人民财讯12月16日电，据中国建设报消息，12月16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，深入贯彻党的二十届四中全会、中央城市工作会议精神，全面总结智能建造试点城市的实践 成果，交流经验做法，部署大力发展智能建造，推动建筑业高质量发展。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；更加注重组织方式完善，因地制宜推广工程总承包、建筑师负责制，提高建筑产品和服务附加 值；更加注重人才队伍培养，加快培育建筑产业工人队伍，大力推进智能建造学科建设，打造一支高技 能、专业化的新型人才队伍。 ...

每经AI快讯，甘肃能化（SZ 000552，收盘价：2.33元）12月16日晚间发布公告称，公司下属全资子公 司甘肃煤炭第一工程有限责任公司（以下简称"煤一公司"）联合天地科技股份有限公司中标甘肃能源庆 阳煤电有限责任公司（以下简称"庆阳煤电"）甘肃宁正矿区九龙川煤矿进风立井、2号回风立井筒冻结 及掘砌工程施工项目，工程总价约3.59亿元（含税）。 2025年1至6月份，甘肃能化的营业收入构成为：煤炭采选业占比56.76%，电力占比19.6%，建筑业占比 8.36%，化工行业占比7.64%，其他业务收入占比4.75%。 截至发稿，甘肃能化市值为125亿元。 每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ （记者 王晓波） 根据《深圳证券交易所股票上市规则》等相关规定，本次工程施工构成关联交易，不构成《上市公司重 大资产重组管理办法》规定的重大资产重组，需提交公司董事会审议，无须提交股东会审议。 2025年12月16日，公司召开第十一届董事会第七次会议，审议通过《关于下属煤一公司中标工程施工项 目暨关联交易的议案》，本议案为关联交易事项，根据规定，3名关联董事谢晓锋、陈勇、 ...

