Investment Rating - The report maintains an "Outperform" rating for the chemical industry [6] Core Views - The chemical sector is experiencing a mixed performance, with the overall market indices showing declines, while specific sub-sectors like food and feed additives are performing positively [2][16] - Key investment themes include the competitiveness of domestic tire manufacturers, the potential recovery in consumer electronics, and the resilience of certain cyclical industries [3][4][5] Summary by Sections Market Overview - The Shanghai Composite Index fell by 0.28%, the ChiNext Index by 2.95%, and the CSI 300 by 1.37% during the week [16] - The CITIC Basic Chemical Index decreased by 1.36%, and the Shenwan Chemical Index dropped by 1.19% [16] - The top-performing sub-sectors included food and feed additives (0.65%), membrane materials (0.32%), and potassium fertilizers (0.26) [18] Major Industry Developments - Wanhua Chemical's 1.2 million tons/year ethylene plant commenced production successfully on April 3, 2025 [3][25] - TBEA announced a large-scale coal-to-natural gas project with an investment of approximately 17.034 billion yuan, expected to start production in the fourth year [3] Investment Themes - **Tire Sector**: Domestic tire companies are becoming increasingly competitive, with a focus on scarce growth stocks such as Sailun Tire and Linglong Tire [3] - **Consumer Electronics**: A gradual recovery is anticipated, with upstream material companies expected to benefit from the improving demand in the panel supply chain [4] - **Cyclical Industries**: Emphasis on industries with strong resilience and inventory destocking, particularly in phosphate and fluorine chemicals [5] - **Leading Companies**: As the economy improves, leading companies in the chemical sector are expected to benefit significantly from the recovery in prices and demand [5][10] - **Vitamin Supply**: Attention is drawn to vitamin products due to supply disruptions announced by BASF, which may lead to a supply-demand imbalance [10]

Investment Rating - The report maintains an "Outperform" rating for the industry [7]. Core Insights - The report highlights a significant market opportunity in the gout treatment sector, with innovative drugs expected to generate over 30 billion in market space [4]. - The report emphasizes the large patient population suffering from high uric acid and gout, with existing medications having various deficiencies [4][25]. - The report suggests focusing on companies like Yipin Hong and Heng Rui Pharmaceutical, which are leading in the development of innovative gout treatments [4][5]. Summary by Sections 1. Industry Investment Strategy and Recommended Focus - The recommended focus for the week showed a performance that lagged behind the pharmaceutical index by 1.2 points but outperformed the broader market by 1.3 points [13]. 2. Gout Specialty: Potential for Innovative Drug Blockbusters 2.1. Patient Population and Existing Drug Deficiencies - The prevalence of high uric acid blood syndrome in China is approximately 13.3%, affecting around 177 million people, while gout affects about 14.66 million [25]. - Current treatments for gout and high uric acid have significant safety and efficacy issues, creating a substantial unmet need for effective medications [28]. 2.2. Innovative Drug Pipeline for Gout - The report identifies URAT1 as the primary target for new drug development, with Heng Rui leading domestically and Yipin Hong leading internationally [29]. - The report details that the majority of drugs in clinical development focus on URAT1, with promising candidates like Yipin Hong's AR882 showing superior efficacy in lowering uric acid levels [31]. 2.3. Efficacy of AR882 - Clinical trials indicate that AR882 significantly lowers serum uric acid levels, with 89% of patients achieving target levels after 12 weeks of treatment [34][39]. - The drug demonstrates a favorable safety profile, with only mild to moderate adverse events reported [38][47]. 3. Pharmaceutical Sector Weekly Market Review and Hotspot Tracking - The pharmaceutical sector showed strong performance, with the CITIC Pharmaceutical Index rising by 1.2%, outperforming the CSI 300 Index by 2.5 percentage points [3]. - The report notes that the market's focus on the pharmaceutical sector has increased significantly, driven by ongoing policy support for innovative drugs and domestic procurement optimization [5].

