Investment Rating - The investment rating for Jiangnan Chemical (002226.SZ) is "Buy" (maintained) [2] Core Views - Jiangnan Chemical's 2024 performance is expected to exceed expectations, with a projected net profit attributable to shareholders ranging from 866 million to 1.098 billion yuan, representing a year-on-year increase of 12.02% to 42.02% [6][9] - The company has secured significant contracts, with a total of 10.18 billion yuan in new contracts for 2024, indicating strong growth potential [6][10] - The company is positioned as a leader in the domestic civil explosives industry, benefiting from favorable conditions in Xinjiang and ongoing debt resolution policies [6][9] Summary by Sections Market Performance - Jiangnan Chemical's stock price has shown a relative performance against the CSI 300 index, with absolute growth rates of 5.20% over 1 month, 4.81% over 2 months, and 27.19% over 3 months [3][4] Financial Performance - The company expects a net profit of 866 million to 1.098 billion yuan for 2024, with a significant increase in Q4 net profit projected to be between 116 million and 348 million yuan, reflecting a year-on-year growth of 59.14% to 376.55% [6][9] - The total revenue for 2024 is forecasted to be 9.81 billion yuan, with a net profit of 952 million yuan, and an EPS of 0.36 yuan [12] Contract and Order Situation - Jiangnan Chemical has signed or begun executing contracts worth 27.47 billion yuan for the second half of 2024, with a total of 101.8 billion yuan in new contracts for the year [6][10] - The company has a strong order backlog, with 85.2% of contracts exceeding 100 million yuan, indicating a robust pipeline for future revenue [6][10] Industry Position - Jiangnan Chemical is the leading company in the civil explosives sector, with a production capacity of 768,500 tons of explosives, benefiting from high demand in Xinjiang [6][9] - The company is expected to benefit from the recovery of the civil explosives industry and the injection of quality assets from its major shareholder, the Weapon Group [6][9]

[Table_Main] 证券研究报告 | 行业季度策略 煤炭 优于大市（维持） 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 -15% -7% 0% 7% 15% 22% 29% 37% 2024-01 2024-05 2024-09 煤炭开采 沪深300 资料来源：聚源数据、德邦研究所 相关研究 1.《煤炭周报：静待需求发力，春季 行情可期》，2025.1.19 2.《全球煤炭展望：供给见顶回落， 需求达峰尚早》，2025.1.17 3.《煤炭周报：煤价止跌企稳，布局 春季行情》，2025.1.12 4.《新集能源（601918.SH）：业绩符 合 预 期 ， 煤 电 一 体 成 长 可 期 》， 2025.1.9 5.《煤炭周报：煤价触底反弹，坚守 红利逻辑》，2025.1.5 煤炭开采 煤焦钢春季策略：需求望复苏，下游 看弹性，上游看红利 [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 2025 年 01 月 23 日 政策持续加码，内 ...

证券分析师 李宏涛 [Table_Main] 证券研究报告 | 公司首次覆盖 买入（首次） 所属行业：国防军工/航天装备Ⅱ 当前价格(元)：18.48 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 航天环宇(688523.SH) 2025 年 01 月 22 日 航天环宇(688523.SH)：低空及 卫星互联网增长，空天地有望全 面受益 投资要点 请务必阅读正文之后的信息披露和法律声明 中国航天深度参与者，布局天地两端通信设备。公司宇航产品优秀，深度参与我国 传统航天事业发展，参与 "嫦娥"、"北斗"等多项知名工程。并凭借优秀的产品 质量获得下游客户高度赞赏。公司于 2007 年获得航天科技评选的"首次月球探 测工程贡献奖"、于 2019 年获得多部委评选的"探月工程嫦娥四号任务突出贡献 单位"、于 2020 年获得"北斗载荷"优秀协作单位等荣誉。在原业务板块上的进 一步资源整合和转型升级，以"天伺馈"分系统级产品的自主研发、生产制造、装 配集成、调试测试为主线，主要包括卫星通信天线、地面测控天线和特种测试设备 三个类别。民用产品主要面向中国星网、上海垣信等低轨 ...

