Investment Rating - Investment Rating: Positive (Maintained) [5] Core Views - The report suggests actively monitoring the business progress of Honglu Steel Structure and China National Materials International. Honglu Steel Structure's Q4 2025 production reached 1.41 million tons, up 11.94% year-on-year, with an annual production of 5.021 million tons, reflecting a 11.3% increase. The capacity utilization rate is approximately 96.55%, indicating a significant improvement from 2024, suggesting the company has entered a high-efficiency operational phase. The introduction of nearly 2,500 welding robots and supporting smart production lines is expected to enhance production efficiency and actual effective capacity. Additionally, the company has improved its overseas certification system, which may become a new growth point in the medium to long term. China National Materials International has maintained the world's leading market share in cement engineering for 17 consecutive years, with overseas markets being the primary source of business. In the first three quarters of 2025, the company signed new overseas orders worth 41.304 billion yuan, a year-on-year increase of 36.75%, indicating a high level of overseas order activity, providing a solid foundation for future business development. The company has also committed to a stable cash dividend policy, with a payout ratio of no less than 40% of the distributable profits for 2024-2026, enhancing its investment attractiveness [4][6][13][15]. Industry Performance - Recent data indicates that infrastructure and livelihood security construction in China continues to progress steadily. As of January 5, 2026, the high-speed railway network covers approximately 97.2% of cities with populations over 500,000, with operational mileage exceeding 50,000 kilometers, projected to grow by 32.98% during the 14th Five-Year Plan. Local governments are increasing efforts in affordable housing construction, with significant projects completed in regions like Xinjiang and Beijing. The national water network construction is accelerating, with 181 major water conservancy projects initiated during the 14th Five-Year Plan, with total investments reaching 5.68 trillion yuan [7][24][26]. Infrastructure Data Tracking - New special bonds issued this week amounted to 87.434 billion yuan, with a cumulative issuance of 1019.34 billion yuan as of January 11, 2026. The issuance of urban investment bonds this week was 90.859 billion yuan, with a net financing amount of 28.226 billion yuan, and a cumulative net financing amount of 19.408 billion yuan, reflecting a year-on-year increase of 30.98% [8][40]. Market Review - The Shanghai Composite Index rose by 3.82%, the Shenzhen Component Index by 4.40%, and the ChiNext Index by 3.89% this week. The Shenwan Construction Decoration Index increased by 5.72%, with other professional engineering, steel structure, and landscaping engineering sectors leading the gains at +16.91%, +11.93%, and +7.34%, respectively. A total of 142 stocks in the construction sector rose, with the top five performers being Zhite New Materials (+148.84%), China Nuclear Construction (+34.50%), Yaxiang Integration (+31.41%), Nongshang Environment (+30.90%), and *ST Tianlong (+28.95%) [9][32].

187只股公布截至1月10日最新股东户数，相比上期股东户数下降的有81只，降幅居前的是亚翔集成、燕 京啤酒、浙江华远等。 其次是燕京啤酒，截至1月10日最新股东户数为45767户，较12月31日下降16.65%，筹码集中以来该股 累计上涨7.48%，累计换手率为8.37%，其间主力资金净流出8696.71万元。 市场表现方面，最新一期筹码集中股1月1日以来平均上涨3.93%，涨幅居前的有亚翔集成、联发股份、 图南股份等，分别上涨30.46%、25.91%、13.28%。所属行业来看，筹码集中股中汽车、机械设备、电 子等行业最为集中，分别有10只、9只、6只个股上榜。 最新筹码集中股业绩 投资者除了在定期报告中获得股东信息数据外，还可以在交易所互动平台上通过提问方式了解部分公司 更及时（每月10日、20日、月末）的股东户数信息。以往3期分别有878家、1052家、1032家公司在互动 平台透露了股东户数，截至发稿，共有187家公司公布了截至1月10日股东户数。 上期筹码集中股回测：42%跑赢沪指 证券时报·数据宝对上一期(12月31日)筹码集中股监测显示，这些股12月21日以来平均上涨7.76%，走势 强于同期 ...

