Core Viewpoint - The Chinese Nitrogen Fertilizer Industry Association has issued an initiative to stabilize the domestic fertilizer market and ensure agricultural production, in response to speculative capital driving up fertilizer prices due to information asymmetry and market expectations since April 30 [1] Group 1: Price Adjustments - Key nitrogen fertilizer companies are urged to reduce urea ex-factory prices within three days to not exceed the levels prior to May 6, with a maximum increase of 100 yuan per ton compared to the end of April prices [1] - Non-compliance with this self-regulatory initiative may result in suspension of membership services and other policy consequences for the offending companies [1] Group 2: Industry Self-Regulation - The association emphasizes the need for industry self-regulation to ensure orderly and healthy urea exports, discouraging low-price competition that undermines the market [1] - Actions that contribute to "involution" and aggressive price competition for international market share will not be recognized by the association [1] Group 3: Sustainable Development - The collective effort is aimed at achieving sustainable and healthy development within the nitrogen fertilizer industry [1]

Group 1 - The China Iron and Steel Association (CISA) will warn six companies with negative cash flow in their main steel business for 2024 and Q1 2025, despite increasing crude steel production, to address "involution" and vicious competition in the industry [1][2] - CISA Secretary-General Jiang Wei emphasized the need for industry self-discipline and collective efforts to face risks and challenges, aiming for stable economic growth and high-quality development [1][2] - The recent document from the Central Committee and State Council outlines specific measures to rectify "involution" and vicious competition, including the establishment of a price supervision system by industry associations [2] Group 2 - The steel industry is experiencing a significant oversupply, with crude steel production reaching 25,933 million tons in Q1 2025, a year-on-year increase of 155 million tons, while apparent consumption decreased by 286 million tons [3] - Jiang Wei noted that the rapid growth in supply and declining demand has disrupted the fragile supply-demand balance, leading to a continuous decline in steel prices [3] - Steel exports surged to 1,045.6 million tons in March, a 5.7% year-on-year increase, driven by domestic exporters' concerns over potential future trade measures and U.S. tariff policies [3]

Group 1: Financial Performance - In 2024, TCL achieved a revenue of 164.8 billion yuan, with a net profit of 1.56 billion yuan, and a net operating cash flow of 29.5 billion yuan, representing a year-on-year growth of 16.6% [1] - In Q1 2025, TCL reported a revenue of 40.1 billion yuan, a 0.4% increase year-on-year, and a net profit of 1.01 billion yuan, showing a significant growth of 322% [4] - The operating cash flow for Q1 2025 reached 12.1 billion yuan, up 83% year-on-year [4] Group 2: Semiconductor Display Business - In 2024, the semiconductor display segment generated 104.3 billion yuan in revenue, a 25% increase, with a net profit of 6.23 billion yuan, improving by 62.4% [2] - In Q1 2025, the semiconductor display business achieved 27.5 billion yuan in revenue, an 18% increase, and a net profit of 2.33 billion yuan, reflecting a 329% growth [4] - The average size of televisions increased by approximately 1.5 inches in Q1 2025, driving demand for larger panels [4][6] Group 3: New Energy and Semiconductor Materials - In 2024, the global photovoltaic installation maintained growth, but prices continued to decline, leading to losses across the industry [2] - TCL Zhonghuan reported a revenue of 28.4 billion yuan, a 52% decrease, with a net profit of -9.82 billion yuan [3] - In Q1 2025, TCL Zhonghuan's revenue was 6.1 billion yuan, with a net profit of -1.906 billion yuan, showing a 49% improvement compared to the previous quarter [4] Group 4: Market Trends and Outlook - The display industry is expected to see a stable supply-demand relationship, with the global LCD production capacity in mainland China projected to reach 88% by 2025 [6] - The demand for large-size panels is driven by both terminal sales and average size increases, with significant growth potential in the global market [6] - The "trade-in" policy is expected to boost demand across various product categories, including televisions, enhancing the trend towards larger screens [8] Group 5: OLED Business Development - TCL is focusing on high-end and differentiated strategies in the OLED market, with significant improvements in market share for flexible OLED panels [10] - The T4 production line is expected to maintain high operational efficiency, contributing to the overall improvement of the OLED business [10] Group 6: Depreciation Trends - Most of the 8th generation production lines have completed depreciation, but a slight increase in depreciation is expected in 2025 due to new capacity coming online [11] - The depreciation-to-revenue ratio is anticipated to decrease as new high-value production lines drive rapid revenue growth [11]

