Market Overview - The Shanghai Composite Index closed at 3952.09 points, slightly below the previous day with a change of -0.19% [1] - The total trading volume of A-shares reached 17367.28 billion yuan [1] Stocks Breaking the Annual Line - A total of 27 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Baiana Qiancheng (300291) with a deviation rate of 13.64% and a daily increase of 20.08% [1] - Pioneer Precision (688605) with a deviation rate of 6.29% and a daily increase of 6.72% [1] - Jikai Co., Ltd. (002691) with a deviation rate of 5.66% and a daily increase of 9.95% [1] Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the annual line include: - Zheshang Bank (601916) with a deviation rate of 0.03% and a daily increase of 0.33% [2] - Electric Investment and Financing (000958) with a deviation rate of 0.03% and a daily increase of 0.31% [2] - West Securities (603776) with a deviation rate of 0.07% and a daily increase of 0.12% [2]

证券日报网讯12月25日，亚厦股份（002375）在互动平台回答投资者提问时表示，根据中国证券登记结 算有限责任公司2025年12月19日统计数据，公司股东总户数为30117户。二级市场有不确定性，敬请注 意投资风险。 ...

Investment Rating - The report maintains a "Recommended" rating for the construction industry [1] Core Views - The report emphasizes the need to stabilize the real estate market and promote high-quality urban renewal, with a focus on increasing central budget investments and optimizing local government special bond usage [3][4] - It highlights a significant decline in fixed asset investment and real estate sales, with a year-on-year decrease of 15.9% in real estate investment and 7.8% in sales area from January to November 2025 [3][48] - The construction industry is expected to see a recovery in order volumes and market expectations, with the construction PMI rising to 49.6 in November 2025 [6][7] Summary by Sections 1. New Orders and Market Expectations in the Construction Industry - The construction PMI increased to 49.6 in November, indicating a slight recovery in industry sentiment [6][7] - The new orders index rose to 46.1, reflecting improved market expectations [7] 2. Fixed Asset Investment Growth Slows - Fixed asset investment from January to November 2025 totaled 444,035 billion yuan, down 2.6% year-on-year, with private investment declining by 5.3% [3][16] - Infrastructure investment (excluding power, heat, gas, and water) decreased by 1.1% year-on-year [16] 3. Infrastructure Investment Growth Continues to Decline - Broad infrastructure investment growth was recorded at 0.13%, a decrease of 1.38 percentage points from the previous month [27] - Specific sectors like transportation and public facilities saw declines, with water management investment down by 6.3% [31][29] 4. Real Estate Investment and Sales Area Growth Decline - Real estate investment fell by 15.9% year-on-year, with sales area down by 7.8% [48] - New housing starts decreased by 20.5%, and completion rates also fell, indicating ongoing challenges in the real estate sector [49][48] 5. Promoting Investment Stabilization - The report suggests that the construction industry is experiencing increased concentration and is currently valued at historical low levels, indicating potential for recovery [3][4] - It recommends focusing on urban renewal, infrastructure projects, and high-dividend stocks as key investment themes [3]

Core Viewpoint - The company, Yasha Co., Ltd. (002375.SZ), announced the absorption and merger of its wholly-owned subsidiary, Chongqing Yasha Decoration Engineering Co., Ltd., with its wholly-owned subsidiary, Chongqing Xuange Construction Engineering Co., Ltd. [1] Group 1: Transaction Details - The transaction involves the absorption of Chongqing Xuange Construction, with Chongqing Yasha Decoration Engineering as the acquiring entity [1] - Chongqing Xuange Construction holds a first-class qualification for construction decoration engineering, which has been inherited by Chongqing Yasha Decoration Engineering [1] - The qualification certificate is issued by the Chongqing Municipal Housing and Urban-Rural Development Committee, with a certificate number D250255632, valid until November 28, 2026 [1] Group 2: Post-Merger Structure - Following the merger, Chongqing Yasha Decoration Engineering will continue its operations, while Chongqing Xuange Construction will be legally deregistered [1] - All assets, liabilities, business operations, personnel, and related qualifications of Chongqing Xuange Construction will be inherited by Chongqing Yasha Decoration Engineering [1] - Chongqing Yasha Decoration Engineering has a registered capital of 20 million yuan, located in Yubei District, Chongqing [1]

证券代码：002375 证券简称：亚厦股份 公告编号：2025-064 浙江亚厦装饰股份有限公司 关于全资子公司吸收合并全资孙公司的进展公告 近日，公司收到重庆市住房和城乡建设委员会核发的《建筑业企业资质证书》， 重庆轩格建筑的建筑装修装饰工程专业承包一级资质已由重庆亚厦装饰承继。本 次吸收合并的其他事项尚在办理中，最终完成情况及完成时间尚具有不确定性， 公司将及时披露进展情况，敬请广大投资者注意风险。 三、资质证书情况 企业名称：重庆亚厦装饰工程有限公司 注册地址：重庆市渝北区龙兴镇曙光路 9 号 9 幢 2-1 统一社会信用代码：91500000MADRLU4QXG 法定代表人：张洪亮 注册资本：2,000.00 万元 经济性质：有限责任公司（自然人投资或控股的法人独资） 证书编号：D250255632 资质类别及等级：建筑装修装饰工程专业承包一级 有效期：2026 年 11 月 28 日 四、备查文件 1、《建筑业企业资质证书》。 特此公告。 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。 一、吸收合并概况 浙江亚厦装饰股份有限公司（以下简称"公司"）于 ...

