行业报告 | 行业研究周报 建筑装饰 证券研究报告 财政发力更加积极，稳内需诉求进一步提升 核心观点 本周 CS 建筑上涨 0.56%，跑赢沪深 300 0.16pct。中小市值转型的相关标的 如汉嘉设计、美晨科技以及化工工程板块三维化学、中国化学等涨幅居前。 4 月 25 日召开政治局会议，明确指出用好用足更加积极的财政政策和适度 宽松的货币政策，加快地方政府专项债券、超长期特别国债等发行使用， Q1 央国企订单也印证基建景气向上。建议重点关注中西部基建（四川，新 疆，西藏等）及顺周期板块的投资机会。新兴业务板块，建议继续关注与 算力、IDC、洁净室等相关的投资机会，以及部分中小市值建筑公司的转型 机遇。 财政发力更加积极，稳内需诉求进一步提升 4 月 25 日政治局会议召开，会议强调要加紧实施更加积极有为的宏观政策， 用好用足更加积极的财政政策和适度宽松的货币政策。加快地方政府专项 债券、超长期特别国债等发行使用，适时降准降息，加力支持实体经济。 根据形势变化及时推出增量储备政策，加强超常规逆周期调节。从过去五 年来看，20-24 年政治局会议之后一个月建筑板块都跑输于沪深 300，但 20-23 年在开 ...

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2]. Core Viewpoints - The commercialization of humanoid robots is accelerating, with a focus on four major investment themes related to the chemical sector. In Q1 2025, over 35 companies launched new humanoid robot products, with more than 21 from China. The market for humanoid robots is expected to reach 8.239 billion yuan, accounting for about 50% of the global market by 2025 [5][28]. Summary by Sections Market Performance - The basic chemical industry index increased by 2.7% from April 18 to April 25, outperforming the Shanghai Composite Index by 2.1 percentage points and the ChiNext Index by 1.0 percentage points. Year-to-date, the basic chemical industry index has risen by 1.7%, surpassing the Shanghai Composite Index by 3.4 percentage points and the ChiNext Index by 10.8 percentage points [3][16]. Investment Themes 1. **Equity Investment Strategy**: The humanoid robot industry is projected to produce over 10,000 units by 2025, with significant market potential. Chemical companies can enhance their technological attributes through early-stage equity investments [5][28]. 2. **Polymer Materials**: Humanoid robots require various polymer materials, with modified plastics being a key solution for lightweight components. The demand for PEEK is expected to grow significantly, with a projected CAGR of 16.8% from 2022 to 2027 [5][29]. 3. **Tendon Materials**: Tendon systems are crucial for humanoid robots, with UHMWPE and carbon fiber being ideal materials due to their superior properties. Companies like Tongyi Zhong and Nanshan Zhishang are leading in UHMWPE production [6][29]. 4. **Electronic Skin Materials**: The electronic skin market is expected to grow from 6.3 billion USD in 2024 to 30 billion USD by 2034, with companies like Fulei New Materials and Hanwei Technology actively developing flexible sensor materials [5][29]. Product Price Changes - The report lists significant price changes for chemical products, with the top gainers including glyphosate (+16.3%) and liquid nitrogen (+13.7%). Conversely, coal tar saw a decline of 11.8% [5][6]. Investment Recommendations - Core assets in the chemical sector are entering a long-term value zone, with companies like Baofeng Energy and Wanhua Chemical recommended for investment. Additionally, sectors facing supply constraints, such as vitamins and refrigerants, are highlighted for their potential price elasticity [5][14].

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a recovery in the tool industry due to national economic stimulus policies [5]. Core Insights - The company reported a revenue of 1.127 billion RMB for 2024, representing a year-on-year growth of 9.81%, while the net profit attributable to shareholders decreased by 65.48% to 57 million RMB [2]. - The hard alloy products segment showed resilience despite rising raw material costs, achieving a revenue of 501 million RMB, up 12.5% year-on-year, with a stable gross margin of 15.42% [3]. - The CNC tool business faced challenges with a revenue of 598 million RMB, a growth of 3.35%, but a significant decline in gross margin to 29.85%, down 10.57 percentage points year-on-year, attributed to increased raw material costs and a higher proportion of outsourced products [4]. - The tool industry is viewed as a priority sector for cyclical recovery, expected to benefit from improved profitability and performance growth alongside valuation recovery [4]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 1.127 billion RMB, with a growth rate of 9.81%. The net profit was 57 million RMB, reflecting a decline of 65.48% [10]. - The projected net profits for 2025 to 2027 are 95 million RMB, 157 million RMB, and 219 million RMB, respectively, with corresponding P/E ratios of 28X, 17X, and 12X [5]. Business Segments - Hard alloy products generated 501 million RMB in revenue for 2024, with a gross margin of 15.42%, indicating a slight improvement despite raw material price increases [3]. - CNC tools generated 598 million RMB in revenue, but the gross margin fell to 29.85%, primarily due to rising material costs and increased reliance on lower-margin outsourced products [4]. Market Outlook - The report suggests that the tool industry will be a key area for cyclical recovery, benefiting from government fiscal policies aimed at stimulating the economy [4].