Group 1 - ST Kolidar (603828.SH) experienced a trading halt and resumed trading on January 12, 2026, with a closing price of 8.80 yuan, reflecting a 5.01% increase [1] - On January 10, 2026, ST Kolidar announced the progress of a control rights change and the resumption of trading, following a suspension on January 5 and January 7, 2026 [1] - The indirect controlling shareholder, Suzhou Kolidar Group Co., Ltd., holds 111,677,942 shares, accounting for 18.74% of the total share capital of ST Kolidar [1] Group 2 - On September 30, 2024, Shanghai Yingzhong Intelligent Technology Co., Ltd. signed a share transfer agreement to acquire 30,000,000 shares from Kolidar Group, representing 5.03% of the total share capital [2] - The overall asset valuation of the target company is 532,236,103.24 yuan, with liabilities of 207,649,638.45 yuan and owners' equity of 324,586,464.79 yuan [2] - The total transaction price for 100% equity of the target company is set at 324,586,464.79 yuan, with funding sourced from self-raised funds and/or acquisition loans [2] Group 3 - Suzhou Kolidar Decoration Co., Ltd. was established in 2000 and is primarily engaged in construction decoration and renovation [3] - The company has a registered capital of 595,960,158 yuan and a paid-in capital of 33,785,000 yuan [3]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - From January 4 - 9, 2026, bond market yields first rose and then fell. Interest - rate bond yields increased across the board, and credit bonds became a safe - haven in the bond market with narrowing credit spreads. AA and below credit spreads mostly narrowed by 3 - 6bp [1][9]. - After the holiday, bond fund redemptions led to large - scale selling of bonds in the secondary market, mainly interest - rate bonds and Tier 2 and perpetual bonds, with a slight increase of 54.1 billion yuan in general credit bonds. Currently, the redemptions of impulsive funds have ended [1][9]. - The allocation demand for general credit bonds from financial management, insurance, money funds, and other asset management institutions has rebounded. Most non - bank institutions are still cautious about the maturity of credit bonds they buy, but other asset management institutions have been snapping up 7 - 10 - year credit bonds since mid - December 2025 [2][10]. - In the short term, due to the increase in market risk appetite during the spring rally, it is difficult to have a trending bond market, and the market may still favor the coupon strategy. It is recommended to focus on medium - and short - term coupon - rich varieties [2][13]. - Bank Tier 2 and perpetual bonds still have room for repair. For trading portfolios, it is recommended to control positions; for allocation portfolios with stable liability ends, 3 - 5 - year Tier 2 and perpetual bonds have cost - effectiveness [3][21]. 3. Summary by Relevant Catalogs 3.1 City Investment Bonds: Jiangsu and Zhejiang County - Level Platforms Contribute to Net Financing Increment, Short - Term Bonds are Preferred - From January 1 - 11, 2026, the net financing of city investment bonds was positive, mainly contributed by county - level platforms in Jiangsu and Zhejiang. The primary issuance sentiment improved, and the proportion of full - field multiples above 3 times increased from 35% to 46% [25]. - In terms of issuance interest rates, there was a divergence among different terms. The medium - and short - term rates stabilized, while the long - term rates continued to rise. The weighted average issuance interest rates for different terms showed different trends compared to the previous month [25]. - In the secondary market, city investment bonds remained resilient. Low - grade short - term bonds performed well, while high - grade 3 - 5 - year bonds performed poorly. The average daily trading volume was relatively high, and short - term, weak - quality varieties were more popular [28][32]. 3.2 Industrial Bonds: Net Financing Decreased Year - on - Year, and the Issuance Interest Rates for Medium - and Long - Term Bonds Continued to Rise - From January 1 - 11, 2026, the issuance and net financing of industrial bonds decreased year - on - year. The food and beverage, construction and decoration, and comprehensive industries had relatively large net financing scales. The issuance sentiment improved [34]. - The proportion of short - term issuance increased significantly. The issuance interest rates for 3 - year and shorter terms decreased, while those for 3 - 5 - year and 5 - year and above terms increased. The buying sentiment from brokers continued to weaken, and the trading duration lengthened [34][36]. 3.3 Bank Tier 2 and Perpetual Bonds: Spreads Narrowed Across the Board, and Trading Sentiment Warmed Up - From January 4 - 9, 2026, there were no new bank Tier 2 and perpetual bonds issued. In the secondary market, yields generally declined by 0 - 4bp, and spreads narrowed across the board. The trading sentiment warmed up slightly [39][42].

Investment Rating - The industry investment rating is "Leading the Market - A" [6] Core Insights - The 2026 fiscal policy is set to be positive, with a focus on infrastructure investment and the construction industry expected to see marginal improvements driven by policy and fundamental enhancements [3][9][10] - The demand for cleanroom construction is anticipated to continue growing, benefiting companies like Yaxiang Integration and Shenghui Integration due to the rising prosperity in the semiconductor and cloud service sectors [3][10][11] - The Xinjiang region is expected to maintain rapid investment growth due to ongoing major strategic projects, with companies such as Sanwei Chemical and Donghua Technology being highlighted for their potential [9][11] Summary by Sections Industry Dynamics - The 2026 fiscal policy is positively oriented, with a focus on high-quality implementation of the "14th Five-Year" railway development plan and the construction of key regional railway networks [15] - The construction industry is projected to see stable growth in fixed asset investment, exceeding 3.6 trillion yuan in 2025, indicating a high investment scale [15] Market Performance - The construction industry rose by 5.72%, outperforming the HS300 index, with several sub-sectors showing significant gains, including other professional engineering (14.44%) and steel structure (12.51%) [17][19] - The industry’s price-to-earnings (P/E) ratio is currently at 13.14, with a price-to-book (P/B) ratio of 0.87, indicating a relatively low valuation compared to other sectors [22] Key Companies to Watch - Low-valuation infrastructure state-owned enterprises such as China State Construction, China Communications Construction, and China Railway Construction are recommended for investment due to their improving operational metrics and dividend potential [9][11] - Companies in the cleanroom engineering sector, including Yaxiang Integration and Shenghui Integration, are expected to benefit from increased demand driven by advancements in AI and semiconductor industries [10][11] - In the Xinjiang region, companies like Xinjiang Communications Construction and Donghua Technology are positioned to benefit from significant infrastructure investments and coal chemical projects [11]