Core Viewpoint - The company announced the absorption merger of its wholly-owned subsidiary, Chongqing Xuange Construction, by its wholly-owned subsidiary, Chongqing Yasha Decoration, which was approved in a board meeting on August 12, 2025 [1] Group 1 - Chongqing Yasha Decoration has inherited the first-level qualification for construction decoration engineering from Chongqing Xuange Construction [1] - The qualification certificate has been issued by the Chongqing Municipal Housing and Urban-Rural Development Commission, valid until November 28, 2026 [1] - Other matters related to the absorption merger are still being processed, with the final completion status and timeline being uncertain [1]

Core Viewpoint - The company, Yasha Co., reported that as of November 28, 2025, the total number of shareholders is 30,040 according to the statistics from China Securities Depository and Clearing Corporation Limited [2] Summary by Category - **Shareholder Information** - The total number of shareholders for Yasha Co. is 30,040 as of the latest statistics [2]

Market Overview - The decoration and renovation sector saw a slight increase of 0.09% on November 27, with Zhengzhong Design leading the gains [1] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Top Performers - Zhengzhong Design (002811) closed at 16.73, up 9.99% with a trading volume of 455,000 shares and a turnover of 731 million [1] - Meizhi Co., Ltd. (002856) also rose by 9.99% to close at 13.32, with a trading volume of 172,600 shares and a turnover of 214 million [1] - Other notable gainers include ST Chuangxing (600193) up 4.89% and Mingdiao Co., Ltd. (002830) up 4.57% [1] Underperformers - ST Dongyi (002713) fell by 5.00% to close at 13.67, with a trading volume of 95,150 shares and a turnover of 13 million [2] - ST Zhongzhuang (002822) decreased by 4.97% to 4.21, with a trading volume of 522,900 shares and a turnover of 223 million [2] - Other significant decliners include ST Mingjia (300506) down 3.59% and Haikou Development (002163) down 1.97% [2] Capital Flow - The decoration and renovation sector experienced a net outflow of 59.03 million from institutional investors, while retail investors saw a net inflow of 112 million [2] - The main stocks with significant capital flow include Zhengzhong Design with a net inflow of 11.9 million from institutional investors [3] - Meizhi Co., Ltd. had a net inflow of 12.93 million, while ST Baoying (002047) saw a net inflow of 12.39 million [3]

Core Viewpoint - Zhejiang Yasha Decoration Co., Ltd. has extended the duration of its third employee stock ownership plan by 12 months, now set to expire on January 25, 2027, reflecting the management's confidence in the company's future stability and stock value [5][8]. Summary by Sections Board Meeting Decisions - The third meeting of the seventh board of directors was held on November 25, 2025, where the proposal to extend the employee stock ownership plan was approved with 3 votes in favor, 0 against, and 2 abstentions [1][2]. Employee Stock Ownership Plan Details - The third employee stock ownership plan was initially approved in late 2015 and completed stock purchases on July 15, 2016, acquiring 5,380,000 shares at an average price of 11.96 yuan per share, representing 0.4% of the total share capital [6][5]. - The original duration of the plan was set for 72 months from the date of approval, with provisions for extension upon board approval [6][8]. Previous Extensions - The plan was previously extended in November 2021 for an additional 12 months, and again in November 2022 for 36 months, now set to expire on January 25, 2026, before the latest extension [7][8].

Market Performance - The decoration and renovation sector increased by 1.27% compared to the previous trading day, with Meizhi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Key Stocks in the Sector - Meizhi Co., Ltd. (002856) closed at 12.88, with a rise of 9.99% and a trading volume of 97,200 shares, totaling a transaction value of 123 million yuan [1] - Zhengzhong Design (002811) closed at 16.01, up 7.31%, with a trading volume of 592,300 shares and a transaction value of 2.616 million yuan [1] - Other notable stocks include *ST Jianyi (002789) with a 5.00% increase, *ST Zhongzhuang (002822) with a 4.98% increase, and Zhongtian Jingzhuang (002989) with a 4.19% increase [1] Capital Flow Analysis - The decoration and renovation sector experienced a net outflow of 8.5444 million yuan from institutional investors, while retail investors saw a net outflow of 3.6943 million yuan [2] - Conversely, speculative funds recorded a net inflow of 12.2387 million yuan [2] Individual Stock Capital Flow - Zhengzhong Design (002811) had a net inflow of 11.2 million yuan from institutional investors, but a net outflow of 58.6391 million yuan from speculative funds [3] - Meizhi Co., Ltd. (002856) saw a net inflow of 21.6486 million yuan from institutional investors, with a net outflow of 9.0472 million yuan from speculative funds [3] - Hainan Development (002163) had a net inflow of 59.3333 million yuan from institutional investors, while also experiencing a net outflow from retail investors [3]