一、证券市场回顾 南财金融终端数据显示，上周(10月20日-10月24日,下同)，上证综指周内上涨2.88%，收于3950.31点， 最高3950.31点；深证成指周内上涨4.73%，收于13289.18点，最高13289.18点；创业板指周内上涨 8.05%，收于3171.57点，最高3171.57点。在全球市场中，主要指数均上涨。纳斯达克综指上涨2.31%， 道琼斯工业指数上涨2.2%，标普500上涨1.92%。亚太地区，恒生指数上涨3.62%，日经225指数上涨 3.61%。 二、新股申购情况 上周有2只新股发行,详情见下表： 四、基金发行情况 上周有9只新基金发行,分别为:鹏华中证800ETF发起式联接I、华富安和债券C、华富安和债券A、华富 安康三个月持有期债券A、华富安康三个月持有期债券C、华富福盛一年持有期混合C、华富福盛一年 持有期混合D、中信建投智多鑫货币、华富福盛一年持有期混合A,详情见下表： | Ru | 总全名称 | 发行公告日 | 投资类型 | 基金银理 | 基金公司 | | --- | --- | --- | --- | --- | --- | | 025578,OF | 酷华中证 ...

25日起，铁路12306客户服务中心 新增团体旅客车票电话受理服务 ，铁路12306客户端（含网站） 单笔购票数量上限调至19张 ，单个铁路12306账户 可添 加的"乘车人"数量由15人调至30人 ，同时，铁路各客运车站 继续现场受理 团体旅客购买火车票业务，各类旅游、研学、演出、赛事等团体旅客集中购票 出行更加方便。 12306客服中心开通的团体票电话受理服务，可为 开车前3天及以上且乘车日期、车次相同的20人及以上团体旅客 提供购买火车票咨询和办理服务，业务 受理时间为每日8时至18时。 申请团体票的旅客可拨打铁路12306客服电话， 按"3"键 接入团体票客服专席人工服务，提报日期、车次、席别、人数等具体需求以及订票联系人的联系 方式和身份信息。 12306客服中心受理团体票购票需求后，将根据余票情况与订票旅客沟通，如票额能够满足需求，将生成团体票订单号并通过"短信+电话"方式告知旅客， 如票额无法满足需求，将与旅客沟通调整方案。 订票旅客在接到通知的次日24时前凭团体票订单号，持所有乘车人身份证件（原件或复印件）至全国任一铁路客运车站窗口支付全部票款完成购票；未在 时限内支付购票的，订单自动取消。 ...

Core Viewpoint - The construction index increased by 2.87% during the week of October 20-24, underperforming the broader market by 0.54 percentage points. Key sectors such as nuclear power, deep earth economy, and mergers and acquisitions saw significant gains. The Fourth Plenary Session successfully convened, outlining a blueprint for economic and social development during the 14th Five-Year Plan, emphasizing high-quality economic growth. It is recommended to focus on transformation-related products in the construction sector and high-prosperity new productivity tracks [2][3][4]. Construction Sector Analysis - The construction sector is expected to benefit from increased funding and policy catalysts in the fourth quarter, with a rapid issuance pace of special bonds and special national bonds. As of September, 3.68 trillion yuan of special bonds have been issued, accounting for 83.6% of the annual quota of 4.4 trillion yuan. Central enterprises are showing a recovery trend in orders, with companies like China Communications Construction and China Railway Construction seeing improved order volumes in the third quarter [4][5]. Market Performance - During the week of October 20-24, the construction index rose by 2.87%, while the CSI 300 index increased by 3.41%, indicating that the construction sector underperformed the market by 0.54 percentage points. Sectors such as landscaping, building decoration, and infrastructure construction experienced notable gains, with individual stocks like Huilv Ecology (+33%), China Nuclear Engineering (+23%), and Shikong Technology (+21%) leading the way [5][6]. Strategic Recommendations - The Fourth Plenary Session's report emphasizes the importance of focusing on the real economy, advocating for intelligent, green, and integrated development. It suggests paying attention to the technological transformation of the construction industry and high-prosperity productivity tracks, including new energy and cleanroom sectors, as well as the deep earth economy [3][4].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Insights - The "14th Five-Year Plan" emphasizes high-quality economic development, with a focus on technological innovation and new productive forces as the main development line [13][14] - Expectations for infrastructure stimulus in Q4 are rising, with the construction sector likely to benefit from incremental funds and policy catalysts [18][31] Summary by Sections 1. "14th Five-Year Plan" and Infrastructure Stimulus - The "14th Five-Year Plan" highlights the importance of high-quality development, emphasizing the need for a strong real economy and technological innovation [13][14] - Q4 infrastructure stimulus expectations are increasing, with significant issuance of special bonds and government bonds, totaling 3.68 trillion yuan in special bonds issued by September 2025, accounting for 83.6% of the annual quota [18][23] 2. Market Review - The construction index rose by 2.87% during the week of October 20-24, underperforming the broader market by 0.54 percentage points [25] - Notable stock performances included Huylv Ecological (+33%), China Nuclear Engineering (+23%), and Shikong Technology (+21%) [25] 3. Investment Recommendations - Focus on infrastructure investment opportunities in high-growth regions such as Xinjiang and Tibet, and consider companies involved in water conservancy, railways, and aviation projects [31] - Emphasize the nuclear power sector, recommending companies like China Nuclear Engineering and Libat, which are positioned well in the nuclear construction chain [33][15] - Highlight the importance of emerging business directions, including cleanroom technology and AI-driven computing infrastructure, suggesting companies like Boche and Shenghui Integration [33]

