Group 1 - China State Construction recently secured major projects totaling 37.24 billion yuan, representing 1.7% of the audited revenue for 2024. The projects include four housing construction projects worth 18.37 billion yuan and four infrastructure projects worth 18.87 billion yuan, covering areas such as hospitals and highways [1] - The Shanghai land auction concluded with three residential plots sold at a base price of 4.02 billion yuan, with a total area of 239.3 acres and a total construction area of 205,000 square meters. The overall premium rate was 0%, reflecting a rational pricing approach during the industry adjustment period [2] - Guangzhou R&F Properties announced the suspension of six bonds starting January 30, 2026, as part of its debt restructuring process. This move indicates the company's proactive stance in addressing its debt issues amid a complex industry landscape [3] - South China City disclosed a preliminary plan for overseas debt restructuring, aiming to maintain existing credit support for creditors and allow them to benefit from potential equity appreciation. The success of this plan depends on creditor support and regulatory approvals [4] - Dalian Xindameng and Zhuhai Wanda Commercial Management announced board changes, appointing Zhao Zesheng as vice chairman and Li Zhen as Chief Human Resources Officer. This reflects a key step in optimizing governance structure under the leadership of the Taima Group [5]

新京报贝壳财经讯（记者徐倩）2026年1月29日，上海2025年第十一批次宅地正式开拍。本批次共3宗涉 宅用地，分别位于松江九亭、青浦赵巷、青浦新城，总土地出让面积15.95万平方米，总规划建筑面积 20.53万平方米，总起始价40.18亿元。最终，长江精工、厦门国贸、中交城投分别底价斩获3宗地块，总 成交价40.18亿元。 中指研究院上海数据总经理张文静分析称："整体来看，十一批次延续了十批次市场表现。1月作为传统 市场淡季，房企企业多处于调整阶段，拿地关注度与积极性较其他月份有所降低。本次三宗地块均为非 传统热门出地区域，拿地价格基本符合市场预期。预计2026年年后将逐步推出核心城区优质地块，推动 市场拿地热情回升。" 此外，青浦区QPC10007单元D4-01、D5a-01、J5-01、K2-04、K3-04地块，总土地出让面积约7.35万平 方米，总规划建筑面积约9.6万平方米，地块起始价17.72亿元，起始楼面价18467元/平方米。该地块最 终由中交城投以底价17.72亿元摘得。 卢文曦表示："今日竞拍的地块均位于松江、青浦这样的远郊区域。因此，郊区地块没有市区热度高， 况且郊区的项目去化压力是不 ...

长江精工钢结构（集团）股份有限公司 证券代码：600496 证券简称：精工钢构 公告编号：2026-005 转债代码：110086 转债简称：精工转债 长江精工钢结构（集团）股份有限公司 近日，精工控股在中国证券登记结算有限责任公司办理了股份质押解除手续， 累计解押公司股份 1,400 万股。具体情况如下： | 股东名称 | 精工控股 | | | --- | --- | --- | | 质权人 | | 上海浦东发展银行股份有限公司绍兴分行 | | 本次解质股份（股） | 14,000,000 | | | 占其所持股份比例 | 5.91 % | | | 占公司总股本比例 | 0.70% | | | 解质时间 | 年 月 2026 1 | 日 28 | | 持股数量（股） | 237,069,604 | | | 持股比例 | 11.91% | | | 剩余被质押股份数量（股） | 154,320,000 | | | 剩余被质押股份数量占其所持股 | 65.09% | | | 份比例 | | | | 剩余被质押股份数量占公司总股 | 7.75% | | | 本比例 | | | 二、控股股东及其一致行动人累计质押股份 ...

