Core Viewpoint - The construction materials industry is expected to see structural opportunities by 2026, driven by policies and market conditions, with three main growth engines: new energy, electronics, and computing power [1] Summary by Sections 2025 Review - The construction materials index and fundamentals showed signs of recovery, with the SW construction materials index increasing by 21.37% from the beginning of the year to November 12, 2025, outperforming the CSI 300 index by 3.30 percentage points [2] - Sub-industry performance was mixed, with the fiberglass manufacturing sector leading gains due to the AI computing power boom [2] - Despite a slight revenue decline of 5.74% year-on-year, the industry saw a significant profit improvement, with net profit attributable to shareholders increasing by 21.46% [2] 2026 Outlook - Structural investment opportunities in the construction materials industry are expected to emerge due to intensified policy regulation and sustained high demand in emerging sectors [3] - The "anti-involution" policy is anticipated to reshape the competitive landscape in traditional materials like cement and glass, improving supply-demand dynamics and gradually restoring industry profitability [3] - The growth of new energy, electronics, and computing sectors will benefit leading companies with technological barriers and production capabilities, particularly in high-performance fiberglass [3] - The demand for renovation and urban renewal in the real estate sector will favor consumer building material leaders with strong channel layouts, brands, and product quality [3] Sub-industry Outlook - **Cement**: Supply regulation effects are expected to improve profitability, with major projects supporting future demand and leading companies expanding into overseas markets [4] - **Fiberglass**: Continued high demand from the wind power and electric vehicle sectors is expected to support sales, with AI computing needs driving fiberglass demand [4] - **Consumer Building Materials**: Urban renewal is likely to boost demand for renovation and repair, while consumption upgrades will increase the demand for high-quality green materials [4] - **Glass**: Prices remain under pressure, but the "anti-involution" policy may help ease supply-demand imbalances [4] Investment Recommendations - Focus on three investment themes: 1. Traditional building materials benefiting from "anti-involution" policies, with recommended companies including Huaxin Cement, Shangfeng Cement, and Conch Cement [4] 2. Emerging sectors with sustained high demand, recommending companies like China Jushi and China National Building Material [4] 3. Consumer building material leaders with strong retail channel layouts, recommending companies such as Oriental Yuhong, Beixin Building Materials, Weixing New Materials, Sankeshu, and Tubao [4]

FICC日报 | 2025-11-25 中美元首对话。宏观方面，国家主席习近平同美国总统特朗普通电话。习近平指出，釜山会晤以来，中美关系总 体稳定向好，受到两国和国际社会普遍欢迎，事实再次说明，中美"合则两利、斗则俱伤"是经过实践反复验证的 常识，中美"相互成就、共同繁荣"是看得见、摸得着的实景。双方要保持住这个势头，坚持正确方向，秉持平等、 尊重、互惠态度，拉长合作清单、压缩问题清单，争取更多积极进展，为中美关系打开新的合作空间。海外方面， 美联储理事沃勒表示，最新数据显示劳动力市场依然疲软，因此他主张在12月进行降息；美国旧金山联储主席、 2027年FOMC票委戴利表示，她支持在下个月降息，因为她认为就业市场突然恶化的可能性比通胀骤然上升更大， 也更难以控制。 股指收红。现货市场，A股三大指数震荡收涨，沪指涨0.05%收于3836.77点，创业板指涨0.31%。行业方面，板块 指数涨跌互现，国防军工、传媒、计算机、社会服务行业涨幅居前，石油石化、煤炭、银行、食品饮料行业跌幅 居前。当日沪深两市成交额为1.7万亿元。工信部近日印发通知，聚焦新一代信息技术、新能源、新材料、生物、 高端装备、智能网联新能源汽车 ...

截至2025年11月25日 10:47，创业板ETF天弘(159977)成交价格明显回升，成交1.24亿元。跟踪的创业板指 数(399006)强势上涨3.06%，成分股菲利华(300395)上涨9.32%，中际旭创(300308)上涨7.81%，胜宏科技 (300476)上涨7.50%，新易盛(300502)，天孚通信(300394)等个股跟涨。 从资金净流入方面来看，创业板ETF天弘(159977)近5天获得连续资金净流入，合计"吸金"1.21亿元。 【产品亮点】 借助宽基ETF一键配置A股上行机遇： 创业板指作为A股市场最具代表性的"上涨先锋"，其新兴产业、高新技术企业占比高，投资者可考虑借道 创业板ETF天弘(159977)布局A股回升过程中的高成长机遇。 【相关产品】 创业板ETF天弘(159977)，对应场外联接(A：001592；C：001593；Y：022960)。 【热点事件】 央行今日操作1万亿元MLF，维持市场流动性充裕 央行持续加码中长期资金投放，中期借贷便利（MLF）连续9个月加量续做。11月24日公告，为保持银行 体系流动性充裕，2025年11月25日，中国人民银行将以固定数量、利率 ...

