Investment Rating - The industry is rated as "Positive" for the next 12 months, expecting a relative increase of over 10% compared to the CSI 300 index [22]. Core Insights - In February, excavator sales reached approximately 19,300 units, representing a year-on-year growth of 52.80% [7][10]. - The sales of loaders in February were 8,730 units, with a year-on-year increase of 34.40% [8]. - The average working hours for major construction machinery products in February were 46.4 hours, showing a significant year-on-year growth of 70.3% [8]. - The recovery in excavator sales is attributed to a low base in the same period last year and ongoing equipment renewal policies [10]. - The government work report emphasizes stabilizing the real estate market, which is expected to drive demand for construction machinery through urban renewal and renovation of old residential areas [10]. Summary by Sections Industry Overview - The mechanical equipment industry has shown a strong recovery, with significant increases in sales figures for excavators and loaders [7][10]. - The industry is expected to benefit from improved domestic funding and a rebound in global demand [10]. Company Recommendations - The report maintains "Buy" ratings for Sany Heavy Industry (600031), Zoomlion Heavy Industry (000157), Hengli Hydraulic (601100), and CRRC Corporation (601766) [10]. Financial Performance - Yunnan Aluminum Co., as a "green pioneer" in the aluminum industry, reported a net profit of 3.82 billion yuan for the first three quarters of 2024, marking a year-on-year increase of 52.49% [11]. - The company is expected to benefit from lower raw material costs and a favorable water supply situation in Yunnan, which will enhance its production capacity and profitability [11][12].

Investment Rating - Steel: Neutral [1] - Non-ferrous Metals: Positive [1] Core Views - The marginal improvement in the industry fundamentals is noted, with ongoing tariff policies causing market disruptions [1] - The steel sector is expected to see a recovery in demand due to increased funding for construction sites and warmer weather, although macroeconomic factors and overseas tariffs remain concerns [1][17] - Copper supply is tight, supporting prices, while domestic inventory has slightly decreased; future demand performance will be crucial for price movements [1][37] - Aluminum prices are supported by expectations of macroeconomic easing and solar energy installations, but overseas tariffs and trade policies pose risks [1][44] - Gold prices are supported by various factors, including increasing reserves in China and ongoing geopolitical tensions, with a focus on the progress of negotiations regarding the Russia-Ukraine conflict [1][48] Summary by Sections Steel Industry - Supply has decreased, and inventory continues to decline, indicating a marginal improvement in fundamentals [17] - As of March 7, the total steel inventory was 18.58 million tons, down 0.93% from the previous period and down 24.02% year-on-year [26] - The average profit margins for hot-rolled and cold-rolled steel are negative, but have shown some improvement compared to the previous period [35] Copper Industry - High copper prices are suppressing demand, with slow recovery in downstream industries [36] - As of March 7, LME copper prices were $9,700 per ton, up 3.21% from the previous period [41] - Domestic copper inventory has slightly decreased, indicating potential upward pressure on prices if demand improves [37] Aluminum Industry - As of March 7, LME aluminum prices were $2,700 per ton, reflecting a 2.10% increase from the previous period [45] - The market is cautious, with downstream enterprises adopting a wait-and-see approach [44] Gold Industry - As of March 7, COMEX gold prices were $2,917.70 per ounce, up 1.76% from the previous period [48] - Various geopolitical factors and central bank purchases are supporting gold prices [48] Lithium Industry - The supply of lithium is expected to increase as some lithium salt plants resume normal production [2] - Policies such as "trade-in" and charging infrastructure subsidies are anticipated to stimulate downstream demand [2] Rare Earth and Minor Metals - As of March 7, light rare earth prices showed a slight decline, while heavy rare earth prices varied [56] - Tungsten and other minor metal prices have also seen slight decreases [60]

