Investment Rating - The report rates the chemical new materials industry as "Outperform the Market" [2] Core Insights - The report highlights the increasing investment in new energy materials, particularly in the electric vehicle sector, with Dow's announcement to build a carbonate solvent plant in the U.S. to meet the growing demand [24] - The semiconductor materials sector is experiencing rapid domestic production acceleration, with a focus on key players benefiting from industry growth [25] - The report emphasizes the importance of high-performance materials in driving industry upgrades and innovations, suggesting a robust growth outlook for the new materials sector [25] Market Overview - The Wind New Materials Index closed at 3067.58 points, down 1.66% week-on-week. The semiconductor materials index fell by 7.12% to 4731.23 points, while the display device materials index rose by 0.78% to 1037.82 points [9][30] - The organic silicon materials index decreased by 3.51% to 5571.54 points, and the lithium battery index saw a slight increase of 0.05% to 1800.59 points [9][30] Recent Industry Developments - Dow announced plans to invest in a new plant for carbonate solvents to cater to the electric vehicle and energy storage markets, marking its entry into the new energy battery materials sector [24] - Hefei Weimai Semiconductor's high-end photoresist project has commenced, with an investment of 300 million yuan aimed at becoming the largest domestic production base for high-end semiconductor photoresist materials [25] - The report notes significant investments in coal-based new materials projects in Xinjiang, with a focus on producing MMA (methyl methacrylate) [27] - The establishment of JSR's semiconductor headquarters in Shanghai is progressing, with the facility expected to focus on photoresist business [28]

[Table_Main] 证券研究报告 | 公司点评 石头科技(688169.SH) 2024年03月30日 买入（维持） 石头科技：内外并拓表现靓丽，盈利 所属行业：家用电器/小家电 能力明显提振 当前价格(元)：342.57 证券分析师 投资要点 贺虹萍 资格编号：S0120523020003 2024年3月28号公司发布2023年年度报告。2023年公司实现营业总收入86.54  邮箱：hehp3＠tebon.com.cn 亿元，同比+30.55%，归母净利润 20.51 亿元，同比+73.32%，扣非归母净利润 纪向阳 18.26亿元，同比+52.46%。单季度来看，23Q4公司实现营业总收入29.65亿元， 资格编号：S0120523120001 同比+32.60%，归母净利润6.91亿元，同比+110.33%，扣非归母净利润5.72亿 邮箱：jixy3＠tebon.com.cn 元，同比+68.62%。利润分配：公司拟向全体股东每股派发现金红利4.68元（含 宋雨桐 税），加上23年半年度现金红利及23年实施的回购，合计分红比例为40.85%； 资格编号： S0120523090003 拟以资本 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 42.67 billion yuan in 2023, a year-on-year decrease of 11.96%, and a net profit attributable to shareholders of 3.96 billion yuan, down 13.41% year-on-year. However, the net profit excluding non-recurring items increased by 9.69% year-on-year to 3.93 billion yuan. The gross margin for electrolytic aluminum products was 17.85%, an increase of 0.67 percentage points year-on-year, attributed to a decline in raw material prices [4][5] - In Q4 2023, the company achieved a revenue of 12.9 billion yuan, a year-on-year increase of 18.27% and a quarter-on-quarter increase of 6.76%. The net profit for the quarter was 1.45 billion yuan, up 80.25% year-on-year and 46.54% quarter-on-quarter. The company plans to distribute a cash dividend of 798 million yuan, with a payout ratio of 20.16% [4][5] - The average aluminum price in the Chinese market for Q4 2023 was 18,966 yuan per ton, showing a recovery trend throughout the year. The average price for the entire year was 18,700 yuan per ton, down 6.2% year-on-year. The decline in raw material prices, such as alumina and prebaked anodes, contributed to the expansion of profit margins for electrolytic aluminum [4][5] Summary by Sections Financial Performance - The company produced 1.4283 million tons of alumina, 783,500 tons of carbon products, and 2.3995 million tons of primary aluminum in 2023. The sales volume of aluminum liquid and ingots reached 1.3 million tons, with aluminum alloy sales at 1.23 million tons, marking a historical high [4][5] - The revenue projections for 2024-2026 are adjusted to 48.7 billion yuan, 52.4 billion yuan, and 56.1 billion yuan, respectively, with net profits of 4.93 billion yuan, 5.15 billion yuan, and 5.53 billion yuan, reflecting year-on-year growth rates of 24.7%, 4.5%, and 7.2% [5][6] Market Outlook - The company is expected to see continuous improvement in performance due to the recovery of electrolytic aluminum production capacity and stable profit margins. The complete green aluminum industry chain from bauxite to end products helps in controlling upstream raw material costs [5][6]

