1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core View of the Report - Commercial space is experiencing intensive catalysts, and investment opportunities in the industry are worth attention [2]. 3. Summary According to Relevant Catalogs 3.1 Commercial Space Faces Intensive Catalysts, Focus on Industry Investment Opportunities - **Three - year Action Plan for Commercial Space**: On November 25, 2025, the National Space Administration issued the "Action Plan for Promoting the High - quality and Safe Development of Commercial Space (2025 - 2027)", aiming to achieve high - quality development of commercial space by 2027, with significant growth in industry scale and innovation [3]. - **Establishment of the Commercial Space Department**: The National Space Administration has recently established the Commercial Space Department, which will promote the high - quality development of China's commercial space industry and benefit the entire industrial chain [4]. - **Satellite Internet of Things Business Commercial Test**: The Ministry of Industry and Information Technology has launched a two - year commercial test of satellite Internet of Things business, marking the transition of China's satellite Internet industry to the commercial application exploration stage and bringing investment opportunities for the entire industrial chain [4]. - **Recommended Stocks**: In the rocket direction, recommended stocks include Chaojie Co., Ltd., Gaohua Technology, Zhongheng Design, etc.; in the satellite direction, recommended stocks include Shaanxi Huada, Shanghai Harbor, Shanghai Hanxun, etc. [4]. 3.2 Main Covered Company Earnings Forecast and Valuation - The report provides earnings forecasts, valuations, and ratings for 28 companies from 2024 to 2027, including China National Building Material Group Corporation, Conch Cement, and China State Construction Engineering Corporation. Most of the investment ratings are maintained [13]. 3.3 Weekly Market Review - **Industry Index Performance**: The building and building materials industries showed certain increases this week. The building index increased by 2.43%, and the building materials index increased by 2.21%. Among them, the garden engineering index had the highest increase of 8.40% in the building sub - sectors, and the ceramic index had the highest increase of 5.60% in the building materials sub - sectors [17][19][22]. - **Stock Performance**: In the building materials industry, Hainan Ruizhe had the highest weekly increase of 22.16%, and *ST Lifang had the highest weekly decrease of 30.00%. In the building industry, Guosheng Technology had the highest weekly increase of 57.69%, and *ST Dongyi had the highest weekly decrease of 22.36% [25]. - **Infrastructure Public REITs Performance**: The average weekly increase of infrastructure public REITs was - 0.13%, the average monthly increase was - 1.23%, the average increase since the beginning of the year was 9.67%, the average 250 - day increase was 14.38%, and the average increase since IPO was 13.06% [28]. 3.4 Aggregate Data Tracking - **Real Estate Data**: It includes new construction, construction, completion, and sales area cumulative year - on - year data, land transaction data, real estate transaction data, social financing data, and infrastructure investment growth data. For example, the cumulative year - on - year growth rate of national real estate new construction area continued to decline [31]. - **Eight Major Construction Central Enterprises' New Contract Signing**: The report shows the quarterly new contract signing amounts and year - on - year growth rates of eight major construction central enterprises from 2022Q1 to 2025Q3 [73]. - **Special Bond Issuance**: It includes monthly and cumulative new special bond issuance amounts and replacement special bond issuance amounts from 2022 to 2025 [75][77][79][81]. 3.5 High - frequency Data Tracking - **Cement Data**: It includes national PO42.5 cement average price, East China regional cement price trend, cement - coal price difference index, cement inventory ratio, and cement production monthly year - on - year growth rate [84][85][87][91]. - **Float Glass Data**: It includes glass spot price, glass futures price, and glass inventory [91][92][96]. - **Photovoltaic Glass Data**: It includes glass daily melting volume, soda ash price, 2mm photovoltaic glass price, and photovoltaic glass inventory [98][102][99][104]. - **Glass Fiber Data**: It includes the prices of various types of glass fiber yarns and glass fiber inventory [106][109][110][116]. - **Carbon Fiber Data**: It includes carbon fiber average price, carbon fiber raw silk price, carbon fiber production, carbon fiber inventory, carbon fiber operating rate, carbon fiber gross profit margin, carbon fiber cost, and carbon fiber gross profit [113][117][120][122][124][126][129]. - **Magnesia and Alumina Prices**: It includes the ex - factory tax - included price of large - crystal electro - fused magnesia and alumina price [126][130]. - **Upstream Raw Material Prices**: It includes asphalt price, waste paper price, PVC price, HDPE price, etc. [134][137][135][139]. - **Physical Workload Data**: It includes acrylic acid price, titanium dioxide price, high - machine rental rate, and asphalt average operating rate [141][143][144][146].

