Group 1 - The core viewpoint of the news is that the provincial trade union will continue to deepen the "100,000 frontline workers' recuperation" program in 2025, with the number of participants expected to exceed 200,000 again after surpassing this figure in 2024 [1][2] - The provincial trade union has implemented management measures to standardize the recuperation activities, addressing previous challenges such as defining participants, content management, and unifying standards [1] - The recuperation activities have increasingly included new employment forms such as truck drivers, ride-hailing drivers, couriers, and delivery workers, expanding beyond traditional industrial workers and technical backbones [1] Group 2 - The recuperation program integrates ideological education with practical training, creating a "walking classroom" that combines recuperation routes with party education and national conditions observation [2] - The program is designed to align with major strategic initiatives, such as green low-carbon development and marine economy, effectively transforming recuperation sites into "empowerment stations" [2] - The activities incorporate skill enhancement elements, including technical observation, craftsman salons, and micro-classrooms, allowing workers to achieve "skill charging" during their recuperation [2]

Investment Rating - The report maintains a "Buy" rating for the companies mentioned, indicating a positive outlook for their stock performance in relation to the industry benchmark [4]. Core Insights - The chemical industry is expected to experience price increases due to improved supply-demand dynamics and a "de-involution" policy that encourages companies to avoid price wars and focus on profitability [10][22]. - The manufacturing sector shows signs of recovery, with the manufacturing PMI reaching 50.1% in December 2025, indicating a return to expansion [16][22]. - The inventory cycle in the chemical industry is transitioning from active destocking to passive destocking, which could lead to price support if demand improves [22]. Summary by Sections Supply Side Analysis - Investment growth in the chemical raw materials and products manufacturing sector has been declining since 2022, with a projected drop in investment growth turning negative by June 2025 [15]. - The construction of new capacity in the chemical industry has significantly decreased, influenced by energy consumption controls and environmental policies [15][22]. Demand Side Analysis - Although traditional demand remains weak, there is strong support for certain chemical products due to manufacturing restocking, pre-holiday inventory buildup, and increased exports [15][22]. - The manufacturing PMI data indicates a marginal improvement in demand, with production and new orders both showing positive trends [16]. Policy Impact - The "de-involution" policy initiated by the central government aims to prevent vicious competition, leading to a consensus among leading companies to stabilize prices by reducing production rates [22]. Company-Specific Insights - **China Chemical**: The company has a production capacity of 200,000 tons for both adiponitrile and caprolactam. Price rebounds in these products could significantly enhance its earnings [23]. - **Sandi Chemical**: The company is expected to benefit from price recovery in its core products, with a projected revenue of 730 million yuan in H1 2025 [30]. - **Donghua Technology**: The company has multiple high-end chemical projects that are expected to improve profitability and support stock valuation [37]. - **Southeast Net Rack**: The company produces 500,000 tons of polyester filament, with potential for revenue growth as prices stabilize [41]. Investment Recommendations - The report highlights key companies to watch, including China Chemical, Sandi Chemical, Donghua Technology, and Southeast Net Rack, all of which are positioned to benefit from the anticipated price increases in chemical products [10][45].

建筑装饰 2026 年 01 月 25 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 A0230523080003 tangmeng@swsresearch.com 25 年固定资产投资承压，关注年初开门红效果 看好 ——申万宏源建筑周报（20260119-20260123） 本期投资提示： 行 业 及 产 业 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 - 1.1 建筑行业周涨幅+1.88%，子行业钢结构表现最好 上周建筑行业涨幅+1.88%，跑赢上证综指（+0.84%）、深证成指（+1.11%）、中小 板（+0.87%）、创业板（-0.34%）、沪深 300（-0.62 ...