晨会纪要（2025/3/12） [Table_Contactor] 编辑人 [Table_MainInfo] 渤海证券研究所晨会纪要 崔健 022-28451618 SACNO: S1150511010016 cuijian@bhzq.com 行业专题评述 行业基本面边际改善，关税政策持续扰动市场——金属行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 4 晨会纪要（2025/3/12） [Table_MorningSection] 行业专题评述 行业基本面边际改善，关税政策持续扰动市场——金属行业周报 张珂（证券分析师，SAC NO：S1150523120001） 投资要点 1.行业新闻 （1）2025-2029 年巴西稀土项目投资将达到 21.7 亿美元； （2）美国 2 月非农人数略低于预期。 2.公司新闻 兴业银锡全资子公司西乌珠穆沁旗银漫矿业有限责任公司采矿承包方河南锦源建设有限公司银漫矿业工程 项目部在采准作业时发生一起安全事故。 3.本周行业策略与个股推荐 （1）钢铁：据我的钢铁网消息，近期建筑工地资金到位率逐渐增 ...

行 业 研 究 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 20 行业周报 [Table_MainInfo] 行业基本面边际改善，关税政策持续扰动市场 ――金属行业周报 分析师： 张珂 SAC NO： S1150523120001 2025 年 3 月 11 日 [投资要点： Table_Summary] 行业情况及产品价格走势初判 钢铁：据我的钢铁网消息，近期建筑工地资金到位率逐渐增加，叠加气温回 暖，下游需求增加，行业基本面有望好转，但需关注国内宏观因素和海外关 税问题的影响。 铜：铜矿持续偏紧，原料端对铜价有支撑；国内铜库存实现小幅下降，若后 续国内下游需求表现较好，铜价或得到提振；需警惕宏观因素影响，若美国 继续加大关税的力度和范围，或对铜价走向有扰动。 铝：当前国内宏观经济宽松预期和光伏抢装预期对铝价有支撑，但海外关税 和贸易政策对价格有扰动，需关注国内下游需求的实际恢复情况。 [Table_Author] 证券分析师 张珂 022-23839062 zhangke@bhzq.com [Table_Contactor] [Table_IndInvest] 行业评 ...

金 融 工 程 研 究 基金周报 权益市场指数普遍修复，资金大量流入港股科技板块 分析师：宋旸 SAC NO：S1150517100002 2025 年 3 月 10 日 ――公募基金周报 证券分析师 宋旸 022-28451131 songyang@bhzq.com 研究助理 上周，市场主要指数估值全部上调。市盈率方面，涨幅靠前的中证 1000、中证全 指的估值历史分位数分别环比上升 4.6pct.和 3.0pct.，达到 51.6%和 56.5%，创业板 指估值历史分位数 20.0%，处于历史低位。市净率方面，涨幅靠前的上证指数、中 证 1000 估值历史分位数分别环比上升 4.7pct.和 4.3pct.，最终值为 67.4%和 32.9%， 中证 1000 指数估值历史分位数处于历史较低水平。行业方面，上月申万一级指数 市盈率估值历史分位数最高的五个行业为房地产、电子、汽车、综合、计算机，其 中，房地产行业的市盈率估值分位数已达 90.8%，未来应关注其存在的修正风险； 而上月市盈率估值历史分位数较低的五个行业为休闲服务、农林牧渔、轻工制造、 公用事业、石油石化，它们的行业市盈率估值分位数均小于 20 ...

行 业 研 究 行业周报 [Table_MainInfo] 加力支持以旧换新，关注扩大内需细分领域机会 | ――轻工制造&纺织服饰行业周报 | 分析师： | 袁艺博 | SAC NO： | 年 | 月 | 日 | S1150521120002 | 2025 | 3 | 10 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [Table_Author] | 证券分析师 | [Table_Summary] | 投资要点： | 袁艺博 | | | | | | | | | | | | | | | | | | | | 行业要闻 | 022-23839135 | yuanyb@bhzq.com | | | | | | | | | | | | | | | | | | | | | | （1）纸厂惊现千元涨价函，上一次还是两年前。 | [Tab ...

行 业 研 究 行业周报 [Table_MainInfo] 加力支持以旧换新，关注扩大内需细分领域机会 | ――轻工制造&纺织服饰行业周报 | 分析师： | 袁艺博 | SAC NO： | 年 | 月 | 日 | S1150521120002 | 2025 | 3 | 10 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [Table_Author] | 证券分析师 | [Table_Summary] | 投资要点： | 袁艺博 | | | | | | | | | | | | | | | | | | | | 行业要闻 | 022-23839135 | yuanyb@bhzq.com | | | | | | | | | | | | | | | | | | | | | | （1）纸厂惊现千元涨价函，上一次还是两年前。 | [Tab ...

