Investment Rating - The report maintains an "Accumulate" rating for the tungsten industry, indicating a positive outlook for companies with resource advantages and deep processing capabilities [7]. Core Viewpoints - The tightening of total mining control indicators and resource scarcity are driving the upward trend in tungsten prices. The first batch of tungsten mining control indicators for 2025 is set at 58,000 tons, a decrease of 6.5% from the previous year [2][10]. - The global tungsten resource supply bottleneck began in 2016, leading to a shift in pricing logic from "demand narrative" to "supply narrative," initiating the longest price increase cycle in nearly 20 years [4][26]. - The recent export controls on tungsten products have significantly reduced export volumes, with March exports dropping by 63% year-on-year [3][19]. Summary by Sections Total Mining Control Indicators - The first batch of tungsten mining control indicators for 2025 is 58,000 tons, down from 62,000 tons in the previous year, primarily due to reductions in Jiangxi, Yunnan, and Heilongjiang provinces [10][11]. - The overall annual total mining control indicators are expected to remain flat or decrease compared to last year, reflecting a long-term growth bottleneck in domestic tungsten supply since its peak in 2015 [12][28]. March Exports - The export control measures implemented on February 4, 2025, have led to a drastic reduction in the export of dual-use tungsten items, with March exports falling to 502 tons, a 63% decrease year-on-year [3][19]. - The newly controlled tungsten products, such as tungsten carbide and ammonium paratungstate, saw their export volumes drop to zero, while other tungsten products also experienced significant declines [17][19]. Investment Recommendations - Companies with resource supply advantages and deep processing capabilities are expected to benefit significantly from the tungsten industry's favorable cycle, as resource scarcity continues to dominate the market [5][28]. - Key investment targets include Zhongtung High-tech, Xiamen Tungsten, Zhangyuan Tungsten, and Xianglu Tungsten, which are well-positioned to capitalize on the current market dynamics [5][28].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown continuous improvement in profitability and cash flow performance, with a significant increase in gross margin [2][3] - The company is expected to benefit from the ongoing "Belt and Road" initiative, which is anticipated to enhance infrastructure and engineering demand in emerging markets [3] Financial Performance Summary - In 2024, the company achieved total revenue of 17.6 billion, a decrease of 33% year-on-year, while net profit attributable to shareholders was 840 million, an increase of 10% [1] - The gross margin for 2024 was 14.5%, up 5.7 percentage points year-on-year, indicating improved profitability [2] - The company reported a net cash inflow from operating activities of 1.5 billion in 2024, reflecting strong cash flow management [2] - For Q1 2025, the company recorded total revenue of 3.5 billion, a decrease of 28%, but net profit attributable to shareholders increased by 7.8% [1] Future Earnings Projections - The company is projected to achieve net profits of 910 million, 980 million, and 1.05 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8.6%, 7.8%, and 7.6% [3][4] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.63, 0.68, and 0.73 respectively [4] Dividend Policy - The company announced a cash dividend of 2.99 per 10 shares for 2024, with a payout ratio of 51.4%, indicating a strong commitment to returning value to shareholders [3]

小金属 总量控制指标同比下滑，原料偏紧驱动钨价上移 事件：4 月 21 日自然资源部下达 2025 年度第一批钨矿（WO3 65%）开 采总量控制指标 5.8 万吨，去年同期 6.2 万吨，同比-6.5%。结构看，今 年第一批指标主要减项来自江西（-2,370 吨）、云南（-400 吨）、黑龙江（- 340 吨），部分地区如黑龙江、湖北、浙江等地未下发总量控制指标。 总量控制指标趋紧；资源稀缺主导钨价上涨行情。今年首批总量控制指标 同比下滑，一方面源于部分停产老矿山指标出清，另一方面或源于全年指 标平滑。去年第一批、第二批分别投放 6.2 万吨、5.2 万吨，全年 11.4 万 吨。今年或参考去年实际生产情况调整指标分配，两批指标量级差异呈现 收窄趋势。若将今年第一批指标年化，今年总量指标达 11.6 万吨，同比 +1.8%，略低于近五年 2.1%复合增速。但考虑到历史惯例，下半年第二 批指标通常低于第一批指标，今年全年实际指标预计较去年持平或有减。 长时序看，自 2018 年起，钨精矿开采总量控制指标呈现稳步上行趋势， 但与此同时，自 2016 年以来全国主产区加强对非法偷采盗采、私挖滥采、 无证开采等行为 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The new game "Wen Jian Chang Sheng" has performed well, contributing significantly to revenue growth, with total revenue reaching 363 million yuan in Q1 2025 [2]. - The company has a robust pipeline of new games and a solid overseas business development strategy, although overseas revenue saw a decline in Q1 2025 [3]. - Financial forecasts indicate steady revenue and profit growth from 2025 to 2027, with expected revenues of 39.18 billion yuan, 43.49 billion yuan, and 46.60 billion yuan respectively [4]. Financial Overview - In Q1 2025, the company achieved operating revenue of 1.136 billion yuan, representing a year-over-year increase of 22.47% and a quarter-over-quarter increase of 29.44% [1]. - The net profit attributable to shareholders was 283 million yuan, with a year-over-year increase of 11.82% and a quarter-over-quarter decrease of 1.43% [1]. - The company expects to achieve net profits of 1.002 billion yuan, 1.168 billion yuan, and 1.260 billion yuan from 2025 to 2027, with respective year-over-year growth rates of 6.0%, 16.6%, and 7.9% [4]. Game Performance - "Wen Jian Chang Sheng" has surpassed 2 million registered users since its launch in January 2025 and has introduced several updates and new gameplay features [2]. - Existing games like "Wen Gui" and "Yi Xiao Yao" have shown mixed performance, with revenue declines year-over-year but some recovery quarter-over-quarter [2]. Overseas Business - The overseas revenue for Q1 2025 was 117 million yuan, down 15.95% year-over-year, primarily due to high revenue contributions from the previous year [3]. - The company has a rich pipeline of overseas products, including self-developed and licensed titles, with several new games expected to launch in 2025 [3].

