每经头条（nbdtoutiao）——基金经理个人炒股合法吗？我们调查了多家头部公募，答案出人意料 （记者 胡玲） 每经AI快讯，天山股份2月6日晚间发布公告称，公司第九届第十四次董事会会议于2026年2月6日以现 场结合视频的方式召开。会议审议了《关于2026年公司及子公司向金融机构申请综合授信及贷款的议 案》等文件。 ...

天山材料股份有限公司 关于2026年度债券发行计划的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载，误导性陈述或重大遗漏。 重要内容提示: 天山材料股份有限公司（简称"公司"）及子公司拟发行短期债 券净增加额不超过 50 亿元（含）、中长期债券不超过 141 亿元（含）。 根据《深圳证券交易所股票上市规则》相关规定，本计划尚需提交公 司股东会审议。 证券代码：000877 证券简称：天山股份 公告编号：2026-004 为满足公司及子公司生产经营的资金需求，进一步拓宽融资渠道， 优化融资结构，公司及子公司拟发行短期债券净增加额不超过 50 亿 元（含）、中长期债券不超过 141 亿元（含）。本计划中所指称债券， 是指公司及子公司在境内发行的公司信用类债券，包括公司债券、非 金融企业债务融资工具及 ABS 债券等。具体情况如下： 一、2025 年末公司存量债券情况 截至目前，公司及子公司共有 4 个 AAA 级债券发行平台，分别为 公司、南方水泥有限公司、西南水泥有限公司及华东材料有限公司， 另有 1 个 AA+债券发行平台为浙江三狮南方新材料有限公司。2025 年 末公司及子公 ...

天山材料股份有限公司（简称"本公司"或"公司"）及控股子公司 存在为合并报表范围内资产负债率超过70%的被担保对象担保，提醒投资者 充分关注担保风险。 证券代码：000877 证券简称：天山股份 公告编号：2026-003 天山材料股份有限公司 对外担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载， 误导性陈述或重大遗漏。 特别提示： 一、担保情况概述 公司于 2026 年 2 月 6 日召开第九届董事会第十四次会议，以 9 票同意、 0 票反对、0 票弃权，审议通过了《关于 2026 年为子公司融资事项提供担 保及子公司之间互保的议案》，为满足公司合并报表范围内子公司生产经 营需要，拟为合并报表范围内子公司 2026 年融资事项提供担保，担保总余 额不超过等值人民币 265 亿元，含新增提供担保总额度不超过等值人民币 125.21 亿元，其中：本公司对合并报表范围内子公司担保余额不超过等值 人民币 164.02 亿元，含新增提供担保总额度不超过等值人民币 87.23 亿元； 合并报表范围内子公司之间互相担保余额不超过等值人民币 100.98 亿元， 含新增提供担保总额度不超 ...

证券代码：000877 证券简称：天山股份 公告编号：2026-005 天山材料股份有限公司 投票规则：公司股东应严肃行使表决权，投票表决时，同一表决权只能 选择现场投票、深圳证券交易所交易系统投票、深圳证券交易所互联网系统 投票中的一种，不能重复投票。具体规则为：同一表决权出现重复表决的以 第一次投票结果为准。 关于召开 2026 年第一次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载，误导 性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：2026 年第一次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交 易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》等法律、行政法规、部门规章、规范性文件及《公司 章程》的有关规定。 4、会议时间： （1）现场会议时间：2026 年 2 月 25 日 14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间 为 2026 年 2 月 25 日 9:15-9:25，9:30-11:30，13:00-15 ...

证券代码：000877 证券简称：天山股份 公告编号：2026-002 天山材料股份有限公司 第九届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载，误导性陈述或重大遗漏。 一、董事会会议召开情况 1、天山材料股份有限公司(简称"公司")于 2026 年 1 月 30 日 以书面、邮件的方式发出召开第九届董事会第十四次会议的通知。 2、公司第九届董事会第十四次会议于 2026 年 2 月 6 日以现场结 合视频的方式召开。 4、会议主持人为董事长赵新军，公司部分高级管理人员列席了 本次会议。 5、会议召开符合有关法律、行政法规、部门规章、规范性文件 和公司章程的规定。 二、董事会会议审议情况 （一）审议通过了《关于 2026 年公司及子公司向金融机构申请 综合授信及贷款的议案》 本议案表决情况：9 票同意，0 票反对，0 票弃权。 为满足公司及子公司生产经营的资金需求，2026 年公司及子公 司拟向金融机构申请综合授信及贷款额度不超过等值人民币 2,525.46亿元（不包括委托贷款及中国建材集团财务有限公司贷款）， 用于流动资金借款、固定资产贷款、银行承兑汇 ...

