Core Viewpoint - The company has made significant investments in its main business over the past three years but has not achieved the expected returns, leading to losses in production projects. The company emphasizes a long-term strategic focus on product structure adjustments and competitive strength enhancement [1]. Group 1 - The company maintains strategic determination in its investments, focusing on long-term development and enhancing competitive strength [1]. - Major project investments are conducted in accordance with the company's regulations and internal systems, ensuring thorough evaluation [1]. - The timeline for achieving expected economic benefits from high-end product projects requires a reasonable period from construction to production [1]. Group 2 - While concentrating on strengthening its steel main business, the company is also attentive to suitable investment opportunities in the upstream and downstream of the industry chain [1].

南财智讯1月28日电，方大特钢公告，预计2025年全年归属于上市公司股东的净利润为8.35亿元—9.98亿 元，同比预增236.90%—302.67%；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7.05亿元—8.68亿元，同比预增299.87%—392.32%；主要变动原因为：2025年，钢铁行业下游需求仍 偏弱运行，钢材价格呈震荡下行态势，但同期上游主要原燃料价格也显著回落，钢材利润得到一定修 复。在生产端，公司持续推进精细化管理，大力降本增效；建设两套65MW超高温亚临界发电项目，提 升能源利用效率。在销售端，公司抢抓市场机遇，通过优化品种结构，提高高效益产品产销量，有力推 动了业绩增长；2025年，公司非经常性损益金额约为13,000万元，主要原因是受资本市场整体上涨影 响，公司投资的信托产品等公允价值变动收益增加；2024年同期，公司非经常性损益金额为7,154.07万 元。 ...

↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 聪明投资者 来源：雪球 沃尔特·施洛斯是美国最杰出的价值投资者之一，他被同门师兄、好友沃伦·巴菲特称为"超级投资者"。 1934年，施洛斯在华尔街找到了第一份工作——跑单员。他曾师从价值投资开山鼻祖本杰明·格雷厄姆，1946年开始为老师工作，直到1955年自立 门户，成立沃尔特J·施洛斯合伙人公司。 在47年管理合伙公司期间，他为客户赢得了20%的年复合回报率（扣费前）。而同期标普500指数经历了起起伏伏的牛熊跌宕， 巴菲特曾这样评价他："沃尔特知道如何识别那些售价远低于其价值的证券，这就是他所做的一切。他持有的股票数量比我多得多，而且对企业的 内在本质远没有我感兴趣。我似乎对沃尔特没什么影响力，这正是他的优点之一。" 沃尔特·施洛斯说，"我们就是买便宜的股票，没别的。" 这是沃尔特·施洛斯的故事。一个在近半个世纪里持续跑赢市场，却从未试图借此成名的人。 他没有登上头条，也没有写出畅销书。他既没有经营对冲基金，也没有在CNBC亮相。事实上，你甚至可能在街头与他擦肩而过，却永远不会 ...

Core Viewpoint - During the "14th Five-Year Plan" period, Chinese enterprises are expected to receive tax reductions exceeding 80 billion yuan due to low emissions, centralized urban and rural sewage treatment, and comprehensive solid waste utilization [1][2] Group 1: Environmental Tax and Economic Policies - The total amount of environmental protection tax collected during the "14th Five-Year Plan" period is nearly 120 billion yuan, with enterprises benefiting from tax reductions due to low emissions and other environmental practices [1][2] - For the steel industry, pollutant emissions have decreased by 24.9% over five years, with expected tax reductions exceeding 9 billion yuan, highlighting the benefits for "protectors" [2] Group 2: Future Directions and Policy Enhancements - The environmental economic policy has significant potential for the "15th Five-Year Plan" period, focusing on structural adjustments, cost reductions, and promoting ecological protection [2] - There is an ongoing effort to deepen ecological compensation reforms and establish regional cooperation mechanisms, with 104 counties included in key ecological compensation areas and 33 cross-provincial ecological protection compensation mechanisms established [2]

