Group 1: Industrial Gas Industry - The industrial gas industry in China is rapidly developing, with a continuously expanding market size, and the company is optimistic about industrial gas enterprises with stable cash flow and certain revenue scale [3] - The domestic substitution wave in electronic specialty gases is ongoing, and the company is closely monitoring the product development and capacity expansion of industrial gas companies entering this field [3] - Key recommended companies include Huate Gas, Wuhua Technology, China Shipbuilding Gas, Jinhong Gas, and Yakeke [3] Group 2: Gold Market - Historical analysis shows that gold bull markets occur during periods of global economic imbalance and international order changes, with the current period being the third round of value reassessment for gold since 2008 [5] - The trend of "de-dollarization" is accelerating due to disruptions in international order, and gold is expected to maintain long-term allocation value as a super-sovereign currency [5] Group 3: WuXi AppTec - WuXi AppTec reported a revenue of 39.241 billion yuan for 2024, with a year-on-year growth of 5.2% after excluding COVID-19 commercialization projects, and a net profit of 9.45 billion yuan, meeting expectations [7] - The company’s TIDES-related performance and capacity are rapidly growing, with projected net profits for 2025-2027 being 10.98 billion, 12.52 billion, and corresponding PE ratios of 18, 16, and 14 times [7] Group 4: Hong Kong Pharmaceutical Sector - The valuation of the Hong Kong pharmaceutical sector has been shrinking for several years, with some quality companies' PE valuations nearing historical lows [10] - The company suggests actively increasing allocation in the sector, focusing on high-quality companies with limited downside risk and long-term investment value [10] Group 5: CNOOC Engineering - CNOOC Engineering achieved a total revenue of 29.954 billion yuan in 2024, a decrease of 2.59% year-on-year, while net profit increased by 33.38% to 2.161 billion yuan [12] - Projected net profits for 2025-2027 are 2.442 billion, 2.817 billion, and 3.012 billion yuan, with corresponding EPS of 0.55, 0.64, and 0.68 yuan per share [12] Group 6: Zhongzi Technology - Zhongzi Technology reported a decline in performance due to weakened downstream demand and increased investment in new business expansion [15] - The company anticipates production capacity for composite material structural components to be operational by the end of the year, which may drive growth in the humanoid robot sector [15] Group 7: Li Auto - Li Auto's 2024 performance showed a slight decline in gross margin, with a new strategy focusing on smart, pure electric, and overseas expansion for 2025 [18] - The company has adjusted its projected non-GAAP net profits for 2025-2026 to 11.1 billion and 18.6 billion yuan, with an estimated 20.2 billion yuan for 2027 [18] Group 8: Tin Industry - The suspension of mining operations at the Bisie tin mine by Alphamin Resources is expected to reduce global tin output by 5.3%, contributing to ongoing supply tightness [23] - The demand for tin remains strong due to the semiconductor and photovoltaic sectors, with current inventory levels being low since 2024 [23]

Macro - The U.S. retail data for February showed a month-on-month increase of 0.2%, which was below the expected 0.6%, indicating weak consumer momentum [4] - The January retail growth rate was revised down from -0.9% to -1.2%, suggesting ongoing economic pressure influenced by policy misalignment [4] - The overall weak retail data aligns with expectations of two to three potential interest rate cuts in 2025 [4] Industrial Gas - The industrial gas industry in China is rapidly developing, with a continuously expanding market size [5] - There is a focus on companies with stable cash flow and certain revenue scale, particularly those entering the electronic specialty gas sector amid domestic substitution trends [5] Real Estate - In February, the transaction area of new residential properties in 30 core cities reached 8.21 million square meters, a year-on-year increase of 22.5% [6] - For January-February, the cumulative transaction area in these cities increased by 5.7%, with average transaction prices up by 7.3% year-on-year [6] - The second-hand housing market also saw significant growth, with a 75.2% year-on-year increase in transaction area in 15 core cities for February [6] Nonferrous Metals - The suspension of mining operations at the Bisie tin mine by Alphamin Resources is expected to reduce global tin production by 5.3% [7] - The supply tightness in the tin market is likely to persist, with low inventory levels in both Shanghai and London [7] Construction Materials - Fixed asset investment data for January-February indicates a potential economic recovery, with infrastructure investment growing by 9.95% year-on-year [9] - Narrowly defined infrastructure investment (excluding certain utilities) also saw a year-on-year increase of 5.6% [9] Electric Vehicles - BYD launched its new generation pure electric technology platform, the Super e platform, on March 17, 2025 [10] - The pre-sale prices for the Han L and Tang L models are set between 270,000 to 350,000 yuan and 280,000 to 360,000 yuan, respectively, with an official launch scheduled for April [10] Company Analysis - Zhongzi Technology reported a revenue of 1.562 billion yuan for 2024, a year-on-year increase of 1.18%, but faced a net loss of 26.86 million yuan [11] - The decline in performance is attributed to weakened downstream demand and increased investment in new business development [11] - The production capacity for composite material structural components is expected to be operational by the end of the year, potentially expanding into the humanoid robot sector [11]

