Core Insights - The report discusses the implementation of the "Tax Law Principle" and its implications for service industries such as internet and finance, indicating that current tax arrangements are unlikely to change significantly in the short term [2][3][12] - The real estate sector is experiencing a favorable shift in financing policies, with REITs and private placements opening new equity financing channels to alleviate financial pressures on real estate companies [3][13] Tax Law Implementation - The State Council approved the "Implementation Regulations of the Value-Added Tax Law of the People's Republic of China" on December 19, 2025, and subsequent announcements have clarified tax details, suggesting stability in tax arrangements for service industries [2][3][12] - The definition of "basic services" in telecommunications is evolving, with mobile data and internet broadband still classified as "value-added services" subject to a 6% VAT rate, while traditional voice services are recognized as "basic services" with a 9% VAT rate [2][3][12] Real Estate Sector Analysis - The financing environment for the real estate industry is improving, with a shift from debt financing to equity financing, including the introduction of REITs and private placements [3][13] - Recent regulatory changes, such as the gradual retreat from the "three red lines" policy, indicate a more supportive financing environment for real estate companies [13] - The report maintains a "positive" rating for the real estate sector, highlighting the potential for recovery in the industry as financing policies become more favorable [3][13] Investment Recommendations - The report recommends several quality real estate companies for investment, including China Jinmao, Poly Developments, and China Resources Land, among others, due to their potential for recovery and attractive valuations [13] - The report emphasizes the importance of monitoring the evolving financing landscape and the impact of government policies on the real estate market [3][13]

Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The cleanroom market is expanding due to increased investment in high-tech industries, benefiting companies like Yaxiang Integration, with related companies including Shenghui Integration and Bocheng Co., Ltd. [3][4] - The real estate market is showing signs of marginal improvement, with significant potential for transformation and development [5] Summary by Sections Cleanroom Industry - The growth in high-tech industry investments is driving the expansion of the cleanroom market, with Micron Technology planning to invest $24 billion in a NAND factory in Singapore over the next decade, which will include 700,000 square feet of cleanroom space [4] - The World Semiconductor Trade Statistics (WSTS) predicts a 26.3% increase in the global semiconductor market by 2026, reaching $975 billion, further supporting the cleanroom industry's growth [4] - Yaxiang Integration's parent company reported a consolidated revenue of NT$9.5 billion (approximately RMB 2.1 billion) in December, a year-on-year increase of 165.2% [4] Real Estate Market - The Central Economic Work Conference in December 2025 emphasized stabilizing the real estate market through targeted policies, including controlling inventory and encouraging the acquisition of existing properties for affordable housing [5] - An article published on January 2, 2026, highlighted the importance of managing expectations in the real estate market, which has significant financial asset attributes and broad social implications [5] Recommended Companies - The report recommends Yaxiang Integration for the cleanroom sector, with related companies including Bocheng Co., Ltd. and Shenghui Integration [7] - Other sectors recommended include commercial aerospace, controllable nuclear fusion, and renewable energy, with specific companies highlighted for each sector [7]

2026年2月2日 1月30日标的指数成份股涨跌幅TOP20 标普中国 A 股红利机会指数(CSPSADRP) | 序号 | 代码 | 简称 | 車日涨幅 | 年内涨幅 | 股息率(近12个 | | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | 月) (%) | | 1 | 600916.SH | 中国黄金 | 8.74 | 80.12 | 2.59 | | 2 | 603558 SH | 健盛集团 | 4.01 | 6.23 | 4.91 | | 3 | 601598.SH | 中国外运 | 3.10 | -1.32 | 5.00 | | 4 | 603515.SH | 欧普照明 | 2.95 | 10.78 | 4.56 | | 5 | 002014.SZ | 永新股份 | 2.78 | 5.62 | 7.35 | | 6 | 000338.SZ | 潍柴动力 | 2.20 | 38.02 | 3.02 | | 7 | 605599 SH | 菜自股份 | 2.14 | 31.46 | 3.42 | | 8 | 002895.SZ | 川恒 ...

证券之星消息，1月28日基础建设板块较上一交易日下跌0.17%，冠中生态领跌。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。基础建设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) | | | --- | --- | --- | --- | --- | --- | --- | | 601390 | 中国中铁 | 5.80 | 4.69% | 1177.59万 | | 68.61亿 | | 002586 | ST間海 | 4.94 | 1.86% | 12.94万 | 6343.45万 | | | 600820 | 隧道股份 | 6.67 | 1.52% | 41.73万 | | 2.79亿 | | 000498 | 山东路桥 | 6.29 | 1.29% | 22.76万 | | 1.43亿 | | 002061 | 浙江交科 | 4.12 | 0.98% | 36.46万 | | 1.50亿 | | 002717 | ST岭南 | 1.70 | 0.59% | 58.70万 | 9985.02万 | | ...

