国泰海通晨报 2025 年 12 月 22 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【宏观研究】：本周大宗商品中铜与金表现亮眼，发达市场股票表现优于新兴市场。美国就业 市场仍处于弱而不崩的状态，通胀增速不及预期，二次反弹风险相对可控，美联储短期内或暂停 降息进行观望。日央行如期加息 25BP，未来或仍将缓慢加息。欧央行降息周期或已接近终点。 2、【食品饮料研究】东鹏饮料：管理效率持续提升助力东鹏将大量利润节约下来回馈给渠道及消 费者，迎合了饮料行业消费者对于高质价比愈加重视的大趋势，因此公司品类扩张将超市场预期。 3、【机械研究】核电设备：上周（2025/12/15-2025/12/19）可控核聚变领域动态：上周中标主要集 中在磁体和电源等部件；特朗普媒体科技宣布与 TAE 签署最终合并协议；Gyro Swin 实现秒级 5D 等离子体建模。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 王宇 ...

中央纪委国家监委网站 初英杰 远眺世界最大跨径四主缆悬索桥——燕矶长江大桥。中交二航局供图 习近平总书记强调，建设安全、便捷、高效、绿色、经济、包容、韧性的可持续交通体系，是支撑服务经济 社会高质量发展、实现"人享其行、物畅其流"美好愿景的重要举措。 交通是兴国之要、强国之基。在习近平总书记亲自擘画、亲自部署、亲自推动下，我国加快建设交通强 国，"十四五"以来交通运输事业取得了历史性成就，综合交通运输体系建设取得了突破性进展。 逢山开路、遇水架桥。万里长江之上，一座座大桥宛若飞虹凌空。在湖北，又见钢铁巨龙越江。12月7日，随 着最后一段钢混组合梁吊装到位，连接鄂州市与黄冈市两地的燕矶长江大桥全线贯通。 中交二航局燕矶长江大桥项目部总工程师罗航介绍，这是世界最大跨径四主缆悬索桥，主跨跨径为1860米； 这也是世界首座不同垂度四主缆双层钢桁梁悬索桥，上层设计为6车道高速公路，下层为4车道城市快速路， 预计将于2026年建成通车。 燕矶长江大桥建成后，不仅将极大提高区域交通效率，方便长江两岸居民往来，还将与附近的鄂州花湖国际 机场形成高效的"空陆一体"物流枢纽，完善区域"公、铁、水、空"综合交通运输体系，有力推动区 ...

《11 月新房价格环比降幅缩小，上海 新 房 同 比 领 涨 — 行 业 点 评 报 告 》 -2025.12.15 《新房二手房成交面积同比下降，着 力 稳 定 房 地 产 市 场 — 行 业 周 报 》 -2025.12.14 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-12 2025-04 2025-08 房地产 沪深300 相关研究报告 《高基数下销售疲软，年末市场延续 以 价 换 量 趋 势 — 行 业 点 评 报 告 》 -2025.12.15 行 业 研 究 2025 年 12 月 21 日 新房二手房成交面积环比增长，住建部强调促进地产 市场供需平衡 ——行业周报 模环比下降。本周住建部提出根据人口变化合理确定住房需求，科学安排土地供 应、引导配置金融资源，实现以人定房、以房定地、以房定钱，促进房地产市场 供需平衡、结构合理。我们认为，在各项促进房地产市场止跌回稳政策作用下， 2025 年以来我国房地产市场整体朝着止跌回稳的方向迈进，在止跌回稳的过程 中，房价仍可能存在小幅度震荡，期待后续在政策作用下，房地产市场进一步稳 定。 ...

Investment Rating - The report rates the industry as "Overweight" [7] Core Insights - The potential for investment growth in new infrastructure remains significant, with a focus on expanding effective investment space and enhancing private investment vitality [2][3] - Central enterprises are encouraged to identify new growth areas, particularly in renewable energy, aerospace, and low-altitude economy sectors [4] - The government is increasing support for capital in key infrastructure projects, including railways and smart construction initiatives [5] Summary by Relevant Sections Recent Key Reports - The report highlights the importance of strategically expanding investment in new infrastructure and emphasizes the need for a coordinated approach to urbanization and rural revitalization [3][4] Key Company Recommendations - Recommended companies include China Railway, China Communications Construction, and China State Construction, all of which are expected to benefit from high dividend yields and stable growth [8][11] - Specific sectors such as clean rooms, commercial aerospace, and controlled nuclear fusion are highlighted for their growth potential, with recommended stocks including Yaxiang Integration and Shanghai Port [6][10] Macro/Meso/Micro Data - The report indicates a projected increase in broad infrastructure funding by 7.3% in 2025, driven by enhanced fiscal policies and the issuance of special bonds [31][32] - It also notes that the construction industry is experiencing a decline in net profit margins, with a 10% year-on-year decrease in net profit reported [14][15]