Investment Rating - The industry investment rating is "Outperform the Market" [4] Core Viewpoints - Infrastructure investment in September showed a month-on-month decline, but the new investment demand for underground pipeline networks during the 14th Five-Year Plan is expected to exceed 5 trillion yuan [3][19] - The overall infrastructure investment has maintained steady growth since the beginning of the year, but the growth rate has been declining month-on-month. Q4 is typically a peak construction season, and infrastructure investment is expected to accelerate [2][17] - The 14th Five-Year Plan emphasizes expanding domestic demand and effective investment, with a focus on underground pipeline construction as a key direction [3][19] Summary by Sections Industry Dynamics Analysis - In the first three quarters, the GDP reached 101.50 trillion yuan, with a year-on-year growth of 5.2%. Fixed asset investment (excluding rural households) was 37.15 trillion yuan, down 0.55% year-on-year [1][16] - Infrastructure investment grew by 1.1% year-on-year, while real estate development investment fell by 13.9% [1][16] Market Performance - The construction industry rose by 2.91%, outperforming the Shanghai Composite Index [20][21] - The top five stocks in the industry saw significant gains, with Huylv Ecology up 32.77% [21] Company Announcements - Major contracts were awarded, including a project by Anhui Construction with a total bid of 10.295 billion yuan [31] - China State Construction reported a new contract amount of 3.29 trillion yuan in the first nine months, a year-on-year increase of 1.4% [32] Industry News - The Ministry of Industry and Information Technology emphasized the need for high-quality development in the cement industry, aiming for a revenue target of over 300 billion yuan for green building materials by 2026 [33][34] - The Fourth Plenary Session of the 20th Central Committee highlighted the importance of expanding domestic demand and effective investment [34]

Investment Rating - The report does not explicitly state an investment rating for the construction and decoration industry. Core Insights - High-quality development, expanding domestic demand, and comprehensive rectification of "involution" competition are key themes for the 14th Five-Year Plan. The report emphasizes the importance of a strong domestic market as a strategic support for modernization in China. It suggests that construction companies will adopt a mindset focused on cash flow and profitability rather than just revenue growth [1][2]. - As of September 2025, fixed asset investment decreased by 0.5% year-on-year, while infrastructure investment (excluding electricity) increased by 1.1%. Real estate investment saw a significant decline of 13.9% year-on-year, and manufacturing investment grew by 4.0% [1][2]. - The report indicates that infrastructure investment is expected to remain stable during the 14th Five-Year Plan period despite current challenges [2]. Market Performance - During the week of October 20-24, 2025, the construction index rose by 2.91%, and the building materials index increased by 1.60%, while the Shanghai Composite Index rose by 2.88%. Year-to-date, the construction index has increased by 9.76%, ranking 19th out of 30 industries, and the building materials index has risen by 18.69%, ranking 12th [3][8]. - The report highlights that the market is becoming more active, particularly for low-growth, low-valuation, and low-holding construction and building materials sectors, especially heavyweight stocks [3][8]. Special Bonds and Funding