Core Insights - The housing construction sector experienced a rise of 0.65% on December 1, with China State Construction leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Sector Performance - The housing construction sector saw a net inflow of 58.82 million yuan from main funds, while retail and speculative funds experienced net outflows of 29.59 million yuan and 29.23 million yuan, respectively [1] - Key stocks in the housing construction sector and their performance include: - China State Construction (601668): Closed at 5.24 yuan, up 0.77%, with a trading volume of 1.55 million shares and a turnover of 812 million yuan [1] - Shanghai Construction (600170): Closed at 2.78 yuan, up 0.72%, with a trading volume of 1.49 million shares and a turnover of 411 million yuan [1] - Shaanxi Construction (600248): Closed at 3.72 yuan, up 0.27%, with a trading volume of 99,900 shares and a turnover of 37.07 million yuan [1] Fund Flow Analysis - Main fund inflows and outflows for selected stocks in the housing construction sector: - Shanghai Construction (600170): Main fund inflow of 53.12 million yuan, speculative fund outflow of 18.29 million yuan, and retail fund outflow of 34.83 million yuan [2] - China State Construction (601668): Main fund inflow of 12.68 million yuan, speculative fund outflow of 20.99 million yuan, and retail fund inflow of 8.32 million yuan [2] - Longyuan Construction (600491): Main fund outflow of 1.91 million yuan, speculative fund outflow of 0.30 million yuan, and retail fund inflow of 2.21 million yuan [2]

Core Viewpoint - China State Construction Engineering Corporation (CSCEC) has recently secured three major projects totaling 10.67 billion yuan, which represents 0.5% of the company's audited revenue for 2024 [1][3]. Group 1: Recent Projects - The three major projects include the EPC general contracting for the Sichuan Mianyang Huike New Display Industry Park, the construction of the Guangdong Qingyuan Haosong Green Circular Science and Technology Innovation Park, and the construction of the Dalian Jinzhou Bay International Airport terminal and associated facilities [1][3]. - The contract amounts for these projects are 3.6 billion yuan, 2.8 billion yuan, and 4.27 billion yuan respectively [3]. Group 2: Financial Performance - In the first ten months of 2025, CSCEC signed new contracts worth 3.61 trillion yuan, a year-on-year increase of 1% [2][3]. - The company’s main revenue sources are from housing construction, infrastructure construction and investment, and real estate development [2]. - Cumulatively, from 2021 to 2024 and in the first three quarters of 2025, CSCEC achieved a net profit attributable to shareholders of approximately 241.1 billion yuan [2][6]. Group 3: Business Segments - In the first ten months of 2025, the housing construction segment generated new contracts worth 2.2 trillion yuan, up 1.5% year-on-year, while the revenue from this segment decreased by 5.3% to 988.9 billion yuan [4]. - The infrastructure construction segment signed new contracts worth 1.11 trillion yuan, a 3.1% increase year-on-year, with revenue slightly declining by 3.6% to 370.6 billion yuan [4]. - The real estate development segment saw a contract sales amount of 287.1 billion yuan, down 9.5% year-on-year, indicating challenges in the real estate market [4]. Group 4: Shareholder Support - To bolster market confidence, CSCEC's controlling shareholder, China State Construction Group, announced plans to increase its stake in the company, having already invested 623 million yuan to acquire 112 million shares [7].

盈利巨人竟是市场矮子？21万散户抄底反陷泥潭，央企股的底在何方 股民朋友们有没有发现一个怪现象？2025年的央企股堪称"矛盾综合体"——一边是不少央企赚得盆满钵满，净利润动辄数十亿甚至上百亿，一边是股价 跌跌不休，估值跌到地板上还在磨底；一边是政策频频释放利好，喊出"加强市值管理""提高股东回报"，一边是21万散户扎堆抄底，却硬生生陷入"越补 仓越被套"的泥潭。 据中证指数公司11月28日最新数据，中证央企指数（000926）2025年以来累计下跌7.3%，同期有32家市值超500亿的央企股股价创近3年新低，其中17家 更是处于"破净"状态（市净率低于1）。 而中国证券登记结算公司披露的持仓数据显示，仅三季度就有21.4万散户涌入这类"低估值央企股"，但截至11月底，超七成散户浮亏幅度在15%以上，不 少人感叹"以为抄到了价值洼地，没想到是万丈深渊" 。一边是盈利硬实力，一边是市场冷待遇，央企股的"底"到底在何方？ 按理说，盈利是股价的"定海神针"，但2025年的央企股偏要打破这个规律。先看一组实打实的业绩数据：据华源证券2025年11月19日研报，九大建筑央 企前三季度营收和归母净利润分别占申万建筑板块的8 ...