二、出让方基本情况 本次竞拍国有建设用地使用权的出让方为上海市松江区规划和自然资源局， 与公司不存在关联关系，不属于失信被执行人。 长江精工钢结构（集团）股份有限公司 证券代码：600496 证券简称：精工钢构 公告编号：2026-006 转债代码：110086 转债简称：精工转债 长江精工钢结构（集团）股份有限公司 关于竞得土地使用权的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 近年来，住建部将"好房子"作为建筑行业转型的核心抓手，逐步提升建 筑质量，改善人民生活居住品质。这有利于推动建筑新技术的应用，减少行业内 卷，由价格竞争转向技术竞争、品质竞争。公司积极响应国家对建造"好房子" 的要求，为进一步发挥公司自研的绿色集成建筑技术体系的竞争优势，加快其在 "好房子"建设中的应用实践。公司下属子公司上海百年宅绿洲高科技有限公司 于近日成功竞得位于上海的一块住宅用地，后续将用于开发建设具备"好房子" 标准的高品质住宅。现将有关事项公告如下： 一、竞得地块的具体信息 三、本次土地竞拍的目的和对公司的影响 2026 ...

智通财经记者 | 王婷婷 智通财经编辑 | 李慎 临近年末，开发商拿地热情减退。 1月29日，上海开启年内第十一批次土拍，三幅地块分布于松江九亭、青浦赵巷以及青浦新城，总起拍 价40.18亿元。最终，三幅地块都只有一家开发商参与，全部底价成交。 具体来看，松江区SJP0-0107单元02A-04地块总起始价4.46亿元，起始楼面价23000元/平方米，土地出让 面积18483.69平方米，地上总规划建筑面积19407.87平方米，容积率1.05，建筑限高24米，未来大概率 会打造低密多层住宅。 从地理位置来看，地块东至河道、南至规划路、西至文仁路、北至河道，算是一块被水系环绕的纯居住 用地，居住氛围较好。该地块由民营企业长江精工以总价4.46亿元竞得地块，溢价率0%。 这是长江精工第二次入沪拿地，两次拿地总价接近10亿元。2025年9月，在上海年内第七批土拍中闵行 区颛桥地块的争夺中，长江精工与闵房、象屿&天安展开激烈竞争，最终长江精工以总价5.46亿元竞得 地块，成交楼面价36649元/平方米，溢价率11.19%。 直到近日，闵行颛桥地块才公示设计方案，地块整体为抬板社区，并规划有下沉庭院，用地面积约 93 ...

Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [4] Core Views - Infrastructure investment is experiencing a short-term bottoming out, with cumulative year-on-year growth turning negative for the first time since 2004. In 2025, narrow infrastructure (excluding electricity) completed 18.08 trillion yuan, down 2.20% year-on-year, while broad infrastructure totaled 24.50 trillion yuan, down 1.48% year-on-year. December saw significant declines, with narrow and broad infrastructure down 12.22% and 15.95% year-on-year, respectively. Despite this, major strategic projects are expected to continue, and infrastructure investment is anticipated to stabilize and recover gradually [5][12][22]. Summary by Sections Infrastructure Investment - In 2025, narrow infrastructure investment completed 18.08 trillion yuan, down 2.20% year-on-year, while broad infrastructure totaled 24.50 trillion yuan, down 1.48% year-on-year. December saw a year-on-year decline of 12.22% for narrow infrastructure and 15.95% for broad infrastructure, with significant drops in water conservancy and public facilities management [5][12]. New Orders - New orders in 2025 showed a pattern of stability among central enterprises, with China State Construction, China Railway, China Electric Power, and China Energy achieving new orders of 4.15 trillion yuan, 2.75 trillion yuan, 1.33 trillion yuan, and 1.45 trillion yuan, respectively. Local state-owned enterprises exhibited more significant differentiation, with Shanghai Construction, Shaanxi Construction, and Pudong Construction seeing declines of 35%, 25%, and 23% year-on-year, while Sichuan Road and Bridge saw a substantial increase of 47% year-on-year [6][17]. Market Performance - The construction and decoration index rose by 1.88% during the week, with chemical engineering, steel structure, and international engineering leading the gains at 10.70%, 7.71%, and 4.49%, respectively. A total of 123 stocks in the construction sector rose, with the top five performers being Huawi Design (+51.92%), Zhite New Materials (+49.21%), and others [8][28]. Company Dynamics - Several companies reported significant changes in their financial performance for 2025. For instance, China Metallurgical Group expects a net profit decline of 76.28% to 80.73% due to ongoing losses in the real estate sector and substantial asset impairment provisions. In contrast, companies like Xinjiang Jiaojian anticipate a net profit increase of 50.14% to 125.22% [24][25].

