Group 1: Silver Market Insights - The report highlights a significant market perception gap regarding silver, emphasizing that its long-term price trends are more closely correlated with gold than industrial demand [8]. - It argues that the market has overestimated the impact of industrial demand on silver prices while underestimating the investment demand driven by its financial attributes [8]. - The report suggests that even with a decline in photovoltaic demand, silver may still maintain a supply-demand gap due to recovering investment demand [8]. Group 2: Company Performance and Financials - The report indicates that the company achieved a record revenue of 30.332 billion yuan in 2024, reflecting a year-on-year increase of 6.1%, with beverage business revenue growing by 8.2% [9][10]. - The net profit attributable to the parent company reached 1.849 billion yuan in 2024, marking a 10.9% increase year-on-year, driven by product structure upgrades and cost reductions [9][10]. - The company is expected to maintain a robust growth trajectory, with projected net profits of 2.21 billion, 2.50 billion, and 2.76 billion yuan for 2025-2027, representing year-on-year growth rates of 19.3%, 13.2%, and 10.6% respectively [11]. Group 3: Industry Trends and Future Outlook - The report notes that the REITs market is expected to continue to heat up in 2025 due to a low interest rate environment and macroeconomic recovery, with a focus on asset resilience and market pricing [12]. - It highlights the importance of the PCB and switch market, driven by the growing demand for high-performance networks and AI applications, with projected revenue growth for the company in the coming years [13]. - The report emphasizes the successful trial production of a mixed waste plastic resource utilization project, which is expected to significantly contribute to the company's growth trajectory in the waste recycling sector [14][15]. Group 4: Investment Recommendations - The report recommends a "buy" rating for the company, citing its strong operational barriers, high dividend attributes, and the essential nature of its products, which are expected to benefit from increased consumer demand and cost advantages [11]. - It also suggests that the company’s innovative capabilities and strategic management will enhance its market position and profitability in the long term [10][11].

证券研究报告 | 行业深度 gszqdatemark 2025 07 14 年 月 日 有色金属 白银的市场认知差 认知差 1：白银是否由工业属性主导？ 从价格走势来看，白银长周期与黄金相关性更高，工业属性影响短周期波动。白 银工业需求占比接近六成，市场往往认为其价格由工业属性主导。复盘黄金、白 银、铜三种金属价格走势，白银在长周期维度价格走势与黄金更为接近，且黄金牛 市的中后段其价格涨幅往往超过黄金和铜，仅仅在短波周期如 2008 年次贷危机、 2020 年公共卫生事件、2022 年美联储快速加息过程中与铜价类似呈现较大的波 动幅度。 市场高估了工业需求的影响，而低估了金融属性所带来的投资需求拉动。白银分 项需求中，工业需求波动较小，根据 CME 研究，电子与珠宝对银价的相关性仅为 0.04、-0.09。而投资需求则是白银总需求变动的主导因素，且投资需求与银价呈 现一定正相关性，因此在白银牛市中存在显著的" 助涨杀跌"的作用。投资需求自 2022 年以来因美联储加息由最高 10522 吨下滑至 2024 年的 5939 吨，我们认为 未来该领域存在巨大的需求弹性，足以对冲掉银价格上涨所抑制的部分工业需求， ...