Report Industry Investment Rating No specific industry investment rating is provided in the report. Core Viewpoints of the Report - The economy maintained a stable state in November 2025, with obvious structural improvements, but the endogenous momentum needs to be consolidated, and the recovery trend remains to be observed. The report maintains the judgment that the economic growth rate in 2026 will still be positive, with a possible pattern of being lower in the first half and higher in the second half [4]. - In the equity market, market sentiment may continue to improve, and the market may show a volatile upward trend. In the bond market, volatility may increase, and it is not recommended to buy at the bottom in the short term. In the commodity market, the differentiation intensifies, and attention should be paid to gold, copper, and aluminum priced internationally [4]. Summary by Relevant Catalogs 1. Overview of the November 2025 Economy - The economy maintained a stable state with obvious structural improvements, including the continuous recovery of CPI, prominent economic kinetic energy switching, strengthened export competitiveness, high - level production, steady growth of industrial enterprise profits, and highlights in service consumption [5]. - The endogenous momentum needs to be consolidated, and the recovery trend remains to be observed. The "subsidy withdrawal" effect has a significant impact, economic data still needs trend improvement, the endogenous growth momentum needs to be strengthened, and real estate still has a certain drag on the economy [6]. 2. Interpretation of November 2025 Economic Sub - item Data - Manufacturing PMI increased slightly, and service PMI declined. The new order index was the main contributor to the increase in PMI. The PMI of high - tech manufacturing was above the boom - bust line. The service business activity index was below the boom - bust line for the first time since September 2024. The construction industry PMI improved [7][8]. - Fixed - asset investment continued to decline under the drag of real estate. Real estate development investment dragged down the growth rate of fixed - asset investment by 3.4 percentage points. In the future, the drag of real estate on fixed - asset investment is expected to shrink, and infrastructure investment may stabilize, while manufacturing investment should focus on emerging directions [9]. - Service consumption had highlights, while commodity consumption was highly differentiated. The total retail sales of consumer goods increased slightly. Service consumption, such as catering, maintained growth, while commodity consumption, such as automobiles and home appliances, declined due to the "subsidy withdrawal" effect [10]. - Exports showed strong resilience, with prominent structural highlights and a steady expansion of the surplus. In November, the export growth rate rebounded. The exports to Africa performed outstandingly, and the product structure was optimized. Exports are expected to be a major bright spot in the economy in 2026 [11][12]. - Real estate sales continued to bottom out. The sales area and sales volume of new commercial housing decreased year - on - year, and the market was still in the process of destocking. The prices of commercial residential buildings in large and medium - sized cities declined both month - on - month and year - on - year [13]. - The production end remained stable. In November, the added value of large - scale industrial enterprises increased year - on - year and month - on - month. The added value of the equipment manufacturing and high - tech manufacturing industries grew faster than the overall level [14]. - At the price end, CPI continued to rise, and PPI was stable and waiting to rise. In November, CPI increased year - on - year, and PPI increased month - on - month. Consumption - end prices showed a recovery trend, and production - end prices were characterized by differentiation [14]. - In November, the overall social financing was stable, and credit increased less year - on - year. Government bond financing supported the growth of social financing, while the demand of the resident sector was weak, and the demand of the enterprise sector improved marginally [18]. - The profits of industrial enterprises increased steadily. From January to October 2025, the cumulative profit growth rate of large - scale industrial enterprises increased for three consecutive months. In the future, policies are expected to promote the growth of industrial enterprise profits [19][20]. 3. Future Economic Outlook - Overseas, the main narrative is the soft landing of the economy, but there are still uncertainties in the structure. The US economy is expected to maintain a positive trend, but there are risks such as the differentiation between the real and virtual economies, the widening wealth gap, and the differentiation between AI and non - AI investments [21]. - At the domestic policy level, in 2026, the macro - policy will be more proactive. Fiscal policy will be more positive and pay attention to robustness and sustainability, and monetary policy will be moderately loose, with possible reserve requirement ratio and interest rate cuts [21]. - In terms of the economy, the economic growth rate in 2026 is expected to be lower in the first half and higher in the second half. The endogenous recovery momentum of domestic demand needs to be consolidated, and exports are expected to perform well [22]. 4. Investment Suggestions - Equity market: In the short term, the market may show a volatile upward trend. Investors should focus on sectors with positive event catalysts, sectors benefiting from the recovery of the equity market, sectors benefiting from the Fed's interest rate cuts, and the supplementary rise of the large - consumption sector [24]. - Bond market: The volatility of ultra - long bonds may increase, and it is not recommended to buy at the bottom in the short term. Attention should be paid to the expected term of fiscal bond issuance and the adjustment of the risk assessment indicators of large banks [25]. - Commodity market: The differentiation intensifies. For precious metals, the long - bull foundation of gold remains. For crude oil, the price trend may continue to be weak. For internationally priced non - ferrous metals, the price is in a medium - term upward channel. For commodities priced by the domestic fundamentals, the prices of relevant "anti - involution" varieties will enter a wide - range volatile trend [26].

Group 1 - The article discusses issues related to invoice verification, highlighting that discrepancies in supplier information or invoice codes require further verification or reissuance of the invoice [4] - It mentions that if a company has been deregistered, invoices cannot be reissued, raising concerns about tax deductions for those expenses [9][10] - The article provides guidance on how companies can prove the authenticity of expenses when invoices cannot be reissued due to special circumstances such as deregistration [10] Group 2 - The article clarifies that real estate companies are not eligible for the R&D expense super deduction policy, as specified by tax regulations [17] - An example is given where a construction company incurred 1.5 million yuan in R&D expenses but cannot benefit from the super deduction due to being classified under the real estate industry [18] - It outlines the specific industries that are excluded from the R&D expense super deduction policy, including real estate, which is explicitly mentioned [17][18] Group 3 - The article explains that individual consumers cannot request a special VAT invoice, as the law stipulates that such invoices can only be issued to business entities [20][22] - It cites the VAT regulations that prohibit issuing special VAT invoices to individual consumers, allowing only ordinary invoices [21][22] Group 4 - The article discusses the criteria for determining whether a branch office qualifies as a small and micro enterprise for tax benefits, emphasizing the need to aggregate data from the main office and all branches [25] - It references the announcement from the National Taxation Bureau regarding the management of small and micro enterprise tax incentives [25]

来源：金融界AI电报 日本经济新闻15日汇总了日本企业2025年冬季奖金调查结果。人均奖金发放额（加权平均）同比增长 6.40％，达到102万9808日元（约合人民币4.68万元），首次突破100万日元大关。连续三年刷新历史最 高纪录。建筑业和防卫相关行业起到拉动作用，但受美国特朗普政府关税政策影响的汽车和钢铁相关行 业增长乏力。 ...

