丨证券研究报告丨 行业研究丨专题报告丨食品、饮料与烟草 [Table_Title] 食品饮料行业 2024 年报及 2025 年一季报综述 大众品篇：渐进式修复，分化仍延续 报告要点 董思远 徐爽 范晨昊 冯萱 陈硕旸 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490519100003 SAC：S0490524060001 SAC：S0490524020002 SFC：BQK487 [Table_Summary] 大众消费品历经坎坷的复苏之路持续向前，硬折扣、情绪消费等新模式、新思潮陆续冲击着固 有的消费场景和心智偏好，让我们看到大众品赛道之间，甚至是细分景气赛道内的公司之间， 分化显著甚至有趋势性增强。总体的趋势总结越发难以套用到不同的个体公司，但迭代和新生 是永恒的主题，既是对企业对业务趋势洞察力的比拼，也是内部精益化管理的严酷考核。在外 部环境剧烈变化的当下，及时跟上新产品、新模式趋势，不断迭代产品、品宣、服务等多维度 能力的公司，或许能拥有盈利和估值中长期的α表现。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% % ...

丨证券研究报告丨 公司研究丨点评报告丨中矿资源（002738.SZ） [Table_Title] 锂价下滑盈利承压，静待铜及小金属资源放量 ——中矿资源 2024 年报暨 2025 一季报点评 报告要点 [Table_Summary] 公司 2024 全年实现归母净利 7.57 亿元，同比-66%；扣非归母净利 6.03 亿元，同比-72%。 2025Q1，公司实现归母净利 1.35 亿元，同比-47%，环比-36%；扣非归母净利 0.43 亿元，同 比-81%，环比-77%。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SAC：S0490512070002 SAC：S0490519080004 SAC：S0490520080021 SAC：S0490522080001 SFC：BQT626 王鹤涛 王筱茜 许红远 肖百桓 周相君 中矿资源（002738.SZ） cjzqdt11111 [Table_Title 锂价下滑盈利承压，静待铜及小金属资源放量 2] ——中矿资源 2024 年报暨 2025 一季报点评 ...

丨证券研究报告丨 固收资产配置丨点评报告 [Table_Title] 转债小幅回调，关注大盘蓝筹转债 ——可转债周报 20250524 报告要点 [Table_Summary] 当周（2025 年 5 月 19 日–2025 年 5 月 24 日）A 股维持震荡整理，结构性轮动加剧，市场风 格由高弹性题材博弈转向防御与低位修复。TMT 板块调整压力显现，消费方向相对稳健，主力 资金持续净流出。可转债市场延续震荡，指数小幅下行且成交缩量，估值结构分化，低价区间 压缩明显，中高价券具备修复弹性。一级市场供给活跃，条款博弈仍偏谨慎，赎回扰动整体可 控。配置上建议均衡布局，关注基本面支撑、估值充分调整的中高价转债，同时兼顾高评级蓝 筹转债的稳健配置价值。 分析师及联系人 [Table_Author] 赵增辉 熊锋 SAC：S0490524080003 SAC：S0490524120004 SFC：BVN394 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 转债小幅回调，关注大盘蓝筹转债 2] ——可转债周报 20250524 [Table_S ...

固定收益丨深度报告 [Table_Title] 2025 年地方债投资一本通（下） %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 本报告为《地方债投资指南》系列的下篇，主要从流动性、特殊条款、机构行为三个视角观察 地方债投资价值。地方债市场呈现三个维度特征：流动性上，新债和短期债更活跃，但高流动 性品种整体稀缺，发行规模大、条款简单的债券更受市场青睐，专项债流动性普遍弱于一般债； 机构策略上，长期资金锁定超长期品种匹配负债需求，中小机构聚焦中期债交易；条款设计上， 含提前偿还条款的债券因现金流不确定性导致二级交易时的流动性折价。各区域地方债流动性 存在分化。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 2 / 29 %% %% %% %% research.95579.com 2 丨证券研究报告丨 cjzqdt11111 2025-05-27 固定收益丨深度报告 [ ...