Investment Rating - The industry investment rating is "Positive" for the next 12 months, indicating an expected increase in the index by over 10% compared to the CSI 300 index [35]. Core Insights - The macroeconomic environment shows signs of resilience in the US service sector, but concerns about "stagflation" are resurfacing due to significant declines in consumer spending and persistent inflation pressures [1]. - In Europe, while service inflation has eased, overall CPI growth has exceeded expectations, leading to a recovery in risk appetite within the Eurozone [1]. - Domestic manufacturing and service PMI have shown seasonal recovery post-holiday, but sustainability of this recovery remains a concern [3]. - The government has indicated a proactive stance on economic policies, emphasizing the importance of consumption, technological innovation, and stability in real estate and stock markets [3]. Summary by Sections Macroeconomic Analysis - The US economy is facing challenges with consumer spending showing the largest decline in four years, while inflation remains difficult to control [1]. - European economic indicators are stabilizing, supported by expectations of loose fiscal policies in Germany [1]. Domestic Economic Environment - Domestic PMI for manufacturing and services has rebounded, but future sustainability needs monitoring [3]. - The government has set clear economic growth and inflation targets, with a focus on flexible policies to support consumption and innovation [3]. High-Frequency Data - Real estate transactions are recovering, while prices for various commodities show mixed trends, with steel prices declining and non-ferrous metals generally rising [3].

Investment Rating - The report maintains a "Neutral" rating for the light industry and textile apparel sectors, while recommending an "Overweight" rating for specific companies including Oppein Home, Sophia, Explorer, Semir Apparel, and Guibao Pet [7][30]. Core Insights - The European Union has made a preliminary anti-dumping ruling against Chinese decorative paper, imposing temporary anti-dumping duties ranging from 31.0% to 34.9% on involved companies [4][12]. - Adidas is strategically positioning itself in the Chinese sports market through a partnership with Tsinghua University, focusing on technology innovation and talent development in sports [12]. - The integration of AI models like DeepSeek by home appliance and furniture companies is expected to enhance their capabilities in customization, design, production, marketing, and customer service, thereby improving consumer experience [6][29]. Industry News - The light industry sector underperformed the CSI 300 index by 1.42 percentage points from February 17 to February 21, with a decline of 0.42% compared to the index's increase of 1.00% [6][23]. - The textile and apparel sector also lagged behind the CSI 300 index, underperforming by 1.91 percentage points during the same period, with a decline of 0.91% [6][25]. - The report highlights the performance of specific companies, noting that the top gainers in the light industry included Shengtong Co. (32.00%) and QuSleep Technology (25.83%) [24]. Company Announcements - Ruierte reported a 13.81% year-on-year decline in net profit for 2024, despite a revenue increase of 8.23% [5][22]. - Pearl River Piano has entered a strategic partnership with Lehai Musical Instruments to establish a benchmark in the national musical instrument industry [6][22].

请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 12 行 业 研 究 行业周报 [Table_MainInfo]挖机销售预期向好，关注工程机械需求回暖 | | | | ――机械设备行业周报 | | --- | --- | --- | --- | | 分析师： 宁前羽 | SAC NO： | | S1150522070001 2025 年 3 月 6 日 | | [Table_Author] 证券分析师 | | | [Table_Summary] | | 宁前羽 | | | 投资要点： | | 022-23839174 | | |  行业要闻 | | ningqy@bhzq.com | | | | | | | | （1）2 月中国工程机械市场指数（CMI）为 106.68，同比增长 13.53%。 | | | | | （2）第 21 届天津工博会于 3 月 6 日-9 日在国家会展中心（天津）举办。 | | [Table_IndInvest] 子行业评级 | | | | | 通用设备 | | 看好 |  公司公告 | | 专用设备 | | 中性 | （1）绿的谐波将剩余超募 ...