海外 行业定期报告 hyzqdatemark 2025 年 04 月 20 日 证券研究报告 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 郑冰倩 SAC：S1350525040002 zhengbingqian@huayuanstock.com 板块表现： 继续看多黄金，规避美元定价的风险资产 投资评级： 无 ——海外科技周报（25/4/14-25/4/18） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 海外 AI：本周，白宫依据《贸易扩展法》第 232 条款发布的新行动，针对加工关键矿物及其衍生产品采取关税 或数量限制措施，以降低对外国供应链的依赖、增强国家安全和经济韧性。政策明确强化了美国自主掌控能源关 键原材料供应链的战略方向，间接利好铀板块。叠加此前限制俄罗斯铀进口的政策背景，本次行动有望进一步提 振市场对美国本土铀矿开采、铀浓缩与核燃料加工企业（如 Energy Fuels、UEC、Cameco 等）的中长期增长 预期 ...

证券研究报告 固收定期报告 hyzqdatemark 2025 年 04 月 20 日 政策助力，Q1 经济数据较好 ——一季度经济数据点评 投资要点： 联系人 一季度 GDP 增速亮眼。一季度，中国 GDP 达到 31.9 万亿元，实际 GDP 同比增长 5.4%。其中，最终消费支出拉动 GDP 增长 2.8 个百分点，贡献超过一半以上的经济 增长，或因在以旧换新政策持续推动下，消费潜力持续释放；资本形成总额拉动 GDP 增长约 0.5 个百分点，或因财政政策靠前发力和大规模设备更新政策效果逐渐显现； 货物和服务净出口拉动 GDP 增长 2.1 个百分点，或因"抢出口"效应持续支撑。 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 一季度消费增速较高。一季度，社会消费品零售总额 12.5 万亿元，同比增长 4.6%， 扣除价格因素实际增长 4.8%；3 月份社会消费品零售总额同比增长 5.9%，增速较 1-2 月份提高 1.9pct。消费品以旧换新加力扩围政策成效明显。3 月份限额以上单位 通 讯 ...

证券研究报告 机械设备 | 工程机械 北交所|公司点评报告 hyzqdatemark 2025 年 04 月 20 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： 请务必仔细阅读正文之后的评级说明和重要声明 事 件 ： 25Q1 实 现 营 收 1.67 亿 元 (yoy+18%/qoq-10%) ， 归 母 净 利 润 3382.47 万 元 (yoy+61%/qoq+2%)，扣非归母净利润 3301.50 万元(yoy+70%/qoq+2%)，收入端延续稳定增 长，利润端超预期。从费用端来看，25Q1 销售费用率 1.11%(yoy-0.01pcts/qoq+0.05pcts)， 管理费用率 2.57%(yoy-0.59pcts/qoq-0.71pcts），费用端控制得当。 联系人 液压油缸"小巨人"，工程机械等下游恢复，油气弹簧等新产品不断扩展。公司业务涵盖液 压产品的研发、设计、生产和销售，主要产品包括自卸车专用油缸、机械装备用缸和油气 ...

证券研究报告 建筑装饰 | 房屋建设Ⅱ 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 20 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 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 市场表现： | 基本数据 | 年 | 04 | 月 18 | 日 | | 2025 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | 5.50 | | | | | 一 年 内 最 / 最 低 | | | 6.79/4.72 | | 高 | | | （元） | | | | | | | | 总市值（百万元） | | | 227,262.15 | | | | | 流通市值（百万元） | | ...

证券研究报告 医药生物 | 化学制药 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 20 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 李强 SAC：S1350524040001 liqiang01@huayuanstock.com 市场表现： | 基本数据 | | | 年 | 04 | | 2025 | 日 | 月 | | | 18 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | 36.05 | | | | | | 一 年 内 最 低 | 最 | 高 | | | | | | | | 38.10/25.51 | | / | | | （元） | | | | | | | | | | | | | | | 总市值（百万元） | | | | | 40,189.14 | | | | | | | | | | 流通市值（百万元） | | | | ...

证券研究报告 汽车 | 汽车零部件 北交所|公司点评报告 hyzqdatemark 2025 年 04 月 20 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： 势，我们看好公司募投达产在即预期下的中长期发展潜力，维持"增持"评级。 风险提示：行业周期性波动风险、产品价格下降风险、税收优惠风险。 | 基本数据 | | | | | | 年 | 04 | 18 | | 月 | | 日 | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 26.29 | | | | | | | | | | 一 年 内 低 | 最 | 高 | / | 最 | | | | | | | | | | | （元） | | | | | | | | 38.00/8.50 | | | | | | | 总市值（百 ...

