Core Viewpoint - The Urumqi to Bayingolin Mongol Autonomous Prefecture Weili County expressway, known as the Wuyi Expressway, will officially open on December 26, 2025, significantly improving transportation between northern and southern Xinjiang [1][4]. Group 1: Project Overview - The Wuyi Expressway spans a total length of 324.7 kilometers, featuring the challenging 22.13-kilometer Victory Tunnel that cuts through the Tianshan Mountains [4][20]. - The construction of the expressway began in April 2020 and took 5 years and 8 months to complete [1][4]. Group 2: Engineering Innovations - The Victory Tunnel was constructed using a unique "three-tunnel and four-shaft" method, which differs from traditional dual-tunnel excavation techniques [7][9]. - Two specialized hard rock tunnel boring machines (TBMs), named "Tianshan" and "Victory," were utilized, each with a cutter head diameter of 8.43 meters [12][32]. Group 3: Construction Achievements - The construction period for the tunnel was reduced from 72 months to 52 months, setting a new record for similar highway tunnel projects [15][43]. - The deepest vertical shaft of the Victory Tunnel reaches 707 meters, making it the world's deepest highway vertical shaft [27][29]. Group 4: Economic and Social Impact - The Wuyi Expressway will reduce travel time from Urumqi to Korla from 7 hours to 3.5 hours, enhancing the efficiency of agricultural product transportation and tourism [20][22]. - The expressway is expected to facilitate the rapid delivery of fresh produce to urban markets and improve access to diverse regional experiences for tourists [20][22].

乌鲁木齐晚报全媒体讯（记者石磊 陈星宇）乌尉高速即将通车。雪山峡谷间处处可见建设者的身影。 他们或是高空作业，或是在隧道内调试设备、或是合力搬运交通标识牌，以专业与坚守在严寒中推进项 目最后收尾阶段。每一个岗位上的劳动者都以汗水浇筑这条交通动脉，成为乌尉高速建设中最可爱的 人。 12月22日，乌尉高速红五月隧道前，工人正在吊装道路标识。 12月22日，乌尉高速蝴蝶峡谷1号隧道前，工人在安装照明设备。 12月22日，乌尉高速，中国交建集团中交养护集团工程公司工人在清理路面积雪。 12月22日，乌尉高速天山胜利隧道，工人阿布都·热依木在进行管道保温施工。 12月22日，乌尉高速天山胜利隧道出口，工人在清理棚洞顶部。 12月15日，乌尉高速天山胜利隧道，工人在检测隧道内的灯光照明。 12月22日，乌尉高速后峡隧道，来自山东的赵虎与工友结束一天工作准备收工。 12月15日，乌尉高速路前峡2号隧道出口处，来自山东的工人刘发顺（右）和工友合力安装隔音板。 12月22日，乌尉高速天山胜利隧道，工人在切割护板。 ...

Core Viewpoint - The article emphasizes optimism regarding fiscal policy in 2026, particularly in infrastructure investment as a means to stabilize economic growth amid a challenging real estate market [2][4][5]. Fiscal Policy Outlook - The 2026 fiscal policy is expected to be more proactive, with a focus on stabilizing investment and stimulating private sector activity [4][5]. - Central government investment is anticipated to increase, while local governments will continue to reduce leverage due to rising debt risks [5]. Infrastructure Investment - Infrastructure investment is projected to grow at a rate of 4.5% in 2026, driven by ongoing support from central fiscal measures [2][15]. - The central government is expected to play a significant role in funding infrastructure projects, particularly in the western regions of China [27][28]. Regional Investment Opportunities - The western provinces, especially Sichuan, are highlighted as having high potential for infrastructure investment due to favorable central government support and strategic positioning [3][27][34]. - Sichuan's transportation investment is leading nationally, with a compound annual growth rate of 4.9% from 2020 to 2024, indicating strong growth prospects [32]. Manufacturing Sector Insights - Manufacturing investment is expected to stabilize with a growth rate of around 5% in 2026, benefiting from a potential recovery in semiconductor capital expenditures [3][12]. - The cleanroom engineering sector is identified as a key beneficiary of increased capital spending in high-end manufacturing [3]. International Engineering Opportunities - The overseas market is anticipated to become a second growth curve for construction companies, with significant growth in new contracts and revenue from foreign projects since 2025 [3][12]. Debt Management and Corporate Valuation - The ongoing debt management efforts are expected to improve the asset quality and valuation of state-owned construction enterprises, which have seen a decline in price-to-book ratios due to rising receivables [2][16]. - The average funding cost for major construction enterprises is around 4%, with some companies achieving lower rates through bond issuance [22][23]. Construction Sector Dynamics - The construction sector is experiencing a shift towards higher market concentration, with leading companies increasing their market share significantly in recent years [22][23]. - The article notes that the average market share of major construction enterprises has risen to 22.9% in revenue terms and 48.9% in order terms [22][23].