Summary of Conference Call on Construction and Building Materials Industry Industry Overview - The construction and building materials industry is experiencing significant investment opportunities, particularly in the central and western regions of China, with a focus on Sichuan Province due to debt reduction and state-owned enterprise reforms [1][4] - Infrastructure investment growth is projected at approximately 4.5% for 2026, with a focus on regional and structural characteristics [5] Key Insights - **Special Bond Issuance**: There has been a notable acceleration in the issuance of special bonds, particularly in Q4 2025, with a total of 200 billion yuan issued by the end of October, followed by 460 billion and 190 billion in November and December respectively. However, these funds are expected to translate into physical investments primarily in Q1 2026 [2][3] - **Construction Orders**: The amount of construction orders has increased by 23% year-on-year, indicating a significant rise in physical workload for Q1 [2][3] - **Central Enterprises**: Major construction central enterprises like China State Construction and China State Construction International are expected to see substantial valuation recovery if they can clear receivables through debt reduction and reform [1][8] - **Overseas Orders**: Companies like China National Materials and Jinggong Steel Structure have shown remarkable growth in overseas orders, with Jinggong's overseas orders increasing by 90% year-on-year, reaching 7.2 billion yuan [2][10] Regional Focus - **Sichuan Province**: As a strategic hub, Sichuan is expected to benefit from policy incentives and has a stable demand for fixed asset investments. The province's infrastructure investment is projected to have significant potential due to its rising share of national transportation investment [6][7] Sector Recommendations - **Building Materials**: The building materials sector is currently in a phase of valuation recovery, with recommendations prioritizing consumer building materials, cement, glass, and fiberglass [11] - **Consumer Building Materials**: Within this category, the recommended order is waterproof materials, gypsum boards, pipes, and coatings [12] Market Dynamics - **Demand Trends**: Demand for various building materials is expected to decline from previous highs, particularly in waterproof and municipal pipeline sectors, while coatings and gypsum boards show resilience due to renovation activities [14] - **Infrastructure Impact**: The acceleration of special bond issuance and a strong start to 2026 are expected to support overall demand for building materials, particularly in renovation-related products [15] Supply and Pricing - **Waterproof Industry**: The waterproof sector has seen a significant reduction in small enterprises, with the top three companies controlling nearly 50% of the market. Price stability or slight increases are anticipated due to a shift in pricing strategies [16] - **Cement Sector**: Cement companies are currently valued at historical lows, with a mild recovery in production capacity utilization expected. Prices are projected to follow a trend of low-to-high throughout the year [17] - **Glass Sector**: The glass market remains weak, with demand linked to construction activity. Supply constraints due to production line adjustments may provide some support [18] - **Fiberglass Sector**: Fiberglass demand is less correlated with real estate, with price stability expected for standard products and slight increases for high-end products [19]

