智通财经APP获悉，周三公布的一项行业调查显示，英国建筑业产出在12月份录得连续第12个月收缩， 这是近二十年来持续时间最长的一次萎缩，但调查中出现了对2026年表示乐观的迹象。标普全球建筑业 采购经理人指数(PMI)12月份录得40.1，仅略高于11月份创下的五年半低点39.4。 然而，由于借贷成本有望下降以及里夫斯预算案的不确定性消除，企业对前景表现出了信心迹象，未来 12个月的业务活动预期达到了自7月以来的最高水平。 此次下滑使该行业的低迷期延长至12个月，这是自2007-09年全球金融危机以来持续时间最长的连续收 缩。周三的读数低于经济学家调查预测的42.5中值，也低于区分增长与收缩的50水平线。 基础设施支出的增加和通胀压力的减弱也提升了形势好转的希望。12月的新订单总额和就业人数有所下 降，但降幅小于11月。 标普全球市场财智经济总监蒂姆·摩尔表示："英国建筑公司在12月再次报告了严峻的经营环境和工作量 下降，但下滑速度较11月份看到的五年半纪录有所放缓。" 摩尔表示："许多公司提到了需求疲软和客户信心脆弱。尽管与预算相关的不确定性已经消除，但在年 底销售渠道疲软的原因中，支出决策的推迟仍被提及。 ...

Group 1 - The core viewpoint of the article highlights the active trend of Chinese companies listing in the US, characterized by steady growth in numbers, diverse structures, and significant regional concentration [1] Group 2 - In terms of listing paths and methods, traditional IPOs dominate, with 90.3% of the 93 companies listed through this method, while only 8.6% used De-SPAC [2] - The choice of exchange shows that Nasdaq remains the preferred platform for Chinese companies, with 95.7% of listings occurring there [4] Group 3 - The financing scale structure indicates a concentration at the top, with 84 IPO companies raising a total of $2.822 billion, where the top three companies accounted for 33.9% of the total [5] Group 4 - The industry distribution reveals that technology and service sectors are key drivers for Chinese companies listing in the US, with application software companies leading the way [7] Group 5 - The geographic origin of the companies shows a significant concentration in coastal and developed regions, with Hong Kong leading, followed by Zhejiang and Taiwan [8] Group 6 - The listing cycle varies significantly among companies, with the fastest completing the process in 115 days, while the slowest took over 1,400 days, highlighting differences in preparation and compliance capabilities [9]

（文章来源：证券日报） 证券日报网讯 1月6日，中国交建在互动平台回答投资者提问时表示，"十四五"期间公司经营业绩整体 实现增长，但近两年受行业环境影响有所波动，"十五五"期间将统筹谋划经营策略，持续提升经营质效 与发展质量。分红方面，建筑行业因应收账款规模较大导致现金流承压，建筑央企平均分红率19%、股 息率3.05%。公司通过两年股息提升安排，现金分红率与股息率均超行业平均水平。后续将按分红规 划，结合经营实际适时适度提高分红比率。 ...

"十五五"时期，江苏将以力争在2030年前实现碳达峰为目标，加快构建碳双控新机制，推动经济社会发 展全面绿色转型取得更大成效，做好"全面实施碳排放双控制度""加快构建新型能源体系""发展绿色新 质生产力""加快形成绿色生产生活方式"四个方面工作。 扬子晚报/紫牛新闻记者曹卢杰 江苏省发展改革委副主任季鸣介绍，"十四五"期间，江苏全面绿色转型迈出坚实步伐，预计"十四五"能 耗强度累计下降率超14%，超额完成国家下达目标任务。 具体表现在六个方面：一是低碳政策体系落地见效。构建完善碳达峰碳中和政策体系，差异化推动能 源、工业、交通运输、城乡建设等重点领域实施碳达峰专项行动，制定13个设区市碳达峰行动方案，印 发《江苏省加快经济社会发展全面绿色转型若干政策举措》，完善碳达峰碳中和政策体系。二是产业绿 色转型提速增效。全省高新技术产业产值占规上工业比重达51.8%，五年累计提高5.3个百分点；节能环 保、新能源等产业集群融合发展优势明显，"新三样"出口接近全国1/5；加快推动绿色制造体系，全省 累计创建国家级绿色工厂439家、绿色工业园区51家、绿色供应链管理企业80家，水平居全国前列。三 是清洁低碳能源体系加速构建 ...