股票私募仓位指数再攀高峰。 百亿股票私募正掀起全面加仓潮，超七成已迈入满仓行列。数据显示，满仓百亿股票私募占比大幅 提升至73.41%，对应地，中等仓位百亿股票私募占比显著下降至18.47%，显然大量中等仓位百亿私募 值得关注的是，作为行业风向标的百亿私募展现出更为激进的加仓态势，大幅加仓创近185周新 高。截至2025年11月14日，不同规模股票私募仓位呈现差异化分布，各区间仓位指数依次为：100亿元 以上规模87.07%、50亿至100亿元规模83.56%、20亿至50亿元规模78.67%、10亿至20亿元规模80.48%、 5亿至10亿元规模80.86%、0至5亿元规模80.09%。 已将仓位进一步提升至满仓水平。与此同时，空仓百亿股票私募也在积极调整仓位、向低仓水平靠拢， 目前低仓百亿股票私募占比为7.32%，空仓占比仅0.8%，加仓态势明确。 对于私募仓位持续走高的核心逻辑，排排网集团旗下融智投资FOF基金经理李春瑜分析认为，一方 面，自8月以来，A股市场持续上行并突破关键点位，赚钱效应逐步显现，私募产品业绩同步改善，为 机构加仓提供了业绩基础和信心支撑。另一方面，政策层面持续释放支持资本市场长期健 ...

Group 1 - The Ministry of Industry and Information Technology of China has initiated the creation of national emerging industry development demonstration bases, covering nine major fields including new generation information technology and new energy, with a target of establishing 100 park-type and 1,000 enterprise-type bases by 2035, which will receive policy and resource support [2] - The Federal Reserve officials have signaled a potential interest rate cut in December, with an 82.9% probability of a 25 basis point cut according to CME FedWatch, leading to a 2.69% increase in the Nasdaq and a broad rise in technology stocks [2] - Former President Trump signed an executive order for the AI "Genesis Plan," opening federal scientific data sets, while Amazon plans to invest $50 billion to expand AI and supercomputing infrastructure for the U.S. government, benefiting AI-related companies [2] Group 2 - The European Union has approved a budget of €192.8 billion for 2026, focusing on defense and high-end manufacturing, with €716 million reserved for emergency funds, which will create procurement opportunities for related industries [3] - The Bank of Israel has lowered the benchmark interest rate from 4.5% to 4.25%, allowing businesses in the Middle East to optimize their capital allocation [3] Group 3 - The Nasdaq Golden Dragon China Index rose by 2.82%, with Hesai Technology increasing by over 12%, indicating strong capital interest in Chinese tech companies like Baidu and Alibaba, which will benefit their supply chain partners [4] - Spot gold has surpassed $4,140 per ounce, and WTI crude oil has risen above $59 per barrel, providing profit opportunities for energy and precious metals companies [4] Group 4 - The European Central Bank has warned about the risks of stablecoins diverting retail deposits in the Eurozone, urging companies involved in crypto assets to manage compliance costs [5] - The U.S. pressured the EU to amend digital regulations in exchange for lowering steel and aluminum tariffs, which was rejected, creating tariff volatility risks for related import-export businesses [6] - Bitcoin has surpassed $89,000, and Thailand's Bitkub plans to raise $200 million through a Hong Kong IPO in 2026, highlighting opportunities in the Hong Kong digital asset hub [6]

人民财讯11月25日电，中共黑龙江省委关于制定国民经济和社会发展第十五个五年规划的建议发布。其 中提出，培育壮大新兴产业和未来产业。实施产业创新工程，一体推进创新设施建设、技术研究开发、 产品迭代升级，打造新兴支柱产业。建好建强国家重型装备生产制造基地，加强产业配套协作，发展壮 大高端装备、航空航天、新材料等千亿级产业集群，建设电子信息产业北方制造基地和大型大马力高端 智能农机装备先导区。加快发展低空经济，壮大低空航空器装备制造产业，拓展农业植保、应急救援、 物流运输等应用场景。做强星网产业链，发展卫星制造、测控和数据地面应用。做强石墨精深加工。创 新战略性新兴产业发展政策供给，推进新技术新产品新场景规模化应用示范，加快新兴产业规模化发 展。 ...

◆国内新闻 工信部：聚焦智能网联新能源汽车等新兴产业重点领域 创建示范基地 11月24日，工业和信息化部发布《关于开展国家新兴产业发展示范基地创建活动的通知》。其中提出，示范基地瞄准新一 轮科技革命和产业变革前沿，面向2035年和"十五五"时期国家发展战略，聚焦党中央、国务院部署的新一代信息技术、新能 源、新材料、生物、高端装备、智能网联新能源汽车、绿色环保、低空装备、航空航天等新兴产业重点领域。到2035年，创建 100个左右园区类国家新兴产业发展示范基地、1000个左右企业类国家新兴产业发展示范基地。 我国牵头制定的联合国全球技术法规《电动重型车辆车载电池耐久性》获表决通过 据工业和信息化部网站11月24日消息，联合国世界车辆法规协调论坛（UN/WP.29）第197次全体会议召开期间，由中国、 美国、日本和欧盟共同牵头制定的联合国全球技术法规（UN GTR）《电动重型车辆车载电池耐久性》经各缔约方投票表决通 过、正式发布实施。该法规主要规定了电动重型车辆电池可用能量测试方法、车载电池衰减的要求及验证方法等内容，对规范 电动重型车辆车载动力电池耐久性测试、科学评价电动重型车辆电池运行状态具有重要意义。 河北 ...

