Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the construction industry, indicating an expected return that will outperform the CSI 300 index by 10% or more over the next six months [6]. Core Insights - The 2026 fiscal policy is set to remain proactive, with a focus on increasing fiscal spending and optimizing government bond tools to enhance local financial capabilities. This is expected to support economic growth and improve the construction industry's operational conditions [18][11]. - Infrastructure investment has shown signs of recovery, with November data indicating a month-on-month improvement. The construction sector is anticipated to stabilize as policies aimed at debt reduction and "anti-involution" continue to be implemented [2][11]. - The demand for cleanroom construction is expected to rise due to increased capital expenditures in the semiconductor and cloud service sectors, driven by rapid advancements in AI technology [3][15]. Summary by Sections Industry Dynamics - The national fiscal work conference highlighted the achievements of 2025 and outlined the key tasks for 2026, emphasizing a more active fiscal policy to stimulate consumption and manage risks in key areas [18]. - The construction industry is expected to benefit from a combination of improved fiscal policies and a recovering investment environment, leading to marginal improvements in operational performance [2][11]. Market Performance - The construction industry saw a weekly increase of 2.26%, outperforming the CSI 300 index, with the decoration and renovation sector showing the highest growth at 11.37% [20][21]. - The overall industry valuation metrics indicate a TTM P/E ratio of 12.47 and a P/B ratio of 0.83, with several companies showing low valuations, suggesting potential investment opportunities [24][28]. Key Companies to Watch - Recommended companies include low-valuation state-owned enterprises such as China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from improved cash flow and profitability [11][13]. - Cleanroom engineering leaders like Yaxin Integration and Shenghui Integration are highlighted for their potential growth due to increasing demand in the semiconductor sector [3][15].

In the heart of Algeria's Sahara Desert, Chinese state-owned giant China Railway Construction Corporation (CRCC) has completed laying track on the PK330 Bridge, a final and critical link in a new railway designed to unlock the nation's mineral wealth. The 6km (3.7-mile) bridge is part of the 950km railway linking the Gara Djebilet iron ore deposit in southwestern Tindouf province to the industrial hub of Bechar in the northeast. It was the "most technically demanding railway engineering feat ever undert ...

Core Viewpoint - The training conducted by China Railway Construction Port and Shipping Bureau in Cambodia aims to enhance overseas risk prevention and response capabilities, ensuring smooth business operations and employee safety in Cambodia [1][4]. Group 1: Training Details - The training focused on current regional situations and common risks associated with overseas projects, utilizing professional lectures and emergency simulations to improve overall security and emergency response capabilities [1][3]. - A specialized team from Zhongjun Junhong Group provided systematic guidance on key areas such as personal safety protection, geopolitical dynamics analysis, labor compliance management, and emergency response to public incidents [3]. - The training included explanations and simulations of emergency evacuation plans to strengthen organizational coordination and rapid response capabilities in crisis situations [3]. Group 2: Collaboration and Support - Zhou Yingping, General Manager of China Southern Airlines in Phnom Penh, discussed the emergency transportation support mechanism, detailing processes for emergency flight scheduling and personnel transfer coordination to facilitate quick and safe evacuations [3]. - The company emphasizes that overseas safety is fundamental to high-quality development and is committed to continuously improving its risk prevention system and normalizing safety management practices [3][4]. Group 3: Corporate Responsibility - As a significant Chinese enterprise in Cambodia, the company integrates safety production with social responsibility, reinforcing its commitment to risk prevention as part of its routine operations [4]. - The training is part of the company's efforts to provide a solid safety guarantee for the implementation of the Belt and Road Initiative projects in Cambodia [4].

