今日市场探底回升，三大指数涨跌不一，深成指、创业板指盘中先后翻红，创业板指此前一度跌超 2%。上证指数收跌0.23%，深证成指收涨0.29%，创业板指收跌0.02%。沪深两市成交额1.78万亿，较上 一个交易日缩量1254亿。盘面上，地产股午后异动上涨，贵金属等板块涨幅居前，CPO、半导体题材午 后走强；银行、电力设备、计算机等板块调整。 【热点1】 据摩根大通首席中国股票策略师表示，预计随着估值正常化以及遏制产能过剩的举措提振关键行业的盈 利能力，MSCI中国指数将进一步反弹。到2026年底，MSCI中国指数将上涨约18%，沪深300指数将上 涨约12%。MSCI香港指数在资本流动和房地产市场情绪最终复苏的支撑下，涨幅可达18%。 近期国内政策积极表态为市场构建支撑，且大盘已经进行较长时间的震荡，有望迎来跨年行情的布局窗 口期。据信达证券统计，2010 年以来，每年年底到第二年春季的跨年阶段，大多会出现一段跨年行 情。行情通常持续 1-2 个月，启动时间集中在 12 月-次年 1 月。从历史经验来看，如果指数处在低位， 则跨年行情启动的时间较早，幅度较大，有正收益的概率较高。但如果指数处在高位，则跨年行情启 ...

Group 1 - The company *ST San Sheng has completed the transfer of 252,102,041 shares as part of its restructuring plan, increasing its total share capital from 432,000,000 shares to 684,102,041 shares [1] - Of the transferred shares, 160,000,000 are restricted shares and 92,102,041 are freely tradable shares, with all shares registered to a special account for the disposal of the bankrupt company's assets [1] - The company has applied to the court to transfer the shares in the special account to designated securities accounts of restructuring investors and creditors [1] Group 2 - The capital reserve share transfer is part of the restructuring plan and differs significantly from typical capital reserve share transfers or placements [2] - The stock will be suspended on the share registration date, December 9, 2025, with a closing price of 4.85 yuan per share, which is higher than the average price of 4.28 yuan per share for the capital reserve transfer [2] - The adjusted opening reference price for the stock on December 10, 2025, will be 4.64 yuan per share due to the adjustment of the ex-rights reference price calculation formula [2] Group 3 - The company's stock will resume trading on December 10, 2025 [3] - For the first half of 2025, the company's revenue composition is as follows: 59.77% from pharmaceuticals, 39.94% from building materials, and 0.29% from other businesses [3] - The current market capitalization of *ST San Sheng is 2.1 billion yuan [4]

（编辑 姚尧） 证券日报网12月5日讯 科达制造在12月5日回答调研者提问时表示，由于公司去年海外建材业务上半年 的业绩低迷，以及其业务总部管理架构的搭建，在海外人才引进与信息化建设上的持续投入，导致相关 费用有所上升。而今年以来，随着公司新增产能的释放、营业收入规模的扩大，以及相关组织人员结构 趋于稳定等，公司经营现金流实现了较好增长。 ...

证券日报网12月5日讯 科达制造（600499）在12月5日回答调研者提问时表示，今年前三季度，公司海 外建材业务各品类的产能利用率均维持在高位。 ...

