证券研究报告 | 行业专题研究 gszqdatemark 2025 12 07 年 月 日 建筑装饰 明年预计有多少保险资金增配建筑板块？ 政策持续推动中长期资金入市，下调险企风险因子，二级市场有望持续迎 保险机构增量资金。今年初中央金融办、中国证监会等六部委联合印发《关 于推动中长期资金入市工作的实施方案》，提出力争大型国有保险公司从 2025 年起每年新增保费的 30%用于投资 A 股（对应每每年少少千亿新新增 长期资金）。本周金管局发布《关于调整保险公司相关业务风险因子的通 知》，应长期持仓的沪深 300 指数成分股、中证红利低波动 100 指数成分 股、科创板股票下调风险因子，同时降低出口信用与海外投资保险的保费 和准备金风险因子。长期持仓风险因子下调，一方面有助于减少险资投资 股票的资本消耗，腾出增持股票空间；另一方面有望提升险资长期持股意 愿，增强资本市场稳定性。2025 年 1-10 月我国实现保费收入 5.48 万新 元，同增 8.0%，2022 年以来我国保费收入持续增长。截少 2025Q3 末， 我国保险资金运用余额 37.5 万新元，同增 16.5%；其中投入少股票/基金 的资金分别为 ...

Core Viewpoint - The "Spring Project" MiC (Modular Integrated Construction) marks a significant advancement in Guangzhou's construction industry, emphasizing the shift towards industrialized building methods and improved living quality [1][3]. Group 1: Project Overview - The "Spring Project" has a total construction area of approximately 160,000 square meters and is one of the first pilot projects for affordable housing under China's "Good Housing" initiative [3]. - The project includes a police station office building with a total area of about 2,000 square meters, designed as a four-story structure [3]. Group 2: Construction Methodology - The project employs a modular construction approach, with 90% of the work completed in the factory, achieving millimeter-level manufacturing precision [4]. - The construction process is designed to reduce on-site wet work by over 90%, decrease construction noise by 80%, and minimize construction waste by 70% [5]. Group 3: Technological Integration - The project utilizes a five-in-one model that incorporates standardized design, factory production, assembly construction, integrated decoration, and digital management, leveraging BIM technology for full professional collaboration [3][4]. - The innovative modular system allows for the building to be divided into 60 independent space modules, enhancing construction efficiency and quality stability [4].

项目负责人黄兴红向记者介绍，桑戈尔体育场的维修过程，按照"全面维修、完善使用功能、确保结构 安全、新增和升级部分机电系统"的原则，旨在为塞内加尔提供一座功能完善、具备专业条件的大型体 育场，以满足当地承办专业以及国际体育赛事的要求。 据了解，在桑戈尔体育场的维修过程中，中方施工团队遇到不少难题。"由于年久失修，体育场诸多设 施亟须改造升级。例如，原先距离地面25.15米的钢罩棚已变形锈蚀，5076块预制看台板中大部分需要 修复，楼梯上的水磨石破损严重。"黄兴红表示，中方团队兼顾安全与效率，"仅用半个月便完成钢罩棚 的拆除工作，针对性地研制出用于看台板维修支模的钢制模具，并从国内邀请来有20多年经验的水磨石 修复专家。业主方每次到现场考察，都会惊叹中方团队的施工质量和工作效率。" "我们通过精心设计，保留了塞内加尔的特色元素，融合了该国国家记忆与赛场情怀，让每一名来到体 育场的塞内加尔观众感到亲切。"黄兴红说。 如今，桑戈尔体育场焕然一新——鲜艳明亮的座椅、修葺一新的跑道、新安装的50米高杆灯及功能齐全 的配套设施……桑戈尔体育场负责人优素福·西表示："感谢中国的大力支持，优质草坪、全新灯光和座 椅等设施无可挑 ...

