Investment Rating - The report maintains an "Outperform" rating for the coal mining industry, indicating an expectation of returns exceeding the overall market by more than 10% [2][8]. Core Insights - The report highlights that the ongoing negotiations between the US and Russia may lead to a reconstruction demand in Ukraine, estimated at $700 billion, which is expected to boost the demand for copper, aluminum, and steel [5]. - It notes that the reconstruction efforts in Ukraine will significantly increase global steel demand, with China's steel exports projected to rise by 25.21% year-on-year in 2024, reaching 74.66 million tons [5]. - The report anticipates that the easing of trade restrictions on Russia could enhance China's supply of electrolytic aluminum, potentially stabilizing the market [5]. - It emphasizes that the post-war reconstruction in Ukraine will drive up copper demand, with a corresponding increase in copper prices, benefiting Chinese copper manufacturers [5]. Summary by Sections Market Performance - The report provides a comparative performance analysis showing a decline of 26% in the non-ferrous metals sector against the CSI 300 index [3]. Related Research - Several related reports are referenced, indicating ongoing trends and market conditions affecting the non-ferrous metals sector, including geopolitical tensions and their impact on metal prices [4]. Investment Recommendations - Specific investment recommendations include: - Copper: Zijin Mining, Luoyang Molybdenum, Tongling Nonferrous Metals, Jincheng Mining, and Western Mining, with a focus on Yunnan Copper [5]. - Aluminum: Yunnan Aluminum, Shenhuo Group, China Hongqiao, Tianshan Aluminum, and Nanshan Aluminum, with attention to China Aluminum and Jiaozuo Wanfang [5]. - Steel: Recommendations include China Steel International, Baosteel, and Hualing Steel [5].

[Table_Main] 证券研究报告 | 行业深度 基础化工 优于大市（维持） 证券分析师 王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 市场表现 -15% -7% 0% 7% 15% 22% 29% 2024-02 2024-06 2024-10 基础化工 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《春潮涌动！关注化工涨价行情》， 2025.2.16 2.《春耕有望提振化肥景气，新政赋 能生物柴油破局》，2025.2.9 3.《春耕来临，关注化肥板块投资机 会》，2025.2.9 4.《扩产周期步入尾声，新领域引领 新需求——有机硅行业深度报告》， 2025.2.7 5.《春节假期国际油价走跌，关注机 器人相关材料应用落地》，2025.2.4 基础化工 2025 年 02 月 20 日 从海外企业财报看未来三年聚氨 酯供需格局 ——聚氨酯行业深度报告 [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 引入：MDI 是化工品种技术壁垒最高的产品之一，全球呈现寡头垄断格局，主要产 能和核心技术基本掌握在四家海外 ...

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The report highlights that despite pressures, the company has potential for growth through its focus on collagen products, new product launches, and advantages in medical channels [6][41]. - The collagen protein market is still in its growth phase, providing significant opportunities for the company as a market leader [9][30]. Summary by Sections Market Performance - The company's stock has shown a relative increase compared to the Hang Seng Index, with absolute growth rates of 5.37% over one month and 7.46% over two months [4]. Financial Data and Forecasts - Total revenue is projected to grow from 5.379 billion HKD in 2024 to 8.790 billion HKD in 2026, with year-on-year growth rates of 41.88%, 26.65%, and 23.17% respectively [5][41]. - Net profit is expected to increase from 2.060 billion HKD in 2024 to 3.213 billion HKD in 2026, with corresponding growth rates [5][41]. Investment Highlights - The report identifies three key areas of expectation: 1. **Collagen Product Ceiling**: Concerns exist regarding the sales ceiling of the collagen stick product, but the collagen market is still growing, indicating potential for expansion [6][9]. 2. **New Product Pipeline**: The company is expanding its product lineup, with new launches expected to contribute to revenue growth [12][18]. 3. **Medical Aesthetics Market**: The company is well-positioned in the medical aesthetics sector, with recent approvals for new products that could capture significant market share [30][39]. Product Performance - The collagen stick product has achieved significant sales, with projected sales of nearly 2.4 billion HKD in 2024, indicating strong market demand [6][7]. - New products, such as the focus cream, have exceeded expectations in early sales, contributing positively to the overall revenue [18][19]. Competitive Landscape - The report notes that while competition in the collagen market is increasing, the company’s established position and product offerings provide a competitive edge [23][30]. - The medical aesthetics market is characterized by high growth potential, with the company’s recent product approvals enhancing its market position [30][31].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The report highlights that Marubi Biotech is transitioning from cosmetics to medical aesthetics, with a recent approval for its subsidiary's calcium phosphate injection product, marking a significant step in the medical beauty sector [5] - The company has shown strong e-commerce performance, with a notable increase in sales on platforms like Douyin, and has a robust pipeline of new products [5] - Financial projections indicate substantial revenue and profit growth, with expected revenues of 2.94 billion, 3.67 billion, and 4.27 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 382 million, 497 million, and 631 million yuan [5][6] Financial Data Summary - Total shares outstanding: 401 million [5] - Current price: 29.63 yuan [2] - Market capitalization: 11.88 billion yuan [5] - Revenue growth rates: 28.5% in 2024, 32.2% in 2025, and 24.6% in 2026 [6] - Net profit growth rates: 48.9% in 2024, 30.0% in 2025, and 27.0% in 2026 [6] - Gross margin is projected to improve from 70.7% in 2023 to 71.7% in 2026 [6] - The company has a diversified investment portfolio, holding stakes in nine companies across various sectors [5]

