Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - Fixed asset investment growth in China has further declined, with a cumulative year-on-year decrease of 2.6% for January to November 2025, a drop of 0.9 percentage points compared to the previous period [2][3]. - Traditional infrastructure investment has seen an expanded decline, necessitating measures to stabilize investment. Infrastructure investment (including all categories) grew by only 0.1% year-on-year, down 1.4 percentage points from the previous month [4]. - Real estate investment remains low, with a year-on-year decrease of 15.9% for January to November 2025, indicating a weak recovery trajectory [11]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is -2.6%, with manufacturing investment showing a slight increase of 1.9% [2][3]. - The decline in traditional infrastructure investment has intensified, with significant drops in various sectors, including transportation and public facilities [4]. Infrastructure Investment - Infrastructure investment (excluding electricity) has decreased by 1.1% year-on-year, with notable declines in transportation and environmental management sectors [4]. - Regional investment disparities are evident, with the eastern region experiencing a 6.6% decline year-on-year [4]. Real Estate Investment - Real estate investment has decreased by 15.9% year-on-year, with construction starts down by 20.5% and completions down by 18.0% [11]. - The report anticipates a slow recovery in real estate investment due to challenges in inventory replenishment and supply chain issues [11]. Investment Recommendations - The report suggests that in 2026, industry investment is expected to stabilize, with emerging sectors likely to benefit from national strategic initiatives [15]. - Specific companies are highlighted for potential investment, including Sichuan Road and Bridge, China Chemical, and others in the new infrastructure and overseas markets [15].

铜冠矿建总经理王卫生近日在接受中国证券报记者专访时表示，近年来，新一轮科技创新推动新能源、 人工智能等新兴产业快速发展，全球对以铜为主的战略性关键矿产资源的需求大幅增长，矿山开发服务 行业正迎来前所未有的发展机遇。 构建全生命周期矿山综合服务能力 铜冠矿建成立于1962年，是世界500强企业铜陵有色（000630）金属集团控股有限公司的控股子公司， 2024年10月在北交所上市。 公司深耕矿山开发服务行业数十年，秉承"大业主+大项目"市场策略，凭借自身良好的技术服务和行业 口碑积累了信誉良好、黏性极高的优质客户资源。目前，公司已与中国有色、中国中铁（601390）、北 方工业、铜陵有色、安宁股份（002978）等拥有大量优质矿业资源的公司建立了良好、稳定的合作关 系，享有较高的品牌知名度和行业声望，从而更易赢得其他潜在优质客户的认可，从而获取新的订单， 与业主形成了"现代资源+现代服务"互惠共生、和谐发展的格局。 ● 本报记者 熊永红 董添 在王卫生看来，矿产资源是国民经济和社会发展的重要物质基础。"我国对重要矿产资源的需求呈刚性 上升态势，国家资源安全自给率的保障目标对矿产资源供给能力提出了更高要求。"王卫 ...

Investment Rating - The report rates the construction engineering industry as "Overweight" [1] Core Insights - The central economic work conference emphasizes the need to stabilize investment and implement major projects to support economic growth [3][4] - The State-owned Assets Supervision and Administration Commission (SASAC) urges central enterprises to actively promote the implementation of significant projects to ensure stable supply and prices of essential products [5][6] - The Ministry of Finance highlights the importance of government investment in driving economic recovery and encourages the issuance of long-term special bonds to support major construction projects [6] Summary by Sections Recent Key Reports - The report discusses the need for high-demand, high-barrier, and high-profit leading companies in the construction sector, recommending sectors such as AI, controlled nuclear fusion, and low-altitude economy [11][13] - It notes that the construction industry has seen a decline in net profit, with a 10% year-on-year decrease in the first three quarters [15][16] Key Company Recommendations - Recommended companies include China State Construction (dividend yield 5.25%), China Railway (dividend yield 4.80%), and China Communications Construction (dividend yield 1.92%) [9][29] - The report suggests focusing on companies with strong dividend yields and stable growth, particularly in the context of debt reduction and anti-competitive policies [12][29] Macro/Meso/Micro Data - The report indicates a projected increase in broad infrastructure funding by 7.3% in 2025, driven by government bonds and domestic loans [32][34] - It highlights the importance of private capital participation in infrastructure projects to enhance funding and project execution [28]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the construction industry [6]. Core Insights - The fiscal policy for 2026 is set to be positive, with expectations for investment demand and funding to improve, aiding in the stabilization of infrastructure investment [3][17]. - The report suggests focusing on undervalued state-owned construction enterprises, particularly in the context of ongoing debt resolution and anti-"involution" policies [9][11]. - The semiconductor and cloud service sectors are experiencing increased capital expenditure, which is expected to drive demand for cleanroom construction, benefiting leading companies in this field [3][11]. Summary by Sections Industry Dynamics - The political bureau meeting emphasized the need for proactive macroeconomic policies and fiscal measures to stabilize investment and enhance economic governance [15][17]. - The central economic work conference highlighted the importance of expanding domestic demand and optimizing supply, with a focus on high-quality urban renewal projects [2][17]. Market Performance - The construction industry saw a decline of 1.59%, underperforming compared to major indices [18]. - Notable sectors such as landscaping engineering showed positive performance, while municipal engineering performed better than the overall industry [18]. Key Companies to Watch - Recommended companies include China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from improved operational metrics and dividend increases [11][28]. - In the cleanroom engineering sector, companies like Yaxiang Integration and Shenghui Integration are highlighted for their growth potential due to rising demand in the semiconductor industry [11][29]. Company Announcements - Recent major contract wins include projects by Jinggong Steel Structure and Chongqing Construction, indicating ongoing activity in the sector [31].