1月23日，长乐控股有限公司(简称"长乐控股")向港交所递交上市申请材料，这也是公司第二次向港交 所递交上市申请材料。2025年6月22日，长乐控股第一次递表港交所，后因申请到期失效。 上市申请材料显示，2025年，公司业绩出现较为明显的"增收不增利"现象。2025年，公司总收入和净利 润分别约为0.22亿新元以及106万新元，营业收入小幅增长但净利润同比出现"腰斩"。 公司在上市申请材料中提到，公司部分供应商位于马来西亚及中国。公司从多个国家聘用工人，包括中 国、孟加拉、印度、缅甸及菲律宾。此外，公司披露的董事名单中，王成剑、梁嘉雯、何力钧均为中国 国籍。 手头项目合共有11个 客户集中度较高 上市申请材料显示，2023年、2024年以及2025年，以收益计的五大客户应占总收益的百分比分别约为 81%、57.8%及54.7%，最大客户应占收益分别约为0.16亿新元、0.027亿新元及0.04亿新元，占同期总收 益的百分比分别约为53.4%、13.5%及18.2%。 公司董事会认为，有关客户集中度就新加坡建筑公司而言并非罕见，而有关客户集中度并不会影响业务 可持续性。 公司在上市申请材料中提示多项风险，包括： ...

Core Viewpoint - Central enterprises are increasingly establishing new companies in Guangdong, reflecting a strong commitment to long-term investment and collaboration with local economies, particularly in strategic emerging industries and green technologies [1][5][6]. Group 1: Central Enterprises' Activities - In 2025, at least 25 central enterprises (including subsidiaries) established new companies in Guangdong, with ongoing activities into 2026 [3][4]. - Southern Power Grid established three wholly-owned subsidiaries in Guangzhou in late 2025, with a planned investment of 180 billion yuan for fixed assets in 2026, focusing on new power systems and emerging industries [2][6]. - China Resources Recycling Group and China Rare Earth Group are among the new entrants, setting up multiple subsidiaries in various cities, including Shenzhen [3][4]. Group 2: Investment Focus - Central enterprises are prioritizing strategic emerging industries, with an average annual investment growth rate exceeding 20% [6][8]. - The establishment of companies like China Rare Earth Group's subsidiaries in Shenzhen aims to align with local industry needs, particularly in artificial intelligence and new energy vehicles [6][7]. - The focus on green and low-carbon technologies is evident, with companies like China Resources Recycling and South Power Carbon Company working on carbon management and recycling initiatives [8][9]. Group 3: Regional Development - Guangzhou and Shenzhen are the primary cities attracting central enterprises for new business expansions and headquarters [4][5]. - The collaboration between central enterprises and local governments is enhancing the business environment and market potential in Guangdong [5][9]. - Various sectors are being targeted, including construction, energy, environmental protection, and digital technology, showcasing the depth and breadth of central-local cooperation [4][5].

公司经营业绩出现下滑，主要原因是公司2025年房地产业务亏损，同时计提存货、固定资产、投资性房 地产等各类资产减值准备预计将超过260亿元，此外，受建筑行业下行影响，公司收入有所下滑。2026 年，随着房地产业务资产处置工作的基本完成，公司将逐步摆脱房地产业务业绩亏损的拖累，结合"十 五五"规划和业务结构调整战略，围绕"一核心、两主体、五特色"多元化业务体系建设，谋划科技产业 项目顶层设计，推动科技创新与产业创新深度融合，开辟新赛道、打造新引擎，助力公司实现高质量发 展，提升长期业绩水平。 格隆汇1月23日丨中国中冶(601618.SH)公布，公司预计2025年度实现归属于上市公司股东的净利润13.00 亿元到16.00亿元，与上年同期相比，将减少51.46亿元到54.46亿元，同比减少76.28%到80.73%；公司预 计2025年度实现归属于上市公司股东的扣除非经常性损益的净利润4.00亿元到6.00亿元，与上年同期相 比，将减少45.03亿元到47.03亿元，同比减少88.24%到92.16%。 ...

智通财经APP讯，中国中冶(01618)发布2025年年度业绩预告，经财务部门初步测算，预计2025年度实现 归属于上市公司股东的净利润人民币13.00亿元到人民币16.00亿元，与上年同期人民币67.46亿元相比， 将减少人民币51.46亿元到人民币54.46亿元，同比减少76.28%到80.73%;预计2025年度实现归属于上市公 司股东的扣除非经常性损益的净利润人民币4.00亿元到人民币6.00亿元，与上年同期人民币51.03亿元相 比，将减少人民币45.03亿元到人民币47.03亿元，同比减少88.24%到92.16%。 公司经营业绩出现下滑，主要原因是公司2025年房地产业务亏损，同时计提存货、固定资产、投资性房 地产等各类资产减值准备预计将超过260亿元，此外，受建筑行业下行影响，公司收入有所下滑。 2026年，随着房地产业务资产处置工作的基本完成，公司将逐步摆脱房地产业务业绩亏损的拖累，结 合"十五五"规划和业务结构调整战略，围绕"一核心、两主体、五特色"多元化业务体系建设，谋划科技 产业项目顶层设计，推动科技创新与产业创新深度融合，开辟新赛道、打造新引擎，助力公司实现高质 量发展，提升长期业绩 ...

