Group 1: Metal New Materials - The price of praseodymium and neodymium oxide has reached a 14-month high, indicating strong demand in the market, particularly for military new materials and electric vehicle applications [3] - Cobalt prices are rising across various categories, while germanium dioxide prices are declining [3] - Lithium prices have dropped below 80,000 yuan/ton, with potential for accelerated capacity clearance in the lithium mining sector, suggesting a focus on cost-advantaged companies with resource expansion [3] - The Democratic Republic of Congo has decided to suspend cobalt exports for four months, which may alleviate the global oversupply of cobalt [3] Group 2: Automotive Industry - In February, Xiaopeng Motors continued to lead in sales, while Tesla's Full Self-Driving (FSD) technology officially entered the Chinese market, indicating an upgrade in the competitive landscape [4] - Seasonal factors affected delivery numbers, but the introduction of new vehicle models is expected to stimulate demand [4] - The acceleration of affordable smart technology is anticipated to bring forward the tipping point for intelligent driving in China [4] Group 3: Semiconductor Industry - TrendForce predicts that the NAND Flash market supply-demand structure will significantly improve in the second half of 2025, driven by production cuts, smartphone inventory reduction, and increased demand from AI applications [5] - A price recovery for NAND Flash is expected in the latter half of the year as supply constraints ease [5] Group 4: Property Management - Jianfa Property has shown strong sales and land acquisition performance since 2025, with expectations for continued rapid growth in property management services [6] - The revenue growth rates for basic property management from 2021 to 2023 were 31.1%, 36.6%, and 36.8%, respectively, with a 31.4% growth rate expected in the first half of 2024 [6] Group 5: Service Industry - Yongsheng Services has actively expanded its portfolio with over 50 new quality property management projects in early 2025, which will help maintain profit margins and strengthen market position [7] - The company distributed approximately 200 million HKD in dividends in mid-2024, with a total market capitalization of 3.6 billion HKD as of February 28 [7] Group 6: Home Appliances - Haier's sales in the U.S. are expected to be minimally impacted by the 25% tariff on Mexican imports, as 20-30% of its products are sourced from Mexico [8] - The domestic market is benefiting from a trade-in policy that is driving significant revenue growth, while overseas capabilities are being enhanced [8] Group 7: Pharmaceutical Industry - Tianshili reported stable revenue growth in the pharmaceutical sector, with total revenue and net profit of 8.498 billion and 1.036 billion yuan, respectively, reflecting a year-on-year decline of 2.03% and 12.31% [9] - The decline in industrial gross margin is attributed to price reductions in some products, but overall operations remain stable [9]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【有色】电碳与工碳价差为去年11月以来新低，氧化镨钕价格创近5个月新高 ——金属新材料高频数据周 报（20250217-20250223） 军工新材料：价格持平。新能源车新材料：氧化镨钕价格创近5个月新高。光伏新材料：EVA价格上涨。 氧化镨钕价格创近5个月新高，关注2025年需求情况。锂价已跌至8 万元/吨以内，产能后续存在加速出清 的可能性，锂矿板块建议关注成本具有优势且资源端存在扩张的标的。 （王招华/马俊/王秋琪） 2 025- 02-27 您可点击今日推送内容的第1条查看 【电子】充分受益AI数据中心及AR眼镜等行业增长，天岳先进进入业绩快速增长期——碳化硅行业跟踪报 告之一 碳化硅材料拥有耐高压、耐高频、高热 ...

本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 军工新材料： 价格持平 本周电解钴价格16.20万元/吨，环比 +0%。本周电解钴和钴粉比值1.05 ，环比+0%；电解钴和硫酸钴价格 比值为6.10，环比+0.2%。（2）碳纤维本周价格83.8元/千克，环比+0%。毛利-21.98元/千克。（3）铍价 格持平。 点击注册小程序 特别申明： 新能源车新材料：氧化镨钕价格创近5个月新高 （1）本周Li2O 5%锂精矿中国到岸价已达到840美元/吨，环比+0%。（2）本周电碳、工碳和电池级氢氧 化锂价格分别为7.64 、7.44和7.05万元/吨，环比-0.9%、-0.52%和-0.0%。电碳与工碳价差为2024年11月以 来新低，或代表锂电景气度相较工业领域有所减弱。（3）本周硫酸钴价格2.71万元/吨，环比+0%。（ ...