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赣锋锂业(002460):2025半年报点评:自有资源逐步放量,下半年锂涨价贡献业绩弹性
Soochow Securities· 2025-08-26 09:29
证券研究报告·公司点评报告·能源金属 赣锋锂业(002460) 2025 半年报点评:自有资源逐步放量,下半 年锂涨价贡献业绩弹性 买入(维持) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 32,972 | 18,906 | 22,184 | 27,494 | 31,513 | | 同比(%) | (21.16) | (42.66) | 17.34 | 23.93 | 14.62 | | 归母净利润(百万元) | 4,946.81 | (2,074.01) | 434.10 | 1,554.53 | 2,352.05 | | 同比(%) | (75.87) | (141.93) | 120.93 | 258.10 | 51.30 | | EPS-最新摊薄(元/股) | 2.45 | (1.03) | 0.22 | 0.77 | 1.17 | | P/E(现价&最新摊薄) | 16.01 | (38.18) | 182.43 ...
股指早报:离11月高点一步之遥,关注资金流向-20250725
Chuang Yuan Qi Huo· 2025-07-25 07:54
Report Industry Investment Rating - No relevant content provided Core Viewpoints - Overseas, the US economic structural resilience is reflected in the manufacturing PMI falling below the boom-bust line while the service sector maintains high expansion. Market bets on the Fed's interest rate cut have decreased, and the EU has passed a 93 billion euro anti - tariff plan against the US. Currently, the impact of the overseas market on A - shares is limited [1][5]. - Domestically, on Thursday, the market showed a rebound in both indices and individual stocks. The focus is on stabilizing the economy and anti - involution policies, with high expectations for the Politburo meeting at the end of the month. The market is dominated by bulls, and the index is expected to fluctuate upward. Attention should be paid to brokerage and technology growth sectors [2][11]. Summary by Directory 1. Market Analysis 1.1 Overseas Overnight - The preliminary value of the US S&P Global Manufacturing PMI in July was 49.5, lower than the expected 52.7 and the previous value of 52.9. The preliminary value of the service sector was 55.2, higher than the expected 53 and the previous value of 52.9. The probability of the Fed starting to cut interest rates in September has dropped to 58.4%. The EU has passed a 93 billion euro anti - tariff plan against the US, which will take effect on August 7 if no agreement is reached. Overnight, the US dollar rose slightly, the US bond yield fell, gold dropped, and the three major US stock indices showed mixed trends [1][5]. 1.2 Domestic Market Review - On Thursday, the broader market opened lower, fluctuated, and then rose 0.65%. The Shenzhen Component Index rose 1.21%, and the ChiNext Index rose 1.5%. Beauty care, non - ferrous metals, steel, and other sectors led the gains, while banks, communications, and public utilities declined. Jiangte Motor and Zhongkuang Resources have carried out maintenance and technological transformation, and regions like Jiangxi and Qinghai are standardizing lithium - related resource production. Anti - involution will be a key driver for the medium - to long - term profit restoration of the new energy industry [2][6]. 1.3 Important News - Tariffs: The EU has passed a 93 billion euro anti - tariff plan against the US; India is confident of reaching a trade agreement with the US and has signed a free - trade agreement with the UK [7]. - "Firing Powell" incident: Trump pressured Powell to cut interest rates, and Trump's ally sued Powell [7][8]. - Thailand - Cambodia conflict: There was a cross - fire in the disputed border area, and Thailand dispatched 4 F - 16 fighter jets [8]. - The European Central Bank maintained key interest rates, and traders reduced bets on the ECB's interest rate cut [8]. - Other news: President Xi Jinping met with European leaders; the State - owned Assets Supervision and Administration Commission emphasized anti - involution; the central bank will conduct a 400 billion yuan MLF operation; the market supervision department will carry out a quality safety rectification of power banks [9][10]. 1.4 Today's Strategy - The game between Trump and the Fed continues, and market expectations for the Fed's interest rate cut have cooled. Domestically, the focus is on stabilizing the economy and anti - involution policies. The market is dominated by bulls, and the index is expected to fluctuate upward. Attention should be paid to brokerage and technology growth sectors [11]. 2. Futures Market Tracking - Data on the closing price, settlement price, price change, price change rate, basis, and other indicators of various futures contracts such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000 are provided, as well as data on trading volume, turnover, open interest, and the positions of the top 20 members [13][14]. 3. Spot Market Tracking - The current points, daily, weekly, monthly, and annual price changes, and trading volume of various indices such as the Wind All - A, Shanghai Composite Index, and Shenzhen Component Index are presented. Different sectors show different performance and valuation levels [36][37]. 4. Liquidity Tracking - The report provides charts on the central bank's open - market operations and the Shibor interest rate level, which can be used to track market liquidity [50][51]
