Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [34]. Core Insights - The semiconductor manufacturing sector is experiencing a clear trend of domestic substitution, which is favorable for semiconductor manufacturing and equipment. Additionally, major manufacturers are continuously investing in AI terminals, leading to the introduction of new AI-capable chips, which is expected to drive a new wave of replacement demand [29]. - NAND Flash prices are expected to gradually recover in 2Q25 due to production cuts and inventory replenishment by buyers. According to TrendForce, NAND Flash manufacturers began reducing production in Q4 2024, and the effects are becoming evident. The demand from consumer electronics brands and the rebuilding of inventory in sectors like PCs, smartphones, and data centers are contributing to this recovery [9][10]. - The price decline of DRAM is expected to narrow in 2Q25, with conventional DRAM prices projected to decrease by 0% to 5%. The introduction of HBM3e 12hi is anticipated to increase average prices by 3% to 8% [12][14]. Summary by Sections Industry News and Commentary - New Kai Lai showcased over 30 products at SEMICON, including diffusion, etching, thin film, and measurement products [3][5]. - The recovery of NAND Flash prices is attributed to effective production cuts and inventory replenishment by buyers, with expectations for prices to stabilize in 2Q25 [9][10]. - The successful inventory reduction among downstream customers is expected to lead to a narrowing of DRAM price declines in 2Q25 [12][13]. Weekly Market Review - The Philadelphia Semiconductor Index and the Taiwan Semiconductor Index both experienced declines last week, with the Philadelphia index at 4284.91, down 5.99%, and the Taiwan index at 593.84, down 2.32% [20]. - The semiconductor industry index has increased by 29.57% since the beginning of 2024, outperforming the CSI 300 index by 15.46% [23]. Investment Recommendations - Recommended companies include Northern Huachuang, Zhongwei Company, Tuojing Technology, Lanke Technology, Jingdongfang A, Lite-On Technology, and Hengxuan Technology, among others, due to the favorable trends in the semiconductor manufacturing sector [29][33].

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [4][11]. Core Views - The company achieved a revenue of 9.026 billion yuan in 2024, representing a year-over-year increase of 24.99%. The net profit attributable to shareholders reached 1.764 billion yuan, up 119.46% year-over-year [4][7]. - The company plans to distribute a cash dividend of 1.6 yuan per 10 shares (including tax) for 2024 [4]. - The company's gold production increased by 5.60% to 15.16 tons in 2024, with domestic mines contributing 3.91 tons (up 14.6%) and overseas mines contributing 11.25 tons [7]. - The average selling price of gold reached 524.28 yuan per gram, a year-over-year increase of 20.32% [7]. - The company is expected to benefit from rising gold prices and has a cost advantage, leading to higher profitability compared to industry averages [8]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 90.26 billion yuan and a net profit of 17.64 billion yuan, with significant growth rates of 24.99% and 119.46% respectively [4][6]. - The projected net profits for 2025-2027 are 2.121 billion yuan, 2.390 billion yuan, and 2.644 billion yuan, with corresponding P/E ratios of 19.1, 16.9, and 15.3 [8][10]. Production and Cost Efficiency - The company’s gold sales cost was 278.08 yuan per gram in 2024, a decrease of 0.76% year-over-year [7]. - Production efficiency improved, with the processing capacity of the ore processing plant increasing from 8,000 tons per day to over 10,000 tons per day [7]. Market Outlook - The report anticipates a long-term upward trend in gold prices due to weakening dollar credit and increasing demand for gold as a safe-haven asset [8]. - The company is well-positioned to capitalize on this trend due to its high-quality gold business and ongoing expansion projects [8].

宏 2025 年 3 月 30 日 中国经济高频观察（2025 年 3 月第 4 周） 3 月高频数据表现如何 证券分析师 平安观点： 观 报 告 宏 观 周 报 证 券 研 究 报 告 钟正生 投资咨询资格编号 S1060520090001 zhongzhengsheng934@pingan.com.cn 张璐 投资咨询资格编号 S1060522100001 ZHANGLU150@pingan.com.cn 常艺馨 投资咨询资格编号 S1060522080003 CHANGYIXIN050@pingan.com.cn 3 月以来，中国经济总体平稳，结构分化。支撑在于，基建重大项目推进较快， 以旧换新支撑家电、汽车销售，出口货运受低基数推升，且地产销售"金三" 成色尚可。拖累在于：家电、汽车等中下游行业生产增速放缓，房地产销售 的恢复尚未充分传导至房建施工，企业预期和信心有待巩固和提升。 1. 工业：3 月以来开工率分化，钢铁、水泥、纺织、光伏组件等生产同比回升， 汽车轮胎、冰箱、洗衣机、玻璃、沥青及多数化工品生产数据同比回落。具 体看：一是，钢铁、水泥前期库存较低，需求和盈利恢复对生产的带动较强。 二是，光 ...

