Core Viewpoint - The company's future performance growth is primarily based on three aspects: the prestressed materials industry, rail transit concrete products, and the new energy sector [2]. Group 1: Prestressed Materials Industry - The company focuses on traditional infrastructure sectors such as railways, bridges, water conservancy, and highways while expanding into new application areas to drive sales growth in prestressed materials [2]. - Product structure adjustment is identified as a core engine for sustained performance growth [2]. - The company aims to maintain its market share in traditional markets while actively exploring new applications [2]. Group 2: Rail Transit Concrete Products - As one of the original developers of the CRTSIII type ballastless track slab, the company is seeing increased market penetration due to national railway speed enhancements and performance requirements [2]. - The company is ensuring stable supply for existing high-speed rail track slabs, metro track slabs, and sleepers while actively seeking to expand into new markets [2]. - A full order book in this sector supports performance growth [2]. Group 3: New Energy Sector - The company is responding to the national "dual carbon" strategy and is progressively advancing its business layout in the new energy sector, which is becoming a new highlight for performance growth [2]. - In the new energy industrial field, the company's prestressed materials have achieved breakthroughs in emerging areas such as wind power concrete towers and flexible photovoltaic brackets, with significant year-on-year sales growth [2]. - The company is advancing projects like the 150MW wind power project in Hebei and the flywheel energy storage project in Shanxi to ensure timely grid connection and stable revenue sources [2].

公司对未来业绩保持乐观态度。根据已披露的《2025 年年度业绩预增公告》，预计 2025 年度归母净利 润同比增长 40%至 60%，利润有望创历史同期新高。未来，公司将继续通过资源整合、产品研发、服 务升级等多种方式，提质增效，完善产品体系，打造核心竞争力，推动企业实现高质量稳健发展。 格隆汇2月3日丨银龙股份(603969.SH)近日接受特定对象调研时表示，公司股价波动受宏观政策、市场 板块轮动等多重因素影响，公司生产经营一切正常，当前项目订单稳步释放与推进，产能利用率保持健 康水平。公司凭借多年积累的行业经验与技术研发实力，持续提升产品性能、可靠性和稳定性，依托品 牌优势与质量保障，形成较高产品与企业知名度。 ...

Group 1 - The core viewpoint of the article highlights that Yinlong Co., Ltd. (603969.SH) anticipates strong performance in the concrete products industry for rail transit by 2026, supported by the successful implementation of several key projects [1] - The company’s subsidiary, Yinlong Rail, is deeply involved in major national railway projects, including the Xiong'an to Shangqiu and Xiong'an to Xinzhou lines, among others, which are expected to drive revenue growth [1] - The company is focusing on upgrading its production capabilities through intelligent and information technology, developing proprietary smart equipment for rail slab and sleeper production, and expanding its technology output to domestic and international markets [1] Group 2 - In terms of international expansion, the company is adopting a diversified approach, participating in international projects such as the Jakarta-Bandung High-Speed Railway in Indonesia and the Central Line in Tanzania [1] - The company is also exporting smart equipment for sleeper production to Kazakhstan through agents and is developing direct business models targeting overseas clients, utilizing a "technology + equipment + materials" collaborative export strategy [1] - The company aims to leverage its first-mover advantage in the prestressed concrete component sector to deepen research and innovation in smart equipment, actively participate in international cooperation, and provide systematic solutions for global rail transit construction [2]

公司对未来业绩保持乐观态度。根据已披露的《2025 年年度业绩预增公告》，预计 2025 年度归母净利 润同比增长 40%至 60%，利润有望创历史同期新高。未来，公司将继续通过资源整合、产品研发、服 务升级等多种方式，提质增效，完善产品体系，打造核心竞争力，推动企业实现高质量稳健发展。 格隆汇2月3日丨银龙股份(603969.SH)近日接受特定对象调研时表示，公司股价波动受宏观政策、市场 板块轮动等多重因素影响，公司生产经营一切正常，当前项目订单稳步释放与推进，产能利用率保持健 康水平。公司凭借多年积累的行业经验与技术研发实力，持续提升产品性能、可靠性和稳定性，依托品 牌优势与质量保障，形成较高产品与企业知名度。 ...