Investment Rating - The report maintains a "Buy" rating for Tianshan Aluminum [2] Core Views - Tianshan Aluminum is expected to achieve a net profit of 4.45 billion yuan in 2024, representing a year-on-year growth of 101.79%. The net profit after deducting non-recurring gains and losses is projected to be 4.32 billion yuan, a year-on-year increase of 129.41% [6] - The increase in profits is primarily driven by the rising prices of alumina, with the average price in Henan province showing a steady upward trend throughout 2024 [6] - The company has a comprehensive industrial chain layout, which allows it to maintain profitability even with recent declines in alumina prices [6] Financial Performance Summary - The total revenue for 2023 is reported at 28.975 billion yuan, with projections of 34.637 billion yuan for 2024 and 34.274 billion yuan for 2025 [9] - The net profit for 2023 was 2.205 billion yuan, with forecasts of 4.452 billion yuan for 2024 and 4.862 billion yuan for 2025 [9] - The gross profit margin is expected to increase from 14.1% in 2023 to 20.0% in 2024, and then slightly decrease to 20.9% by 2026 [9] Market and Project Developments - The company has completed a share acquisition of a local mining company in Guinea, securing exclusive purchasing rights for alumina products with a production capacity of approximately 6 million tons per year [6] - Ongoing projects in Guangxi and Indonesia are progressing, with approvals for exploration and mining activities being expedited [6]

[Table_Main] 证券研究报告 | 行业点评 通信 2025 年 01 月 22 日 通信 优于大市（维持） 证券分析师 李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 刘正 邮箱：liuzheng3＠tebon.com.cn 市场表现 -22% -11% 0% 11% 22% 33% 44% 55% 66% 2024-01 2024-05 2024-09 通信 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《"AI+"推动 capex 增加，算力基 础设施和端侧应用受益》，2025.1.18 2.《市场波动，新型数据基础设施加 力》，2025.1.11 3.《万兆光网试点，光通信、wifi7 有 望受益》，2025.1.8 4.《算力纳入国家基础设施建设，持 续催化投资机会》，2025.1.8 5.《卫星互联网加速，从主题投资向 价值投资转化》，2025.1.4 台积电入场，光引擎进入芯片时代？ [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 事件：据中国台湾《经济日报》，台积电硅光和光电合封技术战略 ...

[Table_Main] 证券研究报告 | 公司点评 金力永磁(300748.SZ) 2025 年 01 月 21 日 买入（维持） 所属行业：有色金属/金属新材料 当前价格(元)：19.66 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 康宇豪 资格编号：S0120524050001 邮箱：kangyh＠tebon.com.cn 研究助理 市场表现 -51% -34% -17% 0% 17% 34% 51% 69% 2024-01 2024-05 2024-09 金力永磁 沪深300 | 沪深300对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅(%) | 0.77 | -0.25 | 42.57 | | 相对涨幅(%) | 3.27 | 3.66 | 45.00 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《金力永磁（300748.SZ）：业绩环 比大幅提升，公司产品产销量大幅增 长》，2024.10.24 2.《金力永磁（300748.SZ）：多因素 叠加业绩短期 ...

证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 周诗琪 一般零售 2025 年 01 月 21 日 [Table_Main] 证券研究报告 | 行业点评 一般零售 优于大市（维持） 资格编号：S0120524120003 邮箱：zhousq＠tebon.com.cn 市场表现 -24% -12% 0% 12% 24% 37% 49% 61% 2024-01 2024-05 2024-09 一般零售 沪深300 资料来源：德邦研究所，聚源数据 相关研究 请务必阅读正文之后的信息披露和法律声明 1.《重视线下零售：把握国企改革+业 务创新两大条线》，2025.1.17 事件：新生人口数据有所回暖。1 月 17 日，国家统计局公布全国人口数据。2024 年全国出生人口 954 万，较 2023 年同比增加 52 万，人口出生率为 6.77‰，是自 2017 年人口出生数据连续下降以来的首次回升。24 年出生人口数据回升，或系龙 年生肖+ 23 年结婚人数（疫情导致婚期延后，23 年结婚人数 768 万对，同比增长 12.39%，是 2013 年以来我国结婚人数的 ...

