证券研究报告 晨会 hyzqdatemark 2025 年 02 月 12 日 投资要点： | 市场数据 | | | | | --- | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌幅 | 年初至今 | | 上证指数 | 3,346.39 | 0.85% | 2.57% | | 创业板指 | 2,191.76 | 1.81% | 6.37% | | 沪深 300 | 3,919.86 | 0.95% | 2.60% | | 中证 1000 | 6,284.61 | 1.53% | 8.41% | | 科创 50 | 1,041.14 | 1.63% | 8.98% | | 北证 50 | 1,265.07 | 1.17% | 24.04% | 资料来源：聚源，华源证券研究所，截至 2025 年 2 月 12 日 华源晨会精粹 机械/建材/建筑 重视建筑板块"春季躁动"行情——建筑装饰行业周报：春节作为 一季度的关键时间节点，对建筑板块的表现具有重要推动作用。基于 2015-2024 年 第一季度数据分析，申万建筑板块在春节节后 10 个交易日中共有 7 次实现正超额收 益，尤其在 2 ...

证券研究报告 计算机 | IT 服务Ⅱ 港股|公司点评报告 hyzqdatemark 2025 年 02 月 12 日 证券分析师 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 市场表现： | | | | 基本数据 | 2025 | 年 | 02 | 月 11 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 5.15 | | | 一年内最高/最低（港 | | | | 5.63/3.96 | | | 元） | | | | | | | 总市值（百万港元） | | | | 7,370.55 | | | 流通市值（百万港元） | | | | 7,370.55 | | | 资产负债率（%） | | | | 76.77 | | | 资料来源：聚源数据 | | | | | | 伟仕佳杰(00856.HK) 投资评级： 买入（维持） ——拥抱 deepseek，深化算力调度与大模型应用落地 投资 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Viewpoints - The report highlights the significant impact of US sanctions on Russian oil exports, which have led to a notable decrease in export volumes and a tightening of shipping capacity [2][3] - Following the sanctions, Russian oil exports dropped from 5.14 million barrels per day on January 27, 2025, to 2.91 million barrels per day on February 3, 2025, representing a 43% week-on-week decline and a 36% decrease compared to the average in the second half of 2024 [3] - The sanctions have resulted in nearly half of the sanctioned fleet anchoring outside ports, leading to increased scrapping of older vessels and a tightening of compliant shipping capacity [3] - The report suggests that the positive fundamentals in oil shipping are expected to continue, with an emphasis on the rising geopolitical risks in the Middle East [3] Summary by Sections Sanctions Impact - On January 10, 2025, the US imposed the most stringent sanctions on Russian oil exports, affecting 184 vessels and numerous companies, including 32 Chinese entities [3] - The sanctions provide a transition period for affected vessels to unload cargo by February 27, 2025, and for financial institutions involved in energy transactions to complete trades by March 12, 2025 [3] Market Dynamics - The report notes that the number of older vessels being scrapped has increased, with 8 oil tankers dismantled between December 2024 and January 2025, marking the largest scrapping activity since the onset of the Russia-Ukraine conflict [3] - As of February 6, 2025, 16 older vessels (14 years and older) were traded, indicating a higher transaction volume compared to December 2024 [3] Investment Recommendations - The report recommends focusing on companies such as COSCO Shipping Energy, China Merchants Energy Shipping, and China Shipbuilding Industry Corporation, as the shipping sector's positive outlook is expected to benefit the upstream shipbuilding industry [3]

证券研究报告 美容护理 | 化妆品 非金融|首次覆盖报告 hyzqdatemark 2025 年 02 月 12 日 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 王悦 wangyue03@huayuanstock.com 市场表现： | 基本数据 | | | | 年 | 02 | 月 | | 日 | | 2025 | | 11 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 31.16 | | | | | | | | 一 年 内 低 | 最 | 高 | / | | | | | | 最 | | | | 36.82/20.17 | | （元） | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | | | 12,495.16 | | | | 流通市值（百万元） | | | | | | | | | | | 12,495.16 | | | ...

风险提示：各地电价政策不及预期，新能源建设不及预期，电网建设低于预期。 金属新材料 赤峰黄金(600988.SH)首次覆盖：高成长国际化黄金矿企，降本+增效下 高弹性业绩释放可期：赤峰黄金主营黄金、有色金属采选业务，资源涉及中国、东 南亚（老挝）和西非（加纳）三大区域 7 个矿业开发项目。公司产品秉承"以金为 主"战略，2018、2022 年先后收购海外金矿，产量进入快速爬坡期，至 2023 年黄 金产量达到 14.35 吨。"降息交易"+"特朗普 2.0"双主线持续催化，金价上行动 能充足。横向对比公司有三个主要优势：1）全球来看，公司盈利能力显著高于行业 平均水平：公司以美元计量的黄金全维持成本在全球行业处于第一四分位数。2）国 内来看，赤峰黄金的矿产金毛利占比（96.09%）显著高于其他公司。3）成本测算 下公司黄金业绩弹性居于国内第一梯队：金价（637.85 元/克，25 年 1 月 21 日）上 涨 1%将对应公司归母净利润增量 0.32 亿元（以 24H1 为基准），业绩弹性达到 4.57 倍。内生方面，公司预计 2024 年底五龙金矿年选矿产能提升至约 70 万吨；2025 年底吉隆金矿开采能力 ...

唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 重视建筑板块"春季躁动"行情 投资评级： 看好（维持） ——建筑装饰行业周报（20250203-20250209） 投资要点： 证券研究报告 建筑装饰 行业定期报告 hyzqdatemark 2025 年 02 月 11 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 本周观点： 基建数据跟踪： 市场回顾： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 1) 春节作为一季度的关键时间节点，对建筑板块的表现具有重要推动作用。基于 2015-2024 年第一季度数据分析，申万建筑板块在春节节后 10 个交易日中共有 7 次实现正超额收益，尤其在 2021 年至 2024 年，该板块连续四年录得显著的超额回 报。以 2 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment based on its growth potential and operational efficiency [4][10][13]. Core Views - The company is characterized as a high-growth, international gold mining enterprise with a focus on cost reduction and efficiency improvement, which is expected to lead to significant earnings growth [4][6][10]. - The company has a diversified resource base across China, Southeast Asia (Laos), and West Africa (Ghana), with a strong emphasis on gold production [4][24][34]. - The report highlights the company's strategic focus on gold, which constitutes the majority of its revenue and profit, and its efforts to enhance operational efficiency through cost control measures [4][46][50]. Summary by Sections Company Overview - The company operates in the gold and non-ferrous metal mining sectors, with a significant international presence and a focus on gold as its primary product [4][24][34]. - The company has undergone strategic acquisitions to enhance its resource base, including the purchase of gold mines in Laos and Ghana [4][15][24]. Financial Performance - The company is projected to achieve a net profit attributable to shareholders of 1.67 to 1.74 billion yuan in 2024, representing a year-on-year increase of 92.79% to 100.87% [4][10][11]. - The company's revenue and net profit have shown strong growth, with a compound annual growth rate (CAGR) of 38.17% and 17.47% respectively from 2021 to 2023 [42][46]. Market Dynamics - The report notes that the gold price is expected to rise due to macroeconomic factors, including potential interest rate cuts and inflationary pressures, which will benefit the company's profitability [5][60]. - The company is well-positioned to capitalize on rising gold prices due to its low production costs and high profit margins compared to industry averages [6][50][52]. Operational Efficiency - The company has implemented measures to control costs and improve operational efficiency, resulting in a decrease in the ratio of selling, general, and administrative expenses to revenue [8][52]. - The report emphasizes the company's commitment to enhancing its production processes and reducing procurement costs, which has led to a significant reduction in overall production costs [8][50][52]. Future Outlook - The company is expected to continue its growth trajectory with projected net profits of 1.76 billion yuan in 2024, 1.99 billion yuan in 2025, and 2.25 billion yuan in 2026, reflecting a strong growth outlook [10][11][13]. - The company is also pursuing additional financing through a potential listing on the Hong Kong Stock Exchange, which could further support its expansion plans [7][10][15].

证券研究报告 晨会 hyzqdatemark 2025 年 02 月 10 日 投资要点： 北证 50 1,225.42 3.38% 20.15% 资料来源：聚源，华源证券研究所，截至 2025 年 2 月 10 日 华源晨会精粹 公用环保 绿电绿证交易规模创新高 电力集团披露 2024 装机和未来规划——公用 事业 2025 年第 6 周周报：近日，发电集团陆续召开年度会议，披露 2024 年新能源 装机情况及未来规划，其中，国家能源集团新能源开工 3118 万千瓦、投产 2773 万 千瓦，投产规模创历史新高，新能源规模提前 1 年超额完成"十四五"目标；华能 集团 2024 年新能源投产规模超 2300 万千瓦，新能源累计装机规模突破 9500 万千 瓦，我们测算为完成"十四五"规划，2025 年尚需投产新能源装机 2500 万千瓦； 华电集团预计 2024 年新增新能源装机 2200 万千瓦量级，我们测算 2025 年需要再 投产新能源装机 2750 万千瓦；国电投集团预计新增清洁能源装机大部分为新能源， 由此计算 2024 年新增量为 2700 万千瓦，2025 年需新增新能源装机 2781 万千瓦 ...

证券研究报告 公用事业 行业点评报告 hyzqdatemark 2025 年 02 月 10 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 源引金融活水 润泽中华大地 证券分析师声明 本报告署名分析师在此声明，本人具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，本报告表述的所有观点均准确反映 了本人对标的证券和发行人的个人看法。本人以勤勉的职业态度，专业审慎的研究方法，使用合法合规的信息，独立、客观的出具此报告，本 人所得报酬的任何部分不曾与、不与，也不将会与本报告中的具体投资意见或观点有直接或间接联系。 一般声明 华源证券股份有限公司（以下简称"本公司"）具有中国证监会许可的证券投资咨询业务资格。 本报告是机密文件，仅供本公司的 ...

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 02 月 10 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 绿电绿证交易规模创新高 电力集团披露 2024 装机和未来规划 投资评级： 看好（维持） ——公用事业 2025 年第 6 周周报（20250209） 投资要点： 证券分析师 电力集团年度会议召开完毕 披露 2024 年新能源装机情况及未来规划。 近日，发电集团陆续召开年度会议，披露 2024 年新能源装机情况及未来规划，其中，国家能 源集团新能源开工 3118 万千瓦、投产 2773 万千瓦，投产规模创历史新高，新能源规模提前 1 年超额完成"十四五"目标；华能集团 2024 年新能源投产规模超 2300 万千瓦，新能源累 计 ...