Core Points - The renovation of the Leopold Sedar Senghor Stadium in Dakar, Senegal, is part of a larger project involving four sports facilities funded by the Chinese government, aimed at modernizing Senegal's sports infrastructure [2][3][4] - The stadium, originally built in the 1980s, has undergone significant upgrades to enhance its functionality and safety, including the installation of new lighting and seating, and improvements to the track [3][4][7] - The project has created over 1,000 jobs in local industries such as construction materials, logistics, and services, contributing to the local economy [6][7] Group 1 - The Senghor Stadium is the largest in Senegal and serves as the home ground for the national football team, symbolizing the deep friendship between China and Senegal [3][4] - The renovation project began in 2022 and is the largest aid project from China to Senegal in recent years, focusing on comprehensive repairs and upgrades [3][4] - The upgraded stadium has already hosted several major events, including the Dakar International Athletics Meeting and the Senegal Cup final, demonstrating its utility for local sports [7][8] Group 2 - The project has involved advanced construction techniques and management practices from the Chinese team, enhancing local understanding of high-standard construction [6] - The Senghor Stadium is set to play a crucial role in the upcoming 2026 Youth Olympic Games, marking the first time Africa will host an Olympic series event [8] - The collaboration between China and Senegal in sports and cultural exchanges is expected to deepen further, with plans for additional support for the Youth Olympic Games [8]

在中国企业工作的阿伦来自印度，2012年来中国留学。在接触中国的十几年里，他体验过中国高铁，做过中文导 游，最后选择到中国建筑企业工作。在他看来，中国式现代化是深圳速度，高铁效率，是洒红节上的欢笑，是项 目部里不同肤色同事的午餐时光。 ...

Core Insights - As the year-end approaches, real estate companies in Shanghai are making efforts to boost their annual performance [1] - The focus of the Shanghai real estate market has shifted to sales following the last land auction of the year on November 24 [2] - In November 2025, a total of 29 new projects were launched in Shanghai, with a transaction area of approximately 33.5 million square meters [3] Sales Performance - The top three projects in terms of sales volume were Lianqi Binjiang, Binjiang Yazhu, and Beilian C1, with Beilian C1 showing impressive sales figures [7] - Beilian C1, managed independently by Beike Group's Beihome, achieved significant sales in November, marking it as a standout performer in the fourth quarter [7] - Despite having the smallest land area of only 23 acres among the top ten new home sales in November, Beilian C1's success highlights the strong demand for high-quality housing in a market characterized by cautious sentiment [8] Market Trends - Industry experts note that the emphasis on high-quality residential construction is becoming a consensus in the market, with a focus on meeting diverse and high-quality living needs [8] - The end of the year is seen as a prime opportunity for promoting quality housing products, as pent-up demand from buyers is expected to be released [8]

2025年11月12日 请务必阅读末页的免责条款和声明 目录 CONTENTS 四、风险因素 十五五转型下的改革政策展望 1个目标，3个问题 于翔 中信证券研究部 政策研究首席分析师 2 一、统一大市场：保持制造业合理比重VS企业盈利能力下降 二、国资转型产投：经济新旧动能转换VS财政资金整体紧张 三、资本市场改革：融资端支持新质生产力VS投资端保障投资者权益 保持制造业合理比重VS企业盈利能力下降 十五五规划建议提出"保持制造业合理比重" ： -15 -10 -5 0 5 10 15 20 % 中国 美国 日本 德国 资料来源：Wind，中信证券研究部 中国和其他主要国家制造业增加值占本国GDP的比重 10 15 20 25 30 35 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 % 美国 中国 日本 德国 印度 韩国 资料来源：世界银行，中信证券研究部 名义GDP增速对比 -10 - ...

Core Insights - The State-owned Assets Supervision and Administration Commission (SASAC) held a meeting to discuss the "14th Five-Year Plan" for central enterprises, focusing on investment strategies and the importance of technological innovation and major projects for sustainable development [1][6] Group 1: Strategic Focus - SASAC emphasizes the need to strengthen and optimize state-owned enterprises (SOEs) while ensuring a balance between proactive growth and stability [1][6] - The meeting highlighted the importance of aligning investment with national growth targets and long-term development needs, aiming to stimulate effective demand and attract more social capital [1][4] Group 2: Technological Innovation - Technological innovation is identified as the core competitive advantage of SOEs, with major projects serving as key vehicles for implementing national strategies [1][2] - Central enterprises have significantly increased R&D investment, with an annual growth rate of approximately 6.5% since the "13th Five-Year Plan," surpassing 1 trillion yuan annually [4][6] Group 3: Investment Trends - By the first three quarters of 2025, central enterprises are projected to complete fixed asset investments exceeding 3 trillion yuan, with 40% directed towards strategic emerging industries [5] - The National Energy Group is actively fostering new technologies in hydrogen energy and energy storage, enhancing the digitalization and high-end capabilities of the energy industry [5] Group 4: Reform and Development - The "14th Five-Year Plan" period is crucial for enhancing the core functions and competitiveness of SOEs, with a focus on optimizing economic layout and structural adjustments [2][6] - SASAC plans to deepen reforms in state-owned enterprises, including market-oriented management mechanisms and enhancing internal operational systems [7][8]

