Investment Rating - The report maintains an "Overweight" rating for the construction and building materials sectors [6]. Core Insights - The report highlights a focus on balancing investments in emerging growth sectors and traditional dividend-paying sectors, anticipating a recovery in investment in early 2026, particularly in infrastructure and real estate [1]. - It emphasizes the potential for a spring rally in the market, driven by supportive real estate policies and opportunities in technology and overseas markets, particularly in AI applications and related materials [1]. - The report suggests that the construction and building materials sectors are under pressure, with significant declines in real estate sales and new construction, but sees potential in segments like building coatings and pipe materials due to a shift towards renovation in the existing housing market [2]. Summary by Sections Infrastructure and Real Estate Investment - In 2025, cumulative year-on-year investment in infrastructure (excluding power, heat, gas, and water supply) decreased by 2.2%, real estate by 17.2%, and manufacturing by 0.6% [1]. - The report notes a continued decline in real estate transactions, with a year-on-year decrease of 8.7% in sales area and a 20.4% drop in new construction area [2]. Cement Industry - The cement production in 2025 was 1.693 billion tons, down 6.9% year-on-year, with an average price of 360 RMB per ton in December, reflecting a 15.6% decrease year-on-year [3]. - The report indicates that the pressure on costs is easing due to increased efforts in staggered kiln shutdowns, leading to a slowdown in price declines [3]. Glass Industry - The flat glass production in 2025 was 976 million weight cases, down 3.0% year-on-year, with a significant price drop of 20.9% year-on-year [4]. - The report notes an acceleration in cold repairs in the glass industry, which is expected to stabilize prices [4]. Stock Recommendations - The report recommends several stocks with "Buy" ratings, including: - Yaxiang Integration (603929 CH) with a target price of 235.62 RMB - China National Materials (600970 CH) with a target price of 14.64 RMB - Sichuan Road and Bridge (600039 CH) with a target price of 13.48 RMB - Precision Steel Structure (600496 CH) with a target price of 5.75 RMB - Oriental Yuhong (002271 CH) with a target price of 17.19 RMB - Kaisheng Technology (600552 CH) with a target price of 16.94 RMB - China Jushi (600176 CH) with a target price of 20.80 RMB - Huaxin Cement (600801 CH) with a target price of 26.70 RMB - China Nuclear Engineering (601611 CH) with a target price of 18.21 RMB [8][29].

Group 1: Core Insights - Guangzhou has become the third city in China to achieve a "double trillion" status in consumption and foreign trade during the 14th Five-Year Plan period, following Beijing and Shanghai [1][2] - By 2025, Guangzhou's airport is expected to handle over 83 million passengers, ranking among the top ten globally, while its port is projected to handle nearly 700 million tons of cargo, placing it in the top six worldwide [1] - The city aims to establish six advanced manufacturing clusters with outputs exceeding 100 billion yuan and ten service sectors with added value surpassing 100 billion yuan during the same period [1] Group 2: Economic Indicators - As of 2024, only seven cities in China have reached a consumption level of over one trillion yuan, including Guangzhou, which highlights the significance of its economic status [2] - The report indicates that Guangzhou's foreign trade volume also exceeds one trillion yuan, making it one of only seven cities to achieve this milestone [2] Group 3: Strategic Development - Guangzhou's government has outlined plans to enhance its role as a global supply chain innovation center, aiming to strengthen its core urban functions [3][4] - The city is leveraging its geographical advantages, including proximity to the Pearl River Delta manufacturing hub and its status as a major transportation and trade center, to transition from a trade hub to a supply chain management center [4] Group 4: Future Goals - The city has set ambitious goals for the 15th Five-Year Plan, focusing on increasing its visibility and resource allocation capabilities within the global resource network [3] - The government has previously articulated a vision to develop Guangzhou into a world-class city with both historical charm and modern vitality, as outlined in its urban planning documents [3]