Group 1 - The current A-share market ecosystem is undergoing systematic restructuring, with a solid foundation for a "long bull, slow bull" market being established. The strategic position of the capital market has significantly improved, and the institutional framework is becoming more refined, providing a solid guarantee for stable market operations [5][14] - The "New Nine Articles" are promoting a transformation of the market from being financing-led to a balanced focus on both financing and investment, leading to continuous improvements in the quality of listed companies and investor protection [5] - The profitability of core assets is showing signs of a turning point, with both technology and traditional sectors presenting structural opportunities, and the matching of valuation and profitability is improving [5] Group 2 - The spring market is expected to gradually unfold, supported by factors that have driven previous market activity, including liquidity factors such as margin trading and insurance capital, which are anticipated to continue into January [6] - The macroeconomic environment, including the previous appreciation of the RMB, is creating a favorable atmosphere for liquidity and risk appetite, with potential catalysts such as policy adjustments and improvements in fundamental data expected in January [6] - After a two-month earnings window, listed companies will once again face fundamental verification as they enter the earnings forecast disclosure window in January [6] Group 3 - A-share market is expected to maintain an upward trend, with structural inflows of incremental funds anticipated in January, supported by the appreciation of the RMB and foreign capital positioning at the year-end [7] - Market sentiment appears slightly subdued, with industry preferences concentrated in sectors such as non-ferrous metals and defense, suggesting that investors should focus on large-cap styles and policy-related industry opportunities [7] Group 4 - The commercial aerospace industry is expected to enter a period of explosive growth, with the current phase being the initial stage of large-scale infrastructure development, accelerating towards commercial applications [13] - The "Space Power" goal is clearly defined, with national strategic support guiding the industry, and the low-orbit satellite internet constellation is set to begin high-density networking by 2025, marking a critical window for large-scale networking from 2025 to 2027 [13] Group 5 - A weak dollar cycle is expected to boost the performance of A/H shares, as it drives domestic exports and improves corporate profits, with global liquidity easing valuations and funds favoring high-growth emerging markets [14] - Structural improvements in sectors such as technology and domestic demand are anticipated to benefit from corporate profit recovery, leading to a rebound in these areas [14]

Core Viewpoint - ST Keli Da is undergoing a change in control as its major shareholder, Suzhou Keli Da Group, plans to transfer 100% of its shares to Shanghai Yingzhong Intelligent Technology, which will result in a new indirect controlling shareholder and actual controllers [1][2] Group 1: Company Overview - ST Keli Da's major shareholder, Keli Da Group, holds 112 million unrestricted circulating shares, accounting for 18.74% of the total share capital [1] - The transfer agreement was signed on January 9, 2026, and the stock will resume trading on January 12, 2026 [2] - The change in control is due to a shift in the shareholder structure of Keli Da Group, while the direct controlling shareholder remains unchanged [2] Group 2: Industry Context - The decoration industry is currently facing challenges due to fluctuations in downstream demand and compressed profit margins, influenced by adjustments in the real estate sector [2] - The industry is experiencing deep differentiation, with leading companies leveraging financial and technological advantages to consolidate the market, while smaller players face intense competition and resource constraints [2] - The focus of competition has shifted from traditional engineering capabilities to a combination of technological empowerment and innovative scenarios, with smart decoration and green low-carbon segments becoming new competitive focal points [2] Group 3: Strategic Implications - The entry of Yingzhong Intelligent is expected to enhance business synergy, allowing ST Keli Da to integrate traditional decoration services with smart security and intelligent building systems, transitioning towards a comprehensive solution provider [2] - The new shareholder's technological resources may help ST Keli Da overcome its previous shortcomings in high-end technology development and innovation, enabling it to escape low-price competition and build differentiated competitive barriers [2] - However, the success of resource integration and technological fusion will be crucial in determining the value of this collaboration [2]

