Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - The report emphasizes the importance of closely monitoring investment opportunities in strategic metals such as rare earths, especially following significant price increases in overseas markets due to China's export controls [8][13]. - In the steel sector, there has been a notable increase in rebar consumption and a slight rise in overall steel prices, indicating a positive trend in demand [14][38]. Summary by Sections 1. Core Viewpoints: Focus on Strategic Metals - The report highlights the strategic importance of rare earth metals, particularly in light of recent U.S.-China trade discussions that aim to reduce tariffs, which could enhance global economic recovery [8][13]. - Following China's export restrictions on heavy rare earths, overseas prices have surged, with dysprosium and terbium prices in Europe increasing nearly threefold [8][13]. 2. Steel Sector: Price Trends - Rebar consumption has risen significantly, with a reported consumption of 2.6 million tons, marking a 21.69% increase week-on-week [14][18]. - The overall steel price index has seen a slight increase of 0.92%, with hot-rolled coil prices rising to 3,320 CNY/ton, a 1.40% increase, and cold-rolled prices at 3,767 CNY/ton, a 1.31% increase [14][38]. 3. New Energy Metals: Supply and Price Declines - Lithium production in April 2025 was reported at 70,640 tons, a year-on-year increase of 40.38%, but with a slight month-on-month decline [15][42]. - Nickel production has seen a significant year-on-year decrease of 14.18%, while cobalt prices have shown a downward trend [15][44]. 4. Industrial Metals: Copper and Aluminum - Copper smelting fees have slightly increased, with the LME aluminum price settling at 2,474 USD/ton, reflecting a minor week-on-week rise of 0.20% [16]. - The production costs for electrolytic aluminum have decreased significantly, leading to increased profitability for producers [16][28]. 5. Precious Metals: Market Adjustments - Gold prices have experienced a notable decline of 3.72% week-on-week, attributed to reduced demand for safe-haven assets following positive developments in U.S.-China relations [17].

公司公告汇总 江苏武进不锈股份有限公司将于2025年5月20日召开2024年年度股东大会，会议地点位于江苏省常州市 天宁区郑陆镇武澄西路1号公司二楼职工培训室。会议将审议多项议案，包括2024年年度报告及摘要、 董事会工作报告、监事会工作报告、财务决算报告、利润分配方案、董事长及副董事长薪酬、独立董事 津贴、非独立董事薪酬、监事薪酬、续聘审计机构、申请银行综合授信额度、使用闲置自有资金进行现 金管理、开展外汇套期保值业务等。2024年公司实现营业总收入2,651,650,094.54元，同比下降 24.57%；归属于上市公司股东净利润125,714,250.52元，同比下降64.25%。公司计划2025年主营业务收 入提高10%左右，净利润提高10%-15%左右。此外，公司拟向全体股东每股派发现金红利0.09元（含 税），并计划使用不超过80,000万元闲置自有资金进行现金管理和不超过12,000万美元开展外汇套期保 值业务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 截至2025年5月9日收盘，武进不锈（603878）报收于 ...

上天天基金APP搜索【777】领 98 元券包 ，优选基金10元起投！限量发放！先到先得！ 作为资本市场的重要"稳定器"和"压舱石"，社保基金凭借审慎稳健的投资运营管理，已经成为A股市场 长期投资、理性投资的典范。 根据A股上市公司2025年一季报披露，截至4月28日记者发稿，一季度末已有324家公司前十大流通股股 东名单中出现社保基金的身影，社保基金最新投资路线图逐次揭晓。东方财富Choice数据显示，上述 324家公司累计获社保基金重仓持股54.97亿股，对应持股市值为853.85亿元。 社保基金新进持有100家上市公司 今年一季度，社保基金对云铝股份、华鲁恒升、常熟银行、万华化学、赤峰黄金、广汇能源、西部超 导、新奥股份、宇通客车、宝钢股份、长城汽车等15家公司的重仓持股市值超过10亿元。其中，社保基 金持有云铝股份1.45亿股，对应持仓市值为25.13亿元；持有华鲁恒升1.06亿股，对应持仓市值23.42亿 元；持有常熟银行2.54亿股，对应持仓市值为17.7亿元；持有万华化学2121万股，对应持仓市值为14.26 亿元；持有赤峰黄金6145.75万股，对应持仓市值为14.07亿元；持有广汇能源2.1 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 29 年 月 日 | 增持（维持） | | | --- | --- | | 股票信息 | | | 行业 | 普钢 | | 前次评级 | 增持 | | 04 月 28 日收盘价（元） | 3.38 | | 总市值（百万元） | 13,395.56 | | 总股本（百万股） | 3,963.18 | | 其中自由流通股（%） | 98.24 | | 30 日日均成交量（百万股） | 29.84 | 新兴铸管（000778.SZ） 季度业绩环比改善，关注基建需求潜力 事件：公司发布 2025 年一季度报告。公司一季度实现营业收入 83.75 亿 元，同比下降 8.21%；归属于母公司所有者的净利润 1.37 亿元，同比下 降 19.84%；基本每股收益 0.0345 元，同比减少 19.39%。 季度业绩环比改善，一季度毛利率逐步修复。公司 2025Q1 实现归母净利 1.37 亿元，同比下降 19.84%，环比增长 143.36%；2025Q1 钢价走弱， 行业钢企盈利比例位于 50%左右，公司归母净利同比仍下滑，但环比显著 改善，2025Q1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Views - The company has shown a quarter-on-quarter improvement in its performance, with a significant increase in net profit by 143.36% compared to the previous quarter, despite a year-on-year decline [1]. - The company is positioned to benefit from the increasing demand in infrastructure, particularly in water conservancy projects, with a notable growth in investment in this sector [3]. - The company aims to increase its metal products output to 9.92 million tons in 2025, representing a year-on-year growth of 22.6%, indicating substantial capacity expansion potential [2]. Financial Performance Summary - In Q1 2025, the company reported revenue of 8.375 billion yuan, a year-on-year decrease of 8.21%, but a quarter-on-quarter improvement [1]. - The net profit attributable to the parent company for Q1 2025 was 137 million yuan, down 19.84% year-on-year but up 143.36% quarter-on-quarter [1]. - The projected net profits for the company from 2025 to 2027 are 800 million yuan, 950 million yuan, and 1.18 billion yuan, respectively, with corresponding P/E ratios of 16.8, 14.2, and 11.3 [3][4]. Industry Insights - The water conservancy construction investment in China reached 1,352.9 billion yuan in 2024, a year-on-year increase of 12.8%, with Q1 2025 showing a 2.9% growth [3]. - The company is expected to benefit from national policies supporting infrastructure projects, including urban pipeline renovations and large-scale industrial equipment upgrades [3].