丨证券研究报告丨 行业研究丨行业周报丨建材 [Table_Title] 开工竣工延续偏弱，关注非洲建材和特种玻纤 ——建材周专题 2025W20 报告要点 [Table_Summary] 开工竣工延续偏弱，关注城市更新推进 基本面：水泥出货环比下降，玻璃价格小幅下跌 推荐非洲链和国产替代链，存量龙头为全年主线 分析师及联系人 [Table_Author] 范超 张佩 李金宝 李浩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490516040002 SAC：S0490520080026 SAC：S0490523030002 SFC：BQK473 SFC：BVZ972 %% %% %% %% research.95579.com 1 [Table_Title 开工竣工延续偏弱，关注非洲建材和特种玻纤 2] ——建材周专题 2025W20 请阅读最后评级说明和重要声明 [Table_Summary2] 开工竣工延续偏弱，关注城市更新推进 房地产开工竣工同比降幅有所扩大。2025 年 1-4 月新开工面积同比下降 23.8%，4 月同比下 降 22.1%，单月同比降 ...

丨证券研究报告丨 中国经济丨点评报告 [Table_Title] 一边抢出口，一边盈利改善 报告要点 [Table_Summary] 4 月，规模以上工业企业盈利同比增速回升至 3.0%。从量、价、利润率拆解来看，本月盈利增 速回升，主要靠利润率的同比增速边际走强，量、价在同比增速的边际变化上均是拖累。总的 来看，4 月企业盈利在抢出口带动下持续改善，利润率同比加速改善，是明确的积极信号。但 参考上一轮贸易摩擦，需要谨慎看待盈利增速改善的持续性。相比之下，内需的韧性可能成为 对冲出口脉冲走弱的关键抓手，盈利增速改善的中期线索仍在总需求的弹性与韧性。 分析师及联系人 [Table_Author] 于博 刘承昊 SAC：S0490520090001 SAC：S0490523050001 SFC：BUX667 SFC：BVA882 请阅读最后评级说明和重要声明 %% %% %% %% ——1-4 月工业企业利润点评 research.95579.com 1 丨证券研究报告丨 cjzqdt11111 2025-05-27 中国经济丨点评报告 事件描述 2025 年 5 月 27 日，国家统计局公布数据：1-4 月规上 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a net profit attributable to shareholders of 2.58 billion yuan for 2024, a year-on-year decrease of 24.56%. The net profit excluding non-recurring items was 2.547 billion yuan, down 28.76% year-on-year. In Q4 2024, the net profit attributable to shareholders was 712 million yuan, an increase of 57.76% year-on-year and 24.71% quarter-on-quarter [2][4]. Financial Performance Summary - In 2024, the company achieved total revenue of 32.51 billion yuan, with a gross profit of 14.60 billion yuan, representing a gross margin of 45% [14]. - The copper segment produced 166,300 tons with revenue of 12.838 billion yuan and a net profit of 6.263 billion yuan. The company holds a 30.78% stake in the copper business, yielding an investment income of 1.928 billion yuan, accounting for 75% of the net profit [9]. - The lithium segment generated revenue of 1.022 billion yuan, down 48% year-on-year, with a gross margin of 45.44%, a decrease of 35.07 percentage points. The net profit was 491 million yuan, with lithium production at 11,566 tons, a 4% decrease year-on-year [9]. - The potassium segment reported revenue of 2.21 billion yuan, down 31% year-on-year, with a net profit of 261 million yuan. The average selling price of potassium chloride was 2,115 yuan per ton, down 15% year-on-year [9]. Future Outlook - The company has set production and sales targets for 2025, aiming for potassium chloride production of 1 million tons and sales of 950,000 tons, as well as lithium carbonate production and sales of 11,000 tons each [9]. - The company is accelerating copper production expansion, with the second phase of the copper project expected to commence production by the end of 2025, significantly enhancing profitability [9]. - The company is also advancing lithium resource development, with expectations for faster progress in obtaining mining permits [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company demonstrates strong operational stability and cost advantages, showcasing significant profit resilience during cyclical pressures. In Q1 2025, the company achieved a gross margin of 16.84%, with a net profit margin of 10.93% [5][4]. - The company's revenue for Q1 2025 was 1.789 billion, a year-on-year decrease of 22.24% and a quarter-on-quarter decrease of 2.95%. The net profit attributable to the parent company was 191 million, reflecting a year-on-year decline of 59.12% but a quarter-on-quarter increase of 163.79% [2][4]. - The company has a healthy balance sheet with cash and cash equivalents of 5.458 billion as of the end of Q1 2025, and it has almost no long-term debt, which contributed to financial income of 32.91 million in Q1 2025 [10]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 1.789 billion, a decrease of 22.24% year-on-year and a decrease of 2.95% quarter-on-quarter. The net profit attributable to the parent company was 191 million, down 59.12% year-on-year but up 163.79% quarter-on-quarter. The net profit excluding non-recurring items was 182 million, down 41.02% year-on-year and up 50.77% quarter-on-quarter [2][4][5]. Market Conditions - The lithium price saw a quarter-on-quarter decline in Q1 2025, with the average price of battery-grade lithium carbonate at 75,800 per ton (including tax), down 