Core Viewpoint - The control change of ST Keli Da (603828) has been revealed after a five-day trading suspension, with strategic shareholder Shanghai Yingzhong Intelligent Technology Co., Ltd. becoming the indirect controlling shareholder of the company. The stock price is expected to double by 2025 [1]. Group 1: Control Change Details - On January 9, ST Keli Da announced that shareholders of its controlling shareholder, Keli Da Group, plan to transfer 100% of Keli Da Group's shares to Yingzhong Intelligent. If the transfer is completed, Keli Da Group will remain the controlling shareholder, while Yingzhong Intelligent will become the indirect controlling shareholder [3]. - The indirect controlling shareholder Yingzhong Intelligent previously invested in ST Keli Da as a strategic investor, and one of the new controllers, Liu Chunjian, has already joined the board of directors of the listed company [4]. - Following the completion of the share transfer, Yingzhong Intelligent will hold 5.03% directly and, through Keli Da Group, will indirectly hold 1.12 billion shares (18.74% of total shares), totaling 1.42 billion shares (23.77% of total shares) [4]. Group 2: Financial Aspects - The total transaction price for the 100% equity transfer of Keli Da Group is set at 325 million yuan, funded by Yingzhong Intelligent's self-raised capital, including support from its controlling shareholder, Shanghai Yingzhong Information Technology Group Co., Ltd. [5]. - Yingzhong Intelligent was established in August 2022, primarily engaged in the retail of computer software and hardware. As of the end of Q3 2025, the company reported total assets of 57.36 million yuan and a net asset of 872,100 yuan, with a high debt ratio of 98.48% [5]. - For the first three quarters of 2025, Yingzhong Intelligent reported revenue of 1.34 million yuan and a net loss of 366,100 yuan [5]. Group 3: Company Performance and Risks - ST Keli Da's main business involves the design and construction of building curtain walls and decorative engineering, which has been under pressure due to the downturn in the real estate market. The company has reported a continuous net loss for four consecutive years from 2021 to 2024 [6]. - As of the first three quarters of 2025, the company's net profit after deducting non-recurring items was -143 million yuan, indicating ongoing losses [6]. - The current controlling shareholders have committed to returning any funds occupied by Keli Da Group within ten working days if such issues arise, and the proceeds from the share transfer will be prioritized for repaying the occupied funds [6].

Core Viewpoint - ST Kolidar's controlling shareholder, Suzhou Kolidar Group, is transferring 100% of its equity to Shanghai Yingzhong Intelligent Technology, resulting in a change of indirect controlling shareholder and actual controllers [2][3] Company Summary - The transfer involves Kolidar Group holding 112 million unrestricted shares, accounting for 18.74% of the total share capital of ST Kolidar [2] - The transaction is expected to enhance business synergy, allowing ST Kolidar to integrate traditional decoration services with smart technology solutions [3] - The new shareholder, Yingzhong Intelligent, previously acquired 30 million shares of Kolidar Group, representing 5.03% of the total share capital, indicating an existing relationship between the two companies [2] Industry Summary - The decoration industry is currently experiencing significant differentiation, with leading companies leveraging financial and technological advantages to consolidate the market [3] - The focus of competition is shifting from traditional engineering capabilities to a combination of technological empowerment and innovative scenarios, with smart decoration and green low-carbon solutions becoming new competitive focal points [3] - The entry of Yingzhong Intelligent is anticipated to provide both capital and technological support, enabling ST Kolidar to escape price competition and build differentiated competitive barriers in the industry [3]

1月9日晚间，苏州柯利达装饰股份有限公司（以下简称"ST柯利达（603828）"，证券代码：603828） 发布公告称，公司控股股东苏州柯利达集团有限公司（以下简称"柯利达集团"）的100%股权拟转让给 上海英众智能科技有限公司（以下简称"英众智能"），交易完成后公司间接控股股东将变更为英众智 能，实际控制人由顾益明、顾龙棣、顾佳变更为曹亚联和刘纯坚，公司股票将于1月12日开市起复牌。 公告显示，本次控制权变更源于柯利达集团股东层面的股权变动。柯利达集团直接持有ST柯利达1.12亿 股无限售流通股，占公司总股本的18.74%，顾益明、顾龙棣、顾佳、鲁崇明原合计持有柯利达集团 100%股权。2026年1月9日，上述四位股东与英众智能、柯利达集团签署《股权转让协议》，约定转让 柯利达集团100%股权。值得注意的是，英众智能与ST柯利达早有股权交集，2024年9月已受让柯利达集 团3000万股上市公司股份（占总股本5.03%），并于当年10月完成过户登记，此次收购进一步深化双方 关联。 《证券日报》记者注意到，ST柯利达核心聚焦装饰领域，近年受房地产行业调整影响，面临下游需求 波动、盈利空间压缩等挑战。 对此，盘古 ...