Core Insights - The central economic work conference highlighted the need to address local fiscal difficulties for the first time, emphasizing the importance of ensuring basic public services and financial sustainability at the local government level [2][6]. Group 1: Fiscal Conditions - There is a significant disparity in fiscal self-sufficiency among local governments, with an average fiscal self-sufficiency rate of approximately 38% across 2,774 county-level regions, ranging from as low as 1% in some areas to as high as 252% in others [1][5]. - Local fiscal difficulties are exacerbated by external demand pressures, insufficient domestic demand, and weak expectations, leading to increased challenges in maintaining sustainable local government finances [1][5]. Group 2: Revenue and Expenditure Challenges - Local governments face growing revenue challenges due to declining contributions from traditional industries and a slowdown in real estate and construction sectors, while emerging industries are not yet generating sufficient tax revenue [3][5]. - On the expenditure side, mandatory spending on basic public services, salaries, and social welfare continues to rise, with over 80% of local budget expenditures allocated to these areas as of November [3][5]. Group 3: Proposed Solutions - The central government plans to implement more proactive fiscal policies, potentially increasing the fiscal deficit and issuing long-term bonds to alleviate local fiscal pressures [6][7]. - Enhancing local fiscal autonomy is crucial, with recommendations to reform the local tax system, including the adjustment of shared tax ratios and the consolidation of various local taxes to improve revenue generation [7][8]. - Local governments are encouraged to optimize spending by adopting zero-based budgeting practices and eliminating inefficient expenditures to improve fiscal sustainability [8][9].

Economic Overview - The economic data for November indicates a significant lack of effective demand, with supply remaining relatively stable. Industrial added value year-on-year is at 4.8%, slightly down from the previous value of 4.9%, primarily due to base effects. The demand side shows a clear divergence, with export growth rebounding while domestic demand remains weak. Fixed asset investment year-on-year is approximately -11%, consistent with previous values. Real estate sales area has seen a slight narrowing in decline, but sales revenue has expanded in its year-on-year decline. Retail sales have significantly slowed to 1.3% year-on-year [1][5][6]. Industrial Production - The seasonally adjusted month-on-month industrial added value is 0.44%, higher than October and roughly in line with the average of the previous ten months, indicating little change in the real intensity of industrial production. High-tech industries have seen a year-on-year added value growth of 8.4%, with significant production increases in integrated circuits and industrial robots. However, smartphone and solar cell production have experienced negative year-on-year growth, while construction materials like crude steel and cement also show negative growth [8][10][12]. Retail Sales - The seasonally adjusted month-on-month retail sales have decreased by 0.42%, marking the lowest point of the year. Among major categories, the highest absolute growth is in communication equipment at 20.6% year-on-year. However, durable consumer goods such as home appliances and automobiles show the lowest growth due to high base effects and reduced promotional efforts [11][12]. Fixed Asset Investment - The seasonally adjusted month-on-month fixed asset investment is -1.03%, slightly better than the previous value of -1.5%. Year-on-year, it stands at -11.1%, consistent with the previous value. Manufacturing investment has seen a slight narrowing in decline, while real estate investment has expanded its decline. Infrastructure investment remains relatively unchanged. The issuance of 500 billion yuan in policy financial tools is expected to support some projects in manufacturing and infrastructure, but current data does not yet reflect this impact [12][13][16]. Real Estate Market - Real estate-related indicators remain at low levels. The sales area has seen a slight narrowing in decline, but the sales revenue decline has expanded. New construction area has also seen a slight narrowing in decline, while construction area has expanded its decline. The price index for new residential properties in 70 large and medium-sized cities has decreased by 0.4% month-on-month, slightly better than October's 0.5% decline, but still among the highest declines of the year [16][17]. GDP Simulation - The simulated actual GDP index based on industrial added value and service production index year-on-year is approximately 4.22%. The cumulative actual GDP year-on-year for the first eleven months stands at 5.02%. The economic data indicates strong resilience in exports, while the main weaknesses lie in domestic demand, particularly in consumption, fixed investment, and real estate [4][17].

