北交所信息更新 北 交 所 研 究 三协电机（920100.BJ） 布局减速机赋能机器人产业，3D 打印高景气赛道驱动 2025 年营收同比+31% 预计 2025 年实现营收 5.51 亿元（+31.11%），归母净利润 0.60 亿元（+6.83%） 公司发布 2025 年业绩快报，预计 2025 年实现营收 5.51 亿元，同比增长 31.11%； 归母净利润 6018.39 万元，同比增长 6.83%。根据业绩快报数据，我们小幅下调 2025 年盈利预测，维持 2026 年和 2027 年盈利预测，我们预计公司 2025-2027 年归母净利润分别为 0.60（原 0.63）/0.77/1.06亿元，对应 EPS分别为 0.82/1.05/1.43 元/股，对应当前股价 PE 分别为 79.3/61.6/45.2 倍，我们看好公司布局减速机形 成电机+减速器整体解决方案，机器人+光伏支架+3D 打印高景气度赛道打开未 来增长空间，维持"增持"评级。 光伏跟踪支架+3D 打印高景气赛道，驱动公司营收稳步增长 2025 年公司营收同比增长 31.11%，主要为公司在 3D 打印领域和工业自动化领 域的业务 ...

本项目中标有利于公司进一步拓展总承包业务，推动公司在绿色建筑、智能建造、光伏新能源等领域持 续发力，有助于提升公司在行业内的品牌影响力。 格隆汇2月5日丨东南网架(002135.SZ)公布，公司于近日收到招标单位杭州萧山环投娱雪文化有限公司 发来的《中标通知书》，确定公司与潮峰钢构集团有限公司、浙江大学建筑设计研究院有限公司组成的 联合体为"南站单元XS110203-02、XS110203-28 地块文化产业项目EPC工程总承包"的中标单位。本项 目中标总金额为人民币9.94亿元。本次中标项目为联合体中标，公司所涉及签约金额以后续各方签订具 体实施协议约定为准。 本项目是公司继张家口市崇礼区太子城冰雪小镇项目后中标的又一个冰雪文化旅游产业项目，项目建成 后将完善城市功能，有助于驱动产城融合升级，全面提升城市功能和区域价值，对公司借助国家区域化 战略发展机遇，承接重大的新型城镇化项目建设有积极的促进作用。 ...

本项目中标有利于公司进一步拓展总承包业务，推动公司在绿色建筑、智能建造、光伏新能源等领域持 续发力，有助于提升公司在行业内的品牌影响力。 本项目是公司继张家口市崇礼区太子城冰雪小镇项目后中标的又一个冰雪文化旅游产业项目，项目建成 后将完善城市功能，有助于驱动产城融合升级，全面提升城市功能和区域价值，对公司借助国家区域化 战略发展机遇，承接重大的新型城镇化项目建设有积极的促进作用。 格隆汇2月5日丨东南网架(002135.SZ)公布，公司于近日收到招标单位杭州萧山环投娱雪文化有限公司 发来的《中标通知书》，确定公司与潮峰钢构集团有限公司、浙江大学建筑设计研究院有限公司组成的 联合体为"南站单元XS110203-02、XS110203-28 地块文化产业项目EPC工程总承包"的中标单位。本项 目中标总金额为人民币9.94亿元。本次中标项目为联合体中标，公司所涉及签约金额以后续各方签订具 体实施协议约定为准。 ...

今日长江现货 1# 锡报 422750-424750 元 / 吨，均价 423750 元 / 吨，较前一交易日暴跌 11750 元，创下 近期单日最大跌幅，成为当日工业金属市场调整最剧烈的品种。作为AI算力、半导体与光伏新能源的 核心科技金属，锡价此番深度回调并非单一利空所致，而是宏观情绪、地缘缓解、供需转弱、产业链分 化与资金离场五重因素共振的结果。本文将聚焦当日市场剧变，层层剖析其背后逻辑，并对后续走势作 出预判。 宏观施压：科技股与美元联动压制估值 当日锡价下跌的首要驱动力源自海外宏观情绪的迅速恶化。美股科技龙头微软因业绩指引疲软单日重挫 近10%，引发市场对全球科技资本开支的担忧，与科技股高度绑定的锡需求预期随之降温。与此同时， 美元指数日内异动上行，叠加美债收益率维持高位，触发了大宗商品投机资金的集体获利了结。全球避 险情绪自贵金属、虚拟货币蔓延至工业金属板块，内外宏观面形成合力，直接压低了锡的金融属性估 值。 地缘边际缓解：刚果金扰动预期降温 此前助推锡价冲高的刚果金地缘风险出现局部缓和迹象。尽管东部武装冲突持续，但部分矿区周边形势 暂未进一步恶化，主要合规矿企的生产与运输未受实质性冲击。市场此前 ...