Status - As of October 24, 2025, a total of 1,123.61 billion yuan in new local government special bonds were issued during the week, a week-on-week increase of 459.27%. The cumulative issuance for the year reached 38,096.76 billion yuan, a year-on-year increase of 0.22% [2][19]. - The report notes that the funding availability rate for construction sites was 59.62%, with non-residential projects at 61.06% and residential projects at 52.76% [24]. Cement Industry Data - The national average cement price as of October 23, 2025, was 263.5 yuan per ton, reflecting a week-on-week increase of 0.8% but a year-on-year decrease of 17.8%. The report anticipates that cement prices will continue to fluctuate [35][39]. - Cement production from January to September 2025 totaled 1.259 billion tons, a year-on-year decrease of 5.2%, with September's production down 8.6% compared to the previous year [49][55]. Key Company Orders and Valuation - The report suggests focusing on major construction blue-chip stocks such as China Railway, China Communications Construction, and China State Construction, as well as companies involved in overseas projects and those benefiting from domestic demand [3][8]. - The current price-to-earnings ratios for the construction and building materials sectors are 9.46 and 21.72, respectively, indicating that the construction sector is at a historically low valuation level [3][14].

Investment Rating - The report maintains a "Buy" rating for several companies in the construction and decoration industry, including local state-owned enterprises such as Sichuan Road and Bridge, Tunnel Co., Anhui Construction, and Zhejiang Communications [4][22]. Core Insights - The report highlights the acceleration of state-owned asset management reforms across various provinces, aiming to enhance the efficiency of state-owned assets through measures like mergers, restructuring, and securitization [1][12]. - It emphasizes the importance of state-owned listed companies in preserving and increasing the value of state assets, which is crucial for supplementing local fiscal and social security funds [3][17]. - The report suggests that the focus on asset securitization will likely increase, with local governments and state-owned enterprises actively pushing for the listing of unlisted assets [2][17]. Summary by Sections State-Owned Asset Management - Multiple provinces are implementing reforms to optimize state-owned assets, with principles focusing on asset utilization, securitization, and leveraging funds [1][12]. - The scope of asset revitalization is expected to expand, targeting various types of state-owned resources and assets [2][12]. Financial Implications - The report indicates that local governments are facing funding constraints due to declining land transfer revenues and slow tax growth, which necessitates the revitalization of state-owned assets to supplement fiscal resources [2][19]. - State-owned listed companies are anticipated to prioritize valuation enhancement through operational improvements, increased dividends, mergers, and asset injections [3][17]. Investment Recommendations - Key investment opportunities include local state-owned enterprises with low price-to-earnings ratios, such as Sichuan Road and Bridge (25PE 9.6X), Tunnel Co. (25PE 7.4X), and Anhui Construction (25PE 6.0X) [4][22]. - The report also highlights the potential for asset injection and integration in leading international engineering firms like North International and China National Materials [4][22]. Valuation Insights - The report provides a detailed valuation table for key companies, indicating low price-to-book ratios for several central state-owned enterprises, suggesting potential undervaluation [20][24].