1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - This week (April 14 - April 18), the capital interest rate increased, the net financing of large - scale banks decreased slightly, and the fund leverage declined. The net financing of certificates of deposit decreased, and the issuance and maturity yields of certificates of deposit with different maturities showed differentiation. In the cash bond trading, the main buyers were other institutions, the scale of funds' net purchases decreased, rural commercial banks increased their holdings of 7 - 10Y interest - rate bonds, and insurance companies increased their holdings of 15 - 30Y ultra - long interest - rate bonds [2]. 3. Summary by Relevant Catalogs 3.1 Monetary Capital Market - **Open Market Operations**: This week, there were 474.2 billion yuan of reverse repurchases and 100 billion yuan of MLF maturing. The central bank injected a total of 808 billion yuan of reverse repurchases from Monday to Friday, with a net liquidity injection of 233.8 billion yuan for the whole week [4][9]. - **Capital Interest Rates**: As of April 18, R001, R007, DR001, and DR007 were 1.68%, 1.71%, 1.66%, and 1.69% respectively, with changes of 3.8BP, 1.02BP, 4.21BP, and 3.91BP compared to April 11, and were at the 27%, 13%, 28%, and 9% historical quantiles respectively [4][13]. - **Net Financing of Main Lenders**: The net financing scale of main lenders (large - scale commercial/policy banks and joint - stock commercial banks) increased. They had a net financing of 344.7 billion yuan this week, an increase of 321.9 billion yuan compared to the previous week [4][16]. - **Pledged Repurchase Trading Volume**: The trading volume of pledged repurchase decreased, with an average daily trading volume of 63.3 trillion yuan, a maximum single - day trading volume of 64.5 trillion yuan, a 6% decrease compared to the previous week's average daily trading volume. The proportion of overnight repurchase transactions decreased, with an average daily proportion of 85.4%, a maximum single - day proportion of 88.1%, a decrease of 0.61 percentage points compared to the previous week's average daily proportion, and was at the 82.4% quantile as of April 18 [4][24]. - **Leverage Ratio of Generalized Funds**: The leverage ratio of generalized funds decreased slightly. As of April 18, the leverage ratios of banks, securities, insurance, and generalized funds were 103%, 213.2%, 128.7%, and 105.6% respectively, with changes of 0.49BP, - 0.11BP, - 0.01BP, and - 0.15BP compared to April 11, and were at the 7%, 49%, 75%, and 41% historical quantiles respectively [4][25]. 3.2 Certificates of Deposit and Bills - **Issuance and Financing of Certificates of Deposit**: This week, the issuance scale of certificates of deposit increased, but the net financing decreased. The total issuance was 709.6 billion yuan, an increase of 27.47 billion yuan compared to the previous week; the total maturity was 704.37 billion yuan, an increase of 168.84 billion yuan compared to the previous week. The net financing was 5.23 billion yuan, a decrease of 141.37 billion yuan compared to the previous week [4][30]. - **Maturity Volume of Certificates of Deposit**: The maturity volume of certificates of deposit increased this week, reaching 704.37 billion yuan, an increase of 168.84 billion yuan compared to the previous week. Next week (April 21 - April 25), the maturity volume will be 769.23 billion yuan [4][38]. - **Interest Rates of Certificates of Deposit**: The issuance interest rates of certificates of deposit of different banks and different maturities showed differentiation. As of April 18, the one - year issuance interest rates of joint - stock banks, state - owned banks, city commercial banks, and rural commercial banks changed by 0.58BP, 0BP, 2.64BP, and - 2BP respectively compared to April 3, and were at the 3%, 5%, 1%, and 1% historical quantiles respectively. The issuance interest rates of 1M, 3M, and 6M certificates of deposit changed by 0.51BP, - 0.43BP, and - 1.17BP respectively compared to April 11, and were at the 6%, 4%, and 1% historical quantiles respectively [40]. - **Shibor Interest Rates**: This week, Shibor interest rates showed differentiation. As of April 18, the overnight, 1 - week, 2 - week, 1M, and 3M Shibor interest rates changed by 5.1BP, 3.5BP, 1.4BP, - 2.4BP, and - 2.5BP respectively compared to April 11, reaching 1.66%, 1.65%, 1.76%, 1.76%, and 1.76% respectively [41]. - **Maturity