光大证券晨会速递-20260212

Macro Insights - The CPI year-on-year growth rate has significantly decreased due to seasonal factors and the drop in fresh vegetable prices, but the upward trend remains intact. The transmission of raw material price increases to downstream durable consumer goods continues, and the central government's policy on pig production capacity may accelerate the reduction of pig production, leading to a moderate improvement in pork prices in the second half of the year [1] - The PPI month-on-month growth rate has accelerated, with price increases spreading further, influenced by external factors and domestic policies aimed at reducing competition. It is expected that the PPI year-on-year growth may turn positive in the second quarter [1] Industry Research - In the steel and aluminum sector, the potential for increased dividend payouts is supported by three factors: the inclusion of market capitalization management in assessments, high dividend yield as a core strategy for insurance capital allocation, and a gradual decline in capital expenditures in the steel and aluminum industries. Companies with high undistributed profits, ample cash reserves, and low debt ratios are likely to have strong dividend potential. Key recommendations include Hualing Steel, Baosteel, and Jiuli Special Materials, with a suggestion to pay attention to China Aluminum [3] Company Research - Jiantao Laminated Board (1888.HK) is a leading global manufacturer of copper-clad laminates with a vertically integrated supply chain. The forecasted net profit attributable to shareholders for 2025-2027 is expected to be HKD 2.17 billion, HKD 3.95 billion, and HKD 4.84 billion, representing year-on-year growth of 64%, 82%, and 22% respectively. The company excels in cost control and supply chain stability, enhancing profit elasticity during rising copper price cycles, and its deep upstream material layout and AI electronic fabric are expected to open new growth avenues. The company is considered to have a certain level of scarcity and valuation upside, thus receiving a "buy" rating [4]