Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [2] Core Insights - The report emphasizes the upcoming "spring excitement" in the construction sector as the "14th Five-Year Plan" approaches its start, with a historical pattern of infrastructure investment showing a tendency for higher growth in the early stages of five-year plans [4][10] - The report highlights that the current infrastructure investment is still at a low level, but anticipates an increase in investment pace as the "15th Five-Year Plan" begins, which is expected to support the construction sector's performance in 2026 [4][10] - Key areas of focus for investment include major national projects such as the canal system, Tibet railway, and new energy infrastructure, which are expected to generate long-term order demand [19] Summary by Sections Policy Developments - The report notes that the government is actively releasing positive signals regarding the "15th Five-Year Plan," with a focus on high-quality development and major infrastructure projects [3][20] - The central government has emphasized the importance of stabilizing the real estate market and accelerating the renovation of old urban areas, with significant progress already reported in various provinces [3][21] Market Performance - The report indicates that the construction and decoration index has shown positive performance, with a 2.26% increase, and highlights the top-performing stocks in the sector [6] Future Outlook - The report identifies three core investment themes for the construction sector in 2026: 1. Major national projects that will continue to drive long-term demand [19] 2. High-dividend, low-valuation state-owned construction enterprises that are expected to gain value [19] 3. Private construction companies leveraging cash flow and flexibility to enter new markets such as clean rooms and AI infrastructure [19]

第二，更加注重消费升级领域投资。重点支持科技创新、新型基础设施、节能减排降碳等领域投资，鼓 励"人工智能+"、超高清视频、人形机器人等新技术新产品开发，开辟更多高成长性消费新赛道，释放 新型消费、数字消费、绿色消费潜能。 第三，更加注重通过投资释放消费潜能。加强一、二线城市保障房建设，加强城市路网和地下管廊建 设，提高城市居民人均道路水平，增加农业转移人口基本公共服务供给，把城市居民潜在的"住""行"消 费和农业转移人口潜在消费需求进一步释放出来。 第四，深化改革促进投资和消费联动。我国商品消费相对饱和，服务消费占比持续提升。随着收入水平 提高和中等收入群体扩大，对高品质服务消费需求与日俱增。但目前突出问题是部分领域市场准入受到 限制，价格管制社会资本投资积极性，如非义务教育收费、医疗服务价格、交通运输价格和城市公用事 业收费等长期不变。通过理顺价格，吸引社会资本投资，放大政府投资效应，同时实行工资和价格联 动，给低收入者补贴，确保提高的工资和补贴能够覆盖价格上升，促进整个经济循环起来。通过增加高 品质服务供给，满足中高收入群体多样性差异化服务消费需求。总之，通过扩大民生建设、消费升级等 领域投资，通过增加有 ...

Group 1 - The core viewpoint of the report indicates that China's economy continues to develop steadily, characterized by "demand decline and stable production" as of November [2] - Retail sales growth has shown a declining trend, with a year-on-year growth rate of 1.3% in November, down 1.6 percentage points from the previous value, marking six consecutive months of marginal slowdown [8] - Service consumption remains robust, while smart economy consumption, such as smart wearables and digital consumption, exhibits high growth potential [2][8] Group 2 - Fixed asset investment has seen a cumulative year-on-year decline of 2.6% from January to November, with the real estate market undergoing deep adjustments and construction investment growth in negative territory [15] - The average price of commercial housing in November was 9096.64 yuan per square meter, a year-on-year decrease of 9.94%, indicating a bottoming process in housing prices [16] - Industrial value-added growth remained relatively stable at 4.8% year-on-year in November, with mining and high-tech industries showing significant growth [28]

香港理工大学大亚湾技术创新研究院成立一年多来，已与8家企业签订战略合作协议、与企业签署技术 合同实现落地9项；惠州大亚湾区慧清信息技术有限公司积极参与数字政府与智慧城市建设；港湾大厦 已进驻30多家生产性服务业企业…… 今年以来，大亚湾开发区加快推进生产性服务业提质增效，从技术创新到信息服务，从推动科研成果转 化落地到政策赋能、加强平台载体集聚效应，全区生产性服务业的发展氛围愈加浓厚，为区域经济高质 量发展注入强劲动能。 数据显示，今年前三季度，大亚湾生产性服务业增加值100.8亿元，占地区生产总值比重为13.3%。多个 行业保持较快增长，其中信息传输软件和信息技术服务业营收增长25.4%、科学研究和技术服务业营收 增长9.4%、租赁和商务服务业营收增长4.4%。 软件信息服务业 年营收增速超30%企业最高获奖200万元 "抓住新质生产力不断壮大的东风，我们既要把自己做大做强，更要引领区内信息服务业的发展。"在崭 新的环境水务管理中心大楼里，惠州大亚湾区慧清信息技术有限公司负责人谈及公司的产业布局时，信 心满怀。 "未来的目标是从大亚湾走出去" 作为区属国企大亚湾环境水务集团的子公司，慧清公司成立3年以来，已 ...