Core Viewpoint - The State Council has issued the "Solid Waste Comprehensive Governance Action Plan," aiming for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of annual comprehensive utilization of major solid waste and 510 million tons of annual recycling of main renewable resources [1][4]. Group 1: Overall Requirements - The plan emphasizes a systematic approach to solid waste management, focusing on reduction, resource utilization, and harmless treatment, with a goal to effectively control historical solid waste stockpiles and curb illegal disposal practices by 2030 [4][3]. Group 2: Source Control and Reduction - The plan mandates strict source reduction of industrial solid waste, promoting green design and improved production processes to lower waste generation intensity [5][6]. - It also calls for the implementation of source control measures for urban solid waste, including the classification and reduction of construction waste [6][5]. Group 3: Standardized Collection, Transportation, and Storage - The plan requires the establishment of a standardized management system for industrial solid waste, including classification and tracking to prevent mixing and illegal disposal [7][6]. - It emphasizes the need for improved collection and transportation systems for urban solid waste, integrating recycling networks with waste collection points [7][6]. Group 4: Resource Utilization Enhancement - The plan aims to enhance the comprehensive utilization of major solid waste, including mining waste and construction debris, and to promote the recycling of agricultural waste [8][9]. - It encourages the development of a circular economy by improving the recycling of renewable resources and promoting the use of recycled materials in production [8][9]. Group 5: Increasing Harmless Treatment Capacity - The plan focuses on improving the harmless treatment of industrial solid waste and optimizing the structure of waste disposal methods, including the construction of incineration facilities [9][10]. - It also explores large-scale disposal channels for industrial solid waste, ensuring compliance with environmental standards [9][10]. Group 6: Implementation of Key Area Special Rectification - The plan outlines specific rectification efforts in areas such as illegal disposal, environmental hazards from landfills, and historical solid waste sites, aiming for the remediation of over 60% of historical waste sites by 2030 [10][11]. - It includes targeted actions for the comprehensive management of phosphogypsum, with specific timelines for remediation in various provinces by 2027 [12][11]. Group 7: Regulatory and Technical Framework - The plan emphasizes the need to improve legal frameworks and standards related to solid waste management, including the revision of existing laws and the establishment of new regulations [14][15]. - It also highlights the importance of technological innovation in solid waste recycling and pollution control [14][15]. Group 8: Policy Support - The plan calls for enhanced land use policies to support solid waste management projects and encourages financial support for resource recycling initiatives [15][16]. - It promotes the establishment of a reasonable pricing mechanism for waste management services to incentivize recycling and waste reduction [16][15]. Group 9: Strengthening Implementation Assurance - The plan stresses the importance of organizational leadership and accountability at all levels of government to ensure effective implementation of solid waste management strategies [17][16]. - It encourages public education and international cooperation to foster a culture of waste reduction and recycling [17][16].

Core Viewpoint - The opening of the Hangzhou-Qiuzhou High-Speed Railway significantly enhances connectivity in the Yangtze River Delta, reducing travel time between Qiuzhou and Hangzhou to as little as 73 minutes, thereby transforming regional collaboration and economic dynamics [1][3][4]. Group 1: Infrastructure Development - The Hangzhou-Qiuzhou High-Speed Railway spans approximately 131 kilometers with a design speed of 350 km/h, facilitating faster travel and improved accessibility [1]. - The railway connects Qiuzhou with the existing high-speed rail network, creating a dual-channel system that enhances travel efficiency between Zhejiang's western regions and Hangzhou [3][4]. - Initial operations will feature 12 daily trains, with plans to increase to 34 trains per day by the first quarter of 2026, making cross-city travel more routine [4]. Group 2: Economic Integration - The railway's opening marks a shift from administrative-driven "mountain-sea cooperation" to market-driven collaboration, allowing industries to connect based on comparative advantages rather than reliance on government initiatives [5]. - The establishment of the Qiuzhou Hai Chuang Park, which has attracted over 140 companies, exemplifies the integration of R&D and production capabilities between Qiuzhou and Hangzhou [5][6]. - Significant investments in lithium battery materials projects in Qiuzhou, totaling nearly 479 billion yuan, highlight the region's growing industrial capacity and its ability to support high-value manufacturing [6]. Group 3: Urban and Regional Development - The Hangzhou-Qiuzhou High-Speed Railway contributes to a new urban network in the Yangtze River Delta, evolving from simple point-to-point connections to a more integrated and sustainable commuting framework [7]. - By 2025, the total investment in the Yangtze River Delta railway construction is expected to exceed 600 billion yuan, with over 2,600 kilometers of new rail lines, enhancing the overall connectivity of the region [7]. - The railway facilitates a shift in the relationship between Qiuzhou and the core areas of the Yangtze River Delta, moving from mere connectivity to deeper integration and collaboration [8].