Market Performance - The cement sector increased by 2.79% compared to the previous trading day, with Hanjian Heshan leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - Hanjian Heshan (603616) closed at 6.85, with a rise of 9.95% and a trading volume of 29,600 lots [1] - Tianshan Shares (000877) closed at 5.30, up 3.92%, with a trading volume of 437,400 lots [1] - Conch Cement (600585) closed at 25.24, increasing by 3.57%, with a trading volume of 825,500 lots [1] - Other notable stocks include Jinyu Modong (000401) at 5.26 (+3.54%), Sichuan Jinding (600678) at 13.55 (+2.89%), and Guotong Shares (002205) at 14.70 (+2.87%) [1] Capital Flow Analysis - The cement sector experienced a net outflow of 96.60 million yuan from institutional investors, while retail investors saw a net inflow of 79.28 million yuan [1] - The capital flow for individual stocks shows that Sichuan Jinding had a net inflow of 43.37 million yuan from institutional investors, but a net outflow of 27.60 million yuan from retail investors [2] - Hanjian Heshan had a significant institutional net inflow of 15.74 million yuan, but also faced a retail net outflow of 9.54 million yuan [2]

Performance Highlights - New Yi Sheng (300502.SZ) expects net profit between 9.4 billion and 9.9 billion CNY, a year-on-year increase of 231.24% to 248.86% due to rising demand for high-speed optical modules driven by global computing power investments[4] - Han's Chip (688256.SH) anticipates net profit between 1.85 billion and 2.15 billion CNY, turning from a loss of 450 million CNY last year, benefiting from the growing demand for AI computing power[5] - Zhongji Xuchuang (300308.SZ) projects net profit between 9.8 billion and 11.8 billion CNY, a year-on-year growth of 89.50% to 128.17%, driven by strong customer investment in computing infrastructure[6] - Runze Technology (300442.SZ) expects net profit between 5 billion and 5.3 billion CNY, a year-on-year increase of 179.28% to 196.03%, largely due to non-recurring gains from public REITs issuance[10] Underperformance Highlights - Great Wall Motors (601633.SH) forecasts net profit of 9.912 billion CNY, a year-on-year decline of 21.71% due to increased marketing expenses and competitive pressures[36] - GAC Group (601238.SH) expects a net loss between 8 billion and 9 billion CNY, turning from a profit of 824 million CNY last year, impacted by fierce competition and increased asset impairment provisions[39] - Xiexin Integrated (002506.SZ) anticipates a net loss between 890 million and 1.29 billion CNY, shifting from a profit of 68 million CNY last year due to structural supply-demand issues in the photovoltaic industry[41] - Baile Tianheng (688506.SH) projects a net loss of around 1.1 billion CNY, down from a profit of 3.708 billion CNY last year, primarily due to increased R&D expenses[42] Industry Trends - Technology-driven sectors like AI and innovative pharmaceuticals are leading growth, with companies like New Yi Sheng and Han's Chip benefiting from strong demand and technological advancements[69] - Cost control is becoming a critical competitive advantage, particularly in the energy and manufacturing sectors, as seen with companies like Datang Power (601991.SH) benefiting from lower coal prices[70] - Traditional cyclical industries such as real estate and agriculture are facing significant downward pressure, with companies like Vanke (000002.SZ) and Tianbang Foods (002124.SZ) experiencing substantial losses due to market adjustments[72]

