证券研究报告|行业点评报告 [Table_Date] 2025 年 05 月 31 日 [Table_Title] 保险业 2025 年 4 月保费点评：寿险保费高 增，财险经营稳健 [Table_Title2] 保险Ⅱ 行业评级: 推荐 [Table_Summary] 分析与判断: ► 人身险：4 月寿险保费同比+16.8%，拉动前 4 月人身险保费增速由负转正 2025 年 1-4 月人身险公司原保费收入 19,469 亿元，同比+1.3%。其中寿险/意外险/健康险原保费收入分别 为 16,061/153/3,255 亿元，分别同比+1.2%/-4.9%/+2.4%。4 月单月，人身险公司原保费收入 2,879 亿元，同 比+11.7%，其中寿险/意外险/健康险原保费收入 2,229/36/614 亿元，分别同比+16.8%/-6.1%/-2.9%。4 月寿险 增速环比 2 月/3 月增速分别提升 9.0pp/5.4pp。2025 年 1-4 月保户投资款新增交费（以万能险为主）3,076 亿 元，同比-4.8%，其中 4 月单月同比+16.0%；1-4 月投连险独立账户新增交费 49 亿元，同比-0.6 ...

882 证券研究报告|行业研究周报 [Table_Title] 关税政策反复横跳，618 抢先购服装行业增长 强劲 [Table_Date] 2025 年 05 月 30 日 ► 主要观点： [Table_Summary] 5 月 16 日晚 8 点，天猫淘宝 618 开卖，截止 5 月 26 日 天猫快消、服饰、运动户外、宠物、家享生活、汽车、企业 服务等多个行业 618 抢先购全周期成交榜发布。官方披露的 战报显示，抢先购期间天猫服饰行业增长强劲，优衣库、 UR、蕉下等多个品牌成交破亿，近 345 个品牌成交破千万， 近 3090 个品牌成交破百万，此外，约有 1088 个品牌成交同 比超过500%：1）天猫服饰TOP3分别为优衣库、UR、蕉下； 2）女装销售 TOP3 分别为优衣库、UR、ZARA；3）男装销售 TOP3 分别为优衣库、海澜之家、HAZZYS；4）男女鞋销售 TOP3 分别为 crocs、百丽、staccato；5)内衣销售 TOP3 分 别为 ubras、维秘、蕉内；6）运动户外销售 TOP3 分别为 FILA、NIKE、Lululemon；7)箱包服配销售 TOP3 分别为 coac ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 5 月 31 [Table_Title] PTANTAM TBK 2025Q1 镍铁产/销量分别环比减 少 6%/38%至 4,498 吨/4,839 吨，镍矿石产/销量分 别环比增长 75%/45%至 463 万吨/383 万吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q1 分业务产销情况 1、镍铁 2025Q1，ANTAM 镍铁产量为 4,498 吨，同比减少 6%， 环比减少 7%。 2025Q1，ANTAM 镍铁销量为 4,839 吨，环比减少 38%， 2024 年同期未进行销售。 2、镍矿 2025Q1，ANTAM 镍矿石产量为 463 万湿吨，同比增长 221%，环比增长 75%。 2025Q1，ANTAM 镍矿石销量为 383 万湿公吨，同比增 长了 281%，环比增长 45%。 3、黄金 2025Q1，ANTAM 铝土矿产量为 653,781 湿吨，同比增长 328%，环比减少 6%。 2025Q1，ANTAM 铝土矿销量为 544,750 湿吨，环比减少 ...

证券研究报告|宏观点评报告 [Table_Date] 2025 年 05 月 31 日 [Table_Title] 5 月 PMI 修复，内外需的线索 5 月 31 日， 统计局发布 5 月 PMI。制造业 PMI 49.5%，预期 49.5%，前值 49.0%；非制造业 PMI 50.3%，前值 50.4%。重点关注以下几个方面： 第一，制造业 PMI 反弹超出往年同期规律。由于 PMI 数据已进行季节性调整，其走势受季节性规律影响不 大。不过自 2019 年以来，除 2022 之外，5 月制造业 PMI 均低于 4 月，平均低 0.5 个百分点。这背后或是一季 度经济开门红之后，二季度的 4-5 月出现了阶梯式小幅放缓。而今年 5 月制造业 PMI逆势反弹 0.5 个百分点。拆 分来看，生产和新订单分别反弹 0.9、0.6 个百分点，分别拉动制造业 PMI 约 0.23、0.18 个百分点，从业人员、 供应商配送时间和原材料库存三个分项合计拉动 0.11 个百分点。 第二，出口订单反弹，不过尚未恢复到一季度的水平。5 月制造业新出口订单反弹 2.8 个百分点至 47.5%， 4 月时下滑 4.3 个百分点 ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 5 月 31 [Table_Title] PTANTAM TBK 2025Q1 镍铁产/销量分别环比减 少 6%/38%至 4,498 吨/4,839 吨，镍矿石产/销量分 别环比增长 75%/45%至 463 万吨/383 万吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q1 分业务产销情况 1、镍铁 2025Q1，ANTAM 镍铁产量为 4,498 吨，同比减少 6%， 环比减少 7%。 2025Q1，ANTAM 镍铁销量为 4,839 吨，环比减少 38%， 2024 年同期未进行销售。 2、镍矿 2025Q1，ANTAM 镍矿石产量为 463 万湿吨，同比增长 221%，环比增长 75%。 2025Q1，ANTAM 镍矿石销量为 383 万湿公吨，同比增 长了 281%，环比增长 45%。 3、黄金 2025Q1，ANTAM 矿产金产量达到 230 公斤（7,395 金衡 盎司），较 2024Q1 的 166 公斤（5,337 金衡盎司）增长 39%， 环比减少 16。 ...

