment sector outperformed the CSI 300 index in March, with an increase of 0.86% compared to the CSI 300's 0.65% [4][8]. - The manufacturing PMI returned to a growth zone at 50.2% in February 2025, indicating a significant recovery in manufacturing sentiment [4][19]. - The sector's valuation is expected to continue recovering, with the PE (TTM) at 35.27 times and PB (LF) at 2.82 times, both near historical medians [4][52]. - The demand for electrical equipment is anticipated to rise due to the acceleration of domestic grid construction and the growth in electricity consumption driven by AI, big data, cloud computing, and 5G [4][19]. Summary by Sections 1. Market Review - The electrical equipment index ranked 18th among CITIC's primary industries in terms of performance, with notable increases in the transmission and distribution equipment sectors [8][15]. 2. Macroeconomic Overview - In January-February 2025, fixed asset investment reached 52,619 billion yuan, a year-on-year increase of 4.1% [19][20]. - The manufacturing PMI rose by 1.1 percentage points from the previous month, indicating improved market demand [19][20]. 3. Electrical Equipment 3.1. Power Operation - Total electricity consumption in January-February 2025 was 15,564 billion kWh, a year-on-year increase of 1.3% [31]. - The installed capacity of power generation reached 3,400 million kW, a year-on-year increase of 14.5% [32]. 3.2. Industry Chain - As of March 28, 2025, the price of cold-rolled oriented silicon steel remained stable at 15,950 yuan/ton, while copper and silver prices saw significant increases [52][53]. - The export value of transformers in January-February 2025 was 1.207 billion USD, a year-on-year increase of 45.6% [53]. 3.3. Grid Tendering Situation - In March 2025, the State Grid Company conducted two tenders for distribution network materials and transformers [72][75]. 4. Regional Situation - In February 2025, Henan province's electricity generation was 30.063 billion kWh, a year-on-year increase of 4.11% [77]. 5. Industry Dynamics - The National Energy Administration released guidelines for energy industry standards in 2025, focusing on supporting high-quality energy development [80].

Key Points - The report highlights the recent modifications by the China Securities Regulatory Commission (CSRC) regarding IPO allocation, which now includes bank wealth management products and insurance asset management products as priority allocation objects [5][8] - The State-owned Assets Supervision and Administration Commission (SASAC) plans to strategically restructure central enterprises in the automotive sector to enhance industry concentration and create a world-class automotive group with independent core technologies [5][8] - The U.S. core PCE price index rose by 2.8% year-on-year in February, exceeding expectations and raising concerns about persistent inflation and potential stagflation, influencing market expectations for a possible interest rate cut by the Federal Reserve in July [5][8] Domestic Market Performance - The Shanghai Composite Index closed at 3,351.31, down 0.67%, while the Shenzhen Component Index closed at 10,607.33, down 0.57% [3] - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are at 14.34 times and 37.50 times, respectively, indicating a suitable environment for medium to long-term investments [6][9] Industry Analysis - The automotive semiconductor sector is leading the A-share market with slight gains, reflecting a positive trend in the automotive industry [6][9] - The report notes a significant increase in domestic excavator sales and the release of humanoid robot products, indicating growth in the machinery and robotics sectors [7][9] - The photovoltaic industry is experiencing a price rebound, with a focus on the impact of policy stimuli on market dynamics [26][27] Economic Data - In the first two months of 2025, the national industrial added value increased by 5.9% year-on-year, while the total retail sales of consumer goods rose by 4.0% [13][14] - The report indicates that the fixed asset investment (excluding rural households) grew by 4.1% year-on-year, suggesting a stable economic recovery [13][14] Sector-Specific Insights - The new materials index outperformed the Shanghai and Shenzhen 300 indices in March, indicating strong performance in the new materials sector [16] - The global semiconductor sales continued to grow, with a 17.9% year-on-year increase in January 2025, highlighting the ongoing demand in the semiconductor industry [16][17] - The report emphasizes the growth potential in the optical chip market driven by AI infrastructure needs, with a projected compound annual growth rate of 14.86% from 2023 to 2027 [19][20]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 汽车传媒行业领涨 A 股震荡整固 ——市场分析 相关报告 《市场分析：汽车半导体行业领涨 A 股小幅 上扬》 2025-03-27 《市场分析：机器人汽车行业领涨 A 股小幅 整理》 2025-03-26 《市场分析：能源电力行业领涨 A 股小幅整 理》 2025-03-25 联系人： 李智 电话： 0371-65585629 ◼ A 股市场综述 周五（03 月 28 日）A 股市场探底回升、小幅震荡整理，早盘股指低 开后震荡回落，盘中股指在 3346 点附近获得支撑，午后股指维持震 荡，盘中文化传媒、汽车、多元金融以及贵金属等行业表现较好； 化肥、化纤、采掘以及农药兽药等行业表现较弱，沪指全天基本呈 现小幅震荡整理的运行特征。创业板市场周五震荡回落，创业板成 分指数全天表现弱于主板市场。 ◼ 后市研判及投资建议 周五 A 股市场探底回升、小幅震荡整理，早盘股指低开后震荡回 落，盘中股指在 3346 点附近获得支撑，午后股指维持震荡，盘中文 化传媒、汽车、多元金融以及贵金属等行业表现较好；化 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the new materials industry [2][5]. Core Insights - The new materials index outperformed the CSI 300 index in March, with a rise of 1.67% compared to the CSI 300's 1.09%, marking a 0.58 percentage point advantage [5][10]. - The new materials sector is expected to continue its growth trajectory, driven by increasing demand from the manufacturing industry and the integration of technologies such as artificial intelligence [5][21]. - The overall valuation of the new materials index, with a PE ratio of 26.68, is at the 80.40 percentile of historical valuations since 2022, indicating a rapid recovery in sector valuation [5][21]. Summary by Sections Industry Performance Review - The new materials index showed a strong performance in March, with a trading volume of 10,588.61 billion yuan, reflecting a 5.81% decrease from the previous month [10]. - In March, 101 out of 170 stocks in the new materials sector increased in value, with the top gainers being Yunlu Co. (25.41%), Baotai Co. (25.13%), and Haiyou New Materials (24.79%) [17][20]. Key Industry Data Tracking - In March, basic metal prices generally increased, with copper rising by 6.42% and tin by 8.50% [5][36]. - Global semiconductor sales reached $56.52 billion in January, marking a 17.9% year-on-year increase [5][41]. - The export volume of superhard materials and products in January-February was 29,000 tons, a 5.74% increase year-on-year, but the export value fell by 23.37% [5][49]. Industry Dynamics - The report highlights the establishment of the Shanghai Integrated Circuit Investment Fund Phase III and the issuance of the "Implementation Plan for High-Quality Development of the Aluminum Industry," indicating ongoing policy support for the sector [1][5]. - The integration of AI technologies is expected to drive innovation and growth within the new materials industry [5][47].