Investment Rating - The report maintains a "Buy" rating for the construction and building materials sectors, with specific recommendations for several companies [9]. Core Insights - The report emphasizes a balanced allocation between traditional cyclical sectors and emerging growth industries, particularly in the context of improving real estate transaction data and liquidity in the market [12][19]. - The construction materials sector has shown resilience, with price increases observed in waterproofing materials, aluminum formwork, and engineering pipe materials since Q3 2025, indicating a strengthening self-repair capability within the sector [12][14]. - The report highlights the ongoing demand for high-end materials in commercial aerospace, including high-temperature fiber materials and perovskite materials in solar wing energy systems [12]. Summary by Sections Industry Overview - The construction materials sector has been leading the market, driven by improved real estate transaction data and expectations of a spring rally in cyclical sectors [12]. - The report notes that from January to December 2025, the new construction area in real estate decreased by 20.4% year-on-year, but there are signs of recovery in major cities [12][19]. Key Companies and Developments - Zhejiang Weixing New Materials announced plans to acquire an 88.26% stake in Beijing Songtian Cheng for approximately 111 million yuan, aiming to enhance its product chain in municipal pipeline systems [3]. - The report recommends several companies for investment, including Yaxiang Integration, Zhongcai International, China Chemical, Qibin Group, and others, with target prices and expected earnings per share provided [9][38]. Market Dynamics - The report indicates that the cement price remained stable at 353 yuan per ton, with a significant drop in the average shipment rate to 29.5% due to seasonal factors [29]. - The glass market has shown stability, with the average price of float glass holding steady at 61 yuan per weight box, despite a year-on-year decline of 18.5% [2][29]. Emerging Trends - The report identifies a potential recovery in investment in Q1 2026, supported by government policies aimed at stimulating the economy, which may benefit cyclical sectors [17]. - The demand for electronic fabrics and cleanroom materials is expected to remain high, driven by advancements in AI and increased PCB investments [13][27]. Recommendations - The report suggests focusing on waterproofing and engineering pipe materials as key opportunities in the construction sector, with a positive outlook for these segments due to expected price increases and improved market conditions [20][21].

Investment Rating - The report maintains an "Outperform" rating for the commercial aerospace sector, indicating a positive outlook for investment opportunities in this area [3]. Core Insights - The report highlights that fixed asset investment (FAI) in 2025 is under pressure, with a total of 485,186 billion yuan, representing a year-on-year decline of 3.8%, which is a worsening of 1.2 percentage points compared to the previous 11 months [15]. - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) decreased by 2.2% year-on-year, with a similar trend observed in real estate development investment, which fell by 17.2% to 82,788 billion yuan [15]. - The report emphasizes the potential for a rebound in the construction and real estate markets driven by macroeconomic policies, particularly in urban renewal initiatives [16]. - Key companies such as China State Construction and China Energy Engineering reported year-on-year increases in new orders for Q4, indicating a positive trend in capital expenditure among leading industrial firms [16]. Summary by Sections Industry Outlook and Investment Recommendations - The report suggests focusing on the cyclical recovery of the construction sector, particularly in light of supportive policies aimed at urban renewal and infrastructure development [16]. - It recommends investing in high-quality cyclical stocks and companies involved in commercial aerospace and low-altitude economy sectors, such as Roman Holdings and Honglu Steel Structure [26]. Market Performance Review - The construction decoration index rose by 1.88%, outperforming the overall A-share index, which increased by 0.83% [14]. - Notable performers in the sector included chemical engineering (+10.70%) and steel structure (+7.71%) [14]. Key Company Dynamics - Roman Holdings is projected to achieve a profit of 1.8-2 billion yuan in 2025, indicating a turnaround from previous losses, driven by strong demand for computing power in major cities [19]. - China Energy Engineering reported a new contract amount of 1.45 trillion yuan for 2025, reflecting a year-on-year increase of 2.9% [19].

Group 1 - The NMN concept index rose by 1.95%, ranking fourth among concept sectors, with 16 stocks increasing in value, including Meibang Technology which hit a 30% limit up [1] - Notable gainers in the NMN sector included Hongyang Sun, Youa Shares, and Chenguang Biology, which rose by 6.54%, 3.52%, and 3.35% respectively [1] - The sector experienced a net outflow of 51 million yuan in main funds, with six stocks seeing net inflows, led by Zhongsheng Pharmaceutical with a net inflow of 93.86 million yuan [2][3] Group 2 - The main fund inflow ratios were highest for Guoyao Modern, Zhongsheng Pharmaceutical, and Hongyang Sun, with net inflow rates of 6.13%, 4.99%, and 3.77% respectively [3] - The NMN concept fund inflow rankings showed Zhongsheng Pharmaceutical at 1.80% increase with a turnover rate of 11.13%, while Hongyang Sun had a 6.54% increase with a turnover rate of 9.10% [3][4] - Stocks like Yaba Chemical and Anqi Yeast showed negative fund flow, indicating potential concerns in their performance, with Yaba Chemical at -317.96 million yuan and Anqi Yeast at -610.36 million yuan [4]