Yields of Certificates of Deposit**: The maturity yields of certificates of deposit showed differentiation. As of April 18, the 1M, 3M, 6M, 9M, and 1Y maturity yields of AAA - rated ChinaBond commercial bank certificates of deposit were 1.69%, 1.73%, 1.75%, 1.75%, and 1.76% respectively, with changes of - 3.18BP, - 0.05BP, 1BP, 1.97BP, and 2BP compared to April 11 [45]. - **Bill Interest Rates**: This week, bill interest rates decreased. As of April 18, the 3M direct - discount rate, 3M transfer - discount rate, 6M direct - discount rate, and 6M transfer - discount rate of state - owned and joint - stock banks were 1.1%, 1.05%, 1.08%, and 1.08% respectively, with changes of - 10BP, - 7BP, - 8BP, and - 12BP compared to April 11 [4][47]. 3.3 Institutional Behavior Tracking - **Main Buyers and Sellers of Cash Bonds**: This week, the main buyers of cash bonds were other institutions, with a net purchase of 98.7 billion yuan, a decrease compared to the previous week; the main sellers were city commercial banks, with a net sale of 170.9 billion yuan, also a decrease compared to the previous week [4][49]. - **Institutional Bond - Buying Behavior**: - **Funds**: Net - bought 54.8 billion yuan of cash bonds, with a reduction of 18.4 billion yuan in interest - rate bonds, an increase of 44.7 billion yuan in credit bonds, an increase of 20.8 billion yuan in other bonds (including Tier 2 capital bonds and perpetual bonds), and a reduction of 7.8 billion yuan in certificates of deposit. In terms of maturity, interest - rate bonds were mainly reduced in the 7 - 10 - year segment, and credit bonds were mainly increased in the less - than - 1 - year segment [4][49]. - **Wealth Management Products**: Net - bought 68.7 billion yuan of cash bonds, with an increase of 3.4 billion yuan in interest - rate bonds, an increase of 10.5 billion yuan in credit bonds, an increase of 9.7 billion yuan in other bonds (including Tier 2 capital bonds and perpetual bonds), and an increase of 45 billion yuan in certificates of deposit. In terms of maturity, interest - rate bonds were mainly increased in the 20 - 30 - year segment, and credit bonds were mainly increased in the less - than - 1 - year segment [49]. - **Rural Financial Institutions**: Net - bought 36.5 billion yuan of cash bonds, with an increase of 61.2 billion yuan in interest - rate bonds, an increase of 1 billion yuan in credit bonds, an increase of 4.4 billion yuan in other bonds (including Tier 2 capital bonds and perpetual bonds), and a reduction of 30 billion yuan in certificates of deposit. In terms of maturity, interest - rate bonds were mainly increased in the 7 - 10 - year segment, and credit bonds were mainly increased in the 7 - 10 - year segment [49]. - **Insurance Companies**: Net - bought 77.2 billion yuan of cash bonds, with an increase of 79.4 billion yuan in interest - rate bonds, an increase of 4.6 billion yuan in credit bonds, a reduction of 18.8 billion yuan in other bonds (including Tier 2 capital bonds and perpetual bonds), and an increase of 12 billion yuan in certificates of deposit. In terms of maturity, interest - rate bonds were mainly increased in the 20 - 30 - year segment, and credit bonds were mainly increased in the 3 - 5 - year segment [50].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [2] Core Viewpoints - The demand in the life sciences supply chain is gradually recovering, with the tariff war further catalyzing domestic substitution [6][9] - The industry demand is believed to be at the bottom recovery stage after nearly three years of adjustment, driven by factors such as the Federal Reserve's interest rate cuts and the establishment of government industrial funds in China [6][9] - The tariff war has significantly benefited domestic companies as U.S. import brands face increasing market acceptance challenges [10] Summary by Sections Market Performance - The pharmaceutical and biotechnology sector index fell by 0.36% from April 14 to April 18, 2025, underperforming the CSI 300 index by 0.94% [16] - Year-to-date, the sector index has decreased by 1.45%, outperforming the CSI 300 index by 2.7% [16] Investment Strategy and Recommendations - The report recommends focusing on: 1. Scientific instruments with high barriers and low domestic substitution rates, suggesting companies like BGI Genomics, Jingguang Technology, and Haier Biomedical [14] 2. Consumables in the production sector that are cost-sensitive and critical for supply chain security, recommending companies like Nanwei Technology and Aopu Mai [14] 3. Domestic research reagents, highlighting companies such as Aladdin, Titan Technology, and Novozymes [14] Weekly Highlights - The top five performing stocks in the pharmaceutical sector for the week were: 1. Shuangcheng Pharmaceutical (up 56.38%) 2. Lifan Pharmaceutical (up 47.07%) 3. Shutaishen (up 30.27%) 4. Yuekang Pharmaceutical (up 21.40%) 5. Dongcheng Pharmaceutical (up 16.90%) [30]

