Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [2] Core Viewpoints - The overall market has weakened, with the Shanghai Composite Index down 3.9% and the ChiNext Index down 6.15%. This adjustment is likely influenced by multiple factors, including delayed expectations for US interest rate cuts, increased volatility in US stocks, and rising geopolitical uncertainties. As the year-end approaches, a "high-cut low" tendency may emerge in the market, where technology sectors may see profit-taking while the construction sector, with its counter-cyclical attributes and low valuations, becomes more attractive for allocation [3][10] - The report suggests focusing on construction companies with stable dividends and low valuations, regional construction firms with project advantages, and companies in the decoration sector that may benefit from policy improvements [4][11] Summary by Sections Market Performance - The Shanghai Composite Index fell 3.90%, the Shenzhen Component Index fell 5.13%, and the ChiNext Index fell 6.15%. The construction decoration index dropped 6.11%, with all sub-sectors declining. Among individual stocks, 8 stocks in the construction sector rose, with the top five performers being Zhengzhong Design (+14.14%), Shanghai Port (+11.83%), and others [5][16] Infrastructure Data Tracking - Special bonds issued this week amounted to 1176.39 billion, with a cumulative issuance of 72,311.75 billion, up 25.14% year-on-year. City investment bonds issued this week totaled 618.90 billion, with a net financing amount of 129.13 billion, resulting in a cumulative net financing amount of -5,407.40 billion [6][20][21] Company Dynamics - Notable new contracts signed by major companies include China Power Construction with new orders of 9579.79 billion, China Nuclear Engineering with new contracts of 1238.40 billion, and China Chemical with new orders of 3126.70 billion. Other companies also reported significant contract wins [14]

Key Points - Industrial Fulian (601138.SH) has not lowered its profit target for the fourth quarter [1] - Shanghai Port Bay (605598.SH) reported that its commercial aerospace and perovskite solar business account for less than 1% of its revenue, indicating a small scale and no profitability yet [1] - Zhaohong Wanli (603210.SH) plans to establish a wholly-owned subsidiary to invest 480 million yuan in the construction of an automotive body structure component production line [1] - Tongji Technology (600846.SH) announced that its subsidiary won the bid for the Xi'an Heshan Jinxiu Mansion project construction [1] - ST Zhongzhu (600568.SH) revealed that Shen Shang Group intends to transfer 100% equity of Langdi Technology to Bubugao Investment for 30 million yuan [1] - Naxinwei (688052.SH) plans to repurchase shares worth between 200 million to 400 million yuan [1] - Star Entertainment (300043.SH) reported that its actual controller and concerted parties plan to reduce their holdings by no more than 2.9% [1] - Cixing Co., Ltd. (300307.SH) intends to raise no more than 300 million yuan through a private placement [2] - Zhongding Co., Ltd. (000887.SH) has become a supplier of liquid cooling dummy loads for two domestic liquid cooling system integrators [2]

Key Points - Industrial Fulian (601138.SH) has not lowered its profit target for the fourth quarter [1] - Shanghai Port Bay (605598.SH) reported that its commercial aerospace and perovskite solar business account for less than 1% of its revenue, indicating a small scale and no profitability [1] - Taihong Wanli (603210.SH) plans to establish a wholly-owned subsidiary to invest 480 million yuan in the construction of an automotive body structure component production line [1] - Tongji Technology (600846.SH) announced that its subsidiary won the construction bid for the Xi'an Heshan Jinxiu Mansion project [1] - ST Zhongzhu (600568.SH) revealed that Shen Shang Group intends to transfer 100% equity of Landi Technology to Bubugao Investment for 30 million yuan [1] - Naxinwei (688052.SH) plans to repurchase shares worth between 200 million to 400 million yuan [1] - Xinghui Entertainment (300043.SH) reported that its actual controller and concerted parties plan to reduce their holdings by no more than 2.9% [1] - Cixing Co., Ltd. (300307.SZ) intends to raise no more than 300 million yuan through a private placement [3] - Zhongding Co., Ltd. (000887.SZ) announced that its controlling subsidiary has become a supplier of liquid cooling dummy loads for two domestic liquid cooling system integrators [3]

Economic Overview - High-frequency data indicates that automotive consumption remains strong, benefiting from tax incentives and subsidies, while textile and film consumption is weak[7] - Real estate sales and land market show signs of fatigue, with infrastructure special bonds fully issued but project progress lagging[7] - Exports to South Korea are recovering, while import demand weakens post shopping festival[7] Market Performance - Major global asset prices have declined, with the Hang Seng Index dropping 5.1%, the largest decline among major indices[9] - The S&P 500 Index fell by 1.9%, while the Shanghai Composite Index decreased by 3.9%[9] - The 10-year U.S. Treasury yield fell by 8 basis points to 4.06%[9] Federal Reserve Insights - The U.S. added 119,000 non-farm jobs in September, significantly exceeding expectations of 51,000[12] - The unemployment rate rose to 4.4%, higher than the expected 4.3%[12] - Federal Reserve officials exhibit significant internal disagreement regarding future monetary policy direction[8] Investment Strategies - ETF inflows have increased significantly to 503 billion, while foreign and financing funds have seen outflows[15] - The market's trading activity has decreased, with average daily turnover dropping to 1.9 trillion[14] - The risk appetite remains low, with the overall market sentiment declining[14] Sector Analysis - The technology sector is expected to benefit from AI advancements, with recommendations for investments in internet and computing sectors[35] - The financial sector is poised for recovery, with a focus on brokerage and insurance stocks[35] - Consumer stocks are seen as undervalued, with potential growth in food and beverage sectors[35]