研究所 黑色金属研发报告 黑色金属日报 2026 年 01 月 28 日 螺纹热卷日报 第一部分 市场信息 研究员：戚纯怡 期货从业证号： F03113636 投资咨询证号： Z0018817 :021-65789253 :qichunyi_qh@chinastock.c om.cn 1/ 10 【交易策略】 今日钢材盘面延续低位震荡，现货成交整体一般偏弱，价格较昨日持稳或微跌， 刚需低价拿货为主。本周布谷网公布，建材增产而热卷减产；螺纹库存持续累积，而 热轧总体仍然去库，总体厂库压力小于社库；本周下游工地资金到位情况有所改善， 导致建材表需回升；近期钢材出口出现下滑，但年前制造业补库需求仍存，叠加产量 下滑，热卷需求同样上升。1 月煤矿有所增产，蒙煤进口快速增加，但钢厂补库仍然持 续，预计 2 月煤矿或陆续减产；而 pb 粉结构性短缺问题尚未解决，1 季度同样为铁矿 传统发运淡季，钢厂存在补库刚需，成本存在支撑；但海外需求出现季节性回落，钢 材出口下滑，而近期铁水持续复产，也影响了钢材进一步上涨的空间。预计节前钢材 仍然跟随市场情绪维持震荡走势，波动率偏低。继续关注宏观消息对盘面的影响。后 续继续关注煤矿安 ...

Core Viewpoint - Zhongnan Co., Ltd. (000717.SZ) expects a loss of 1 billion to 1.2 billion yuan in 2025, with a non-recurring loss of 1.02 billion to 1.22 billion yuan, indicating significant challenges in the domestic steel industry [1] Industry Summary - The domestic steel industry is undergoing a "reduction in quantity and optimization of stock" adjustment period in 2025, with supply-demand conflicts still unresolved [1] - The overall market is characterized by strong supply, weak demand, high costs, and low prices, particularly with a notably weak performance in the building materials market [1] Company Summary - The company has identified signs of asset impairment and plans to conduct impairment testing on relevant assets, in accordance with the Accounting Standards for Enterprises No. 8 [1] - In response to the adverse industry conditions, the company is focusing on enhancing operational certainty through improved procurement and sales coordination, innovative business models, and optimizing raw material and product structures [1] - The company aims to achieve extreme efficiency and cost reduction, deepen the bidding mechanism, and continuously strengthen cost reduction and efficiency enhancement measures to improve operational performance [1]

Group 1: Market Performance - The A-share coal sector is experiencing a strong upward trend, with sub-sectors like coking coal and thermal coal rising in tandem, indicating a sustained profit-making effect [1] - Shanxi Coking Coal has hit the daily limit up, becoming the leading stock in the sector, while Lu'an Environmental Energy has increased by over 8%, leading the coking coal sub-sector [1] - Other stocks such as Jinko Coal, Electric Power Energy, Shaanxi Black Cat, and Haohua Energy are also seeing synchronized gains, reflecting a significant increase in market activity [1] Group 2: Industry Outlook - The coal price is expected to rise by approximately 5-7% in 2026, with improved performance for listed companies anticipated to follow suit [2] - Coal inventory has significantly decreased, with a total of 22.59 million tons reported, marking a week-on-week decline of 2.9% and a year-on-year drop of 20.4%, indicating a tight supply-demand balance [2] - The implementation of stricter safety regulations and continued restrictions on imported coal are expected to accelerate the elimination of outdated production capacity, leading to an increase in industry concentration [2] Group 3: Related Industries - The coal chemical industry is expected to benefit from rising coal prices and stable supply, with a projected 6% growth in coal consumption driven by new coal chemical projects [3] - The power industry, particularly thermal power, is seeing a resilient coal demand, with a 3.3% year-on-year increase in coal consumption since the beginning of 2026 [3] - The steel industry is also benefiting from the improved coal sector, with a 1.5% year-on-year increase in pig iron production and a 0.9% week-on-week increase in coking coal sales, highlighting the synergy within the steel-coal supply chain [3]

