证券代码：688472 证券简称：阿特斯 公告编号：2026-002 阿特斯阳光电力集团股份有限公司 2025年年度业绩预告 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、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 （1）经财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润为人民币90,000.00万元 到110,000.00万元，与2024年同期（法定披露数据）相比，将减少134,735.02万元到114,735.02万元，同 比减少60%到51%。 （2）预计2025年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为人民币90,000.00万元到 110,000.00万元，与2024年同期（法定披露数据）相比，将减少132,646.82万元到112,646.82万元，同比 减少60%到51%。 （三）公司本期业绩预告未经注册会计师审计。 二、2024年同期业绩情况和财务状况 （一）利润总额：257,973.45万元。归属于母公司所有 ...

Group 1: Market Overview - The current market is characterized by high volatility and elevated levels, suggesting that a "long money, long investment" strategy may be a rational choice for investors [3][5][6] - The A-share market's upward momentum is driven by the shifting balance of power between China and the U.S., leading to capital flow and value reassessment [9][10] - Recent market fluctuations indicate strong support levels, with a notable rebound after a brief dip below previous lows, reflecting a robust market sentiment [5][9] Group 2: Commodity Market Insights - The commodity market is witnessing a consensus on the value of resources in a "weak fiat currency" era, with the Trump administration's interference in Federal Reserve decisions accelerating the price increase logic for commodities [3][6][7] - Coal prices are supported by a recent uptick in spot prices and favorable policies, with the coal sector attracting long-term investment due to its stable high dividend yield [4][15][18] - Gold prices have shown significant volatility, with recent highs nearing $5,600 before dropping below $5,000, yet the long-term fundamentals for gold remain strong, suggesting potential buying opportunities during corrections [4][18][24] Group 3: Economic and Geopolitical Factors - The U.S. economy faces challenges, including concerns over "stagflation," which may limit the Federal Reserve's monetary policy options, increasing the appeal of gold as a hedge against asset depreciation [22][23] - Geopolitical tensions in regions like the Middle East and Ukraine contribute to heightened market risk aversion, providing additional support for gold prices [23][24] - China's economic recovery may be accelerated by rising commodity prices, which could help break the negative feedback loop affecting domestic economic growth [11][12]

Investment Rating - The report maintains a "Recommended" rating for the organic silicon industry [1][100]. Core Insights - The demand for organic silicon is steadily increasing, driven by applications in electronics, construction, manufacturing, and textiles, with significant growth expected in photovoltaic adhesives and new energy lithium battery adhesives [7][22]. - Supply expansion in the organic silicon sector is slowing down, with the industry entering the tail end of a capacity expansion cycle, leading to limited new capacity in the coming years [7][68]. - The "anti-involution" trend is positively impacting the industry's recovery from the bottom, with recent meetings among industry leaders resulting in price increases for organic silicon intermediates [7][84]. Summary by Sections Demand and Supply - Organic silicon demand is projected to grow at rates of 8.0%, 7.0%, and 8.8% from 2025 to 2027 in China [7]. - The supply of organic silicon is expected to see limited new capacity additions, with only 45,000 tons projected from Xinjiang Qiya Group by 2027 [7][68]. Price Trends and Market Dynamics - The price of organic silicon intermediates has increased by approximately 27% from November 2025 to January 2026, reflecting strong industry support for price stabilization [7][84]. - The industry is experiencing a gradual decrease in inventory levels and maintaining a reasonable operating rate of 70%-75% [88]. Key Companies and Investment Focus - The report highlights key companies in the organic silicon sector, including Hoshine Silicon Industry, Xingfa Group, Luxi Chemical, Xin'an Chemical, Dongyue Silicon Material, Sanyou Chemical, and Hengxing Technology, as potential investment targets [7][100].

| | | | SDIC FUTURES | 操作评级 | 2026年01月30日 | | --- | --- | --- | | 螺纹 | 女女女 | 曹颖 首席分析师 | | 热卷 | な女女 | F3003925 Z0012043 | | 铁矿 | な女女 | 何建辉 高级分析师 | | 焦炭 | ★☆☆ | F0242190 Z0000586 | | 焦煤 | ★☆☆ | | | 證硅 | ★☆☆ | 韩惊 高级分析师 | | 硅铁 | ★☆★ | F03086835 Z0016553 | | | | 李啸尘 高级分析师 | | | | F3054140 Z0016022 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【钢材】 今日盘面冲高后大幅回落。本周螺纹表需继续下滑，产量短期趋稳，库存继续累积。热卷需求、产量均小幅上升，库存继续下 降，压力逐步缓解。钢厂利润欠佳，下游承接能力不足，高炉复产放缓，铁水产量趋稳。从下游行业看，地产投资降幅继续扩 大，基建、制造业投资增速持续回落，内需整体依然偏弱，钢材出口维持高位。随着有色贵金 ...

