Core Viewpoint - The stock market experienced a collective rise on May 14, with major indices showing positive performance, indicating a recovery trend in the market [1]. Market Performance - The Shanghai Composite Index closed at 3403.95 points, up 0.86% - The Shenzhen Component Index closed at 10354.22 points, up 0.64% - The ChiNext Index closed at 2083.14 points, up 1.01% [1]. Sector Performance - The financial sector saw significant gains, particularly in insurance and brokerage stocks - Shipping and chemical sectors also performed well, while military and photovoltaic sectors experienced pullbacks [2][3]. Sector Gains - Insurance: +6.92% with a net inflow of 19.17 billion - Shipping: +4.78% with a net inflow of 11.47 billion - Logistics: +4.75% with a net inflow of 13.53 billion - Securities: +3.37% with a net inflow of 59.50 billion [4]. Sector Losses - Photovoltaic Equipment: -1.61% with a net outflow of 11.81 billion - Military Electronics: -1.29% with a net outflow of 6.46 billion [4]. Institutional Insights - Major funds saw net inflows in transportation, basic chemicals, and non-ferrous metals, while experiencing outflows in power equipment, social services, and textiles [5][6]. - Specific stocks like Dongfang Wealth, China Ping An, and Kweichow Moutai saw net inflows of 1.943 billion, 0.947 billion, and 0.765 billion respectively [5]. Market Outlook - Oriental Securities noted that with overseas risks stabilizing and no upward pressure on U.S. inflation, the market is returning to a phase of global fiscal expansion and economic recovery [7]. - Galaxy Securities suggested that the index will maintain a horizontal oscillation trend, while small-cap stocks may face a correction [8]. - Tianfeng Securities recommended focusing on investment opportunities in "AI + overseas + satellites" as core targets for the medium to long term [8].

Summary of Key Points from Conference Call Records Company and Industry Overview - **AnTai Technology (安泰科技)**: Focuses on advanced metal materials and products, primarily serving sectors like artificial intelligence, new energy, aerospace, and nuclear power. It is a key player in China's metal new materials industry and is controlled by the State-owned Assets Supervision and Administration Commission of the State Council [1][2]. - **Youyan Powder Materials (有研粉材)**: A leading enterprise in copper-based metal powder materials and tin-based solder materials, with applications in various industries including automotive, aerospace, and electronics [4][5]. - **Zongyi Co., Ltd. (综艺股份)**: Engaged in information technology, new energy, and equity investment, with a focus on integrated circuits and solar power generation [6][7]. Core Insights and Arguments AnTai Technology - **Production Projects**: In 2025, AnTai Technology will reach production capacity for four projects, including high-end rare earth permanent magnet products and advanced tungsten composite components for nuclear fusion projects [1]. - **Market Applications**: The company is expanding into robotics, with high-performance magnetic materials being essential for motors and servos. Their advanced functional materials are also applicable in electric vehicles and flying cars [2]. - **Defense Sector Involvement**: AnTai's products are used in military applications, although specific details are exempt from disclosure due to regulations [2][3]. Youyan Powder Materials - **Sales Growth**: In 2024, the company achieved record sales of approximately 31,000 tons, a year-on-year increase of 11%, with 3D printing powder sales surging by 176% [4]. - **Product Development**: The company is focusing on high-value products like composite copper powder and ultra-fine copper powder, with new electronic slurry products undergoing customer validation [4][5]. - **Military Applications**: Youyan's high-temperature alloy powders and additive manufacturing materials are utilized in military projects, indicating a strong presence in the defense sector [5]. Zongyi Co., Ltd. - **Acquisition Plans**: The company plans to acquire control of Jilai Microelectronics, which specializes in power semiconductor chips, aiming to enhance its core technology sector and increase revenue [6]. - **Solar Power Operations**: Zongyi has developed solar power plants across multiple countries, with a total installed capacity of 97.54 MW by the end of 2024, focusing on efficient and reliable solar energy solutions [7]. - **Integrated Circuit Development**: The company is involved in the development of domestic processors and related technologies, indicating a strategic focus on the semiconductor industry [8]. Other Important but Overlooked Content - **Regulatory Environment**: AnTai Technology's involvement in military projects is subject to disclosure exemptions, highlighting the complexities of reporting in defense-related industries [2]. - **Technological Advancements**: Both AnTai and Youyan are investing in R&D for advanced materials, which could lead to significant competitive advantages in emerging markets like AI and renewable energy [4][5]. - **Market Trends**: The growth in 3D printing and AI applications is driving demand for specialized materials, suggesting a shift in industry focus towards high-tech solutions [4][5].