Core Points - The One Belt One Road Index (399991) closed at 2752.77 points, up 0.71%, with a trading volume of 98.274 billion yuan and a turnover rate of 0.58% [1] - Among the index constituents, 66 stocks rose, with Jerry Holdings leading at a 10.0% increase, while 19 stocks fell, with Zhongji Xuchuang leading the decline at 1.81% [1] Index Constituents Summary - The top ten constituents of the One Belt One Road Index include: - Zhongji Xuchuang (4.03% weight) at 514.50 yuan, down 1.81% [1] - Yingmei Holdings (3.30% weight) at 28.58 yuan, down 0.07% [1] - Luoyang Jiyie (3.20% weight) at 16.23 yuan, up 1.76% [1] - China Petroleum (3.15% weight) at 9.75 yuan, down 1.02% [1] - TBEA (3.08% weight) at 21.80 yuan, up 1.96% [1] - Xinyi Sheng (3.08% weight) at 347.80 yuan, up 2.05% [1] - ZTE Corporation (2.88% weight) at 42.09 yuan, down 0.50% [1] - SANY Heavy Industry (2.73% weight) at 20.32 yuan, up 0.94% [1] - China Xiongzhu (2.70% weight) at 5.20 yuan, down 0.76% [1] - Wanhua Chemical (2.69% weight) at 67.12 yuan, up 1.85% [1] Capital Flow Analysis - The One Belt One Road Index constituents experienced a net outflow of 173 million yuan from main funds, while retail investors saw a net inflow of 135 million yuan [3] - Notable capital flows include: - Xinyi Sheng with a net inflow of 63.2 million yuan from main funds [3] - Tanfeng Communication with a net inflow of 42.5 million yuan from main funds [3] - Zijin Mining with a net inflow of 15.1 million yuan from main funds [3] - Luoyang Jiyie with a net inflow of 13 million yuan from main funds [3] - China Shipbuilding with a net inflow of 129 million yuan from main funds [3]

Group 1 - Jianbang Co., Ltd. plans to repurchase shares using self-owned funds between 15 million and 30 million yuan, with a maximum price of 38 yuan per share [1] - Yatong Precision Engineering's investment in a private equity fund has been terminated due to failure to complete the agreed investment, leading to the fund's dissolution [1] - China Storage Co., Ltd. intends to invest 1.129 billion yuan in the Sanjiang Port project, with its wholly-owned subsidiary contributing 500 million yuan to establish a project company [2] Group 2 - Guangxin Co., Ltd. plans to inject assets worth 4.383 billion yuan into its wholly-owned subsidiary, increasing its registered capital from 10 million to 20 million yuan [3] - Jiangxin Home plans to use up to 3 billion yuan of idle self-owned funds for cash management in low-risk financial products [4] - Huangshan Tourism intends to lease part of the Huangshan scenic area for 1.27 billion yuan over a 10-year period [5] Group 3 - Jilin Expressway's general manager has resigned due to work adjustments [6] - Guoyao Modern's subsidiary has received a drug registration certificate for hydromorphone hydrochloride injection, suitable for pain management [8] - Hangya Technology plans to invest up to 70 million USD to establish subsidiaries in Singapore and Malaysia [10] Group 4 - ST Sailong's subsidiary has received approval for the listing of two chemical raw materials [11] - Shanghai Pharmaceuticals' tramadol hydrochloride injection has passed the consistency evaluation for generic drugs [12] - Yubang Electric has obtained a laboratory accreditation certificate from CNAS, indicating its testing capabilities [14] Group 5 - ST Lifang's stock will be subject to delisting risk warning starting December 1 due to administrative penalties [15] - Zhejiang Longsheng is investing 200 million yuan in a private equity partnership focused on high-potential enterprises [15] - Huayang Co., Ltd.'s subsidiary has obtained safety production permits, allowing it to commence production [16] Group 6 - Xujie Electric has won a bid for a State Grid project worth 1.518 billion yuan [17] - Pinggao Electric and its subsidiaries have collectively won a State Grid project worth approximately 773 million yuan [17] - ST Lanhua's subsidiary has entered the trial production phase for a juice beverage project with a total investment of up to 65 million yuan [18] Group 7 - Huakong Saige has terminated its stock issuance plan due to various considerations [19] - Yatong Co., Ltd. plans to invest 36 million yuan to establish a joint venture in renewable energy [20] - Warner Pharmaceuticals has received a drug registration certificate for a new inhalation solution for COPD patients [21] Group 8 - Demais has raised the upper limit for its share repurchase price to 45 yuan per share [22] - China West Electric's subsidiaries have collectively won a State Grid procurement project worth approximately 2.98 billion yuan [22] - Changan Automobile's joint venture has submitted a listing application to the Hong Kong Stock Exchange [23] Group 9 - Yinlun Co., Ltd. plans to invest approximately 133 million yuan to acquire a controlling stake in Shenzhen Deep Blue Electronics [24] - Zhongfu Information intends to increase its wholly-owned subsidiary's capital by 380 million yuan [24] - Financial Street's major shareholder has reduced its stake by 0.25% [25] Group 10 - Audiwei has formally submitted an application for H-share listing [26] - Zhongcai Technology's private placement application has been accepted by the Shenzhen Stock Exchange [27] - Haowei Group's subsidiary plans to invest 200 million yuan in a private equity fund focused on semiconductor investments [28] Group 11 - Jinkai New Energy is planning to transfer 51% of its subsidiary's equity to introduce strategic investors [31] - Huafeng Technology has reduced its fundraising target for a private placement to no more than 972 million yuan [32] - Mindray Medical's chairman plans to increase his stake in the company by 200 million yuan [33] Group 12 - Zhongman Petroleum's shareholders plan to reduce their holdings by up to 3% [35] - Innovation New Materials' shareholder intends to reduce their stake by up to 1% [37] - Guangdong Construction has signed a framework agreement to establish a quality testing base in Linzhi Economic Development Zone [39]