[Table_Main] 证券研究报告 | 行业周报 煤炭开采 2024年3月31日 煤炭周报：煤价震荡偏弱，静待 煤炭 需求复苏 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 翟堃  动力煤窄幅震荡，静待需求复苏。 A）价格及事件回顾：本周秦皇岛港动力煤 资格编号：s0120523050002 Q5500价格下跌至 831 元/吨（环比-0.48%）。供应端，主产区个别前期停产煤矿 邮箱：zhaikun＠tebon.com.cn 复产，整体供应小幅提升。坑口方面，坑口销售情绪有所回暖，矿端库存小幅释 薛磊 放。港口方面，坑口部分价格探涨，港口发运成本偏高，贸易商观望情绪延续， 资格编号：S0120524020001 港口多数维持刚需拉运。下游方面，电厂机组即将进入分段检修，终端日耗延续 邮箱：xuelei＠tebon.com.cn 回落，整体库存仍处于偏高水平，暂无补库压力。B）价格短期观点：我们判断 煤价快速下跌告一段落，未来有望先震荡、后反弹。i）“金三银四”非电旺季来 研究助理 临：两会提出拟安排地方政府专项债3.9万亿，同比多增1000亿元，随着资金陆 续到位 ...

[Table_Main] 证券研究报告 | 行业周报 机械设备 2024年03月31日 机械设备 机械周报：政策支持大规模设备更 新，关注新质生产力发展 优于大市 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 俞能飞 资格编号：S0120522120003 ① 通用设备：政策支持下有望开启新一轮大规模设备更新。 邮箱：yunf＠tebon.com.cn 卢大炜 资格编号：S0120523010002 事件：根据国家统计局数据，3月份，制造业PMI为50.8%，环比提升1.7pct，重 邮箱：ludw＠tebon.com.cn 返扩张区间，主要系随着企业加快复工复产，市场活跃度提升。 唐保威 资格编号：S0120523050003 政策支持下，有望开启新一轮大规模设备更新。国务院印发《推动大规模设备更新 邮箱：tangbw＠tebon.com.cn 和消费品以旧换新行动方案》。要统筹扩大内需和深化供给侧结构性改革，实施设 备更新、消费品以旧换新、回收循环利用、标准提升四大行动，大力促进先进设备 生产应用，推动先进产能比重持续提升。 市场表现 机械设备 沪深300 《行动方案》提出，到2027 ...

[Table_Main] 证券研究报告|行业周报 化工 2024年4月1日 中石化与道达尔合作建 23 万吨生物航煤 化工 工厂，金陵石化百亿高端日化品项目开工 优于大市（维持） 化工行业周报（20240325-20240331） 证券分析师 [Table_Summary] 投资要点： 李骥 资格编号：S0120521020005 本周板块行情：本周，上证综合指数下跌 0.23%，创业板指数下跌 2.73%，沪深  邮箱：liji3＠tebon.com.cn 300下跌0.21%，中信基础化工指数下跌0.03%，申万化工指数上涨0.32%。 市场表现  化工各子行业板块涨跌幅：本周，化工板块涨幅前五的子行业分别为轮胎 (3.03%)、其他化学原料(2.49%)、钛白粉(1.92%)、绵纶(1.13%)、复合肥 沪深300 (0.97%)；化工板块跌幅前五的子行业分别为涂料油墨颜料(-5.33%)、涤纶(- 15% 4.76%)、电子化学品(-4.64%)、有机硅(-3.51%)、膜材料(-3.46%)。 10% 5% 本周行业主要动态： 0%  -5%  中石化与道达尔合作建 23 万吨生物航煤工厂。 ...