Core Perspective - The transformation of Jinan's Tianqiao District from an "old industrial base" to a "new intelligent manufacturing highland" is underway, focusing on industrial upgrades, urban renewal, and commercial revitalization, aiming to create a modern urban center with enhanced strength, vitality, and quality [4][6][13] Industrial Transformation - The Tianqiao District is experiencing a significant industrial shift, with companies like Shandong Desheng Robot Co., Ltd. achieving a 200% increase in production efficiency and a 70% reduction in labor costs through digital solutions [5] - Shandong Jianbang Colloidal Materials has become the largest silver powder production base north of the Yangtze River, with an average annual growth rate of 201.08% over the past three years [5] - The district is implementing an "Industrial Strong District" strategy, focusing on three main industries: new energy equipment, high-end CNC machine tools and robots, and advanced materials, along with two special industries: integrated circuits and new building materials [6] Economic Data - By 2025, the industrial output value of the park is expected to account for 87.2% of the district's total, with the number of large-scale industrial enterprises increasing from 84 in 2020 to 121 [6] - The proportion of high-tech industry output value in the total industrial output is projected to rise from 64.4% to 81.6% by 2025 [6] - The number of national-level specialized and innovative "little giant" enterprises has increased from zero to seven [6] Urban Renewal - The Tianqiao District is undergoing urban renewal with 77 projects in progress, transforming the area from an "industrial rust belt" to a livable "showcase belt" [8] - Key projects include the Dingtailu New Xu area green park and various residential developments, with a high signing rate of 98% for area renovations [8] - The district aims to enhance urban quality and resident happiness through a combination of new construction and preservation of historical elements [8] Commercial Revitalization - The renovation of the Jinniu Building Materials Market has led to increased customer traffic and sales, reflecting a shift towards experiential and intelligent consumption [10] - The Liao Kou Clothing City is evolving from a wholesale hub to a multi-functional shopping experience, integrating design, culture, and consumption [10] - Tianqiao District is actively introducing flagship stores and developing e-commerce to stimulate consumer potential and reshape commercial dynamics [10] Innovation and Collaboration - The Tianqiao District is fostering a collaborative innovation environment, enhancing the business ecosystem through partnerships with local universities and establishing numerous technology innovation platforms [12] - The number of technology-based SMEs has grown from 156 in 2020 to 543, with high-tech enterprises increasing from 180 to 428, reflecting an annual growth rate of over 18% [12] - The district's focus on innovation is seen as a key driver for high-quality economic development [13]

1月19日消息，工业和信息化部、国家发展改革委、生态环境部、国务院国资委、国家能源局近日联合 印发《关于开展零碳工厂建设工作的指导意见》，深挖工业和信息化领域节能降碳潜力，带动重点行业 领域减碳增效和绿色低碳转型。其中，提出2026年起，遴选一批零碳工厂，做好标杆引领。 《指导意见》主要目标为：实施分阶段梯度培育，优先选择脱碳需求迫切、能源消费以电力为主、脱碳 难度相对较小的行业先行探索，逐步完善相关规划设计、能源供应、工艺技术、管理运营和商业模式， 待条件成熟后再向碳排放量强度高、脱碳难度大的行业逐步推进。2026年起，遴选一批零碳工厂，做好 标杆引领。到2027年，在汽车、锂电池、光伏、电子电器、轻工、机械、算力设施等行业领域，培育建 设一批零碳工厂。到2030年，逐步拓展至钢铁、有色金属、石化化工、建材、纺织等行业领域，探索传 统高载能产业脱碳新路径。 零碳工厂建设是指通过技术创新、结构调整和管理优化等减排措施，实现厂区内二氧化碳排放的持续降 低、逐步趋向于近零的过程。工业和信息化部节能与综合利用司有关负责人提出，零碳工厂不是绝对 的"零"二氧化碳排放，而是在当前技术经济条件允许下，实现应减尽减并持续改 ...

