分析师：冯胜 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 本周建筑材料赛道涨幅居前，北交所新股申购资金首次突破万亿元关口 ——北交所周报（1.19-1.23） 评级： 增持（维持） 分析师：万欣怡 执业证书编号：S0740524070005 Email：wanxy@zts.com.cn | 上市公司数 | 290 | | --- | --- | | 行业总市值(亿元) | 9,670.53 | | 行业流通市值(亿元) | 6,035.44 | 最近一年北证 50 VS 沪深 300 北交所 证券研究报告/行业定期报告 2026 年 01 月 26 日 报告摘要 北交所行情概览： 1）整体行情：截至 2026 年 1 月 23 日，北证成份股 290 个，平均市值 33.35 亿元。 本周北证 50 指数涨跌幅+2.58%，收盘 1588.66 点；同期沪深 300、创业板指、科创 50 涨跌幅分别为-0.68%、+0.36%、+3.11%。 2）赛道行情：本周 A 股涨幅前五的行业为建筑材料、钢铁、有色金属、化工、房地 产，涨幅分别为 7.50%、6.3 ...

每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 （记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯，杭钢股份1月26日晚间发布业绩预告，预计公司2025年年度实现归属于母公司所有者的净 利润为2200万元左右，与上年同期相比，将实现扭亏为盈。 每日经济新闻 ...

Core Viewpoint - Hangzhou Steel Group Co., Ltd. (600126.SH) is expected to achieve a net profit of approximately 22 million yuan for the year 2025, marking a turnaround from losses in the previous year [1] Group 1: Steel Industry Performance - The steel industry is experiencing a recovery in overall efficiency, but still faces challenges such as insufficient effective demand, weakening export expectations, and prominent supply-demand contradictions [1] - The company is implementing a "low cost, high efficiency" operational strategy to mitigate losses in its steel business, focusing on optimizing production organization, improving technical and economic indicators, and promoting cost reduction and efficiency enhancement across the entire process [1] Group 2: Digital Economy Initiatives - The company is actively advancing a dual-driven strategy of "smart manufacturing + digital economy," with previously established digital economy businesses beginning to yield benefits, contributing to an overall improvement in performance [1]

Core Viewpoint - Hangang Co., Ltd. (600126.SH) is expected to achieve a net profit of approximately 22 million yuan for the year 2025, marking a turnaround from losses in the previous year [1] Group 1: Steel Industry Performance - The steel industry is experiencing a recovery in overall efficiency amid deepening policy regulation and accelerated market structure and industry integration, but it still faces multiple challenges such as insufficient effective demand, weakening export expectations, and prominent supply-demand contradictions [1] - The company is adhering to a "low-cost, high-efficiency" operational strategy to mitigate ongoing business pressures, focusing on optimizing production organization, improving technical and economic indicators, and promoting cost reduction and efficiency enhancement across the entire process [1] Group 2: Digital Economy Initiatives - The company is actively advancing a dual-driven strategy of "intelligent manufacturing + digital economy," with previously established digital economy businesses gradually releasing benefits, leading to an overall improvement in performance [1]

Core Viewpoint - The company, Hangang Co., Ltd., expects to achieve a net profit of approximately 22 million yuan for the year 2025, marking a turnaround from previous losses, despite a projected net loss of around 115 million yuan when excluding non-recurring gains and losses [1] Group 1: Main Business Impact - The steel industry is experiencing a recovery in overall efficiency due to deepening industry policy adjustments and accelerated market structure and industrial integration, but it still faces challenges such as insufficient effective demand, weakened export expectations, and prominent supply-demand contradictions [1] - The company has maintained a "low-cost, high-efficiency" operational strategy, optimizing production organization, improving technical and economic indicators, and promoting cost reduction and efficiency enhancement across the entire process, which has helped to significantly narrow the losses in its main steel business [1] - Although the net profit from the main business is still negative, the loss amount has been greatly reduced compared to the previous year, indicating a substantial decrease in losses [1] Group 2: Non-Recurring Gains and Losses - The company anticipates that the net profit attributable to shareholders of the parent company will be around 22 million yuan for 2025, driven by significant reductions in losses from the main business, along with investment gains from the disposal of subsidiary equity and government subsidies classified as non-recurring gains and losses [1]

格隆汇1月26日｜杭钢股份发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为2200万 元左右，同比扭亏；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-11500万元左 右。 ...