证券研究报告 | 季报点评 gszqdatemark 2025 04 23 年 月 日 1）毛利率：2025 Q1 公司毛利率为 49.9%，同比+0.2pct。 2）费率端：2025 Q1 公司销售/管理费/研发/财务费率分别为 26.0%/6.4%/4.1%/-0.6% ，同比变动 +2.4pct/-3.8pct/- 1.9pct/+0.4pct，销售费用率提升主要系公司推广力度加大及业务 收入结构变动导致。管理费用率优化明显。 3）净利率：2025Q1 净利率为 15.7%，同比+1.5pct，净利率创近 三年单季新高。 北鼎股份（300824.SZ） 内销复苏超预期，盈利水平提升明显 事件：公司发布 2025 年一季报。公司 2025 年第一季度实现营业 收入 2.1 亿元，同比+33.4%；归母净利润为 0.3 亿元，同比+47.7%； 扣非归母净利润为 0.3 亿元，同比+57.5%。 内销复苏超预期，外销有所承压。 2025 Q1 分业务来看，公司自主品牌业务收入 1.8 亿元，同比增长 46.5%，占比提升至 83.8%。其中，北鼎中国业务收入 1.7 亿元， 同比增长 51.4%，主因为受益 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a revenue of 7.925 billion yuan in Q1 2025, representing a year-on-year increase of 16% and a quarter-on-quarter increase of 9%. The gross margin was 20%, while the net profit attributable to shareholders was 1.058 billion yuan, up 47% year-on-year but down 23% quarter-on-quarter, with a net profit margin of 13% [1] - The company plans to accelerate the construction of an integrated aluminum industry park in Indonesia, aiming to enhance its resource, cost, technology, and management advantages in the global aluminum market [2] - The company has completed an equity acquisition of a local mining company in Guinea, securing exclusive purchasing rights for bauxite, with an annual production capacity planned at 5-6 million tons [3] - The company is expected to achieve net profits of 4.8 billion, 5.5 billion, and 6 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 7.3, 6.3, and 5.8 [4] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 7.925 billion yuan, with a gross margin of 20% and a net profit of 1.058 billion yuan [1] - The company’s revenue for 2025 is projected to be 31.264 billion yuan, with a year-on-year growth rate of 11.3% [5] - The net profit for 2025 is estimated at 4.791 billion yuan, reflecting a year-on-year growth of 7.5% [5] Strategic Initiatives - The company is constructing an integrated aluminum industry chain in Indonesia, which includes bauxite, alumina, electrolytic aluminum, and deep processing [2] - The company has secured three bauxite mining rights in Indonesia, with plans to start mining in 2025 [2] - The company aims to achieve a 100% self-sufficiency rate for bauxite through acquisitions and exploration efforts [3] Market Outlook - The company has adjusted its aluminum price assumptions for 2025-2027 to 20,000, 20,500, and 21,000 yuan per ton, respectively, due to the impact of U.S. tariffs [4] - The company’s competitive edge is expected to strengthen through its integrated layout and cost advantages, positioning it for significant growth [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The new game "Wen Jian Chang Sheng" has performed well, contributing significantly to revenue growth, with total revenue reaching 3.63 billion yuan in Q1 2025 [2] - The company has a robust pipeline of new games and a solid overseas business development strategy, with a rich reserve of products [3][4] Financial Overview - In Q1 2025, the company achieved operating revenue of 1.136 billion yuan, representing a year-over-year increase of 22.47% and a quarter-over-quarter increase of 29.44% [1] - The net profit attributable to the parent company was 283 million yuan, with a year-over-year increase of 11.82% and a quarter-over-quarter decrease of 1.43% [1] - The company expects revenues of 3.918 billion, 4.349 billion, and 4.660 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.002 billion, 1.168 billion, and 1.260 billion yuan [4][5] Game Performance - "Wen Jian Chang Sheng" has surpassed 2 million registered users since its launch in January 2025 and has introduced several updates and new gameplay features [2] - Existing games have shown mixed performance, with "Wen Gui" PC game revenue at 321 million yuan in Q1 2025, down 16.26% year-over-year but up 34.87% quarter-over-quarter [2] Overseas Business - The overseas revenue for Q1 2025 was 117 million yuan, down 15.95% year-over-year, primarily due to high revenue contributions from the previous year [3] - The company has a strong pipeline of overseas products, including self-developed and licensed titles, with several new games expected to launch in 2025 [3]

