行 ――轻工制造&纺织服饰行业周报 分析师： 袁艺博 SAC NO： S1150521120002 2024 年 10 月 14 日 [Table_Author] 证券分析师 袁艺博 022-23839135 yuanyb@bhzq.com [吨 able_Summary] 投资要点： 行业要闻 [Table_Contactor] [Table_Contactor] [Table_IndInvest] 子行业评级 家居用品 中性 造纸 中性 包装印刷 中性 文娱用品 中性 纺织制造 中性 服装家纺 中性 饰品 中性 [Table_StkSuggest] 重点品种推荐 欧派家居 增持 索菲亚 增持 好太太 增持 探路者 增持 森马服饰 增持 欧派家居 [Table_IndInvest] 业 行业周报 [吨 able_MainInfo] 政策驱动加力，短期调整不改估值修复持续 研 究 1）多地上调纸板价格，涨幅 3%-5%。 2）TikTok Shop 美区跨境商家门槛放宽，支持 9 家电商平台。 公司重要公告 1）山鹰国际：SVP 拟以 33.45 亿瑞典克朗的对价要约收购北欧纸业。 2）齐峰新材：前三季度公司 ...

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行 ――金属行业周报 分析师： 张珂 SAC NO： S1150523120001 2024 年 10 月 15 日 [Table_Author] 证券分析师 张珂 022-23839062 zhangke@bhzq.com [投资要点： Table_Summary] [Table_Contactor] [Table_IndInvest] 行业评级 钢铁 中性 有色金属 看好 [Table_StkSuggest] 重点品种推荐 博威合金 增持 洛阳钼业 增持 中金黄金 增持 锡业股份 增持 紫金矿业 增持 山东黄金 增持 业 研 行业周报 [Table_MainInfo] 政策密集出台，期待实施效果 究 行业情况及产品价格走势初判 钢铁：在旺季驱动下，需求仍有改善空间；国内利好政策提振市场信心，需 关注后续政策实施效果。 铜：目前海外降息以及国内刺激政策均利好铜价，矿端干扰仍存，铜价或维 持强势。 铝：国内利好政策提振市场情绪，旺季预期下基本面有望持续改善，铝价或 偏强运行。 锂：旺季下虽短期需求有改善预期，但当前锂行业供给过剩压力仍大，预计 短期锂价维持震荡。 本周策略 （1）铜：矿端干扰不断，铜精矿供应偏 ...

行 ――轻工制造&纺织服饰行业周报 分析师： 袁艺博 SAC NO： S1150521120002 2024 年 10 月 8 日 [Table_Author] 证券分析师 袁艺博 022-23839135 yuanyb@bhzq.com [Table_Contactor] [Table_Contactor] [Table_IndInvest] 子行业评级 家居用品 中性 造纸 中性 包装印刷 中性 文娱用品 中性 纺织制造 中性 服装家纺 中性 饰品 中性 [Table_StkSuggest] 重点品种推荐 欧派家居 增持 索菲亚 增持 好太太 增持 探路者 增持 森马服饰 增持 欧派家居 [Table_IndInvest] 业 行业周报 [吨 able_MainInfo] 政策组合拳出台，看好估值修复持续性 研 究 [吨 able_Summary] 投资要点： 行业要闻 1）Arauco 宣布巴西新浆厂产能增至 350 万吨 预计 2027 年投产。 2）向电商平台寻求流量 快时尚品牌 H&M 入驻拼多多、抖音。 公司重要公告 1）嘉益股份：公司拟向 234 名员工授予 119.37 万股。 2）松发股份 ...

