中国经济网北京1月12日讯 ST柯利达（603828.SH）今日涨停，截至发稿时报8.80元，涨幅 5.01%。 ST柯利达1月10日发布关于间接控股股东签署股权转让协议暨实际控制人拟发生变更的提示性公 告。苏州柯利达集团有限公司（以下简称"柯利达集团"）是苏州柯利达装饰股份有限公司（以下简称"公 司""柯利达"或"上市公司"）的直接控股股东，持有公司无限售流通股111,677,942股，占公司总股本的 18.74%。顾益明、顾龙棣、顾佳和鲁崇明持有柯利达集团100%股权，其中，顾益明、顾龙棣和顾佳为 公司的实际控制人。 本次权益变动涉及的受让方英众智能的资金来源为其自筹资金，包括其控股股东英众信息以自有资 金提供的资金支持（不少于本次交易价款的50%）和/或并购贷款。 天眼查工商信息显示，苏州柯利达装饰股份有限公司(曾用名：苏州柯利达建筑装饰工程有限公 司)，成立于2000年，位于江苏省苏州市，是一家以从事建筑装饰、装修和其他建筑业为主的企业。企 业注册资本59596.0158万人民币，实缴资本3378.5万人民币。 (责任编辑：徐自立) 2024年9月30日，上海英众智能科技有限公司（以下简称"英众智能" ...

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - From January 4 - 9, 2026, bond market yields first rose and then fell. Interest - rate bond yields increased across the board, and credit bonds became a safe - haven in the bond market with narrowing credit spreads. AA and below credit spreads mostly narrowed by 3 - 6bp [1][9]. - After the holiday, bond fund redemptions led to large - scale selling of bonds in the secondary market, mainly interest - rate bonds and Tier 2 and perpetual bonds, with a slight increase of 54.1 billion yuan in general credit bonds. Currently, the redemptions of impulsive funds have ended [1][9]. - The allocation demand for general credit bonds from financial management, insurance, money funds, and other asset management institutions has rebounded. Most non - bank institutions are still cautious about the maturity of credit bonds they buy, but other asset management institutions have been snapping up 7 - 10 - year credit bonds since mid - December 2025 [2][10]. - In the short term, due to the increase in market risk appetite during the spring rally, it is difficult to have a trending bond market, and the market may still favor the coupon strategy. It is recommended to focus on medium - and short - term coupon - rich varieties [2][13]. - Bank Tier 2 and perpetual bonds still have room for repair. For trading portfolios, it is recommended to control positions; for allocation portfolios with stable liability ends, 3 - 5 - year Tier 2 and perpetual bonds have cost - effectiveness [3][21]. 3. Summary by Relevant Catalogs 3.1 City Investment Bonds: Jiangsu and Zhejiang County - Level Platforms Contribute to Net Financing Increment, Short - Term Bonds are Preferred - From January 1 - 11, 2026, the net financing of city investment bonds was positive, mainly contributed by county - level platforms in Jiangsu and Zhejiang. The primary issuance sentiment improved, and the proportion of full - field multiples above 3 times increased from 35% to 46% [25]. - In terms of issuance interest rates, there was a divergence among different terms. The medium - and short - term rates stabilized, while the long - term rates continued to rise. The weighted average issuance interest rates for different terms showed different trends compared to the previous month [25]. - In the secondary market, city investment bonds remained resilient. Low - grade short - term bonds performed well, while high - grade 3 - 5 - year bonds performed poorly. The average daily trading volume was relatively high, and short - term, weak - quality varieties were more popular [28][32]. 3.2 Industrial Bonds: Net Financing Decreased Year - on - Year, and the Issuance Interest Rates for Medium - and Long - Term Bonds Continued to Rise - From January 1 - 11, 2026, the issuance and net financing of industrial bonds decreased year - on - year. The food and beverage, construction and decoration, and comprehensive industries had relatively large net financing scales. The issuance sentiment improved [34]. - The proportion of short - term issuance increased significantly. The issuance interest rates for 3 - year and shorter terms decreased, while those for 3 - 5 - year and 5 - year and above terms increased. The buying sentiment from brokers continued to weaken, and the trading duration lengthened [34][36]. 3.3 Bank Tier 2 and Perpetual Bonds: Spreads Narrowed Across the Board, and Trading Sentiment Warmed Up - From January 4 - 9, 2026, there were no new bank Tier 2 and perpetual bonds issued. In the secondary market, yields generally declined by 0 - 4bp, and spreads narrowed across the board. The trading sentiment warmed up slightly [39][42].

