Core Viewpoint - The report highlights a significant decline in the production of metal smelting equipment in China, indicating potential challenges for companies in the industry [1]. Industry Summary - According to data from the National Bureau of Statistics, the production of metal smelting equipment in China was 68,000 tons in December 2025, representing a year-on-year decrease of 18.6% [1]. - The cumulative production of metal smelting equipment from January to December 2025 reached 697,000 tons, showing a cumulative decline of 15.1% [1]. - The report from Zhiyan Consulting provides insights into the market development trends and investment opportunities in the metallurgical equipment manufacturing industry from 2026 to 2032 [1]. Company Summary - Listed companies in the sector include China Steel International (000928), CITIC Heavy Industries (601608), Dalian Heavy Industry (002204), Taiyuan Heavy Industry (600169), China First Heavy Industries (601106), Shanghai Electric (601727), and Dongfang Electric (600875) [1].

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]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [11] Core Insights - In the inflation cycle, the prices of commodities such as copper and gold are rising, benefiting construction state-owned enterprises with quality mining rights, while the chemical industry is also expected to show profit resilience due to price elasticity [2][10] Summary by Relevant Sections Resource Sector - China Railway has invested in five modern mines, producing significant quantities of copper, cobalt, molybdenum, lead, zinc, and silver, with a revenue increase of 8.04% year-on-year in resource utilization business [6] - China Power Construction holds a 25.28% stake in Huagang Mining, with copper and cobalt production figures reported for 2025 [7] - Shanghai Construction's mining operations include a significant gold mine in Eritrea, contributing to substantial revenue from gold sales [8] - Sichuan Road and Bridge has developed a resource reserve system focusing on various minerals, with significant overseas projects [9] Chemical Industry - China Chemical has a broad chemical industrial layout, including significant production capacities for various chemicals and advancements in technology for epoxy propylene production [10] - The company has also made progress in potassium and phosphate mining, with substantial production and sales figures reported for 2025 [10] Market Performance - The construction sector's performance has varied, with specific sub-sectors showing positive growth rates year-to-date, such as chemical engineering and steel structure [20][21]

Group 1 - Silvercorp's revenue from gold and silver products accounts for a low proportion of total operating income [1] - ST Cube has repeatedly triggered abnormal stock trading fluctuations and is under suspension for verification [1] - Xizi Energy plans to invest 100 million yuan to establish an equity investment fund focusing on computing power, energy, AI, and embodied intelligence industries [1] Group 2 - ST Songfa has signed contracts for two 30.6 million ton VLCC super-large crude oil transport ships [1] - Jiangfeng Electronics intends to acquire control of Kaide Quartz for cash and will suspend trading from January 30 [1] - Jiangbolong expects a net profit growth of 150.66% to 210.82% year-on-year for 2025 [1] Group 3 - Hengyuan Coal Power plans to repurchase shares worth 200 million to 250 million yuan [1] - Jintian Co., Ltd. intends to increase its holdings by 50 million to 100 million yuan [1] - Beijing Lier plans to raise no more than 1.034 billion yuan through a private placement [1][2]

Core Insights - The company signed new project contracts totaling 20.398 billion yuan in 2025, with foreign projects accounting for 14.590 billion yuan and domestic projects for 5.808 billion yuan [1] Group 1: New Contracts - In the fourth quarter of 2025, the company signed 97.49 million yuan in new project contracts, with 36 domestic projects worth 1.754 billion yuan and 9 foreign projects worth 7.995 billion yuan [1] - The total number of new contracts signed in 2025 was 203.98 billion yuan, with foreign projects contributing significantly [1] Group 2: Outstanding Orders - As of the end of December 2025, the company had a cumulative total of 281 signed but uncompleted orders, amounting to 43.326 billion yuan [1] - Among these, 260 projects were effective and in execution, valued at 29.716 billion yuan, while 21 projects were signed but not yet effective, valued at 13.610 billion yuan [1]

