OLED材料：OLED终端材料是OLED面板发光的物质基础与核心要素，也是产业链中技术壁垒最高的环节之一。 智能手机是 OLED 面板下游主要的应用领域之一，OLED 屏幕的多样化创新与渠道下沉策略，持续拉动面板需 求增长。群智咨询数据显示，2024 年全球 OLED 面板在手机端渗透率约 56%，预计 2025 年将达到近 60%。与 传统显示器相比，OLED 具备轻薄、省电、高对比度及画面色彩还原、响应速度快等突出特性，在以平板、 笔电为代表的 IT 产品和车载显示等中尺寸产品市场正在加速渗透。 电子树脂：由于 5G 通信以及人工智能等技术的快速发展，数据中心、云计算的相关需求也快速增长，数据 传输带宽及容量呈现几何级数增加，其对各类电子产品的信号传输速率和传输损耗的要求都显著提高，由此 带动了高频高速覆铜板需求的持续提升，进而拉动 PPO、特种环氧树脂等高性能电子树脂的需求。 电子特气：电子特种气体是集成电路、显示面板等行业必需的支撑性材料，广泛应用于光刻、刻蚀、成膜、 清洗、掺杂、沉积等工艺环节，对于纯度、稳定性、包装容器等具有较高的要求。根据中商产业研究院数据 与预测，2019-2024 年全球电子 ...

Investment Rating - The report suggests a focus on sectors benefiting from import substitution, such as lubricant additives and nucleating agents, while also monitoring oil price stabilization for potential investment opportunities in oil-related assets [1][2][3]. Core Insights - The chemical market is experiencing pressure from trade conflicts, but the current market is more mature compared to 2018, with swift actions from the Chinese version of the stabilizing fund helping to restore market confidence [1][2]. - The report highlights significant downward pressure on industries with high exposure to the US market, particularly in consumer electronics and textiles, while sectors like lubricant additives and aramid fibers show strong performance due to import substitution [1][2]. - Key events include a notable drop in oil prices, with Brent crude falling below $60 per barrel, and the announcement of an expansion project by Wanhua Chemical [1][3]. Summary by Sections Market Overview - Brent crude futures averaged $64.12 per barrel this week, down 10.92% from the previous week, while WTI futures averaged $60.84 per barrel, down 11.4% [10]. - The basic chemical sector underperformed the index, with a decline of 5.14% [10]. Key Events - The establishment of a Chinese version of the stabilizing fund aims to bolster market confidence amid escalating trade tensions [2]. - The report notes a significant drop in oil prices due to trade war impacts and OPEC+ production increases, with Brent crude falling below $60 [2]. Industry Specific Insights - The tire industry is experiencing a slight decline in operating rates, with full steel tire operating rates at 66.2% and semi-steel tire rates at 78.5% [25]. - The sweetener market, particularly for sucralose, is expected to see price improvements due to reduced low-priced inventory and upcoming production cuts [26][27]. - The dye market remains stable, with disperse dyes maintaining prices around 16.5 yuan/kg, while demand from downstream textile markets is weak [28]. Price Trends - The report indicates that the average price for titanium dioxide is stable, with a market average of 15,109 yuan/ton, while the industry is observing a slight decline in operating rates [29]. - The pure MDI market is experiencing a downward trend, with prices averaging 17,350 yuan/ton, reflecting weak demand and ongoing trade tensions [32].

核心观点： 智能驾驶： 地平线与大众汽车集团开启高阶智驾合作新征程。地平线与大众汽车集团正式宣布，在高阶领域基于地平线全场景智 能驾驶方案 HSD (Horizon SuperDrive) 展开进一步合作。HSD 将作为大众汽车集团"在中国、为中国"战略下智能 驾驶研发的重要技术支撑，通过 CARIAD 与地平线的合资公司酷睿程 (CARIZON) 加速研发，并落地在大众汽车集团旗 下的车型上。此次在高阶领域的合作加深，将进一步推动大众汽车集团智能驾驶的开发进程，全面助力其在华智能化 转型。 禾赛科技与零跑汽车深化合作，正式官宣 20 万台激光雷达订单。后续零跑预计将采购约 20 万台的禾赛 ATX 激光雷 达，覆盖零跑 2025 年起多款量产车型。作为零跑汽车的独家激光雷达供应商，禾赛将为其提供先进的感知技术支持， 此次合作标志着双方在智能驾驶领域的战略合作迈入全新阶段。 机器人： 李强主持召开经济形势专家和企业家座谈会，智元机器人创始人彭志辉参加并作为企业家代表进行发言。4 月 9 日下 午，中共中央政治局常委、国务院总理李强主持召开经济形势专家和企业家座谈会，听取对当前经济形势和下一步经 济工作的意见建 ...