文娱用品 2025 年 02 月 18 日 [Table_Main] 证券研究报告 | 行业专题 文娱用品 优于大市（维持） 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 研究助理 市场表现 -24% -12% 0% 12% 24% 37% 49% 61% 2024-02 2024-06 2024-10 文娱用品 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《哪吒 2 带火周边产品，优质 IP 具 高稀缺性》，2025.2.13 2.《万代南梦宫业绩超预期的启示： IP 产业星辰大海》，2025.2.8 谷子经济&布鲁可-春节见闻： 乘风而起，加速渗透进行时 [Table_Summary] 投资要点： | 行业相关股票 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股票 | 股票 | | EPS | | | PE | | 投资 评级 | | | 代码 | 名称 | 2023 | 2024E | 2025E | 2023 ...

证券研究报告 | 宏观周报 [Table_Main] 宏观周报 证券分析师 2025 年 2 月 17 日 张浩 资格编号：S0120524070001 邮箱：zhanghao3＠tebon.com.cn 研究助理 戴琨 邮箱：daikun＠tebon.com.cn 陈冠宇 邮箱：chengy@tebon.com.cn 连桐杉 邮箱：liants＠tebon.com.cn 本周看什么？特朗普政策推进，融资平台 降压 --宏观周报（20250210-20250216） [Table_Summary] 摘要： 核心观点：本周聚焦两个方向，其一，特朗普政策的持续推进。其二，美各地加速 压降融资平台，多省一年已压降 50%以上，最高达 76%。 高频宏观数据：高频数据映射的行业来看，地产、文旅消费和汽车行业景气度上 行，建筑建材和农林牧渔行业景气度待修复。 短期投资建议：债市关注中央、地方和各部委两会前政策表述；股市关注宏观逻辑 与产业逻辑的共振，以及配置型资金的跟进。 请务必阅读正文之后的信息披露和法律声明 热点观察 1：特朗普政策的持续推进。过去一周，我们主要关注特朗普两项政策的 推进。一是，特朗普有意重估其黄金 ...

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [2]. Core Insights - The report highlights a positive shift in consumer spending policies, particularly benefiting the liquor sector, which is expected to see a recovery in sales [7][10]. - The overall food and beverage sector has shown resilience, with various sub-sectors experiencing different levels of performance, indicating potential investment opportunities [14][17]. Summary by Sections 1. Weekly Insights - The liquor sector is experiencing a rebound due to proactive consumption policies, with a reported increase in sales during the Spring Festival compared to previous periods [10]. - The report suggests focusing on leading companies with strong fundamentals and market control, such as Kweichow Moutai and Wuliangye [10]. 2. Market Performance - The food and beverage sector outperformed the CSI 300 index by 1.15 percentage points, with a weekly increase of 2.34% [17]. - Sub-sectors like pre-processed foods and liquor saw significant gains, while snacks and soft drinks faced declines [18]. 3. Key Data Tracking - Liquor prices have shown stability, with notable brands experiencing price increases of 1-5% [28]. - Beer production in December 2024 increased by 12.20% year-on-year, indicating a recovery in demand [37]. - The average price of fresh milk was reported at 3.12 CNY/kg, reflecting slight fluctuations in the dairy market [41]. 4. Company Performance - Chongqing Beer reported a decline in revenue and profit for 2024, but high-end beer sales are on the rise, suggesting a potential recovery [11]. - The report recommends focusing on companies with strong growth potential in the snack sector, such as Gan Yuan Foods and Xi Mai Foods [14]. 5. Investment Recommendations - The report recommends key players in various segments: - Liquor: Kweichow Moutai, Wuliangye, and Luzhou Laojiao [12]. - Beer: Qingdao Beer and Chongqing Beer [12]. - Soft Drinks: Dongpeng Beverage and Nongfu Spring [12]. - Dairy: Yili and Mengniu [12]. - Snacks: Gan Yuan Foods and Three Squirrels [12].