Investment Rating - The industry investment rating is "Leading the Market - A" [6] Core Insights - The 2026 fiscal policy is set to be positive, with a focus on infrastructure investment and the construction industry expected to see marginal improvements driven by policy and fundamental enhancements [3][9][10] - The demand for cleanroom construction is anticipated to continue growing, benefiting companies like Yaxiang Integration and Shenghui Integration due to the rising prosperity in the semiconductor and cloud service sectors [3][10][11] - The Xinjiang region is expected to maintain rapid investment growth due to ongoing major strategic projects, with companies such as Sanwei Chemical and Donghua Technology being highlighted for their potential [9][11] Summary by Sections Industry Dynamics - The 2026 fiscal policy is positively oriented, with a focus on high-quality implementation of the "14th Five-Year" railway development plan and the construction of key regional railway networks [15] - The construction industry is projected to see stable growth in fixed asset investment, exceeding 3.6 trillion yuan in 2025, indicating a high investment scale [15] Market Performance - The construction industry rose by 5.72%, outperforming the HS300 index, with several sub-sectors showing significant gains, including other professional engineering (14.44%) and steel structure (12.51%) [17][19] - The industry’s price-to-earnings (P/E) ratio is currently at 13.14, with a price-to-book (P/B) ratio of 0.87, indicating a relatively low valuation compared to other sectors [22] Key Companies to Watch - Low-valuation infrastructure state-owned enterprises such as China State Construction, China Communications Construction, and China Railway Construction are recommended for investment due to their improving operational metrics and dividend potential [9][11] - Companies in the cleanroom engineering sector, including Yaxiang Integration and Shenghui Integration, are expected to benefit from increased demand driven by advancements in AI and semiconductor industries [10][11] - In the Xinjiang region, companies like Xinjiang Communications Construction and Donghua Technology are positioned to benefit from significant infrastructure investments and coal chemical projects [11]

Group 1 - The current A-share market ecosystem is undergoing systematic restructuring, with a solid foundation for a "long bull, slow bull" market being established. The strategic position of the capital market has significantly improved, and the institutional framework is becoming more refined, providing a solid guarantee for stable market operations [5][14] - The "New Nine Articles" are promoting a transformation of the market from being financing-led to a balanced focus on both financing and investment, leading to continuous improvements in the quality of listed companies and investor protection [5] - The profitability of core assets is showing signs of a turning point, with both technology and traditional sectors presenting structural opportunities, and the matching of valuation and profitability is improving [5] Group 2 - The spring market is expected to gradually unfold, supported by factors that have driven previous market activity, including liquidity factors such as margin trading and insurance capital, which are anticipated to continue into January [6] - The macroeconomic environment, including the previous appreciation of the RMB, is creating a favorable atmosphere for liquidity and risk appetite, with potential catalysts such as policy adjustments and improvements in fundamental data expected in January [6] - After a two-month earnings window, listed companies will once again face fundamental verification as they enter the earnings forecast disclosure window in January [6] Group 3 - A-share market is expected to maintain an upward trend, with structural inflows of incremental funds anticipated in January, supported by the appreciation of the RMB and foreign capital positioning at the year-end [7] - Market sentiment appears slightly subdued, with industry preferences concentrated in sectors such as non-ferrous metals and defense, suggesting that investors should focus on large-cap styles and policy-related industry opportunities [7] Group 4 - The commercial aerospace industry is expected to enter a period of explosive growth, with the current phase being the initial stage of large-scale infrastructure development, accelerating towards commercial applications [13] - The "Space Power" goal is clearly defined, with national strategic support guiding the industry, and the low-orbit satellite internet constellation is set to begin high-density networking by 2025, marking a critical window for large-scale networking from 2025 to 2027 [13] Group 5 - A weak dollar cycle is expected to boost the performance of A/H shares, as it drives domestic exports and improves corporate profits, with global liquidity easing valuations and funds favoring high-growth emerging markets [14] - Structural improvements in sectors such as technology and domestic demand are anticipated to benefit from corporate profit recovery, leading to a rebound in these areas [14]

