Government data is back. Let's get to Rick Santelli. Morning, Rick. Good morning.And holy cow, we actually have some data here. Construction spending, this is an August number. It was supposed to be released on October 1st.Sep number was supposed to be released two weeks ago, but nonetheless up 2/10 of a percent is our August read. And last month, which in this case was July, was upgraded also to up 210 from minus 110. These two readings are tied for the best readings of the year.As a matter of fact, you ha ...

（文章来源：证券日报） 证券日报网讯维业股份11月17日在互动平台回答投资者提问时表示，公司有承接过少量分布式光伏建筑 施工项目，但占营收比重较小。 ...

每经AI快讯，安徽建工（SH 600502，收盘价：4.86元）11月17日晚间发布公告称，公司第九届第十四 次董事会会议于2025年11月17日在合肥市安建国际大厦公司会议室以现场方式召开。会议审议了《关于 设立安徽省低空科技产业有限公司的议案》等文件。 截至发稿，安徽建工市值为83亿元。 每经头条（nbdtoutiao）——展望"十五五" | 专访尹艳林：让有钱且愿消费的人顺利消费；个税起征点可 提高，最高边际税率可下调，让有关群体少缴税、多收入 2025年1至6月份，安徽建工的营业收入构成为：建筑施工行业占比77.78%，其他行业占比10.38%，房 地产占比8.57%，其他业务占比3.28%。 （记者 曾健辉） ...

Group 1 - The company Tianjian Group (SZ 000090) announced the convening of its 37th board meeting on November 17, 2025, via telecommunication, where it reviewed the proposal to appoint Mr. Lu Tong as the Chief Financial Officer [1] - For the first half of 2025, the revenue composition of Tianjian Group was as follows: construction industry accounted for 60.72%, real estate development and operation accounted for 37.52%, other industries accounted for 11.08%, property leasing accounted for 3.04%, and shantytown renovation project management services accounted for 0.14% [1] - As of the time of reporting, the market capitalization of Tianjian Group was 9.1 billion yuan [1]

（文章来源：每日经济新闻） 维业股份（300621.SZ）11月17日在投资者互动平台表示，公司有承接过少量分布式光伏建筑施工项 目，但占营收比重较小。 每经AI快讯，有投资者在投资者互动平台提问：请问公司有新能源业务吗？ ...

Group 1 - The company primarily focuses on construction contracting and decoration, with involvement in photovoltaic construction, modern agricultural facility projects, and low-altitude economic infrastructure projects [2] - The revenue contribution from the photovoltaic business is currently very small [2]

Core Insights - The construction industry is facing a productivity crisis, with a growth rate of only 0.4% over the past 22 years, while manufacturing has seen an average annual growth of 3% [1][3] - The industry is experiencing a labor shortage due to an aging workforce and a lack of interest from younger generations, creating a significant gap in the demand for housing and infrastructure, estimated at $40 trillion [1][3] - Humanoid robots are seen as a potential solution to this crisis, capable of performing a wide range of construction tasks and improving efficiency [1][6] Construction Industry Challenges and Solutions - The construction industry's productivity is hindered by its heavy reliance on human labor, which is becoming increasingly scarce [3] - Construction projects are complex and require a high degree of customization, making automation difficult [3] - Factors such as high physical demands, safety risks, and uncertain career prospects deter young workers from entering the field, exacerbating the labor crisis [3] Advantages of Humanoid Robots - Humanoid robots are versatile and can perform various tasks such as moving materials, welding, and cleaning, which traditional specialized robots cannot do [6][9] - These robots utilize embodied AI, allowing them to perceive their environment and make real-time decisions, enhancing their adaptability on construction sites [6][9] - They can work continuously without breaks, reducing labor costs significantly as their prices are expected to drop to $2,000-$5,000 by 2035 [9][10] Barriers to Implementation - The deployment of humanoid robots faces three main technological challenges: AI foundational models, mobility and flexibility, and safety and collaboration capabilities [10][11] - Current robots are still somewhat limited in their capabilities, particularly in navigating complex environments and performing delicate tasks [10] - The high cost of humanoid robots, currently ranging from $15,000 to $50,000, poses a significant barrier for widespread adoption [10] Future Development Phases - In the next 3-5 years, humanoid robots are expected to handle simple, repetitive tasks, freeing human workers to focus on more technical aspects of construction [13] - In the 5-10 year timeframe, these robots will take on more complex tasks and work collaboratively with human workers [13] - By the long-term phase (10+ years), humanoid robots are anticipated to autonomously execute complex construction tasks, transforming the construction workflow [14] Deployment Strategies for Construction Companies - Companies can adopt different strategies for deploying humanoid robots based on their financial strength and risk tolerance: - **Pioneers**: Large firms with strong capital can collaborate with robot manufacturers for customized solutions [17] - **Early Adopters**: Medium-sized firms can utilize existing robot products in standardized projects to gain market share [18] - **Selective Deployers**: Smaller firms can focus on high ROI scenarios for gradual implementation [18] Conclusion and Industry Outlook - The integration of humanoid robots into the construction industry represents a shift towards human-robot collaboration, where humans focus on design and management while robots handle repetitive and hazardous tasks [19] - The future of the construction industry will be shaped by technological advancements, making it essential for companies to embrace these changes proactively [19]