Domestic Market Overview - The domestic market experienced a weak consolidation with a continued pullback, as the Shanghai Composite Index closed at 3878 points, down 0.51%, and the Shenzhen Component Index closed at 12955.25 points, down 0.78% [1][5][10] - Among the 30 CITIC first-level industries, 6 saw an increase, with transportation, non-ferrous metals, and coal leading the gains, while media, computer, and real estate sectors faced significant declines [1][5][10] - The total trading volume of the A-share market reached 168.36 billion yuan, slightly up from the previous day [1][5][10] Overseas Market Overview - The US stock market saw slight gains, with the Dow Jones rising by 0.86%, the S&P 500 up by 0.3%, and the Nasdaq increasing by 0.17% [2][5] - Notable performers included UnitedHealth Group, which rose over 4%, and Goldman Sachs, which increased by more than 2% [2][5] - Chinese concept stocks mostly declined, with Canadian Solar dropping over 9% and NIO falling nearly 5% [2][5] Key News Highlights - Zhejiang Province is supporting the establishment of a low-altitude industry "pilot zone" and a low-altitude economy "first flight zone" [12][13] - The Ministry of Commerce reported that from January to October, the total service trade import and export volume increased by 7.5% year-on-year, reaching 65,844.3 billion yuan [14] - The State-owned Assets Supervision and Administration Commission held a meeting to discuss the "14th Five-Year Plan" for central enterprises [16] - The Zhuque-3 reusable launch vehicle successfully completed its mission, although a recovery test for one of its stages failed [18] - The US reported a significant drop in private sector jobs in November, marking the largest decline in two and a half years [19]

Core Insights - The A-share market experienced a decline across all major indices, with the Shanghai Composite Index falling by 0.51% to 3,878.00 points, and the Shenzhen Component Index down by 0.78% to 12,955.25 points. The total trading volume in the A-share market reached 1.67 trillion RMB, with net inflows from southbound funds amounting to 2.279 billion HKD [2][8] - The transportation, non-ferrous metals, and coal industries showed the highest gains, while the media and computer sectors faced the largest declines. Notably, the cultivated diamond and hyperbaric oxygen chamber concept indices saw significant increases, whereas the Kuaishou concept and MLOps concept indices experienced notable declines [2][8] Industry Overview - The report highlights the successful maiden flight of China's reusable carrier rocket, Zhuque-3, marking a significant milestone in the commercial space sector. The Chinese commercial space industry is projected to reach a scale of 7-10 trillion RMB by 2030, with capabilities for in-orbit maintenance and construction of spacecraft becoming a reality [3][9] - The State-owned Assets Supervision and Administration Commission (SASAC) held a meeting to discuss the "14th Five-Year Plan" for central enterprises, emphasizing the importance of strategic planning and industry layout for major state-owned enterprises [3][9] Investment Highlights - The trading card game (TCG) market is evolving into a comprehensive cultural consumption product, driven by IP ecosystems. The core logic revolves around "collecting-exchanging-value accumulation," with emotional connections between IP and consumers being crucial for long-term engagement [10][11] - The TCG industry has established a complete industrial chain covering IP authorization, content creation, product manufacturing, channel distribution, and community operation. The upstream sector relies heavily on IP as the fundamental driver of user engagement and retention [11][12] - The design aspect is critical for product differentiation and targeting specific consumer segments, enhancing brand value and maximizing user lifecycle value [12][13] - The distribution channels are characterized by a dual approach of "offline foundation and online expansion," with offline channels focusing on high accessibility and experience, while online channels provide flexibility and broad coverage [13][14] Industry Development - The integration of TCG with diverse business models is highlighted, with examples such as Pokémon's multi-ecosystem approach that combines online digital empowerment with offline experiences and global competitions [14] - Companies like Huali Technology are exploring new avenues by merging gaming equipment with TCG, aiming to enhance consumer experiences through innovative integrations [14] Investment Recommendations - The report suggests focusing on companies with rich upstream IP resources and original IP development capabilities, leading companies in TCG design and manufacturing, and those with significant advantages in sales channels [15]