Investment Rating - The report does not explicitly state an investment rating for the real estate industry Core Insights - The real estate sector in A-shares and Hong Kong has experienced declines, with A-share real estate down by 1.5% and Hong Kong real estate down by 4.6% during the week of April 5-11 [2] - The average premium rate for land transactions remains high at 11%, despite a significant week-on-week decline in land transaction volume by 51% [2][29] - New housing transactions have decreased due to holiday effects and the pace of new launches, with a week-on-week decline of 35% across 47 cities [3][34] - The second-hand housing market shows resilience with a week-on-week increase of 9% in transactions across 22 cities [3][42] - The necessity for real estate stimulus has increased due to tariff impacts, with the potential for policy measures to be introduced in late April [4][13] Summary by Sections Market Overview - The A-share real estate sector ranked 6th among all sectors with a decline of 1.5%, while the Hong Kong real estate sector ranked 5th with a decline of 4.6% [2][18] - The property service index in Hong Kong fell by 2.5%, outperforming the Hang Seng China Enterprises Index and the CSI 300 Index by 4.9% and 0.4%, respectively [23] Land Transactions - In the week of April 5-11, the total area of residential land sold in 300 cities was 276 million square meters, reflecting a 51% decrease week-on-week and a 43% decrease year-on-year [2][29] - Cumulatively, from the beginning of 2025, the total area of residential land sold reached 9,554 million square meters, with a year-on-year increase of 1% [29] New Housing Transactions - New housing sales across 47 cities totaled 283 million square meters, with a week-on-week decline of 35% and a year-on-year decline of 6% [3][34] - First-tier cities saw a week-on-week decline of 39% in new housing transactions [34] Second-hand Housing Transactions - Second-hand housing transactions across 22 cities totaled 272 million square meters, with a week-on-week increase of 9% and a year-on-year increase of 23% [42] - First-tier cities experienced a year-on-year increase of 30% in second-hand housing transactions [42] Policy and Stimulus - The report highlights the need for stimulus measures in the real estate sector due to increased tariffs, with potential policy implementations expected following the political bureau meeting at the end of April [4][13] - Various cities are conducting research and preparing policies to stabilize the real estate market [14] Market Dynamics - The average absorption rate for new projects in March reached 45%, with significant increases in cities like Beijing, Shanghai, and Chengdu [5][15] - Strong product quality is identified as a key factor driving market interest, particularly in core urban areas [5][15] Investment Recommendations - The report suggests focusing on companies with strong product offerings and land acquisition capabilities, particularly in first-tier and core second-tier cities [6] - Recommended companies include Binjiang Group, China Overseas Development, and Jianfa International Group, along with their respective property management firms [6]

行情回顾： ◼ 本周（4.7-4.11）上证综指下跌 3.11%，创业板指下跌 6.73%。公用事业板块下跌 2.18%，煤炭板块下跌 4.27%, 碳中和板块下跌 4.62%，环保板块下跌 4.61%。 每周专题： 行业要闻： 投资建议： ◼ 火电板块：我们建议关注发电资产主要布局在电力供需偏紧、发电侧竞争格局较好地区的火电企业，如皖能电力、 华电国际。水电板块：建议关注水电运营商龙头长江电力。核电板块：建议关注核电龙头企业中国核电。新能源 板块：建议关注新能源运营商龙头龙源电力（H）。 风险提示： 敬请参阅最后一页特别声明 1 ◼ 国资委表态大力支持增持回购，电力企业积极响应展现国资担当。4 月 8 日，将全力支持推动中央企业及其控股 上市公司主动作为，不断加大增持回购力度，切实维护全体股东权益，持续巩固市场对上市公司的信心，努力提 升公司价值，充分彰显央企责任担当。电力行业中央国资背景企业众多，截至 4 月 11 日，公用事业板块已有 12 家上市公司公告增持回购计划。另有 2 家公告控股股东提议 2024 年度分红方案。 ◼ 市场波动率上升，建议关注电力板块配置价值。公用事业板块行情，长期看估值以基本 ...

