Investment Rating - The report maintains an "Overweight" rating for both the construction and building materials sectors [10]. Core Viewpoints - The construction and building materials sector is expected to experience a spring rally in 2026, driven by improvements in construction PMI, order volume, and favorable market conditions such as a later Spring Festival and strong domestic excavator sales [13][19]. - The report emphasizes the importance of high dividend and price-increasing stocks, recommending companies with stable performance and high dividend yields, as well as traditional building materials with price increase potential [13][19]. - The report identifies three main investment themes: sustainable growth in renovation, thorough industry clearing in construction materials, and opportunities in high-quality leading companies in various segments [14][21]. Summary by Sections Industry Overview - The report highlights a potential spring rally for the building materials sector, supported by fiscal improvements and strong domestic machinery sales [19]. - Historical data shows that the building materials index has a high probability of outperforming the market in Q1, with a 57% chance of rising based on past performance [15]. Key Companies and Recommendations - The report recommends several companies, including China Chemical, China National Materials, and Xinyi Glass, with target prices and buy ratings [10][38]. - Specific recommendations include: - China Chemical (601117 CH) - Target Price: 12.05 - China National Materials (600970 CH) - Target Price: 14.23 - Xinyi Glass (868 HK) - Target Price: 9.54 - Others include China United Plastic, Jinggong Steel Structure, and Dongfang Yuhong [10][38]. Market Dynamics - Recent data indicates a 1.2% week-on-week increase in national cement prices, while the average price of float glass has risen by 2.3% [2][28]. - The report notes that the domestic float glass market is stabilizing, with some regions experiencing price increases due to supply constraints [28][30]. - The electronic fabric market is also showing signs of price increases, driven by demand from PCB clients [25][33]. Future Outlook - The report anticipates continued demand in the cleanroom engineering and special electronic fabric sectors, with a focus on companies that can adapt to new production capabilities and traditional industry upgrades [14][19]. - The construction sector is expected to benefit from urban renewal initiatives and the ongoing recovery of the real estate market, with a focus on renovation and construction materials [21][22].

根据公告，原告胡菊玲等投资者以康得新证券虚假陈述为由起诉，要求康得新支付投资损失赔偿款暂计 41.39亿元，其余39名被告（含赛鼎宁波、相关中介机构、原高管等）承担连带赔偿责任，同时索赔公 告费、律师费等300万元及全部诉讼费用。 （文章来源：中国经营报） 12月8日，中国化学（601117.SH）发布公告披露，其孙公司中国化学赛鼎宁波工程有限公司（以下简 称"赛鼎宁波"）收到江苏省苏州市中级人民法院《应诉通知书》。因康得新复合材料集团股份有限公司 （以下简称"康得新"）证券虚假陈述责任纠纷，赛鼎宁波被列为共同被告。 中国化学在公告中回应称，经初步核实，赛鼎宁波不存在明知康得新造假而配合的情形，且非本案主要 责任主体，初步评估该诉讼不会对公司本期及期后利润产生实质影响。截至公告披露日，该案已立案受 理，但尚未开庭审理，公司将持续关注进展并履行信息披露义务。 ...

世纪华通：拟将128万股已回购股份用途变更为注销 12月8日，世纪华通（002602）发布公告称，公司拟将2022年回购的128万股股份用途由原计划的"股权激励计划、员工持股计划或减少注册资本"明确变更 为"注销并减少公司注册资本"。此次变更后，公司总股本将由74.28亿股减少至74.27亿股。 五粮液：2025年计划投资项目数量由19个调整为22个 投资金额由25.86亿元调整为22.07亿元 12月8日，五粮液（000858）发布公告称，公司第七届董事会2025年第7次会议审议通过调整2025年投资计划的议案，计划投资项目数量由19个调整为22个， 取消1个项目，新增4个项目，投资金额由25.86亿元调整为22.07亿元。此外，公司还拟与中央广播电视总台开展2026年"和美好礼"品牌传播项目，项目总预 算6.3亿元（含税）。 清越科技：因涉嫌财务数据造假被立案调查 调查尚在进行中 12月8日，清越科技（688496）发布公告称，公司因涉嫌定期报告等财务数据虚假记载，于此前被中国证监会立案。若后续经行政处罚认定的事实触及重大 违法强制退市情形，公司股票将被强制退市。截至公告披露日，调查尚在进行中，公司未收到 ...