证券研究报告 | 朝闻国盛 gszqdatemark 2025 04 24 年 月 日 朝闻国盛 一季度基金调仓五大看点——2025Q1 基金仓位解析 今日概览 ◼ 重磅研报 【策略研究】一季度基金调仓五大看点——2025Q1 基金仓位解析—— 20250423 【金融工程】主动权益基金 2025Q1 季报全方位分析——20250423 【纺织服饰】掘金户外赛道，品牌腾飞，推荐优质标的——20250423 【电子】鹏鼎控股（002938.SZ）-AI 振鹏翼腾飞，车和服务器启新程— —20250423 ◼ 研究视点 作者 【机械设备】江苏雷利（300660.SZ）-2024 年营收增速 14%+，多领域 新产品齐头并进——20250423 【农林牧渔】海大集团（002311.SZ）-业绩表现亮眼，海外饲料保持高 增长——20250423 【农林牧渔】乖宝宠物（301498.SZ）-国内自主品牌持续亮眼，品牌高 端化成效显著——20250423 【传媒】泡泡玛特（09992.HK）-一季度境外业务全面高增，境内线上线 下齐发力 ——20250423 【通信】新易盛（300502.SZ）-Q1 再超预期，800G ...

Investment Rating - The investment rating for Tianshan Aluminum is "Buy" [6] Core Views - Tianshan Aluminum reported a revenue of 7.925 billion yuan in Q1 2025, a year-on-year increase of 16% and a quarter-on-quarter increase of 9%, with a gross margin of 20%. The net profit attributable to shareholders was 1.058 billion yuan, a year-on-year increase of 47% but a quarter-on-quarter decrease of 23% [1] - The company plans to build an integrated aluminum industry park in Indonesia, which will include bauxite, alumina, electrolytic aluminum, deep processing, and supporting industries, enhancing its competitive edge in the global aluminum market [2] - Tianshan Aluminum aims to achieve a 100% self-sufficiency rate in bauxite supply by expanding its resource acquisition capabilities and upstream industry layout [3] - The company is expected to achieve net profits of 4.8 billion yuan, 5.5 billion yuan, and 6.0 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 7.3, 6.3, and 5.8 [4] Financial Summary - In 2025, Tianshan Aluminum is projected to have a revenue of 31.264 billion yuan, with a year-on-year growth rate of 11.3% [5] - The net profit attributable to shareholders is expected to be 4.791 billion yuan in 2025, reflecting a year-on-year growth rate of 7.5% [5] - The company's earnings per share (EPS) is projected to be 1.03 yuan in 2025, with a net asset return rate of 16.2% [5]

证券研究报告 | 金融工程 gszqdatemark 2025 04 23 年 月 日 量化分析报告 主动权益基金 2025Q1 季报全方位分析 业绩与规模： 基金管理人： 1、词云分析：政策、经济、风险、消费、关税等关键词是主动权益基金 经理在最新季报最为关注的话题。词频排位明显上升的关键词包括：生产 力、外部、新质、出口、不确定性、机器人、美国等。 2、基金经理观点：成长风格基金边际最加仓了医药、有色金属、汽车等 行业，价值风格基金边际最加仓了食品饮料、机械、银行等行业，质量风 格基金边际最加仓了汽车、食品饮料、房地产等行业。 3、基金公司维度：规模头部的主动权益基金管理公司的行业超低配有所 不同。易方达基金显著超配食品饮料和电子，低配机械、医药，而其他公 司有所不同，例如广发基金显著低配电子，汇添富基金显著超配家电，交 银施罗德基金显著超配食品饮料。平安基金是 2025 年一季度主动权益产 品平均业绩表现最好的基金公司，旗下产品 Q1 平均收益率 7.22%。业绩 较好的基金公司还包括朱雀基金、长城基金、中庚基金等。 风险提示：本报告基于历史公开信息对基金产品进行客观分析，当市场环 境或者基金投资策略发 ...