Core Viewpoint - The company, Hangang Co., Ltd. (600126.SH), is expected to turn a profit in 2025 with a projected net profit of approximately 22 million yuan, compared to a loss in the previous year [1] Company Summary - The company anticipates a net profit attributable to shareholders of the parent company for 2025 to be around 22 million yuan, indicating a turnaround from the previous year's loss [1] - The expected net profit, excluding non-recurring gains and losses, is projected to be approximately -11.5 million yuan for 2025 [1] - The company has adopted a "low cost, high efficiency" operational strategy to mitigate losses in its steel business, focusing on optimizing production organization, improving technical and economic indicators, and promoting cost reduction and efficiency enhancement across the entire process [1] Industry Summary - The steel industry is experiencing a recovery in overall efficiency amid deepening policy regulation and accelerated market structure and industry consolidation [1] - Despite the recovery, the industry faces multiple challenges, including insufficient effective demand, weakening export expectations, and prominent supply-demand contradictions [1] - The operational pressure on enterprises in the steel sector continues due to these challenges [1]

Core Viewpoint - The company Ba Yi Steel is facing a severe financial crisis, with projected losses for 2025 between 1.85 billion and 2.05 billion yuan, and a negative net asset forecast for the end of 2025, indicating a potential delisting risk due to consecutive losses exceeding 3.6 billion yuan over two years [2][3][8]. Financial Performance - Ba Yi Steel anticipates a loss of 1.85 billion to 2.05 billion yuan for 2025, following a loss of 1.752 billion yuan in 2024, leading to total losses exceeding 3.6 billion yuan over two years [2][3][8]. - The company expects its net assets to be between -1.76 billion and -1.95 billion yuan by the end of 2025, which will trigger a delisting risk warning under the Shanghai Stock Exchange regulations [2][3][8]. Industry Context - The steel industry is currently experiencing a "dual weakness" in supply and demand, compounded by tightening environmental policies, a disparity between raw material and steel prices, and overcapacity, which has significantly compressed profits for companies like Ba Yi Steel [3][8]. Regulatory Issues - Ba Yi Steel has been implicated in non-operational fund transactions with its controlling shareholder, Ba Steel Group, totaling over 89 billion yuan from 2022 to 2024, which were not disclosed in regular reports, leading to regulatory scrutiny [4][10]. - The company received an administrative penalty notice from the Xinjiang Securities Regulatory Bureau, which includes a warning and fines totaling 4.5 million yuan for failing to disclose significant financial transactions [4][10]. Investor Claims - Due to violations in information disclosure, investors are pursuing claims against Ba Yi Steel, with legal actions initiated for losses incurred from April 18, 2023, to November 7, 2025 [5][11]. - The urgency for the company to stabilize its financial situation is heightened as it approaches a delisting risk warning, raising serious concerns among investors regarding its viability [11].

Industrial Sector - In January, daily average pig iron production and float glass operating rates remained stable, while asphalt and some chemical products saw a decline in operating rates[4] - The apparent demand for major steel products decreased, while cement clinker capacity utilization increased[4] - The operating rate for automotive semi-steel tires increased, while full-steel tire operating rates declined[20] Real Estate - New home sales in 30 major cities decreased by 38.5% year-on-year as of January 23, with a similar decline of 38.6% for the month of January[21] - The second-hand housing listing price index fell by 0.93% week-on-week, a decrease of 0.46 percentage points from the previous value[25] Domestic Demand - Retail sales of passenger cars from January 1 to 18 dropped by 28% year-on-year, with a slight expected increase of 0.3% for the entire month due to the Spring Festival timing[29] - Major home appliance retail sales fell by 34.5% year-on-year as of January 16, a decline of 3.3 percentage points from the previous value[33] - The volume of postal express deliveries decreased by 5.4% year-on-year as of January 18, a drop of 3.2 percentage points from the previous value[32] External Demand - Port cargo throughput increased by 3.4% year-on-year as of January 18, an improvement of 1.7 percentage points from the previous value[35] - Container throughput at ports rose by 7.6% year-on-year, also showing an increase from previous values[35] Price Trends - The Nanhua Industrial Index rose by 1.1%, while the Nanhua Black Raw Materials Index fell by 0.9% and the Nanhua Nonferrous Metals Index increased by 3.0%[36] - The agricultural product wholesale price index rose by 1.7% week-on-week[40]

Group 1 - Hong Kong steel stocks collectively rose, indicating positive market sentiment in the sector [1] - China Oriental Group (00581.HK) increased by 5.97%, reaching HKD 1.42 [1] - China Hanking Holdings (03788.HK) saw a rise of 5.61%, trading at HKD 5.27 [1] - Tsinghua Tongfang (01029.HK) experienced a 1.92% increase, priced at HKD 0.53 [1] - Chongqing Steel (01053.HK) rose by 1.64%, with a current price of HKD 1.24 [1]