经济观察网12月25日，武汉股权托管交易中心(以下简称"武汉股交")对外发布消息，该中心通过大力拓 展私募基金份额质押登记服务，推动"三资"改革、盘活存量资产、扩大有效投资，为区域私募资本流动 开辟了高效、合规的新通道。截至目前，武汉股交累计完成基金份额质押登记10笔，质押份额超40亿 份，撬动融资规模逾25亿元，业务规模位居全国区域性股权市场前列。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中金点睛 中金研究 2025年底中央经济工作会议[1]明确2026年"推动投资止跌回稳"，我们对明年财政政策发力持相对乐观 的态度。我们认为在地产持续筑底背景下，基建投资仍将作为稳增长的重要手段，预计2026年基建投资 增速为4.5%，建议围绕"高股息央国企、高弹性西部基建、高景气专业工程、高需求海外市场"投资主线 积极布局：1）看好西部基建区域性投资机会，特别是四川省基建投资高景气度；2）看好化债+国企改 革背景下估值修复空间较大的建筑央企；3）制造业投资有望企稳回升，看好受益于半导体资本开支景 气上行的洁净室工程；4）海外市场有望成为第二增长曲线，关注建筑企业出海逻辑的加速兑现。 摘要 化债带动建筑央企存量资产盘活及报表质量改善。建筑央企PB伴随应收类资产占比提升而持续走低， 当前均不足1倍，我们判断2026年化债工作稳步推进，地方资金链条捋顺后有望直接驱动建筑央企估值 修复及报表质量改善。中长期看，建筑央企仍有望凭借龙头优势，不断提升行业集中度。 中西部基建投资具备较高潜力。中西部省份铁路、公路基础设施建设的潜力相对更大，且中央财 ...

中金研究 2025年底中央经济工作会议[1]明确2026年"推动投资止跌回稳"，我们对明年财政政策发力持相对乐观的态度。我们认为在地产持续筑底背景下，基建 投资仍将作为稳增长的重要手段，预计2026年基建投资增速为4.5%，建议围绕"高股息央国企、高弹性西部基建、高景气专业工程、高需求海外市 场"投资主线积极布局：1）看好西部基建区域性投资机会，特别是四川省基建投资高景气度；2）看好化债+国企改革背景下估值修复空间较大的建筑 央企；3）制造业投资有望企稳回升，看好受益于半导体资本开支景气上行的洁净室工程；4）海外市场有望成为第二增长曲线，关注建筑企业出海逻 辑的加速兑现。 Abstract 化债带动建筑央企存量资产盘活及报表质量改善。 建筑央企PB伴随应收类资产占比提升而持续走低，当前均不足1倍，我们判断2026年化债工作稳步推 进，地方资金链条捋顺后有望直接驱动建筑央企估值修复及报表质量改善。中长期看，建筑央企仍有望凭借龙头优势，不断提升行业集中度。 中西部基建投资具备较高潜力。 中西部省份铁路、公路基础设施建设的潜力相对更大，且中央财政给予了较多资源倾斜，2024年西部12省市接收转移支 付规模4万亿元， ...

长江商报消息地方国资入主上市公司热情高涨，地处华中的湖北国资动作频频。 12月2日晚，A股唯一一家民营连锁酒店品牌君亭酒店（301073.SZ）宣布易主。湖北文化旅游集团有限 公司（以下简称"湖北文旅"）拟通过股权受让+要约收购方式，合计耗资约18亿元，取得君亭酒店36% 股权，成为其控股股东，君亭酒店实际控制人将变更为湖北省国资委。 早在2024年，湖北文旅曾通过湖北国际贸易集团有限公司取得上海雅仕（603329.SH）控制权。 长江商报记者发现，湖北省国资委通过省属国企控股、并购等方式，实际控制的A股上市公司数量已达 15家。 目前，湖北省国资正在深入推进"三资"改革（资源资产化、资产证券化、资金杠杆化）。资产嫁接资本 市场，有利于做大做强国资。 业绩方面，君亭酒店经营增长承压。2025年前三季度，公司实现的归母净利润为990.33万元，同比下降 45.92%。 据君亭酒店披露，湖北文旅将向公司注入优质资源，改善经营业绩，解决持续投入能力不足短板，全面 增强和提升公司核心竞争力和持续盈利能力。 湖北文旅主营业务为文化旅游、商业贸易、体育康养三大板块，资产规模超千亿元。公司致力于打造全 国一流的文化旅游龙头 ...