Summary of Key Points from Conference Call Records Industry Overview - **Real Estate Industry**: The real estate sector is supported by policies aimed at high-quality development, with state-owned enterprises (SOEs) expected to avoid significant losses. It is projected that real estate investment growth may decline to around 8 trillion yuan by 2025, with the contribution of real estate and its industrial chain to GDP dropping to 8-10% from a peak of approximately 30% [1][2][3]. Core Insights and Arguments - **Investment Trends**: The construction industry is facing negative growth in investment, with infrastructure, manufacturing, and real estate investments all declining. In October, new home sales fell by 30% year-on-year, and second-hand home sales dropped by 18% [1][4]. - **Future Projections**: The real estate sector's contribution to GDP is expected to decrease to about 4.2%, with a potential drop in investment to the 7 trillion yuan range if the fourth quarter sees significant declines [2][4]. - **Policy Support**: The emphasis on high-quality development suggests that a number of quality companies will emerge as market benchmarks over the next three to five years, particularly among SOEs [2][3]. Investment Recommendations - **Construction Sector**: It is advised to selectively invest in SOEs in the construction sector to capitalize on potential short-term policy boosts. Key companies to watch include: - **Planning and Design**: Huayang International, Shenzhen Ruijie - **EPC and General Contracting**: China State Construction, China Railway, China Railway Construction - **Construction**: Shanghai Construction, Honglu Steel Structure - **Completion**: Jintai Long, Jianghe Group [5][6]. - **Building Materials Sector**: The building materials industry is expected to show significant divergence by 2025, with some companies maintaining growth while others decline. Companies with unique growth advantages or low valuations and high dividend yields will be favored by the market [7][8]. Notable Companies in Consumer Building Materials - **Oriental Yuhong**: Growth driven by overseas markets, with improving gross margins due to raw material price declines [8]. - **Hankow Group**: Expected to maintain over 30% growth [8]. - **San Ke Shu**: Benefiting from rural revitalization and renovation markets [8]. - **Beijing New Materials, Rabbit Baby, and North New Materials**: Notable for their valuation or dividend advantages [8]. Glass Fiber and Cement Sectors - **Glass Fiber**: The sector is experiencing a split between high-end and low-end demand, with leading companies showing strong profitability. Recommended companies include China Jushi and China National Materials [9][10]. - **Cement**: The cement sector is expected to face limited demand elasticity, with supply-side restrictions anticipated to be implemented by the end of next year. Recommended companies include Conch Cement and Huaxin Cement [10]. Steel Industry Outlook - **Steel Demand**: The steel industry is expected to see demand bottoming out, contingent on policy support. Recommended leading companies include Baosteel, Nanjing Steel, and CITIC Special Steel [11][12]. Aluminum Industry Insights - **Aluminum Demand**: The aluminum sector is benefiting from increased demand due to renewable energy needs, with domestic production nearing capacity limits. Companies like Yunnan Aluminum are favored for long-term investments [13]. Coking Coal Market Analysis - **Coking Coal Trends**: The coking coal market is expected to recover from a poor first half of 2025, with prices anticipated to rise due to supply constraints and resource depletion. Recommended companies include North China Mining and Shanxi Coking Coal [14][15].

Group 1 - The current environment for Chinese wealth is characterized by a lack of safe investment options, with significant events highlighting the risks of holding assets overseas, such as the freezing of Russian oligarchs' assets and the seizure of cryptocurrency by the U.S. [1][29] - UBS's potential relocation to the U.S. to comply with regulatory demands signals an escalation in international asset capture efforts, raising concerns among Chinese entrepreneurs about the safety of their overseas investments [1][11] - The A-share and Hong Kong stock markets are viewed as "small blessings" in the current global asset landscape, with the CSI 300 index having a PE ratio of approximately 13 times and an implied return of 7% [21][30] Group 2 - Despite ongoing economic deflation, core ROE has stabilized due to the exit of weaker firms, allowing leading companies in sectors like construction and real estate to improve profitability [2][21] - Leading companies in struggling industries are beginning to see profit recovery, with some construction firms reporting net profits of 6% and real estate companies achieving over 10% net profit on new projects [21][34] - There is a significant amount of wealth in China currently concentrated in fixed income, with low risk appetite among residents, which could drive future capital migration towards equities [2][21] Group 3 - The potential for a bull market in A-shares and Hong Kong stocks is anticipated if the Chinese economy stabilizes and ROE improves, especially as global capital may shift towards Chinese assets due to challenges in the U.S. [2][21][36] - The mismatch between China's manufacturing share in the global market and its international currency status suggests that as the economy recovers, the renminbi's role in trade settlements and reserves may increase [21][36] - The current low risk appetite and the concentration of wealth in fixed income could act as catalysts for a significant reallocation of assets towards equities in the future [2][35]