Core Viewpoint - The domestic steel market in China is experiencing a downward trend in demand, with ongoing structural adjustments causing challenges for the industry. Despite some production control measures, the overall market remains oversupplied, leading to declining steel prices and a need for enhanced industry self-discipline [1][2]. Group 1: Demand Trends - In the first quarter, real estate investment and new construction area in China fell by 10.3% and 18.7% year-on-year, respectively, maintaining double-digit declines [1]. - The demand for steel in manufacturing and infrastructure construction saw slight growth, but the production of rebar decreased by 2.9%, indicating that the increase in demand was less than the decrease in other areas [1]. - The shipbuilding sector faced challenges, with completed shipbuilding volume down by 13.0% and new orders down by 16.5% year-on-year, impacting the demand for steel used in shipbuilding [1]. Group 2: Supply Trends - In the first quarter, production from 121 electric arc furnace enterprises increased by 2.0%, while 137 electric arc furnace enterprises reported a 16% increase in production [2]. - Rebar production grew by 5.6% and wire rod production increased by 8.5% in March, both exceeding the 4.6% year-on-year increase in crude steel production [2]. - Steel prices in Shanghai dropped from 3340 RMB/ton on March 13 to 3160 RMB/ton by April 22, a decline of 5.4%, reflecting the imbalance between supply and demand [2].

4月15日，赣能股份（000899）公告称，公司计划通过全国碳排放权交易系统出售约42万吨碳排放配 额，交易价格将根据市场价格走势决定。所得资金将用于公司主营业务经营和未来发展。此次交易不涉 及关联交易，不构成重大资产重组，无需提交股东大会审议。 丨 2025年4月16日星期三丨 NO.1赣能股份：拟出售42万吨碳排放配额 点评：赣能股份计划出售42万吨碳排放配额，以市场为导向，体现公司灵活利用碳资产的能力。此举旨 在优化资金结构，助力主营业务及未来发展。市场可关注公司如何有效利用所得资金，提升竞争力和可 持续发展能力。 NO.2储能也要自律？宁德时代等20余家巨头"闭门"酝酿倡议 4月15日，据媒体报道，继光伏行业自律行动之后，光伏逆变器和储能行业或将紧随其后。据消息人士 透露，中国光伏行业协会近期组织召开了防止光伏逆变器和储能"内卷式"恶性竞争专题座谈会。据悉， 会议闭门举行，20余家行业头部企业高管参加会议。阳光电源（300274）、华为、中车、宁德时代 （300750）等企业在会上发言。据参会者透露，倡议内容没有涉及价格、配额和保证金等事项，目前倡 议已完成一轮征求意见。 点评：中国光伏行业协会召开专 ...

Investment Rating - The report indicates a positive investment outlook for the building materials industry, emphasizing price increases and improved shipping conditions as key drivers for growth in 2025 [1][3]. Core Insights - Price increases are the main theme for the building materials industry in spring 2025, signaling a return to rational competition after a period of aggressive price wars [3][32]. - The cement sector is experiencing price hikes driven by low inventory levels, with a consensus among companies to avoid destructive competition, leading to a gradual recovery in profitability [3][11]. - The consumer building materials segment is witnessing price increases across various categories, indicating a potential turning point for the industry [3][32]. - The fiberglass industry is seeing multiple rounds of price increases, suggesting a recovery in profitability, while the glass sector faces challenges related to construction completions [3][32]. Summary by Sections Cement - Low inventory levels are driving price increases, with significant hikes reported in various regions starting from March 2025 [7][8]. - The industry has reached a consensus to prevent destructive competition, which is expected to lead to a gradual recovery in profitability [11][12]. - Major companies such as Conch Cement are highlighted for their cost and scale advantages, with profitability expected to improve [18][19]. Consumer Building Materials - The demand for consumer building materials is improving due to active second-hand housing transactions, which are expected to boost shipments [36][49]. - Price increases in categories like gypsum board and coatings are signaling a shift towards profitability recovery [36][39]. - Companies such as Beixin Building Materials and Weixing New Materials are recommended for their strong market positions and growth potential [37][40]. Fiberglass - The fiberglass sector is experiencing a recovery in prices, with electronic yarn and cloth prices showing upward trends [52][53]. - The industry is expected to continue benefiting from new application scenarios and sustained demand growth [53][54]. Glass - The flat glass sector is under pressure due to declining construction completions, necessitating close monitoring of supply-side adjustments [32][49]. - Companies like Qibin Group and South Glass A are recommended for their market positions amid these challenges [32][49].