Group 1 - The company China Metallurgical Group Corporation (601618.SH) forecasts a net profit attributable to shareholders for the year 2025 to be between 1.3 billion to 1.6 billion yuan, representing a decrease of 76.28% to 80.73% compared to the same period last year [1] - During the reporting period, the company's real estate business incurred losses, leading to the provision for various asset impairments exceeding 26 billion yuan [1] - The decline in revenue is attributed to the downturn in the construction industry [1]

Group 1 - The core viewpoint of the report is that with a stable fundamental base, the growth potential of the company is promising [1][3] - Hongrun Construction is one of the earliest private enterprises to enter the shield tunneling construction sector in China, with over 300 kilometers of cumulative tunneling in more than 20 cities, showcasing its leading position in technical experience and project management capabilities [1] - The company is deepening its engagement in core urban agglomerations under the "Yangtze River Delta Integration" strategy, with stable business segments in urban rail transit and underground space [1] Group 2 - The company is expanding its business from traditional infrastructure to include investments in photovoltaic power plants and energy storage, forming a more balanced growth structure [1] - The new energy business is entering a high growth phase, projected to achieve a revenue increase of 298% year-on-year in 2024 and 94% in the first half of 2025, contributing significantly to profit growth [1] - The strategic shift from "construction contracting" to "infrastructure + new energy" is beginning to show results as projects accelerate [1] Group 3 - The company is strategically investing in AI robotics, establishing a joint venture with Matrix Super Intelligence to focus on key modules such as servo motors and intelligent algorithms [2] - The construction industry is currently in a contraction phase due to tightening local finances, with new contracts declining for two consecutive years, leading to pressure on the company's main business profitability [2] - As debt reduction policies continue to improve the cash flow environment, there are signs of recovery in the company's operating cash flow and cash collection ratio for 2024-2025H1 [2] Group 4 - The partnership with Matrix Super Intelligence aims to promote the large-scale application of robotics in urban infrastructure and industrial operations [3] - The ongoing commissioning of new energy projects is expected to drive performance growth, while traditional municipal construction is anticipated to gradually recover as debt reduction progresses [3] - Overall, the company's growth potential remains promising with a stable fundamental base [3]

"我们已把2026年定为'AI年'，集中培训人工智能(AI)方面的人才，希望帮助建造业持续发展。"香港建 造学院助理院长蔡盈慧指着正在示范运作的人工智能天秤系统——远程操作塔式起重机介绍道，"操作 传统的塔式起重机需爬上数十米高的驾驶室，而AI天秤只需在地面的智能驾驶舱内远程操控，同时搭 载侦测系统，避开障碍物，降低工地安全风险。" 中新社香港1月23日电 题：香港院校培育实战型创科人才对接产业需求 中新社记者 魏华都 职业训练局介绍，"SOPHIE8x"太阳能车由香港专业教育学院与粤企联手研发，包括轮内永磁同步电 机、新型电池管理系统等，体现其课程紧贴市场趋势，也展现香港年轻一代在创科领域的潜力。香港专 业教育学院于2024年5月成立电动车培训中心，已为业界培训超过400名新能源汽车领域相关从业人员。 在香港恒生大学，会计课程正经历智能化转型。香港恒生大学会计学系副教授叶颖谕和教务处经理黄艳 艳告诉记者，该校会计课程重点转向借助AI工具进行财务分析，利用专业AI程序和业界提供的数据作 训练，"我们与时并进，希望学生投入工作时可以驾驭AI。" 可以看到，无论是职业教育还是普通教育，院校正紧贴香港未来发展需要以 ...