Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Insights - The A-share electricity index increased by 1.77% during the period from March 10 to March 14, 2025, with a TTM PE valuation of 17.0x. The gas sector index rose by 1.72%, with a TTM PE valuation of 13.3x. The sub-sectors of electricity, including thermal, hydropower, and renewable energy, saw changes of +3.74%, +1.06%, and +1.28% respectively [1][2] - The Jiangsu offshore wind power project, the largest in terms of single unit capacity, has entered full construction phase, with a total investment of approximately 10.6 billion yuan, expected to be fully connected to the grid by 2025 [2][3] - The Southern regional electricity market is set to begin continuous settlement trial operations by the end of June 2025, as part of the national unified electricity market construction [2][3] Electricity Sector Summary - The coal price as of March 14, 2025, is 690 yuan/ton, down 1.43% from March 7. The coal inventory at Qinhuangdao port is 7.2 million tons, down 3.9% week-on-week but up 40.6% year-on-year [2][9] - The average utilization hours for thermal power in 2024 are projected to be 4,400 hours, a decrease of 66 hours compared to the previous year [19][21] - The total installed capacity of thermal power in China reached 1,444.45 GW by the end of 2024, with an additional 57.71 GW added during the year [15][19] Hydropower Sector Summary - The total installed capacity of hydropower in China reached 435.95 GW by the end of 2024, with an increase of 13.78 GW during the year. The hydropower generation for 2024 is expected to be 1,274.2 billion kWh, reflecting a year-on-year increase of 10.7% [26][31] - The inflow and outflow rates of the Three Gorges Reservoir on March 14, 2025, were 0.85 and 0.78 million cubic meters per second, respectively, showing increases of 54.55% and 12.94% year-on-year [24][25] Renewable Energy Sector Summary - The total installed capacity for wind and solar energy in China reached 520.68 GW and 886.66 GW respectively by the end of 2024, with new installations of 79.34 GW for wind and 277.17 GW for solar during the year [36][41] - The price of domestic monocrystalline solar modules (PERC, 310W) is 0.70 yuan/watt, up 1.45% from March 7, 2025 [41][43] Gas Sector Summary - The LNG ex-factory price index in Shanghai as of March 14, 2025, is 4,557 yuan/ton, down 1.41% from March 7. The average ex-factory price for domestic gas is 4,303 yuan/ton, down 2.92% [50][53] - The national LNG import price is 13.45 USD/million BTU, reflecting a year-on-year increase of 54.46% [50][55]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The cyclical recovery expectation is significantly improving due to multiple factors, and attention should be paid to leading chemical companies and certain sub-industry development opportunities [2][4] - The government has introduced a consumption boost plan aimed at expanding domestic demand, which is expected to benefit the chemical industry that covers various aspects of social production [2][3] - The demand for oxalic acid is expected to improve due to the expansion of production by leading companies in the lithium iron phosphate sector, which will significantly increase oxalic acid demand [4][6] Summary by Sections Industry Overview - The report highlights the government's focus on boosting consumption and domestic demand, which is expected to positively impact the chemical industry [2][3] - The cyclical recovery is supported by policies aimed at stabilizing the real estate market and promoting population growth, which will further enhance demand for chemical products [4] Key Companies and Sub-industries - Key companies to watch include Wanhua Chemical, Hualu Hengsheng, Satellite Chemical, Baofeng Energy, Hengli Petrochemical, and Rongsheng Petrochemical [4][7] - Recommended sub-industries include SAP (Satellite Chemical, Wanhua Chemical), polyester filament (Tongkun Co., New Fengming), spandex (HuaFeng Chemical, Xinxiang Chemical Fiber), and organic silicon (Hesheng Silicon, Dongyue Silicon Materials) [4] Price Trends and Market Dynamics - The report notes that international oil prices are fluctuating, influenced by various factors including U.S. economic data and geopolitical situations [6][11] - The price of acetic acid has risen significantly due to limited supply and strong demand, with a reported increase of 14.4% [12] - The price of sulfur has also increased by 11.1% due to seasonal demand and supply constraints [12] Long-term Investment Recommendations - Value stocks with a safety margin are highlighted, as chemical product prices are at a low point, making leading companies attractive for long-term investment [7] - Growth-oriented new material companies are recommended due to their potential for significant performance and valuation elasticity [7] - High-dividend oil and gas companies are expected to maintain substantial dividends amid ongoing efficiency improvements [9]

