南财智讯1月30日电，东南网架发布2025年度业绩预告，预计2025年全年归属于上市公司股东的净利润 为4000万元—6000万元，同比预减68.50%—79.00%；预计2025年全年归属于上市公司股东的扣除非经 常性损益的净利润为2000万元—3000万元，同比预减80.82%—87.21%。业绩变动原因说明：1、报告期 内，面对建筑行业下行、市场化竞争加剧、回款周期延长等市场变化，公司聚焦"EPC总承包+1号工 程"双引擎战略，积极地向新型装配式EPC总承包转型升级。为降低应收账款回款风险，公司主动对业 务订单优化，新增订单量减少。受业务结构转型的阶段性影响，公司本期营业收入与利润较上年同期有 所回调，毛利率水平有一定程度下降。2、报告期内，化纤业务受国内外经济环境的不确定性以及市场 竞争态势的加剧等多重因素的影响，涤纶长丝产品价差进一步减少，毛利率下滑，导致化纤业务亏损额 同比上年同期大幅增加。 ...

证券代码：002135 证券简称：东南网架 公告编号：2026-003 浙江东南网架股份有限公司 2025 年度业绩预告 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、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2、业绩预告情况：预计净利润为正值且属于同向下降 50%以上情形 （1）以区间数进行业绩预告的 二、与会计师事务所沟通情况 本次业绩预告相关数据是公司财务部门初步测算的结果，未经会计师事务所审计。公 司已就业绩预告有关事项与会计师事务所进行了预沟通，双方在本次业绩预告方面不存在 重大分歧。 三、业绩变动原因说明 1、报告期内，面对建筑行业下行、市场化竞争加剧、回款周期延长等市场变化，公 司聚焦"EPC 总承包+1 号工程"双引擎战略，积极地向新型装配式 EPC 总承包转型升级。 单位：万元 项 目 本报告期 上年同期 归属于上市公司股东的 净利润 4,000 ～ 6,000 19,045.11 比上年同期下降 68.50% ～ 79.00% 扣除非经常性损益后的 净利润 2,000 ～ ...

Group 1 - The professional engineering sector experienced a decline of 0.84% on January 29, with Baicheng Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - Notable gainers in the professional engineering sector included *ST Tianlong, which rose by 8.50% to a closing price of 5.36, and Zhitex New Materials, which increased by 4.28% to 39.26 [1] Group 2 - The professional engineering sector saw a net outflow of 598 million yuan from institutional investors, while retail investors contributed a net inflow of 255 million yuan [2] - Major stocks with significant net inflows from institutional investors included Hongsheng Huayuan with 46.77 million yuan and Zhongcai International with 36.05 million yuan [3] - Conversely, stocks like Xiangcheng Co., Ltd. and Yaxiang Integration faced notable declines of 6.75% and 4.17%, respectively [2]

2019年-2025年全国金属制品、机械和设备修理业出口货值统计图 数据来源：国家统计局，智研咨询整理 根据国家统计局数据可知：2025年12月全国金属制品、机械和设备修理业出口货值为91.8亿元，同比增 长27.3%；2025年全国金属制品、机械和设备修理业累计出口货值为911.7亿元，累计同比增长28.3%。 上市公司：精达股份（600577），精工钢构（600496），东南网架（002135），中集集团（000039）， 中铁工业（600528），安徽合力（600761），柳工（000528），徐工机械（000425），宇通重工 （600817），诺力股份（603611） 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2026-2032年中国金属制品行业市场运行格局及前景战略分析报告》 ...

知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据可知：2025年12月全国金属制品业出口货值为455.6亿元，同比下降12.4%；2025年 全国金属制品业累计出口货值为4983.6亿元，累计同比下降5.6%。 上市公司：精达股份（600577），精工钢构（600496），东南网架（002135），中集集团（000039）， 中铁工业（600528），安徽合力（600761），柳工（000528），徐工机械（000425），宇通重工 （600817），诺力股份（603611） 数据来源：国家统计局，智研咨询整理 相关报告：智研咨询发布的《2026-2032年中国金属制品行业市场运行格局及前景战略分析报告》 2019年-2025年全国金属制品业出口货值统计图 ...