"遨游半在江湖里，始觉今朝眼界开。"站在江苏南通狼山之巅极目远眺，江水浩荡，奔流向海，气势磅 礴。 南通，这片江海相拥的土地，曾是中国近代民族工业的重要发祥地之一，以敢为人先的实践点燃了实业 救国的星火，留下了"近代第一城"的历史印迹；曾作为首批14个沿海开放城市之一，以"纺织之乡""建 筑铁军"等名片，在改革开放的春风里激流勇进。如今，站在"十四五"收官与"十五五"启航的历史交汇 点，面对多重战略机遇叠加的天时，"左右逢源""南通好通"的地利，南通正在加快打造江苏高质量发展 重要增长极，建设长三角北翼中心城市，书写跨江向海、通向未来的新篇章。 ——南通耐心资本何以拔节生长 下个万亿，看海洋 ——南通构筑海洋经济发展新高地 张謇企业家精神何以穿越百年 详见5—8版 ...

12月14日，南都N视频记者从澳门特别行政区新闻局公众号获悉，澳门特区政府运输工务司司长谭伟文当日表示，特区政府一向重视工地安全，今年5月 跨部门小组已就工地安全制定指引，当中尤其关注楼宇维修及外墙翻新工程的安全，包括要求棚架围网使用阻燃物料。 谭伟文。 14日上午，谭伟文出席公益金百万行活动前接受媒体访问。他指出，由土地工务局、公共建设局、劳工局、市政署、消防局等组成的跨部门小组，今年5 月已制定了有关工地安全的指引，要求棚架围网须使用阻燃物料。目前，所有公共工程的棚架围网都必须具备证书，并进行阻燃测试；将进一步在发出施 工准照时，引入相关安全指引的内容。 他补充，跨部门小组会持续加强巡查工地安全，除棚架围网外，也会督促工地对烧焊等可能引起危险的工序做好安全措施。早前他与六会(澳门建筑业发 展关注小组)代表举行会议，要求业界必须做好工地安全，得到正面回应。同时，房屋局加强与各业主会沟通，共同关注大厦外墙维修等工程的安全事 宜。他期望通过政府、业界、民间三方携手协作，将相关安全工作做得更好。 南方都市报(nddaily)报道 南都N视频记者周敏萱 ▊ 阅读更多(戳下方标题) 百年大厂，倒下! 700人面临失业 ...

Group 1: Economic Development Strategies - The central economic work meeting emphasized the importance of innovation-driven development and the cultivation of new growth drivers, focusing on key industries such as aerospace equipment and fine chemicals [1] - The provincial government aims to enhance the business environment and support high-quality development through comprehensive reforms and innovation [2] - The meeting highlighted the need for precise macroeconomic policies to ensure stable and high-quality economic growth, which will benefit the province's development [4] Group 2: Industry-Specific Initiatives - The provincial housing and urban-rural development department plans to advance urban renewal projects, including the renovation of old residential areas and the promotion of smart construction [3] - The provincial natural resources department is focused on optimizing land use and enhancing resource efficiency while ensuring ecological protection [2] - The provincial power company is set to support the green transition by optimizing the power grid for renewable energy integration and enhancing electricity supply reliability [6] Group 3: Local Economic Contributions - The Lanqi Fine Chemical Materials Company is investing 3 billion yuan in a project to produce 100,000 tons of adiponitrile and 200,000 tons of nylon 66, which is expected to generate an annual output value of approximately 5.8 billion yuan [8] - Local governments are actively implementing strategies to foster high-quality development, focusing on sectors such as non-ferrous metals and clean energy [9] - The emphasis on rural revitalization includes strengthening grassroots party organizations and promoting diverse industries to enhance economic vitality [10]