【导读】沪深两市成交额突破5000亿元，机器人概念股再度走强，多股直线拉升涨停 中国基金报记者 王建蔷 4月29日早盘，A股小幅低开，沪指低开0.21%，深证成指低开0.27%，创业板指低开0.27%。开盘后沪指震荡上涨，一度拉升翻红。截至发稿，沪指下跌 0.07%，深证成指上涨0.03%，创业板指微跌0.02%，沪深两市成交额突破5000亿元。 | 中证1000 | 中证2000 | 中证红利 | | --- | --- | --- | | 5905.00 | 2414.04 | 5376.56 | | +27.94 +0.48% +26.02 +1.09% -14.82 -0.27% | | | A50指数期货一度直线下跌，截至发稿，跌幅收窄。 | < w | | ■时中国A50期货 | | | | | --- | --- | --- | --- | --- | --- | | | CN.SG | | | | | | 13135 | 昨结 | | 13185 | 커플 | 13186 | | -50 | -0.38% | 总手 | 9.42万 | 现手 | 1 | | 最高价 | 13220 | 持 仓 ...

HOUSTON, TX, April 28, 2025 (GLOBE NEWSWIRE) -- Houston American Energy Corp. (NYSE American: HUSA) ("HUSA" or the "Company"), today announced the results of the Company's special meeting of stockholders (the "Meeting") held virtually on April 24, 2025. At the Meeting, all of the matters put forward before the Company's stockholders for consideration and approval, as set out in the Company's definitive proxy statement dated April 11, 2025, were approved by the requisite number of votes cast at the meeting. ...

PPG Industries Inc. (PPG) is set to release first-quarter 2025 results after the closing bell on April 29. PPG Industries missed the Zacks Consensus Estimate for earnings in two of the trailing four quarters, beat once while delivering in-line results on the other occasion. It delivered a trailing four-quarter negative earnings surprise of around 0.6%, on average. While the company is expected to have benefited from acquisitions and restructuring cost savings in the first quarter, its performance is likely ...

证券代码：603065 证券简称：宿迁联盛 公告编号：2025-031 | 主要产品 | | | 平均售价（万元/吨） | | | | 同比变动比率 （%） | 环比变动比率 （%） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 年 2025 1-3 | | 月 | 2024 | 年 1-3 | 月 | | | | 受阻胺光稳定剂 | | 4.57 | | | 4.78 | | -4.39 | -7.30 | | 复配制剂 | | 3.54 | | | 3.69 | | -4.07 | 2.61 | | 阻聚剂 | | 3.65 | | | 3.24 | | 12.65 | -5.44 | 1 主要产品 生产量（吨） 销售量（吨） 营业收入（万元） 受阻胺光稳定剂 4,702.06 3,709.94 16,963.52 复配制剂 1,708.90 1,747.51 6,177.67 阻聚剂 136.75 417.40 1,522.85 中间体 8,749.76 601.05 1,648.01 一、主要产品的产量、销量及收入实现情况 ...

观点：盘面或开启震荡 南华玻璃纯碱数据周报20250426 寿佳露（投资咨询资格证号：Z0020569） 投资咨询业务资格：证监许可【2011】1290号 玻纯周报观点 供应：4月底玻璃日熔或小幅下滑至15.6万吨，株洲醴陵旗滨玻璃有限公司四线600吨4月25日放水（计划内， 从3月推迟到4月），河南中联二线600吨超白（计划内，从3月推迟到4月）以及沙河德金5线800吨（为置换线 ，德金6线预计5月下旬开始供应市场）均计划月底放水了，4月新增点火产线1条，河北长城四线700吨/日（4 月12日点火，计划内）。 库存：全国浮法玻璃样本企业总库存6547.33万重箱，环比+39.5万重箱，环比+0.61%，同比+9.25%。折库存天 数29.4天，较上期+0.2天。库存结构表现为上游厂库开始累库，中游去库；沙河期现库存约为11万吨，近两周 去库5-6万吨（约112万重量箱）。 利润：隆众数据，各工艺玻璃产线利润，天然气-153元，煤制气+145元，石油焦-38元。其中湖北进口石油焦 涨价，推升成本80-100元，保持关注。 需求：截至0415，深加工样本企业订单天数均值9.3天，环比13.4%，同比-17.7% ...

