Core Insights - The report highlights the impact of geopolitical tensions on military materials and suggests focusing on core assets in the military materials sector due to irreversible trends in conflicts [11][12] - The report indicates that the wind power industry is expected to maintain high growth due to government subsidies, with an anticipated new installation capacity of 105-115 GW in 2025 [8][9] Market Trends - The domestic market indices showed positive performance, with the Shanghai Composite Index closing at 3,420.57, up by 1.15% [4] - The new materials sector experienced a decline, with the new materials index down by 1.18%, while the semiconductor materials and electronic chemicals showed slight variations [8] Macroeconomic Analysis - The U.S. Federal Reserve maintained its policy interest rates, reflecting concerns over tariffs' impact on inflation, with core PCE inflation expectations raised from 2.8% to 3.1% for 2025 [6][7] - Employment data in the U.S. remains weak, with initial jobless claims showing a slight decline but still at high levels, indicating a cooling economy [6] Industry Commentary - The chemical raw materials sector is influenced by government policies, particularly in renewable energy, which is expected to drive the wind power industry forward [8] - The report emphasizes the importance of military materials in light of increasing global military expenditures, projected to rise by 9.4% in 2024, the highest growth rate since 1993 [11][12] Investment Recommendations - The report suggests focusing on companies like Haohua Technology and Tongyi Zhong, which are positioned to benefit from increased military spending and have strong competitive advantages in their respective fields [11][12] - It also recommends monitoring products imported from Iran and Israel, which may face supply disruptions due to geopolitical tensions [12]
山西证券研究早观点-20250625
Shanxi Securities·2025-06-25 01:36