国海证券晨会纪要-20250619

Group 1: Global Gas Turbine and Aerospace Engine Demand - The demand for gas turbines is expected to surge, with GE Vernova projecting a backlog of 60GW by the end of 2025, with orders signed until 2028 [3][4] - In Q1 2025, GE Vernova added 7.1GW in new gas turbine orders, a 44.9% year-on-year increase, primarily from heavy-duty gas turbine orders [3][4] - The aerospace engine market is experiencing robust demand, with Boeing reporting a net addition of 300 aircraft orders in May 2025, raising its backlog to 5943 aircraft [5][6] Group 2: High-Temperature Alloy and Chromium Salt Industry - The growth in gas turbine and aerospace engine demand is driving the need for high-temperature alloys, with domestic manufacturers poised to benefit from supply chain constraints [9][13] - Companies like Zhenhua Co. and Sry New Materials are expanding their production capabilities and reporting significant revenue growth from overseas markets [9][10] - The high-temperature alloy sector is rated as "recommended" due to the increasing demand for core components amid supply chain shifts towards China [13] Group 3: Coal Industry Dynamics - In May 2025, China's industrial raw coal production reached 400 million tons, a year-on-year increase of 4.2%, indicating a recovery in the coal supply [15][18] - The industrial electricity generation in May 2025 showed a positive shift, with coal-fired power generation increasing by 1.2% year-on-year, reversing a previous decline [19][22] - The coal market is witnessing a gradual improvement in supply-demand dynamics, with coal prices stabilizing and inventory levels decreasing [21][23] Group 4: Real Estate and Land Market Factors - The land market's performance is influenced by five key factors, including financing environment, new housing market stability, inventory reduction, sales model changes, and land supply rules [24][27] - The first quarter of 2025 showed a significant recovery in the real estate market, with new housing transactions positively impacting land market activity [29][30] - The land market is entering a "dual concentration" phase, with significant activity concentrated in major cities and among top real estate firms [25][26] Group 5: Company-Specific Developments - Xiaogoods City (600415.SH) is leveraging its position in Yiwu to enhance its global trade capabilities, with a projected revenue growth of 25% from 2025 to 2027 [36][39] - Huayi Group is diversifying its operations across five core business areas, reporting a revenue increase of 9.3% in 2024 [40]