Investment Rating - The solar industry maintains a "Synchronize with the Market-A" investment rating [1] Core Viewpoints - The CPIA forecasts that China will add 215-255 GW of new solar capacity in 2025, with global solar capacity expected to increase by 531-583 GW, reflecting a 10% year-on-year growth in optimistic scenarios [1] - The National Energy Administration projects that by 2025, non-fossil energy will account for approximately 20% of total energy consumption, with a total installed power generation capacity exceeding 3.6 billion kilowatts [2] - The Ministry of Industry and Information Technology indicates that the photovoltaic manufacturing industry will continue to see a "volume increase and price decrease" trend in 2024, with production of polysilicon, wafers, cells, and modules all expected to grow by over 10% year-on-year [2] Summary by Sections Market Performance - The solar industry is expected to maintain high levels of new installations in 2025, with projections of 215-255 GW in China [1] Price Tracking - Polysilicon prices remain stable, with dense material averaging 39.0 CNY/kg and granular silicon at 37.0 CNY/kg [4] - The average price for 182mm monocrystalline wafers is 1.15 CNY/piece, while N-type wafers average 1.18 CNY/piece [5] - M10 cell prices are stable at 0.33 CNY/W, with N-type cells seeing a slight increase of 1.8% [5] - The average price for 182mm bifacial PERC modules is 0.65 CNY/W, with TOPCon modules at 0.695 CNY/W, reflecting a 0.7% increase [6] Investment Recommendations - Key recommendations include companies focusing on new technology (Aixu Co., Longi Green Energy), supply-side improvements (Folait), and overseas expansion (Canadian Solar, Sungrow Power) [7]

Market Trends - The Shanghai Composite Index closed at 3,316.93 with a slight decrease of -0.12%, indicating a potential opening for growth opportunities [3] - The Shenzhen Component Index increased by 0.36%, while the ChiNext Index rose by 1.20%, suggesting a mixed performance across different market segments [3] Coal Industry Insights - The coal market is experiencing a decline in port inventories, with a focus on the strength of non-electric demand. The current coal prices remain weak, with the price of thermal coal at 701 CNY/ton, down 3.84% week-on-week [7] - Metallurgical coal production is stable, with downstream operations increasing, leading to a slight recovery in demand. The price of coking coal is under pressure but is expected to stabilize as macroeconomic policies are anticipated to improve demand [7][10] - The black coal industry is seeing price fluctuations, with coking coal prices decreasing, but demand is expected to rise post the National People's Congress, potentially increasing coking coal demand [8][10] Investment Recommendations - The report suggests focusing on high-dividend stocks and stable high-dividend companies within the coal sector, particularly recommending companies like China Shenhua, Shaanxi Coal, and Zhongmei Energy for their strong performance and potential [10] - Companies with low non-coal business ratios, such as Xinjie Energy and Haohua Energy, are considered undervalued, while those with significant non-coal business ratios, like Shaanxi Energy and Electric Power Investment Energy, are also seen as undervalued [10] Amer Company Performance - Amer reported a revenue increase of 23% year-on-year for Q4 2024, reaching 1.636 billion USD, with growth across various segments, particularly in Technical Apparel and Outdoor Performance [13][14] - The adjusted gross margin improved by 3.7 percentage points to 56.4%, and the adjusted net profit surged by 388% to 90 million USD, indicating strong operational efficiency [15] - For 2025, Amer expects revenue growth of 13%-15% and a gross margin of 56.5%-57.0%, reflecting a positive outlook for the upcoming year [15]