Core Viewpoint - The Ministry of Industry and Information Technology, along with four other departments, has issued guidelines for the construction of zero-carbon factories, aiming to enhance energy efficiency and carbon reduction in key industrial sectors, with a target to select a batch of zero-carbon factories starting in 2026 [1] Group 1: Zero-Carbon Factory Construction - Zero-carbon factory construction involves reducing carbon dioxide emissions through technological innovation, structural adjustments, and management optimization, aiming for near-zero emissions within factory premises [1] - The guidelines emphasize the importance of pilot zero-carbon factories in fostering new productive forces and balancing high-quality development with environmental protection, supporting carbon peak and carbon neutrality goals [1] Group 2: Implementation Timeline and Industry Focus - By 2027, the initiative aims to cultivate zero-carbon factories in sectors such as automotive, lithium batteries, photovoltaics, electronics, light industry, machinery, and computing facilities [1] - By 2030, the construction of zero-carbon factories will expand to include traditional high-energy-consuming industries like steel, non-ferrous metals, petrochemicals, building materials, and textiles, exploring new decarbonization pathways [1] Group 3: Construction Pathways - The guidelines outline pathways for zero-carbon factory construction, including establishing a carbon emission accounting system to identify and quantify emissions and removals [2] - Factories are encouraged to build industrial green microgrids and enhance the application of new-generation information technology [2] - Carbon emissions reductions can be offset through mechanisms such as cross-border carbon trading [2]

新华社电 记者1月19日获悉，工业和信息化部等五部门日前联合印发《关于开展零碳工厂建设工作的指 导意见》，深挖工业和信息化领域节能降碳潜力，带动重点行业领域减碳增效和绿色低碳转型。其中， 提出2026年起，遴选一批零碳工厂，做好标杆引领。 指导意见明确，实施分阶段梯度培育，到2027年，在汽车、锂电池、光伏、电子电器、轻工、机械、算 力设施等行业领域，培育建设一批零碳工厂；到2030年，将零碳工厂建设逐步拓展至钢铁、有色金属、 石化化工、建材、纺织等行业领域，探索传统高载能产业脱碳新路径。 ...

本报北京1月19日电近日，工业和信息化部等五部门联合印发《关于开展零碳工厂建设工作的指导意 见》，深挖工业和信息化领域节能降碳潜力，带动重点行业领域减碳增效和绿色低碳转型，培育发展新 质生产力。 零碳工厂作为绿色低碳、高质量发展的一种新模式、新形态，强调通过技术创新、结构调整和管理优化 等系统减排措施，充分挖掘减排潜力，实现厂区内二氧化碳排放的持续降低。 意见实施分阶段梯度培育，优先选择脱碳需求迫切、能源消费以电力为主、脱碳难度相对较小的行业先 行探索，逐步完善相关规划设计、能源供应、工艺技术、管理运营和商业模式，待条件成熟后再向碳排 放量强度高、脱碳难度大的行业逐步推进。 意见提出自2026年起，遴选一批零碳工厂，做好标杆引领；到2027年，在汽车、锂电池、光伏、电子电 器、轻工、机械、算力设施等行业领域，培育建设一批零碳工厂；到2030年，逐步拓展至钢铁、有色金 属、石化化工、建材、纺织等行业领域，探索传统高载能产业脱碳新路径。 （文章来源：人民日报） 据悉，零碳工厂不是绝对的"零"二氧化碳排放，而是在当前技术经济条件允许下，实现应减尽减并持续 改进提升，保持工厂二氧化碳排放最低水平。近年来，部分地区通过 ...