今日午盘后沪锡走势：今日沪锡合约2603上涨，开盘价报424790元/吨，盘中最高报452500元/吨，最低 报421800元/吨，结算价报434650元/吨，收盘报451160元/吨，上涨8560元，涨幅1.93%；沪锡主力月 2603合约成交量351975手，持仓量55071手，较前一日减少162手。 今日现货锡价走势：据长江有色金属网获悉，1月27日ccmn长江综合市场1#锡价报424800元/吨-427800 元/吨，均价报426300元/吨,较前一日价格下跌10500元；今日长江现货市场1#锡价报425500元/吨-427500 元/吨，均价426500元/吨，较上一交易日价格下跌10500元/吨。 ccmn锡市分析：宏观面，今日锡价大幅回调，成当日有色板块波动最显著品种，这是短期利空共振导 致，并非锡市供需紧平衡基本面反转，锡的长期资源稀缺与新兴需求支撑逻辑未变。内外宏观利空集中 释放是此次下跌核心，海外虽处弱美元周期，但美国经济数据超预期降温美联储降息预期，美债收益率 上行压制大宗商品价格，中资工业品板块也现资金流出；国内上期所收紧锡期货交易限额引发投机资金 离场，节前资金面偏紧进一步放大跌幅， ...

据长江有色金属网获悉，2026 年 1 月 27 日长江现货 1# 锡市场报 425500-427500 元 / 吨，均价 426500 元 / 吨，单日重挫 10500 元 / 吨，成为当日有色板块情绪扰动最显著品种。此番急跌并非全球锡市供需 紧平衡基本面反转，而是海外宏观政策不确定性、国内资金面调整、地缘局势扰动及春节节前效应的多 重短期利空共振，全球锡资源稀缺、新兴需求驱动的中长期核心支撑逻辑未发生根本改变。 内外宏观双压 周期品配置意愿骤降 锡价下跌的核心宏观诱因是内外利空集中释放，海外货币政策预期转向与国内资金面收缩形成双重压 制，直接导致机构短期配置周期品的意愿降温。 海外层面，美国 11 月耐用品订单月率 5.3% 大幅超预期，凸显经济韧性的同时重挫降息预期；叠加美 联储 1 月 27-28 日议息会议临近，市场 95.6% 预期维持利率不变，鲍威尔继任者悬念持续发酵，进一步 加剧政策不确定性。美债长端收益率上行、纳斯达克中国金龙指数跌 0.63%，全球资产分化背景下有色 金属板块承压明显。国内层面，上期所当日起将锡期货合约日内开仓限额调整至 200 手，引发部分投机 资金离场；临近春节假期，杠 ...

期货市场：贸易政策不确定性及获利盘集中离场，隔夜伦锡收跌3.73%；最新收盘报54495美元，比前 一交易日下跌2110美元，跌幅为3.73%，成交量为1173手，持仓量24206手； 伦敦金属交易所（LME）1月26日伦锡库存量7065吨，较前一交易日库存量减少130吨。长江锡业网 讯：今日沪锡期货全线低开，主力月2603合约开盘报434790跌7810元，9：10分沪锡主力2603合约报 428980跌13620；沪期锡开盘低开低走，盘面维持弱势震荡运行，本交易日锡价下跌成为有色板块中受 情绪扰动较显著的品种。此番波动并非锡市供需紧平衡基本面的反转，而是多重短期利空共振下的情绪 宣泄 —— 美国 11 月耐用品订单月率 5.3% 大幅高于预期，凸显经济韧性的同时进一步打压美联储降息 预期，叠加美联储议息会议临近、鲍威尔继任者悬念、地缘动荡等因素，隔夜全球资产呈现分化走势， 美元指数延续下跌，美债长端收益率上行，美股三大股指收涨但纳斯达克中国金龙指数走跌，机构对周 期品的短期配置意愿显著降温；国内方面，临近春节假期杠杆资金热度回落，上期所交易规则调整引发 部分投机资金离场，再叠加刚果金与卢旺达边境交火引发的 ...