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Views - The report highlights that the production disruption in the Democratic Republic of Congo (DRC) has led to an increase in global prices for copper, cobalt, and tin [2] - The report notes that the prices of precious metals, particularly gold, have risen above $3,000 per ounce due to inflation concerns and tariff uncertainties [3] - The aluminum market is experiencing strong demand as inventory continues to deplete, supporting high aluminum prices [4] - The lithium market is facing downward pressure on prices, with a slight decrease in carbon lithium prices observed [5] Summary by Sections 1. Market Performance Review - The non-ferrous metal sector increased by 3.56%, outperforming the Shanghai Composite Index by 2.17 percentage points [17] 2. Industrial Metal Fundamentals Tracking Aluminum - Aluminum prices are supported by seasonal demand and inventory depletion, with current profits around 2,800 RMB/ton [4] Copper - Copper prices continue to rise, with domestic copper inventories decreasing and demand remaining stable [4][21] Tin - The tin price surged due to production halts in the DRC caused by conflict [2][21] 3. Precious Metal Fundamentals Tracking Gold - Gold prices have risen above $3,000 per ounce, driven by inflation and tariff uncertainties [3] Macro Economic Data Tracking - The report tracks key economic indicators, including CPI and employment data, which influence market expectations [3] 4. Energy Metals and Rare Earth Fundamentals Tracking Lithium - The average price of lithium carbonate has decreased slightly, with production expected to decline due to cost pressures [5] Cobalt and Nickel - The report anticipates an increase in nickel pig iron operating rates in March [12] 5. Industry Weekly Dynamics - The report provides insights into weekly changes in metal prices and inventory levels, indicating overall market trends [21][22]

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [1] Core Viewpoints - The report emphasizes the need to continuously explore alpha investment opportunities, particularly focusing on AI computing power and the eCall industry changes [4][6] - It suggests that the computer sector is transitioning from strong beta to strong alpha, with key areas for alpha exploration including unexpected performance, marginal industry changes, and policy shifts [4][6] - The eCall industry is highlighted as reaching an important turning point, with significant potential market growth anticipated due to the orderly advancement of national standards [7][9] Summary by Sections Industry Overview - The report notes that from March 9 to March 15, the Shenwan Computer Index fell by 1.36%, underperforming the Wind All A Index by 2.84 percentage points [4][21] - The report indicates that the computer sector is expected to focus on alpha investment opportunities, particularly in the context of upcoming earnings reports and industry developments [4][6] eCall Market Potential - The eCall system is projected to significantly enhance vehicle accident rescue efficiency and has a broad application space [9] - The report quantifies the potential market for eCall in China, estimating it to exceed 10 billion yuan by 2027, with various scenarios for market penetration rates [18] - Key assumptions include an eCall unit price of approximately 600 yuan for passenger vehicles and 500 yuan for commercial vehicles, with expected sales growth in both segments [10][11] Investment Recommendations - The report recommends focusing on companies involved in AI applications, AI computing power, domestic software, and the eCall industry, listing specific companies such as Kingsoft Office, Hancloud Information, and Huizhan Technology [3][8][19]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [1]. Core Insights - The report highlights that U.S. sanctions against Iran are intensifying, and OPEC has reached a consensus to increase production, indicating upward potential for the tanker sector [2][7]. - The express delivery business has shown significant growth, with a year-on-year increase of 21.5% in volume and 13.8% in revenue for 2024 [3][17]. Summary by Sections Weekly Focus - The U.S. government has announced additional sanctions against Iran, targeting several individuals, entities, and vessels involved in Iranian oil exports, including 10 VLCC supertankers [7]. - OPEC has agreed to gradually increase production starting April, aiming to release 2.2 million barrels per day [7]. Industry Data Tracking (2025.03.09 – 03.15) Aviation Data - Domestic flight volume for the week was 84,029 flights, averaging 12,004 flights per day, a slight decrease of 0.10% week-on-week and 0.50% year-on-year [10][11]. - Domestic passenger volume reached 11.43 million, a 0.05% increase week-on-week and a 2.12% increase year-on-year [11]. - The average domestic ticket price decreased by 3.49% week-on-week and 6.31% year-on-year [11]. Express Delivery Data - For the week of March 3-9, the average daily collection volume was approximately 555 million pieces, a week-on-week increase of 3.99% [17]. - Year-to-date (January 1 - March 9), the average daily collection volume was about 495 million pieces, reflecting a year-on-year increase of 36.00% [17]. - In February 2025, the express delivery industry handled 13.59 billion pieces, a year-on-year increase of 58.8% [19]. Shipping Data - The BDI index for dry bulk shipping was 1,517 points, reflecting a week-on-week increase of 20% [50]. - The VLCC-TCE rate was $38,329 per day, a decrease of 3% week-on-week [51]. Recent Key Reports - The report recommends focusing on companies such as COSCO Shipping Energy, Shandong Highway, and China Eastern Airlines, among others, as part of the investment strategy [4].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The report highlights that Great Wall Motors is focusing on steady progress in exports, particularly in the Tank series, while the Haval and Wey brands are undergoing updates to enhance their market presence [2] Financial Summary - The company's revenue is projected to grow from 173.21 billion in 2023 to 310.26 billion in 2026, reflecting a compound annual growth rate (CAGR) of approximately 15.6% [3] - The net profit is expected to increase significantly from 7.02 billion in 2023 to 18.28 billion in 2026, with a notable growth rate of 81.0% in 2024 [3] - The return on equity (ROE) is forecasted to improve from 10.3% in 2023 to 18.6% in 2026 [3] Export Growth - The report indicates that Great Wall Motors is expanding its export markets, particularly in Russia, South America, and right-hand drive markets, with a focus on increasing sales volume [7] - The South American market is projected to reach approximately 5.15 million units in 2024, with Brazil being a key focus for expansion [8] Product Competitiveness - The Tank series is noted for its strong competitive edge in off-road capabilities, with the Hi4Z technology enhancing its performance [25] - The company has maintained a market share of over 45% in the pickup segment since 2022, with stable profitability from models like the Cannon and Fengjun 5 [30] Brand Strategy - The report emphasizes that Haval and Wey brands are improving their margins through product adjustments and channel reforms, with new models like the Haval Max and updates to existing models showing positive results [35] - The company plans to increase its dealership network significantly, aiming for around 1,200 stores by the end of 2024, focusing on direct sales of Tank and Wey products [37]