Core Points - The creation of the National Emerging Industry Development Demonstration Base has officially started, focusing on key emerging industries and aiming to enhance their development and influence [1][2] - The initiative targets the forefront of the new round of technological revolution and industrial transformation, concentrating on sectors such as new generation information technology, new energy, new materials, biotechnology, high-end equipment, intelligent connected new energy vehicles, green environmental protection, low-altitude equipment, and aerospace [1][2] Summary by Categories Demonstration Bases - The plan aims to establish around 100 demonstration bases for industrial parks and approximately 1,000 for enterprises by 2035, creating a backbone force and important engines for emerging industry development [2] - Demonstration parks are defined as legally established industrial parks in China that lead in areas such as industrial cluster development, collaborative innovation, ecological optimization, and governance enhancement [1] Enterprises - Demonstration enterprises are registered entities in China with independent legal status, focusing on emerging industry sectors and excelling in product development, technological innovation, business model innovation, and management efficiency [1] Implementation and Support - The creation period for the demonstration bases is set for two years, followed by an evaluation and acceptance process [2] - Support measures include establishing a dedicated section for demonstration bases on the national industrial-financial cooperation platform and encouraging financial institutions to enhance and develop specialized financial products to support the construction of these bases [2]

Core Insights - The report titled "Innovation and Development Report of Specialized, Refined, Characteristic, and New Listed Companies (2025)" was jointly released by Ernst & Young Research Institute and Zhejiang University School of Management, continuing the methodology and metrics from previous years [2] - As of June 30, 2025, the Ministry of Industry and Information Technology has announced six batches of "specialized, refined, characteristic, and new" small giant enterprises, with the report analyzing 2,328 listed companies that published annual reports in 2024 [2] Financial Performance - Specialized and new listed companies showed an increase in revenue growth rate in 2024 compared to 2023, but profitability remains under pressure [4] - The market capitalization of specialized and new listed companies continued to rise significantly, driven by external macroeconomic changes, policy guidance, liquidity easing, and positive expectations for a new round of technological revolution [4][10] - As of August 31, 2025, the average market capitalization of specialized and new companies increased by 88.02%, while non-specialized companies saw a 46.53% increase, reflecting a recovery in market confidence [5][6] Industry Focus - Specialized and new listed companies are actively investing in strategic emerging industries such as intelligent manufacturing equipment, energy-efficient industries, and next-generation information networks [4] - The industries with high strategic focus on the four dimensions of "specialized, refined, characteristic, and new" include general equipment manufacturing, computer, communication and other electronic equipment manufacturing, specialized equipment manufacturing, and chemical raw materials and products manufacturing [4][25] Internationalization and Digitalization - The proportion of specialized and new companies going overseas has increased, with the top five regions for overseas company distribution being Hong Kong, the United States, Singapore, Germany, and Japan [8] - Specialized and new listed companies are focusing on digital transformation through technologies such as artificial intelligence, the Internet of Things, and big data, with a significant number of patents in industrial internet and high-end chip technology [8][42] Regional and Sectoral Distribution - The provinces with the highest number of specialized and new listed companies are Jiangsu, Zhejiang, and Guangdong, with Beijing and Shanghai showing strong competitiveness across all four dimensions [35][38] - The report indicates that specialized and new companies are increasingly focusing on domestic substitution strategies, with a clear correlation between attention to domestic substitution and the focus on industrial fundamentals [39][41] ESG and Sustainability - The number of specialized and new listed companies achieving higher ESG ratings has significantly increased, indicating improvements in ESG management capabilities [51] - As of September 19, 2025, 303 companies published their 2024 ESG reports, reflecting a growth of 53.81% in disclosure rates [54]

中国银河证券表示，在市场情绪较为谨慎、板块轮动速度加快、热点行情持续性不足的环境下，A股市 场呈现出明显的"高切低"特征。预计短期行情仍以震荡结构为主。同时，近期行情主要受到前期涨幅较 大和市场担忧情绪加重的拖累，企业盈利和产业发展向上趋势并未出现根本性逆转。周五欧美股市多数 收涨也释放边际回暖信号。建议关注近期调整后的布局机会。随着经济转型背景下新兴产业结构性亮点 更加突出，PPI降幅收窄带动企业利润率水平进一步回升，同时市场流动性向上逻辑有望持续演绎，A 股向好趋势不改。 ...