Investment Rating - The report maintains a "Buy" rating for the companies mentioned, indicating a positive outlook for their stock performance in relation to the market index [4]. Core Insights - The chemical industry is expected to experience price increases due to improved supply-demand dynamics and a "de-involution" policy that encourages companies to avoid price wars and focus on profitability [10][22]. - The manufacturing sector shows signs of recovery, with the PMI reaching 50.1% in December 2025, indicating a return to expansion [16][22]. - The inventory cycle is shifting from active destocking to passive destocking, which may lead to rapid inventory depletion in the chemical sector once demand improves [22]. Summary by Sections Supply and Demand Dynamics - The investment growth rate in the chemical raw materials and products manufacturing industry has been declining since 2022, with a projected drop to negative growth by June 2025 [15]. - The supply side is improving due to reduced new capacity and the shutdown of older facilities in Europe and Japan, particularly affecting basic chemicals like ethylene and propylene [15][22]. Policy Impact - The "de-involution" policy initiated by the central government aims to prevent vicious competition, leading to a consensus among leading companies to maintain prices by reducing production rates [22][10]. Company-Specific Insights - **China Chemical**: The company has a production capacity of 200,000 tons for both adiponitrile and caprolactam. Price rebounds in these products are expected to significantly enhance its earnings [23]. - **Sanhua Chemical**: The company is positioned to benefit from price recovery in its core products, with a strong focus on expanding its high-end cellulose product lines [30]. - **Donghua Technology**: The company has multiple high-end chemical projects that are expected to improve profitability as supply constraints stabilize prices [37]. - **Southeast Network Frame**: The company produces 500,000 tons of polyester filament, with potential for revenue growth as raw material prices recover [41]. Investment Recommendations - The report highlights key companies to watch, including China Chemical, Sanhua Chemical, Donghua Technology, and Southeast Network Frame, all of which are expected to benefit from the anticipated price increases in chemical products [10][45].

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 ...

Investment Rating - The report maintains a "Buy" rating for the companies mentioned, indicating a positive outlook for their stock performance in relation to the industry benchmark [4]. Core Insights - The chemical industry is expected to experience price increases due to improved supply-demand dynamics and a "de-involution" policy that encourages companies to avoid price wars and focus on profitability [10][22]. - The manufacturing sector shows signs of recovery, with the manufacturing PMI reaching 50.1% in December 2025, indicating a return to expansion [16][22]. - The inventory cycle in the chemical industry is transitioning from active destocking to passive destocking, which could lead to price support if demand improves [22]. Summary by Sections Supply Side Analysis - Investment growth in the chemical raw materials and products manufacturing sector has been declining since 2022, with a projected drop in investment growth turning negative by June 2025 [15]. - The construction of new capacity in the chemical industry has significantly decreased, influenced by energy consumption controls and environmental policies [15][22]. Demand Side Analysis - Although traditional demand remains weak, there is strong support for certain chemical products due to manufacturing restocking, pre-holiday inventory buildup, and increased exports [15][22]. - The manufacturing PMI data indicates a marginal improvement in demand, with production and new orders both showing positive trends [16]. Policy Impact - The "de-involution" policy initiated by the central government aims to prevent vicious competition, leading to a consensus among leading companies to stabilize prices by reducing production rates [22]. Company-Specific Insights - **China Chemical**: The company has a production capacity of 200,000 tons for both adiponitrile and caprolactam. Price rebounds in these products could significantly enhance its earnings [23]. - **Sandi Chemical**: The company is expected to benefit from price recovery in its core products, with a projected revenue of 730 million yuan in H1 2025 [30]. - **Donghua Technology**: The company has multiple high-end chemical projects that are expected to improve profitability and support stock valuation [37]. - **Southeast Net Rack**: The company produces 500,000 tons of polyester filament, with potential for revenue growth as prices stabilize [41]. Investment Recommendations - The report highlights key companies to watch, including China Chemical, Sandi Chemical, Donghua Technology, and Southeast Net Rack, all of which are positioned to benefit from the anticipated price increases in chemical products [10][45].