Core Viewpoint - The tin metal market is experiencing a significant price surge, continuing the upward trend from 2025, with prices reaching historical highs due to a combination of geopolitical conflicts, supply constraints, and long-term demand expectations [1][4]. Price Trends - On January 26, the main contract for tin futures on the Shanghai Futures Exchange rose over 10% to approximately 462,700 CNY per ton, closing at 425,300 CNY per ton, a 1.37% increase from the previous trading day and over 25% for the month [1]. - The LME three-month tin price hit a record high of about 55,400 USD (approximately 358,200 CNY) per ton on January 23, up 6.5% from the previous day [1]. Supply Constraints - The current geopolitical situation in the Democratic Republic of the Congo has escalated, increasing safety risks in major production areas, compounded by slow recovery in Myanmar and policy uncertainties in Indonesia, creating a "triple constraint" on supply [4]. - Global tin inventories are at historical lows, with LME tin stocks at 7,195 tons, a 21.23% increase month-on-month, while domestic social inventories have accumulated to 9,700 tons, up 0.18% [4]. Demand Dynamics - There is a clear distinction between short-term demand pressure and long-term growth potential, with traditional seasonal demand being subdued before the Spring Festival, while long-term growth driven by AI computing, photovoltaic new energy, and electric vehicles is expected to significantly outpace traditional sectors [3][5]. Industry Challenges - The tin industry is currently facing intensified competition between upstream and downstream sectors, with upstream players holding significant power due to resource scarcity [6][7]. - Domestic smelting enterprises are struggling with high procurement costs for imported ore, leading to historically low processing fees and overall industry losses [12]. Resource Dependency - China, despite being the largest tin resource holder and producer, has seen its reliance on imported tin ore exceed 60%, with some years approaching 70%, indicating a severe constraint on raw material supply [7][9]. - The annual production of tin ore in China has declined from 120,000 tons in 2010 to approximately 95,000 tons in 2022, while consumption has increased from 154,000 tons to 195,000 tons, widening the supply gap [11]. Future Price Outlook - Short-term factors supporting high tin prices include a weak dollar environment, supply concerns due to geopolitical tensions, and positive market sentiment [15]. - Analysts predict that while demand growth expectations exist, the anticipated impact of AI on tin consumption may be overstated, with AI-related consumption accounting for only 1%-2% of total tin consumption [15].

Group 1 - The Shanghai Futures Exchange (SHFE) has tightened trading limits for silver and tin futures contracts, effective from January 27, 2026, with maximum daily opening positions set at 800 lots for silver and 200 lots for tin [2][3] - The recent tightening of trading limits follows a significant surge in silver and tin prices, with silver reaching a peak of 28,226 yuan per kilogram, an increase of over 14%, and tin hitting 462,720 yuan per ton [3] - The adjustments in trading limits are part of SHFE's risk control measures, reflecting the ongoing volatility and price increases in these commodities [2][3] Group 2 - The SHFE has also announced changes to the price fluctuation limits and margin requirements for copper and aluminum futures, effective from January 28, 2026, with a fluctuation limit of 9% and a margin requirement of 10% for hedging positions [5][6] - Copper and aluminum futures have shown a rising trend, with copper closing at 101,880 yuan per ton, up 1.26%, and aluminum at 24,215 yuan per ton, up 0.33% as of January 26 [6] - Market analysts suggest that the demand for copper is supported by rapid growth in sectors such as energy storage and AI, while aluminum prices are influenced by macroeconomic factors and overall market sentiment [6][5]

Group 1 - The Shanghai Futures Exchange (SHFE) has tightened trading limits for silver and tin futures contracts while adjusting the price fluctuation limits and margin ratios for copper and aluminum futures [1][2][6] - The maximum number of contracts for intraday opening trades has been set to 800 for silver futures and 200 for tin futures, effective from January 27, 2026 [2][4] - Recent price surges in silver and tin futures have prompted these adjustments, with silver reaching a peak of 28,226 yuan per kilogram, a rise of over 14%, and tin hitting 462,720 yuan per ton [4] Group 2 - The price fluctuation limit for copper and aluminum futures will be adjusted to 9%, with margin ratios set at 10% for hedging and 11% for general positions, effective from January 28, 2026 [6][11] - As of January 26, copper futures closed at 101,880 yuan per ton, up 1.26%, while aluminum futures closed at 24,215 yuan per ton, up 0.33% [11][12] - The long-term outlook for copper prices remains positive due to strong demand from sectors like energy storage and AI, despite potential volatility [11][12]