Group 1 - The upcoming year 2026 marks the beginning of the "14th Five-Year Plan," making effective economic work crucial amid a changing global economic landscape and domestic supply-demand imbalances [1] - The central economic work conference prioritizes "domestic demand as the main driver" for economic stability and high-quality development, indicating a long-term strategic focus rather than a short-term stimulus [2][3] - From 2013 to 2024, China's economy is projected to maintain an average growth rate of 6.1%, with domestic demand contributing an average of 93.1% to this growth, although the current situation of insufficient domestic demand has not been fully reversed [3] Group 2 - The conference emphasizes the importance of consumption as a key component of domestic demand, proposing actions to boost consumption, increase residents' income, and optimize supply of quality goods and services [4] - The policy approach will focus on three pillars: increasing income through multiple channels, addressing supply-demand mismatches in the consumption market, and improving the consumption environment by removing barriers [4] - The government aims to stimulate investment by increasing central budget investments, optimizing project management, and enhancing the role of policy financial tools, with a focus on new infrastructure and technology [5] Group 3 - The 2026 domestic demand strategy represents a deep transformation aimed at reducing reliance on external uncertainties and strengthening the "endogenous" foundation of the Chinese economy [6] - The awakening of potential consumer demand and the innovation vitality of market entities are seen as essential for the resilience of the Chinese economy [6]

Core Viewpoint - The Central Political Bureau of the Communist Party of China has set the tone for economic work in 2026, emphasizing "seeking progress while maintaining stability" and "improving quality and efficiency" as key principles for the upcoming economic strategy [1] Economic Performance - The macroeconomic resilience has exceeded market expectations, with high-tech manufacturing leading growth [2] - The total economic output is projected to reach approximately 140 trillion yuan this year [2] - The focus for 2026 will be on achieving qualitative improvements and reasonable quantitative growth while ensuring social stability and a good start to the 14th Five-Year Plan [2] Macroeconomic Policy - The meeting highlighted the continuation of a more proactive fiscal policy and moderately loose monetary policy, aiming to enhance macroeconomic governance effectiveness [3] - The fiscal deficit rate is expected to remain around 4%, with local government special bond issuance potentially increasing from 4.4 trillion yuan in 2025 to about 5 trillion yuan [3] - Monetary policy will seek a dynamic balance among multiple objectives, including stable growth and risk prevention [3] Domestic Market Development - The strategy emphasizes the need to build a strong domestic market to counter external uncertainties and enhance economic resilience [6] - Experts suggest that a consumption-oriented policy framework should be established, alongside reforms in income distribution and effective investment expansion [6] Innovation and Infrastructure - The focus on innovation and industrial development remains critical, with support for leading enterprises to form innovation alliances for national technological challenges [6] - There will be increased policy support for "new infrastructure" development, including communication networks and modern energy systems [6][7] Market Environment - A unified national market is essential for supporting technological innovation, with recommendations for optimizing institutional rules and protecting property rights [7] - Addressing "involution" competition is necessary to establish a healthy market order that promotes quality and fair pricing [7]

"提高投资效益必须着力调整优化投资结构。"吴亚平建议，"十五五"时期加力推动投资结构实现"四 大"转型：一是向促进消费需求增长转型，满足发展型需求、享受型需求；二是向提升存量资产的供给 质量转型，推动基建改造升级、产业技术改造和城市有机更新；三是向培育新动能和开辟新赛道转型， 适度超前开展新型基础设施投资，加力推动科技创新和产业创新"硬投资"；四是向高质量共建"一带一 路"转型，重点领域包括跨境基础设施互联互通、重要节点城市基础设施建设和国际产能合作等。"十五 五"时期，要努力实现调整优化投资结构和保持投资合理增长两大目标任务。 他特别提到，"十五五"时期扩大有效投资要聚焦新质生产力、新型基础设施、新型城镇化和重大工程 等"三新一重"领域。其中，电力、水利、新基建、生态环境等重大工程，有的未来需求比较大，有的则 短板弱项比较明显，总体来看潜在投资增长空间比较大。 （文章来源：证券时报网） 12月3日，由江门市国资委、江门市投资促进局联合主办的2025广东地方投融资交流会暨江门市投资环 境和国资国企产业园区招商推介会举行。国家发展改革委投资研究所研究员吴亚平在会上发表主题演讲 时表示，"十五五"时期扩大有效投资 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued the "Industry Scope List for Real Estate Investment Trusts (REITs) in the Infrastructure Sector (2025 Edition)", expanding the scope of projects eligible for REITs to include various clean energy and infrastructure projects [1][2]. Group 1: Project Categories - The eligible project categories include: 1. **Transportation Infrastructure**: Toll roads, railways, airports, and port projects [4]. 2. **Energy Infrastructure**: Clean energy projects such as wind, solar, hydro, natural gas, biomass, and nuclear power; energy storage facilities; and flexible, low-carbon coal power projects [4]. 3. **Municipal Infrastructure**: Urban water supply, gas, heating projects, and parking facilities [4]. 4. **Environmental Protection Infrastructure**: Urban sewage and waste treatment facilities, hazardous waste treatment, and solid waste recycling projects [4]. 5. **Warehouse and Logistics Infrastructure**: Warehouses providing storage services, including general and cold storage [4]. 6. **Park Infrastructure**: R&D platforms, industrial plants, and incubators located in free trade zones and national-level development zones [5][6]. 7. **New Infrastructure**: Data centers, AI infrastructure, 5G, communication towers, IoT, and smart city projects [6]. 8. **Rental Housing**: Affordable rental housing projects in major cities, public rental housing, and market-oriented rental housing for enterprises [7]. 9. **Water Conservancy Facilities**: Projects with water supply and power generation functions [7]. 10. **Cultural and Tourism Infrastructure**: Projects related to natural and cultural heritage, including tourism hotels within designated areas [7]. 11. **Consumer Infrastructure**: Urban commercial projects such as shopping centers, markets, and sports venues [7]. Group 2: Project Quality and Submission - Projects must adhere to strict quality standards and risk awareness during the application process, emphasizing the importance of high-quality project submissions [2]. - The NDRC will revise the list and project submission requirements as needed to better support the development of the real economy [2].

