Financial Projections - The company expects a net profit of 16 million yuan for 2025, representing a year-on-year increase of 117.11%[3] - Revenue is projected to be between 290 million yuan and 310 million yuan, reflecting a growth of 14.79% to 22.70% compared to the previous year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses is estimated to be between 12.5 million yuan and 16 million yuan, indicating a growth of 192.40% to 274.28% year-on-year[3] Business Expansion - The company has been expanding its core green building formwork business, with steady revenue growth from prefabricated product series[6] - The company is actively pursuing international expansion, particularly in emerging markets such as the Middle East, Central Asia, Africa, South America, Australia, Europe, and North America[6] - The overseas business revenue has shown rapid growth due to the company's dual-driven development model[6] Cost Management - The company has implemented cost reduction and efficiency enhancement measures, leading to an overall improvement in gross profit margin[6] Financial Reporting - The financial data presented is preliminary and has not yet been audited by the accounting firm[4] - The company emphasizes the importance of cautious decision-making for investors due to the preliminary nature of the earnings forecast[7] - Detailed financial data will be disclosed in the company's 2025 annual report[7]

证券日报网讯 1月30日，志特新材（300986）在互动平台回答投资者提问时表示，截至目前，公司无超 级隔热材料产线投产计划，合作防火隔热材料仍处于实验室优化研发阶段，尚未量产，未形成营业收 入，新材料产业化落地存在较大不确定性及可能不及预期的风险，合作方授权公司使用与推广范围仅为 建筑相关领域。 ...

Market Performance - The professional engineering sector increased by 0.38% on January 27, with Shenghui Integration leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Top Gainers - Shenghui Integration (603163) closed at 101.59, up 10.01% with a trading volume of 49,100 shares and a turnover of 478 million yuan [1] - Yaxiang Integration (603929) closed at 149.60, up 10.00% with a trading volume of 57,600 shares and a turnover of 833 million yuan [1] - Huadian Technology (601226) closed at 11.40, up 7.34% with a trading volume of 1,433,400 shares and a turnover of 1.548 billion yuan [1] Top Losers - Feiqishi (605598) closed at 64.55, down 3.74% with a trading volume of 120,900 shares and a turnover of 772 million yuan [2] - China Zhongzhi (601618) closed at 3.15, down 3.08% with a trading volume of 3,112,400 shares and a turnover of 987 million yuan [2] - Sanwei Chemical (002469) closed at 9.29, down 2.62% with a trading volume of 208,500 shares and a turnover of 194 million yuan [2] Capital Flow - The professional engineering sector experienced a net outflow of 147 million yuan from institutional investors, while retail investors saw a net inflow of 124 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Yaxiang Integration had a net inflow of 14.5 million yuan from institutional investors, but a net outflow of 23.57 million yuan from retail investors [3] - Huadian Technology saw a net inflow of 91.88 million yuan from institutional investors, with a net outflow of 84.49 million yuan from retail investors [3] - Shenghui Integration had a net inflow of 86.49 million yuan from institutional investors, but a net outflow of 51.20 million yuan from retail investors [3]

（文章来源：证券日报） 证券日报网讯 1月26日，志特新材在互动平台回答投资者提问时表示，公司2024年股票期权激励计划的 业绩考核指标系公司管理与考核的依据，不构成公司对未来的业绩预测或承诺。 ...

证券日报网讯 1月26日，志特新材（300986）在互动平台回答投资者提问时表示，公司披露的与PIVI签 订的战略合作协议属于框架性协议，协议金额为意向金额，实际情况以未来签订的具体采购协议、订单 或有关书面文件为准，具体实施内容及进展存在一定不确定性。 ...

Group 1 - The professional engineering sector increased by 0.51% on January 26, with Tongguan Mining Construction leading the gains [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Key stocks in the professional engineering sector showed significant price movements, with Tongguan Mining Construction rising by 15.71% to a closing price of 24.82 [1] Group 2 - The professional engineering sector experienced a net outflow of 468 million yuan from institutional investors, while retail investors saw a net inflow of 254 million yuan [2] - Major stocks like Huadian Technology and Tongguan Mining Construction had varying net inflows and outflows from different investor types, indicating mixed investor sentiment [3] - The data shows that retail investors contributed positively to the net inflow, contrasting with the outflows from institutional and speculative investors [2][3]

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry [6]. Core Viewpoints - Liquidity expectations have upgraded, leading to intensified trading. Recent optimistic interest rate cut expectations have resurfaced, driving both precious and industrial metals to break through previous levels. In the past week, the negative feedback for copper and aluminum has significantly weakened, and improvements in the real economy may be observed under high price conditions. Overall, the bullish trend for industrial products remains unchanged under the support of domestic and international policies [3][9]. Summary by Sections 1. Cycle Assessment - The report indicates an upgrade in liquidity expectations and a continuation of intense trading. The probability of BlackRock executive Riedel being elected as the Federal Reserve Chairman has surged to 54%. The optimistic expectations for interest rate cuts have reignited, pushing precious and industrial metals to new highs. Although copper and aluminum inventories continue to accumulate, the pace of accumulation has slowed, and the negative feedback from downstream processing has significantly diminished, with operating rates beginning to recover [9][13]. 2. Industry and Stock Performance - The non-ferrous metals sector saw a weekly increase of 6.03%, ranking fourth among all industries [28]. The report lists several investment targets, including Chifeng Jilong Gold Mining (600988, Buy) and Zijin Mining (601899, Buy) [4]. 3. Precious Metals - Precious metals are experiencing intense liquidity trading, awaiting the confirmation of the Federal Reserve Chairman nomination. As of January 23, SHFE gold rose by 8.07% to 1,115.64 CNY per gram, while COMEX gold increased by 7.54% to 4,036.00 USD per ounce. The report notes that the market expects limited upward pressure on precious metals in the short term due to anticipated interest rate stabilization [14][30]. 4. Copper - The report highlights renewed support for copper prices due to supply disruptions. As of January 23, SHFE copper rose by 0.57% to 101,340 CNY per ton, and LME copper increased by 2.44% to 13,115 USD per ton. Supply tightness continues, with recent strikes in Chile affecting copper concentrate availability [17][70]. 5. Aluminum - The report indicates a reduction in negative feedback for aluminum, with demand showing marginal recovery. As of January 23, SHFE aluminum rose by 1.53% to 24,290 CNY per ton, and LME aluminum increased by 1.12% to 3,169 USD per ton. The processing operating rate has risen by 0.7 percentage points to 60.9% [16][83].