建筑装饰 2025 年 12 月 21 日 行 业 研 究 / 行 业 点 评 tangmeng@swsresearch.com 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 A0230523080003 基建投资承压，推动投资止跌回稳必要性增强 看好 ——申万宏源建筑周报（20251215-20251219） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 及 产 业 - ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数-0.10%，沪深 300 指 数-0.28%，相对收益为 0.18pct。周涨幅最大的三个子行业分别为国际 工程（+4.90%）、钢结构（+3.09%）、装饰幕墙（+2.09%），对应行业 内三个公司：中材国际（+10.78%）、鸿路钢构（+7. ...

新中国建设初期，为打通西北与华北的交通动脉，国家将包兰铁路建设列入"一五"计划。当时物资极度 匮乏，铁路建设者迎难而上。1958年，全长600多米的三盛公黄河铁路特大桥一号桥竣工通车。 随着运输需求不断增长，三盛公黄河铁路特大桥二号桥作为包兰铁路复线扩容的关键工程于1996年开工 建设。1999年，全长1000多米的二号桥竣工，包兰铁路实现复线行车，打通了华北到西北的铁路交通瓶 颈。 2024年9月22日，包银高铁磴口黄河特大桥顺利合龙，肩负起"八纵八横"高铁网京兰通道贯通的重任。 大桥全长5000多米，包银高铁将于2025年12月23日开通运营。 02:25 在黄河奔涌不息的波涛之上，包兰铁路三盛公黄河铁路特大桥一号桥、二号桥与包银高铁磴口黄河特大 桥，宛如三座跨越时空的丰碑，静静诉说着我国铁路建设的发展历程。 从蒸汽机车的轰鸣到"复兴号"的风驰电掣，从人力肩扛的艰苦岁月到智能建造的科技时代，三座大桥的 每一根钢梁、每一块混凝土，见证着我国铁路事业向着更高、更远的未来奋勇前行。 记者：邢广利 报道员:李菁 陈旭斌 张建华 董杰 ...

Core Viewpoint - The article highlights the integration of party-building work with vocational education at Xuzhou Industrial Vocational and Technical College, emphasizing a collaborative approach to enhance industry development and educational outcomes. Group 1: Mechanism Innovation - The party branch collaborates with three leading industry enterprises to establish an integrated co-construction model, creating a "Party Building Joint Construction and Collaboration Zone" [1] - Since November 2024, 12 joint party-building activities have been conducted, involving 186 student party members, fostering a new pattern of shared resources and problem-solving [1] Group 2: Teaching Reform - The party branch leverages the dual leadership role of the party branch secretary to create a closed-loop teaching reform model, resulting in the upgrade of eight core courses and the establishment of 15 ideological demonstration courses [2] - Students have achieved notable success, including winning gold medals in national skill competitions and recognition in media for their educational outcomes [2] Group 3: Empowering Industry - The party branch focuses on transforming organizational strength into innovation and development capabilities, forming a technical team that has achieved breakthroughs in smart construction technologies [3] - In 2025, the team developed several innovative systems, including an AIoT-based integration system and a smart construction safety monitoring system, contributing to industry efficiency and digital transformation [3] Group 4: Practical Education - The party branch organizes extensive practical activities, including 35 on-site teaching and social service events, benefiting over 2,300 students [3] - Skills training programs have been conducted for over 700 employees in the construction industry, and a vocational experience center has introduced over 2,000 middle and primary school students to career opportunities [3]