智通港股解盘 提前炒作陆家嘴论坛预期 核心资产抱团走强
Jin Rong Jie· 2025-06-04 13:01
Group 1: Market Reactions and Political Developments - The market anticipates favorable policies from the Lujiazui Forum, reflected in a 0.60% increase in the Hang Seng Index [1] - The election of Lee Jae-myung as South Korea's president led to a 2.66% rise in the KOSPI index, entering a technical bull market, with a target of 5000 points set by Lee [1] - Lee's political agenda includes promoting cryptocurrency ETF legalization and establishing a regulatory framework for stablecoins, benefiting companies like OSL Group [1] Group 2: Rare Earth Export Controls and Automotive Industry - China's rare earth export controls have raised concerns among global automakers about potential production delays, prompting urgent discussions for alternative solutions [2] - Jinli Permanent Magnet reported a 14.19% year-on-year revenue increase to 1.754 billion yuan and a 57.85% rise in net profit, with expectations of a 20-30% production increase this year [2] - Lithium resource stocks, including Longpan Technology and Tianqi Lithium, saw gains exceeding 4% [2] Group 3: Energy Sector Developments - Meta signed a 20-year contract with Constellation Energy to purchase nuclear power starting mid-2027, highlighting the shift towards low-carbon energy sources [3] - China General Nuclear Power's stock surged over 28% following a uranium sales agreement with its parent company, indicating strong market interest in nuclear energy [3] - Other green energy stocks, such as Shankai Holdings, also experienced significant gains [3] Group 4: Biotechnology and Clinical Research - Innovent Biologics presented promising Phase I clinical trial data for its dual-specific antibody IBI363 at the ASCO annual meeting, leading to a stock increase of over 14% [4] - Other biotech firms, including Junshi Biosciences and Innovent, reached annual highs, indicating strong investor interest in the sector [4] Group 5: Consumer Market Trends - TOPTOY, a trendy toy platform, is preparing for an IPO, capitalizing on the booming market for collectible toys [5] - Other consumer stocks, such as Mixue Group and Maogeping, also saw significant increases, reflecting a collective bullish sentiment in the consumer sector [5] - The new regulations on e-cigarette production in China are expected to enhance investor confidence in the industry, with related stocks like Smoore International rising over 13% [5] Group 6: Data Center Industry Insights - Neway Network Group is positioned to benefit from the doubling demand for data centers in the Asia-Pacific region, driven by AI and digital transformation [8] - The company is expanding its data center capacity significantly, with projects like MEGAIDC expected to enhance its operational capabilities [9][10] - The firm has established itself as a leading interconnection hub in Asia, with major clients including Amazon AWS and Alibaba [10]
智通港股解盘 | 特朗普下最后通牒催化市场 美元弱化资源类走强
Zhi Tong Cai Jing· 2025-06-03 13:11
Group 1 - The US government is pressuring countries to submit their best trade negotiation proposals by June 4, including tariffs and quotas for purchasing US agricultural products, or face punitive measures [1] - The Chinese government is tightening controls to prevent illegal outflow of strategic minerals, with various provinces enhancing regulatory measures [2] - The weakening of the US dollar is becoming a consensus among Wall Street banks, with the ICE dollar index down 8.9% year-to-date, leading to a rise in gold prices [3] Group 2 - Circle, a major stablecoin company, is set to go public on June 5, marking the first IPO in the stablecoin sector, which has positively impacted related stocks [4] - The Chinese government has issued new policies to improve the electricity service environment, which is expected to lower costs for small private enterprises and benefit power equipment companies [7] - Pharmaron, a leading CRO, is expanding its reach into overseas markets by investing in a healthcare fund, with a significant increase in revenue and new orders reported [8][10]
天齐锂业巨亏79亿,投资者问“如何评价二代接班”?
阿尔法工场研究院· 2025-03-28 12:03
去年的4月29日深夜,天齐锂业正式宣告"换帅"。当晚公司公告显示,创始人蒋卫平辞去董事长职 务,1987年出生的女儿蒋安琪正式接班董事长。蒋卫平现年70岁,在辞去董事长职务后,其继续担 任公司董事、董事会战略与投资委员会及提名与治理委员会委员等职务。 在巨亏业绩的重压之下,蒋卫平此次在业绩说明上则声援蒋安琪。蒋卫平说,"交班是我到了岁数 一定会交,这个交班不仅仅是把董事长名号交出去,而是一个传承。"他表示,2024年其在董事会 上提出交班这件事情,是经过"深入考虑"的。 以下文章来源于能见度 ,作者能见度 能见度 . 提供能源行业最具穿透力的思想 作 者 | 能见度 来源 | 能见度 导语 :过去一年,也是创始人蒋卫平将公司交到"85"后女儿蒋安琪手里的首个年度。 巨亏79亿元、交出上市以来最差成绩单的国内锂资源龙头天齐锂业股份有限公司(下称"天齐锂 业",002466.SZ)在3月27日下午举行了2024年度业绩说明会。值得关注的是,过去这巨亏的一 年,也是创始人蒋卫平将公司交到"85"后女儿蒋安琪手里的首个年度。 笔者注意到,在这场业绩说明会上,投资者直指"二代接班"问题。也就是说,投资者希望天齐锂业 现 ...