Core Viewpoint - ST Keli Da is undergoing a change in control as its major shareholder, Suzhou Keli Da Group, plans to transfer 100% of its shares to Shanghai Yingzhong Intelligent Technology, which will result in a new indirect controlling shareholder and actual controllers [1][2] Group 1: Company Overview - ST Keli Da's major shareholder, Keli Da Group, holds 112 million unrestricted circulating shares, accounting for 18.74% of the total share capital [1] - The transfer agreement was signed on January 9, 2026, and the stock will resume trading on January 12, 2026 [2] - The change in control is due to a shift in the shareholder structure of Keli Da Group, while the direct controlling shareholder remains unchanged [2] Group 2: Industry Context - The decoration industry is currently facing challenges due to fluctuations in downstream demand and compressed profit margins, influenced by adjustments in the real estate sector [2] - The industry is experiencing deep differentiation, with leading companies leveraging financial and technological advantages to consolidate the market, while smaller players face intense competition and resource constraints [2] - The focus of competition has shifted from traditional engineering capabilities to a combination of technological empowerment and innovative scenarios, with smart decoration and green low-carbon segments becoming new competitive focal points [2] Group 3: Strategic Implications - The entry of Yingzhong Intelligent is expected to enhance business synergy, allowing ST Keli Da to integrate traditional decoration services with smart security and intelligent building systems, transitioning towards a comprehensive solution provider [2] - The new shareholder's technological resources may help ST Keli Da overcome its previous shortcomings in high-end technology development and innovation, enabling it to escape low-price competition and build differentiated competitive barriers [2] - However, the success of resource integration and technological fusion will be crucial in determining the value of this collaboration [2]

Core Viewpoint - The control change of ST Keli Da (603828) has been revealed after a five-day trading suspension, with strategic shareholder Shanghai Yingzhong Intelligent Technology Co., Ltd. becoming the indirect controlling shareholder of the company. The stock price is expected to double by 2025 [1]. Group 1: Control Change Details - On January 9, ST Keli Da announced that shareholders of its controlling shareholder, Keli Da Group, plan to transfer 100% of Keli Da Group's shares to Yingzhong Intelligent. If the transfer is completed, Keli Da Group will remain the controlling shareholder, while Yingzhong Intelligent will become the indirect controlling shareholder [3]. - The indirect controlling shareholder Yingzhong Intelligent previously invested in ST Keli Da as a strategic investor, and one of the new controllers, Liu Chunjian, has already joined the board of directors of the listed company [4]. - Following the completion of the share transfer, Yingzhong Intelligent will hold 5.03% directly and, through Keli Da Group, will indirectly hold 1.12 billion shares (18.74% of total shares), totaling 1.42 billion shares (23.77% of total shares) [4]. Group 2: Financial Aspects - The total transaction price for the 100% equity transfer of Keli Da Group is set at 325 million yuan, funded by Yingzhong Intelligent's self-raised capital, including support from its controlling shareholder, Shanghai Yingzhong Information Technology Group Co., Ltd. [5]. - Yingzhong Intelligent was established in August 2022, primarily engaged in the retail of computer software and hardware. As of the end of Q3 2025, the company reported total assets of 57.36 million yuan and a net asset of 872,100 yuan, with a high debt ratio of 98.48% [5]. - For the first three quarters of 2025, Yingzhong Intelligent reported revenue of 1.34 million yuan and a net loss of 366,100 yuan [5]. Group 3: Company Performance and Risks - ST Keli Da's main business involves the design and construction of building curtain walls and decorative engineering, which has been under pressure due to the downturn in the real estate market. The company has reported a continuous net loss for four consecutive years from 2021 to 2024 [6]. - As of the first three quarters of 2025, the company's net profit after deducting non-recurring items was -143 million yuan, indicating ongoing losses [6]. - The current controlling shareholders have committed to returning any funds occupied by Keli Da Group within ten working days if such issues arise, and the proceeds from the share transfer will be prioritized for repaying the occupied funds [6].

