近期顺周期行业表现如何？其背后的宏观逻辑是什么？ 近期顺周期行业表现较好，主要受以下三方面因素的影响。首先，全球大宗商 品价格上涨，以黄金和铜为代表的商品价格上行带来了利润修复空间。美元走 弱背景下，许多商品价格上涨，这种价格上行在地缘政治波动较多的情况下依 然坚挺。其次，中国经济基本面见底企稳预期增强。尽管实际 GDP 增速可能下 降，但名义 GDP 上升带来的利润增长将显现。从供需缺口来看，当供给收缩快 于需求时，价格和企业盈利会有所改善。今年（2026 年），地方两会指向实 际 GDP 增速可能低于去年（2025 年），但如果供给收缩更多，则不少行业会 看到价格改善和利润回升的动力。最后，从长期来看，中国宏观经济长期改善 趋势明显，包括科技进步、人民币贬值压力减轻以及房地产市场出现积极信号 等因素，都表明经济接近长周期底部。因此，在当前环境下，顺周期行业布局 消费医疗板块初步显示企稳迹象，眼科屈光手术价格趋于稳定，大环境 复苏有望带动消费医疗领域复苏。关注眼科、齿科、药房及中药 OTC 等 细分领域龙头企业。 煤炭行业供需格局边际改善，价格中枢企稳回升。供给端政策约束收紧， 需求端电煤稳定非电韧性，市场 ...

Core Viewpoint - The independent director system for listed companies in China is undergoing a significant transformation, with new regulations aimed at enhancing shareholder representation and governance structures [1][2]. Group 1: Regulatory Changes - The "Management Measures for Independent Directors of Listed Companies" was officially introduced in August 2023, allowing investor protection agencies to publicly solicit shareholder rights and nominate independent directors [1][2]. - This regulatory change aims to amplify the voices of minority shareholders, particularly those who have historically been silent [1]. Group 2: Practical Implementation - The China Securities Investor Services Center has successfully transitioned the new system from concept to practice, with five successful independent director nominations planned from 2024 to 2026 across various companies and ownership structures [1][3]. - The nomination process has evolved to include "joint action" strategies, expanding the backgrounds of independent directors from industry experience to accounting expertise [1][4]. Group 3: Challenges and Participation - Despite a high approval rate of over 99% for the five nominations, actual participation from investors remains limited, with the highest number of participants in a single case being only 17 [2][9]. - The low engagement reflects a "free-rider" mentality among minority shareholders, indicating a need for improved investor education and participation mechanisms [2][9]. Group 4: Governance Impact - The involvement of the China Securities Investor Services Center is seen as a way to internalize external market supervision, enhancing the independence and representativeness of independent directors [5][6]. - The successful nominations have begun to demonstrate a potential shift in corporate governance, allowing for a more balanced representation of shareholder interests within company boards [4][6]. Group 5: Future Directions - The center aims to continue refining the independent director nomination process while addressing practical challenges such as the 1% shareholding requirement for proposal submissions [8][9]. - Experts suggest that regulatory adjustments may be necessary to facilitate the nomination process and encourage broader participation from minority shareholders [8][9].

Eagle Materials (NYSE:EXP) Q3 2026 Earnings call January 29, 2026 08:30 AM ET Company ParticipantsAdam Thalhimer - Director of ResearchAsher Sohnen - Equity Research Senior AssociateCraig Kesler - CFOGarrett Greenblatt - Equity Research AssociateKeith Hughes - Managing DirectorMichael Haack - President and CEOPhilip Ng - Managing DirectorConference Call ParticipantsBrent Thielman - Managing Director and Senior Research AnalystTimna Tanners - Equity Research AnalystTrey Grooms - Equity Research AnalystOperat ...