新华社北京12月27日电 记者27日从中国铁建股份有限公司了解到，由青岛城投集团投资建设、中铁十 四局承建的老虎山隧道正式通车。此隧道为双向双洞8车道隧道，最大开挖断面超过400平方米，是国内 少见的超大开挖断面市政交通隧道。 据中铁十四局项目负责人陈西同介绍，老虎山隧道是青岛唐山路快速路工程的控制性节点工程，全长 1551米，最大开挖跨度达31.8米，最大开挖高度达17.88米，最大断面面积约447.62平方米，比标准篮球 场还大。"施工过程中，我们共经历了18种开挖断面的转换，成功应对'多断面转换、小净距施工、超大 跨开挖'等施工挑战。" 老虎山隧道通车后，青岛唐山路快速路工程主线实现通车运营。线路与重庆路、青银高速等线路高效衔 接，将进一步完善青岛快速路网格局，助力市民便捷出行与区域经济社会高质量发展。 ...

今天，红星新闻城市总评榜系列活动之一——2025成都楼市风尚总评榜在成都举行。这是一场持续了24年的楼市盛典，随着总评榜的重磅发布，成都楼市 的这一年，也即将迎来收官。 近年来，经过市场的反复验证，成都楼市向全国证明了其极强的韧性： 新房方面，自2019年起，成都市的成交面积已经连续5年排名全国第一，今年持续名列前茅；二手房方面，二手住宅成交套数连续两年超过22万套。 今年的市场表现同样精彩： 千万级房源成交突破新高；各大新项目都实现了产品能级的跃升；也有项目全年实现了13开13罄…… 这是一个行业的新周期，但成都市场却证明——新消费时代，全新的置业观正在推动市场前行。 24年的坚持， 见证成都楼市的"新消费时代" 2001年发起，成都楼市风尚总评榜是一场历时24年的楼市盛典。每一年，主办方都力求在行业的变化中，与专业认识齐聚一堂，寻找新的市场机会，也给 以专业、权威的眼光，为购房者们带来一份购房指南。 今年的市场却有所不同。当成都成都作为"万亿消费城市"，持续开拓极具"颜值"和特色的消费新场景、新空间、新业态，成为带动消费"向新"发展的活力 因子时，楼市也在围绕"情绪消费"展开的全新置业观。 新规产品让入户 ...

Core Viewpoint - The Wuhan to Yichang section of the Shanghai-Chongqing-Chengdu High-Speed Railway will commence operations on December 26, enhancing the transportation network in the Yangtze River Economic Belt and promoting regional economic development [1][2]. Group 1: Project Overview - The Wuhan to Yichang section of the Shanghai-Chongqing-Chengdu High-Speed Railway spans 314 kilometers with a design speed of 350 kilometers per hour, significantly reducing travel time to 69 minutes between Wuhan and Yichang [1]. - The railway line connects key cities including Wuhan, Tianmen, Jingmen, and Yichang, and traverses complex geological conditions, including soft soil and fault zones [1]. Group 2: Construction and Engineering - Since its construction began in September 2021, the project has seen significant advancements, including the completion of major structures like the Zhongxiang Hanjiang Grand Bridge and the Baiguoshu No. 1 Tunnel [1]. - The Zhongxiang Hanjiang Grand Bridge, located in Jingmen, is notable for being the largest span concrete cable-stayed bridge for high-speed rail in China, with a main span of 270 meters [1]. Group 3: Strategic Importance - The Wuhan to Yichang section is a crucial part of China's "Eight Vertical and Eight Horizontal" high-speed rail network, linking existing and under-construction rail lines, thereby enhancing connectivity in the region [2]. - The opening of this section will create a dual-channel high-speed rail system between Wuhan and Yichang, optimizing the regional rail network and facilitating travel for local residents [2].