Core Viewpoint - ST Kolidar's controlling shareholder, Suzhou Kolidar Group, is transferring 100% of its equity to Shanghai Yingzhong Intelligent Technology, resulting in a change of indirect controlling shareholder and actual controllers [2][3] Company Summary - The transfer involves Kolidar Group holding 112 million unrestricted shares, accounting for 18.74% of the total share capital of ST Kolidar [2] - The transaction is expected to enhance business synergy, allowing ST Kolidar to integrate traditional decoration services with smart technology solutions [3] - The new shareholder, Yingzhong Intelligent, previously acquired 30 million shares of Kolidar Group, representing 5.03% of the total share capital, indicating an existing relationship between the two companies [2] Industry Summary - The decoration industry is currently experiencing significant differentiation, with leading companies leveraging financial and technological advantages to consolidate the market [3] - The focus of competition is shifting from traditional engineering capabilities to a combination of technological empowerment and innovative scenarios, with smart decoration and green low-carbon solutions becoming new competitive focal points [3] - The entry of Yingzhong Intelligent is anticipated to provide both capital and technological support, enabling ST Kolidar to escape price competition and build differentiated competitive barriers in the industry [3]

1月9日晚间，苏州柯利达装饰股份有限公司（以下简称"ST柯利达（603828）"，证券代码：603828） 发布公告称，公司控股股东苏州柯利达集团有限公司（以下简称"柯利达集团"）的100%股权拟转让给 上海英众智能科技有限公司（以下简称"英众智能"），交易完成后公司间接控股股东将变更为英众智 能，实际控制人由顾益明、顾龙棣、顾佳变更为曹亚联和刘纯坚，公司股票将于1月12日开市起复牌。 公告显示，本次控制权变更源于柯利达集团股东层面的股权变动。柯利达集团直接持有ST柯利达1.12亿 股无限售流通股，占公司总股本的18.74%，顾益明、顾龙棣、顾佳、鲁崇明原合计持有柯利达集团 100%股权。2026年1月9日，上述四位股东与英众智能、柯利达集团签署《股权转让协议》，约定转让 柯利达集团100%股权。值得注意的是，英众智能与ST柯利达早有股权交集，2024年9月已受让柯利达集 团3000万股上市公司股份（占总股本5.03%），并于当年10月完成过户登记，此次收购进一步深化双方 关联。 《证券日报》记者注意到，ST柯利达核心聚焦装饰领域，近年受房地产行业调整影响，面临下游需求 波动、盈利空间压缩等挑战。 对此，盘古 ...

（文章来源：证券日报） 证券日报网讯 1月9日，亚厦股份在互动平台回答投资者提问时表示，截至2025年12月31日，公司股东 总户数为29654户。二级市场有不确定性，敬请注意投资风险。 ...

Group 1 - The stock of Fashilong (605318) experienced a decline of 6.97% today, with a turnover rate of 6.51% and a trading volume of 497 million yuan, showing a fluctuation of 10.81% [2] - The stock was listed on the Shanghai Stock Exchange's watchlist due to a daily price deviation of -7.88%, with a net selling amount of 592,400 yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction amount of 192 million yuan, with a buying amount of 95.75 million yuan and a selling amount of 96.34 million yuan, resulting in a net selling of 592,400 yuan [2] Group 2 - Over the past six months, the stock has appeared on the watchlist seven times, with an average price drop of 0.66% the day after being listed and an average increase of 2.14% in the following five days [3] - Today, the stock saw a net outflow of 37.49 million yuan in principal funds, including a net outflow of 27.01 million yuan from large orders and 10.48 million yuan from major orders [3] - In the third quarter report released on October 29, 2025, the company reported a total revenue of 375 million yuan for the first three quarters, a year-on-year decrease of 7.28%, and a net profit of -1.44 million yuan [3]