Investment Rating - The investment rating for the precious metals industry is "Positive" (maintained) [4][6] Core Viewpoints - The precious metals sector, particularly gold, has seen significant price increases, with London spot gold rising 8.22% to $3305.65 per ounce and Shanghai gold increasing 7.03% to ¥791.02 per gram over the past two weeks [5][10] - The recent surge in gold prices is attributed to the suspension of reciprocal tariffs by the U.S. government, which has alleviated systemic risks in the market [5][6] - The U.S. House of Representatives passed a budget plan that is expected to extend tax cuts from the Trump era, which could further support gold prices [5][6] - Strong retail sales data from the U.S. indicates economic resilience, contributing to bullish sentiment in the gold market [5][6] - The report suggests that the "Trump 2.0" narrative will be a key driver for gold trading in the coming months, with expectations of continued demand from central banks [5][6] Summary by Sections Price Trends - Over the last two weeks, gold prices have shown substantial increases, with London spot gold up 8.22% and Shanghai gold up 7.03% [10][11] - Silver prices have fluctuated, with London spot silver rising 3.10% while Shanghai silver fell by 1.52% [10][11] U.S. Economic Data and Federal Reserve Tracking - U.S. retail sales rose by 1.4% in March, marking the largest increase in nearly two years, driven by sales of automobiles and high-priced goods [5][6] Positions and Trading Volume - The report indicates an increase in trading volumes for both gold and silver, with Shanghai gold holdings rising 8.97% to 424,000 contracts [10][11] Internal and External Price Differences and Gold Benchmark Ratios - The internal-external price difference for gold is reported at ¥16.82 per gram, a decrease from two weeks prior [57] Futures Basis Situation - The international gold basis (spot-futures) is reported at -$35.65 per ounce, showing a decrease from two weeks ago [64]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - After a decline, copper prices may experience fluctuations, awaiting further macroeconomic catalysts. The rebound in copper prices is limited by the impact of tariffs on demand and expectations of a recession in the U.S. [5][6] - The aluminum market shows signs of bottom support with domestic inventory decreasing, while lithium prices continue to decline due to an oversupply situation [5][6] Summary by Sections 1. Industry Overview - **Important Information**: U.S. retail sales for March exceeded expectations, with a month-on-month increase of 1.4% [9] - **Market Performance**: The non-ferrous metals sector underperformed the Shanghai Composite Index, with a weekly increase of 0.91% compared to the index's 1.19% [13][14] - **Valuation Changes**: The PE_TTM for the non-ferrous metals sector is 19.17, with a decrease of 0.44, while the PB_LF is 2.08, down by 0.04 [22][25] 2. Industrial Metals - **Copper**: Copper prices fluctuated, with LME copper down 0.29% and SHFE copper up 1.21%. The copper smelting profit was -2261 CNY/ton, indicating an expanded loss [27] - **Aluminum**: LME aluminum decreased by 1.58%, while SHFE aluminum increased by 0.13%. The aluminum smelting profit rose to 3970 CNY/ton, up 8.78% [36] - **Lead and Zinc**: Lead prices increased slightly, while zinc prices fell. The smelting profit for zinc was -78 CNY/ton, indicating a loss [51][52] 3. Energy Metals - **Lithium**: Lithium prices continue to decline, with carbonate lithium down 0.21% to 71450 CNY/ton. The market remains oversupplied [78] - **Cobalt**: Domestic cobalt prices increased by 5.22% to 242000 CNY/ton, with domestic smelting profits rising by 41.71% to 40800 CNY/ton [88]

证券研究报告 公用事业 | 燃气Ⅱ 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 18 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 市场表现： | 基本数据 | | | 年 | 04 | | 日 | 月 | | 2025 | 17 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 8.43 | | | | | | 一 年 内 最 低 | 最 | 高 | | | | | | / | | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | 4,132.32 | | | | | | | 流通市值（百万元） | | | | | | 4,091.07 | | | | | | 总股本（百万股） | | | | | | 490.19 | | | | | ...

证券研究报告 建筑装饰 | 工程咨询服务 Ⅱ 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 18 日 | 收盘价（元） | | | | | | | 15.18 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 一 年 内 | | | | | | | | | | （元） | | | | | | | | | | 总市值（百万元） | | | | | | | 6,198.40 | | | 流通市值（百万元） | | | | | | | 6,070.45 | | | 总股本（百万股） | | | | | | | 408.33 | | | 资产负债率（%） | | | | | | | 53.78 | | | 每股净资产（元/股） | | | | | | | 6.74 | | | / 低 | 高 | 最 | | | | | 18.30/11.68 | | | 最 | | | | | | | | | | 基本数据 | | | 2025 | 年 | 04 | 月 | 18 | 日 | 地铁设计(003013.SZ) ——业绩提 ...