新华社北京2月1日电 题:在春运，看见行进的中国 开栏的话: 2026年,"十五五"规划开局之年。新元启曙，岁回律转,辞旧迎新之际，人们书写来岁风华,共贺山河日新，怀憧憬之心激发奋进力量。 自2月1日起，新华社开设"新春走基层"栏目，记者们奔赴天南地北、沿海边疆，用眼睛发现生活之真,用脚步丈量天地之广，用指尖记录神州之 秀，与各地人民群众共同聆听时代脉搏的跳动，见证中国式现代化发展的奔涌，向每一位辛勤付出的奋斗者、追梦者致敬。 0:00 / 1:52 2026年春运即将按下开始键,"全球最大规模人口迁徙"图册将掀开新的一页。平安顺利出行,是民之所望、心之所向。 日曦初现,新晨伊始,北京西站迎来高速运转的一天。 2月1日8时49分,从西安开往北京的D42次动车组列车徐徐驶入北京西站。客运值班员朱春生身着整齐的制服,早早在候车台边等候。 "大家不要着急,慢慢来,带小孩的把孩子领好""大家注意脚下安全,有序下车"…… 距离2026年春运开始还有一天时间,车厢中已然有许多旅客。归乡的,出游的,人们拎着行李箱,带着大包小包,脸上挂着从容与淡定,眼神中却藏不住期 待。 天气严寒,而朱春生忙得热火朝天:帮着老人拎行李,回应 ...

Investment Rating - The report maintains a "Strong Buy" rating for the construction decoration industry, indicating a positive outlook for the sector [3]. Core Insights - The report emphasizes the arrival of a new industrial era, highlighting significant opportunities for construction companies to engage in cross-industry transformations [17]. - It notes that the net financing of special bonds has increased year-on-year, with a total of 3,086 billion yuan in net financing as of January 30, 2026, which is higher than the average of the past three years [22][23]. - The report identifies key sectors for investment, including commercial aerospace, low-altitude economy, quantum technology, AI, and future energy sources like nuclear power and controlled nuclear fusion [17][20]. Summary by Sections Industry Outlook and Investment Recommendations - The report suggests focusing on the construction of key projects in the western region during the "14th Five-Year Plan," recommending state-owned enterprises such as China Railway Construction and China State Construction [11]. - It highlights the potential benefits for companies involved in tunneling, civil explosives, and geotechnical engineering due to high demand in these sectors [28]. - The report also encourages investment in new economic directions such as commercial aerospace, low-altitude economy, computing power, and AI, recommending companies like Roman Technology and Honglu Steel Structure [28]. Market Performance Review - The construction decoration index fell by 1.44% this week, underperforming the overall A-share index, which declined by 0.44% [34]. - Notable performers included Roman Technology (+18.6%) and Taiji Industry (+16.03%), while companies like Hexin Instruments (-20.65%) and Su Testing (-15.05%) saw significant declines [34][35]. Key Company Dynamics - The report tracks significant company developments, including China Railway Construction signing new contracts worth 1.6 trillion yuan in Q4, showing stability compared to the previous year [21]. - It also notes that Zhite New Materials expects a net profit of 160-200 million yuan for 2025, reflecting a year-on-year increase of 117.11% to 171.39% [21].

Core Insights - The first affordable housing project in Shenzhen for the year, Shen Tie Ming Zhu, has successfully sold all 181 units, achieving a "daylight" sale, marking a strong start for the Shenzhen real estate market in 2026 [1][3] Group 1: Project Details - Shen Tie Ming Zhu is located in the Bao'an District, with 181 units available for sale, including 130 two-bedroom units (approximately 68 square meters) and 51 three-bedroom units (approximately 86-88 square meters) [3] - The project utilizes prefabricated construction and is expected to be delivered by the end of 2026 [3] Group 2: Market Demand and Trends - The project attracted 662 qualified families, resulting in a subscription ratio of 1:3.6, indicating high demand for reasonably priced and well-located housing [3][5] - The Shenzhen real estate market is experiencing a resurgence, with over 10,000 new and second-hand homes signed in January 2026, including a 25% year-on-year increase in second-hand home transactions [5][6] Group 3: Policy Impact - Recent policy changes, such as the reduction of the value-added tax rate on homes sold for less than two years from 5% to 3%, have effectively lowered transaction costs for residents [5] - The market is seeing a shift from hesitation to action among buyers, with a continuous increase in second-hand home transactions since March 2025 [5][6] Group 4: Future Outlook - The real estate market is expected to continue its recovery, with several high-quality residential projects set to enter the market in the first quarter of 2026 [8]

智通财经APP获悉，2026年2月2日，港股上市公司投资日志如下： 类别 公司 分红派息 新股活动 股东大会召开日 乐欣户外 (招股中) 爱芯元智 (招股中) 澜起科技 (招股中) 大族数控 (招股中) 牧原股份 (招股中) 卓正医疗 (招股中) 国恩科技 (定价日) 同仁堂科技 中国智慧能源 中国中铁 环球印馆 博雷顿 圣贝拉 中国生物科技服务 中国春来 博富临置业 慧源同创科技 星谦发展 （除净日） 泛亚环保 （除净日） 奥思集团 （除净日） ...