[Table_Date] 2025 年 5 月 31 [Table_Title] Sherritt 2025Q1 成品镍和钴产量分别同比减少 18%、6%至 2,947 吨、323 吨，镍净直接现金成本 同比下降 18%至 5.95 美元/磅 证券研究报告|行业研究报告 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q1 生产经营情况 1）金属业务 2025Q1，镍钴混合硫化物（MSP）产量为 3,157 吨，而 2024Q1 的产量为 4,052 吨。这主要是由于供应链延迟、矿石选 矿机维护、采矿设备可用性降低以及古巴全国范围内再次停 电。Sherritt 正在与古巴政府接洽，以进一步加强对 Moa JV 的 保护，使其免受美国收紧对古巴的限制后，古巴外汇流动性受 限的影响，从而导致更广泛的国内供应链中断。 2025Q1，Sherritt 的成品镍和钴权益产量分别为 2,947 吨和 323 吨，而 2024Q1 分别为 3,597 吨和 342 吨，分别同比减少 18%、6%，环比减少 24%、31%。如前所述，由于 2024Q4 的 外部挑战 ...

Investment Rating - The report gives a "Recommended" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [4]. Core Insights - Centrus achieved a net profit of $27.2 million in Q1 2025, a significant turnaround from a loss of $6.1 million in Q1 2024, marking an increase of $33.3 million year-on-year [1]. - Total revenue for Centrus in Q1 2025 was $73.1 million, up 67% from $43.7 million in Q1 2024, with gross profit increasing by 665% to $32.9 million [1]. - The low-enriched uranium (LEU) segment saw revenues rise by 117% to $51.3 million, driven by a 46% increase in average selling prices and a 49% increase in sales volume [2]. - The technical solutions segment reported an 8% revenue increase to $21.8 million, primarily due to $2 million in revenue from high-assay low-enriched uranium (HALEU) operational contracts [3]. Financial Performance Summary - In Q1 2025, the low-enriched uranium segment's gross profit surged to $31.2 million, a 6,140% increase from $0.5 million in Q1 2024, attributed to increased sales and contract composition [2]. - The technical solutions segment's gross profit decreased by 55% to $1.7 million, mainly due to increased costs associated with HALEU operational contracts [5]. - As of March 31, 2025, Centrus had a backlog of $3.8 billion in unfulfilled orders, with $2.8 billion related to the low-enriched uranium segment [11].

Investment Rating - The industry is rated as "Recommended" [5] Core Insights - In Q1 2025, lithium salt sales reached 55,000 tons, a year-on-year increase of 20%, while the average price dropped by 27% to $9,144 per ton [1] - Specialty Plant Nutrition (SNP) sales were 217,200 tons, up 6% year-on-year, with an average price of $977 per ton, down 4% [2] - Iodine and its derivatives saw sales of 3,600 tons, a 4% decrease year-on-year, but the average price increased by 9% to $70,833 per ton [3] - Potassium fertilizer sales fell by 38% year-on-year to 100,800 tons, with an average price increase of 8% to $422 per ton [4] Summary by Sections Lithium Salt Business - Q1 2025 lithium salt sales were 55,000 tons, a 20% increase year-on-year, but a 5% decrease quarter-on-quarter [1] - The average price was $9,144 per ton, down 27% year-on-year [1] - Unit sales cost was $7,083 per ton, down 18% year-on-year [1] - Unit gross profit was $2,061 per ton, down 48% year-on-year [1] Specialty Plant Nutrition (SNP) - Q1 2025 SNP sales were 217,200 tons, a 6% increase year-on-year [2] - The average price was $977 per ton, down 4% year-on-year [2] - Unit gross profit was $171 per ton, down 21% year-on-year [2] Iodine and Derivatives - Q1 2025 sales were 3,600 tons, a 4% decrease year-on-year [3] - The average price was $70,833 per ton, up 9% year-on-year [3] - Unit gross profit was $39,019 per ton, up 3% year-on-year [3] Potassium Fertilizer - Q1 2025 sales were 100,800 tons, a 38% decrease year-on-year [4] - The average price was $422 per ton, up 8% year-on-year [4] - Unit gross profit was $48 per ton, up 7% year-on-year [4] Financial Performance - Q1 2025 total revenue was $1.0366 billion, a 4% decrease year-on-year [6] - Sales cost was $731.9 million, a 2% increase year-on-year [7] - Gross profit was $304.7 million, a 17% decrease year-on-year [8] - Pre-tax profit was $211.7 million, a 29% decrease year-on-year [9] - Net income after tax was $137.5 million, a significant decrease compared to the previous year [11]