Core Viewpoint - The article highlights the performance forecast of various A-share listed companies, indicating a significant divergence in earnings growth across different sectors, driven by technological advancements, cost control, and industry cycles [4][62]. Group 1: Companies with Strong Earnings Growth - **New Yisheng (300502.SZ)**: Expected net profit of 9.4 billion to 9.9 billion, a year-on-year increase of 231.24% to 248.86%, driven by rising demand for high-speed optical modules due to global computing power investments [6]. - **Han's Laser (688256.SH)**: Expected net profit of 1.85 billion to 2.15 billion, turning from a loss of 0.452 billion in the previous year, benefiting from the increasing demand for AI computing power [8]. - **Zhongji Xuchuang (300308.SZ)**: Expected net profit of 9.8 billion to 11.8 billion, a year-on-year increase of 89.50% to 128.17%, supported by strong investment in computing infrastructure [10]. - **Runze Technology (300442.SZ)**: Expected net profit of 5 billion to 5.3 billion, a year-on-year increase of 179.28% to 196.03%, primarily due to non-recurring gains from public REITs issuance [12]. - **CITIC Securities (601995.SH)**: Expected net profit of 8.542 billion to 10.535 billion, a year-on-year increase of 50% to 85%, driven by steady growth in core business segments [15]. Group 2: Companies with Earnings Below Expectations - **Great Wall Motors (601633.SH)**: Expected net profit of 9.912 billion, a year-on-year decrease of 21.71%, impacted by increased marketing expenses and intense competition [34]. - **GAC Group (601238.SH)**: Expected net profit of -8 billion to -9 billion, turning from a profit of 0.824 billion in the previous year, due to fierce competition and adjustments in product structure [36]. - **GCL-Poly Energy (002506.SZ)**: Expected net profit of -0.89 billion to -1.29 billion, turning from a profit of 0.068 billion, affected by structural supply-demand issues in the photovoltaic industry [38]. - **Boli Tianheng (688506.SH)**: Expected net profit of -1.1 billion, turning from a profit of 3.708 billion, due to increased R&D expenses [39]. - **Daiyue City (000031.SZ)**: Expected net profit of -2.7 billion to -2.1 billion, continuing losses from the previous year, influenced by asset impairment provisions [42]. Group 3: Industry Trends - **Technological Breakthroughs**: Industries driven by technology, such as AI and innovative pharmaceuticals, are showing strong growth, with companies like New Yisheng and Rongchang Bio leading the way [62][63]. - **Cost Control**: The energy and manufacturing sectors are experiencing a clear divide, with companies like Datang Power benefiting from lower coal prices and effective cost management [64]. - **Downward Pressure from Industry Cycles**: The real estate, agriculture, and photovoltaic sectors are under significant pressure, with companies like Vanke and Tianbang Food facing substantial earnings declines [65][66].

Group 1 - The cement sector experienced a decline of 4.27% on February 2, with Tianshan Shares leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] - Key individual stock performances in the cement sector included: - Tianshan Shares (code: 000877) down 9.89% to 5.10 [2] - Huaxin Cement (code: 600801) down 7.92% to 23.02 [2] - Conch Cement (code: 600585) down 4.20% to 23.49 [2] Group 2 - The net capital outflow from the cement sector was 152 million yuan, while retail investors saw a net inflow of 106 million yuan [2] - Major capital flows included: - Huaxin Cement had a net inflow of 61.97 million yuan from main capital [3] - Tianshan Shares had a net inflow of 23.90 million yuan from main capital [3] - Hainan Ruize (code: 002596) saw a net inflow of 57.67 million yuan from main capital [3]

Core Viewpoint - Tianshan Co. forecasts a significant net loss for 2025, estimating a loss of between 60 billion to 75 billion yuan for the year, with a loss excluding non-recurring items projected between 70 billion to 85 billion yuan [1] Group 1: Business Performance - The cement market in China is expected to experience a decline in demand due to reduced real estate investment and negative growth in fixed asset investment, leading to a decrease in cement production by 6.9% year-on-year, totaling 1.693 billion tons for 2025 [1] - The company is focusing on optimizing its production organization and improving technical and economic indicators while advancing international development, resulting in increased international revenue and profits [1] - Despite a decline in sales volume, the comprehensive cost of cement clinker has decreased year-on-year, leading to an increase in gross profit margin for cement clinker [1] - The cost of ready-mixed concrete has decreased due to lower raw material prices, with the reduction in unit costs exceeding the decline in unit selling prices, resulting in a year-on-year increase in gross profit [1] - Aggregate gross profit has decreased year-on-year due to declines in both sales volume and selling prices [1] Group 2: Impairment Provisions - The company is conducting capacity replacement work on its production lines in accordance with the "Construction Materials Industry Stabilization Growth Work Plan (2025-2026)" and other relevant policy documents, which involves the exit of certain production capacities [1] - An assessment of potential impairment of non-current assets related to the capacity exit is underway, with preliminary estimates indicating an impairment amount between 4.2 billion to 5.7 billion yuan, subject to final confirmation in the 2025 annual report [1]