该项目位于西安浐灞生态区欧亚大道以南，灞柳西路以西。该项目总建筑面积约105,391.59平方米，包 括住宅5栋，配套商业2栋，物业管理用房1栋;其中地上建筑面积64,793.06平方米，地下建筑面积 40,598.53平方米。该工程项目中标价格8.66亿元，中标工期1340日历天。 同济科技（600846）(600846.SH)发布公告，公司全资子公司上海同济建设有限公司收到西安中新沁园 房地产开发有限公司发出的中标通知书，上海同济建设有限公司中标西安河山锦绣府项目施工一标段项 目。 ...

欢迎扫描下方二维码关注： HINDADA 纳税人跨地区提供建筑服务、销售和出租不 动产的，应在建筑服务发生地、不动产所在 地 预 缴 增 值 税 时 ， 以 预 缴 增 值 税 税 额 为 计 税 依据，并按预缴增值税所在地的城市维护建 设 税 适 用 税 率 和 教 育 费 附 加 征 收 率 就 地 计 算 缴纳城市维护建设税和教育费附加。 附加适用税率和征收率规定如下: ◎（一）城市维护建设税：市区7%；县城、 镇5%；不在市区、县城或镇的1% ◎ (二) 教育费附加: 3% © (三) 地方教育附加: 2% 官2023年1月1日至2027年12月31日，对增值税小 规模纳税人、小型微利企业和个体工商户减半征收 资源税（不含水资源税）、城市维护建设税、房产 税、城镇土地使用税、印花税（不含证券交易印花 税）、耕地占用税和教育费附加、地方教育附加。 三、企业所得税 】跨地区经营汇总纳税企业 参照《国家税务总局关于印发<跨地区经 营汇总纳税企业所得税征收管理办法>的 公告》（国家税务总局公告2012年第57 号) 文件规定。 】建筑企业总机构直接管理的跨地区设立的项目部 应按项目实际经营收入的0.2%按月或 ...

同济科技公告称，其全资子公司上海同济建设有限公司收到中标通知书，中标西安河山锦绣府项目施工 一标段。项目位于西安浐灞生态区，总建筑面积约10.54万平方米，地上6.48万平方米，地下4.06万平方 米，含5栋住宅、2栋配套商业和1栋物业管理用房。中标价格8.66亿元，工期1340日历天。公司将按要 求签合同，细节以正式合同为准。 ...

【同济科技：全资子公司中标西安河山锦绣府项目施工一标段 中标价格8.66亿元】智通财经11月24日 电，同济科技(600846.SH)公告称，公司全资子公司上海同济建设有限公司收到西安中新沁园房地产开 发有限公司发出的中标通知书，中标西安河山锦绣府项目施工一标段，中标价格8.66亿元。该项目位于 西安浐灞生态区，总建筑面积约105,391.59平方米。公司将办理合同签订事宜，具体细节以最终签署的 正式合同为准。 转自：智通财经 ...

该项目位于西安浐灞生态区欧亚大道以南，灞柳西路以西。该项目总建筑面积约105,391.59平方米，包 括住宅5栋，配套商业2栋，物业管理用房1栋;其中地上建筑面积64,793.06平方米，地下建筑面积 40,598.53平方米。该工程项目中标价格8.66亿元，中标工期1340日历天。 智通财经APP讯，同济科技(600846.SH)发布公告，公司全资子公司上海同济建设有限公司收到西安中 新沁园房地产开发有限公司发出的中标通知书，上海同济建设有限公司中标西安河山锦绣府项目施工一 标段项目。 ...

股市里最残酷的刑具，不是暴跌，而是阴跌。 一只股票可以连跌10年，股价从62元跌到1.62元，跌幅91.5%；另一只股票跌了18年，36万股东守着11倍市盈率的"廉价筹码"，却等不来解套之日。 这些个股的K线图像一道斜坡，每次反弹都是诱多，每次抄底都是陷阱。 2025年的A股市场，仍有超过70只股票连续下跌超5年，涉及股东人数近百万人。 从62元到1.62元的财富蒸发 2015年6月，A股站上5178点高峰时，一家主营建筑施?的公司股价触及62元。 十年后，这家公司更名为"智能"，转型纺织机械设备制造，股价却只剩2.6元，跌幅超95%。 期间，公司净利润从转型初期的8亿元峰值跌至亏损，2024年三季报再亏2.389亿元，同比亏损扩大101%。 股价在3元以下震荡4年，最低触及1.20元，9万股东人均浮亏超80%。 类似的案例遍布市场：重庆钢铁上市15年，股价从10.09元跌至1.52元，18万股东被困；中国铝业下跌18年，从60.10元跌至9.9元，最大跌幅96%；华丽家族 因石墨烯概念炒作后连续回调十年，股价从30.90元跌至3.16元。 这些股票的共性在于，下跌途中从不缺少抄底者。 京东方A拥有125.7 ...