Market Overview - The housing construction sector increased by 0.04% compared to the previous trading day, with Zhejiang Construction leading the gains [1] - The Shanghai Composite Index closed at 3940.95, up by 0.53%, while the Shenzhen Component Index closed at 13486.42, up by 0.88% [1] Stock Performance - Zhejiang Construction (002761) closed at 8.62, with a rise of 1.53% and a trading volume of 78,300 shares, amounting to a transaction value of 67.31 million yuan [1] - Ningbo Construction (601789) closed at 5.03, up by 0.60%, with a trading volume of 90,100 shares and a transaction value of 45.18 million yuan [1] - Shaanxi Construction (600248) closed at 3.61, up by 0.56%, with a trading volume of 78,700 shares and a transaction value of 28.33 million yuan [1] - China State Construction (601668) remained unchanged at 5.20, with a trading volume of 995,100 shares and a transaction value of 518 million yuan [1] - Shanghai Construction (600170) remained unchanged at 2.67, with a trading volume of 982,500 shares and a transaction value of 262 million yuan [1] - Longyuan Construction (600491) closed at 2.69, down by 0.37%, with a trading volume of 177,700 shares and a transaction value of 47.57 million yuan [1] - Chongqing Construction (600939) closed at 3.32, down by 0.60%, with a trading volume of 254,300 shares and a transaction value of 84.07 million yuan [1] - Gaoxin Development (000628) closed at 44.40, down by 0.83%, with a trading volume of 53,800 shares and a transaction value of 239 million yuan [1] Capital Flow - The housing construction sector experienced a net outflow of 97.19 million yuan from institutional investors, while retail investors saw a net inflow of 74.54 million yuan [1] - The detailed capital flow for individual stocks shows that Zhejiang Construction had a net inflow of 5.9977 million yuan from institutional investors, while it faced a net outflow of 5.4123 million yuan from speculative funds [2] - Shaanxi Construction had a net inflow of 1.4387 million yuan from institutional investors, with a net outflow of 4.1793 million yuan from speculative funds [2] - Ningbo Construction faced a net outflow of 2.9306 million yuan from institutional investors, while retail investors contributed a net inflow of 5.4796 million yuan [2] - Longyuan Construction had a significant net outflow of 6.8330 million yuan from institutional investors, but retail investors contributed a net inflow of 6.6265 million yuan [2] - China State Construction experienced a net outflow of 46.1451 million yuan from institutional investors, with retail investors contributing a net inflow of 31.2858 million yuan [2]

Core Viewpoint - The recent "Technology Empowerment · Capital Breakthrough" sharing session by Gelonghui highlighted the announcement of the annual excellence company awards, with China State Construction International (3311.HK) winning the "Annual ESG Pioneer" award, recognizing its commitment to economic efficiency and social responsibility [1] Group 1 - The "Annual ESG Pioneer" award aims to identify green and advanced enterprises that balance economic performance with social responsibility [1] - The award acknowledges companies for their significant contributions in promoting ESG (Environmental, Social, Governance) principles and pursuing high-quality sustainable development [1] - China State Construction International was specifically recognized for its outstanding work in the three areas of ESG [1]

Group 1 - The core event was the "Technology Empowerment · Capital Breakthrough" sharing session held by Gelonghui on December 22, where the annual list of outstanding companies was announced [1] - China State Construction Industry (0830.HK) was awarded the "Annual Outstanding High-end Manufacturing Enterprise" in the Gelonghui "Golden Award" annual selection [1] - The award aims to identify exemplary companies in the high-end manufacturing sector that have made significant achievements in areas such as intelligence, greening, and service development, based on comprehensive analysis from technical, value, and industrial perspectives [1]

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 ...

中国青年报客户端讯（通讯员 李炜 中青报·中青网记者 邢婷）12月20日至22日，"菁才强鲁"山东省青年 创新创效交流展示活动在山东省济宁市举办。各市、省直机关、省国资委、各大企业团组织推荐的102 个重点项目、200余名企业青年创新人才，入围现场路演答辩和交流展示。团山东省委、济宁市和中建 八局山东分局有关负责同志出席活动颁奖环节并现场观展。 本届活动设置科技创新、数智赋能、管理创新三个类别，遴选项目突出创新性、应用性、参与性。活动 启动以来，281个项目推荐至省级平台，102个项目入围现场活动。现场活动采用"路演+答辩"的模式， 不仅全面细致评估了青年创新项目质量，更打造了一场生动的创新公开课与交流研讨会。经过激烈竞争 和角逐，最终产生金奖项目23个，银奖项目38个，铜奖项目41个。 2025年"菁 才强鲁"山东省青年创新创效交流展示活动颁奖仪式现场。（团山东省委供图） 才强鲁"山东省青年创新创效交流展示活动项目路演现场。（团山东省委供图） 才强鲁"山东省青年创新创效交流展示活动答辩现场。（团山东省委供图） 2025年"菁 活动特别邀请部分产业园区经理人到场洽谈交流，精准搭建供需对接桥梁，助力打通创新成果 ...