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [5] Core Viewpoints - The China Coal Industry Association and the China Coal Transportation and Marketing Association jointly issued an initiative on February 28, 2025, advocating for controlled coal production to maintain supply-demand balance and stabilize coal prices. The effectiveness of this initiative in stabilizing prices will largely depend on improvements in demand and inventory reduction [4][11] - As of February 28, 2025, the market price for Qinhuangdao 5500 kcal thermal coal is 690 CNY/ton, reflecting a week-on-week decrease of 29 CNY/ton. The report anticipates that coal prices may approach a bottom as coal companies are expected to unite in production control to support prices [4][12] - The report highlights that the current downtrend in coal prices is influenced by weak downstream demand and emphasizes the need for demand-side stimulus policies to achieve a fundamental turning point in the market [4][11] Summary by Sections Market Performance - The coal index (Yangtze) decreased by 1.08% this week, outperforming the CSI 300 index by 1.15 percentage points. The thermal coal index fell by 1.03%, while the coking coal index dropped by 0.95% [11][15] - The report notes that the coal sector has seen a decline of 17.23% over the past year [19] Price Trends - The report indicates that the market price for Qinhuangdao 5500 kcal thermal coal is 690 CNY/ton, down 4.03% from the previous week. The price for coking coal at Jingtang Port is 1390 CNY/ton, also reflecting a decrease [35][12] - The report suggests that the current price levels are approaching long-term contract prices, which may lead to a stabilization of the market if production controls are effectively implemented [4][12] Supply and Demand Analysis - As of February 27, 2025, the daily coal consumption across 25 provinces is 5.371 million tons, a decrease of 11.5% week-on-week. The total coal inventory is 109.438 million tons, down 3.7% from the previous week [28][12] - The report highlights that the supply of coal has increased slightly, with a 2.7% rise in coal supply to 5.235 million tons [28] Company Recommendations - The report recommends focusing on leading companies such as China Shenhua and Shaanxi Coal, which currently offer attractive dividend yields of 5.4% and 5.6%, respectively, compared to the 10-year government bond yield of 1.7% [4][11] - Suggested stocks include dividend leaders like China Shenhua (A+H) and Shaanxi Coal, as well as growth-oriented companies like Electric Power Investment Energy and Xinji Energy [4]

Investment Rating - The report maintains a "Positive" investment rating for the photovoltaic industry [3] Core Viewpoints - The report highlights that the photovoltaic industry is at a fundamental and valuation bottom, awaiting price catalysts. It notes that domestic installations are expected to exceed expectations, particularly in non-European and American markets, indicating a high level of industry prosperity [10][17] - The report emphasizes that the current period presents a prime opportunity for investment, driven by improving fundamentals and favorable policy expectations [14][15] Summary by Sections Market Review - The photovoltaic sector experienced weak performance in February due to seasonal factors, but March is expected to see a rebound in production and demand, particularly driven by domestic pre-installation policies and improving overseas demand [10][16] - The report anticipates a comprehensive price increase across the industry chain due to rising production and demand [10] Demand Tracking - Domestic photovoltaic installations are projected to reach 278 GW in 2024, a year-on-year increase of 28%. The report notes that ground-mounted and commercial installations are expected to see significant growth, while household installations may decline due to market policy uncertainties [20][24] - The report forecasts that domestic installations will remain high in 2025, supported by policy, demand, and technological advancements [25] Supply and Production - The report indicates that production in February was weak but is expected to improve in March, with significant increases in component production anticipated [68][72] - It notes that silicon material prices have remained stable, while G12R battery prices are experiencing upward pressure due to supply-demand imbalances [73][79] Price and Profitability - The report highlights that G12R battery prices are rising, and the trend of increasing prices for distributed components is becoming established [79][83] - It mentions that the overall pricing environment is improving, with expectations of profitability recovery across the supply chain [16][73]

Investment Rating - The report maintains an "Overweight" rating for the energy sector, specifically for coal [6]. Core Insights - The coal industry is expected to stabilize as a result of self-regulatory initiatives aimed at balancing supply and demand, with a focus on high long-term contract ratios and integrated leading companies [1][4]. - The recent joint initiative by the China Coal Industry Association and the Coal Transportation and Sales Association emphasizes controlling coal production and optimizing import structures to address the current supply-demand imbalance [2]. - Short-term coal prices are under pressure due to slow downstream recovery and high inventory levels, but signs of bottoming out are emerging [3][4]. Summary by Sections Industry Self-Regulation - The coal industry associations have proposed five key measures to adjust supply and maintain market balance, including strict adherence to long-term contracts and controlled production [2]. Market Conditions - Post-Spring Festival, the coal market continues to face weakness, with a national construction site resumption rate of only 23.5% as of the 16th day of the lunar new year, significantly lower than the previous year [3]. - As of the end of February, the price of CCI 5,500 kcal thermal coal has dropped by 62 CNY/ton to 699 CNY/ton, nearing the monthly long-term contract pricing [3]. Long-term Outlook - The report anticipates high growth in electricity demand driven by new technologies, which will support coal demand and prices, with projections of coal prices stabilizing around 730 CNY/ton in 2025 and potentially reaching 800 CNY/ton in 2026 [4]. - Companies with high long-term contract sales ratios and stable downstream demand, such as China Shenhua, Shaanxi Coal, and China Coal Energy, are recommended for investment due to their resilient profitability [4][8].