广州市住房和城乡建设局房地产业管理处处长张炜云、广州市房地产行业协会会长陆毅，以及来自龙湖、中旅、中海、华润置地、越秀、中国铁建、合生 创展等30余家品牌房企高管与专家学者、主流媒体代表共80余人齐聚一堂。 在中央经济工作会议定调"稳"字当头的背景下，与会嘉宾深入研判广州楼市"止跌回稳"的内生动力，并就2026年如何通过好房子建设、城中村改造及存量 盘活推动行业高质量发展达成共识。 全国住房城乡建设工作会议在北京召开，全面部署2026年及"十五五"时期重点任务。会议明确提出要"着力稳定房地产市场"，重点聚焦因城施策控增量、 去库存、优供给。 与全国会议几乎同频共振，近日，广州市住房和城乡建设局主办、广州市房地产行业协会承办的"势能·新生——广州市房地产行业发展趋势与政策解读活 动"举行。 从"止跌"到"提质"，城市更新成关键动力 政策定调 2026年聚焦"收储"与"好房子" 2026年是"十五五"开局之年。针对行业关注的政策风向，广州市住建局房地产业管理处处长张炜云在会上提及，2026年广州将紧扣"稳定市场"总体要求， 因城施策控增量、去库存、优供给： 一是推动市场供需均衡。有序推进"好房子"建设，鼓励引导企 ...

Core Viewpoint - The article emphasizes optimism regarding fiscal policy in 2026, particularly in infrastructure investment as a means to stabilize economic growth amid a challenging real estate market [2][4][5]. Fiscal Policy Outlook - The 2026 fiscal policy is expected to be more proactive, with a focus on stabilizing investment and stimulating private sector activity [4][5]. - Central government investment is anticipated to increase, while local governments will continue to reduce leverage due to rising debt risks [5]. Infrastructure Investment - Infrastructure investment is projected to grow at a rate of 4.5% in 2026, driven by ongoing support from central fiscal measures [2][15]. - The central government is expected to play a significant role in funding infrastructure projects, particularly in the western regions of China [27][28]. Regional Investment Opportunities - The western provinces, especially Sichuan, are highlighted as having high potential for infrastructure investment due to favorable central government support and strategic positioning [3][27][34]. - Sichuan's transportation investment is leading nationally, with a compound annual growth rate of 4.9% from 2020 to 2024, indicating strong growth prospects [32]. Manufacturing Sector Insights - Manufacturing investment is expected to stabilize with a growth rate of around 5% in 2026, benefiting from a potential recovery in semiconductor capital expenditures [3][12]. - The cleanroom engineering sector is identified as a key beneficiary of increased capital spending in high-end manufacturing [3]. International Engineering Opportunities - The overseas market is anticipated to become a second growth curve for construction companies, with significant growth in new contracts and revenue from foreign projects since 2025 [3][12]. Debt Management and Corporate Valuation - The ongoing debt management efforts are expected to improve the asset quality and valuation of state-owned construction enterprises, which have seen a decline in price-to-book ratios due to rising receivables [2][16]. - The average funding cost for major construction enterprises is around 4%, with some companies achieving lower rates through bond issuance [22][23]. Construction Sector Dynamics - The construction sector is experiencing a shift towards higher market concentration, with leading companies increasing their market share significantly in recent years [22][23]. - The article notes that the average market share of major construction enterprises has risen to 22.9% in revenue terms and 48.9% in order terms [22][23].

（来源：天津日报） 转自：天津日报 近日，中国铁建大桥局郑州市惠济区北部片区城市更新项目组织开展了"冬至饺香暖，人间小团圆"主题 庆祝活动。项目职工多为北方人，冬至包饺子、吃饺子是传承已久的习俗。活动中，大家围在一起动手 协作，不仅在饺子里包入寓意吉祥的"彩头"，还举办了趣味包饺子比赛，现场气氛温馨热烈。此次活动 以传统习俗为载体，不仅缓解了职工的思乡之情，更增强了团队的凝聚力与归属感，营造出"项目如 家、同事如家人"的浓厚氛围。 通讯员 李文鹏 ...

智通财经APP讯，中国铁建(01186)发布公告，中国铁建股份有限公司2025年面向专业投资者公开发行科 技创新可续期公司债券(第五期)(以下简称"本期债券")发行规模为不超过人民币45亿元(含45亿元)。2025 年 12 月23 日，发行人和簿记管理人在网下向专业机构投资者进行了票面利率询价。根据网下专业机构 投资者询价结果，经发行人和簿记管理人协商一致，最终确定本期债券品种一首个周期的票面利率为 2.15%，品种二首个周期的票面利率为2.40%。 ...