Core Viewpoint - The China National Building Material Group is enhancing the professional capabilities and political awareness of its disciplinary inspection cadres through targeted training programs, focusing on practical applications and theoretical knowledge [1][2][3] Group 1: Training Initiatives - The group has commissioned the Chinese Academy of Discipline Inspection and Supervision to conduct specialized training for 124 grassroots disciplinary inspection cadres, covering topics such as big data utilization and daily supervision methods [1] - A total of five comprehensive training sessions have been conducted this year, involving 530 participants, ensuring full coverage of the disciplinary inspection business within the organization [1] Group 2: Political and Theoretical Education - The group emphasizes the importance of political capability and theoretical knowledge, integrating the Party's innovative theories into the training curriculum and organizing thematic activities to enhance ideological awareness [2] - Regular study sessions and discussions on key business issues are held to strengthen legal awareness and procedural understanding among the cadres [2] Group 3: Practical Experience and Collaboration - The group focuses on cultivating business backbones through practical case handling, with over 30 personnel participating in case investigations to enhance their skills in conversation, data analysis, and case review [3] - Collaboration with various departments is emphasized to strengthen political supervision in major projects, aiming to develop well-rounded talents with both theoretical and practical skills [3]

天眼查App显示，近日，江西环通建材有限公司成立，法定代表人为杨新球，注册资本480万人民币， 经营范围为许可项目：城市建筑垃圾处置（清运），建设工程施工（依法须经批准的项目，经相关部门 批准后在许可有效期内方可开展经营活动，具体经营项目和许可期限以相关部门批准文件或许可证件为 准）一般项目：废旧沥青再生技术研发，建筑废弃物再生技术研发，建筑用石加工，建筑防水卷材产品 制造，建筑防水卷材产品销售，非金属矿物制品制造，非金属矿及制品销售，建筑材料销售，涂料销售 （不含危险化学品），新型建筑材料制造（不含危险化学品），非金属废料和碎屑加工处理，石油制品 销售（不含危险化学品），新能源原动设备销售，供应链管理服务，普通货物仓储服务（不含危险化学 品等需许可审批的项目），金属门窗工程施工，涂料制造（不含危险化学品）（除依法须经批准的项目 外，凭营业执照依法自主开展经营活动）。 ...

专题：2025分析师大会：资本市场"奥斯卡"启幕 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月28日，2025分析师大会重磅启幕，百位行研首席、公私募掌舵人、权威学者齐聚一堂，共寻穿越周 期的投资真谛。本次盛会汇聚了来自研究界与投资界的顶尖力量。 半夏投资创始人李蓓出席本次大会并发表主题演讲。 李蓓在演讲中回顾了过去一年的资产市场表现，指出当下全球资产配置进入 "乱世"，同时也提出 A 股 和港股市场存在 "小确幸"，未来更有望迎来全球资本涌入的大牛市。 李蓓表示，过去一年各类资产表现尚可，但当前资产配置难度显著加大，全球呈现 "财富无处安放，安 全难有保障" 的局面。国内方面，非标资产断供、房地产投资租金回报吸引力不足，曾经的基石资产不 再稳固；海外市场中，美国高财政赤字引发美元信用担忧，美股估值与盈利处于高位，AI 领域泡沫争 议渐起，就连此前表现亮眼的黄金，也因央行售金等信号出现不确定性，俄罗斯央行售金更是被视作重 要风险提示。此外，国际资产安全风险加剧，俄罗斯富豪资产冻结、币安创始人受罚等事件，让高净值 人群对海外资产安全产生顾虑。 不过，李蓓认为 A 股和港股大盘 ...

天眼查App显示，近日，涡阳县臻麟新型建材有限公司成立，法定代表人为林存金，注册资本100万人 民币，经营范围为一般项目：建筑材料销售；建筑装饰材料销售；金属材料销售；新材料技术推广服 务；新材料技术研发；门窗销售；门窗制造加工；人造板销售；木材销售；合成材料销售；保温材料销 售；隔热和隔音材料销售；耐火材料销售（除许可业务外，可自主依法经营法律法规非禁止或限制的项 目）许可项目：道路货物运输（不含危险货物）（依法须经批准的项目，经相关部门批准后方可开展经 营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...