——建材、建筑及基建公募REITs半月报（11月15日-11月28日）：商业航天迎密集催化，关注相关投资机会-20251202

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].