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - Due to the lack of some high - frequency data during the festival, there is no forecast value for the current Guosheng fundamental high - frequency index. The long - short signal of interest - rate bonds is下调, with the signal factor at 3.1% (previous value was 3.2%) [1][9]. - In terms of production, the industrial production high - frequency index is 127.9, with a week - on - week increase of 0.1 point compared to the previous value of 127.8, and the year - on - year increase remains unchanged at 4.9 points [1][9]. - In terms of total demand, the high - frequency index of commercial housing sales is 40.5, a week - on - week decrease of 0.2 points compared to the previous value of 40.7, and the year - on - year decrease remains unchanged at 6.5 points; the high - frequency index of infrastructure investment is 121.9, a week - on - week decrease of 0.1 point compared to the previous value of 122.0, and the year - on - year increase narrows; the high - frequency index of exports is 143.7, remaining the same as the previous value, and the year - on - year increase narrows; the high - frequency index of consumption is 121.2, a week - on - week increase of 0.1 point compared to the previous value of 121.1, and the year - on - year increase remains unchanged at 3.3 points [1][9]. - In terms of prices, the month - on - month forecast of CPI is 0.0% (previous value was 0.0%); the month - on - month forecast of PPI is 0.0% (previous value was 0.1%) [1][9]. - The high - frequency inventory index is 163.8, a week - on - week increase of 0.1 point compared to the previous value of 163.7, and the year - on - year increase remains unchanged at 7.4 points [1][10]. - The high - frequency financing index is 246.5, a week - on - week increase of 0.6 points compared to the previous value of 245.9, and the year - on - year increase rises [2][10]. 3. Summary by Relevant Catalogs 3.1 Total Index: Fundamental High - Frequency Index is Stable - Based on the report "Fundamental High - Frequency Data - An Effective Tool for Bond Market Investment" published on September 5, 2023, Guosheng Securities constructed a high - frequency data system covering overall, production, demand, prices, financing, etc., and built the Guosheng fixed - income fundamental high - frequency index and its sub - indices [8]. - From December 29, 2025, to January 4, 2026, due to the lack of some high - frequency data during the festival, there is no forecast value for the current Guosheng fundamental high - frequency index. The long - short signal of interest - rate bonds is下调, with the signal factor at 3.1% (previous value was 3.2%) [1][9]. 3.2 Production: Overall Decline in Operating Rates During the Festival - The polyester operating rate is 86.0%, down from the previous value of 87.8%; the semi - tire operating rate is 69.4%, down from the previous value of 72.1%; the full - tire operating rate is 59.6%, down from the previous value of 62.0%; the PX operating rate is 88.4%, down from the previous value of 88.6%; the coal dispatch at Qinhuangdao Port is 50.6 tons, up from the previous value of 47.0 tons [17]. 3.3 Real Estate Sales: Slight Decline in Commercial Housing Transaction Area - The commercial housing transaction area in 30 large - and medium - sized cities in the current week is 390,000 square meters, down from the previous value of 420,000 square meters; the premium rate of land transactions in 100 large - and medium - sized cities is 2.1%, up from the previous value of 1.2% [30]. 3.4 Infrastructure Investment: High - Frequency Index of Infrastructure Investment Remains Stable - The high - frequency index of infrastructure investment in the current week is 121.9, down from the previous value of 122.0; the operating rate of petroleum asphalt is 27.4%, down from the previous value of 31.3% [39]. 3.5 Exports: Slight Decline in RJ/CRB Index - The high - frequency export index in the current week is 143.7, the same as the previous value; the RJ/CRB index is 299.9 points, down from the previous value of 300.6 points [46]. 3.6 Consumption: Increase in Average Daily Box Office of Movies - The average daily box office of movies is 166.12 million yuan, up from the previous value of 108.11 million yuan [58]. 3.7 CPI: Slight Increase in Pork Prices - The latest average wholesale price of pork is 17.7 yuan per kilogram, up from the previous value of 17.5 yuan per kilogram; the latest average wholesale price of 28 key - monitored vegetables is 5.6 yuan per kilogram, down from the previous value of 5.8 yuan per kilogram; the latest average wholesale price of 7 key - monitored fruits is 7.8 yuan per kilogram, the same as the previous value; the latest average wholesale price of white - striped chickens is 17.7 yuan per kilogram, down from the previous value of 17.9 yuan per kilogram [65]. 3.8 PPI: Continued Increase in Spot Price of Copper - The closing price of steam coal (produced in Shanxi) at Qinhuangdao Port is 673 yuan per ton, down from the previous value of 682 yuan per ton; the futures settlement price of Brent crude oil is 61 US dollars per barrel, down from the previous value of 62 US dollars per barrel; the spot settlement price of LME copper is 12,473 US dollars per ton, up from the previous value of 12,088 US dollars per ton; the spot settlement price of LME aluminum is 2,953 US dollars per ton, up from the previous value of 2,916 US dollars per ton [73]. 3.9 Transportation: Increase in the Number of Executed Flights - The passenger flow of the subway in first - tier cities in the current week is 38.97 million person - times, down from the previous value of 39.96 million person - times; the number of domestic executed flights is 12,548, up from the previous value of 12,353 [81]. 3.10 Inventory: Continuous Decline in Soda Ash Inventory - The soda ash inventory is 1.407 million tons, down from the previous value of 1.469 million tons [89]. 3.11 Financing: Credit Bond Financing Turns from Positive to Negative - The net financing of local government bonds in the week is 17.4 billion yuan, up from the previous value of - 3.2 billion yuan; the net financing of credit bonds is - 61.7 billion yuan, down from the previous value of 40.8 billion yuan; the 6M national - share bank acceptance bill transfer discount rate is 0.88%, down from the previous value of 0.93%; the average value of the bill rate - certificate of deposit rate is - 0.75%, down from the previous value of - 0.70% [100].