[Table_Main] 证券研究报告 | 公司点评 重庆啤酒(600132.SH) 2024年03月31日 重庆啤酒（600132.SH）：Q4 业 买入（维持） 所属行业：食品饮料/非白酒 绩略低预期，高分红提振信心 当前价格(元)：64.47 证券分析师 投资要点 熊鹏 资格编号：S0120522120002 事件：公司发布2023年年度报告。2023年公司实现营业收入148.15亿元，同比  邮箱：xiongpeng＠tebon.com.cn +5.53%；归母净利润13.37亿元，同比+5.78%；扣非归母净利润13.14亿元，同 韦香怡 比+6.45%。其中，2023Q4实现营业收入17.86亿元，同比-3.76%；归母净利润 资格编号：S0120522080002 -0.07 亿元，同比-109.23%（22Q4 为 0.81 亿元）；扣非归母净利润-0.13 亿元， 邮箱：weixy＠tebon.com.cn 同比-117.73%（22Q4为0.73亿元）。 研究助理 高端化节奏略有放缓，销量增长为主要业绩贡献。（1）2023年全年公司量价齐升  趋势不改，但内部结构略有分化。整体来看，2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights that the company's core products, RC18 and RC48, are experiencing rapid sales growth, contributing to a 40.26% year-on-year increase in revenue to 1.083 billion yuan for the year 2023. However, the company reported a net loss of 1.543 billion yuan due to increased R&D and commercialization efforts [5][8] - The company plans to raise up to 2.55 billion yuan through a private placement to fund the research and development of innovative drugs, which will enhance its product pipeline and expedite clinical trials [5][8] - The report emphasizes the company's strong commercialization team, which has expanded to approximately 750 personnel covering over 2,200 hospitals, facilitating the market entry of its products [5][8] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.083 billion yuan, a 40.26% increase year-on-year. The net loss attributable to the parent company was 1.543 billion yuan [5][8] - The projected revenues for 2024, 2025, and 2026 are 1.685 billion yuan, 2.502 billion yuan, and 3.742 billion yuan, respectively [8][13] Product Development - The company has eight molecules in clinical development, with significant progress in various therapeutic areas including systemic lupus erythematosus (SLE), myasthenia gravis (MG), and oncology [5][6][8] - RC18 has received approval for treating moderate to severe SLE, and RC48 has been conditionally approved for gastric cancer and urothelial carcinoma [6][8] Market Strategy - The company is expanding its clinical trials internationally, with ongoing studies for multiple indications, including active lupus nephritis and primary Sjögren's syndrome [6][8] - The commercialization strategy includes a robust team that has successfully completed drug access for over 650 hospitals, enhancing market penetration [5][8]

[Table_Main] 证券研究报告 | 公司点评 恺英网络(002517.SZ) 2024年03月29日 恺英网络点评：增持、分红持续 买入（维持） 所属行业：传媒/游戏Ⅱ 提振信心，看好公司未来长期发 当前价格(元)：11.02 展 证券分析师 马笑 投资要点 资格编号：S0120522100002 邮箱：maxiao＠tebon.com.cn 事件：2024年3月27、28日，公司接连发布《关于实际控制人、董事长增持股  份计划实施完成的公告》和《关于收到实际控制人、董事长2023年度及2024年 市场表现 内现金分红提议的公告》。 恺英网络 沪深300 69% 实控人1亿增持计划已完成。2023年12月26日，恺英网络股份有限公司披露了  51% 实际控制人、董事长金锋先生拟增持公司股份的计划，金锋先生拟增持金额不低 34% 于10,000万元，实施期限为自增持计划披露之日起不超过 6个月。自2024年3 17% 月 7 日至 2024 年 3 月 27 日，金锋先生累计通过集中竞价方式增持公司股份 0% -17% 9,703,100股，占公司总股本的0.45%，累计增持金额约10999.96万 ...

Investment Rating - The report maintains a "Buy" rating for Huabei Mining (600985.SH) [1] Core Views - The company achieved an annual revenue of 73.387 billion, a year-on-year increase of 6.26%, while the net profit attributable to shareholders was 6.225 billion, a decrease of 11.21% year-on-year [3][4] - The coal business showed a decline in total coal production and sales, but the sales of coking coal increased by 3.8% year-on-year [3][4] - The company plans to enhance its cash dividend, proposing a dividend of 2.652 billion, a year-on-year increase of 1.79%, with a dividend payout ratio of 42.6% [4] Summary by Sections Market Performance - The stock price of Huabei Mining is currently at 16.38 RMB, with a market performance comparison against the CSI 300 index showing a relative decline [1][2] Financial Performance - In Q4 2023, the company reported a revenue of 17.897 billion, a year-on-year increase of 51.63%, but a net profit decrease of 34.93% year-on-year [3] - The average selling price of coal was 1,159.76 RMB/ton, with a slight decrease of 0.01% year-on-year, while the cost per ton was 592.35 RMB, an increase of 0.78% year-on-year [3] Coal Business - The total coal production for 2023 was 21.9734 million tons, a decrease of 4.06% year-on-year, while the total sales were 17.832 million tons, a decrease of 5.27% year-on-year [3] - The company has several projects in progress, including the Inner Mongolia Taohutu coal mine expected to be operational by the end of 2025, with a designed capacity of 8 million tons/year [4] Chemical Business - The coking coal segment faced price pressure, with an average selling price of 2,330.42 RMB/ton, a decrease of 19.66% year-on-year, leading to a net loss of 0.912 billion for the subsidiary [4] - The methanol segment saw production and sales increases of 40.16% and 43.37% year-on-year, respectively, but the average selling price decreased by 8.87% [4] Earnings Forecast - The projected revenues for 2024, 2025, and 2026 are 76.6 billion, 81.497 billion, and 86.863 billion, respectively, with net profits expected to be 6.4 billion, 6.531 billion, and 7.008 billion [4][6]