证券代码：603969 证券简称：银龙股份 公告编号：2026-003 第五届董事会第二十一次会议决议公告 天津银龙集团股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 天津银龙集团股份有限公司（以下简称"公司"）第五届董事会第二十一次 会议于 2026 年 1 月 26 日上午 9:30 在天津银龙集团股份有限公司第一会议室以 现场结合通讯的方式召开。会议应到董事 9 名，4 名董事出席现场会议，5 名董 事以通讯方式出席会议，部分高级管理人员列席会议。出席会议人数符合《公司 法》和《公司章程》规定。会议由公司董事长谢志峰主持。会议的召开符合《公 司法》《上海证券交易所股票上市规则》等法律法规和《公司章程》《董事会议 事规则》等规范性文件的规定。 二、董事会会议审议情况 1. 审议通过《关于<公司 2026 年限制性股票激励计划（草案）>及其摘要的 议案》（议案一） 为进一步建立、健全公司长效激励机制，吸引和留住优秀人才，充分调动公 司董事、高级管理人员、核心管理人员及核心骨干人员积 ...

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].

Core Viewpoint - Silver Dragon Co., Ltd. has successfully appealed against the anti-dumping tax imposed by Malaysia on prestressed concrete steel strands originating from China, reflecting the company's proactive legal approach to protect its rights and promote fair market practices [2] Group 1: Legal Developments - The company has made progress in its legal appeal regarding the anti-dumping tax case in Malaysia [2] - The court has ruled in favor of the company, leading to the withdrawal of the anti-dumping tax previously imposed by the Malaysian Ministry of International Trade and Industry [2] Group 2: Strategic Outlook - The outcome of the legal case demonstrates the company's commitment to using legal means to safeguard its interests and contribute positively to the industry in anti-dumping matters [2] - The company plans to leverage its technological, product, and market advantages to pursue more project opportunities in the international market, aiming to strengthen and enhance its product and brand competitiveness globally [2]

Group 1 - The company, Yinlong Co., Ltd. (603969), is focusing on monitoring changes in the global trade environment and will continuously assess opportunities in potential markets, including the European Union [1] - The company aims to serve a broader global customer base in a compliant and efficient manner when conditions are favorable [1]

Group 1 - The core viewpoint of the news is that Yinlong Co., Ltd. has shown significant financial performance with a notable increase in revenue and net profit, alongside high financing and margin trading activity [1][2][3] Group 2 - As of January 15, Yinlong Co., Ltd. experienced a stock price decline of 1.78%, with a trading volume of 217 million yuan. The financing buy-in amount for the day was 36.07 million yuan, while the financing repayment was 20.91 million yuan, resulting in a net financing buy-in of 15.16 million yuan. The total financing and margin trading balance reached 488 million yuan [1] - The financing balance of Yinlong Co., Ltd. is 488 million yuan, accounting for 5.51% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1] - On the margin trading side, 500 shares were repaid on January 15, with no shares sold, resulting in a margin balance of 4.72 million yuan, also exceeding the 90th percentile level over the past year [1] Group 3 - As of September 30, the number of shareholders of Yinlong Co., Ltd. was 27,300, a decrease of 7.63% from the previous period. The average circulating shares per person increased by 8.26% to 30,892 shares [2] - For the period from January to September 2025, Yinlong Co., Ltd. achieved an operating income of 2.443 billion yuan, representing a year-on-year growth of 10.93%. The net profit attributable to the parent company was 273 million yuan, reflecting a year-on-year increase of 61.89% [2] Group 4 - Since its A-share listing, Yinlong Co., Ltd. has distributed a total of 612 million yuan in dividends, with 179 million yuan distributed over the past three years [3] - As of September 30, 2025, several new institutional shareholders have emerged among the top ten circulating shareholders, including Guangfa Value Core Mixed Fund A, Guangfa Small Cap Growth Mixed Fund A, and Hong Kong Central Clearing Limited, indicating increased institutional interest [3]

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]

Core Viewpoint - The company, Yinlong Co., Ltd. (603969.SH), focuses on sectors such as railways, water conservancy, bridges, highways, and new energy, and does not operate in the aerospace sector [1] Group 1: Company Overview - 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 [1] - The products of Shaanxi Aviation Hard Alloy Tool Co., Ltd. are primarily used in aerospace, aviation, engines, automobiles, high-speed rail, and steam turbines [1] Group 2: Business Strategy - The company aims to deepen its existing business and actively explore emerging markets by effectively integrating internal and external resources [1] - The focus is on creating a solid foundation for achieving better performance in the future [1]

Core Viewpoint - Silver Dragon Co., Ltd. (603969.SH) focuses on sectors such as railways, water conservancy, bridges, highways, and new energy, and does not operate in the aerospace sector [1] Group 1: Company Overview - Silver Dragon holds a 20% stake in Shaanxi Aviation Hard Alloy Tool Co., Ltd., which specializes in hard alloy materials and tools for various industries including aerospace, automotive, and high-speed rail [1] - The investment in Shaanxi Aviation is classified as a financial investment, with no involvement in its management [1] Group 2: Future Strategy - The company aims to deepen its existing business and actively explore emerging markets by effectively integrating internal and external resources [1] - The goal is to establish a solid foundation for achieving superior performance in the future [1]