Group 1 - The core viewpoint of the news is that the new policies for 2026 aim to stimulate consumption and investment through equipment updates and trade-in programs, with a focus on both short-term economic growth and long-term structural optimization [1][3]. - The sales of trade-in related products are projected to exceed 2.6 trillion yuan by 2025, benefiting over 360 million people [1]. - The new policies will support a wide range of sectors, including traditional industries and new areas such as elderly care and public safety, indicating a shift towards improving public welfare and consumer experiences [2][3]. Group 2 - The 2026 policy for equipment updates has expanded its scope to include not only traditional sectors but also consumer infrastructure like elevators in old residential areas and fire rescue facilities, reflecting a balanced focus on production and daily life [2][3]. - Specific adjustments in the subsidy mechanisms aim to enhance precision and effectiveness, such as prioritizing the replacement of old trucks with new energy vehicles and adjusting subsidies for residential elevators based on building height [2][4]. - The new trade-in policy will concentrate on key consumer goods like automobiles and core home appliances, streamlining support to maximize market impact and consumer engagement [3][4]. Group 3 - The implementation mechanisms of the new policies emphasize efficiency, with changes in subsidy structures for automobiles linking them to sales prices rather than fixed amounts, which is expected to optimize fiscal spending [4]. - The support for home appliances has been narrowed from 12 categories to 6 core products, focusing on high-penetration items that drive consumer behavior [4]. - Emerging consumer sectors such as smart glasses and age-friendly home products are included in the support scope, indicating a proactive approach to align with future consumption trends [4]. Group 4 - The shift in China's consumption structure from goods to services is highlighted, with service consumption becoming a key area for boosting domestic demand, particularly in sectors like tourism, sports, health, and elder care [5]. - Future efforts will focus on institutional innovation and quality enhancement to unlock the potential of service consumption and further optimize the economic structure [5].