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].

证券日报网讯1月20日，隧道股份（600820）在互动平台回答投资者提问时表示，隧道股份战略投资孵 化首个交通领域的垂类大模型企业——中城交(上海)科技有限公司，其自主研发的"通达大模型"已通过 国家生成式人工智能服务备案，成为上海首个获得备案批准的交通垂类大模型。 ...

| 债券代码：115633 | 债券简称：23 | 隧道 | | --- | --- | --- | | 债券代码：115902 | 债券简称：23 | 隧道 | | | | K1 K2 | | | | 编号：临 | | 证券代码：600820 | 股票简称：隧道股份 | 2026-002 | 上海隧道工程股份有限公司 2025 年度主要经营情况公告 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。 一、新增项目情况汇总 2025 年度，上海隧道工程股份有限公司及下属子公司项目中标 情况如下： | | | | 单位：万元 | 币种：人民币 | | | --- | --- | --- | --- | --- | --- | | 订单总个数 | | 2907 | 中标合同量 | 业务占比 （%） | 较上年同 | | | | | | | 期增减（%） | | 按空间类型 | | 地下业务 | 2,546,560.03 | 28.43 | -48.68 | | 分类 | | 地上业务 | 6,409,284.85 | 71.57 ...

Core Viewpoint - The company announced a mixed performance in its various business segments for the year 2025, with overall contract amounts showing slight growth despite declines in several areas [1] Group 1: Business Orders and Contract Amounts - The company and its subsidiaries secured a total of 2,907 construction business orders, with a contract amount of 89.558 billion yuan, reflecting a year-on-year decrease of 1.51% [1] - The design business orders totaled 2,634, with a contract amount of 4.698 billion yuan, showing a significant year-on-year decline of 23.75% [1] - The operation business orders reached 765, with a contract amount of 7.769 billion yuan, marking a substantial year-on-year increase of 58.85% [1] - Digital business orders amounted to 333, with a contract amount of 1.016 billion yuan, experiencing a slight year-on-year decrease of 1.32% [1] - The total contract amount across all business segments was 103.041 billion yuan, which represents a marginal year-on-year increase of 0.02% [1] Group 2: Major Projects - A significant project, the Huixian to Juancheng (Yulu Border) Expressway, specifically the section from Huixian to Weihu, has a contract amount of 6.49 billion yuan [1] - As of the end of 2025, the project company is expected to complete the equity transfer and is advancing preparations for the commencement of construction [1]

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 16, 2026 [1][6] - The stock with the highest daily increase is Aotewi (688516.SH) with a rise of 8.22% and a year-to-date increase of 43.17%, along with a dividend yield of 3.51% [1][6] - Other notable performers include Daimai Co. (603730.SH) with a daily increase of 5.32% and a year-to-date increase of 6.28%, and Weichai Power (000338.SZ) with a daily increase of 3.66% and a year-to-date increase of 21.74% [1][6] Group 2 - The list includes various companies with significant dividend yields, such as Gree Electric Appliances (000651.SZ) with a yield of 7.46% and Nanshan Aluminum (600219.SH) with a yield of 6.57% [1][6] - The data is sourced from the Shanghai Stock Exchange and reflects the closing prices as of January 16, 2026, with dividend yields calculated up to January 15, 2026 [1][6]

2025年5月19日，公司收到上海证券交易所出具的《关于对元晟租赁 2025年资产支持专项计划资产支持证券挂牌转让无异议的函》（上证函 〔2025〕1691号）。元晟租赁2025年第二期资产支持专项计划为储架项下 第二期产品，发行金额16.83亿元。 截至2026年1月16日，认购资金已全部划入元晟租赁2025年第二期资 产支持专项计划（以下简称"本专项计划"）托管账户，经德勤华永会计师 事务所（特殊普通合伙）验资，本专项计划实际收到认购资金为168,300 万元，已达到《元晟租赁2025年第二期资产支持专项计划说明书》等专项 计划文件约定的各级资产支持证券目标募集规模。本专项计划符合成立条 件，于2026年1月16日正式成立，基本情况如下： | 证券代码：600820 | 股票简称：隧道股份 | 编号：临2026-001 | | --- | --- | --- | | 债券代码：115633 | 债券简称：23隧道K1 | | | 债券代码：115902 | 债券简称：23隧道K2 | | 上海隧道工程股份有限公司 关于元晟租赁2025年第二期资产支持专项计划成立的公告 本公司董事会及全体董事保证本公告内容 ...