Market Overview - The A-share market showed signs of recovery after hitting a low, with the Shanghai Composite Index closing at 4117.95 points, down 0.96%, while the Shenzhen Component Index fell 0.66%. The ChiNext Index, however, rose by 1.27% due to strong performance from heavyweight stocks [1][20] - Over 2400 stocks rose while nearly 2900 declined, indicating mixed performance among individual stocks. The total trading volume in the Shanghai and Shenzhen markets was approximately 2.86 trillion yuan, a decrease of nearly 400 billion yuan from the previous day, reflecting a notable decline in trading sentiment [1][20] Sector Performance - Most sectors experienced declines, with telecommunications and semiconductor sectors leading the gains. Recently strong sectors like metals and mining showed signs of correction [1][21] - The market has been characterized by high volatility, with fluctuations around the 4150-point mark. The influx of external funds initially indicated strong buying intent, but the market subsequently retreated following increased trading in broad-based ETFs [1][21] Investment Strategy - Given the current high volatility in both equity and commodity markets, a long-term investment approach is suggested as a rational choice for investors [1][21] Commodity Market Insights - The driving factors for both equity and commodity markets remain unchanged, with strong medium to long-term investment value still present. The "weak fiat currency" era has led to a consensus that resources are becoming increasingly valuable, accelerated by interventions from the Trump administration affecting Federal Reserve decisions [2][22] - Precious metals and industrial metals are seen as core choices for capital seeking to hedge against currency depreciation risks, pushing commodity prices into a slow upward trend [2][22] A-Share Market Dynamics - The core logic driving the rise of A-shares is the shifting balance of power between China and the U.S., leading to capital flows and value reassessment. The ongoing U.S.-China rivalry is influencing global capital allocation, providing long-term upward momentum for A-shares [4][24] - Quality stocks with core competitiveness in the A-share market, previously undervalued, are now experiencing value reassessment as China's national strength and industrial advantages become more pronounced [4][24] Future Outlook - On a macro level, both the U.S. and China appear to have found new solutions to their domestic issues. The U.S. is adopting a "shrinking plunder" strategy, focusing on core interests while avoiding overextension, which may have profound implications for the global economy and geopolitical landscape [6][25] - For China, the continuous rise in commodity prices, particularly precious metals, may help break the negative feedback loop of prices and accelerate the economic recovery process, potentially exceeding investor expectations [7][26] Investment Focus - The investment strategy should focus on "anti-involution + technology," as the gradual implementation of anti-involution policies is expected to lead to value reassessment in related cyclical sectors. The technology growth sector is also anticipated to receive strong policy support [8][28] - The coal sector has shown resilience, with recent price increases in thermal coal providing support for near-term performance. The market is expected to see a recovery in coal demand due to infrastructure investment and industrial recovery [10][29][31]

Investment Rating - The report maintains a "Market Weight" rating for the building materials industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [49]. Core Insights - The building materials industry is experiencing a recovery in profitability, with some consumer building materials products seeing price increases due to rising raw material costs [2][5]. - The cement sector is expected to show resilience in profitability, supported by significant infrastructure projects and urban renewal initiatives in 2026, despite a projected decline in cement production in 2025 [4][41]. - The glass and fiberglass sectors are undergoing structural adjustments, with a focus on high-end products and green transformation, while traditional segments face challenges from real estate market weaknesses [42][43]. - The consumer building materials segment is witnessing a trend of price stabilization and recovery, driven by demand for renovation and urban renewal, despite a slowdown in new construction [44]. Summary by Sections Cement Industry - In Q1 2026, cement companies are expected to implement significant production cuts, with an average shutdown period of 46 days nationwide, aimed at balancing supply and demand [4][41]. - The average cost of P.O42.5 bulk cement is reported at 197 RMB/ton, with a gross profit margin of 17% [4]. - The industry is projected to recover gradually, contingent on effective supply-side policies and infrastructure investment [4][41]. Glass and Fiberglass - The flat glass market is expected to stabilize as production capacity is controlled and environmental standards are enforced, although demand remains weak due to real estate sector challenges [42]. - The fiberglass industry is in a recovery phase, with a focus on eliminating inefficient capacity and enhancing production quality through technological upgrades [43]. Consumer Building Materials - Major companies like Keshun and Sankeshu have announced price increases due to rising costs of raw materials, indicating a trend towards price recovery in the sector [44]. - The demand for renovation and urban renewal is expected to drive growth, while leading companies are enhancing their market share through brand strength and service improvements [44]. Recommended Stocks - The report suggests focusing on companies with strong fundamentals and high dividend yields, including Shangfeng Cement, Tapa Group, and Huaxin Cement [4][45].

