银龙股份公告，预计2025年度实现归属于母公司所有者的净利润为3.31亿元至3.79亿元，与上年同期相 比，将增加9465.91万元至1.42亿元，同比增长40%至60%。预计2025年度实现归属于母公司所有者的扣 除非经常性损益的净利润3.29亿元至3.76亿元，与上年同期相比，将增加9403.58万元至1.41亿元，同比 增长40%至60%。 ...

Investment Rating - The report maintains a rating of "Buy" for key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Puyang Co., San Ke Tree, and Bei Xin Materials, while recommending "Hold" for Wei Xing New Materials [7]. Core Insights - The construction materials sector saw a significant increase of 7.50% from January 19 to January 23, 2026, outperforming the Shanghai and Shenzhen 300 index by 8.17% [12]. - The Ministry of Housing and Urban-Rural Development emphasized urban renewal, focusing on the renovation of old urban communities, complete community construction, and the transformation of small public spaces [1]. - The report highlights a decrease in local government bond issuance, indicating a potential easing of fiscal pressure and a chance for corporate balance sheet recovery, which may accelerate municipal engineering projects [1]. - The glass industry is approaching a supply-demand balance due to accelerated cold repairs, while photovoltaic glass companies are reducing production to alleviate supply conflicts [1]. - The cement industry is experiencing a demand bottoming process, with increased off-peak production efforts and a focus on regional demand driven by large infrastructure projects [1]. Summary by Sections Cement Industry Tracking - As of January 23, 2026, the national cement price index was 345.33 CNY/ton, down 0.5% week-on-week, with a total cement output of 2.3795 million tons, a decrease of 10.04% [18]. - The cement clinker kiln line capacity utilization rate was 42.42%, up 1.72 percentage points from the previous week [18]. - The market is facing a complex situation influenced by weather, funding constraints, and environmental regulations, leading to a projected weakening of demand as the Spring Festival approaches [18]. Glass Industry Tracking - The national average price of float glass as of January 22, 2026, was 1138.82 CNY/ton, with a slight increase of 0.05% week-on-week [35]. - The inventory of raw glass in 13 provinces was 49.77 million weight boxes, showing a decrease of 90,000 weight boxes from the previous week [35]. - The market is expected to maintain a stable price trend in the short term, with potential supply-side changes to monitor [35]. Fiberglass Industry Tracking - The price of non-alkali roving remained stable, with demand continuing to show weakness and inventory levels remaining high [6]. - The average production cost for carbon fiber was 112,500 CNY/ton, with a negative profit margin indicating insufficient profit space in the industry [6]. Consumer Building Materials - The demand for consumer building materials is showing signs of weak recovery, with upstream raw material prices for aluminum alloy, styrene, and natural gas increasing week-on-week [6]. - The report recommends continued attention to companies benefiting from second-hand housing and renovation policies, highlighting their potential for market share growth [1].

Investment Rating - The report maintains a "Buy" rating for key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Puyang Co., San Ke Tree, and Bei Xin Materials, while recommending "Hold" for Wei Xing New Materials [7]. Core Insights - The construction materials sector saw a significant increase of 7.50% from January 19 to January 23, 2026, outperforming the Shanghai and Shenzhen 300 index by 8.17% [12]. - The Ministry of Housing and Urban-Rural Development emphasized urban renewal, focusing on the renovation of old urban communities, complete community construction, and the transformation of small public spaces [1]. - The report highlights a decrease in local government bond issuance, indicating a potential easing of fiscal pressure and a chance for municipal engineering projects to accelerate [1]. - The glass industry is approaching a supply-demand balance, with a focus on the photovoltaic glass sector amid production cuts to alleviate supply tensions [1]. - The cement industry is experiencing a demand downturn, with prices fluctuating around the breakeven point, while supply-side improvements are anticipated [1]. Summary by Sections Cement Industry Tracking - As of January 23, 2026, the national cement price index was 345.33 CNY/ton, down 0.5% week-on-week, with a significant drop in cement output and supply [18]. - The capacity utilization rate for cement clinker kilns was 42.42%, reflecting a 1.72 percentage point increase from the previous week [18]. - The report notes a complex market situation influenced by weather, funding constraints, and environmental regulations, leading to a projected weakening in demand as the Spring Festival approaches [18]. Glass Industry Tracking - The average price of float glass as of January 22, 2026, was 1138.82 CNY/ton, with a slight increase of 0.05% week-on-week [35]. - Inventory levels for float glass showed a decrease of 9 million weight boxes compared to the previous week, but a year-on-year increase of 1188 million weight boxes [35]. - The report anticipates stable pricing in the short term, with potential policy changes affecting supply dynamics [35]. Fiberglass Industry Tracking - The market for fiberglass remains stable, with no significant changes in production capacity or pricing observed [6]. - Demand for high-end electronic yarns is expected to remain strong, while ordinary products may see moderate price increases [6]. Consumer Building Materials - The consumer building materials sector is experiencing a weak recovery, with rising prices for upstream raw materials such as aluminum and natural gas [6]. - The report emphasizes the potential for long-term market share growth in consumer building materials due to ongoing renovation demand [1]. Carbon Fiber Industry Tracking - The carbon fiber market is stable, with production rates and costs remaining consistent, although profit margins are under pressure [6]. - Import and export data indicate a net import of carbon fiber products, with significant price differentials between imports and exports [6].