行业月报 ――金属行业 10 月月报 分析师： 张珂 SAC NO： S1150523120001 2024 年 10 月 8 日 [Table_Author] 证券分析师 张珂 022-23839062 zhangke@bhzq.com [Table_Contactor] [Table_IndInvest] 行业评级 钢铁 中性 有色金属 看好 [Table_StkSuggest] 月度股票池 博威合金 增持 洛阳钼业 增持 中金黄金 增持 锡业股份 增持 紫金矿业 增持 山东黄金 增持 行 业 研 [Table_MainInfo] 政策提振信心，金属价格普涨 究 [Table_Summary] 投资要点： 行业数据 钢铁：9 月钢铁行业景气度回升，需求端有所回暖；钢铁需求回升带动钢厂 生产积极性释放，国内利好政策提振钢价。展望未来，当前行业基本面好转， 政策提振市场信心，10 月仍为消费旺季，钢价有望得到支撑。 铜：9 月美国宣布首次降息，国内释放利好政策提振市场信心，刺激铜价上 涨。展望未来，旺季预期下，需求或持续改善，开工率有望向好，需关注下 游需求持续性，短期铜价有望走强。 铝：受电网和工业型材等需 ...

行 ――轻工制造&纺织服饰行业 10 月月报 分析师： 袁艺博 SAC NO： S1150521120002 2024 年 9 月 27 日 [Table_Author] 证券分析师 袁艺博 022-23839135 yuanyb@bhzq.com -30% -25% -20% -15% -10% -5% 0% 5% 10% [Table_Doc] 业 行业月报 研 [Table_MainInfo] 政策端全面发力，看好两大行业估值修复 究 [Table_Summary] 投资要点： 行业发展情况 1-8 月，社会消费品零售总额家具类为 979.20 亿元，同比增长 1.30%。 1-8 月，社会消费品零售总额服装、鞋帽、针纺织品类为 9,046.40 亿元，同比 增长 0.30%。 行情回顾 8 月 27 日至 9 月 26 日，轻工制造行业跑赢沪深 300 指数 3.55 个百分点：SW 轻工制造（10.20%）VS 沪深 300（6.65%）；纺织服饰行业跑赢沪深 300 指数 1.38 个百分点：SW 纺织服饰（8.03%）VS 沪深 300（6.65%）。 本月策略 政策端全面发力，推动资本市场估值 ...

Investment Rating - The report assigns an "Overweight" rating to the company [2] Core Views - The company is a leading domestic gold enterprise with rapid growth in performance, achieving significant increases in revenue and net profit in H1 2024 [3] - The company has substantial potential for asset injection and is actively expanding its production capacity and reserves through both internal and external projects [5] - The gold price is expected to be supported by multiple factors, including the US interest rate cut cycle, geopolitical risks, and central bank gold purchases [4][6] Company Overview - The company is a national leader in the gold industry, with four mines that have each produced over 100 tons of gold, and it has expanded its operations both domestically and internationally [14] - The company is controlled by the Shandong State-owned Assets Supervision and Administration Commission, with Shandong Gold Group as its largest shareholder [15] - The company is strategically located in the Jiaodong region, which is rich in gold resources, and aims to become a world-class gold resource industrial base [16] Financial Performance - In H1 2024, the company's revenue and net profit attributable to the parent company were 45.773 billion yuan and 1.383 billion yuan, respectively, representing year-on-year growth of 66.90% and 57.24% [3] - The company's profitability has been improving, with gross and net profit margins increasing in H1 2024 [46][48] - The company's gold business contributes over 80% of its total gross profit, and the gross profit margin for gold products reached 50.69% in H1 2024 [48] Gold Market Outlook - The US interest rate cut cycle is expected to reduce the pressure on gold prices, while geopolitical risks and the US election are likely to stimulate demand for gold as a safe-haven asset [4][45] - Long-term factors such as high US debt and deficit levels, as well as gold purchases by emerging economies and developing countries, are expected to support the upward trend in gold prices [4][36] Asset Injection and Expansion - The company has significant potential for asset injection from its parent company, Shandong Gold Group, which has substantial gold resources in China [52][53] - The company is actively expanding its production capacity and reserves through internal integration and external development of high-quality mines, both domestically and internationally [5] - The Xiling Gold Mine, one of the largest single gold deposits in China, was successfully injected into the company in H1 2024 and is expected to contribute significantly to future gold production [59] Industry Position - The company is a leader in the domestic gold industry, with its gold resource volume and production volume ranking at the top among domestic gold companies [60] - The company is accelerating the construction of a world-class gold base in the Jiaodong region, leveraging its rich gold resources and strategic location [60]