Core Viewpoint - The company is involved in a lawsuit concerning securities false statement liability, with its subsidiary, China Chemical Sading Ningbo Engineering Co., Ltd., being one of the defendants in a case initiated by investors against Kangde Xin Composite Materials Group Co., Ltd. [3][4][6] Group 1: Lawsuit Details - The lawsuit has been accepted by the court but has not yet gone to trial [2] - The plaintiff includes multiple investors, with the primary defendant being Kangde Xin Composite Materials Group Co., Ltd., alongside several other defendants [4][5] - The plaintiffs are seeking approximately RMB 4.14 billion in damages for investment losses due to false statements, along with additional costs totaling around RMB 3 million [6] Group 2: Impact on Company - As of the announcement date, the lawsuit has not resulted in any legally binding judgments, and the company has preliminarily assessed that the lawsuit will not have a substantial impact on its current or future profits [6] - The company will closely monitor the progress of the lawsuit and fulfill its information disclosure obligations as required by law [6] Group 3: Project Update - The company's nylon new materials project, implemented by its subsidiary Tianchen Qixiang New Materials Co., Ltd., has achieved full production capacity and is now in a stable operational phase [12] - The project is expected to enhance production efficiency, reduce costs, and improve market competitiveness, positively impacting the company's future development [12]

Core Viewpoint - China National Chemical Corporation's subsidiary Tianchen Qixiang New Materials Co., Ltd. has successfully completed a 72-hour full-load performance assessment for its nylon new materials project, achieving or exceeding design values in key technical and economic indicators, indicating stable and controllable product quality and efficient system operation [1] Group 1 - The nylon new materials project has reached full production capacity and has transitioned into a phase of efficient and stable operation [1] - The successful implementation of the project is expected to enhance production efficiency, reduce production costs, and increase market supply capacity [1] - The project will positively impact the company's industry influence and market competitiveness, contributing to its future development [1]

原告胡菊玲等人请求法院判令被告一康得新向胡菊玲等原告支付因虚假陈述引起的投资损失之侵权赔偿 款（含投资差额损失、印花税、佣金），暂计人民币41.39亿元。并请求法院判令除康得新外其余所有 被告对原告的上述损失承担连带赔偿责任。 据公告，中国化学孙公司中国化学赛鼎宁波工程有限公司（以下简称"赛鼎宁波"）近日收到江苏省苏州 市中级人民法院送达的《应诉通知书》，获悉赛鼎宁波涉及胡菊玲等投资者以证券虚假陈述责任纠纷对 康得新复合材料集团股份有限公司（简称"康得新"）提起的诉讼。 据公告，本次诉讼共有40名被告，除赛鼎宁波外，还有康得新复合材料集团股份有限公司、宇龙汽车 （集团）有限公司、瑞华会计师事务所（特殊普通合伙）、恒泰长财证券有限责任公司等。 中国化学（601117）12月7日公告，公司孙公司收到应诉通知书，目前该诉讼事项尚未开庭审理。 公开资料显示，中国化学工程股份有限公司成立于2008年9月，由中国化学工程集团公司作为主发起 人，联合神华集团有限责任公司和中国中化集团公司共同发起设立，业务覆盖建筑工程、环境治理、工 艺工程技术开发、勘察、设计及服务。 前三季度中国化学实现营收1363亿元，同比增长1.15% ...