证券研究报告 DeepSeek又迎更新， 通义千问发布新一代端到端旗舰模型 计算机行业 强于大市（维持） 平安证券研究所计算机团队 分析师：闫磊S1060517070006(证券投资咨询）YANLEI511@pingan.com.cn 黄韦涵S1060523070003(证券投资咨询）HUANGWEIHAN235@pingan.com.cn 研究助理：王佳一S1060123070023（一般证券从业资格）WANGJIAYI446@pingan.com.cn 2025年3月30日 请务必阅读正文后免责条款 核心摘要 行业要闻及简评：1）DeepSeek又迎更新，通义千问发布新一代端到端旗舰模型。3月24日，DeepSeek上线了小版本更新后的 DeepSeek-V3模型DeepSeek-V3-0324。3月27日，阿里巴巴发布通义千问系列的最新旗舰模型Qwen2.5-Omni。2）ChatGPT文生图功 能迎重大升级，谷歌Gemini2.5 Experimental发布。OpenAI发布了GPT-4o image generation，图像生成技术模型。同日，谷歌 推出Gemini 2.5 Pro Experi ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company achieved a revenue of 1.768 billion yuan in 2024, representing a year-on-year growth of 41.37%, and a net profit attributable to shareholders of 179 million yuan, a significant increase of 491.56% year-on-year [4][8]. - The company is positioned as a leader in the production of 8-inch conductive substrates, with a strong focus on high-quality silicon carbide substrates, and has established partnerships with over half of the top ten power semiconductor manufacturers globally [11]. Financial Summary - **Revenue and Profit Forecasts**: - 2024 revenue: 1.768 billion yuan, 2025 estimated revenue: 2.431 billion yuan, 2026 estimated revenue: 3.286 billion yuan, 2027 estimated revenue: 4.124 billion yuan [6][12]. - 2024 net profit: 179 million yuan, 2025 estimated net profit: 266 million yuan, 2026 estimated net profit: 440 million yuan, 2027 estimated net profit: 628 million yuan [6][12]. - **Profitability Ratios**: - Gross margin for 2024 is 25.9%, with a projected increase to 29.9% by 2027 [13]. - Net margin for 2024 is 10.1%, expected to rise to 15.2% by 2027 [13]. - **Earnings Per Share (EPS)**: - EPS for 2024 is projected at 0.42 yuan, increasing to 1.46 yuan by 2027 [12][13]. Market Position and Growth Potential - The company is actively expanding its market presence in the silicon carbide substrate sector, with a production capacity of 410,200 pieces in 2024, marking a 56.56% increase from 2023 [9]. - The introduction of the first 12-inch silicon carbide substrate in November 2024 is expected to enhance production efficiency and reduce costs, further driving market adoption [9].

Investment Rating - The report maintains a "Recommended" rating for the company [1][9]. Core Views - The company is positioned as a key player in the domestic substitution of high-end CCL (Copper Clad Laminate), with new product launches contributing to revenue growth [3][4]. - The company reported a revenue of 20.39 billion yuan for 2024, a year-on-year increase of 22.9%, and a net profit of 1.739 billion yuan, up 49.4% year-on-year [3][4]. - The growth is driven by the recovery in traditional consumer electronics demand and the rise of AI and high-speed networking sectors, which are expected to sustain the company's performance [6][9]. Financial Summary - Revenue projections for 2025-2027 are 24.47 billion yuan, 28.05 billion yuan, and 32.17 billion yuan, respectively, with year-on-year growth rates of 20.0%, 14.6%, and 14.7% [5][10]. - Net profit estimates for the same period are 2.743 billion yuan, 3.337 billion yuan, and 3.923 billion yuan, reflecting growth rates of 57.8%, 21.6%, and 17.6% [5][10]. - The gross margin is expected to improve from 22.0% in 2024 to 24.5% by 2027, while the net margin is projected to increase from 8.5% to 12.2% over the same period [5][10]. Market Position and Innovation - The company has a comprehensive product matrix in the CCL sector, with significant R&D investments amounting to 1.157 billion yuan in 2024, a 37.6% increase year-on-year [6][7]. - The company has developed a full range of high-frequency and low-loss materials, achieving certifications from major domestic and international clients [6][7]. - The focus on high-end products and continuous innovation positions the company favorably in the market, with expectations for stable growth [6][9].