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry [6] Core Viewpoints - Liquidity expectations have upgraded, leading to intensified trading. Recent optimistic interest rate cut expectations have resurfaced, driving both precious and industrial metals to break through previous levels. The negative feedback for copper and aluminum has notably weakened, and improvements in the real economy may be observed under high price conditions. Overall, the bullish trend for industrial products remains unchanged under the support of domestic and international policies [3][9] Summary by Sections 1. Cycle Assessment - The cycle assessment indicates an upgrade in liquidity expectations and a continuation of intense trading. The probability of BlackRock executive Riedel being elected as the Federal Reserve Chairman has surged to 54%. The optimistic expectations for interest rate cuts have reignited, pushing precious and industrial metals to new highs. Although copper and aluminum inventories continue to accumulate, the pace of accumulation has slowed, and the negative feedback from downstream processing has significantly diminished, with operating rates beginning to recover [9][13] 2. Industry and Stock Performance - The non-ferrous metals sector saw a weekly increase of 6.03%, ranking fourth among all industries [28]. The precious metals sector experienced the highest gains [21]. 3. Precious Metals - For precious metals, trading has become intensely liquid, awaiting the confirmation of the Federal Reserve Chairman nomination. As of January 23, SHFE gold rose by 8.07% to 1,115.64 CNY per gram, while COMEX gold increased by 7.54% to 4,036.00 USD per ounce. The inventory levels for SHFE gold were 102 tons, an increase of 1.96 tons from the previous week [14][30]. 4. Copper - The copper market is experiencing renewed support due to supply disruptions. As of January 23, SHFE copper rose by 0.57% to 101,340 CNY per ton, and LME copper increased by 2.44% to 13,115 USD per ton. The operating rate for refined copper rods was 67.98%, up by 10.51 percentage points [17][29]. 5. Aluminum - The aluminum market shows signs of demand recovery as negative feedback weakens. As of January 23, SHFE aluminum rose by 1.53% to 24,290 CNY per ton, and LME aluminum increased by 1.12% to 3,169 USD per ton. The processing operating rate rose by 0.7 percentage points to 60.9% [16][85].

2026 年 01 月 25 日 站院/行业 相关研究 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 册分歧式行 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 A0230523080003 tangmeng@swsresearch.com 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 T 一周板块回顾：板块表现方面，SW 建筑装饰指数+1.88%，沪深 300 指 数-0.62%，相对收益为+2.00pct。周涨幅最大的三个子行业分别为钢结 构 (+6.80%)、基建民企 (+6.61%)、专业工程 (+5.88%)，对应行业 内三个公司：东南网架（+10.79%）、成都路桥（+15.65%）、志特新材 (+49.21%)；年涨幅最大的三个子行业分别是钢结构（+22.00%）、专 业工程（+21.74%）、装饰幕墙（+10.85%），对应行业内三个公司：杭 萧钢构 (+30.98%)、志特新材 (+256.3 ...

Group 1 - The A-share market has been performing strongly since the beginning of 2026, with six stocks doubling in value, including ZhiTe New Materials, which has increased by 256.35% [1][10] - Other notable stocks include Fenglong Co., which has risen by 213.97%, and Hunan Silver, which has increased by 137.57% [1][10] - Stocks such as Xinghuan Technology-U, Tongyuan Environment, and Yinen Power have also seen gains exceeding 100% [1][10] Group 2 - Fenglong Co. announced that its stock has been on a continuous trading limit for 17 days, with a price increase of 405.74%, indicating significant trading risks [2][11] - Hunan Silver also reported severe fluctuations in its stock price, which has deviated significantly from market trends, suggesting high speculative risks [2][11] Group 3 - In the week from January 19 to January 23, 2026, over 77% of stocks experienced price increases, with 237 stocks rising more than 15% [3][12] - The top-performing stock during this period was *ST Lifang, which saw a weekly increase of 95.52%, followed by *ST Changyao with a 70.37% increase [3][12] - Other stocks like ZhiTe New Materials and Hunan Silver also had significant weekly gains, exceeding 45% [3][12] Group 4 - *ST Lifang, a digital technology cloud service provider, is facing a risk of forced delisting due to significant legal violations, as highlighted by the Anhui Securities Regulatory Bureau [5][14] - The company has been involved in controversies regarding stock price manipulation, with its actual controller bypassing the board to communicate with shareholders [5][14] - As of January 23, *ST Lifang's stock price was reported at 1.31 yuan per share, reflecting a 13.91% increase over four trading days [7][16]