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [21]. Core Insights - The construction and decoration sector has shown a weekly increase of 2.91%, with the infrastructure private enterprises leading the performance at +7.55% [3][4]. - The report highlights that the GDP for the first three quarters of 2025 increased by 5.2%, while fixed asset investment decreased by 0.5% year-on-year [10][12]. - The "14th Five-Year Plan" emphasizes expanding high-level opening-up and optimizing regional economic layout, which is expected to provide significant elasticity to regional investments [10][12]. Summary by Sections 1. Market Performance - The construction sector outperformed the Shanghai Composite Index, with a weekly increase of 2.91% [4]. - The best-performing sub-sectors for the week were infrastructure private enterprises (+7.55%), decorative curtain walls (+7.00%), and infrastructure state-owned enterprises (+4.78%) [6][9]. 2. Industry Changes - The National Bureau of Statistics reported a year-on-year GDP growth of 5.2% for the first three quarters of 2025, with fixed asset investment down by 0.5% [10][12]. - Infrastructure investment (including all categories) grew by 3.3%, while real estate investment saw a significant decline of 13.9% [10][12]. 3. Key Company Updates - Jianfa Hecheng reported a revenue increase of 10.55% year-on-year and a net profit increase of 21.2% for the first three quarters of 2025 [12][14]. - Zhongyan Dadi won a procurement project worth 77.98 million yuan, accounting for 9.77% of its 2024 revenue [12][14]. - Anhui Construction won a project for the Yangzhou to Huainan expressway with a total value of 620 million yuan, representing 0.64% of its 2024 revenue [13][14]. 4. Investment Recommendations - The report recommends state-owned enterprises such as China Chemical, China Railway, and China Railway Construction due to their low valuations [3][12]. - It also suggests focusing on private enterprises like Zhizhi New Materials and Honglu Steel Structure, as well as international engineering firms like China Steel International and China Materials International [3][12].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [4][26]. Core Insights - The report highlights a week-on-week increase in the SW Construction Decoration Index by 2.91%, with the infrastructure private enterprises sector showing the best performance at +7.55% [4][5]. - Key macroeconomic indicators include a GDP growth of +5.2% year-on-year for the first three quarters and a decline in real estate investment by -13.9% [12][14]. - The report emphasizes the potential for regional investments to gain traction as national strategic layouts deepen, suggesting that state-owned enterprises are currently undervalued [4][12]. Summary by Sections 1. Market Performance - The construction industry saw a weekly increase of +2.91%, outperforming the Shanghai Composite Index which rose by +2.88% [5][6]. - The top three sub-sectors for weekly gains were infrastructure private enterprises (+7.55%), decorative curtain walls (+7.00%), and infrastructure state-owned enterprises (+4.78%) [7][10]. 2. Industry Changes - Major changes reported include the approval of the "14th Five-Year Plan" which emphasizes high-level opening-up and optimization of regional economic layouts [12][14]. - Fixed asset investment for January to September 2025 showed a cumulative year-on-year decline of -0.5%, while infrastructure investment (including electricity) grew by +3.3% [12][14]. 3. Key Company Updates - Key companies reported significant changes, such as Jianfa Hecheng with a revenue increase of +10.55% and net profit growth of +21.2% for the first three quarters of 2025 [14][17]. - Zhongyan Dadi won contracts totaling 77.98 million yuan, representing 9.77% and 9.40% of its projected 2024 revenue from two major projects [14][17]. 4. Investment Recommendations - The report recommends state-owned enterprises like China Chemical, China Railway, and China Railway Construction, while also highlighting private companies such as Zhizhi New Materials and Honglu Steel Structure as potential investment opportunities [4][12].

来源： 央视新闻微信公众号 今天（25日）起， 铁路12306客户服务中心 新增团体旅客车票电话受理服务 ，铁路12306客户 端（含网站） 单笔购票数量上限调至19张 ，单个铁路12306账户 可添加的"乘车人"数量由15人 调至30人 ，同时，铁路各客运车站 继续现场受理 团体旅客购买火车票业务，各类旅游、研学、演 出、赛事等团体旅客集中购票出行更加方便。 12306客服中心开通的团体票电话受理服务，可为 开车前3天及以上且乘车日期、车次相同的20人 及以上团体旅客 提供购买火车票咨询和办理服务，业务受理时间为每日8时至18时。 申请团体票的旅客可拨打铁路12306客服电话， 按"3"键 接入团体票客服专席人工服务，提报日 期、车次、席别、人数等具体需求以及订票联系人的联系方式和身份信息。 12306客服中心受理团体票购票需求后，将根据余票情况与订票旅客沟通，如票额能够满足需求， 将生成团体票订单号并通过"短信+电话"方式告知旅客，如票额无法满足需求，将与旅客沟通调整 方案。 订票旅客在接到通知的次日24时前凭团体票订单号，持所有乘车人身份证件（原件或复印件）至全 国任一铁路客运车站窗口支付全部票款完成购 ...