行 业 研 华福证券 究 "对等关税"政策超预期，关注 OEM 对美风险 敞口分化——25W14 周观点 投资要点： "对等关税"政策超预期，关注 OEM 对美风险敞口分化 行 业 定 期 报 告 综合来看，我们预计可选消费板块代工企业基于美国订单收入占 比（对美订单敞口）、海外产能分布等，本次受关税政策影响程度将 有所分化。分行业，纺服代工龙头基本布局东南亚越南、印尼、柬埔 寨等国家，均为本次超预期加征关税国家之列，或对纺服产业链带来 影响；家电企业总计征收关税较高，但大家电对美敞口较低，且在全 球加征关税背景下中国产能性价比较为突出。 行情数据 本周家电板块涨跌幅-3.1%，其中白电/黑电/小家电/厨电板块涨跌 幅分别-3.2%/-2.2%/-2.9%/-2.7%。原材料价格方面，LME 铜、LME 铝 环比上周分别-3.98%、-4.71%。 本周纺织服装板块涨跌幅+0.03%，其中纺织制造涨跌幅-3.47%， 服装家纺涨跌幅+1.40%。本周 328 级棉现货 14,902 元/吨（0.22%）， 美棉 CotlookA 80.10 美分/磅（+3.49%），内外棉价差 351 元/吨 （-38.64 ...

Investment Rating - The report maintains an "Outperform" rating for the light industry sector [3] Core Viewpoints - The recent fluctuations in US-China tariff policies have short-term impacts on most export chains and electronic cigarettes, but the long-term competitiveness of Chinese manufacturing remains strong [2] - The report highlights opportunities in domestic demand, particularly in the home furnishing and consumer sectors, if domestic support measures are strengthened [2] Summary by Sections Home Furnishing - The report anticipates a recovery in home furnishing orders due to promotional events and government subsidies, with many companies currently valued at historical lows [4] - Key companies to watch include custom furniture leaders such as Oppein Home, Sophia, and Zhijia Home, as well as soft furniture leaders like Mousse and Kuka [4] Paper and Packaging - As of April 3, 2025, various paper prices have shown slight declines, with double glue paper at 5425 CNY/ton, copper plate paper at 5820 CNY/ton, and box board paper at 3556.6 CNY/ton [4][46] - The report recommends companies with integrated wood-pulp-paper operations and those with strong domestic sales expectations, such as Sun Paper and Huawang Technology [4][61] Light Industry Consumption - The report notes a positive performance from companies like Kangnai Optical, which reported a revenue increase of 17.11% year-on-year [4] - It suggests focusing on cultural product leaders like Morning Glory and new consumption trends in toys and personal care [4] Export Chain - The report discusses the impact of new tariffs on imports from Vietnam, Thailand, and other Southeast Asian countries, with tariffs reaching as high as 49% [4][6] - Companies with strong operational momentum and profitability are highlighted, including Zhejiang Ziran and Hars [6] New Tobacco Products - The report mentions the impact of increased tariffs on electronic cigarettes, particularly those produced in Indonesia, with a new tariff of 32% [4] - It suggests monitoring companies like Smoore International, which have strong partnerships and product advantages in the new tobacco market [4] Textile and Apparel - The report indicates that the textile and apparel sector has also been affected by new tariffs, with significant increases for imports from China and Southeast Asia [4] - Key brands to watch include Hai Lan Home and Anta, which are expected to mitigate tariff impacts through cost management [4]

行 华福证券 轨交设备Ⅱ 2025 年 04 月 06 日 业 研 究 轨交设备Ⅱ 沿江高铁武宜段静态验收启动，清明节当日全国铁路发 送旅客超两千万 投资要点： 时速 350 公里高铁沿江高铁武宜段进入静态验收阶段 行 业 定 期 报 告 4 月 3 日，新建沪渝蓉沿江高铁武汉至宜昌段（沿江高铁武宜段） 静态验收工作正式启动。沿江高铁武宜段于 2021 年 9 月开工，设计时 速 350 公里，正线全长约 313 公里，新建桥梁 88 座，隧道 25 座，桥 隧比 84.8%。新建汉川北、天门、京山南、钟祥南、荆门西、当阳西、 宜昌北等 7 座车站，其中荆门西站部分工程已在 2024 年底荆荆高铁开 通时投用。静态验收是新建铁路工程竣工验收的重要环节，是判定工 程质量是否合格、确定工程能否按期投入运营的关键程序。 清明节铁路发送旅客 2009.3 万人次，创今年以来单日旅客发送量新高 4 月 4 日清明节，全国铁路发送旅客 2009.3 万人次，创今年以来 单日旅客发送量新高，运输安全平稳有序。4 月 5 日，全国铁路预计发 送旅客 1355 万人次，计划加开旅客列车 622 列。截至 4 月 5 日 9 时 ...

