中经记者 陈家运 北京报道 财务数据显示，2022年至2024年，八一钢铁的归母净利润分别亏损13.62亿元、11.63亿元、17.52亿元， 亏损规模呈现扩大趋势。 2025年前三季度，八一钢铁曾出现阶段性减亏迹象。当期，其实现营业收入146.17亿元，同比下降 1.39%，归母净利润亏损5.72亿元，同比增长60.43%，扣非归母净利润亏损6.06亿元，同比增长 58.27%。 然而，在2025年第四季度八一钢铁业绩却大幅亏损。根据业绩预告测算，八一钢铁第四季度归母净利润 亏损额高达12.78亿元至14.78亿元，远超前三季度亏损总和。 2026年1月25日，八一钢铁（600581.SH）公告披露，预计2025年归母净利润亏损18.50亿元至20.50亿 元，扣非归母净利润亏损19亿元至21亿元。这已是八一钢铁连续第四年亏损。并且，其预计2025年末净 资产为-17.60亿元至-19.50亿元，触及《上海证券交易所股票上市规则》第9.3.2条规定的退市风险警示 情形。 八一钢铁方面表示，当前钢铁行业处于"减量发展、存量优化"的深度调整期，"供需双弱"叠加环保政策 收紧、原燃料与钢材价格"剪刀差"、产能过剩 ...

Core Viewpoint - The company has included a tax payment of 224 million yuan in its Q3 2025 report, but there are concerns regarding the disclosure of significant tax risks related to its controlling subsidiaries [1] Group 1 - The company confirmed that its announcements comply with relevant information disclosure regulations [1] - There are allegations from investors suggesting potential concealment of negative information by the company [1] - Questions have been raised about the company's responsibility for losses incurred by minority shareholders due to the lack of disclosure [1]

方大特钢表示，上游主要原燃料价格显著回落，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。此外，2025年，公 司非经常性损益金额约为1.3亿元，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。 北京商报讯(记者马换换李佳雪)1月28日晚间，方大特钢（600507）披露公告称，公司预计2025年度实 现归属净利润为8.35亿元到9.98亿元，同比增加236.9%到302.67%。 ...

Core Viewpoint - During the "14th Five-Year Plan" period, China has established the world's largest clean electricity supply system and clean steel production system, along with the largest carbon emission trading market globally [1][3]. Group 1 - China has achieved a penetration rate of over 50% for new energy vehicles during the "14th Five-Year Plan" period [3]. - The clean transportation ratio in key regions and industries has reached 78% [3]. - By the end of 2025, the cumulative transaction volume of carbon emission quotas is expected to reach 865 million tons, with a transaction value of 57.663 billion yuan [3]. Group 2 - A national voluntary greenhouse gas emission reduction trading market has been initiated [3]. - The country is leading the establishment of a product carbon footprint management system [3]. - The implementation of the "National Climate Change Adaptation Strategy 2035" has been issued to continuously enhance climate resilience in key areas and sectors [3].

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]