建筑装饰 2026 年 01 月 25 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 A0230523080003 tangmeng@swsresearch.com 25 年固定资产投资承压，关注年初开门红效果 看好 ——申万宏源建筑周报（20260119-20260123） 本期投资提示： 行 业 及 产 业 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 - 1.1 建筑行业周涨幅+1.88%，子行业钢结构表现最好 上周建筑行业涨幅+1.88%，跑赢上证综指（+0.84%）、深证成指（+1.11%）、中小 板（+0.87%）、创业板（-0.34%）、沪深 300（-0.62 ...

Core Viewpoint - The chemical industry is expected to experience price increases due to improved supply-demand dynamics and a shift towards "anti-involution" practices, benefiting certain construction companies that have extended their operations into the chemical sector [1][21]. Supply Side Summary - Investment growth in the chemical raw materials and products manufacturing sector has been declining since 2022, with a significant drop in investment growth turning negative by June 2025. The construction of new capacity in the chemical industry has notably decreased, with the share of ongoing projects in the basic chemical sector falling from 33.8% in 2022 to 24.4% in Q1-Q3 2025 [1]. - The reduction in new capacity is compounded by energy consumption controls and enhanced environmental policies set for 2025, alongside significant shutdowns of chemical facilities in Europe and Japan due to cost disadvantages, leading to an overall improvement in the global supply landscape [1]. Demand Side Summary - Despite weak traditional demand, certain factors such as manufacturing inventory replenishment, pre-Spring Festival stocking, increased exports, and growth in new manufacturing demands are providing strong support for some chemical products. The manufacturing PMI reached 50.1% in December 2025, indicating a return to expansion for the first time since April 2025 [3]. Inventory Cycle Summary - The chemical industry is transitioning from active destocking to passive destocking. Although there was a slight increase in inventory levels in the chemical raw materials and products sector in H2 2025, the inventory growth of finished products in downstream sectors has been declining since March 2025, indicating a significant inventory disparity within the supply chain [5]. - The current inventory structure shows moderate inventory levels upstream and low inventory levels downstream, suggesting that any improvement in demand could trigger rapid destocking of upstream chemical products, providing strong support for price elasticity [5]. Policy Environment Summary - The "anti-involution" policy introduced in July 2024 has shifted from a slogan to actionable industry measures, encouraging leading companies to avoid price wars and instead focus on maintaining price levels through reduced production rates [5]. Company-Specific Insights - **China Chemical (601117.SH)**: Positioned as a quality undervalued stock with strong cash flow, benefiting from the anti-involution trend. The company has a production capacity of 200,000 tons for both adiponitrile and caprolactam, with potential profit increases from price rebounds in these products [6]. - **Sandi Chemical (002469.SZ)**: Expected to see continued price improvements for existing chemical products under the anti-involution backdrop. The company has significant production capacities and is advancing new product lines that are anticipated to enhance profitability [11]. - **Donghua Technology (002140.SZ)**: The company is experiencing improved profitability in its industrial segment due to supply reductions stabilizing ethylene glycol prices. It has several high-end chemical projects in operation, contributing to revenue growth [15]. - **Southeast Net Framework (002135.SZ)**: The company produces polyester filament with a capacity of 500,000 tons. Price recovery in this segment is expected to contribute positively to performance [18]. Investment Recommendations - The chemical product price increase is supported by declining capital expenditures, environmental restrictions, and a shift in competitive dynamics. Companies such as China Chemical, Sandi Chemical, Donghua Technology, and Southeast Net Framework are highlighted as key beneficiaries of this trend [21].