Report Industry Investment Rating - No relevant content provided. Core View of the Report - During the Spring Festival in 2026, the national construction steel market was generally closed, with the overall price remaining the same as before the festival and regional performance showing differentiation. This year, manufacturers are cautiously optimistic, but there are differences in expectations for the post - holiday market. After the festival, steel prices are expected to have a short "good start" supported by the inertia of steel mills' price increases, low inventory, and cost. However, the recovery rhythm of demand, the resumption progress of steel mills, and inventory digestion will be key variables. Subsequently, the market will likely enter a shock adjustment stage, and the sustainability of the market depends on the actual release intensity of demand, with a short - term shock - upward trend [2]. Summary by Relevant Catalogs Market Review and Outlook - During the 2026 Spring Festival, the national construction steel market was closed, with prices unchanged from pre - holiday levels and regional differences. Manufacturers have a cautious and optimistic attitude, but there are differences in post - holiday market expectations. After the holiday, steel prices may have a short "good start" due to factors such as steel mills' price increases, low inventory, and cost support. Key variables include demand recovery, steel mill resumption, and inventory digestion. The market will likely enter a shock adjustment stage, and its sustainability depends on actual demand release, with a short - term shock - upward trend [2]. Fundamental Data Weekly Changes | Steel Type | Unit | Latest Week | Previous Period | Weekly Change | Weekly Change Rate | Frequency | | --- | --- | --- | --- | --- | --- | --- | | Daily average hot metal production of steel mills | 10,000 tons | 230.49 | 228.58 | 1.91 | 0.84% | Weekly | | Rebar mill inventory | 10,000 tons | 163.59 | 153.65 | 9.94 | 6.47% | Weekly | | Rebar social inventory | 10,000 tons | 423.23 | 365.92 | 57.31 | 15.66% | Weekly | | Hot - rolled coil mill inventory | 10,000 tons | 79.85 | 78.75 | 1.1 | 1.40% | Weekly | | Hot - rolled coil social inventory | 10,000 tons | 290.92 | 280.45 | 10.47 | 3.73% | Weekly | [4] Futures Market Review - The report presents figures such as the 5 - day intraday chart of rebar and hot - rolled coil main contracts, rebar 05 - 10 spread, hot - rolled coil 05 - 10 spread, on - disk coil - rebar spread, and speculation degree (trading volume/position) [5][6][9]. Spot Market Review - The report shows figures such as the rebar price in East China (Shanghai), the hot - rolled 4.75 spot price (Shanghai), rebar basis, and hot - rolled coil basis [14][15]. Fundamental Data - The report includes figures such as the daily average hot metal production of 247 steel mills, rebar blast furnace profit, rebar supply - demand trend, hot - rolled coil supply - demand trend, rebar mill inventory seasonal analysis, rebar social inventory seasonal analysis, hot - rolled coil mill inventory seasonal analysis, and hot - rolled coil social inventory seasonal analysis [17][22][24]

广发期货有限公司 研究所 投资咨询业务资格：证监许可【2011】1292号 本 2026年1月30日 纪元菲 从业资格：F3039458 投资咨询资格：Z0013180 多晶硅月报 多 晶 硅 供 需 双 减 ， 依 旧 震 荡 关 注 产 能 调 控 进 程 及 需 求 恢 复 月度观点 多晶硅供需双减，依旧震荡 n 观点：2月依旧供需双弱，但春节后可关注3月订单的恢复情况以及产能调控的进展。在弱需求背景下，2月多晶硅有望减产增加，据硅业分会 2月份多晶硅产量将进一步下调至8.2-8.5万吨。2月产量的大幅下降，一方面与多家企业减产有关，另一方面生产天数减少也将导致月度产量 下降。根据硅业分会对2月排产的统计，以及SMM的周度产量来看，预计2月周度产量仍将维持在2万吨左右，环比降幅有限。但需求端环比减 量也有限，可关注春节后订单恢复情况对下游开工率的带动。虽然目前依旧供过于求持续累库，需求较弱，下游以去库为主，较少成交，且 春节前预计难有大幅改善，但累库斜率放缓，可关注春节后是否会有需求端的政策支持。目前期货价格跌破前期48000元/吨的支撑，考虑市 场化出清产能，在完全成本的支撑下，45000元/吨一线预 ...

Core Viewpoint - Tianrun Dairy reported a decline in revenue and net profit for the first three quarters of 2025, indicating challenges in the dairy market and the need for strategic adjustments [4][5]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 2.074 billion yuan, a year-on-year decrease of 3.81%, and a net loss of 11 million yuan compared to a net profit of 22 million yuan in the same period last year [4]. - In Q3 2025, the company recorded revenue of 678 million yuan, down 4.84% year-on-year, with a net profit of 11 million yuan, a significant decrease of 77.60% year-on-year [4]. Product Category Performance - Revenue from various product categories in Q3 2025 included 358 million yuan from ambient dairy products, 264 million yuan from chilled dairy products, and 30 million yuan from livestock products, reflecting declines of 3.81% and 5.87% respectively, while livestock products saw an increase of 80.08% [5]. - The overall market demand remains weak, with ongoing price competition affecting revenue from both ambient and chilled dairy products [5]. Regional Performance - Revenue from the domestic market in Q3 2025 was 358 million yuan, up 10.16% year-on-year, while revenue from outside the region was 300 million yuan, down 13.68% [5]. - The company is expanding its sales network through various channels, including airports and convenience stores, to enhance consumer reach [5]. Sales Model Analysis - In Q3 2025, revenue from the distribution model was 580 million yuan, down 8.06% year-on-year, while direct sales revenue increased by 88.32% to 78 million yuan [5]. - The growth in direct sales is attributed to the establishment of an e-commerce subsidiary and the transition of the sub-brand Jiali from a distribution model to a direct sales model [5]. Profitability and Cost Analysis - The gross margin for Q1-Q3 2025 was 16.17%, decreasing to 14.72% in Q3 2025, reflecting a year-on-year decline of 5.14 percentage points [6]. - The increase in sales expenses is linked to promotional activities, with the sales expense ratio for Q3 2025 at 6.46%, up 0.06 percentage points year-on-year [6]. - The net profit margin for Q3 2025 was 1.66%, down 5.38 percentage points year-on-year, indicating pressure on profitability due to market conditions and inventory impairments [6].