Group 1 - The core viewpoint of the articles highlights the promising performance of the concrete products industry for rail transit in 2026, supported by the successful implementation of multiple key projects [1] - The company’s subsidiary, Yinlong Rail, is deeply involved in major national railway projects, including routes from Xiong'an to Shangqiu and Xiong'an to Xinzhou, among others [1] - The company is focusing on upgrading its production capabilities through intelligent and information technology, developing self-researched intelligent equipment for rail slab and sleeper production, and expanding its technology output to domestic and overseas markets [1] Group 2 - The company is adopting a diversified approach for overseas expansion, including following domestic large engineering firms abroad and successfully participating in international projects such as the Jakarta-Bandung High-Speed Railway in Indonesia and the Central Line in Tanzania [1] - The company is also exporting through agents, providing intelligent equipment for sleeper production to Kazakhstan, and developing direct business models targeting overseas clients [1] - The company aims to leverage its first-mover advantage in the prestressed concrete component sector to deepen R&D in intelligent equipment and innovate production processes, contributing to global rail transit construction [2]

Investment Rating - The report does not explicitly state an investment rating for the industry [1] Core Insights - The report highlights that the deep learning factor tracking has shown a cumulative absolute return of 74.91% since its inception, with a relative excess return of 38.96% compared to the benchmark [10] - The sentiment factor tracking indicates that the top five industries with positive sentiment changes are petroleum and petrochemicals, non-ferrous metals, food and beverage, coal, and textiles and apparel [34] - The market valuation tracking shows that the rolling 5-year historical percentiles for major indices are at 91% for CSI 300, 100% for CSI 500, and 100% for CSI 1000, indicating high valuation levels [44] Summary by Sections Deep Learning Factor Tracking - A long-only portfolio was constructed based on the DecompGRU model, with a cumulative absolute return of 74.91% and a maximum drawdown of 10.08% since March 31, 2025 [10] - An ETF rotation portfolio was also created, achieving a cumulative absolute return of 40.08% since March 18, 2025, with a maximum drawdown of 7.82% [13] Sentiment Factor Tracking - The report tracks sentiment across broad indices, with the CSI 300 showing the highest increase in sentiment by 11.05% compared to the previous week [3] - The top five industries with positive sentiment changes include petroleum and petrochemicals, non-ferrous metals, food and beverage, coal, and textiles and apparel [34] Market Valuation Monitoring - The report indicates that several primary industries are currently above the 80% historical percentile for valuations, including electronics, power equipment, light industry manufacturing, and construction materials [46] - Conversely, industries like food and beverage and non-bank financials are below the 20% historical percentile, suggesting potential undervaluation [46] Event Tracking - The report details various corporate events, including stock incentive plans, significant shareholder buybacks, and analyst coverage updates, which may influence market sentiment and stock performance [48][56][57]

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4] Core Views - The real estate market in first-tier cities has shown strong performance, particularly in second-hand housing transactions, indicating a potential recovery in the sector [1][2] - Government debt issuance has significantly increased, with a total of 863.35 billion yuan in January 2026, reflecting a 204.3% month-on-month increase and a 54.8% year-on-year increase, which may alleviate fiscal pressure and accelerate municipal projects [1] - The glass manufacturing sector is approaching a supply-demand balance due to accelerated cold repairs, while photovoltaic glass companies are reducing production to ease supply tensions [1][3] - The cement industry is experiencing a demand bottoming process, with increased off-peak production efforts and a focus on regional demand recovery, particularly in areas like Tibet and Xinjiang [1][2] - The demand for fiberglass remains robust, driven by growth in wind energy and high-end applications, indicating structural investment opportunities [1][6] Summary by Sections Cement Industry Tracking - As of January 30, 2026, the national cement price index is 342.94 yuan/ton, down 0.69% week-on-week, with a total cement output of 2.278 million tons, a decrease of 4.27% [2][18] - The capacity utilization rate for cement clinker kilns is 45.19%, up 2.77 percentage points from the previous week, indicating a slight recovery in production [2][18] - The market is currently undergoing structural adjustments, with infrastructure remaining the main support but showing weak growth [2][18] Glass Industry Tracking - As of January 29, 2026, the average price of float glass is 1144.80 yuan/ton, reflecting a week-on-week increase of 0.53% [3][31] - Inventory levels have decreased, with a total of 49.27 million weight boxes, down 500,000 from the previous week [3][31] - Demand is expected to slow down as many small processing plants will shut down for the holiday, leading to a quieter market [3][31] Fiberglass Industry Tracking - The price of non-alkali roving remains stable, with demand primarily driven by essential purchases, while supply remains unchanged [6] - The average price of electronic yarn is stable, with expectations of price increases in high-end products due to ongoing demand [6] Carbon Fiber Industry Tracking - The carbon fiber price remains stable, with a weekly production of 2,369 tons and an operating rate of 76.28% [7] - The industry continues to face profitability challenges, with an average production cost of 113,300 yuan/ton and a negative gross margin [7] Consumer Building Materials - The consumer building materials sector is benefiting from the recovery in second-hand housing and renovation demand, with significant potential for market share growth [1][6]