Investment Rating - The report provides a short-term investment focus on specific companies across various sectors, highlighting preferred and risk names based on tariff impacts [7][30]. Core Insights - The report analyzes the implications of the Trump administration's tariffs on nine major sectors, emphasizing the direct and indirect impacts on individual companies and their stock performance [6][30]. - The automotive sector is expected to face significant price increases due to tariffs, with an estimated 11.5% rise in US auto prices, translating to approximately $5,100 per vehicle [9][17]. - The report identifies key companies within each sector that are likely to be affected by tariffs, providing a detailed analysis of their potential performance [4][30]. Sector Summaries Autos and Auto Parts - Tariffs on automobiles could lead to a gross impact on operating profit ranging from 30% to over 100% for various automakers, with Toyota and Honda facing a manageable impact while Nissan and Mazda are at higher risk [4][9]. - Focus is placed on Toyota Motor for its resilience and ability to raise prices, while Bridgestone is noted for its high local production ratio [30][31]. Banks - The impact of tariffs on banks remains uncertain, but concerns over worst-case scenarios have eased, with a potential downside risk of slightly over 10% to sector earnings forecasts in a bearish scenario [4][33]. - Japan Post Bank is highlighted as a relatively stable option amidst tariff uncertainties [4][33]. Pharmaceuticals and Medical Devices - Major pharmaceutical companies like Takeda and Astellas are expected to be heavily impacted by tariffs, while companies with lower US sales ratios may benefit from tariff avoidance [4][30]. - The report emphasizes the potential for increased costs of goods sold (CoGS) affecting operating profits for medical device companies [4]. Technology - The technology sector's tariff impact is complex, with companies like NEC and Fujitsu expected to perform well due to limited exposure to tariffs [5][30]. - Sony Group is under close observation for potential price hikes on its products, particularly the PlayStation 5 [5][30]. Chemicals and Steel - In the chemicals sector, companies like Nippon Paint are expected to benefit from lower raw material prices, while the steel sector is anticipated to experience limited direct tariff impacts [5][30]. - Kobe Steel is noted for its resilience due to a significant earnings contribution from its machinery business [5][30]. Retail - The retail sector is advised to focus on drugstores and discount retailers, with companies like Asics and Fast Retailing facing risks from declining sales due to high tariff exposure [5][30]. - Seven & i Holdings is highlighted as particularly vulnerable due to its significant exposure to the US market [5][30].

Investment Rating - The report does not explicitly provide an investment rating for the industry but discusses the implications of tariffs on natural gas liquids (NGLs) and their flows, particularly ethane and propane, in the context of US-China trade relations [5][17]. Core Insights - US tariffs on China plastics and reciprocal tariffs from China threaten to disrupt global NGL flows, particularly affecting ethane and propane, which are key petrochemical feedstocks [2][5]. - China’s NGL imports from the US have surged from below 50 thousand barrels per day (kb/d) in 2019 to nearly 900 kb/d in 2024, with a significant dependency on US ethane and propane [2][13]. - The report anticipates a moderate decline in US ethane flows to China due to lower US production and reduced demand from China, which may lead to a decrease in Henry Hub prices [2][26]. - Propane flows are easier to redirect compared to ethane, but full substitution of US propane exports will be challenging, necessitating deeper price discounts to attract buyers [2][3]. Summary by Sections Tariff Implications - US tariffs on energy imports are currently exempt, but significant tariffs on plastics threaten NGL flows [5][6]. - The reciprocal 125% tariff imposed by China on US imports is expected to skew the tariff burden towards the US over time [2][31]. Ethane and Propane Market Dynamics - Ethane imports from the US are critical for China, accounting for 60% of US ethane exports, while propane accounts for one-third [17][20]. - Ethane's specialized shipping and processing infrastructure complicate redirection efforts, while propane can be redirected more easily [3][20]. - The report outlines potential adjustment mechanisms for both ethane and propane markets in response to tariffs, highlighting the challenges and likelihood of each mechanism [20][25]. Production and Pricing Outlook - The report predicts a decline in US ethane and propane production due to tariff impacts and market adjustments, with potential price declines for both commodities [26][57]. - US ethane prices have already dropped by 25% since early April, while propane prices have decreased by 20% following tariff announcements [57][58]. - The long-term outlook suggests that lower US NGL production may offset some tariff impacts on petrochemical demand in China [2][60].