分析师：石临源 登记编码：S0730525020001 shily@ccnew.com 0371-86537085 《铝产业高质量发展实施方案》印发，上 海集成电路产投基金三期成立 新材料 资料来源：中原证券研究所，聚源 相关报告 《新材料行业月报：AI+新材料推动行业创新 发展，日本 EDP 公司开发出 30x30mm 金刚 石单晶》 2025-02-28 《新材料行业月报：中国团队研发钻石薄膜制 备新技术，力量钻石半导体高功率散热片金刚 石项目建成投产》 2025-01-20 《新材料行业年度策略：赋能制造业，把握国 ——新材料行业月报 证券研究报告-行业月报 强于大市(维持) 发布日期：2025 年 03 月 28 日 投资要点： 风险提示：技术进展不及预期；上游原材料价格大幅波动；下游需求 不及预期；地缘政治因素影响。 新材料指数 沪深300 产替代和自主创新机会》 2024-12-05 联系人：李智 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共21页 新材料相对沪深 300 指数表现 2022- 03 2022- 11 2023- 06 20 ...

分析师：李济生 登记编码：S0730522100002 lijs@ccnew.com 分析师：郑婷 登记编码：S0730524110001 zhengting@ccnew.com 相关报告 《河南资本市场月报（2025 年第 1 期）》 2025-2-27 联系人：李智 投资要点： 风险提示：全球系统风险不确定性；经济增长和业绩不及预期；市场流 动性风险。 本报告版权属于中原证券研究所股份有限公司 www.ccnew.com 请阅读最后一页各项声明 河南资本市场月报 （2025 年第 2 期） 证券研究报告 发布日期：2025 年 3 月 28 日 第 1页/共 19页 11722 电话： 0371-65585629 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 经济运行情况：2025 年 1-2 月我国财政政策靠前发力，有效需求边 际改善，主要经济指标均较 2024 年全年进一步回升，整体而言开 局平稳、情绪积极；1-2 月河南省主要经济指标在上年基础上继续 回升向好，内生发展动能进一步增强，在"四高四争先"部署谋划 下，河南省改革发展信心再度提振，有望助推经 ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry [1] Core Insights - The demand for optical chips is continuously growing, driven by the expansion of computing infrastructure and the "Chasing Light and Chips" initiative in Henan Province, which supports domestic chip breakthroughs [1] - The global computing power scale is expected to grow at a rate exceeding 50% over the next five years, with intelligent computing accounting for over 90% of this growth [7][12] - Optical chips are critical components for data transmission in AI servers, with demand significantly higher than traditional servers [7][47] Summary by Sections 1. Computing Power as a New Productive Force - The global computing power scale reached 1397 EFLOPS in 2023, a 54% year-on-year increase, with intelligent computing accounting for 63% of the total [12][19] - The rapid growth of AI is driving a transformation of data centers into computing centers, with significant capital expenditure increases from major cloud providers [24][27] 2. Optical Chips as Core Components - Optical chips are essential for high-speed, low-latency data transmission in AI servers, with their cost share in different speed optical modules typically ranging from 30% to 70% [7][57] - The global optical chip market is projected to grow at a compound annual growth rate of 14.86% from 2023 to 2027, with high-speed optical chips experiencing even faster growth [60] 3. Henan Province's Support for Computing Industry - Henan Province aims to establish a computing infrastructure with 350,000 standard racks and a computing power scale exceeding 120 EFLOPS by the end of 2026 [7][8] - The province has identified the optical industry chain as a key focus, targeting a revenue of 50 billion yuan for the optical core industry by 2025 [7][8] 4. Domestic Chip Manufacturers - Shijia Photon, a leading optical chip supplier in China, has developed a complete industrial chain from design to manufacturing and testing [8] - The company is positioned as a "hidden champion" in the optical chip sector, contributing to China's chip industry breakthroughs [8]

分析师：张刚 登记编码：S0730511010001 资料来源：聚源，中原证券研究所 -13% -8% -3% 3% 8% 14% 19% 25% 2024.03 2024.07 2024.11 2025.03 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,373.75 | 0.15 | | 深证成指 | | 10,668.10 | 0.23 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,932.41 | 0.33 | | 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 | 3,771.11 | 0.36 | | 中证 | 500 | 5,957.60 | 0.15 | | 中证 | 1000 | 6,116.76 | 0.33 | | 国证 | 2000 | 7,801. ...