Group 1: Demand Insights - U.S. consumer behavior changes are relatively slow, with personal consumption contribution remaining stable around 2% over decades[2] - Historical data shows that during economic recessions, essential consumption tends to increase while discretionary spending decreases, indicating a shift in consumer priorities[20] - The average consumption propensity has generally increased from 1999 to 2013, despite economic downturns, reflecting a strong consumer inertia[22] Group 2: Supply Challenges - The scale and efficiency of Chinese manufacturing are difficult to replace, making it a critical factor in U.S. supply chains[3] - The U.S. faces challenges in rebuilding its manufacturing base, with potential paths including the development of a "pro-American" supply chain or significant subsidies for domestic manufacturers[36] - The "AI + manufacturing" transformation in the U.S. is complex and faces significant hurdles, particularly in terms of implementation and efficiency[44] Group 3: Economic Implications - The implementation of "reciprocal tariffs" has led to significant market volatility, primarily reflecting changes in expectations rather than fundamental economic shifts[2] - If the U.S. economy does not enter a recession, the resilience of consumer demand may lead to a "stagflation-like" impact on trade and supply structures[36] - In a recession scenario, consumer purchasing power may decline, complicating efforts to fill supply gaps left by China and other countries[36] Group 4: Risk Factors - Potential risks include escalating global geopolitical conflicts, renewed inflationary pressures in the U.S., and uncontrolled government debt issues[4]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant revenue growth driven by its biodiesel and bio-based products, with a 2024 revenue of 3.563 billion yuan, up 26.73% year-on-year, and a net profit of 149 million yuan, up 89.57% year-on-year [5][9] - The biodiesel segment has seen a sales volume increase of 6.83% and a price increase of 21.82%, contributing to overall revenue growth [6] - The company is expanding its production capacity with new projects, including a 50,000-ton natural fatty alcohol project and a 100,000-ton hydrocarbon-based biodiesel project, which are expected to enhance profitability [7][9] Financial Performance Summary - In 2024, the company achieved a gross margin of 7.11% and a net profit margin of 4.18%, with expectations for significant improvements in the coming years [6][10] - The projected net profits for 2025-2027 are 634 million yuan, 780 million yuan, and 863 million yuan, representing year-on-year growth rates of 325.2%, 23.2%, and 10.6% respectively [9][10] - The company’s earnings per share (EPS) are expected to rise from 1.24 yuan in 2024 to 7.19 yuan by 2027 [10]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant revenue growth driven by its biodiesel and related products, with a 26.73% year-on-year increase in revenue for 2024, reaching 3.563 billion yuan [5] - The net profit for 2024 increased by 89.57% year-on-year, amounting to 149 million yuan, indicating strong profitability [5] - The company is expanding its production capacity with new projects, including a 50,000-ton natural fatty alcohol project and a 100,000-ton hydrocarbon-based biodiesel project, which are expected to enhance future earnings [7][9] Financial Performance Summary - In 2024, the company reported a total revenue of 3.563 billion yuan, with a net profit of 149 million yuan, and a gross profit margin of 7.1% [8] - The projected revenue for 2025 is 4.783 billion yuan, with net profits expected to rise to 634 million yuan, reflecting a growth rate of 325.2% [9] - The earnings per share (EPS) is forecasted to increase significantly from 1.24 yuan in 2024 to 5.28 yuan in 2025 [10] Market Position and Strategy - The company is leveraging its sales network in Europe and Asia to enhance its market presence, particularly in biodiesel and high-value