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]

行 业 研 究 / 建 筑 装 饰 / 证 券 研 究 报 建筑装饰行业周报 未来产业大时代来临，重视建筑企业跨 界转型大机遇 2026 年 02 月 01 日 【投资要点】 商业航天&低空经济：商业航天与低空经济同为拓展人类活动与资源 获取边界，激发经济活力的重要载体。同时本周中国航天科技集团宣 布全面实施"155 战略"，关注【苏州规划】（拟收购的东进航科布 局低空基建并与中国星网合作空天大数据的算法与系统研发），【亚 玛顿】（钙钛矿电池）、【隆华科技】（PMI）、【凯盛科技】（UTG 玻璃）、【上海港湾】（钙钛矿电池）、【中衡设计】（参股致航科 技）、【招标股份】（卫星数据分析）。 （太空）算力：本周 SpaceX 申请部署至多 100 万颗卫星欲建轨道 AI 数据中心网络，重视算力基建与商业航天结合并扩展至太空的逻辑。 关注板块内布局算力业务的【罗曼股份】、【浦东建设】。 机器人：以具身智能、人形机器人、黑灯工厂等为核心，进一步推动 我国制造业竞争力提升。与国内领先四足/双足机器人企业镜识科技/矩 阵超智深度合作的【宏润建设】，进军消防机器人行业的【青鸟消防】， 以及研发工业机器人的头部钢结构企业【鸿 ...

有券商机构指出，1月制造业PMI（采购经理指数）再度回落到荣枯线以下，反映出有效需求仍不足。A 股流动性支撑延续，临近2026年春节长假，市场交投活跃度依然处于较高水平，短期市场或仍以结构性 震荡为主。 每经记者：刘明涛每经编辑：彭水萍 上周，随着热门板块出现高位震荡，A股主要股指迎来调整，均出现小幅回落，每经品牌100指数在蓝 筹股带动下，周涨幅为0.51%。 有市场人士认为，短期来看，A股市场在交投活跃支撑下，或将延续盘整过程。 "中字头"个股表现出色 上周，A股市场主要指数波动加剧，从周K线来看，截至1月30日收盘，上证指数下跌0.44%，以4117.95 点报收；深证成指下跌1.62%，以14205.89点报收；创业板指和科创50指数周跌幅分别达到0.09%和 2.85%，每经品牌100指数实现小幅反弹，周涨0.51%，以1154.56点报收。 市场热点方面，A股市场板块轮动速度加快，周内半导体、白酒、地产等板块阶段性走高，但行情持续 性仍显不足。经历近期持续上涨后，受国际贵金属价格高位回落影响，上周五有色金属板块大幅回调。 成分股方面，"中字头"个股上周表现出色，中国海油、中国石油以及中国重汽周涨幅 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the construction central enterprises sector, including China Railway, China Chemical, China Construction, and China Metallurgical [12][13][32]. Core Insights - The construction central enterprises are expected to see improved profitability driven by policy goals aimed at stabilizing investment. Order data shows a recovery in order growth starting from Q2 2025, with an anticipated narrowing of performance declines by Q4 2025 [1][16]. - The overall valuation of the nine major construction central enterprises is at historical lows, with a Price-to-Book (PB) ratio of 0.45 and a Price-to-Earnings (PE) ratio of 6.66, indicating strong safety margins [2][19]. - Institutional holdings in the construction sector are at low levels, suggesting a healthy chip structure and potential for recovery in key stocks [3][22]. Summary by Sections Order Growth and Performance - Cumulative order growth rates for construction central enterprises from Q1 to Q4 2025 are -2.0%, +0.2%, +1.3%, and +1.0%, respectively, indicating a recovery trend [1][16]. - The report anticipates that the performance decline of construction central enterprises will narrow in Q4 2025 due to improved order growth [1][16]. Valuation Metrics - As of January 30, 2026, the overall PB for the nine major construction central enterprises is 0.45, slightly above the historical low of 0.42, while the overall PE is 6.66, still below the historical median of 7.66 [2][19]. Institutional Holdings - As of Q4 2025, active funds hold 0.40% of the construction sector, while index funds hold 0.16%, leading to a combined holding of 0.28%, significantly lower than the 0.7%-1% range seen in 2021-2022 [3][22]. Catalysts for Growth - Several potential catalysts for the construction central enterprises include resource business revaluation for China Railway, chemical price rebounds for China Chemical, and increased investment in the power grid for China Electric Power and China Energy Construction [4][26]. - The upcoming "14th Five-Year Plan" is expected to bring about fiscal policies that could further stimulate the sector [4][26]. Recommended Stocks - Key recommendations include: - China Railway (A/H): Benefiting from resource revaluation, with a combined value of 1,894 billion CNY for its resource and engineering segments, indicating a potential upside of 35% [5][27]. - China Chemical: Positioned to benefit from chemical price rebounds, with a current PB of 0.84, indicating a strong safety margin [9][28]. - China Construction: Expected to benefit from stabilizing real estate expectations, with a projected dividend yield of 5.5% [10][30]. - China Metallurgical: Anticipated to improve significantly post divestment of its loss-making real estate business, with a combined valuation potential of 794 billion CNY [11][31].