（文章来源：证券日报） 证券日报网讯 1月20日，银龙股份在互动平台回答投资者提问时表示，关于马来西亚对原产于中国的预 应力混凝土钢绞线征收反倾销税的案件，银龙股份通过法律途径积极应对，目前该上诉案件已取得进 展。经法官判定，公司上诉获得支持，马来西亚贸工部此前对中国钢绞线征收的反倾销税被撤销。这一 结果充分体现公司主动运用法律武器维护自身权益、捍卫市场公平秩序，也为行业在反倾销案件中争取 公正对待作出积极贡献。未来公司将利用技术、产品、市场等优势，在国际市场争取更多项目参与机 会，继续巩固和提升公司产品和品牌的国际竞争力。 ...

证券日报网讯1月20日，银龙股份（603969）在互动平台回答投资者提问时表示，未来，公司将密切关 注全球贸易环境变化，持续评估包括欧盟在内的各潜力市场机遇，在条件具备时以合规、高效的方式服 务更广泛的全球客户。 ...

1月15日，银龙股份跌1.78%，成交额2.17亿元。两融数据显示，当日银龙股份获融资买入额3607.11万 元，融资偿还2091.25万元，融资净买入1515.86万元。截至1月15日，银龙股份融资融券余额合计4.88亿 元。 融资方面，银龙股份当日融资买入3607.11万元。当前融资余额4.88亿元，占流通市值的5.51%，融资余 额超过近一年90%分位水平，处于高位。 截至9月30日，银龙股份股东户数2.73万，较上期减少7.63%；人均流通股30892股，较上期增加8.26%。 2025年1月-9月，银龙股份实现营业收入24.43亿元，同比增长10.93%；归母净利润2.73亿元，同比增长 61.89%。 分红方面，银龙股份A股上市后累计派现6.12亿元。近三年，累计派现1.79亿元。 机构持仓方面，截止2025年9月30日，银龙股份十大流通股东中，广发价值核心混合A（010377）位居 第四大流通股东，持股2590.19万股，为新进股东。广发小盘成长混合(LOF)A（162703）位居第八大流 通股东，持股977.47万股，为新进股东。香港中央结算有限公司位居第九大流通股东，持股664.71万 股， ...

Group 1 - The core viewpoint of the article is that Yinlong Co., Ltd. focuses on sectors such as railways, water conservancy, bridges, highways, and new energy, and does not engage in the aerospace sector [1] - Yinlong Co., Ltd. holds a 20% stake in Shaanxi Aviation Hard Alloy Tool Co., Ltd., which specializes in the research, production, and service of hard alloy materials and cutting tools, primarily serving the aerospace, aviation, engine, automotive, high-speed rail, and steam turbine industries [1] - The company emphasizes its commitment to deepening existing business operations and actively exploring emerging markets to lay a solid foundation for achieving better performance [1]

格隆汇1月14日丨银龙股份(603969.SH)在互动平台表示，公司产品主要应用于铁路、水利、桥梁、公 路、新能源等领域，未应用于航空航天领域。陕西航空硬质合金工具有限责任公司是集硬质合金材料及 刀具研发、生产及服务为一体的专业化企业，致力于为装备制造提供硬质合金切削刀具及配套服务，陕 硬公司产品主要应用于航空、航天、发动机、汽车、高铁、汽轮机等领域。 公司持有陕硬公司20%股 权，属于财务投资，未参与陕硬公司经营管理。未来，公司将持续深耕现有业务，通过有效整合内外部 资源，积极开拓新兴市场，为创造更优异的业绩奠定坚实基础。 ...

格隆汇1月14日丨银龙股份(603969.SH)在互动平台表示，公司产品主要应用于铁路、水利、桥梁、公 路、新能源等领域，未应用于航空航天领域。陕西航空硬质合金工具有限责任公司是集硬质合金材料及 刀具研发、生产及服务为一体的专业化企业，致力于为装备制造提供硬质合金切削刀具及配套服务，陕 硬公司产品主要应用于航空、航天、发动机、汽车、高铁、汽轮机等领域。 公司持有陕硬公司20%股 权，属于财务投资，未参与陕硬公司经营管理。未来，公司将持续深耕现有业务，通过有效整合内外部 资源，积极开拓新兴市场，为创造更优异的业绩奠定坚实基础。 ...

Group 1 - The stock of Yinlong Co., Ltd. fell by 5.08% on January 13, closing at 10.83 yuan per share, with a trading volume of 253 million yuan and a turnover rate of 2.71%, resulting in a total market capitalization of 9.285 billion yuan [1] - Yinlong Co., Ltd. is located in the Beichen District of Tianjin and was established on March 17, 1998. The company was listed on February 27, 2015, and its main business involves the research, production, and sales of prestressed concrete steel materials, track slabs, and related equipment [1] - The revenue composition of Yinlong Co., Ltd. includes: steel wire 43.28%, steel strand 34.93%, sales and supporting services of concrete products for rail transit 14.45%, others 5.56%, steel and plates 1.41%, and steel bars 0.37% [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Guolian An Fund holds shares in Yinlong Co., Ltd. The Guolian An Xinfang Mixed A Fund (004131) held 2,600 shares in the third quarter, accounting for 0.22% of the fund's net value, making it the eighth largest heavy stock [2] - The estimated floating loss for the Guolian An Xinfang Mixed A Fund (004131) today is approximately 1,508 yuan. The fund was established on March 2, 2017, with a latest scale of 3.4753 million. Year-to-date return is 1.24%, ranking 7,594 out of 8,120 in its category; the one-year return is 2.18%, ranking 7,308 out of 8,061; and the return since inception is 73.2% [2]