节点：上游（原材料/资源端）位置：上游情绪：利好参考度：6/10
钢铁制造商特尔尼翁（Ternium）2026年第一季度业绩报告显示，期内净利润达3.72亿美元，同比大幅增长162%。同期净销售额维持在39.34亿美元，生产成本同比上升6.7%至32.47亿美元；毛利润增长29.4%至6.87亿美元，营业利润同比增幅达120%，录得2.90亿美元。值得注意的是，该季度递延税款规模达9300万美元，为净利润表现提供显著支撑。
销量方...钢材产品出货量同比下降3.8%至370.9万吨，铁矿石出货量同比下降7.6%至282.6万吨。第四季度钢材出货量中，墨西哥市场占比最高，达198.3万吨；其次为巴西（91.9万吨）、其他南美国家（48.1万吨）及其他地区（35.5万吨）。
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