（编辑 丛可心） 证券日报网讯 12月15日，金螳螂在互动平台回答投资者提问时表示，公司正在从传统装饰承包商向 以"绿色化、工业化、数字化"为核心的建筑科技综合服务商转变。当前战略性投入（如装配式、医疗康 养、海外市场等）虽可能影响短期利润，但旨在抢占未来市场、构建长期壁垒。行业正在变革，公司追 求的并非虚幻倍数，而是通过技术和模式创新，在行业新阶段获取更持续、更优质的回报。 ...

1.1 违约数量和规模均大幅下降，信用环境有所改善 2025年，信用债违约数量和金额延续去年的下滑趋势，年初至今共有16只信用债发生违约，违约金额合计150.84亿元，同比2024年分别减少54只和771.45 亿元。从历年违约情况来看，违约金额于2021年达到历史峰值后逐年下滑，信用环境不断改善。从违约类型来看，2014-2025年，信用债市场以实质违约 为主（73.4%），仅22和23年展期数量反超实质违约。今年共有11只信用债为实质违约，剩余5只为展期。 西部固收对2025年的信用债违约情况进行分析和总结，为投资者防范识别信用风险提供参考。在开始分析前先明确统计口径，此处的违约为广义口径，即 除了实质违约以外，技术性违约、交叉违约和展期均包含在内。 1.2 首次违约主体均为非国有企业，地产行业违约数量减少 2025年首次违约的16只债券来自12家发行人，均为非国有企业。从行业分布来看，12家主体共涉及房地产、综合、建筑装饰、非银金融、商贸零售和汽车 6个行业，其中房地产业主体数最多（4家），其次为非银金融（3家）。 | 企业 | 违约债券数 | 违约金额 | 违约类型 | 企业性质 | 所属行业 | 违 ...

德才股份(605287.SH)公告称，股东城高世纪持有公司484.39万股，占总股本的3.46%，计划以集中竞价 或大宗交易方式合计减持不超过420万股，占公司总股本比例不超过3%，其中集中竞价减持不超过140 万股，大宗交易减持不超过280万股，减持期间为2026年1月8日至2026年4月7日，减持原因为资金需 求，股份来源为公司首次公开发行前取得的股份及上市后资本公积金转增股本取得的股份。 ...