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]

广东中山市住房和城乡建设局日前在官网上发文通报，2025年12月，该局通过系统排查发现，中建三局 集团有限公司承接的位于中山市火炬开发区联利路的精密医疗器械产业化项目存在施工现场管理人员通 过虚假方式进行实名制考勤的造假行为。 通报称，经核查确认，中建三局集团有限公司个别现场管理人员不同时间的考核图片完全相同，存在实 名制打卡造假行为，中山市住房和城乡建设局根据《中山市建设工程企业诚信管理办法》规定，于2025 年12月17日将中建三局集团有限公司信用等级降为D级，暂停《中山市建设工程企业电子诚信档案》信 息，并给予诚信扣分11分，同时责令限期整改。 中山市住房和城乡建设局方面还称，实施实名制管理是规范建筑市场秩序，加强建筑工人管理，维护建 筑工人和建筑企业合法权益，保障工程质量和安全生产的重要管理措施，请各相关单位以此为戒，严格 按要求落实实名制管理规定，不得弄虚作假。今后，企业如在实名制管理中弄虚作假，一经查实，一律 严肃处理。 公开报道显示，前述精密医疗器械产业化项目地块面积约62亩，由中建三局华南公司承包建设，于今年 9月提前封顶。在封顶仪式上，中建三局方面表示，下一步将全力推进装饰装修、设备安装等后 ...

2025 年 12 月 23 日 晨会速递 分析师点评 市场数据 行业研究 【建材】推动投资止跌回稳，着力扩大有效投资——建材、建筑及基建公募 REITs 半 月报（11 月 29 日-12 月 19 日）(买入) 基建投资下滑，个别细分领域保持较快增长。中央经济工作会议中提出推动投资止跌 回稳；"十五五"期间我国投资仍将保持一定增量，但将更加注重投资效益，重视项 目质量及项目落地，重大工程仍将是传统基建领域的重点。当前我们建议关注：新材 料方向：中国巨石，国恩股份，濮耐股份，科达制造，宏润建设（布局机器人业务）， 洁美科技。基建地产链方向：中国建筑、东方雨虹、海螺水泥。 【房地产】1-11 月百城宅地成交建面同比-15%，成交楼面均价同比+9%——土地市 场月度跟踪报告（2025 年 11 月）(增持) | | A 股市场 | | | --- | --- | --- | | | 收盘 | 涨跌% | | 上证综指 | 3917.36 | 0.69 | | 沪深 300 | 4611.62 | 0.95 | | 深证成指 | 13332.73 | 1.47 | | 中小板指 | 8083.6 | 1.60 | ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 钢材&铁矿石 | 日报 2025 年 12 月 22 日 钢材&铁矿石日报 专业研究·创造价值 现实格局弱稳，钢矿震荡运行 核心观点 螺纹钢：主力期价震荡运行，录得 0.39%日涨幅，量仓扩大。现阶段， 螺纹钢供需两端均有所回升，淡季基本面并未改善，钢价仍易承压，相 对利好的是成本支撑与政策预期，预期现实博弈下螺纹维持震荡运行态 势，关注钢厂生产情况。 热轧卷板：主力期价震荡运行，录得 0.28%日涨幅，量增仓缩。目前来 看，热轧卷板供需两端均大幅走弱，产业格局并未好转，库存高位去化 有限，价格继续承压，相对利好的是政 ...

行 业 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 建筑装饰行业周报 11 月固投累计降幅环比扩大，看好宽松 政策带动需求改善 2025 年 12 月 22 日 【投资要点】 【配置建议】 相关研究 《中央经济会议定调"双宽松"，增量政策 及重点工程有望推进》 2025.12.16 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 证书编号：S1160524100004 相对指数表现 -20% -10% 0% 10% 20% 30% 2024/12 2025/6 2025/12 建筑装饰 沪深300 《六部门联合发布促进消费方案，推荐机 器人转型企业》 2025.12.01 《美方就结束俄乌冲突提出 28 点新计划， 继续关注"一带一路"周边地区出海》 2025.11.24 《10 月固投延续下滑，适度宽松的货币政 策持续发力，看好战略工程推进》 2025.11.20 《沉潜与时近，古韵焕新声》 2025.11.16 板块行情回顾：上周建筑装饰（SW）指数下跌 0.1%，全部 A 股指数 上涨 0.03%，板块未 ...