有色金属 2025 年 4 月 6 日 有色金属行业周报（3.31-4.4） 美对等关税落地，关注供需偏紧的铝板块 强于大市(维持评级) 一年内行业相对大盘走势 3,000 5,000 7,000 9,000 2022-06 2022-09 2022-12 2023-03 2023-06 2023-09 2023-12 2024-03 2024-06 2024-09 2024-12 2025-03 有色金属（申万) 沪深300 | | 1M | 6M | | --- | --- | --- | | 绝对表现 | 2.31 | 16.54 | | 相对表现 （pct） | 2.9 | 1.3 | 团队成员 分析师 王保庆 执业证书编号：S0210522090001 邮箱：WBQ3918@hfzq.com.cn ➢ 贵金属：特朗普宣布对等关税，关注流动性风险。本周价格主要 受特朗普对等关税影响。周初美国总统特朗普宣布的新汽车关税在全 世界掀起贸易紧张、导致股市重挫，使投资者纷纷躲进安全避险资 产。4月3日凌晨，特朗普宣布的对等关税政策远超预期，此举将导致 他重返白宫后打响的贸易战愈演愈烈，市场避险情绪急剧升温，金 ...

行 华福证券 煤炭 2025 年 04 月 06 日 业 研 究 煤炭 煤价企稳，关税冲击下能源安全意义重大 投资要点： 动力煤 行 业 定 期 报 告 截至 2025 年 4 月 3 日，秦港 5500K 动力末煤平仓价 665 元/吨， 周环比持平。晋陕蒙三省煤矿开工率为 82.1%，周环比-0.04pct。本周 电厂日耗大跌，电厂库存微涨，动力煤库存指数小跌，秦港库存小跌。 非电方面，甲醇开工率小涨、尿素开工率微跌，仍处于历史同期偏高 水平，截至 4 月 3 日，甲醇开工率为 86.2%，周环比+2.1pct，年同比 +4.0pct；截至 4 月 2 日，尿素开工率为 85.9%，周环比-0.3pct，年同比 +0.03pct。 焦煤 截至 4 月 3 日，京唐港主焦煤库提价 1380 元/吨，周环比持平，山 西产地价格大涨、河南、安徽产地价格大跌。本周焦炭价格持平、螺 纹钢价格微跌，截至 4 月 3 日，山西临汾一级冶金焦出厂价 1350 元/ 吨，周环比持平，螺纹钢现货价格 3220 元，周环比+10 元/吨，焦炭第 十一轮提降落地。 核心观点 关税对煤炭的冲击主要体现在短期经济的压力，中期潜在的内 ...

Investment Rating - The industry rating is "Outperform the Market" [5][70]. Core Viewpoints - The report emphasizes the importance of domestic demand and self-sufficiency in the defense and military industry, highlighting the sector's resilience amid external pressures such as trade tensions [4][46]. - The military industry is expected to show strong recovery in 2025, driven by rigid demand and high domestic-driven proportions, making it a sector with significant investment potential [4][46]. - The report suggests focusing on traditional main battle equipment and high-elasticity sectors that will span the "15th Five-Year Plan" period [4][50]. Summary by Sections Industry Performance - The military industry index (801740) decreased by 1.96% from March 31 to April 3, while the CSI 300 index fell by 1.37%, resulting in an underperformance of 0.59 percentage points [19]. - Since May 2024, the military index has increased by 14.36%, outperforming the CSI 300 index, which rose by 7.13%, with a relative excess return of 7.23 percentage points [21]. Market Dynamics - Passive fund sizes and shares in military ETFs have significantly increased, indicating strong confidence in the sector [32][47]. - The military sector's current price-to-earnings ratio (TTM) is 60.8, placing it in the 76.47 percentile, suggesting high allocation value at this time [4][50]. Key Investment Opportunities - Recommended stocks include traditional main battle equipment manufacturers such as AVIC Shenyang Aircraft Corporation and AVIC Xi'an Aircraft Industry Group, as well as companies involved in commercial engines and materials [4][50]. - The report identifies potential high-growth areas such as low-cost drones and controlled nuclear fusion technologies [4][50]. Recent Developments - The report notes significant policy changes affecting the military sector, including new tariffs imposed by the U.S. and corresponding responses from China, which historically have led to increased performance in the defense sector during trade tensions [4][46]. - The military sector's strong performance during previous trade conflicts suggests a pattern of resilience and potential for future growth [4][46].