Group 1: Investment Recommendations - The report suggests focusing on Honglu Steel Structure due to improved foreign trade environment and expected demand recovery, along with smart upgrades enhancing production and profitability [2] - China Jushi is highlighted for its large fiberglass export scale, while Puyang Refractories is noted for its new active magnesium oxide products replacing imports [2] - Hainan Huatie is recommended due to the implementation of computing power contracts and state-owned enterprise support, and Beixin Building Materials is favored for real estate chain recovery and diversified business development [2] - China Chemical is recognized for its good cash flow and rising chemical product prices, while China State Construction is recommended for real estate chain recovery and debt reduction efforts [2] Group 2: Metal Prices and Market Trends - Tungsten prices have reached a nearly 10-month high, and the price of praseodymium and neodymium oxide has increased for two consecutive weeks, indicating a potential demand surge in 2025 [3] - Lithium prices have dropped below 80,000 yuan per ton, with a possibility of accelerated capacity exit; companies with cost advantages and resource expansion are recommended, including Salt Lake Industry and Tianqi Lithium [3] - The Democratic Republic of Congo's decision to suspend cobalt exports for four months may alleviate global cobalt market oversupply, with Huayou Cobalt being a key focus [3] - The suspension of the Bisie tin mine is expected to support tin price increases, with recommendations for Tin Industry Co., Xingye Silver Tin, and Huaxi Nonferrous [3] Group 3: Chemical and Agricultural Sector Insights - The report maintains a positive outlook on low-valuation, high-dividend, and well-performing "three major oil companies" and oil service sectors, recommending China National Petroleum, Sinopec, and CNOOC [4] - It also highlights the potential benefits for domestic semiconductor and panel material companies under the trend of domestic substitution, suggesting companies like Jingrui Electric Materials and Tongcheng New Materials [4] - The agricultural chemicals and private refining sectors are viewed positively, with recommendations for Wanhua Chemical and Hualu Hengsheng [4] - The vitamin and methionine sectors are also favored, with suggestions for Andisou and Zhejiang Medicine [4] Group 4: Company-Specific Analysis - China Unicom is positioned as a digital information service leader, with its cloud business expected to become a second growth curve, supported by a stable dividend yield averaging over 6% over the past five years [5] - The company is noted for its competitive edge in data center resources as a state-owned enterprise, leading to a "buy" rating [5] - Q Technology's camera module business is highlighted for continuous product structure optimization, with an upward revision of net profit forecasts for 2025 and 2026, maintaining a "buy" rating [7]

Group 1 - The core viewpoint of the article highlights the performance of various funds, with defense and military-themed funds leading the market, while TMT and gold ETFs see increased investment [4] - The article notes that the stock index funds have risen by 1.76%, and the defense and military-themed funds have increased by 4.46%, indicating strong sector performance [4] - It mentions that the steel sector's profitability is expected to recover to historical average levels, suggesting potential investment opportunities in steel stocks [4] Group 2 - In the new materials sector, the price of praseodymium and neodymium oxide has risen for two consecutive weeks, indicating a growing demand in the new energy vehicle market [5] - Lithium prices have dropped below 80,000 yuan/ton, with potential for accelerated capacity exit, suggesting a focus on cost-advantaged lithium mining companies [5] - The Democratic Republic of Congo's decision to suspend cobalt exports for four months may alleviate global cobalt market oversupply [5] Group 3 - The life sciences sector is seeing a trend towards domestic substitution for high-end reagents, driven by global tariff policy changes and supply chain security concerns [6] - Merck Life Science has announced a temporary surcharge on orders from China due to rising costs, reflecting the industry's challenges [6] Group 4 - China Unicom is positioned as a national team in digital information services, with its cloud business expected to become a second growth curve [7] - The company has a stable dividend yield, averaging over 6% in the past five