信长星、刘小涛对宋海良、张炳南来江苏考察交流、深化合作表示欢迎。信长星说，当前，我们正在深 入学习贯彻党的二十届四中全会和中央经济工作会议精神，认真落实习近平总书记对江苏工作重要讲话 精神，扎扎实实推进中国式现代化江苏新实践。江苏与中交集团合作基础良好，希望双方围绕基础设施 投资建设运营、高端装备产业发展、城市更新等领域拓展合作，共同服务国家重大发展战略。 宋海良、张炳南感谢江苏省对中交集团发展的关心支持。他们表示，江苏发展势头好、潜力大，是中交 集团业务布局的重点区域。中交集团将发挥自身优势，紧密对接江苏发展需求，深化全产业链一体化服 务，更好助力江苏高质量发展和现代化建设。 12月24日，省委书记信长星、省长刘小涛在南京会见中国交通建设集团董事长宋海良、总经理张炳南。 省领导储永宏、马士光，中交集团副总经理刘成云参加会见。 ...

（文章来源：证券日报） 证券日报网讯 12月23日，中国交建在互动平台回答投资者提问时表示，截至2025年11月30日，公司通 过集中竞价交易方式已回购A股股份29345900股，约占公司总股本的0.1803%；回购成交最高价8.98元/ 股，最低价8.47元/股。后续回购进展请以公司在上海证券交易所发布的公告为准。 ...

Core Viewpoint - The operation of Hainan's customs closure is a significant national strategic deployment that will enhance the opening-up of Hainan Free Trade Port in trade, investment, and shipping sectors, creating new development opportunities in infrastructure construction, marine engineering, and logistics hub development [2][5]. Company Involvement - The company, as a leading enterprise in the infrastructure sector, is deeply involved in key projects in Hainan, including ports, waterways, and highways [2][5]. - The company plans to seize market opportunities arising from Hainan's customs closure by leveraging its technical and resource advantages in transportation infrastructure and marine engineering [2][5]. - The company aims to continuously expand its related business to support the construction of Hainan Free Trade Port [2][5].

Group 1 - The company has multiple subsidiaries and project companies in Hainan, covering infrastructure construction, cultural tourism development, and marine engineering [2] - These local operations provide support for the company's projects in ports, highways, cultural tourism, and marine economy in Hainan [2] - The company plans to continue leveraging its local subsidiaries to deepen its market presence in Hainan [2]

行业月报 ·建筑行业 推动投资止跌回稳,着力稳定房地产市场 核心观点 2025年12月23日 建筑行业 推荐 维持 分析师 龙天光 ☎：021-2025-2646 网：longtianguang_yj @chinastock.com.cn 分析师登记编码：S0130519060004 2025-12-22 相对沪深 300 表现图 -10% -20% 资料来源：中国银河证券研究院 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 推动投资止跌回稳,高质量推进城市更新。1-11月,全国固定资产投资(不 0 含农户）444035 亿元,同比下降 2.6%,增速降幅较 1-10 月扩大 0.9pct。中 央经济工作会议 12 月 10 日至 11 日在北京举行。会议提出 2026 年要坚持内 需主导,建设强大国内市场。推动投资止跌回稳,适当增加中央预算内投资规 模,优化实施"两重"项目,优化地方政府专项债券用途管理,继续发挥新型 政策性金融工具作用,有效激发民间投资活力。高质量推进城市更新。我国城 镇化正从快速增长期转向稳定发展期,城市发展正从 ...

Market Overview - The infrastructure sector experienced a decline of 0.2% on December 23, with Dongzhu Ecology leading the losses [1] - The Shanghai Composite Index closed at 3919.98, up 0.07%, while the Shenzhen Component Index closed at 13368.99, up 0.27% [1] Stock Performance - Notable gainers in the infrastructure sector included: - Pudong Construction (600284) with a closing price of 8.52, up 5.97% and a trading volume of 503,600 shares, totaling 423 million yuan [1] - Tusheng Technology (603778) closed at 13.87, up 5.64% with a trading volume of 921,300 shares, totaling 1.25 billion yuan [1] - ST Jianhai (002586) closed at 4.31, up 5.12% with a trading volume of 134,800 shares, totaling 57.81 million yuan [1] - Major decliners included: - Dongzhu Ecology (603359) closed at 8.06, down 5.40% with a trading volume of 208,000 shares, totaling 170 million yuan [2] - ST Zhengping (603843) closed at 4.46, down 4.90% with a trading volume of 563,000 shares, totaling 253 million yuan [2] - Jiaojian Co. (603815) closed at 7.58, down 4.89% with a trading volume of 429,300 shares, totaling 325 million yuan [2] Capital Flow - The infrastructure sector saw a net outflow of 246 million yuan from institutional investors, while retail investors contributed a net inflow of 201 million yuan [2] - The table of capital flow indicates that: - Pudong Construction had a net inflow of 42.01 million yuan from institutional investors, while retail investors had a net outflow of 31.68 million yuan [3] - China Nuclear Engineering (601611) experienced a net inflow of 22.74 million yuan from institutional investors [3] - Xinjiang Communications Construction (002941) had a net inflow of 19.49 million yuan from institutional investors [3]

Core Viewpoint - China Communications Construction Company (CCCC) has initiated exploration and practice in the business related to offshore rocket recovery vessels, launch sites, and space bases, aiming to continuously advance new business development opportunities in line with industry trends and the company's actual situation [1] Group 1 - The company has engaged in activities related to offshore rocket recovery vessels [1] - The company is exploring business opportunities in launch sites [1] - The company is also involved in the development of space bases [1]