2025年12月第二周，哪些上市公司的环境保护与信披责任亮起了红灯？且看A股绿色周报第224期。 每日经济新闻联合环保领域知名NGO（非政府组织）公众环境研究中心（IPE），自2020年9月起，基 于31个省份（自治区、直辖市）、337个地级市政府发布的环境质量、环境排放和污染源监管记录等权 威数据来源，每周收集剖析中国数千家上市公司及其旗下数万家公司（包括分公司、参股公司和控股公 司）的环境信息数据，发布"A股绿色周报"，旨在借助环境数据库及专业解析、传播能力，让资本市场 的上市公司经营活动中的环境信息更加阳光透明。 根据12月第二周收集到的数据，《每日经济新闻》记者发现，共有8家上市公司在近期暴露了环境风 险。 一周绿鉴：超排大气污染物 在企业管理能力、财务状况、行业竞争等因素之外，环境风险日渐成为上市公司重要的经营风险之一。 环境风险关乎企业发展，也关乎企业形象。 因超标、超总量、逃避监管排放污染物，红日药业（SZ300026，股价3.62元，市值108.75亿元）控股公 司被罚40.8万元；贮存危险废物未采取符合相关规定的防护措施，朝阳科技（SZ002981，股价29.15 元，市值40.08亿元）控 ...

Core Insights - The report emphasizes the acceleration of bidding for nuclear fusion projects and the operational launch of the Liebherr Nantong base, focusing on nuclear power and marine engineering modules [6][15][28] - The report highlights the structural recovery of infrastructure investment, particularly in Sichuan and Xinjiang, and recommends investments in low-valuation central state-owned enterprises [6][34] - The report tracks the development of cleanroom technology and the increasing capital expenditure of Taiwanese electronics companies in the U.S., indicating a trend of the Taiwanese supply chain moving to the U.S. [6][34] Group 1: Nuclear Fusion and Power Projects - The signing of a joint statement between China and France on December 4, 2025, promotes the development of nuclear power, recognizing nuclear fusion energy as a significant direction for future energy development [6][15] - The Liebherr Nantong base is expected to achieve an annual output value of CNY 560 million for nuclear modules and CNY 640 million for oil and gas energy modules, addressing the decline in traditional chemical business demand [6][28] - The report notes that the modular construction method in nuclear power can significantly shorten construction periods, with the Liebherr Nantong base now operational [6][28] Group 2: Cleanroom and Coal Chemical Industry - The report tracks the cleanroom sector, noting that TSMC plans to invest USD 165 billion in capital expenditures in the U.S., with Foxconn and Wistron also planning significant investments [6][34] - In the coal chemical sector, projects are progressing steadily, with Xinjiang remaining a primary investment area, including a 1.5 million tons/year coal-to-ethylene project [6][34] - The average price of medium and heavy plates in 13 regions decreased by 0.9%, while rebar prices fell by 1.0%, indicating a slight decline in steel prices [6][34] Group 3: Financial Tracking and Investment Recommendations - The report indicates that special bonds issued for refinancing have reached CNY 2.01 trillion, with a cumulative issuance of CNY 4.5 trillion in special bonds for the year, reflecting a 13.8% year-on-year increase [6][34] - The report recommends focusing on four main investment lines: infrastructure recovery, safety resources, technology in high-end manufacturing, and overseas business opportunities [6][34] - The funding availability rate for construction sites is reported at 59.74%, showing a slight increase from the previous week [6][34]