years, indicating strong financial stability [7] - As one of the three major state-owned telecom operators, China Unicom has certain advantages in data center resources in core cities [7] Group 5 - Hillstone Technology is optimizing its product structure through the acquisition of TDK's micro-motor business, which includes over 2,000 patents and a skilled R&D team [8] - The acquisition is expected to enhance the company's capabilities across the entire supply chain [8] Group 6 - Huahong Semiconductor reported Q1 2025 revenue of $541 million, a year-on-year increase of 17.6%, aligning with the company's guidance [9] - The revenue from 8-inch wafers was $230 million, down 4% year-on-year, while 12-inch wafers saw a 41% increase to $310 million [9]

Core Viewpoint - The article discusses the performance and characteristics of the ChiNext New Energy Index, highlighting its focus on companies involved in the new energy and new energy vehicle sectors, and its historical outperformance compared to similar indices [1][4][27]. Group 1: Index Characteristics - The ChiNext New Energy Index selects 50 companies listed on the ChiNext board that are involved in the new energy or new energy vehicle industries, reflecting the overall performance of the new energy theme [1][4]. - As of May 9, 2025, the index's top five industries, including battery, photovoltaic equipment, automation equipment, wind power equipment, and metal new materials, account for 92% of the index's weight [12][21]. - The index has achieved an annualized return of 11.78% since its inception, outperforming other new energy indices [27][31]. Group 2: Valuation and Performance - The index has a high margin of safety in valuation, with a TTM price-to-earnings ratio of 24.45 and a price-to-book ratio of 3.31 as of May 9, 2025, indicating it is at the 44.7% and 34.9% historical percentiles, respectively [24]. - The index's historical performance shows a higher Sharpe ratio compared to other new energy indices, indicating better risk-adjusted returns [27][31]. Group 3: Lithium Battery Sector Insights - Leading companies in the lithium battery sector demonstrate stable profitability, with the battery segment accounting for 78.30% of the industry's profit in Q1 2023, and expected to rise to 90.10% in Q1 2024 [37]. - The financial indicators used to assess the industry cycle include weighted return on equity (ROE), quick ratio, and fixed asset turnover, suggesting that the battery sector may soon see a profitability turning point [38][39]. Group 4: Power Equipment Demand - The power equipment sector is experiencing high demand, with most companies reporting revenue growth and a robust order backlog, particularly in overseas markets [41][43]. - The industry is expected to benefit from ongoing investments in grid expansion and equipment upgrades, with significant growth in contract liabilities indicating a positive outlook for future revenue [44]. Group 5: Fund Product Overview - The Guotai ChiNext New Energy ETF closely tracks the ChiNext New Energy Index and employs a full replication strategy to minimize tracking error, with subscriptions opening on May 12 [47].

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metal sector [5] Core Views - The report highlights the continuous increase in the price of praseodymium and neodymium oxide, suggesting a positive outlook for demand in 2025. It recommends focusing on companies with cost advantages and expansion potential in the lithium mining sector, as well as those in the cobalt market due to supply adjustments [4][26] Summary by Sections Non-Ferrous Metals - Cobalt prices remain stable at 240,000 CNY/ton with a week-on-week change of 0% [10] - The price of carbon fiber is 83.8 CNY/kg, also unchanged, with a gross profit of -18.31 CNY/kg [24] - The price of lithium carbonate has decreased to 69,100 USD/ton, reflecting a 2.33% decline [26] New Energy Vehicle Materials - The price of praseodymium and neodymium oxide has risen to 423.30 CNY/kg, marking a 3.0% increase [26] - Lithium hydroxide prices are reported at 67,000 CNY/ton, down by 1.0% [31] - The report notes a significant increase in new energy vehicle production, with March 2025 figures showing 1.277 million units produced, a 43.9% month-on-month increase [27] Photovoltaic Materials - The price of photovoltaic-grade polysilicon has decreased to 4.34 USD/kg, down 1.1% [2] - EVA prices are reported at 11,250 CNY/ton, a decrease of 0.9% [2] Nuclear Power Materials - Uranium prices have dropped to 51.83 USD/lb, reflecting a 4.6% decrease [2] Consumer Electronics Materials - The price of indium has decreased, with rough indium priced at 24.25 CNY/kg, down 4.0% [3] - The price of silicon carbide remains stable at 5,600 CNY/ton [3] Recommendations - The report suggests focusing on companies in the non-ferrous metal sector, particularly those involved in rare earths and lithium mining, as well as cobalt and tin producers due to expected price increases [4]