Group 1 - Heng Rui Pharmaceutical has 9 drugs included in the national medical insurance directory for the first time, with an estimated total sales of approximately 8.66 billion yuan for 2024 and 7.55 billion yuan for the first three quarters of 2025 [5] - Junshi Biosciences' products Tuoyi® and Junshida® have been added to the national medical insurance directory, enhancing patient affordability and market promotion [6] - Huadong Medicine's subsidiary has products included in the national medical insurance and commercial insurance innovative drug directories, expected to aid in market promotion [7] Group 2 - Aidi Pharmaceutical's two innovative HIV drugs have successfully renewed their inclusion in the national medical insurance directory, with specific reimbursement prices set [8] - Fuxing Pharmaceutical has multiple products newly included in the national medical insurance directory, which is anticipated to positively impact future performance [9] - Weichuang Biotechnology's product has been included in the national medical insurance directory, which is expected to enhance market promotion and sales [10] Group 3 - Muxi Co., Ltd. announced a final online issuance rate of 0.03348913% after the mechanism was activated, with a total of 22.83 million shares issued [2] - Doushan New Materials reached a consensus on production reduction in the BOPET industry, although the sustainability of long-term price increases remains uncertain [2] - Guanglian Aviation's controlling shareholder has had the detention lifted, allowing normal operations to resume [3] Group 4 - Jiangjian Co., Ltd. clarified that it bears no obligations for any overdue financial products related to its controlling shareholder, confirming normal operations [4] - Tian Ci Materials' controlling shareholder has committed not to reduce holdings, holding 34.35% of the shares [13] - Annie Co., Ltd. is planning a change in control, with stock resuming trading on December 8 [14]

每经AI快讯，中国化学（SH 601117，收盘价：7.67元）12月7日晚间发布公告称，公司第五届第三十二 次董事会会议于2025年12月5日以通讯方式召开。会议审议了《关于聘任公司总经理助理的议案》等文 件。 每经头条（nbdtoutiao）——手机不再需要淘宝、微信、美团、携程？豆包手机助手掀翻超级App牌桌， 攻防战全面开打 （记者 张明双） 2025年1至6月份，中国化学的营业收入构成为：化学工程占比82.46%，基础设施占比10.04%，其他行 业占比5.32%，现代服务业占比0.89%，其他业务占比0.72%。 截至发稿，中国化学市值为468亿元。 ...

Core Viewpoint - China Chemical's subsidiary, Saiding Ningbo, is involved in a lawsuit regarding false securities statements against Kangde Xin Composite Materials Group, with a claim for compensation amounting to approximately 4.139 billion yuan [1][2]. Group 1: Lawsuit Details - The lawsuit was initiated by investors, including Hu Juling, seeking damages for investment losses due to alleged false statements made by Kangde Xin [1]. - The total compensation requested includes investment loss, stamp duty, and commission, amounting to 4.139 billion yuan, along with additional costs estimated at 3 million yuan for various fees [1]. - Saiding Ningbo is one of over forty defendants in the case and is not considered the primary responsible party [2]. Group 2: Company Position - As of the announcement date, the lawsuit has not yet gone to trial, and no legally binding judgments or rulings have been made [2]. - Preliminary assessments indicate that Saiding Ningbo did not knowingly assist Kangde Xin in any financial fraud [2]. - The company believes that the lawsuit will not have a significant impact on its current or future profits [2].

证券代码：601117 股票简称：中国化学 公告编号：临 2025-062 中国化学工程股份有限公司 关于孙公司收到应诉通知书的公告 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法 律责任。 重要内容提示： 中国化学工程股份有限公司（以下简称"公司"）孙公司中国 化学赛鼎宁波工程有限公司（以下简称"赛鼎宁波"）近日收到江 苏省苏州市中级人民法院送达的《应诉通知书》，获悉赛鼎宁波涉 及胡菊玲等投资者以证券虚假陈述责任纠纷对康得新复合材料集团 股份有限公司提起的诉讼。截至本公告日，该诉讼事项尚未开庭审 理。 一、本案基本信息 （一）诉讼各方当事人 原告：胡菊玲等人 1 案件所处的诉讼阶段：法院已立案受理，尚未开庭审理。 公司下属孙公司当事人地位：共同被告（被告三十一）。 诉讼代表人：陈群星、巫春霞、魏伟、王玲玲、魏波 4.请求法院判令本案诉讼费用全部由被告承担。 三、对公司本期利润或期后利润的影响 2 被告一：康得新复合材料集团股份有限公司 被告二：康得投资集团有限公司 被告三：张家港康得新光电材料有限公司 被告四：张家港保税区康得菲尔实 ...