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - Fixed asset investment growth in China has further declined, with a cumulative year-on-year decrease of 2.6% for January to November 2025, a drop of 0.9 percentage points compared to the previous period [2][3]. - Traditional infrastructure investment has seen an expanded decline, necessitating measures to stabilize investment. Infrastructure investment (including all categories) grew by only 0.1% year-on-year, down 1.4 percentage points from the previous month [4]. - Real estate investment remains low, with a year-on-year decrease of 15.9% for January to November 2025, indicating a weak recovery trajectory [11]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is -2.6%, with manufacturing investment showing a slight increase of 1.9% [2][3]. - The decline in traditional infrastructure investment has intensified, with significant drops in various sectors, including transportation and public facilities [4]. Infrastructure Investment - Infrastructure investment (excluding electricity) has decreased by 1.1% year-on-year, with notable declines in transportation and environmental management sectors [4]. - Regional investment disparities are evident, with the eastern region experiencing a 6.6% decline year-on-year [4]. Real Estate Investment - Real estate investment has decreased by 15.9% year-on-year, with construction starts down by 20.5% and completions down by 18.0% [11]. - The report anticipates a slow recovery in real estate investment due to challenges in inventory replenishment and supply chain issues [11]. Investment Recommendations - The report suggests that in 2026, industry investment is expected to stabilize, with emerging sectors likely to benefit from national strategic initiatives [15]. - Specific companies are highlighted for potential investment, including Sichuan Road and Bridge, China Chemical, and others in the new infrastructure and overseas markets [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the number and scale of credit bond defaults decreased significantly, and the credit environment improved. The number of defaulted bonds was 16, with a total default amount of 15.084 billion yuan, a year-on-year decrease of 54 bonds and 77.145 billion yuan respectively [1][11]. - All first - time defaulting entities in 2025 were non - state - owned enterprises, and the number of defaults in the real estate industry decreased. Looking ahead to 2026, real estate may still be the main risk point in the credit bond market, and local risks of some weak - qualified small and medium - sized financial institutions should be vigilant, but the probability of a systemic impact on the market is low [1][13]. - The default rate dropped to a historically low level. In 2025, the marginal default rate was 0.22%, the second - lowest since 2014 [1][22]. - Last week, after an important meeting released a signal of monetary easing, credit bond yields turned downward in the second half of the week but the repair momentum was weak. Looking forward, due to the impact of wealth management funds returning to the balance sheet at the end of the quarter, incremental funds may be limited, and there is insufficient impetus to compress credit spreads. It is recommended to focus on the coupon strategy [2]. 3. Summary According to the Directory 3.1 2025 Credit Bond Market Default Feature Summary - **Default Quantity and Scale Decreased Significantly, Credit Environment Improved**: In 2025, the number and amount of defaulted credit bonds continued the downward trend of the previous year. There were 16 defaulted bonds with a total amount of 15.084 billion yuan, a year - on - year decrease of 54 bonds and 77.145 billion yuan respectively. From 2014 - 2025, substantial defaults were the main type in the credit bond market (73.4%), and in 2025, there were 11 substantial defaults and 5 extensions [11]. - **First - time Defaulting Entities were All Non - state - owned Enterprises, Real Estate Industry Default Quantity Decreased**: The 16 first - time defaulted bonds in 2025 came from 12 non - state - owned enterprise issuers, covering 6 industries such as real estate and non - bank finance. Historically, non - state - owned enterprises had significantly more defaults than state - owned enterprises. The real estate industry was still the main risk point in 2026, and local risks of some small and medium - sized financial institutions should be watched out for [13][17]. - **Default Rate Dropped to a Historically Low Level**: In 2025, the marginal default rate was 0.22%, the second - lowest since 2014. The overall recovery rate from 2014 to 2025 was 13.76%, with state - owned enterprises having a higher recovery rate of 27.12% than non - state - owned enterprises at 10.28% [22]. 3.2 Credit Bond Yield Overview - Last week, after an important meeting released a signal of monetary easing, credit bond yields turned downward in the second half of the week but the repair momentum was weak. Overall, credit bond yields showed mixed trends, with financial bonds performing better than non - financial credit bonds, and the 3 - year non - financial credit bonds performing better [27]. - Wealth management scale and the proportion of broken - net products decreased. The average yield of wealth management products had been declining for 6 consecutive weeks since early November. Looking forward, due to the impact of wealth management funds returning to the balance sheet at the end of the quarter, incremental funds may be limited, and there is insufficient impetus to compress credit spreads. It is recommended to focus on the coupon strategy. Institutions with stable liability ends can moderately participate in 3 - year medium - and high - grade bank secondary and perpetual bonds and securities firm subordinated bonds with relatively high spreads [29][36]. 3.3 Primary Market - **Issuance Volume**: Last week, the issuance scale of credit bonds increased both month - on - month and year - on - year, while the net financing scale decreased month - on - month and increased year - on - year. The net financing scale of urban investment bonds and financial bonds decreased month - on - month, while that of industrial bonds increased [37]. - **Issuance Cost**: The average issuance interest rate of credit bonds increased slightly. The average issuance interest rate of urban investment bonds increased month - on - month, while that of industrial and financial bonds decreased [45]. - **Issuance Term**: The average issuance term of credit bonds decreased month - on - month. The issuance terms of industrial and financial bonds decreased, while that of urban investment bonds increased [47]. - **Cancellation of Issuance**: The number and scale of cancelled credit bond issuances decreased last week [53]. 3.4 Secondary Market - **Trading Volume**: Except for the trading volume of securities firm subordinated bonds, the trading volume of other types of credit bonds rebounded last week, with the trading volume of bank secondary capital bonds increasing by over 13 billion yuan. The trading terms of different types of bonds showed different trends in terms of remaining maturity and implied rating [57][58]. - **Trading Liquidity**: The turnover rates of urban investment bonds, industrial bonds, and financial bonds increased last week. The turnover rates of different terms of each type of bond also showed different trends [59]. - **Spread Tracking**: Last week, most urban investment bond spreads widened, with the 10 - year AA + grade urban investment bond spreads widening the most. Most industrial bond spreads also widened, with the real estate industry having the largest spread widening for both AAA and AA grades. Most bank secondary and perpetual bond spreads narrowed, while the spreads of securities firm subordinated bonds widened across the board, and most insurance subordinated bond spreads narrowed [65][73][76]. 3.5 Weekly Hot Bonds Overview Based on qeubee's bond liquidity scoring, the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of liquidity scores were selected for investors' reference [80]. 3.6 Credit Rating Adjustment Review Last week, 3 bonds had their debt ratings downgraded, and there were no upgrades [84].

亚翔集成股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有13个交易日股价刷新历史 纪录。截至09:32，该股目前上涨3.08%，股价报91.94元，成交56.61万股，成交金额5112.04万元，换手 率0.27%，该股最新A股总市值达196.16亿元，该股A股流通市值196.16亿元。 公司12月11日在交易所互动平台披露，截至最新（12月10日）股东户数为14569户，较上期（11月30 日）增加434户，环比增长3.07%。这是该股股东户数连续第2期增长，也就是说筹码呈持续分散趋势。 公司发布的三季报数据显示，前三季度公司共实现营业收入31.09亿元，同比下降29.63%，实现净利润 4.42亿元，同比增长0.78%，基本每股收益为2.0700元，加权平均净资产收益率23.06%。（数据宝） （文章来源：证券时报网） 证券时报·数据宝统计显示，亚翔集成所属的建筑装饰行业，目前整体跌幅为0.21%，行业内，目前股价 上涨的有52只，涨幅居前的有北新路桥、华图山鼎、*ST交投等，涨幅分别为7.07%、6.70%、4.94%。 股价下跌的有96只，跌幅居前的有国晟科技、*ST正平、*ST建艺等，跌 ...