Eagle Materials (NYSE:EXP) Q3 2026 Earnings call January 29, 2026 08:30 AM ET Speaker0Good day, everyone, and welcome to Eagle Materials' third quarter of Fiscal 2026 earnings conference call. The call is being recorded. At this time, I would like to turn the call over to Eagle's President and Chief Executive Officer, Mr. Michael Haack. Mr. Haack, please go ahead, sir.Speaker1Thank you, Drew. Good morning. Welcome to Eagle Materials' conference call for our third quarter of fiscal year 2026. This is Michael ...

Group 1: Strategy Overview - The report emphasizes the resilience of the A-share market amidst multiple overseas risks and signals of regulatory easing in China, suggesting that the relationship between market performance and regulatory changes warrants further consideration [5][12] - It highlights the significant outperformance of the A-share market compared to other major indices, particularly the CSI 300, which has faced substantial redemption pressure [5][12] - The report suggests that investors should not overly worry about the CSI 300's performance, as it has already aligned with regulatory easing requirements, reducing the necessity for further pressure [5][12] Group 2: Economic Insights - China's exports continued to show strong performance in December, driven by overseas investment during a global easing cycle, positively impacting sectors like electrical and mechanical equipment [6][13] - Domestic consumption is recovering, with a rebound in per capita consumer spending in the fourth quarter, aligning with the report's annual strategy predictions [6][13] - The report notes that recent government policies aimed at boosting domestic demand and stabilizing real estate are expected to support synchronized recovery in both domestic and external demand [6][13] Group 3: Asset Allocation and Investment Recommendations - The report identifies a dual focus for 2026 on physical assets and Chinese assets, with thematic investments being essential [7][16] - Recommended sectors include physical assets such as copper, aluminum, tin, gold, lithium, and oil, alongside Chinese equipment export chains like electrical grid equipment and renewable energy [7][16] - The report also highlights sectors benefiting from capital market expansion and improving long-term asset returns, such as non-bank financials and consumer sectors like aviation and duty-free retail [7][16] Group 4: Company-Specific Insights - **Yunnan Aluminum Co. (000807.SZ)**: The report recommends a long-term investment due to favorable conditions for aluminum exports and a strong balance sheet, with potential for increased dividends [18] - **Hua Aluminum (600301.SH)**: The company is seen as a strong growth candidate due to rising tin and antimony prices and its position as a key beneficiary of metal consolidation in Guangxi [19] - **Yingliu Co. (603308.SH)**: The report anticipates a surge in global gas turbine demand, positioning the company to increase its market share in turbine blades [20] - **Shangfeng Cement (000672.SZ)**: The company is recognized for its strong cash flow from cement operations and potential for significant dividends [21] - **Pop Mart (9992.HK)**: The company is expected to maintain rapid growth in the entertainment market through IP incubation and diverse monetization strategies [22] - **China Duty Free Group (601888.SH)**: The company is projected to strengthen its market position in the duty-free sector, benefiting from increased inbound tourism and overseas expansion [24] - **China Southern Airlines (1055.HK)**: The airline is expected to benefit from improved industry supply-demand dynamics and a large fleet size [25] - **Li Auto (2015.HK)**: The company is focusing on advancements in AI and smart driving technology, with expectations for increased vehicle sales [26] - **Lante Optics (688127.SH)**: The company is positioned to benefit from strong demand in automotive and smart imaging sectors [27] - **InnoCare Pharma (9606.HK)**: The company is advancing in the ADC field with a robust pipeline and partnerships, with several products nearing clinical registration [29]

（编辑 楚丽君） 证券日报网讯 1月29日，金隅集团在互动平台回答投资者提问时表示，公司所属金隅冀东水泥旗下6家 公司具备核电工程用硅酸盐水泥生产资质，相关产品已用于部分核电工程项目。目前该产品毛利表现较 好，但收入占比较低。 ...