Summary of the Conference Call Industry Overview - The conference focused on the automotive industry, specifically strategies and forecasts for 2026, with a review of the automotive market from 2005 to 2025 [1][2]. Key Insights and Arguments 1. **Sales Growth and Valuation**: - Sales growth is a sufficient but not necessary condition for the valuation of the automotive sector to increase. Historical data shows that years with sales growth corresponded with rising valuations, but there were exceptions in years like 2012 and post-2020 [3]. - The automotive sector's valuation tends to respond approximately three months ahead of sales growth before 2020, and this response time has shortened to about one month post-2020 [3]. 2. **Comparison with 2018**: - The year 2026 is expected to mirror 2018, which also faced declining sales due to policy changes. In 2018, the automotive sector began to decline three months before sales dropped significantly [4][5]. 3. **Impact of Policy Changes**: - The introduction of a 5% purchase tax on new energy vehicles in 2026 and changes in subsidy structures are expected to impact demand negatively [1][2]. 4. **Investment Opportunities**: - The focus for 2026 is on new growth areas, particularly in smart driving technologies. Companies in this sector are seen as undervalued, with many trading below 30x P/E ratios while maintaining decent growth rates [7][8]. 5. **Low Valuation and High Growth Stocks**: - Several companies were highlighted as having strong growth potential while being undervalued, including: - **Mastec**: Estimated 20% growth in 2026 with a P/E of 15-16x [10]. - **Yatong**: Expected 30% growth with a P/E of around 20x [10]. - **Fuyou Glass**: Anticipated 15% growth with a P/E of about 15x [11]. - **Weichai Power**: Projected 15% growth with a similar P/E [11]. 6. **Sector-Specific Insights**: - Companies like **Desay SV** and **Kobota** are expected to see significant revenue growth due to their involvement with major clients like Li Auto and NIO, with projected revenues of 90 billion and 21 billion respectively for Q4 [17][21]. - **Huayang Group** is expected to maintain a growth rate of over 20% in 2026, driven by high-margin products [24]. Other Important but Overlooked Content - The conference also discussed the potential risks associated with rising raw material costs, particularly for companies in the forging sector, which could impact earnings realization [13]. - The importance of technological cycles, including the shift towards electric and smart vehicles, was emphasized as a key driver for future growth in the automotive sector [6][7]. - The discussion included a focus on the competitive landscape, with companies like Fuyou Glass expected to benefit from a more favorable market position as competitors exit [30][31]. Conclusion - The automotive industry is facing challenges due to policy changes and market dynamics, but there are significant investment opportunities in undervalued companies with strong growth potential, particularly in the smart driving and electric vehicle segments. The insights from the conference provide a comprehensive overview of the current state and future outlook of the automotive sector.

银龙股份 20260127 摘要 银龙股份高毛利产品包括大箱和小箱类产品（毛利率 30%-35%，市占 率 40%，2024 年销量 3 万吨，2025 年预计 5 万吨），超微粉有限类 产品（毛利率 30%-35%，市占率 60%，2024 年销售 1.6 万吨， 2025 年预计 3 万吨），以及轨道板类产品（毛利率 40%-50%，市占 率 40%-50%，24 年销售 2 万吨，25 年预计 4 万吨）。 公司 CRTS3 型轨道板订单充足，已签订超过 40 亿元订单，海外市场通 过与俄罗斯莫斯科的视频保障合作，提供高端装备，预计未来两到三年 内贡献约 3 亿元净利润，首套设备已发货，并积极开拓欧洲市场。 银龙股份在精细化业务方面，通过收购资产打造全品类公司，应用场景 包括航天、军工、高铁、机器人、深海汽车等领域，并参股陕西硬质合 金工具有限公司和天津爱斯达航天科技股份有限公司，分别布局高端刀 具和商业航天领域。 公司与陕西硬质合金工具有限公司有长期合作，计划设立生产基地生产 高端刀具，并适时并入上市公司；与天津爱斯达航天科技股份有限公司 正在探讨协同效应，共同推进高端公司发展。 Q&A 银龙股份 2 ...

（文章来源：证券日报） 证券日报网讯 1月26日，银龙股份发布公告称，公司预计2025年度实现归属于母公司所有者的净利润为 33，130.68万元至37，863.63万元，与上年同期相比将增加9，465.91万元至14，198.86万元，同比增长 40%至60%。 ...