Core Insights - The housing construction sector experienced a decline of 0.19% on November 28, with China State Construction leading the drop [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Sector Performance - The housing construction sector saw a net outflow of 139 million yuan from main funds, while retail investors contributed a net inflow of approximately 99.88 million yuan [1] - Key stocks in the sector included: - Chongqing Construction (600939) with a closing price of 3.82, up 10.09% and a trading volume of 712,800 shares [1] - Longyuan Construction (600491) closed at 3.10, up 1.97% with a trading volume of 127,000 shares [1] - China State Construction (601668) closed at 5.20, down 0.76% with a trading volume of 2,234,600 shares [1] Fund Flow Analysis - Main funds showed significant outflows from several stocks, including: - China State Construction with a net outflow of 173 million yuan, accounting for 14.91% of its total [2] - Zhejiang Construction (002761) with a net outflow of 27.63 million yuan, representing 20.32% [2] - Retail investors showed positive net inflows in several stocks, notably: - China State Construction with a net inflow of approximately 101 million yuan, accounting for 8.74% [2] - Ningbo Construction (601789) with a net inflow of about 11.48 million yuan, representing 7.76% [2]

Core Viewpoint - China State Construction Engineering Corporation has announced the acquisition of significant projects, indicating ongoing growth and investment opportunities in the construction sector [1] Group 1 - The company’s board of directors guarantees the authenticity, accuracy, and completeness of the announcement [1] - The announcement serves to inform investors about recent major project acquisitions [1] - The date of the announcement is November 27, 2025 [1]

11月27日，国家发展改革委召开月度新闻发布会。国家发展改革委政策研究室副主任李超透露，下一步，国家 发展改革委将会同有关方面持续加力，为储能和氢能等新兴产业健康发展创造良好环境。一是深化电力市场改 革，鼓励储能项目结合自身特点参与电能量市场和调频、调峰、备用等辅助服务市场，获取合理收益；二是统 筹规划布局，有效衔接绿色氢氨醇供给和需求，在重点领域推动绿色氢氨醇规模化发展，适度超前推动产运储 等环节基础设施建设，有效降低系统运行成本；三是突破技术瓶颈，组织实施产业创新工程，支持领军企业联 合产业链上下游、高校科研院所，围绕不同应用场景，一体推进设施集群建设、技术研究开发、产品升级迭代 和应用推广，鼓励多种新型储能和氢能技术路线有序发展，为构建新型电力系统提供有力支撑。 REITs发行范围已涵盖12大行业52个资产类型 11月27日，国家发展改革委政策研究室副主任李超在新闻发布会上回答证券时报记者提问。李超表示，自2020 年基础设施领域不动产投资信托基金（REITs）启动以来，国家发展改革委会同证监会，持续推动基础设施 REITs市场扩围扩容。在工作开展初期，将仓储物流、收费公路、市政设施、产业园区等纳入发行 ...

Core Viewpoint - China State Construction Engineering Corporation (601668.SH) has recently secured three significant projects totaling 10.67 billion yuan [1] Group 1: Project Details - The projects include the EPC general contracting for the infrastructure construction of the Sichuan Mianyang Huike New Display Industry Park [1] - The projects also encompass the construction of the Guangdong Qingyuan Haosong Green Circular Science and Technology Innovation Park [1] - Additionally, the company will undertake the construction general contracting for the Dalian Jinzhou Bay International Airport terminal building, elevated bridge, and ancillary facilities [1]