证券代码：000928 证券简称：中钢国际 公告编号：2026-2 中钢国际工程技术股份有限公司 关于2025年第四季度工程业务经营情况的自愿性信息披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 3 号——行业信息披露（2025 年修订）》等相关规定，中钢国际工程技 术股份有限公司（以下简称"公司"）现将 2025 年第四季度工程总承包业务经 营情况简报如下： 注：已生效正在执行项目金额为未完工部分预期收入。 一、2025 年第四季度（10-12 月）订单情况 数量（个） 金额（亿元） 2025 年第四季度新签项目合同 45 97.49 其中：国内项目 36 17.54 国外项目 9 79.95 截至 2025 年 12 月末累计已签约未完工订单 281 433.26 其中：已生效正在执行项目 260 297.16 已签约尚未生效项目 21 136.10 单位：万元 项目名称 项目金额 （不含税 预计收入） 开工日期 工期 完工百 分比 本期确认 收入 累计 确认收入 回款 ...

Core Insights - The company announced 45 new project contracts signed in Q4 2025, totaling 9.749 billion yuan, with 1.754 billion yuan from domestic projects and 7.995 billion yuan from international projects [1] - As of the end of December, the cumulative number of signed but uncompleted orders reached 281, amounting to 43.326 billion yuan [1] - The total amount of new project contracts signed in 2025 was 20.398 billion yuan, with 14.590 billion yuan from international projects and 5.808 billion yuan from domestic projects [1] - Significant progress was made on several major ongoing projects, including the MMK 2.5 million tons coking EPC project, which is 95.96% completed, resulting in recognized revenue of 11.6268 million yuan during the reporting period [1]

Core Viewpoint - The company, China Steel International (000928), is committed to enhancing its shareholder return mechanism through a three-year plan (2023-2025) aimed at implementing stable dividend distribution [1] Group 1 - The company has developed a "Shareholder Three-Year Return Plan" for the period of 2023 to 2025 [1] - The plan focuses on further standardizing and improving the long-term mechanism for shareholder returns [1] - The company aims to implement a stable dividend distribution as part of this initiative [1]

Core Viewpoint - The company aims to deepen its presence in overseas markets during the 14th Five-Year Plan period, focusing on enhancing international business competitiveness and aligning with the national "dual circulation" strategy [1] Group 1 - The company will continue to adopt a long-term perspective in its international operations [1] - The company plans to actively expand in emerging markets along the "Belt and Road" initiative [1] - The company is committed to improving its international operational capabilities to maintain its leading position in the industry [1]

（来源：中钢国际） 作为中国宝武旗下主要的工业工程技术和服务公司，中钢国际紧跟时代步伐，聚焦"国际化""绿色化"和"智慧化"三大方向，坚持创新驱动发展，推动将 ESG理念融入企业经营的各个环节，积极助力"双碳"目标实现，推动全球可持续发展。 自ESG体系建设全面推进以来，中钢国际的实践成果屡获权威认可：去年，公司Wind ESG评级跃升至A级，位列建筑板块前十；可持续发展报告获"五星 级"卓越评价；成功入选"中国ESG上市公司央企先锋100"榜单并位列第39名；"一带一路"低碳冶金标杆项目入选《中央企业绿色可持续发展优秀实践案例 集（2025）》十佳案例。 （来源：中钢国际） 作为中国宝武旗下主要的工业工程技术和服务公司，中钢国际紧跟时代步伐，聚焦"国际化""绿色化"和"智慧化"三大方向，坚持创新驱动发展，推动将 ESG理念融入企业经营的各个环节，积极助力"双碳"目标实现，推动全球可持续发展。 自ESG体系建设全面推进以来，中钢国际的实践成果屡获权威认可：去年，公司Wind ESG评级跃升至A级，位列建筑板块前十；可持续发展报告获"五星 级"卓越评价；成功入选"中国ESG上市公司央企先锋100"榜单并位列第3 ...