Investment Rating - The report maintains an investment rating of "A" for the coal industry, indicating a positive outlook for the sector [1]. Core Insights - The report highlights a decline in port inventories and emphasizes the importance of non-electricity demand recovery. It suggests that while coal prices remain weak, there is potential for recovery in non-electric coal demand due to economic stabilization policies [1][8]. Summary by Sections 1. Coal Industry Dynamic Data Tracking - **Thermal Coal**: Prices remain weak with a reference price of 701 CNY/ton as of February 28, showing a weekly change of -3.84%. Port inventories decreased to 26.74 million tons, down 2.76% week-on-week [3][19]. - **Metallurgical Coal**: Prices are stable with the main coking coal price at 1390 CNY/ton, a weekly change of -2.80%. The total inventory for independent coking plants is 6.71 million tons, reflecting a decrease of 2.24% [4][27]. - **Coke and Steel Industry Chain**: The average price of metallurgical coke is 1530 CNY/ton, down 3.16%. The total inventory of coke in independent coking plants is 97040 tons, down 5.58% [5][34]. - **Coal Transportation**: The coastal coal transportation price index increased to 573.23 points, up 8.76%. The transportation price for long-distance coal transport is 0.20 CNY/ton-km, down 4.76% [6][37]. 2. Coal Sector Market Review - The coal sector experienced a pullback but outperformed major indices, with the CITIC coal index at 3179.22 points, down 1.08% [7][46]. 3. Industry News Summary - The report notes that Shanxi Province plans to establish 130 intelligent coal mines by the end of 2025, enhancing safety and efficiency in coal production [51]. - Indonesia will implement a new pricing mechanism for coal starting March 1, which may impact global coal pricing dynamics [52].

【山证纺织服装】老铺黄金发布 2024 年正面盈利预告，预计净利润实现 14.0- 15.0 亿 元 - 【 山 证 纺 服 】 行 业 周 报 2025.2.24 纺织服装 行业周报（20250223-20250301） 同步大市-A(维持) 2025 年 3 月 3 日 行业研究/行业周报 纺织服装行业近一年市场表现 来源：最闻，山西证券研究所 相关报告： 【山证纺织服装】ASICS 公布 2024 年 业绩，预计 2025 年营收同比增长 15%- 【山证纺服】行业周报 2025.2.17 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 本周观察：Amer 披露 2024Q4 业绩，营收增速逐季度提升 Amer2024Q4 收入同比增长 23%，营收增速逐季提升。2024Q4，营收同比增长 23%至 16.36 亿美，剔除汇率影响，同比增长 24%。分板块看，2024Q4，Technical Apparel、 Outdoor Performance、Ball & ...