河北是农业大省，算力赋能也为乡村振兴注入了科技动能。河北省政协委员、中国农业大学涿州教学实 验场场长段刘伟说，依托算力资源，目前已开发奶牛方面的"孺子牛大模型"、数字渔业方面的"范蠡大 模型"，下一步将围绕智能育种，研发更丰富的模型。 河北省人大代表、中国移动通信集团河北有限公司董事长秦红军说，聚焦增强通信算力智能服务的全栈 供给，目前已构建覆盖数据、生产、生活、治理的智能服务体系。如参建的雄安新区低空经济运营平 台，涵盖了30多个城市治理的场景；参与开发的"肿瘤病理诊断大模型"，诊断准确率超过95%；参与开 发的河北省民政智能体，使民众办事平均时长缩短了40%；参建的食品安全监管平台，纳管了餐饮单位 超过6万家。 综合算力指数全国第一 河北用算力赋能千行百业 中新社石家庄1月28日电 (记者 陈林 艾广德)算力是数字经济发展的"底座"，河北的综合算力指数连续两 年位居全国第一。2026年河北两会，中新社记者专访多位代表、委员，了解该省如何用算力赋能千行百 业。 河北是中国第一钢铁大省，产能约占全国五分之一。河北省政协委员、河北东海特钢集团有限公司总工 程师杨晓江说，河北钢铁产能全国第一，综合算力指数也是全国 ...

Core Viewpoint - The company expects a significant net loss for the year 2025, with projections indicating a loss of between 10.00 billion to 12.00 billion yuan for net profit attributable to shareholders, and a loss of 10.20 billion to 12.20 billion yuan for net profit after deducting non-recurring gains and losses [1] Industry Summary - The domestic steel industry is undergoing a deep adjustment period characterized by "reduction in quantity and optimization of stock," with persistent supply-demand contradictions and no substantial improvement in the overall situation [1] - The industry is currently facing a challenging environment with strong supply, weak demand, high costs, and low prices, particularly in the construction materials market, which is showing signs of weakness [1] Company Summary - The company has identified signs of asset impairment in some of its assets and plans to conduct impairment testing and make provisions for asset impairment in accordance with relevant accounting standards [1] - In response to the adverse industry conditions, the company is focusing on enhancing operational certainty through strengthened procurement and sales collaboration, promoting innovation in business models, and optimizing raw material and product structures to improve efficiency [1] - The company is committed to deepening its bidding mechanism and continuously strengthening cost reduction and efficiency enhancement measures to improve operational performance [1]

Group 1 - The core viewpoint of the articles emphasizes China's commitment to accelerating a comprehensive green transformation in its economy and society, with a focus on achieving carbon neutrality by 2035 [1][4][5] - The 20th Central Committee of the Communist Party of China has set "accelerating comprehensive green transformation" as a core task for the 14th Five-Year Plan, highlighting the importance of ecological security and green development [4][5] - Key mechanisms for carbon neutrality have made significant progress, including the expansion of the national carbon market to cover steel, cement, and aluminum industries, and the establishment of national zero-carbon parks [1][6][11][13] Group 2 - China's new round of Nationally Determined Contributions (NDC) aims for a 7%-10% reduction in greenhouse gas emissions by 2035, with non-fossil energy consumption reaching over 30% of total energy consumption [6][10] - The national unified resource and environmental market is being developed to enhance market efficiency and promote the marketization of resource and environmental factors [7][8] - The total electricity consumption in China surpassed 10 trillion kilowatt-hours in 2025, marking a significant milestone and reflecting the resilience and vitality of the economy [9][10] Group 3 - The energy power strategy emphasizes energy security, green transformation, and technological self-reliance, with a focus on seven key tasks for energy work in 2026 [10][11] - The first batch of national zero-carbon parks has been established, with 52 parks across various regions, focusing on low-energy, low-pollution, and high-value-added industries [11][12] - The national carbon market has expanded to include three major high-energy-consuming industries, significantly increasing the coverage of carbon emissions [13][15] Group 4 - The issuance of green certificates reached nearly 3 billion in 2025, with international recognition from the RE100 initiative, enhancing the credibility and market demand for Chinese green certificates [16][17] - Twelve new CCER methodologies were implemented in 2025, focusing on key areas for voluntary emission reductions, which is expected to activate the voluntary carbon market [18][19] - The COP30 conference resulted in a commitment from wealthy nations to double funding for climate change adaptation by 2035, although the omission of fossil fuel references in the final text raised concerns [20][21]