Group 1 - Shengyi Electronics plans to repurchase shares with a total amount between 50 million and 100 million yuan, at a price not exceeding 43.02 yuan per share, for employee stock ownership plans [1] - Guoyao Modern's subsidiary has passed the consistency evaluation for the quality and efficacy of a generic drug, which is used for treating severe infections [1] - Tianhe Magnetic Materials' subsidiaries have obtained project filing notices for high-performance rare earth permanent magnet projects, with total investments of 100 million yuan and 50 million yuan respectively [1][2] Group 2 - Dream Lily intends to repurchase shares with an amount between 85 million and 170 million yuan, at a price not exceeding 10.90 yuan per share, supported by a loan commitment of up to 150 million yuan [3] - Weifu High-Tech has received a loan commitment of up to 135 million yuan from a financial institution for share repurchase [3] Group 3 - Lu'an Environmental Energy reported a coal sales volume of 4.51 million tons in April, a year-on-year increase of 17.75% [5] - *ST Tianshan reported a significant decline in livestock sales and revenue, with a revenue of 70,500 yuan in April, down 95.68% year-on-year [7] Group 4 - Feirongda announced a cash dividend of 0.38 yuan per 10 shares, with a total distribution of 21.9 million yuan [8] - Zhejiang Rongtai's shareholders and executives plan to reduce their holdings by up to 1.93% of the company's shares [9] Group 5 - Changhua Group's subsidiary won the land use rights for an industrial site in Ningbo for 27.05 million yuan, intended for manufacturing and related business [11] - Zejing Pharmaceutical's new drug application for a treatment for severe alopecia has been accepted by the regulatory authority [13][14] Group 6 - Hainan Mining plans to distribute a cash dividend of 0.8 yuan per 10 shares, totaling 1.59 billion yuan [15] - China Jushi plans to distribute a cash dividend of 0.24 yuan per share, totaling 9.61 billion yuan [16] Group 7 - Zhengzhong Design's subsidiary has obtained a utility model patent for an acrylic signage guide [18] - Rundu Co., Ltd. received approval for a veterinary drug product, which is intended for treating bacterial diseases in livestock [20] Group 8 - Emei Mountain A announced the resignation of its general manager due to work reasons [22] - Tonghua Dongbao's insulin injection has received a registration certificate in Nicaragua, allowing for sales in that market [23] Group 9 - Dizu Fashion's subsidiary has completed the registration of a private equity investment fund [24] - Ningbo Gaofa plans to increase capital by 60 million yuan in its subsidiary for operational needs [26] Group 10 - Haichuan Intelligent has obtained two utility model patents for material handling devices [27] - Newland's subsidiary signed a deep cooperation agreement with Alibaba Cloud for AI model applications [29] Group 11 - Rui Neng Technology's controlling shareholder plans to reduce its stake by up to 2.89% [30] - Guomai Culture intends to repurchase shares between 50 million and 100 million yuan for capital reduction [31] Group 12 - Shaanxi Construction won major construction projects totaling 7.88 billion yuan in April [32] - Hanyu Pharmaceutical signed a joint development agreement for a new peptide drug with a partner [34] Group 13 - Yunnan Copper is planning to acquire a 40% stake in Liangshan Mining, leading to a stock suspension [35] - Haizheng Pharmaceutical plans to repurchase shares between 50 million and 100 million yuan for employee stock ownership [36] Group 14 - Tianqiao Hoisting's controlling shareholder plans to increase its stake by 75 million to 150 million yuan [37] - Tiandi Online's controlling shareholder is transferring shares to introduce a strategic investor [38] Group 15 - Hongchang Technology plans to invest 15 million yuan in a joint venture with a partner [39] - Rabbit Baby's subsidiary is preparing for an IPO in Hong Kong [41] Group 16 - Wol Nuclear Materials is planning to issue H-shares for listing in Hong Kong [42] - Tangyuan Electric plans to raise up to 864 million yuan through a private placement for various projects [43] Group 