[Table_Main] 证券研究报告 | 行业周报 食品饮料 2025 年 02 月 17 日 食品饮料 优于大市（维持） 证券分析师 熊鹏 资格编号：S0120522120002 邮箱：xiongpeng＠tebon.com.cn 黄欣培 资格编号：S0120524100002 邮箱：huangxp3＠tebon.com.cn 研究助理 市场表现 -29% -20% -10% 0% 10% 20% 29% 2024-02 2024-06 2024-10 食品饮料 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《食品饮料行业周报 20250205- 20250207-春节动销稳定，建议关注 节后需求恢复速度》，2025.2.10 2.《西麦食品（002956.SZ）：燕麦行 业乘风起，龙头企业加速发展》， 2025.1.27 3.《东鹏饮料（605499.SH）：乘时好 风起，万里东鹏飞》，2025.1.24 4.《食品饮料行业周报(20250113- 20250119）：社零增速改善，节前动 销符合预期》，2025.1.20 5.《食品饮料行业周报 20250106- 20250110-八代五 ...

Investment Rating - The report maintains an "Outperform" rating for the coal industry [1] Core Viewpoints - The report highlights the upcoming peak season for coal and coke steel, suggesting a focus on the elasticity of these commodities [4] - It emphasizes the potential for price rebounds in coking coal due to improved macroeconomic expectations and government policies aimed at boosting domestic demand [6][8] - The report identifies three key investment directions: coking coal elasticity, quality dividends, and long-term growth [8] Industry Data Tracking - **Price Analysis**: The report notes a decline in thermal coal prices, with Qinhuangdao Q5500 thermal coal price at 741 RMB/ton, down 11 RMB/ton (-1.46%) [14][19] - **Supply and Demand**: There is an increase in railway coal inflow to Qinhuangdao port, with a total of 489,000 tons, up 39.71% from the previous week [40][44] - **Inventory Analysis**: Total coal inventory at major ports increased by 443,200 tons (+6.45%), with Qinhuangdao inventory rising by 51,000 tons (+8.04%) [47][49] Market Performance - The coal sector underperformed the market, with a decline of 1.50% compared to a 1.30% increase in the Shanghai Composite Index [59][62] Important Events Review - The report includes significant industry news and company announcements, such as the increase in coal exports from Russia to China and production updates from Shaanxi Coal and Chemical Industry Group [67][69]

Investment Rating - The report maintains an "Outperform" rating for the computer industry [2][5]. Core Insights - The report highlights the significant role of ERP systems as a gateway for enterprise services, accumulating high-quality data and potentially positioning DeepSeek as a leader in private deployment [5]. - DeepSeek's recent open-source model releases have enhanced computational efficiency, leading to rapid adoption, with a global daily active user count surpassing 20 million within 20 days of launch [5]. - The report emphasizes the transformative potential of AI in ERP systems, particularly following SAP's integration of AI into its product matrix, which has resulted in a stock price increase of 187.8% from January 3, 2023, to February 14, 2025 [5]. - The SaaS market in China reached a scale of 58.1 billion yuan in 2023, growing at approximately 23.1%, indicating a rising penetration rate and the potential for AI applications to enhance SaaS value [5]. Summary by Sections Market Performance - The computer industry has shown a performance trend with fluctuations ranging from -24% to +61% over the specified periods [3]. Related Research - The report references several related studies that explore the implications of AI in various applications, including robotics and enterprise resource planning [4]. Investment Recommendations - The report suggests focusing on companies such as Kingdee International, Yonyou Network, Hand Information, Dingjie Smart, P-Link Software, Saiyi Information, Shiji Information, Jiuxi Software, and China Software International for potential investment opportunities [5].