0.5% [5]. - The company faced a slight decrease in lithium salt sales due to the suspension of a production line for technical upgrades at the beginning of the year [5]. Strategic Positioning - The company is positioned on the left side of the cost curve in the lithium industry and continues to pursue cost reduction and efficiency improvements. The expansion of production capacity and the implementation of the technical upgrade project for battery-grade lithium carbonate are expected to enhance profitability [10]. - The overall supply-demand dynamics in the lithium industry are improving, with the excess supply starting to narrow, which may stabilize lithium prices [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a net profit attributable to shareholders of 757 million yuan in 2024, a decrease of 66% year-on-year; the net profit excluding non-recurring items was 603 million yuan, down 72% year-on-year [2][4]. - In Q1 2025, the company reported a net profit attributable to shareholders of 135 million yuan, a decline of 47% year-on-year and 36% quarter-on-quarter; the net profit excluding non-recurring items was 43 million yuan, down 81% year-on-year and 77% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - The lithium segment's revenue for the year was 3.129 billion yuan, down 26% year-on-year, accounting for 58% of total revenue; gross profit was 583 million yuan, representing 33% of total gross profit, with a gross margin of 18.62%, down 39.15 percentage points year-on-year [10]. - The cesium and rubidium segment achieved revenue of 1.395 billion yuan, up 24% year-on-year, accounting for 26% of total revenue; gross profit was 1.092 billion yuan, representing 62% of total gross profit, with a gross margin of 78.29%, up 13.91 percentage points year-on-year [10]. - The company’s lithium salt production reached 43,700 tons, an increase of 138% year-on-year, while sales volume was 42,600 tons, up 145% year-on-year [10]. Business Outlook - The company is focusing on expanding its lithium, copper, and cesium/rubidium business segments while exploring opportunities in gallium and germanium [10]. - The company is advancing capacity expansion in the lithium segment and actively pursuing a 30,000-ton lithium salt production line in Africa [10]. - In the copper segment, the Kitumba project has potential for continuous resource increase, with plans for 3.5 million tons of raw ore production and 60,000 tons of copper smelting capacity [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a net profit attributable to shareholders of 4.663 billion yuan for 2024, a year-on-year decrease of 41%. The net profit excluding non-recurring items was 4.401 billion yuan, down 50% year-on-year [2][6]. - In Q4 2024, the net profit attributable to shareholders was 1.522 billion yuan, a decrease of 34% year-on-year but an increase of 64% quarter-on-quarter. The net profit excluding non-recurring items was 1.33 billion yuan, down 59% year-on-year but up 46% quarter-on-quarter [2][6]. - The company’s potassium fertilizer business generated 11.713 billion yuan in revenue, a decrease of 20% year-on-year, while lithium carbonate revenue was 3.075 billion yuan, down 52% year-on-year [12]. Summary by Sections Financial Performance - The company achieved total revenue of 15.134 billion yuan in 2024, with a gross profit of 7.848 billion yuan, representing a gross margin of 52% [15]. - The potassium fertilizer segment accounted for 77% of total revenue, while lithium accounted for 20% [12]. - The average selling price for potassium chloride was approximately 2,507 yuan per ton, down 4% year-on-year, while the average selling price for lithium carbonate was about 74,000 yuan per ton, down 56% year-on-year [12]. Market Outlook - The potassium fertilizer business is expected to maintain strong profitability, providing stable cash flow. The lithium business is projected to ramp up production with a 40,000-ton lithium salt project expected to commence in 2025 [12]. - The entry of a state-owned enterprise, WISCO, is anticipated to enhance the company's long-term development potential through system upgrades and resource integration [12]. Shareholder Returns - The company has a robust cash position and stable earnings from its potassium fertilizer business, leading to expectations for future dividends [12].