Core Insights - The article highlights the ongoing development and establishment of key projects in Xiong'an New Area, aimed at relieving non-capital functions from Beijing and enhancing the area's service and support capabilities [3][4][5]. Group 1: Project Development - Construction of the Beijing Union Medical Center in Xiong'an has commenced, with significant progress on various educational institutions, including Beijing Forestry University, which is expected to open by September 2027 [4]. - Major state-owned enterprises (SOEs) such as China Huaneng and China Sinochem have officially relocated to Xiong'an, with three SOE headquarters now established in the area [4][5]. - The Xiong'an New Area is witnessing a shift from early-stage construction to a focus on regional development, technological innovation, and industrial clustering, with several market-oriented projects already operational [5][6]. Group 2: Housing and Living Conditions - Xiong'an has provided nearly 2,000 rental housing units for the first batch of relocated SOEs, ensuring that living conditions meet or exceed those in Beijing [7][8]. - The area has developed a "15-minute living circle," offering convenient access to essential services such as parks, supermarkets, hospitals, and restaurants [7]. - A comprehensive housing guarantee mechanism is being established to support the influx of personnel, ensuring equal rights for renters in terms of social services and benefits [7][8]. Group 3: Service Optimization - The "one-click migration" service platform has streamlined the process for companies relocating to Xiong'an, integrating multiple administrative tasks into a single online service [9][10]. - Xiong'an has implemented a series of reforms to expedite project approvals and enhance the overall business environment, including a new approval system that reduces bureaucratic delays [10][11]. - A comprehensive service center has been established to address the needs and concerns of relocated enterprises, ensuring efficient communication and resolution of issues [11].

9月，北京协和医院国家医学中心（雄安院区）开工建设；10月，中国华能集团有限公司（以下简称"中 国华能"）、中国中化控股有限责任公司（以下简称"中国中化"）正式迁驻新区……近段时间，雄安新 区持续推进标志性疏解项目建设。 打造疏解北京非首都功能集中承载地，是雄安新区一项重要任务。伴随疏解项目落地，雄安服务疏解、 配套疏解、支撑疏解能力不断提升，目前央企在雄安新区已设立各类分支机构400多家，4000余家北京 来源企业在这里扎根创业。中央一揽子特殊支持政策落地见效，278项京雄"同城化"政务服务应用场景 全面落地，疏解人员创业条件、居住条件、福利待遇不低于留京水平。 有序推进项目 在北京林业大学雄安校区建设现场，一期工程一组团33栋建筑自2025年4月开工以来进展顺利，已完成 地下结构施工，预计年底前实现主体结构全面封顶，二组团也于近期启动建设。校区规划建设指挥部综 合管理部部长郭乙言告诉记者："我们将确保工程高质量推进，预计2027年9月实现开门办学。" 不只是北京林业大学，北京交通大学、中国地质大学（北京）、北京科技大学的雄安校区也在加紧建 设。中国华能和中国中化是雄安新区首批疏解央企，加上2024年10月 ...

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The Hang Seng Technology Index fell by 0.83%, with a market turnover of HKD 182.48 billion [1] - In the US market, the Dow Jones increased by 1.34% to a record high of 48,704.01 points, while the S&P 500 rose by 0.21% [2] Investment Opportunities - The report emphasizes the attractiveness of low-valuation, high-dividend sectors in the Hong Kong market, suggesting that these areas remain appealing for capital allocation [3] - Key sectors to focus on include artificial intelligence, semiconductors, industrial software, and state-owned enterprises with low valuations and high dividends [3] - The report highlights the potential for long-term growth in technology sectors, particularly in companies leading in semiconductors and robotics [3] Company Performance - Meituan-W and Xiaomi Group-W saw increases of 1.50% and 0.96% respectively, while Hua Hong Semiconductor and Horizon Robotics experienced declines of 4.80% and 3.34% [1] - Oracle's stock dropped nearly 11% following concerns over high valuations in the tech sector, despite the overall market benefiting from the Federal Reserve's interest rate cuts [2] - The report suggests monitoring companies in the copper mining and smelting sectors, such as China Nonferrous Mining (1258.HK) and Luoyang Molybdenum (3993.HK), due to rising copper prices driven by demand from AI data centers and electric vehicles [9]

注意: 自2025年10月1日起，原纸质航空运输电子客票行程单 不再允许抵扣，仅凭增值税电子发票（ 航 空运输电子客票行程单）抵扣进项税额, 且直接按票面税额勾选抵扣,无需计算。 政策依据 《财政部 税务总局 海关总署关于深化增值税 改革有关政策的公告》（财政部 税务总局 海 关总署公告2019年第39号) 《国家税务总局 财政部 中国民用航空局关于 民航旅客运输服务推广使用全面数字化的电 子发票的公告》（国家税务总局 财政部 中国 民用航空局公告2024年第9号) 铁路出行: 取得增值税电子发票（铁路电子客票）, 或 注明旅客身份信息的纸质铁路车票。 票商 + (1+9%) x 9% 输讲项税容 会 都 自2025年10月1日起,原纸质铁路车票不再 允许抵扣,仅凭增值税电子发票(铁路电子 客票)抵扣进项税额,并按现行规定确定进 项税额 政策依据 《财政部 税务总局 海关总署关于深化增值税 改革有关政策的公告》（财政部 税务总局 海 关总署公告2019年第39号) 《国家税务总局 财政部 中国国家铁路集团有 限公司关于铁路客运推广使用全面数字化的 电子发票的公告》（国家税务总局 财政部 中 国国家铁路集团有限 ...