Core Insights - The "2025 Public Utility Reform and Government Regulation Forum" was held in Beijing, focusing on the direction of public utility reform and government regulation in China [1][3] - The forum emphasized the importance of equal access to basic public services and the need for a public resource allocation mechanism that matches the resident population [3] - Experts discussed various topics related to public utility regulation, including the challenges in the current regulatory system and the need for innovative approaches in energy systems [4] Group 1 - The forum was co-hosted by several organizations, including Zhejiang University of Finance and Economics and the China Urban Science Research Association [1] - The opening ceremony was led by Professor Wang Junhao, highlighting the significance of the event [1] - The forum attracted over 150 experts, scholars, and industry representatives from the public utility and government regulation sectors [4] Group 2 - Researcher Shi Dan emphasized the need for a coordinated and efficient regulatory framework, addressing issues such as fragmentation and insufficient capacity in the current system [3] - Professor Jiang Bixin discussed optimizing government regulation and enhancing regulatory effectiveness from a legal perspective [3] - Researcher Qiu Baoxing proposed a shift in energy systems from centralized control to a more interactive model, leveraging distributed energy resources [4] Group 3 - Various expert presentations covered topics such as the blind spots in water utility regulation, sustainable urban renewal through regulatory innovation, and the characteristics of real estate brokerage platforms in China [4] - The discussions aimed to explore how standard regulations can enhance the resilience of urban public utilities and the role of artificial intelligence in regulatory innovation [4]

Core Viewpoint - The State Council has issued measures to further promote private investment, aiming to expand investment opportunities in new productive forces, emerging service industries, and new infrastructure projects. Group 1: Encouragement of Private Capital Participation - Private capital is encouraged to participate in key projects that require national approval, particularly in sectors like railways, nuclear power, and water supply [1][4]. - Support is provided for private capital to engage in the construction and operation of smaller urban infrastructure projects that have profit potential [3][4]. - Private capital is guided to invest more in productive service sectors, including industrial design, common technology services, inspection and testing, quality certification, and digital transformation [5][6]. Group 2: Regulatory Framework and Mechanisms - A new mechanism for public-private partnerships (PPP) is to be implemented, with a revised list of projects that support private enterprise participation [5][6]. - The government will ensure that bidding processes do not impose unreasonable restrictions on private enterprises, such as mandatory membership in associations or excessive historical performance requirements [5][6]. - The government will increase procurement support for small and medium-sized enterprises (SMEs), reserving at least 40% of the budget for eligible projects exceeding 4 million yuan for SME procurement [5][6]. Group 3: Infrastructure and Technological Development - There will be a focus on enhancing the regulatory oversight of network-based infrastructure operations to protect the rights of private enterprises in areas like electricity and oil and gas pipeline usage [6][7]. - Private enterprises are encouraged to build significant pilot platforms in key industries, with support from state-owned enterprises and research institutions [6][7]. - The government aims to support the digital transformation of private enterprises by fostering the development of comprehensive digital empowerment platforms [6][7]. Group 4: Financial Support and Investment - The central government will increase budgetary support for eligible private investment projects, utilizing new policy financial tools to bolster capital [6][7]. - Financial institutions are encouraged to set annual service goals for private enterprises, ensuring that credit resources are accurately allocated to meet their needs [7][8]. - The government will facilitate the issuance of real estate investment trusts (REITs) for qualifying private investment projects in infrastructure [8].