l 证券研究报告 | 报告要点 联合研究丨行业深度 全球视野看电车之一: 欧洲新能源东风起, 国内 企业迎新机 总量端，碳排放政策下欧洲新能源短期冲高，目前新能源车以纯电为主且集中于中大车型。政 策端，碳排放政策有所延缓但考核压力仍较大，叠加企业燃油车税收优惠将被取消，欧洲新能 源 2025-2028 年预计将迎来快速发展。机遇已至，国内整车企业比亚迪、零跑等在强车型竞争 力以及关税调整利好下，欧洲销量增长可期，量增下，零部件企业如敏实集团、文灿股份欧洲 新能源收入也将迎来较好增长。 请阅读最后评级说明和重要声明 分析师及联系人 l 证券研究报告 | 部博华 SAC: S0490514040001 SFC: BQK482 王子豪 SAC: S0490524070004 高伊楠 SAC: S0490517060001 SFC: BUW101 叶之楠 SAC: S0490520090003 请阅读最后评级说明和重要声明 2 / 41 企业迎新机 总量:新能源市场纯电为主,中大车型居多 欧洲碳排放政策下新能源短期冲高，纯电需求主导新能源市场。欧洲轻型车 2024 年销量规模 恢复至 1646 万辆，2025Q1 同 ...

联合研究丨行业深度 [Table_Title] 全球视野看电车之一：欧洲新能源东风起，国内 企业迎新机 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 总量端，碳排放政策下欧洲新能源短期冲高，目前新能源车以纯电为主且集中于中大车型。政 策端，碳排放政策有所延缓但考核压力仍较大，叠加企业燃油车税收优惠将被取消，欧洲新能 源 2025-2028 年预计将迎来快速发展。机遇已至，国内整车企业比亚迪、零跑等在强车型竞争 力以及关税调整利好下，欧洲销量增长可期；量增下，零部件企业如敏实集团、文灿股份欧洲 新能源收入也将迎来较好增长。 分析师及联系人 [Table_Author] 邬博华 高伊楠 叶之楠 SAC：S0490514040001 SAC：S0490517060001 SAC：S0490520090003 SFC：BQK482 SFC：BUW101 王子豪 SAC：S0490524070004 请阅读最后评级说明和重要声明 2 / 41 %% %% %% %% research.95579.com 2 [Table_Title 全球视 ...

Group 1: Sales and Market Performance - Current cement daily sales are slightly lower than in April but show significant growth compared to the same period last year, attributed to favorable weather conditions for construction projects [1] - In Q1 2025, the company's "cement + clinker" sales reached 3.71 million tons, a 2.53% increase year-on-year, while the overall Guangdong market saw a 5.95% decline in cement consumption [2] Group 2: Production and Capacity Management - In 2025, Guangdong's clinker production lines will have a planned shutdown of 95 days per kiln, an increase of 15 days from 2024, which will help support cement prices by reducing supply [3] - The company aims to produce and sell over 16.3 million tons of cement in 2025, with no plans for additional capacity as current production lines are deemed sufficient to meet market demand [4] Group 3: Cost and Pricing Factors - A decrease in coal prices is expected to significantly lower cement production costs, with a 100 CNY/ton drop in coal prices impacting cement costs by approximately 10 CNY/ton, reflecting in Q2 performance [5] - The cement industry is anticipated to benefit from policies that manage production capacity and carbon emissions, which will enhance market stability and profitability [8] Group 4: Strategic Outlook - The company will continue its strategy of prioritizing profit while maintaining market share, focusing on cost reduction and operational efficiency [6] - Capital expenditures for 2025 are projected to be under 400 million CNY, primarily for environmental upgrades and new technology projects [7] - The overall market environment for cement is expected to improve in 2025 due to supportive policies and reduced production capacity, leading to better profitability compared to the previous year [9]

| | | 日内价格下探后有所反弹。受关税政策影响，焦炭价格跟随树走势为主。焦炭提涨第一轮部分落地。铁水日产小幅拾升，焦 化利润依旧疲弱，继续分化，日产延续小幅下降态势。焦炭整体库存微增维持高位，产端销售压力仍存，贸易采购诉求稍有抬 头。总体来看，关注入炉煤价格扰动，交割规则的修改导致的成本抬升较难完全转价给市场，焦炭库存水平有所抬升，下游短 期内有一定补库动作但难持续。宏观抗动因素较多，焦炭盘面价格或跟随钢材走势为主,价格较为废弱。 本报告版权属于国投期货有限公司 不可作为投资依据,转载请注明出处 1 | SDIC FUTURES | 操作评级 | 2025年04月09日 | | --- | --- | --- | | 螺纹 | ★☆☆ | 曹颖 首席分析师 | | 热卷 | ★☆★ | F3003925 Z0012043 | | 铁矿 | ★☆★ | 何建辉 高级分析师 | | 焦炭 | ★☆★ | F0242190 Z0000586 | | 焦煤 | ★☆★ | | | 锰硅 | ★★★ | 韩惊 高级分析师 | | 硅铁 | ★★☆ | F03086835 Z0016553 | | | | 李啸尘 高 ...