[Table_Main] 证券研究报告 | 行业专题 有色金属 2025 年 01 月 20 日 有色金属 优于大市（维持） 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 康宇豪 资格编号：S0120524050001 邮箱：kangyh＠tebon.com.cn 研究助理 市场表现 -17% -9% 0% 9% 17% 26% 34% 43% 2024-01 2024-05 2024-09 有色金属 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《有色金属周报：PMI 维持在扩张 区间，黄金价格坚挺》，2025.1.18 2.《电解铝春季策略：成本下行开启， 铝价上行可期》，2025.1.17 3.《供给边际约束，需求开始拉动， 春季行情可期》，2025.1.14 4.《有色金属周报：特朗普言论导致 地缘冲突担忧提升，黄金价格大幅上 涨》，2025.1.11 5.《有色金属周报：PMI 维持在扩张 区间，黄金价格坚挺》，2025.1.5 铜系列报告（一）：铜材加工费 触底回升，供应端出清在即，需 求有望保持增长 [Table_Summa ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [2]. Core Insights - The 43rd Annual J.P. Morgan Healthcare Conference highlighted the transition of Chinese innovative drugs into a new era of profitability and globalization, termed "Innovation 3.0" [5]. - Companies like BeiGene are expected to reach a positive operating profit in 2025, driven by significant revenue growth from products like BTK inhibitor Zanubrutinib [5][9]. - Innovent Biologics is set to launch several major products, which will significantly alter its revenue structure and aims for 20 billion RMB in domestic product revenue by 2027 [5][25]. - Zai Lab has multiple catalysts in 2025, including new drug applications (NDAs) for key products, indicating a strong pipeline and potential for growth [5][28]. - CanSino Biologics is advancing its clinical trials for various innovative drugs, with a focus on ADCs and bispecific antibodies [5][39]. Summary by Sections 1. JPM Conference Highlights - The conference showcased the progress of Chinese companies in innovative drug development, marking a shift from imitation to leadership in the global market [5]. - BeiGene's CEO projected a positive operating profit for 2025, with significant revenue from its BTK inhibitor [5][9]. 2. Company-Specific Developments - **Innovent Biologics**: Anticipates the launch of three major non-oncology products, which will change its revenue dynamics [5][20]. - **Zai Lab**: Achieved commercial success with its product Weiqi, and has multiple NDAs expected in 2025 [5][28]. - **CanSino Biologics**: Engaged in extensive clinical trials for its innovative pipeline, including ADCs [5][39]. 3. Market Performance - The pharmaceutical sector index rose by 2.7% during the week of January 13-17, 2025, outperforming the CSI 300 index [5][49]. - Year-to-date, the pharmaceutical sector index has decreased by 3.8%, underperforming the broader market [5][49]. 4. Investment Strategy - The report suggests focusing on four main investment themes: undervalued blue-chip stocks, companies with positive short-term changes, and those with high growth expectations for H2 2024 [6].

[Table_Main] 证券研究报告 | 行业周报 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 研究助理 市场表现 -26% -17% -9% 0% 9% 17% 26% 34% 43% 2024-01 2024-05 2024-09 食品饮料 沪深300 5.《威士忌行业研究：威士忌市场前 景 广 阔 ， 国 产 品 牌 大 有 可 为 》， 2024.12.30 食品饮料 2025 年 01 月 20 日 社零增速改善，节前动销符合 预期 食品饮料行业周报 20250113-20250117 [Table_Summary] 投资要点： 风险提示 宏观经济下行风险；食品安全问题；市场竞争加剧；提价不及预期 请务必阅读正文之后的信息披露和法律声明 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 20250106- 20250110-八代五粮液停止发货，关 注春节汇款备货》，2025.1.12 2.《今世缘（603369.SH）深度报告： 稳中求进，成长可期》，2025.1.10 3.《食品饮料行业 ...