17 - Tongrun Equipment's major shareholders plan to reduce their holdings by up to 2% [44] - Linzhou Heavy Machinery plans to raise up to 600 million yuan through a private placement [46] Group 18 - China Merchants Securities announced the resignation of its vice president [47] - Shangsheng Electronics plans to issue convertible bonds to raise up to 330 million yuan for various projects [48] Group 19 - Longda Co., Ltd.'s major shareholder plans to reduce its stake by up to 1% [49] - China Medical plans to acquire 100% of Jinsui Technology for 302 million yuan [50] Group 20 - Silek has signed a strategic cooperation agreement with a battery manufacturer [51] - Boyun New Materials' major shareholder plans to reduce its stake by up to 3% [53]

业 绩 综 有色金属行业 标配（维持） 有色金属行业 2024 年及 2025Q1 业绩综述： 板块业绩表现分化，2024 年有色金属行业稳中有升 2025 年 5 月 12 日 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 业 研 究 资料来源：东莞证券研究所，iFind 分析师：许正堃 SAC 执业证书编号： S0340523120001 电话：0769-23320072 邮箱： xuzhengkun@dgzq.com.cn 贵金属、工业金属表现亮眼，2024年有色金属行业逆势增长。2024年申 万有色金属行业141家上市公司合计实现营业收入34705.25亿元，同比增 长5.86%，其中98家公司营收同比正增长；实现归母净利润1384.09亿元， 同比+1.78%，其中86家公司归母净利润同比正增长。申万有色金属行业 2024年全年上涨3.19%，涨跌幅在申万31个行业中排名第17。总体来看， 贵金属、工业金属板块表现亮眼，而能源金属及小金属领域因需求低迷， 产品价格下跌，致使板块业绩下滑 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The report highlights that the company's profitability is beginning to recover, with expectations for production capacity to ramp up and new process trial lines to be established [6][8] - The company is positioned as a leader in carbonyl iron powder in China, with its fundraising projects expected to contribute to performance growth and cost-reduction new processes opening up growth opportunities [8] Financial Performance - In 2024, the company achieved revenue of 418 million RMB, a year-on-year increase of 13.4%, and a net profit attributable to shareholders of 70 million RMB, a year-on-year decrease of 12% [8] - The first quarter of 2025 saw revenue of 96 million RMB, a year-on-year increase of 9.2%, and a net profit of 17 million RMB, a year-on-year increase of 0.3% [8] - The company expects net profits for 2025-2027 to be 99 million RMB, 140 million RMB, and 169 million RMB respectively, with year-on-year growth rates of 40.5%, 42.1%, and 20.5% [8] Revenue and Profitability Forecast - Revenue projections for 2025 are estimated at 553 million RMB, with a year-on-year growth rate of 32.29% [7] - The report anticipates a gross margin of 36.23% in 2025, with a net margin of 17.90% [9] - The company's return on equity (ROE) is expected to improve to 12.80% in 2025 [7] Market Position and Growth Drivers - The company is actively working on new product development, including carbonyl iron powder for magnetorheological dampers, which has already been supplied to overseas customers [8] - The carbonyl iron powder fundraising project has been put into production, with a new cost-reduction process being actively tested [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that revenue has slightly decreased due to the impact of the Spring Festival, and it anticipates a trend towards the industrialization of amorphous motors [5] - The company is expected to benefit from the ongoing demand for amorphous materials overseas, with a significant customer base in India and South Korea, and it has become the largest supplier of amorphous alloy strips in the industry with an annual design capacity of 105,000 tons [7] - The demand for nanocrystalline materials and soft magnetic powder cores is expected to grow, driven by the upgrading of magnetic material performance requirements and the resonance with emerging industries such as new energy vehicles [7] Financial Performance and Forecast - In Q1 2025, the company achieved revenue of 421 million yuan, a year-on-year decrease of 4.9% and a quarter-on-quarter decrease of 17.8%. The net profit attributable to the parent company was 79 million yuan, a year-on-year increase of 4.3% [7] - The report projects the company's net profit attributable to the parent company for 2025-2027 to be 410 million, 475 million, and 555 million yuan respectively, with year-on-year growth rates of 13.4%, 16.0%, and 16.9% [7][8] - The company's earnings per share (EPS) are forecasted to be 3.41 yuan in 2025, 3.96 yuan in 2026, and 4.63 yuan in 2027 [6][8] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 29, 25, and 21 for the years 2025, 2026, and 2027 respectively [7][9] - The report indicates that the company is expected to maintain a gross margin of approximately 30.7% in 2025, with a net margin of around 19.26% [9]