有色金属与新材料 2025 年 3 月 30 日 有色金属与新材料周报 需求旺季启动，关注供需齐驱下的金属上涨行情 强于大市（维持） 行情走势图 -20% 0% 20% 40% 24-01 24-04 24-07 24-10 25-01 沪深300 有色金属 证券分析师 核心观点： 行 业 报 告 告 行 业 报 贵金属-黄金：金价续创新高。 截至 3.28，COMEX 金主力合约环 比上涨 2.97%至 3118 美元/盎司，续创新高。SPDR 黄金 ETF环比 上升 0.2%为 931.94 吨。美国 2 月核心 PCE 同比 2.79%，环比上 升 0.13 个 百 分 点 ， 市 场再 通胀 担忧 发酵 。美 国 2 月制造业 PMI50.3，环比下降 0.6 个百分点，但仍处于景气区间。我们认为 金价中枢抬升后预计波动率将呈现一定放大，但中期来看，美国再 通胀预期以及长期美元信用边际走弱的长期核心逻辑不变，预计金 价长期仍将震荡偏强运行。 工业金属：需求旺季启动，关注供需齐驱下的金属上涨行情。 行 业 深 度 报 行 业 深 度 报 行 业 周 报 证 券 研 究 报 告 告 告 陈潇榕 投资咨询资 ...

-20% -10% 0% 10% 20% 30% 2024-03-26 2024-08-26 2025-01-26 沪深300指数 电力设备及新能源 证券分析师 电力设备及新能源 2025 年 3 月 30 日 行业周报 风电整机有望量利齐升，国内大储利用率改善 强于大市（维持） 行情走势图 | 皮秀 | 投资咨询资格编号 S1060517070004 | | --- | --- | | | PIXIU809@pingan.com.cn | | 苏可 | 投资咨询资格编号 | | | S1060524050002 | | | suke904@pingan.com.cn | | 张之尧 | 投资咨询资格编号 | | | S1060524070005 | | | zhangzhiy ao757@pingan.com.cn | 平安观点： 本周（2025.3.24-2025.3.28） 新 能 源细 分 板 块 行情 回 顾 。风电指数 （866044.WI）下跌 2.24%，跑输沪深 300 指数 2.26 个百分点。截至本 周，风电板块 PE_TTM 估值约 20.78 倍。本周申万 光伏 设 备 指 数 （8 ...

2025 年 03 月 30 日 基金周报 港股医药相对抗跌，多只摊余成本法债基重启运作 证券分析师 | 郭子睿 | | 投资咨询资格编号 | | --- | --- | --- | | | | S1060520070003 | | | | GUOZIRUI807@pingan.com.cn | | 陈 | 瑶 | 投资咨询资格编号 | | | | S1060524120003 | | | | CHENYAO370@pingan.com.cn | 研究助理 | 任书康 | 一般证券从业资格编号 | | --- | --- | | | S1060123050035 | | | RENSHUKANG722@pingan.com.cn | | 胡心怡 | 一般证券从业资格编号 | | | S1060124030069 | | | HUXINYI184@pingan.com.cn | | 高 越 | 一般证券从业资格编号 | S1060124070014 GAOYUE384@pingan.com.cn 平安观点： 基 金 报 告 基 金 周 报 证 券 研 究 报 告 市场回顾：上周 A 股市场下行。上证指数周内下跌 ...

证券研究报告 如何看待核心城市土拍升温 地产行业周报 行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2025年3月30日 请务必阅读正文后免责条款 1 核心摘要 2 周度观点：成交环比提升，深圳探索房票制度。随着供给端逐步放量，本周重点50城新房成交环比增长27.1%，3月前28天日均成交同 比降8.4%，但受制于2024年主流房企补货不足及工期影响，优质供给不足仍是制约新房成交重要因素。本周深圳出台关于规范城市更 新的若干意见，涉及房票补偿、容积率灵活调整、加大融资支持等方面，有望解决市场化主导下资金平衡问题，但后续仍需观察资金 落地、居民拆迁意愿等。 土拍升温，侧面印证"好房子+一二线核心区"率先止跌回稳。近期杭州、成都等地土拍市场升温，多宗土地楼面地价创新高。我们认 为房企年初补地一方面为应对2024年补货不足带来的可售货值下降；另一方面正如"春江水暖鸭先知"，核心城市优质地块升温正侧 面印证我们持续强调的"好房子+一二线核心区"率先止跌回稳逻辑。部分投资者担忧地价上升带来毛利率下滑，但我们认为核心地块 "去化流速"保障更为重要，同时"好房子"带来的产品溢价也将利于项目保持较高毛利率，实现毛 ...