Investment Rating - The report maintains a "Buy" rating for the company [5][8] Core Views - The company experienced a significant increase in profitability in the fourth quarter, with a net profit of 612 million yuan, a year-on-year increase of 2774.96% and a quarter-on-quarter increase of 221.51% [2] - The company is focusing on high-end products, with the proportion of key products increasing to 55.27%, up 6.84 percentage points from 2023 [4] - The company aims to optimize its product structure and has exited the trading business to focus on high-quality steel production [3] Financial Performance - In 2024, the company achieved operating revenue of 41.804 billion yuan, a year-on-year decrease of 41.24% [3] - The net profit attributable to the parent company for the year was 32.78 million yuan, a decrease of 93.41% year-on-year [2] - The company’s sales gross margin improved significantly in the fourth quarter, reaching 5.18% [2] Production and Sales - The company produced 9.9293 million tons of steel in 2024, a year-on-year decrease of 8.59% [3] - The sales volume was 9.9696 million tons, down 7.82% year-on-year [3] Future Outlook - The company is expected to recover significantly in profitability after a short-term downturn, with projected net profits of 900 million yuan, 1.1 billion yuan, and 1.34 billion yuan for 2025, 2026, and 2027 respectively [5] - The valuation is expected to have significant recovery potential, with a market value around 17 billion yuan at the mid-point of the valuation range [5]

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 核心观点 本篇报告希望从定量的角度分析"供改"的压力。希望构建一个定量的指标，可以动态更新，可以解释 2015 年年末的供给侧改革（时点选择、行业选择），可以观察更多的行业情况。我们借助上市公司财报数据， 构建盈利压力指数，大体可以满足上述要求。从盈利压力指数来看， 2024 年三季报显示压力在上升，但尚 未触及 2015 年的高点。行业层面，电源设备已具备 2015 年供改行业的特征，煤化工、结构材料、普钢尚 不具备，但已经较为接近。 报告摘要 一、需要什么样的指标以评估供改压力？ 需要满足两个要求。 第一，2015年，该指标是局部最高点 ，最理想情况下是2000年以来的最高点，次理想 情况下是2011年以来的最高点（参照外管局观点，"经常账户顺差与GDP之比在2011年之后处于合理均衡区 间"，即2011年之后经济对外需的依赖大幅下降）。 第二，在2015年的行业视角来看 ，煤炭、钢铁、有 色、石化等之所以纳入供给侧改革，从纵向比较来看，2015年属于自身压力较大的年 ...

Group 1 - The report highlights a significant market style shift, indicating that the notion of "cutting high to low" is inaccurate, and "avoiding high positions" is more appropriate. This is evidenced by the performance of various industries during the specified periods [1][14]. - The report identifies two underlying logics for industries performing well under the "avoiding high positions" context: one is related to policy games, particularly in the large consumption sector, driven by local policies such as the childcare subsidy in Hohhot [2][19]. - The report suggests that while the large consumption sector may face challenges in broad-based gains, there is potential for continued strength in the childcare subsidy theme, which could see further local policy catalysts [2][20]. Group 2 - The report notes that some industries, such as engineering machinery and ordinary steel, have shown independent market trends, indicating that identifying sectors with improving fundamentals is crucial for potential gains [3][21]. - The report emphasizes that the ability to achieve independent market trends is limited, and it is advisable to wait for clear upward price trends in non-hot sectors before participating [3][21]. - The report also mentions that the current market style shift is driven by policy games and low-position hedging, which differs from the independent market trends previously observed [21]. Group 3 - The report indicates that the large consumption sector has led the A-share market to a new high, with significant contributions from policies aimed at boosting consumption and childcare subsidies [6][30]. - The report highlights that the A-share index has shown a general upward trend, with essential consumer and discretionary sectors outperforming, while technology stocks have faced regulatory scrutiny and declining trading sentiment [7][39]. - The report provides insights into the performance of various sectors, with beauty care, food and beverage, and coal showing notable gains, driven by policy catalysts and low-position hedging logic [39].