Investment Ratings - The report provides investment ratings for several stocks in the agriculture sector, with "Buy-A" ratings for Haida Group (002311.SZ) and "Buy-B" ratings for Shengnong Development (002299.SZ) and Wen's Shares (300498.SZ) [1]. Core Insights - The livestock farming sector is expected to see improved performance in 2024, with a focus on the profitability of pig farming as the industry enters a recovery phase [4]. - The report highlights that the current market may be overly pessimistic regarding the impact of rising pig production capacity on profitability, overlooking potential positive influences from declining raw material costs and macroeconomic demand recovery in 2025 [4]. - The poultry industry is also showing signs of recovery, with rising prices for broiler chickens and eggs, indicating potential profitability improvements [26]. Summary by Sections Livestock Farming - As of February 28, 2025, average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 14.84, 15.17, and 14.34 yuan/kg, reflecting a week-on-week decline of 1.98%, 3.80%, and 2.05% respectively [3]. - The average pork price was 20.86 yuan/kg, down 2.75% week-on-week, while the average wholesale price for piglets increased by 0.44% to 27.25 yuan/kg [3][18]. - The self-breeding profit was 43.08 yuan/head, while the profit from purchasing piglets was 9.39 yuan/head [3][18]. Poultry Farming - The weekly price for white feather broiler chickens was 6.10 yuan/kg, up 3.92% week-on-week, and the price for broiler chicks rose by 9.05% to 2.29 yuan/chick [26]. - Egg prices increased by 5.41% to 7.80 yuan/kg [26]. Feed Processing - In 2024, the total industrial feed production in China decreased by 2.1% to 31,503.1 million tons, with pig feed production down 3.9% to 14,391.3 million tons [30]. - The production of pet feed, however, saw a growth of 9.3%, indicating a potential area of opportunity within the feed sector [30]. Aquaculture - As of February 28, 2025, prices for sea cucumbers, shrimp, and bass remained stable at 180.00 yuan/kg, 300.00 yuan/kg, and 50.00 yuan/kg respectively [34]. - Freshwater fish prices showed mixed results, with grass carp at 15.02 yuan/kg (down 0.66%) and crucian carp at 20.55 yuan/kg (up 0.05%) [34]. Crop and Oilseed Processing - As of February 28, 2025, soybean prices were 3,878.89 yuan/ton, down 0.49%, while corn and wheat prices were 2,218.14 yuan/ton and 2,434.28 yuan/ton, respectively, showing slight increases [37].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [3] Core Views - The company has demonstrated stable revenue growth in 2024, achieving a revenue of 2.024 billion yuan, a year-on-year increase of 7.57%, with a net profit of 71 million yuan, up 40.43% year-on-year [4] - The growth is attributed to the steady development of the chassis components business and the gradual mass production of new products in the air conditioning compressor segment [4] - The company is expanding into the humanoid robot industry by establishing subsidiaries for planetary roller screws, enhancing its growth potential [4] Market Performance - As of February 28, 2025, the closing price is 53.93 yuan, with a yearly high of 60.28 yuan and a low of 13.00 yuan [2] Financial Data and Valuation - Revenue projections for 2025-2027 show significant growth, with expected net profit growth rates of 58.8%, 27.5%, and 26.6% respectively [4] - The gross margin is projected to improve steadily, reaching 20.0% by 2027 [4] - The company’s net profit margin is expected to increase to 5.4% by 2027 [4] - The P/E ratio is projected to decrease from 358.9 in 2023 to 99.8 by 2027, indicating improved valuation metrics over time [4]

研究早观点 2025 年 3 月 3 日 星期一 市场走势 【今日要点】 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,320.90 | -1.98 | | 深证成指 | | 10,611.24 | -2.89 | | 沪深 | 300 | 3,890.05 | -1.97 | | 中小板指 | | 6,599.38 | -2.72 | | 创业板指 | | 2,170.39 | -3.82 | | 科创 | 50 | 1,078.80 | -4.22 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 【行业评论】化学原料：新材料 2025 年年度策略-关注供需格局改善 板块，重视"泛科技"新质生产力 【公司评论】同益中(688722.SH)：同益中-全年纤维和无纬布产销创新 高，2024Q4 盈利水平明显提升 研究早 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][7]. Core Views - The company achieved record high production and sales of fibers and non-woven fabrics in 2024Q4, leading to a significant improvement in profitability [4]. - The company’s total revenue for 2024 reached 649 million yuan, a year-on-year increase of 1.41%, while net profit attributable to shareholders was 130 million yuan, down 15.25% year-on-year [3]. - The company’s gross profit margin remains high, with a notable increase in profitability in the fourth quarter of 2024 due to enhanced core competitiveness and cost reductions [4]. Financial Performance Summary - In 2024Q4, the company reported total revenue of 222 million yuan, with a quarter-on-quarter increase of 82.46% and a year-on-year increase of 28.04% [3]. - The net profit margin for 2024Q4 was approximately 21.96%, reflecting a year-on-year increase of 4.59 percentage points [4]. - The company’s EPS for 2024 is projected to be 0.58 yuan, with expected EPS of 0.88 yuan and 1.19 yuan for 2025 and 2026, respectively [6][7]. Market and Production Capacity - The company’s production capacity for UHMWPE fibers and non-woven fabrics reached 5320 tons and 1550 tons, respectively, with a total capacity increase of 2640 tons compared to the beginning of the year [5]. - The global high-performance fiber market is projected to grow from 1319.17 billion yuan in 2023 to 2389.83 billion yuan by 2029, with a CAGR of 10.41% [5]. Future Outlook - The company is expected to benefit from the release of new production capacity and a rebound in high-margin composite orders, leading to anticipated revenue growth [7]. - The projected P/E ratios for 2024-2026 are 27, 18, and 13 times, respectively, indicating a favorable valuation outlook as the company’s performance improves [6][7].