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Insights - The report highlights a rebound in sales in Guangzhou due to the promotion of prefabricated buildings, with a week-on-week increase in sales despite a year-on-year decline [1][6] - The overall market performance remains weak, with the Shenwan Real Estate Index down by 0.41% and the CSI 300 Index down by 0.28%, indicating underperformance relative to the broader market [3][11] Summary by Sections Weekly Market Review - The Shenwan Real Estate Index decreased by 0.41%, while the CSI 300 Index fell by 0.28%, resulting in a relative return of -0.13% [3][11] - The report notes that the performance of the real estate sector is weaker than the overall market [3][11] Industry Fundamentals - For the week of December 12-18, 38 tracked cities saw a total of 29,303 new homes sold, a year-on-year decrease of 31.9% but a week-on-week increase of 8% [4][19] - The total transaction area for new homes was 3.19 million square meters, with a year-on-year decline of 29.6% but a week-on-week increase of 21% [4][19] - In the same week, 16 tracked cities recorded 18,668 second-hand homes sold, down 23% year-on-year but up 1.5% week-on-week [34][37] - The total transaction area for second-hand homes was 181.8 million square meters, with a year-on-year decline of 26.1% and a week-on-week increase of 5.7% [34][37] Land Market Supply and Transactions - In the week of December 8-14, land supply was 2,056.8 million square meters, down 55.1% year-on-year, with an average supply price of 1,053 yuan per square meter, down 38.5% year-on-year [5] - Land transactions totaled 8,132.5 million square meters, up 53.5% year-on-year, with a transaction amount of 135.41 billion yuan, up 55.9% year-on-year [5] Financing Analysis - Real estate companies issued a total of 5.33 billion yuan in credit bonds, reflecting a year-on-year decrease of 39.34% and a week-on-week decrease of 64.51% [5] Investment Recommendations - The report suggests focusing on financially stable and well-performing leading real estate companies such as Yuexiu Property, China Merchants Shekou, Poly Developments, and others, which are expected to effectively respond to market fluctuations [6] - It also notes that property management companies may see performance and valuation recovery as market demand rebounds, recommending attention to companies like China Resources Vanke and Poly Property [6]

齐鲁晚报.齐鲁壹点记者赵波 12月19日，第五届山东(青岛)宜居博览会暨全国百城千企房地产联展联销活动(以下简称"宜博会")在青岛嘉年华会展中心举行。本届宜博会以"宜居青岛'好 房'之城"为主题，是青岛宜居城市建设成果的集中检阅，作为"百城千企房地产联展联销活动"的首发站与启动仪式举办地，大会旨在搭建一个全景式、高 层次的展示交流平台，深度推广好房子理念，并通过跨地域资源联动，激发市场活力，助力人民群众实现安居梦想。 住房和城乡建设部、省住房城乡建设厅相关负责同志，青岛市副市长解宏劲出席活动并致辞。中青建安建设集团有限公司、中建八局第四建设有限公司、 青岛地铁集团有限公司等企业参展，并推出了精品好房源。 本届宜博会由中国房地产业协会、中国建筑节能协会、中国勘察设计协会、青岛市住房和城乡建设局指导，青岛日报报业集团、山东省房地产业协会、山 东省建筑业协会、山东省勘察设计协会联合主办，大会率先吹响全国百城千企房地产联展联销活动的号角，构筑起一个突破地域界限的开放性置业平台。 在集中展示青岛本地好房子、智能建造、绿色低碳等领域最新实践成果的同时，大会更将视野拓展至全国，通过线上线下（300959）深度融合模式，依托 ...

近日，住房城乡建设部在湖北省武汉市召开全国智能建造工作会。住房城乡建设部副部长李晓龙出席会议并讲话，湖 北省人民政府副省长黎东辉、武汉市人民政府副市长陈劲超致辞。 会议指出，智能建造试点工作开展三年以来取得了积极成效。试点城市和相关省级住房城乡建设主管部门建立了良好 的协调推进机制，结合城市特点和产业优势出台了一系列支持政策，大力支持和服务各类市场主体参与试点工作，扎 实推进各项任务落地见效，取得了丰富的技术创新成果和产业发展案例，推广智能建造已成为行业共识。 会议强调，立足当前形势，发展智能建造是建筑业转型发展的内在需要。要进一步加强对建筑企业的指导和支持，帮 助企业抓住机遇、用好资源，通过发展智能建造进一步做优做强、做精做专，培育形成一批骨干企业，为建筑业高质 量发展发挥示范引领作用。 会议要求，要在更大范围内推广应用智能建造，更加注重政策机制协调，加强建筑业高质量发展顶层设计，因地制宜 地确定发展重点并精准施策；更加注重标准规范引领，增强标准规范的引领力和约束力，逐步提升工程建设的精细 化、集约化水平；更加注重法规制度建设，梳理完善有关规章制度和政策文件，加强对新型建造方式的引导和支持； 更加注重组织方 ...