天风证券：继续关注内需消费行情，看好潜在顺周期下三大投资主体机会 天风证券（601162）研报表示，继续关注内需消费行情，看好潜在顺周期下三大投资主体机会。乳制品 方面，我们认为生育／奶粉补贴等政策的持续推出、上游牛肉价格上行以及潜在上游原奶拐点逻辑或持 续刺激乳制品(上游牧场+下游乳企)弹性表现。零食方面，24Q2基数相对较低(增速较24Q1放缓)，随着 传统商超渠道加速调改+新渠道亮点多多(包括加速推进与量贩零食合作+线上内容电商+出海等)，后续 零食公司有望通过继续抢夺未充分发掘的渠道增量实现双位数增长。大众品方面我们继续持续重点推荐 乳制品和零食板块，同时食品方面关注"餐饮"/"出海"/"原奶拐点"三大主题投资机会。 中信建投：当前稀土板块攻守兼备，建议积极关注 中信建投（601066）证券最新研报指出，近日两部委发布对钐、钆、铽、镝、镥、钪、钇等7类中重稀 土相关物项实施出口管制措施的公告，下游在出口管制政策和终端需求释放的双重驱动下表现强劲，采 购活跃度提升，推动价格小幅上扬。特朗普关税政策激进，中国具备全球约70%稀土矿、约90%稀土冶 炼分离和约90%稀土磁材产能，产业链完备、自主可控能力强， ...

摘要 1、今天，A股在全球市场大跌背景下走势低迷，创业板指跌超1%，有超4000只个股下跌。 2、特朗普将在本周三（4月2日）公布他称之为"解放日"的大规模关税计划，引发全球市场动荡，如何应对？ 3、近期，市场风格快速轮动，面对即将到来的业绩披露期，哪些板块机会更大？ 相比于美股纳斯达克近3%的跌幅、日经225%超4%的跌幅，A股的表现可谓韧性十足。（详见→ 刚刚！大跌超1500点！ ） --这是第1326 篇白话财经- - 没想到，周末财政部的利好还是败给了特朗普给全球市场的考验，A股三大指数集体收跌，创业板指跌超1%，有超4000只个股下跌。 （图片来源：东方财富APP，统计截至2025/3/31，不作投资推荐） 两市成交额超1.2万亿，贵金属、电力、银行等防御性板块逆势上涨，光伏、券商等板块跌幅居前。 分析人士认为，美国总统特朗普的"对等关税"政策与地缘局势的变数持续扰动全球金融市场，引发全球资金的避险情绪升温。 A股大跌，重磅靴子即将落地 真话白话说财经，理财不说违心话 （图片来源：东方财富APP，统计截至2025/3/31，不作投资推荐） 对于全球市场的动荡，一大主要的原因就是即将在当地时间4月2日 ...

春节过后的科技股牛市，一直延续至今。 但随着估值修复步入尾声，接下来又恰逢财报季，市场的逻辑将逐渐转向业绩驱动。 届时，市场会面临新一轮的筛选，股价波动在所难免。同时，市场的高低切换也会持续。 在这个过程中，如何识别公司的优劣？ 顺周期曙光已现，如何布局？ 如何把控大级别行情的操作节奏 ？ 资金的抄底手法是什么？ 牛市的遗珠？ 如何躺着赚钱？ ...... 你们的 疑问，就是我们 努力研究的方向。 3 月 23 日（ 本 周 日 ）， 9 ： 0 0--2 1 ： 0 0 ； 格隆汇研究院各大行业首席、资深策略分析 师 ， 为全球投资者带来 《 牛市走到哪里了 ? 》 主题直播。 本次直播 ，将结合 近期港 A ，以及环球市场的走势， 深入探讨市场趋势与投资策略，帮助各 位投资者 梳理投资思路，发现投资方向，抓住投资机会，规避投资风险。 本次直播，为闭门直播，将在 " 格隆汇投资学苑 " 小鹅通 进行。 诚邀各位参与 3 · 23 直播（ 小鹅通 ），扫码预定闭门直播席位！ ...