时近岁末，全国会展业迎来稳健收官。近期，一批紧扣产业前沿与国际合作的展会将在多地举办，展现 出行业的发展韧性与市场潜力，也为来年的持续发展蓄力。下周全国将举办哪些重要展会？中国经济网 带你"展"望！ 2025上海纺机展 第八届健博会 2025 ARCE 亚洲机器人大会 2025杭州绿色建博会 2025深圳国际酒店及餐饮业博览会 2025深圳国际高性能医疗器械展览会 第五届成都都市圈建设论坛 第二十届上海国际纺织工业展览会 一周展会速览 时间：12月19日至21日 地点：广州国际采购中心 时间：12月16日至19日 地点：上海新国际博览中心 第二十届上海国际纺织工业展览会（2025上海纺机展）以"同行永续・织动未来"为主题，规划展览面积 达6万平方米，届时将有来自全球各地的600家参展企业齐聚一堂。作为亚洲首屈一指的纺织机械与技术 盛会，展会全面覆盖纺织全产业链，为全球纺织业者打造一个技术交流、商贸合作的全球化平台。 第八届海南国际健康产业博览会 时间：12月19日至22日 地点：三亚保利国际博览中心 第八届海南国际健康产业博览会（健博会）主题为"智领·健康新未来"。本届健博会规划智慧医疗、创 新药械等6大核心 ...

隔夜美联储突然宣布降息50个基点，美股却出现暴跌，黄金出现暴涨行情。美股为什么不上涨而是暴跌 呢？ 虽然外围重挫，但从今天开盘来看，我们大A股还算是顽强的抗住了，小幅低开高走且量能急速缩减， 市场筹码仍然比较安稳，今天大幅下跌的概率较低，轻指数重个股。大基建（水泥，建材，建筑装饰） 强势卷土重来，在回调的过程中伺机低吸是相对安全的，大家多注意。 【外围影响】隔夜美联储虽然宣布降息，但市场并不买账，美股冲高回落，大幅收阴。这对A股也是利 空，今天指数大概率还会有下探，注意控制风险。建议个股仓位要降一降，保住利润；同时配置股指期 货的空单，对冲风险，通过机制优势和资产配置来扩大盈利。 ...

2025 年 12 月 14 日 建筑 2026 年财政定调积极，投资有望止跌 回稳 本周投资建议： 12 月 8 日，政治局会议召开，强调要做好明年经济工作，实施更加 积极有为的宏观政策，继续实施更加积极的财政政策和适度宽松的货 币政策，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调 节力度。 12 月 10-11 日，中央经济工作会议在北京举行，部署 2026 年工作重 点。会议强调，要实施更加积极有为的宏观政策，增强政策前瞻性针 对性协同性，持续扩大内需、优化供给，做优增量、盘活存量，因地 制宜发展新质生产力；要发挥存量政策和增量政策集成效应，加大逆 周期和跨周期调节力度，提升宏观经济治理效能；要继续实施更加积 极的财政政策，保持必要的财政赤字、债务总规模和支出总量。在投 资方面，推动投资止跌回稳，适当增加中央预算内投资规模，优化实 施"两重"项目，优化地方政府专项债券用途管理，继续发挥新型政策 性金融工具作用，并且高质量推进城市更新。同时，提出深入整治"内 卷式"竞争，进一步优化供给。在地方政府债务方面，提出积极有序 化解地方政府债务风险，督促各地主动化债，不得违规新增隐性债务； 优化债务重组和 ...

人民财讯12月12日电，海南发展（002163）12月12日公告，公司控股子公司深圳市三鑫科技发展有限公 司的全资子公司珠海市三鑫科技发展有限公司拟投资建设珠海三鑫太阳能光伏建筑一体化及节能幕墙节 能门窗生产基地(二期)建设项目(简称"珠海生产基地二期项目")，总投资2.15亿元。珠海生产基地承担着 三鑫科技大湾区在建幕墙工程项目，以及未来华南、华中、西南、海外区域的项目及全国大型机场、场 馆等订单的产品生产和供货，珠海生产基地现有产能无法满足公司订单需求，建设珠海生产基地二期能 有效缓解配套不足和订单增长的生产压力。 ...