Core Insights - The Ministry of Commerce reports that by 2025, the sales volume of products related to the trade-in program will exceed 2.6 trillion yuan, benefiting over 360 million people [1] - The new "national subsidy" policy set to launch during the 2026 New Year holiday is expected to stimulate the consumer market, particularly in smart electronic products, with sales of smart health devices and wearable technology projected to grow by over 20% and 15%, respectively [1] - The National Development and Reform Commission and the Ministry of Finance have issued a notice outlining the scope and subsidy standards for the 2026 large-scale equipment update and trade-in policy, emphasizing the importance of domestic demand in economic growth [1] Equipment Update Policy - The 2026 policy expands and optimizes support for traditional industries while including upgrades for public safety and consumer infrastructure, such as elevators in old residential areas and fire rescue facilities [2] - The policy shifts focus from solely enhancing manufacturing to balancing production and living standards, addressing public safety and improving consumer experiences [2] - Specific adjustments in the subsidy mechanism aim to enhance precision and effectiveness, such as prioritizing the replacement of old operational trucks with new energy electric vehicles [2] Consumer Goods Trade-in Policy - The 2026 policy optimizes the scope and standards for trade-in programs, concentrating on high-impact categories like automobiles and core household appliances [3] - By focusing fiscal resources on key consumer goods, the policy aims to stimulate larger market demand for upgrades and consumption [3] - The subsidy mechanism for automobiles has shifted from fixed amounts to a proportional subsidy linked to the sales price of new vehicles, enhancing the efficiency of fiscal spending [4] Emerging Consumer Trends - The policy introduces support for new consumer areas such as smart glasses and age-friendly home products, reflecting a forward-looking approach to consumer trends [4] - The shift in consumption structure from goods to services is highlighted, with an emphasis on boosting support in sectors like culture, sports, health, and elderly care [5] - Future efforts will focus on institutional innovation and quality enhancement to unlock the potential of service consumption and further optimize the economic structure [5]

Core Insights - The Ministry of Commerce reports that by 2025, the sales volume of products related to the trade-in program will exceed 2.6 trillion yuan, benefiting over 360 million people [1] - The new "national subsidy" policy, effective from the New Year holiday in 2026, aims to stimulate the consumption market, particularly in smart electronic products, with sales of smart health devices and wearable devices expected to grow by over 20% and 15% respectively [1] Group 1: Equipment Update Policy - The 2026 policy expands and optimizes support for equipment updates, including traditional industries and new areas such as installing elevators in old residential communities and enhancing public safety infrastructure [2] - The policy shifts focus from solely improving manufacturing levels to balancing production and living standards, addressing public safety and consumer experience [2] - Specific adjustments in subsidy mechanisms aim to enhance precision and effectiveness, such as prioritizing the replacement of old operational trucks with new energy electric trucks [2][3] Group 2: Consumer Goods Trade-in Policy - The 2026 policy for consumer goods trade-in has undergone structural optimization, focusing on high-impact categories like automobiles and core home appliances [3][4] - The subsidy mechanism for automobiles has shifted from fixed amounts to a proportional subsidy linked to the new car sales price, aiming for more efficient use of fiscal resources [4] - New emerging consumer fields, such as smart glasses and age-friendly home products, have been included in the support scope, indicating a forward-looking approach to policy adjustments [4] Group 3: Service Consumption Shift - The consumption structure in China is transitioning from goods-led to service-led consumption, with service consumption becoming a key focus for boosting domestic demand [5] - The policy is expected to increase support in areas such as culture, tourism, sports, health, elderly care, and housekeeping services [5] - Further institutional innovation and quality enhancement are needed to unlock the potential of service consumption and promote economic structure optimization [5]