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关税缓和黄金回落,中期看金价仍有上涨空间 | 投研报告
Core Insights - The report highlights the recent developments in the non-ferrous metals industry, including advancements in AI tools by ByteDance and Meituan, indicating a growing demand for AI-driven solutions in various sectors [1] - The market performance of the non-ferrous metals sector shows a positive trend, with the SW non-ferrous metals industry index increasing by 1.50% [2] - Key metal prices have shown varied movements, with copper, aluminum, and zinc prices rising, while some rare earth elements have decreased [3] Market Performance - As of April 25, the Shanghai Composite Index rose by 0.56% to 3295.06 points, and the CSI 300 Index increased by 0.38% to 3786.99 points [2] - The SW non-ferrous metals industry index reached 4641 points, reflecting a 1.50% increase [2] - Among the five sub-industries in non-ferrous metals, industrial metals and energy metals saw increases of 2.35% and 2.93%, respectively, while precious metals decreased by 2.52% [2] Key Metal Prices - The prices for key metals on the Shanghai Futures Exchange are as follows: copper at 77,440 CNY/ton (+1.91%), aluminum at 20,030 CNY/ton (+1.68%), zinc at 22,750 CNY/ton (+3.34%), lead at 16,945 CNY/ton (+0.68%), nickel at 125,800 CNY/ton (+0.15%), and tin at 262,840 CNY/ton (+2.39%) [3] - On the London Metal Exchange, copper, aluminum, and zinc prices also increased, with copper at 9,360 USD/ton (+1.87%) and aluminum at 2,438 USD/ton (+3.04%) [3] - Gold and silver prices on the Shanghai Futures Exchange were 787.20 CNY/gram (+0.22%) and 8,280 CNY/kilogram (+1.79%), respectively [3] Investment Recommendations - The report suggests that the easing of trade tensions between the U.S. and China may enhance market risk appetite, leading to potential rebounds in industrial metal stocks [4][5] - Specific recommendations include investing in gold-related A-shares such as Chifeng Jilong Gold Mining, Shandong Gold Mining, and Hunan Gold, as well as industrial metal leaders like Zijin Mining, Luoyang Molybdenum, and China Aluminum [5]
通信行业周报:AI上游业绩高兑现,美团AI需求渐起
KAIYUAN SECURITIES· 2025-04-27 03:23
通信 2025 年 04 月 27 日 投资评级:看好(维持) 行业走势图 数据来源:聚源 -29% -14% 0% 14% 29% 43% 2024-04 2024-08 2024-12 通信 沪深300 | 蒋颖(分析师) | 雷星宇(联系人) | 陈光毅(联系人) | | --- | --- | --- | | jiangying@kysec.cn | leixingyu@kysec.cn | chenguangyi@kysec.cn | | 证书编号:S0790523120003 | 证书编号:S0790124040002 | 证书编号:S0790124020006 | 国内外 AI 算力产业链持续兑现,一季度业绩全面亮眼 国内:(1)AI 芯片:海光信息 2025Q1 合同负债金额达 32.37 亿元,同比增 长 113510.65%;(2)AI 服务器&电源:华勤技术 2025Q1 实现营收 349.98 亿 元,同比增长 115.65%;欧陆通 2025Q1 实现归母净利润 0.50 亿元,同比增 长 59.06%;(3)AI 光模块:华工科技 2025Q1 实现归母净利润 4.1 亿元,同 比 ...
AI上游业绩高兑现,美团AI需求渐起 | 投研报告
以下为研究报告摘要: 国内外AI算力产业链持续兑现,一季度业绩全面亮眼 国内:(1)AI芯片:海光信息2025Q1合同负债金额达32.37亿元,同比增长 113510.65%;(2)AI服务器&电源:华勤技术2025Q1实现营收349.98亿元,同比增长 115.65%;欧陆通2025Q1实现归母净利润0.50亿元,同比增长59.06%;(3)AI光模块:华 工科技2025Q1实现归母净利润4.1亿元,同比增长40.88%;新易盛2025Q1实现归母净利润 15.73亿元,同比增长384.54%;中际旭创2025Q1实现归母净利润15.83亿元,同比增长 56.83%;(4)AI光器件:致尚科技2025Q1实现归母净利润0.24亿元,同比增长64.57%;仕 佳光子2025Q1实现归母净利润0.93亿元,同比增长1003.78%。 海外:谷歌云2025Q1实现营收123亿美元,同比增长28%,实现谷歌云营业利润率提升 到17.7%,同比提升8.4个百分点,预计2025年资本开支仍约为750亿美元。维谛技术2025Q1 订单同比增长13%,环比增长21%,下游数据中心需求仍然强劲,公司上调2025年净销售中 位 ...