渤海证券研究所晨会纪要（2025.04.24）-20250424

Market Overview - The A-share market saw most major indices rise last week, with the Shanghai Composite Index increasing by 0.98%, while the ChiNext Index experienced a slight decline of 0.10% [2] - As of April 22, the margin trading balance in the Shanghai and Shenzhen markets was 1,803.885 billion yuan, a decrease of 9.814 billion yuan from the previous week [2] Industry Insights Financial Sector - The non-bank financial, power equipment, and banking sectors had lower net buying amounts, while the basic chemicals, non-ferrous metals, and social services sectors saw higher net buying [3] - The financing buy-in ratio was notably high in the non-bank financial, banking, and non-ferrous metals sectors, while it was lower in beauty care, textile and apparel, and light industry manufacturing [3] Metal Industry - The U.S. is providing fast-track approval for ten copper, lithium, coal, and other mineral projects, which may impact supply dynamics [5] - The market sentiment for steel is gradually improving, with expectations for price rebounds if tariff issues ease or more domestic stimulus policies are introduced [5] - Copper prices are expected to face limited upward movement due to uncertainties surrounding U.S. tariff policies and inflation concerns [6] - Gold prices are supported by its safe-haven appeal amid trade and tariff uncertainties, alongside expectations of U.S. interest rate cuts [6] Machinery Equipment Industry - The engineering machinery import and export trade reached 5.167 billion USD in March, marking a year-on-year increase of 7.53% [8] - The excavator sales in the first quarter of 2025 totaled 61,400 units, a year-on-year increase of 22.80%, indicating strong domestic market performance [8] - Major companies in the engineering machinery sector are actively repurchasing shares, reflecting confidence in long-term industry growth [8] Company Recommendations - The report maintains a "neutral" rating for the steel industry and a "positive" rating for the non-ferrous metals industry, with specific stock recommendations including Luoyang Molybdenum (603993), Zhongjin Gold (600489), Shandong Gold (600547), Zijin Mining (601899), and China Aluminum (601600) [6]