每经头条（nbdtoutiao）——对美出口下滑到7年前水平，我国出口总额却创历史新高，"新三样"变 成"新N样" （记者 曾健辉） 截至发稿，安徽建工市值为84亿元。 每经AI快讯，安徽建工（SH 600502，收盘价：4.9元）11月13日晚间发布公告称，近日，本公司所属子 公司收到项目中标通知书。一、苏信合作高端纺织产业园 EPC总承包项目。该项目招标人为安徽建工 水利开发投资集团有限公司（牵头人）、安徽卓仕建设有限责任公司、武汉东研智慧设计研究院有限公 司组成的联合体。项目位于河南省豫东南高新区，项目内容主要包括修建性详细规划、方案设计、初步 设计及概算编制、施工图设计，厂房、办公、宿舍、配套用房、地下室、人防等房屋建设及园区内道 路、给排水、消防、供配电、燃气等室外综合管网配套施工。工程施工费约12.15亿元。二、蚌埠经济 开发区城乡品质提升项目-长淮产业园工程EPC项目。该项目中标人为安徽建工水利开发投资集团有限 公司（牵头人）、安徽省建筑科学研究设计院组成的联合体。该项目位于蚌埠市经开区，项目内容主要 包括施工图设计及概算、设备采购、施工、室外配套、装饰装修、供配电工程等全部工程以及与其有关 的 ...

（编辑 袁冠琳） 证券日报网讯 天健集团11月12日在互动平台回答投资者提问时表示，公司全资子公司深圳市政集团有 限公司依托专业技术与施工经验，积极参与深圳地铁等重点地下空间基础设施建设，为深圳城市发展贡 献力量。 ...

Core Viewpoint - The recent leadership change at the Beijing Construction Group, with Zhang Suoquan appointed as the new chairman of the Zhuzong Group, aims to enhance the integration of real estate and engineering sectors, driving the company's industrial upgrade and strategic goals [1][4]. Leadership Transition - Zhang Suoquan, previously the deputy general manager of Beijing Construction Group, has taken on the role of chairman and party secretary of Zhuzong Group, succeeding Xie Fuhai, who served for two years [1][11]. - Zhang is recognized for his solid work ethic and strong communication skills, having held various positions within the Beijing Construction Group for many years [4][5]. Performance Metrics - Under Xie Fuhai's leadership, Zhuzong Group reported a revenue of 296 billion yuan for the year ending September 2025, a decrease from 304 billion yuan the previous year, with net profit dropping from 5.49 billion yuan to 3.43 billion yuan [12]. - The group's total assets and cash equivalents showed fluctuations, with total assets at 1,182.80 billion yuan and cash equivalents at 126.63 billion yuan as of September 2025 [13]. Business Segments - Zhuzong Group's business includes construction, land development, real estate, and productive services, with a continuous decline in main business revenue from 2022 to 2024 [14]. - The construction and municipal engineering segment remains the core business, contributing significantly to revenue, while real estate development has been adversely affected by project turnover rates [15]. Future Outlook - In 2024, Zhuzong Group signed new construction contracts totaling 334.81 billion yuan, which is 1.90 times the previous year's construction revenue, indicating a strong pipeline for future income [16]. - The real estate segment has faced challenges, with revenue and net profit declining significantly, necessitating strategic adjustments to improve cash flow and project sales [17][18].