行业周报 | 基础化工 证券研究报告 | INDUSTRIAL SECURITIES | | --- | | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 3 月 17 日 | 相关研究 【兴证化工】化工行业周报———政府工 作报告提出今年发展目标及重点工作，继 续关注化工核心资产及新材料成长 （20250303-20250307）-2025.03.09 【兴证化工】化工行业周报———春耕需 求推动化肥价格悉数上行，继续关注化工 核心资产及新材料成长 （20250224-20250228）-2025.03.02 【兴证化工】化工行业周报———阿里巴 巴资本开支提速有望拉动氟化液需求，继 续关注化工核心资产及新材料成长 （20250217-20250221）-2025.02.23 分析师：吉金 S0190522030003 jijin@xyzq.com.cn 分析师：张勋 S0190521100002 zhangxun19@xyzq.com.cn 分析师：刘梓涵 S0190523070006 liuzihan@xyzq.com.cn 分析师：陈垒 S01905240 ...

行业周报 | 计算机 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 03 月 16 日 相关研究 【兴证计算机】RISC-V 开源生态：正在 快速崛起的国产化分支-2025.03.09 【兴证计算机】DeepSeek 跟踪：AI 平 权领军，加力开源及降价-2025.03.02 【兴证计算机】一文看懂 DS 带动下推理 算力市场空间及投资机会-2025.02.23 分析师：蒋佳霖 S0190515050002 jiangjialin@xyzq.com.cn 分析师：孙乾 S0190518110001 sunqian@xyzq.com.cn eCall 潜在市场有多大？—eCall 产业跟踪系 列二（03.09-03.15） 投资要点： 分析师：陈鑫 S0190522030001 chenxin21@xyzq.com.cn 分析师：杨本鸿 S0190522080001 yangbenhong@xyzq.com.cn 分析师：张旭光 S0190523090002 zhangxuguang@xyzq.com.cn 分析师：杨海盟 S0190523070001 yanghaimeng@xyzq.com ...

【兴证交运】交通运输行业周报 （2025.02.17 - 02.22）——油轮运价继 续回升，快递揽投量稳步增长- 2025.02.23 行业周报 | 交通运输 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 03 月 16 日 相关研究 【兴证交运】交通运输行业周报 （2025.03.02 - 03.08）——油价加速下 跌，抬升航空业利润中枢-2025.03.09 【兴证交运】交通运输行业周报 （2025.02.23 – 03.01）——快递业务 量同比增长显著，航空、航运业量价维 持平稳-2025.03.02 交通运输行业周报（2025.03.09 – 03.15）—— 美国对伊制裁继续加码，OPEC 达成增产共识， 油轮板块仍有向上空间 投资要点： 分析师：张晓云 S0190514070002 zhangxiaoyun@xyzq.com.cn 分析师：王凯 S0190521090002 wangkai21@xyzq.com.cn 根据交通部国家邮政局公告：2024 年 1-12 月，快递业务量同比+21.5%，收入同比 +13.8%。 分析师：袁浩然 S0190523070003 yua ...

| 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 03 月 17 日 | 行业周报 | 有色金属 证券研究报告 相关研究 【兴证金属】铜行业点评：铜价再起波 澜，关注德国财政转向带来的预期变化- 2025.03.16 【兴证金属】有色金属：欧盟预增加国 防开支有望支撑小金属及稀土价格上行- 2025.03.09 【兴证金属】锑行业点评：多重逻辑叠 加，锑价有望持续走强-2025.03.07 分析师：蔡屹 S0190518030002 caiyi@xyzq.com.cn 分析师：赵远喆 S0190524070011 zhaoyuanji@xyzq.com.cn 研究助理：汤璐阳 tangluyang@xyzq.com.cn 刚果（金）矿业生产扰动率抬升，推高全球铜、 钴、锡等金属价格 投资要点： ⚫ 周度观点：刚果（金）矿业生产扰动率抬升，推高全球铜、钴、锡等金属价格。 开年以来，金属价格持续走强，除关税因素及宏观因素影响外，刚果（金）无疑成为短期 催化的焦点。刚果（金）政府于 2 月 24 日宣布暂停钴出口四个月；3 月 13 日，刚果（金） 东部北基伍省 Bis ...