Investment Rating - The report maintains a "Buy-A" rating for the company [1][7]. Core Views - The company achieved record high production and sales of fiber and non-woven fabrics, leading to a significant increase in profitability in Q4 2024 [3][4]. - The company reported total revenue of 649 million yuan for 2024, a year-on-year increase of 1.41%, while net profit attributable to shareholders was 130 million yuan, down 15.25% year-on-year [3][4]. - The company’s Q4 2024 revenue reached 222 million yuan, with a quarter-on-quarter increase of 82.46% and a year-on-year increase of 28.04% [3][4]. Financial Performance - The company’s gross profit margin remained high, with a slight year-on-year increase in the main business gross profit [4]. - The estimated net profit margin for Q4 2024 was approximately 21.96%, reflecting a significant improvement [4]. - The company’s EPS for 2024-2026 is projected to be 0.58, 0.88, and 1.19 yuan, respectively, with corresponding P/E ratios of 27, 18, and 13 times [6][7]. Market Position and Growth Potential - The company has increased its production capacity, with UHMWPE fiber and non-woven fabric capacities reaching 5,320 tons and 1,550 tons, respectively, by the end of 2023 [5]. - The global high-performance fiber market is expected to grow from 131.9 billion yuan in 2023 to 238.9 billion yuan by 2029, with a CAGR of 10.41% [5]. - The company is actively engaging in the robotics sector, aiming to leverage its high-performance fiber products in emerging applications [5].

Investment Rating - The report maintains an "A" rating for the new materials industry, indicating a positive outlook for the sector [1]. Core Insights - The chemical raw materials sector is currently experiencing a bottoming phase, with a slowdown in capacity expansion and a potential alleviation of intense competition and price wars. The overall profit margin for the industry is expected to remain between 3% and 5% in 2024, which is at a historical low. However, with the central economic work conference emphasizing the need to address "involution" competition, there is potential for improved industry order and profit recovery [1][34]. Summary by Sections 1. Market Performance and Valuation - The new materials index has shown significant volatility, underperforming the Shanghai Composite Index by 10.6% as of December 27, 2024. The index's performance was particularly weak in the first three quarters of 2024 but saw a recovery in the fourth quarter due to favorable policies [15][20]. 2. Focus Areas 2.1 Supply and Demand Dynamics - The vitamin sector is expected to maintain high prices for Vitamin E due to limited supply recovery from BASF's production facilities, which are aging and unable to meet demand. The report suggests monitoring companies like New Hope Liuhe and Zhejiang Medicine [42][59]. - The renewable energy materials sector is projected to benefit from a stable increase in wind power demand, with a significant rise in installed capacity and a self-regulatory agreement among wind turbine manufacturers to mitigate price competition. Companies like Times New Material and Mega Chip Color are highlighted for investment [44][60]. 2.2 Emerging Industry Opportunities - The bio-manufacturing sector is positioned for growth, particularly in synthetic biology and sustainable aviation fuel (SAF). The report emphasizes the importance of product selection and platform capabilities for companies in this space, recommending firms like Huaheng Biological and Meihua Biological [48][50]. - The special coatings market is expected to grow due to increasing military expenditures and the need for stealth materials. Companies such as Huaqin Technology and Jiachih Technology are noted for their potential in this area [52][61]. - The semiconductor materials sector is anticipated to benefit from the recovery of consumer electronics and AI applications, with a focus on domestic production capabilities. Companies like Stik and Aisen are recommended for investment [56][61]. - The humanoid robotics market is projected to drive demand for PEEK materials, with domestic companies expected to gain market share due to cost advantages. The report suggests monitoring firms like Zhongxin Fluorine Materials and Zhongyan Co. [58][61].