点击注册小程序 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。 报告摘要 事件： Alphamin Resources于3月13日宣布:董事会已做出艰难决定，暂停公司在刚果民主共和国(DRC)中东部北基 伍省瓦利卡莱区 Bisie锡矿的采矿作业。这一决定是在最近动乱武装团体向西推进，2025年3月9日占领了 位于Goma西北部约110公里的Osso-Banyungu区首府Nyabiondo以及2025年3月12日进一步向西13公里的 Kashebere之后做出的。公司的员工和承包商的安全仍然是其首要任务，目前无法保证。所有运营采矿人员 正在从矿场撤离，只留下必要人员。 点评： 2023年4月，缅甸佤邦发布通知，称从2023年8月起，缅甸佤邦锡矿将停止一切勘探、开采、加工等作业。根据 USGS数据，2023年缅甸锡 ...

行业动态 行业近况 3月13日晚，Alphamin Resources宣布[1]，已暂停其刚果（金）东部Bisie矿山的运营，目前公司正在撤离 所有采矿作业人员，仅留少量必要人员负责矿山的维护、安全和基本管理。据ITA国际锡协数据[2]，Bisie 矿是全球第三大锡矿，2024年锡精矿产量达1.73万吨，约占全球锡矿供应量的6%。 [1] https://mp.weixin.qq.com/s/HUHlEyQgT3QT2NryYF3i7A [2]https://mp.weixin.qq.com/s/HUHlEyQgT3QT2NryYF3i7A [3]https://mp.weixin.qq.com/s/y8XwJ7PlaPS7Tk3dnpV8Ag [4]https://mp.weixin.qq.com/s/y8XwJ7PlaPS7Tk3dnpV8Ag 锡交易所和国内社会库存较2024年高点大幅去化。我们认为，供应扰动或将推升下游产业链安全库存需 求，从而激化短期供需矛盾。 据iFinD，截至3月13日，LME、SHFE锡库存分别为3500、7082吨，较2024 年高点-57%、-60%，均位于近五年38%分位 ...

Group 1: BC Equipment and Manufacturing Industry - BC is currently the most visible expansion direction, with leading manufacturers planning to add 40-65 GW/year of BC capacity from 2024 to 2027, alongside a significant increase from the existing 780 GW TOPCon upgrades [1] - BC technology offers significant equipment flexibility, primarily involving 2-3 laser processes and 1 coating process, with a notable increase in the use of LPCVD equipment [1] - Risks include slower-than-expected technological advancements in BC, reduced willingness to upgrade battery capacity, and potential market competition deterioration [1] Group 2: Banking Sector and Debt Market - Some commercial banks have recently sold bonds from OCI and AC accounts to realize floating profits, which may amplify market impacts in a volatile debt market [2] - The current selling behavior of banks is not expected to trigger a market panic, with short-term adjustments facing less pressure compared to long-term [2] Group 3: Policy and Economic Impact - Hohhot has introduced new childbirth subsidy details, with the maximum subsidy reaching 100,000 yuan per child, indicating a potential nationwide rollout of similar policies [4] - If extrapolated nationwide, the fiscal subsidy scale is estimated to reach 901 billion, 1,363 billion, and 1,825 billion yuan from 2025 to 2027, still falling short of international standards [4] Group 4: Defense and Aerospace Industry - The 2025 Government Work Report highlights deep-sea technology for the first time, indicating a focus on deep-sea development and potential investment opportunities in acoustic and titanium materials [6] - Risks include accelerated competition among countries, potential underperformance in enterprise capacity expansion, and fluctuations in raw material costs [6] Group 5: Coal Industry - The coal sector has seen improved expectations, leading to a rise in stock prices, driven by high dividend styles, stable thermal coal prices, and optimized stock structures [8] - The bottom price expectation for coal is becoming clearer, with potential price increases if demand improves and inventory decreases [8] Group 6: Property Services Sector - The historical issues facing private property service companies have dissipated, with strong dividend attractiveness and sustainable cash flow [10] - The upcoming 2024 annual reports are expected to confirm high dividends and a vision for stable long-term development [10] Group 7: Tin Industry - The suspension of mining operations by Alphamin Resources in the Democratic Republic of Congo could lead to a significant reduction in global tin supply, potentially increasing tin prices above 300,000 yuan/ton [12] - The expected supply gap in 2025 may widen due to the suspension and slower-than-expected recovery of Myanmar's tin mines [12] Group 8: New Materials in Military Industry - Defense spending is projected to grow by 7.2% in 2025, indicating a recovery in demand for military materials and potential valuation recovery for upstream companies [13] - The military industry is at a turning point, with significant demand expected to be released in 2025 [13]