Core Insights - The report emphasizes a positive outlook for the metal industry, particularly highlighting the interplay between industrial metals and strategic metals, with a focus on supply constraints and seasonal demand [1][3]. Industrial Metals - The supply of industrial metals is expected to remain tight, with a strong demand season approaching, particularly for aluminum and copper. The report notes that aluminum prices have significantly improved due to a drop in alumina prices and robust demand from sectors like photovoltaics and automotive [5][17]. - Copper supply is projected to increase only modestly, with a net addition of 380,000 tons from 36 global mining companies, which is lower than previous expectations. This, combined with favorable macroeconomic policies, is expected to support copper prices in the second quarter [5][17]. - Steel sector performance is anticipated to be strong, driven by limited production expectations and seasonal demand, particularly during the "golden three months" of March to May [5]. Strategic Metals - Strategic metals such as cobalt, tin, antimony, and titanium are highlighted as key investment opportunities due to their rising valuations amid geopolitical tensions and export controls [5]. - The report suggests that the ongoing U.S.-China rivalry will enhance the attractiveness of strategic metals, with a focus on rare earth materials and other critical resources [5]. Precious Metals - The report indicates that gold is likely to remain in a comfortable price range, supported by factors such as inflation expectations, geopolitical risks, and ongoing central bank purchases. The anticipated U.S. interest rate cuts are expected to further bolster gold prices [12][13]. - The performance of precious metal equities is expected to improve, with a focus on companies that can deliver actual growth in a strong price environment. The report notes that valuations for gold stocks have become attractive, with several companies trading below 20x earnings [15][12]. Aluminum Market - The aluminum market is experiencing a bullish trend, with prices rising significantly due to low inventory levels and strong demand from various sectors. The report notes that as of March 10, 2025, the price of aluminum on the Shanghai market was 20,760 CNY per ton, reflecting an 8% year-on-year increase [17][19]. - Global aluminum inventories are at low levels, with significant reductions observed in LME and COMEX stocks, indicating a tightening supply situation that supports higher prices [23][25].

2、三大利好刺激市场！下周一，国新办将举行新闻发布会，介绍提振消费有关情况，这些板块有望受益！ 3、A股结构牛来了？后市A股机会在哪里？3400点上方操作指南来了！ 真话白话说财经，理财不说违心话 --这是第1317 篇白话财经- - 摘要 1、今天，A股大涨，沪指收复3400点，有超4400只个股上涨，金融、消费等板块大涨。 （图片来源：东方财富APP，统计截至2025/3/14，不作投资推荐） 两市成交额近1.8万亿，金融、消费、医药板块大涨！ 机构认为，从中期逻辑看，中国资产的走牛和重估会有持续性，现在才刚刚开始。 三大利好，重回3400点 大涨！重回3400点！久违了！ 对于今天的上涨，消息面的利好是主要推手。 第一，降准降息的预期。 中国人民银行网站消息，3月13日，中国人民银行召开的扩大会议明确，实施好适度宽松的货币政策。根据国内外经济金融形势和金融市场运行情况，择 机降准降息。 第二，美股下跌，中国市场成为资金避风港。 近期，美股市场下跌，政策的不确定性让部分资金撤离美股，转向了低估值的中国市场。 摩根士丹利 的数据显示，在此前连续三个月撤资之后，外国基金在2月份向中国股票净买入了38亿美元。 ...

银河证券：A股市场有望呈现出震荡上行特征； 广发证券：预计科技的主线风格不会有太大变化。 兴业证券 短期或有震，但AI仍是市场中长期主线 兴业证券认为， 短期随着AI行情来到高位，不可避免需要通过阶段性的震荡波动来消化过热的市场情 绪，但AI仍是市场中长期主线。 DeepSeek的"横空出世"使得国内AI产业趋势和基本面逻辑均开始出现 积极变化。后续随着各行业AI渗透率的提升、更多垂直应用加速落地，基本面和政策环境的双重驱动 将支撑AI继续成为市场的聚焦方向。 GUIDE 摘要 兴业证券：短期或有震，但AI仍是市场中长期主线； 银河证券 A股市场有望呈现出震荡上行特征 银河证券研报表示，全国两会的召开有望为A股市场投资结构提供进一步指引。在国内经济处于新旧动 能切换的背景下，尤其是在新质生产力加速发展叠加一系列政策提振下，A股市场迎来结构性估值重塑 机会。当前全A指数市盈率估值处于历史中位水平，但相比海外市场来讲仍然处于偏低位置。随着中长 期资金加速入市，投资者信心将进一步增强。后续还需关注特朗普对华政策以及国内经济基本面修复节 奏的扰动。总体来看，A股市场有望呈现出震荡上行的特征。 配置方面，重点关注：（1 ...

分析师：郝一凡 登记编号：S0890524080002 分析师：刘 芳 登记编号：S0890524100002 投资要点 2025年"春季躁动"行情中科技成长风格引领市场走强，但随着两会临近，市场内部或迎来阶段性 的风格切换。从"两会"行情的季节性特征看，从成长向稳定风格切换的概率较高，两会后"科技行 情"仍有望再度上行。 结合当前情况来看，2月以来，在AI题材的催化下，科技成长风格表现强势，TMT、机器人等板 块、题材均大幅上涨，而其他板块表现一般，随着两会的临近，前期大幅上涨的板块存在一定获 利了结压力，短期成长风格或将阶段性跑输大盘。此外，两会期间，稳指数诉求或有所上升，权 重股、大盘宽基、红利等方向或相对占优。 总体来看，两会行情下大盘宽基、红利等方向有望阶段性占优，而会后或将重新聚焦科技主线。 建议1）若市场短期对政策博弈推动顺周期板块表现偏强，则建议逢高止盈；2）若科技板块阶段 性调整，可适度积极，继续博弈3月份科技板块的"二次上行"机会，重点关注AI+方向。 热点展望： "春季躁动"向"两会行情"切换 2025年"春季躁动"行 ... 报告正文共计2349字 链接报告 阅读全文（长按上方二维码） ...