Core Points - Hubei Cultural Tourism Group (Hubei Wenlv) is acquiring a 36% stake in Junting Hotel, making it the controlling shareholder, with a total investment of approximately 1.8 billion yuan [1][3] - The acquisition is part of Hubei's broader strategy to enhance state-owned enterprises through "three capital" reforms, aiming to strengthen their market presence and operational capabilities [2][9] Group 1: Acquisition Details - Hubei Wenlv will acquire 58.32 million shares of Junting Hotel at a price of 25.71 yuan per share, totaling around 1.5 billion yuan, followed by a partial tender offer for an additional 11.6865 million shares [3][4] - After the completion of these transactions, Hubei Wenlv will hold 36% of Junting Hotel's shares, with the Hubei Provincial State-owned Assets Supervision and Administration Commission becoming the actual controller [3][6] Group 2: Financial Performance - Junting Hotel's net profit for the first three quarters of 2025 was 9.9033 million yuan, a decrease of 45.92% year-on-year, indicating challenges in profitability despite revenue growth [2][4] - The company's revenue from 2021 to 2024 showed consistent growth, increasing from 278 million yuan to 676 million yuan, but net profits did not follow the same trend, highlighting a "growth without profit" scenario [4][5] Group 3: Hubei Wenlv's Background - Hubei Wenlv, established in 2009, focuses on cultural tourism, sports health, and commercial trade, with assets exceeding 100 billion yuan [5][9] - The company aims to become a leading cultural tourism enterprise in China, leveraging its extensive asset base to enhance Junting Hotel's operational performance [5][9] Group 4: Broader Market Trends - Hubei's state-owned enterprises have been actively acquiring control of listed companies, with 15 companies currently under the actual control of the Hubei Provincial State-owned Assets Supervision and Administration Commission [2][7] - The acquisitions are aligned with Hubei's goal to increase the number of listed companies and improve the efficiency of state-owned assets through strategic mergers and acquisitions [9][10]

Investment Rating - The report recommends "Buy" for companies in the logistics and aviation sectors, specifically highlighting SF Holding and China Southern Airlines as key investment opportunities [2][3]. Core Insights - The logistics sector is benefiting from price increases due to reduced competition, with a notable rise in express delivery volumes during the peak season [2]. - The aviation sector is experiencing a recovery, with an increase in flight operations and passenger volumes, indicating a positive trend for airline profitability [3]. - The shipping industry shows signs of improvement, particularly in dry bulk transportation, driven by increased cargo demand and adverse weather conditions affecting vessel turnover [4]. Summary by Sections Transportation Sector Market Review - The transportation index decreased by 0.5% during the week of November 22-28, underperforming the Shanghai Composite Index, which rose by 1.6% [12]. Logistics - The express delivery sector saw a total collection volume of approximately 4.126 billion packages, a week-on-week increase of 1.65% but a year-on-year decrease of 6.63% [2]. - The report recommends SF Holding due to its valuation, operational resilience, and improved shareholder returns [2]. Aviation - The average daily flight operations increased by 4.16% year-on-year, with domestic flights up by 2.80% and international flights up by 12.41% [3]. - The report highlights the potential for profit growth in the aviation sector due to supply constraints from manufacturers and improved ticket pricing [3]. - Recommended stocks include China Southern Airlines and Air China [3]. Shipping - The Baltic Dry Index (BDI) rose to 2409 points, reflecting a week-on-week increase of 7.8% and a year-on-year increase of 62.9% [4]. - The report notes that the dry bulk market is experiencing a positive shift, with increased demand for coal and grain shipments [4]. Road and Rail - The report indicates a stable upward trend in the road transport sector, with a year-on-year increase in truck traffic on highways [5]. - The railway sector also shows positive growth, with passenger turnover increasing by 10.14% year-on-year [86].

Summary of the Conference Call for Sichuan Road and Bridge Group Company Overview - **Company**: Sichuan Road and Bridge Group - **Industry**: Infrastructure and Construction Key Points Financial Performance - **Q3 Revenue Growth**: Significant revenue growth in Q3 attributed to multiple projects entering normal construction phases, including Chuanwen and Chuanhong projects, and early-stage projects like Xixiang and Guangmian expansion fully commencing operations [2][3] - **Trade Business Contribution**: Although trade business represents a small portion, it has seen an increase compared to last year, contributing positively to revenue [3] - **Q3 Operating Cash Flow**: Strong operating cash flow due to accelerated payments from internal owners and improved external collections through litigation and communication [2][4] - **Net Profit Increase**: Notable increase in net profit due to stable gross margins in the construction segment and the exclusion of previous losses from mining and clean energy sectors [3][12] Future Outlook - **Q4 Expectations**: Anticipation of continued positive cash flow and revenue growth supported by national policy financial tools and fund investments [2][4] - **Infrastructure Investment Plans**: Sichuan province's infrastructure planning remains robust, with over 1 trillion yuan expected in investments during the 14th Five-Year Plan, covering 41 projects totaling 2,790 kilometers [2][9] - **Highway Projects**: The company is actively pursuing highway bidding, with a high market share and several projects expected to launch in the second half of the year and early next year [2][8] Strategic Developments - **Strategic Hinterland Construction**: The strategic hinterland construction initiated in 2025 is expected to enhance investment and development opportunities in Sichuan, with a focus on areas like Ganzi, Aba, and Liangshan [5][6] - **Role in National Strategy**: Sichuan's importance in national strategic land construction is highlighted by its economic contributions and historical military industrial base [7] Market Position - **Major Shareholder Influence**: Approximately 70% of the company's business volume is derived from major shareholders, who typically provide high-quality projects [3][16] - **Debt-to-Equity Conversion**: Limited conversion of convertible bonds due to high market expectations, with no significant changes in major shareholder holdings anticipated [10][17] Challenges and Risks - **PPP Project Management**: Ongoing collaboration with local governments on PPP projects, facing challenges in asset recovery and funding due to market perceptions [20] - **Economic Pressures**: Despite achieving GDP targets, the company faces pressure to meet investment goals in a challenging economic environment [14] International Expansion - **Overseas Market Engagement**: The company is cautiously exploring overseas projects, particularly in the Middle East, with a goal of achieving a 5% to 10% contribution from international operations [21] Conclusion - **Overall Assessment**: The company is positioned for continued growth in the infrastructure sector, supported by strong financial performance, strategic investments, and a robust pipeline of projects, while navigating challenges in the PPP space and international markets.