Investment Rating - The report maintains a positive investment outlook for the solar, wind, and energy storage sectors, highlighting strong demand and technological advancements [2][3][4]. Core Insights - The solar and energy storage sectors are expected to benefit from domestic demand support and supply discipline, with profitability in overseas battery and material production remaining strong [2][3]. - Wind power demand is projected to remain robust, with a significant increase in new bids for wind turbines in Q1, indicating sustained growth through 2026 [2][3]. - The development of virtual power plants is gaining momentum, with government guidance aimed at enhancing their scale and operational models [2][3][4]. Summary by Relevant Sections Solar & Energy Storage - The shift from large-scale solar projects to distributed generation is emphasized, with domestic demand and supply discipline expected to strengthen [2][3]. - Longi Green Energy launched its second-generation BC products, improving module efficiency and bifacial rates [2][3]. - The report notes that recent policy changes and market dynamics suggest a favorable environment for solar demand in the second half of the year [7][8]. Wind Power - In Q1, state-owned enterprises added 26.2 GW of new wind power capacity, a 32% year-on-year increase, reinforcing the outlook for sustained demand through 2026 [2][3]. - The report highlights the strategic value of offshore wind projects amid increasing trade tensions and domestic demand expectations [2][3]. Grid and Virtual Power Plants - The National Development and Reform Commission and the Energy Administration have issued guidelines to accelerate the development of virtual power plants, aiming for significant capacity increases by 2027 [2][3][4]. - The report indicates that the first batch of procurement agreements in the North China region has been announced, with a focus on long-term vendor capabilities [2][3][4]. New Energy Vehicles & Lithium Batteries - BYD's Q1 profit forecast indicates strong performance driven by increased exports and effective cost management [3][4]. - CATL has received approval for its Hong Kong listing, with plans to raise at least $5 billion for overseas capacity expansion [3][4]. Hydrogen and Fuel Cells - The report discusses the development of a "hydrogen corridor" in the western region, aiming to create a comprehensive hydrogen supply chain [5][10]. - The anticipated sales of hydrogen vehicles are projected to exceed 10,000 units by 2025, supported by infrastructure developments [5][10].

行情回顾 本周板块表现：上周（2025/04/7-2025/04/11）5 个交易日，SW 机械设备指数下跌 6.78%，在申万 31 个一级行 业分类中排名第 29；同期沪深 300 指数下跌 2.87%。2025 年至今表现：SW 机械设备指数上涨 1.84%，在申万 31 个一级行业分类中排名第 5；同期沪深 300 指数下跌 4.69%。 核心观点 宏观经济变化风险；原材料价格波动风险；政策变化的风险。 敬请参阅最后一页特别声明 1 逆全球化成为趋势背景下，自主可控必要性进一步提升。4 月 11 日中物联公共采购分会发布《关于应对美国霸 凌关税，助力国内经济稳定发展的倡议书》，提出"锻造"自主链核"，强化供应链战略，以采购为战略纽 带，优先采购国产尖端设备、核心材料与服务，将产业链的"断点"转化为自主可控的"核心支点"。"考虑 当前国内中高端工业母机、科学仪器仍有较高进口依赖度，在当前贸易摩擦加剧，逆全球化成为趋势背景下自 主可控必要性进一步提升，后续政策支持力度有望不断加大，建议关注科德数控、华中数控、普源精电、优利 德、鼎阳科技等。 3 月挖机内销同比+28.5%，内需持续延续复苏态势。根据中国工 ...