Investment Rating - The industry rating is "Outperform the Market" [7][57] Core Views - The report emphasizes that the international environment is turbulent, and domestic demand promotion may be the main theme for the market [3][13] - The SW Baijiu index PE-TTM is currently at 19.97, which is at a very low percentile of 8.93% over the past 10 years, indicating a strong safety margin [3][14] - The report suggests that the white liquor industry is expected to enter a healthier new phase as channel inventory is continuously digested during peak seasons [14] - The report highlights the importance of rational target setting for liquor companies in 2025, which is crucial for the industry's cyclical trends [14] Summary by Sections Baijiu - The report recommends focusing on companies like Moutai and Wuliangye, which have price stabilization and market share enhancement capabilities [3][14] - The report notes that the white liquor sector experienced a slight decline of 0.71% this week, with some companies like Huangtai and Jinhui showing gains [12] Beer - Key recommendations include Qingdao Beer and Yanjing Beer, which are expected to benefit from high-end strategies and efficiency reforms [19][15] - The report anticipates stable beer sales in 2025, with revenue growth driven by structural upgrades [18] Soft Drinks - The report suggests focusing on East Peak Beverage, which is exploring a second growth curve, and Xiangpiaopiao, which has positive fundamentals [20][19] Pre-mixed Drinks - The report identifies Baijun as a leading company in the pre-mixed drinks sector, with a favorable PE ratio and significant growth potential [23][22] Dairy Products - The report recommends Yili, a national dairy giant, focusing on profit-oriented strategies and product structure optimization [24][24] Snacks - The report highlights the snack sector's resilience, suggesting companies like Ximai Foods and Ganyuan Foods as potential investment opportunities [27][29] Condiments & Catering - Key recommendations include Angel Yeast, which is expected to benefit from strong domestic sales and overseas growth [34][35] Baking Supply Chain - The report recommends Lihai Foods and Huirong Technology, which are expected to show strong performance due to market dynamics [39][39] Health Products & Sweeteners - The report emphasizes the growth potential in the health products sector, particularly for companies like Bailong Chuangyuan and Huakang [40][32] Catering - Recommendations include Yum China and other companies that are expected to benefit from supply chain optimization and brand development [41][45] Pet Industry - The report suggests focusing on companies like Zhongchong and Peidi, which are expected to benefit from both domestic and international market dynamics [46][49] Gold & Jewelry - The report recommends companies like Chaohongji and Zhou Dashi, which are expected to perform well amid high gold prices [50][50]

行 机械设备 2025 年 04 月 06 日 业 研 究 行 业 定 期 报 告 机械设备 3C 设备周观点：美国宣布加征关税，关注 3C 设 备的超跌机会 投资要点： 美国宣布加征关税，国产品牌表现强势 美国总统特朗普宣布，将从 4 月 5 日起对所有出口到美国的商品 征收至少 10%的关税，其中，中国将面临 34%的关税；美国官员表示， 对中国的实际总关税率升至 54%。 A 股果链公司大幅下跌，截至 2025/4/3 收盘时，立讯精密下跌 9.99%、蓝思科技下跌 10.68%%，博众精工下跌 8.96%。 苹果或将积极争取关税豁免 此前，苹果公司宣布其有史以来最大规模的投资承诺，计划未来 4 年内在美国支出和投资超过 5000 亿美元（约合 3.6 万亿元人民币）。 苹果在特朗普第一任期内多次宣布在美投资，成功游说特朗普， 使其决定不对 iPhone 征收关税。如今特朗普再度上台，苹果或再次采 取类似策略，通过战略性投资来迎合特朗普的政策方向。 关注国产手机品牌相关设备的机会 根据信通院数据，2024 年国内市场手机出货量 3.14 亿部，同比增 长 8.7%，其中国产品牌手机出货量 2.69 亿部 ...