Core Viewpoint - The traditional land finance model is unsustainable, leading to a sharp decline in local fiscal revenue and land transfer fees, prompting local governments to seek new avenues for asset management and financial sustainability [1][6][9]. Group 1: Background and Context - Since the end of 2022, local governments have faced concentrated debt risks, with a pressing need to resolve these debts while traditional land finance is no longer viable [8][6]. - In 2021, land transfer fees across 300 cities in China dropped from 6.5 trillion yuan to 4.8 trillion yuan in 2022, a decline of over 25% [6]. Group 2: Three Assets Reform - Local governments are attempting to revitalize dormant resources, assets, and funds (referred to as "three assets") through market-oriented operations [2][4]. - The "three assets" reform aims to convert dormant state-owned resources into active assets, transforming assets into liquid capital and leveraging funds for greater effect [4][6]. Group 3: Implementation and Examples - Hubei and Anhui provinces are leading the charge in reforming the management of state-owned assets, with Hubei's state-owned assets reaching 16.48 trillion yuan and administrative assets at 1.95 trillion yuan by the end of 2024 [3][13]. - Hubei's reform principles emphasize assetization, securitization, and leveraging of state-owned resources, aiming to create a virtuous cycle of resource, asset, and capital management [10][12]. Group 4: Financial Innovations - The transformation of static assets into dynamic capital is a key focus, utilizing innovative financial tools rather than traditional methods of use, sale, or lease [16][34]. - A notable case is the successful issuance of Commercial Mortgage-Backed Securities (CMBS) for the Hongshan Artificial Intelligence Building, which raised 301 million yuan at a low interest rate of 2.5% [24][25]. Group 5: Broader Implications and Replicability - The reform model from Hubei is gaining attention nationwide, with other provinces like Anhui and Hunan exploring similar market-oriented strategies to activate dormant assets [35][38]. - The core methodology of Hubei's reform, which includes principles like "assetization" and "securitization," provides a clear framework for replication in other regions [37][39].

Core Insights - Local governments are attempting to revitalize dormant state-owned resources, assets, and funds through market-oriented operations, aiming to unlock new value from these "three assets" [2][3] - The reform is driven by the dual pressures of debt risk management and the decline of traditional land finance models, prompting local governments to seek new fiscal sustainability paths [4][5][8] Group 1: Reform Initiatives - Hubei and Anhui provinces are leading the charge in state-owned asset management reform, with Hubei's state-owned assets reaching 21.5 trillion yuan by the end of 2024, while Anhui's state-owned assets total 16.48 trillion yuan [2][11] - The reform is characterized by the principle of transforming dormant state resources into active assets, capitalizing on them, and leveraging funds for greater effect [3][12] Group 2: Financial Mechanisms - The reform includes innovative financial strategies, such as asset securitization and resource pledge financing, to convert static assets into dynamic capital [14][28] - A case study of the Hongshan Artificial Intelligence Building illustrates successful asset securitization, where the building's value was enhanced through strategic repositioning and financial instruments, resulting in a financing scale of 301 million yuan at a low interest rate of 2.5% [20][26] Group 3: Broader Implications - The reform model initiated in Hubei is gaining traction across other provinces, with similar strategies being adopted in Anhui and Hunan, focusing on market-oriented methods to activate dormant assets and improve resource allocation efficiency [34][36] - The success of Hubei's model suggests its potential for replication in other regions, provided that local governments understand their asset base and have the necessary expertise to implement financial operations effectively [39][41]