● 本报记者 杨洁 1月19日消息，工业和信息化部、国家发展改革委、生态环境部、国务院国资委、国家能源局近日联合 印发《关于开展零碳工厂建设工作的指导意见》，深挖工业和信息化领域节能降碳潜力，带动重点行业 领域减碳增效和绿色低碳转型。其中，提出2026年起，遴选一批零碳工厂，做好标杆引领。 《指导意见》主要目标为：实施分阶段梯度培育，优先选择脱碳需求迫切、能源消费以电力为主、脱碳 难度相对较小的行业先行探索，逐步完善相关规划设计、能源供应、工艺技术、管理运营和商业模式， 待条件成熟后再向碳排放量强度高、脱碳难度大的行业逐步推进。2026年起，遴选一批零碳工厂，做好 标杆引领。到2027年，在汽车、锂电池、光伏、电子电器、轻工、机械、算力设施等行业领域，培育建 设一批零碳工厂。到2030年，逐步拓展至钢铁、有色金属、石化化工、建材、纺织等行业领域，探索传 统高载能产业脱碳新路径。 率，加快技术改造和设备更新，实现过程脱碳；四是开展重点产品碳足迹分析，带动全产业链上下游落 实节能降碳措施，实现协同降碳；五是提升数字化智能化水平，开展能耗与碳排放数据的精准化计量和 精细化管控，实现智能控碳；六是开展碳抵销和信息披露 ...

零碳工厂建设是指通过技术创新、结构调整和管理优化等减排措施，实现厂区内二氧化碳排放的持续降 低、逐步趋向于近零的过程。工业和信息化部节能与综合利用司有关负责人提出，零碳工厂不是绝对 的"零"二氧化碳排放，而是在当前技术经济条件允许下，实现应减尽减并持续改进提升，保持工厂二氧 化碳排放最低。 1月19日消息，工业和信息化部、国家发展改革委、生态环境部、国务院国资委、国家能源局近日联合 印发《关于开展零碳工厂建设工作的指导意见》，深挖工业和信息化领域节能降碳潜力，带动重点行业 领域减碳增效和绿色低碳转型。其中，提出2026年起，遴选一批零碳工厂，做好标杆引领。 《指导意见》主要目标为：实施分阶段梯度培育，优先选择脱碳需求迫切、能源消费以电力为主、脱碳 难度相对较小的行业先行探索，逐步完善相关规划设计、能源供应、工艺技术、管理运营和商业模式， 待条件成熟后再向碳排放量强度高、脱碳难度大的行业逐步推进。2026年起，遴选一批零碳工厂，做好 标杆引领。到2027年，在汽车、锂电池、光伏、电子电器、轻工、机械、算力设施等行业领域，培育建 设一批零碳工厂。到2030年，逐步拓展至钢铁、有色金属、石化化工、建材、纺织等行业领 ...

Core Viewpoint - The release of the "Guiding Opinions on the Construction of Zero Carbon Factories" aims to enhance energy conservation and carbon reduction in the industrial and information sectors, promoting green and low-carbon transformation while fostering new productive forces. Group 1: Overall Requirements and Goals - The "Guiding Opinions" outlines overall requirements, stage goals, and implementation paths for zero carbon factory construction, focusing on energy conservation and carbon reduction potential in key industries [1] - A phased cultivation strategy is proposed, with a selection of zero carbon factories starting in 2026, expanding to various industries by 2030, including steel, non-ferrous metals, petrochemicals, and textiles [1] Group 2: Importance and Challenges - The establishment of zero carbon factories is crucial for achieving carbon peak and carbon neutrality, balancing high-quality development with environmental protection [2] - There are significant differences in understanding and implementation across regions and industries, with challenges such as inconsistent evaluation requirements and weak carbon emission accounting foundations [2] Group 3: Principles and Construction Paths - The construction of zero carbon factories will follow principles such as tailored strategies, systematic advancement, innovation-driven approaches, and transparency [3] - Six major construction paths are defined, including improving carbon emission accounting, accelerating green energy transitions, and promoting carbon footprint analysis and data management [3] Group 4: Source Reduction and Energy Supply - The "Guiding Opinions" encourages factories to achieve zero carbon energy supply while ensuring energy security, promoting the use of distributed renewable energy sources like solar and wind [3] - Factories are encouraged to develop industrial green microgrids and integrate various energy sources for efficient utilization [3]