证券之星消息，1月29日水泥板块较上一交易日上涨0.64%，四川金顶领涨。当日上证指数报收于 4157.98，上涨0.16%。深证成指报收于14300.08，下跌0.3%。水泥板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600678 | 四川金顶 | 13.20 | 10.00% | 91.68万 | | 11.87亿 | | 002233 | 塔牌集团 | 9.95 | 4.41% | 21.55万 | | 2.11亿 | | 600585 | 海螺水泥 | 24.84 | 1.80% | 71.92万 | | 17.67 Z | | 002302 | 西部建设 | 6.12 | 1.32% | 16.03万 | | 9797.66万 | | 000877 | 天山股份 | 5.75 | 1.23% | 30.24万 | | 1.73亿 | | 000401 | 金隅莫东 | 4.99 | 0.60% | 21.44万 | | 1.07亿 | | 60 ...

证券研究报告 | 2026年01月29日 策略专题研究 哪些领域"反内卷"更值得期待？——2026 年牛市展望系列 3 核心结论：①本次反内卷较 16 年供改背景更复杂，需求端内弱外强，供给 端受制造实力与地方非经济决策驱动。②26 年反内卷仍是经济工作重点，参 考 25 年及 16 年行情经验，反内卷行情或仍有可观上行空间。③政策干预角 度看，关注企业配合度高、地方、落地动力强的行业（如钢铁、油服工程、 水泥等）。④从行业自身周期看，关注供需两旺的景气行业（贵金属、化学 原料等），以及供需格局优化领域（养殖业、能源金属等）。 本轮反内卷背景更复杂，行情节奏相对波折。相较于供改，本轮反内卷再供 需背景上更复杂：需求端看，不同于供给侧结构性改革时期，棚改货币化等 强政策刺激快速拉动总需求，本次内需不足的特征更为突出，但外需支撑或 相对有韧性；供给端看，本次供给扩张与我国制造业实力提升有关，地方政 府"非经济"决策进一步加剧产能过剩。在此背景下，从行业结构看，本轮 呈"涉及面广、新兴行业多、民营企业多"的特点。对应行情节奏看，反内 卷行情相对波折，25 年以来"反内卷"行情呈现"预期发酵-分化降温-二次 升温-震 ...

（记者 曾健辉） 每经AI快讯，福建水泥1月29日晚间发布业绩预告，预计2025年度实现归属于母公司所有者的净利润 为-1.2亿元到-8000万元，与上年同期相比，将减亏。业绩变动主要原因是，主营业务影响。报告期，水 泥市场需求持续下滑，供需矛盾进一步加剧，公司积极落实错峰生产，引领和推动区域"反内卷"协同， 加强精准营销，持续推进精益运营、人效提升、费用管控等各项降本增效措施，全年商品销量和营业收 入同比减少，但是单位商品均价略有上涨、销售成本明显下降，商品销售毛利率同比增加，实现年度减 亏控亏目标。子公司金银湖水泥、顺昌炼石各自一条日产2500吨的水泥熟料生产线用于补充子公司三条 日产4500吨的水泥熟料产能置换，因此，公司对该二条日产2500吨的水泥熟料生产线相关资产计提减值 准备。此外，公司还将对子公司海峡水泥、宁德建福进行减值测试评估并计提资产减值准备。 每经头条（nbdtoutiao）——水贝黄金平台"杰我睿"兑付危机调查：40倍杠杆对赌，金价越涨平台越 亏！老板自称"还在深圳"，投资者：兑付方案本金打两折，无法接受 ...

每经AI快讯，福建水泥（600802）1月29日披露业绩预告，预计2025年实现归母净利润亏损8000万元至 1.2亿元，同比减亏，上年同期亏损1.67亿元。报告期，水泥市场需求持续下滑，供需矛盾进一步加剧， 公司积极落实错峰生产，引领和推动区域"反内卷"协同，加强精准营销，持续推进精益运营、人效提 升、费用管控等各项降本增效措施，全年商品销量和营业收入同比减少，但是单位商品均价略有上涨、 销售成本明显下降，商品销售毛利率同比增加，实现年度减亏控亏目标。 ...