| | | | SDIC FUTURES | 操作评级 | 2026年01月30日 | | --- | --- | --- | | 螺纹 | 女女女 | 曹颖 首席分析师 | | 热卷 | な女女 | F3003925 Z0012043 | | 铁矿 | な女女 | 何建辉 高级分析师 | | 焦炭 | ★☆☆ | F0242190 Z0000586 | | 焦煤 | ★☆☆ | | | 證硅 | ★☆☆ | 韩惊 高级分析师 | | 硅铁 | ★☆★ | F03086835 Z0016553 | | | | 李啸尘 高级分析师 | | | | F3054140 Z0016022 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【钢材】 今日盘面冲高后大幅回落。本周螺纹表需继续下滑，产量短期趋稳，库存继续累积。热卷需求、产量均小幅上升，库存继续下 降，压力逐步缓解。钢厂利润欠佳，下游承接能力不足，高炉复产放缓，铁水产量趋稳。从下游行业看，地产投资降幅继续扩 大，基建、制造业投资增速持续回落，内需整体依然偏弱，钢材出口维持高位。随着有色贵金 ...

南财智讯1月30日电，阿特斯发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为9亿元 —11亿元，同比预减51%—60%；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 9亿元—11亿元，同比预减51%—60%。本期业绩变化的主要原因：2025年，光伏行业整体供需失衡状 态仍未缓解，行业继续在底部徘徊，产业链各环节开工率整体下行，叠加国际贸易保护政策以及硅料、 银浆等成本大幅上涨，使得光伏行业内企业盈利能力进一步承压。在光伏行业竞争加剧及外部环境不确 定性增加的背景下，公司积极响应和落实国家"反内卷"的号召，在销售策略上坚持"利润第一性"原则， 主动优化出货结构与节奏，聚焦高价值区域和长期战略客户，稳步提升在重点市场的份额占比。公司前 期大量的储能项目储备和在手合同订单进入收获期，储能业务在市场端的全球化品牌和渠道、一体化解 决方案能力和长期服务能力，为公司健康的盈利水平提供了有力支撑。公司将通过供应链全球化、客户 需求导向、重视碳足迹和ESG等方面，承担起更多的社会责任，通过全球跨文化的经营能力，为客户及 全球创造价值、分享利益，在逆全球化中坚持全球化；在技术差异化进程中，加 ...

"2026年A股市场吸引力有望进一步提升，建议关注高景气核心资产、出海相关赛道以及供需格局向好的领域。"摩根资产管理中国资深环球市 场策略师蒋先威表示，随着外部不确定性减弱，叠加国内企业盈利周期触底回升，以及"反内卷"政策对部分行业产能扩张的约束，工业企业利 润修复进程有望加快。 宏利投资管理亚洲区股票投资部主管蔡尚琴持有相似观点，在她看来，2026年上半年，亚洲股票前景依然向好，主要受惠于有利的货币环境及 盈利能见度提升。她指出，全球投资者对亚洲股票的配置比例仍处偏低水平，意味着存在较大的重新配置空间。 21世纪经济报道记者李域 岁末年初，宏利投资管理、摩根资产管理、联博基金等多家外资机构相继发布 2026 年市场展望，看好A股配置价值已成为外资机构的普遍共 识。 联博基金副总经理、投资总监朱良则建议关注中国"转型"契机下的资本市场表现。联博基金认为，2026年较优配置应包含长期资产与部分红利 型、营收健康的企业，尤其关注科技AI、创新药与稳健新消费企业。 A股市场吸引力进一步提升 2025年，A股市场表现亮眼，上证指数上涨18.41%，创下近六年以来最优的年度市场表现。深证成指、创业板指全年则分别上涨29 ...

= 宝 大 金 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 t Fire 20 = 20 全面覆盖机器人、新能源、AI算力、反内卷等热门主题 热点直击 化工行业供给端吃紧、需求端加速复苏、政策反内卷,景气度 有望提升, 行业全面覆盖当前市场几大热门板块: AI算厂 新能源 网 内容 化工具工作 官等 516020 代码 沪市同类规模、流动性第一 双轮驱动·多元覆盖 2 近期,在AI链与涨价链的扩散下,化工板块或已跃 升为"周期复苏"与"成长新动能"双引擎驱动的综合 体. 并显现出右侧上升趋势。 图 细分化工指数全面覆盖人形机器人、新能源、反内 卷、AI算力等热门概念。 AI算力概念 反内巷概念 制冷剂/氟化工等 TDI/MDl等 巨化股份 3.68% 万华化学 10.22% 华鲁恒升 3.31% 多氟多 2.86% 机器人概念 新能源概念 PEEK材料等 六氟磷酸锂/磷酸铁锂等 天赐材料 4.68% 盐湖股份 6.34% 天赐材料 4.68% 金发科技 2.92% 注以上仪为代表性个股。 数据来源:Wind. 截至2025年12月31日。 龙头领航·全面布局 细分化工指数近5成仓位集中于大市值龙头 ...