Investment Rating - The industry is rated as "Recommended" [5] Core Insights - In Q1 2025, lithium salt sales reached 55,000 tons, a year-on-year increase of 20%, while the average price dropped by 27% to $9,144 per ton [1][7] - Specialty Plant Nutrition (SNP) sales were 217,200 tons, up 6% year-on-year, with an average price of $977 per ton, down 4% [2] - Iodine and its derivatives saw sales of 3,600 tons, a 4% decrease year-on-year, but the average price increased by 9% to $70,833 per ton [3] - Potassium fertilizer sales fell by 38% year-on-year to 100,800 tons, while the average price rose by 8% to $422 per ton [4] Summary by Sections Lithium Salt Business - Q1 2025 lithium salt sales were 55,000 tons, a 20% increase year-on-year, but a 5% decrease quarter-on-quarter [1] - The average price was $9,144 per ton, down 27% year-on-year [1] - Unit sales cost was $7,083 per ton, down 18% year-on-year [1] - Unit gross profit was $2,061 per ton, down 48% year-on-year [1] Specialty Plant Nutrition (SNP) - Q1 2025 SNP sales were 217,200 tons, a 6% increase year-on-year [2] - The average price was $977 per ton, down 4% year-on-year [2] - Unit gross profit was $171 per ton, down 21% year-on-year [2] Iodine and Derivatives - Q1 2025 sales were 3,600 tons, a 4% decrease year-on-year [3] - The average price was $70,833 per ton, up 9% year-on-year [3] - Unit gross profit was $39,019 per ton, up 3% year-on-year [3] Potassium Fertilizer - Q1 2025 sales were 100,800 tons, a 38% decrease year-on-year [4] - The average price was $422 per ton, up 8% year-on-year [4] - Unit gross profit was $48 per ton, up 7% year-on-year [4] Financial Performance - Q1 2025 total revenue was $1.0366 billion, a 4% decrease year-on-year [7] - Sales cost was $731.9 million, a 2% increase year-on-year [8] - Gross profit was $304.7 million, a 17% decrease year-on-year [9] - Pre-tax profit was $211.7 million, a 29% decrease year-on-year [10] - Net income was $137.5 million, a significant decrease compared to the previous year [12] Outlook - The Mt Holland lithium project is on track to reach its rated capacity before 2026 [17] - Potassium fertilizer sales are expected to remain below 2024 levels due to strategic shifts in production [18]

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the upcoming months [4]. Core Insights - Centrus achieved a net profit of $27.2 million in Q1 2025, a significant turnaround from a loss of $6.1 million in Q1 2024, marking an increase of $33.3 million year-on-year [1]. - Total revenue for Centrus in Q1 2025 was $73.1 million, up by $29.4 million (or 67%) compared to $43.7 million in Q1 2024 [1]. - The gross profit for the company in Q1 2025 was $32.9 million, reflecting a year-on-year increase of $28.6 million (or 665%) from $4.3 million in Q1 2024 [1]. Financial Performance by Segment Low-Enriched Uranium (LEU) Segment - Revenue from the low-enriched uranium segment in Q1 2025 was $51.3 million, an increase of $27.7 million (or 117%) from $23.6 million in Q1 2024 [2]. - The gross profit for this segment rose to $31.2 million in Q1 2025, a substantial increase of $30.7 million (or 6,140%) compared to $0.5 million in Q1 2024 [2]. Technical Solutions Segment - The technical solutions segment generated revenue of $21.8 million in Q1 2025, up by $1.7 million (or 8%) from $20.1 million in Q1 2024 [3]. - However, the gross profit for this segment decreased to $1.7 million in Q1 2025, down by $2.1 million (or 55%) from $3.8 million in Q1 2024, primarily due to increased costs associated with HALEU operational contracts [5]. Domestic Enrichment Developments - Centrus continues to produce HALEU at its facility in Piketon, Ohio, under a contract with the U.S. Department of Energy (DOE), having delivered approximately 670 kg of HALEU UF6 as of March 31, 2025 [6]. - The contract value for the second phase of HALEU operations has been increased to $152.3 million following a revision on November 5, 2024 [6]. Backlog and Future Orders - As of March 31, 2025, Centrus reported a backlog of $3.8 billion in unfulfilled orders, with approximately $2.8 billion attributed to the low-enriched uranium segment [11]. - The backlog includes long-term contracts and contingent sales commitments, with $1.7 billion being final agreements and $400 million pending finalization [11].