Investment Rating - The report suggests a conservative investment strategy focused on defensive stocks and sectors due to the anticipated double dip in Japanese stocks [1][4][35] Core Viewpoints - Japanese stocks are likely to experience a double dip in the short term, with potential for the next correction to fall below the recent bottom of TOPIX at 2,200 [2][3][19] - The report identifies three main risks contributing to this outlook: deterioration in US macroeconomic indicators, uncertainty in Japan-US tariff negotiations, and conservative initial guidance from companies during the FY3/25 earnings season [2][9][27] - A recovery in Japanese stocks may not occur until summer or later, contingent on specific conditions such as progress in tariff negotiations and aggressive monetary easing by central banks [27] Summary by Sections Short-term Risks - Japanese stocks currently lack upside momentum after a recent rebound to 2,500 from 2,200 [2][6] - The report highlights risks from US economic indicators, tariff negotiations, and conservative earnings guidance as key factors for the anticipated double dip [2][9][19] Market Correction Insights - The potential downside target for TOPIX is projected at 2,000, with a 12-month forward PER around 10x, aligning with historical downturn levels [3][19] - The report indicates that previous corrections of more than 10% have often led to double dips, particularly when rebounds do not exceed 50% of the initial correction [25][26] Defensive Investment Strategy - A focus on low-risk stocks, high EPS revisions, and strong balance sheets is recommended, as high-rated stocks are expected to underperform [4][35] - The report emphasizes the importance of identifying companies likely to issue positive guidance and maintain dividends during the uncertain macroeconomic environment [35]

Investment Rating - The investment rating for Wanhua Chemical is Underweight [2][8][76] Core Views - The report indicates that Wanhua Chemical is facing multiple geopolitical headwinds, including US export tariffs on MDI, China's import tariffs on ethane, and an anti-dumping investigation by the US, which are expected to negatively impact volume, price, and earnings [8][12][13] - The price target for Wanhua Chemical has been reduced to Rmb51.00, reflecting a 5% decrease based on updated financial data and a target multiple of 15x 2025e P/E [5][8][12] Summary by Sections Price Target and Earnings Estimates - The price target for Wanhua Chemical is set at Rmb51.00, down from Rmb54.00, based on a target multiple of 15x 2025e P/E [5][8] - The estimated EPS for 2025 is revised to Rmb3.42, down from Rmb3.61 [2][8] Financial Performance and Projections - The report projects a decline in net profit by 5% for 2025 and 6% for 2026, leading to a downward revision of earnings estimates [5][8] - MDI prices are expected to be Rmb12,305 per ton in 2025, with unit gross profit projected at Rmb2,892 per ton [16] Market Conditions and Risks - The geopolitical risks are anticipated to exert downward pressure on MDI prices and spreads, affecting overall earnings visibility for non-MDI products [8][12][13] - The report highlights that the valuation is no longer appealing, contributing to the Underweight rating [8][12]

市场概况： 上周（4月21日至4月25日）A 股市场呈现显著的结构性分化特征，A 股市场呈现 "中 小盘成长领涨、大盘价值承压" 的分化格局。上证指数微涨 0.56%，深证成指上行1.38%，创业板 指表现强劲，上涨超过1.5%，万得微盘指数上涨2.52%，涨幅领先其他宽基指数，反映资金加速 向高弹性小盘股聚集。全周上证指数上涨0.56%，深证指数上涨1.38%，创业板指上涨1.74%。 行业板块： 上周Wind一级平均涨幅0.76%，Wind百大概念指数上涨比例78%。板块方面，77% 板块获得正收益，汽车、美容护理、基础化工相对表现良好，分别上涨4.87%、3.80%、2.71%， 而煤炭、房地产、食品饮料相对表现不佳，小幅下跌0.63%、1.31%、1.36%。 基金发行： 上周合计发行27只，其中股票型基金发行17只，混合型基金发行4只，债券型基金发行 5只， FOF型基金发行1只，总发行份额245.79亿份。 基金表现 ： 上周万得中国基金总指数上涨0.81%。其中，万得普通股票型基金指数上涨1.66%， 万得偏股混合型基金指数上涨1.90%，万得债券型基金指数上涨0.03%。 数据来源：Wind ...