子行业周度核心观点： 光伏&储能：从大基地到分布式，中美贸易政策波动背景下，内需支撑及供给自律力度或进一步加强，同时海外优势 地区电池片及辅材产能盈利能力或有增无减；隆基发布 BC 二代新品，组件效率及双面率进一步提升。 风电：一季度央国企风电机组新增招标 26.2GW，同比增长 32%，重申我们对 2026 年陆风需求不会大幅下滑的判断； 东缆官宣阳江三山岛柔直订单，贸易摩擦加剧、内需预期强化背景下海风强基建属性配置价值凸显，持续重点推荐。 电网：1）发改委、能源局发布《关于加快推进虚拟电厂发展的指导意见》，明确提出加快提升虚拟电厂的发展规模和 水平，看好后续商业模式加速成熟；2）25 年华北区域联采协议库存 1 批中标公示，宁波奥克斯（三星医疗子公司） 中标份额第一，配网联合采购长期看注重厂商全产业链布局能力，持续推荐三星医疗；3）平高电气 Q1 业绩超预期， 许继电气 Q1 业绩略低于市场预期，华明装备、国能日新 24 年报整体业绩兑现度处于合理区间，符合市场预期。 新能源车：1）比亚迪发布 25Q1 业绩预告，Q1 净利润 85-100 亿元，证明增配降价对其利润影响不大，叠加出口表现 持续向上，业绩 ...

行情回顾 本周板块表现：上周（2025/04/7-2025/04/11）5 个交易日，SW 机械设备指数下跌 6.78%，在申万 31 个一级行 业分类中排名第 29；同期沪深 300 指数下跌 2.87%。2025 年至今表现：SW 机械设备指数上涨 1.84%，在申万 31 个一级行业分类中排名第 5；同期沪深 300 指数下跌 4.69%。 核心观点 投资建议 见"股票组合"。 风险提示 宏观经济变化风险；原材料价格波动风险；政策变化的风险。 敬请参阅最后一页特别声明 1 逆全球化成为趋势背景下，自主可控必要性进一步提升。4 月 11 日中物联公共采购分会发布《关于应对美国霸 凌关税，助力国内经济稳定发展的倡议书》，提出"锻造"自主链核"，强化供应链战略，以采购为战略纽 带，优先采购国产尖端设备、核心材料与服务，将产业链的"断点"转化为自主可控的"核心支点"。"考虑 当前国内中高端工业母机、科学仪器仍有较高进口依赖度，在当前贸易摩擦加剧，逆全球化成为趋势背景下自 主可控必要性进一步提升，后续政策支持力度有望不断加大，建议关注科德数控、华中数控、普源精电、优利 德、鼎阳科技等。 3 月挖机内销同比+28. ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][14]. Core Insights - The company reported a revenue of 2.146 billion RMB for the year, a decrease of 12.1% year-on-year, attributed to reduced client budgets and slower project acceptance [2]. - The net profit attributable to shareholders was 204 million RMB, reflecting a year-on-year increase of 4.9%, while the non-recurring net profit increased by 44.0% to 114 million RMB [2]. - The company emphasizes operational quality, with improvements in gross margin and cash flow, achieving a gross margin increase of 3.4 percentage points year-on-year [3]. - The company is expanding its enterprise client base and transitioning its government services to a SaaS model, with over 1,500 new projects and 370 new clients in the government sector [3][4]. Summary by Sections Performance Review - Revenue for 2025 is projected at 2.323 billion RMB, with a growth rate of 8.22% [5]. - The forecasted net profit for 2025 is 280 million RMB, representing a growth of 36.99% [5]. - The company has shown a significant improvement in operating cash flow, with a net cash flow from operating activities of 264 million RMB, up 419.8% year-on-year [3]. Business Analysis - The company has optimized its enterprise procurement platform and launched the "New Point e-Transaction" brand, winning bids from major corporations [3]. - The introduction of AI technologies in procurement processes has led to the development of various AI-powered products for both enterprise and government clients [4]. Financial Forecast - Revenue projections for 2026 and 2027 are 2.601 billion RMB and 2.923 billion RMB, respectively, with expected growth rates of 12.00% and 12.37% [5]. - The projected P/E ratios for the next three years are 35.85, 30.19, and 26.09, indicating a favorable valuation trend [5].