行 ――轻工制造&纺织服饰行业周报 分析师： 袁艺博 SAC NO： S1150521120002 2024 年 9 月 23 日 [Table_Author] 证券分析师 袁艺博 022-23839135 yuanyb@bhzq.com [Table_Contactor] [Table_Contactor] [Table_IndInvest] 子行业评级 家居用品 中性 造纸 中性 包装印刷 中性 文娱用品 中性 纺织制造 中性 服装家纺 中性 饰品 中性 [Table_StkSuggest] 重点品种推荐 欧派家居 增持 索菲亚 增持 好太太 增持 探路者 增持 森马服饰 增持 欧派家居 -16.00% -14.00% -12.00% -10.00% -8.00% -6.00% -4.00% -2.00% 0.00% 2.00% [Table_IndInvest] 业 行业周报 [吨 able_MainInfo] 美联储降息落地，电动两轮车行业迎新政 研 究 [吨 able_Summary] 投资要点： 行业要闻 1）2024 年国产纸浆预计新增产能 620 万吨。 2）特百惠申请破产保护。 证 公司重要 ...

行 ――金属行业周报 分析师： 张珂 SAC NO： S1150523120001 2024 年 9 月 25 日 [Table_Author] 证券分析师 张珂 022-23839062 zhangke@bhzq.com [投资要点： Table_Summary] 行业情况及产品价格走势初判 [Table_Contactor] [Table 行业评级_IndInvest] 钢铁 中性 有色金属 看好 [Table_StkSuggest] 重点品种推荐 博威合金 增持 洛阳钼业 增持 中金黄金 增持 锡业股份 增持 紫金矿业 增持 告 业 研 [Table_MainInfo] 利好政策出台，市场信心提振 行业周报 究 钢铁：在旺季驱动下，需求仍有改善空间；国内地产政策再迎利好，短期有 望对钢价形成支撑。 铜：国内经济刺激政策提振市场情绪，叠加海外矿端扰动，短期有望支撑铜 价偏强运行。 铝：央行推出货币宽松政策提振市场情绪，旺季预期下基本面有望持续改善， 短期铝价或偏强运行。 锂：虽需求有改善预期，但当前锂行业供给过剩压力仍大，预计短期锂价维 持震荡。 本周策略 （1）铜：矿端干扰不断，铜精矿供应偏紧；美联储 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [4]. Core Insights - The company is a global leader in tire mold manufacturing, with a stable shareholding structure and a commitment to high dividends, reflecting long-term value [3][18]. - The tire mold market is estimated to exceed 10 billion, with the company holding a market share of approximately 33.97% in 2023, significantly outperforming competitors [4][29]. - The company is expanding its business into large components for wind power and gas turbines, with a focus on the growth of the gas turbine sector [5][32]. - The machine tool business is progressing steadily, with a notable increase in revenue from CNC machine tools [6]. Summary by Sections Company Overview - The company, originally established as Shandong Gaomi Haomai Machinery Co., Ltd. in 1995, has evolved into a global leader in tire molds, with a stable shareholding structure and a commitment to high dividends [14][18]. Industry Background - The tire mold industry has a market size exceeding 10 billion, with the company being a key player. The demand for tire molds is driven by the automotive industry, particularly the growing electric vehicle segment [22][26]. - The industry is characterized by high customer and technical barriers, with the company leveraging advanced manufacturing technologies to maintain its competitive edge [25]. Financial Analysis - The company has demonstrated strong financial performance, with projected revenues of 82.93 billion, 94.45 billion, and 107.36 billion for 2024-2026, respectively [7][9]. - The net profit attributable to the parent company is expected to reach 19.05 billion, 21.83 billion, and 24.87 billion during the same period [7]. Profit Forecast - The report forecasts a steady growth trajectory for the company, with an expected EPS of 2.38, 2.73, and 3.11 for 2024-2026 [7]. Valuation - The company is positioned in the mid-to-high-end market segment of the tire mold industry, with a strong focus on R&D and international expansion [29][31].