Investment Rating - The report maintains a "Buy" rating for key companies in the construction central enterprises sector, including China Railway, China Chemical, China Construction, and China Metallurgical [12][13][32]. Core Insights - The construction central enterprises are expected to see improved profitability driven by policy goals aimed at stabilizing investment and increasing central budget investment in 2026. Order growth has shown signs of recovery, with cumulative order growth rates for 2025 Q1-Q4 at -2.0%, +0.2%, +1.3%, and +1.0% respectively, indicating resilience among leading firms [1][16]. - The overall valuation of the nine major construction central enterprises is at historical lows, with a Price-to-Book (PB) ratio of 0.45 and a Price-to-Earnings (PE) ratio of 6.66, suggesting a strong margin of safety for investors [2][19]. - Institutional holdings in the construction sector are at low levels, with active funds holding only 0.40% of the sector, indicating significant underweighting compared to historical averages [3][22]. Summary by Sections Order Growth and Market Conditions - The report highlights a recovery in order growth for construction central enterprises, with expectations for performance improvement in Q4 2025 as orders stabilize and infrastructure investment accelerates in 2026 [1][16]. - The central government's focus on stabilizing investment and increasing budget allocations is expected to support revenue and profit growth for these enterprises [1][16]. Valuation Metrics - As of January 30, 2026, the construction central enterprises exhibit a PB of 0.45, slightly above the historical low of 0.42, and a PE of 6.66, which is still below the historical median of 7.66, indicating a favorable entry point for investors [2][19]. Institutional Holdings - As of Q4 2025, the construction sector's market capitalization represents only 1.6% of the total A-share market, with a significant reduction in institutional holdings compared to previous years, suggesting potential for recovery in stock prices as institutional interest returns [3][22]. Catalysts for Growth - Several catalysts are identified for the construction central enterprises, including resource revaluation for China Railway, chemical price rebounds for China Chemical, and increased investment in power grid infrastructure benefiting China Electric Power and China Energy Construction [4][26]. - The upcoming Two Sessions and the start of the 14th Five-Year Plan in 2026 are expected to bring additional fiscal policies that could further stimulate the sector [4][26]. Recommended Stocks - Key recommendations include: - **China Railway (A/H)**: Strong resource base with significant revaluation potential, estimated combined value of 1,894 billion CNY for A shares and 1,535 billion CNY for H shares, indicating a 35% and 54% upside respectively [5][27]. - **China Chemical**: Positioned to benefit from chemical price rebounds, with a current PB of 0.84, indicating a solid margin of safety [9][28]. - **China Construction**: Expected to benefit from stabilizing real estate expectations, with a projected dividend yield of 5.5% [10][30]. - **China Metallurgical**: Anticipated to improve significantly post divestment of loss-making real estate operations, with a potential valuation increase of 22% to 74% [11][31].

中国青年报客户端讯（实习生 程嘉怡 中青报·中青网记者 尹希宁）北京丰台轨道交通产业正加速链式出 海，向全球市场迈出坚实步伐。记者1月30日从2026央地合作推进轨道交通高质量安全发展大会了解 到，丰台区将联合中国中铁、中国通号等龙头企业，拓展"一带一路"沿线国际业务，加速推进轨道交通 产业高端化、智能化、全球化发展。作为"轨道上的京津冀"重要节点，轨道交通是融入丰台城市血脉的 核心产业。丰台区委书记王少峰介绍，近年来，依托雄厚的产业根基，"丰台智造"成功走向全球，该区 企业参建的匈塞铁路、雅万高铁等项目成为"一带一路"合作典范。 目前，该区已汇聚260余家轨道交通全链条企业，年收入规模突破3000亿元，形成"一个试点、两个集 群、两个基地"的产业特色，构建起覆盖规划设计、工程建设、装备研制、运维管理的完整产业体系。 面向"十五五"，丰台区企业组团将从单一装备提供商向投建运管整体方案提供商转变。丰台区副区长崔 向华表示，未来丰台轨道交通产业发展将聚焦智能装备、运维调度等领域，深耕工程建设、通信信号等 赛道，提升产业链整体竞争力。丰台区着力构建"有平台、有项目、有资金、有场景、有服务"的"五 有"产业生态，持续 ...