bio-based materials [6][9] - The strategic focus on cost-effective production through internal sourcing of raw materials is expected to improve profit margins [6][9] - The company is also exploring opportunities in the palm oil and waste oil price differential, which has seen significant increases recently [6]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant profit growth, with a 102.03% year-on-year increase in net profit for 2024, driven by rising alumina prices and production increases [6] - The company is expected to continue benefiting from its full industry chain layout, which mitigates the impact of fluctuating alumina prices [6] - New projects in Guinea and Guangxi are set to enhance the company's resource base and production capacity, contributing to future profit growth [6] Financial Performance Summary - In 2024, the company achieved total operating revenue of 280.89 billion yuan, a decrease of 3.06% year-on-year, while net profit reached 44.55 billion yuan [6] - The company's projected net profits for 2025, 2026, and 2027 are 60 billion yuan, 64 billion yuan, and 62 billion yuan respectively, indicating a strong growth trajectory [6] - The company's gross margin is expected to improve, with projections of 28.6% in 2025 and 26.0% in 2026 [7] Market Comparison - The company's stock has underperformed compared to the CSI 300 index, with absolute returns of -19.93% over the past month [4] - The report highlights the company's resilience in maintaining profitability despite market fluctuations, particularly in the alumina and electrolytic aluminum sectors [6] Production and Capacity - The company produced 1.1759 million tons of electrolytic aluminum in 2024, a 1% increase year-on-year, and 2.2789 million tons of alumina, a 7.55% increase [6] - New mining projects in Guinea and Guangxi are expected to significantly boost the company's production capacity and resource availability [6]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant profit growth, with a 102.03% year-on-year increase in net profit for 2024, driven by rising alumina prices and production increases [6] - The company is expected to continue benefiting from its full industry chain layout, which mitigates the impact of fluctuating alumina prices [6] - New projects in Guinea and Guangxi are set to enhance the company's resource base and production capacity, contributing to future profit growth [6] Financial Performance Summary - In 2024, the company achieved total operating revenue of 280.89 billion yuan, a decrease of 3.06% year-on-year, while net profit reached 44.55 billion yuan [6] - The company's projected profits for 2025, 2026, and 2027 are 60 billion yuan, 64 billion yuan, and 62 billion yuan respectively, indicating a strong growth trajectory [6] - The gross profit margin is expected to rise significantly, with estimates of 28.6% in 2025 and 26.0% in 2026 [7] Production and Market Trends - The company produced 1.1759 million tons of electrolytic aluminum in 2024, a 1% increase year-on-year, and 2.2789 million tons of alumina, a 7.55% increase [6] - Alumina prices have shown a gradual increase in 2024, with average prices rising from 3,365 yuan/ton in Q1 to 5,312 yuan/ton in Q2 [6] - Despite a recent decline in alumina prices, the company is expected to maintain profitability due to improved margins in other segments of the industry [6]

[Table_Main] 证券研究报告 | 行业周报 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 -22% -15% -7% 0% 7% 15% 22% 29% 2024-04 2024-08 2024-12 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.《江南化工（002226.SZ）：外延 收购增厚业绩，海外拓疆助力成长》， 2025.4.18 2.《聚氨酯行业更新：万华收购康睿 HDI 工厂，关注行业格局优化》， 2025.4.13 3.《涤纶长丝行业更新：油价风险释 放&需求预期改善，龙头估值有望修 复》，2025.4.13 4.《春潮涌动！关注脂肪醇投资机 会》，2025.4.13 5.《宝丰能源（600989.SH）：一季 度业绩高增，烯烃量利齐升！》， 2025.4.10 基础化工 2025 年 04 月 20 日 外部环境扰动，重申民爆板块的 机遇性！ [Table_Summary] 投资要点： 本周基础化工板块表现弱于大盘。根据 Wind，本周（4/10-4/18）上证 ...

[Table_Main] 证券研究报告 | 行业周报 有色金属 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 市场表现 -29% -22% -15% -7% 0% 7% 15% 22% 29% 2024-04 2024-08 2024-12 有色金属 沪深300 资料来源：德邦研究所，聚源数据 2025 年 04 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 相关研究 1.《有色金属周报：避险资金狂飙， 黄金破新高后仍为主线》，2025.4.12 2.《关税政策变化，工业金属修复》， 2025.4.11 3.《有色金属周报：对美关税反制， 战略金属价值显现，黄金再迎布局良 机》，2025.4.7 4.《黄金：万里长征方起步》， 2025.4.1 5.《赤峰黄金：提产降本推动利润提 升》，2025.4.1 有色金属周报：特朗普连续喊话 美联储，关注贵金属表现 [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 贵金属：周内金 ...

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