Group 1 - The survey conducted by the Nikkei focused on Japanese entrepreneurs' responses to the deteriorating Sino-Japanese relations and the implications for business, with 67.3% indicating a negative impact on operations [2][5] - A significant majority of Japanese companies (approximately 90%) support the government's discussion on relaxing work hour restrictions, indicating a clear desire for more flexible working arrangements to enhance productivity [2][3] - The government is considering options to increase overtime limits and expand the discretionary labor system, with 86.3% of respondents expressing support for these changes, primarily to achieve flexible work styles [3] Group 2 - Entrepreneurs expressed a strong desire for the government to strengthen economic security, with 42.6% prioritizing this, followed by support for public funding in AI and semiconductor industries (30.5%) and addressing rising prices (22.0%) [4] - There is overwhelming support (94%) for the government's proposal of "responsible active fiscal policy," although concerns about maintaining fiscal discipline and market confidence were raised by industry leaders [4] - In response to the geopolitical tensions, 18.9% of companies indicated they would adjust employee travel to China, with some large manufacturers considering a temporary ban on non-essential trips [5]

Group 1 - China Railway (00390) announced a share repurchase plan, intending to spend 39.9996 million yuan to buy back 7.3646 million A-shares on December 24, 2025 [2][5]

该项目建设全程推行一柱一档管理，从进场、安装、焊接至检测，全过程记录，严格焊工考试与工艺评 定，关键焊缝100%探伤，确保结构安全；运用三维激光扫描仪、放样机器人、参数化建模等数字技术 确保施工安全、提升施工效率；通过物联网平台，对提升设备状态、吊装路径、人员定位进行集成管 理。（记者 胡晓蓉 通讯员 杨世广） 责任编辑：董翔宇 T2航站楼采用大港湾双分叉的六指廊构型，南段钢屋盖整体采用"空间网架+单层框架天窗"结构，最大 安装标高为68.55米，总重约4319吨；总面积约25961平方米。异形柱采用6000吨液压机，将最大板厚85 毫米的钢板压制成弧形锥板，弧度误差控制在2毫米以内，确保花瓣柱外观无压痕，满足外露C级标 准；52个最大重约60吨的铸钢节点，通过三维扫描与精准预拼装，实现与树形柱的毫米级对接。屋盖被 划分为27个施工小区，在楼面进行原位拼装，集成马道、檩条等构件，减少高空作业；采用分区分级多 专业集成综合提升法，通过液压同步提升系统，实现多区协同、精准就位，提升精度差控制在1毫米以 内。 转自：云南日报 12月26日，由中铁建工集团承建的昆明长水国际机场T2航站楼工程钢结构屋盖首次提升顺利完成 ...

证券研究报告 | 2025年12月29日 2025年12月28日 美元债双周报（25 年第 52 周） 弱于大市 就业降温、通胀回落，美债配置坚守中短久期防御 美国就业数据继续降温，就业增长乏力、失业率上行。美国劳工统计局最 新发布的 10 月–11 月就业报告显示，11 月非农就业人数增加约 64,000 人，略高于预期，但仍处于较低增速区间。与此同时，失业率意外上升 至 4.6%，为 2021 年 9 月以来最高水平，反映劳动力市场整体延续疲弱 态势。10 月非农数据显著走弱，就业人数减少 105,000 人，主要受联邦 政府就业大幅缩水拖累。报告还显示，私营部门就业弹性不足，全职岗 位增长有限，部分行业招聘意愿减弱，就业质量指标趋弱。 通胀数据意外降温，为明年降息预期提供空间。美国 11 月 CPI 同比上涨 2.7%，低于市场预期；剔除食品与能源后的核心 CPI 同比仅上涨 2.6%， 为 2021 年以来最低水平，显示通胀压力显著缓解。由于此前联邦政府 停摆导致 10 月价格数据缺失，本次报告无法提供完整月度环比数据。 这种技术性中断增加了短期解读数据的难度，但整体趋势仍指向通胀降 温。市场普遍认为 ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the construction industry, indicating an expected return that will outperform the CSI 300 index by 10% or more over the next six months [6]. Core Insights - The 2026 fiscal policy is set to remain proactive, with a focus on increasing fiscal spending and optimizing government bond tools to enhance local financial capabilities. This is expected to support economic growth and improve the construction industry's operational conditions [18][11]. - Infrastructure investment has shown signs of recovery, with November data indicating a month-on-month improvement. The construction sector is anticipated to stabilize as policies aimed at debt reduction and "anti-involution" continue to be implemented [2][11]. - The demand for cleanroom construction is expected to rise due to increased capital expenditures in the semiconductor and cloud service sectors, driven by rapid advancements in AI technology [3][15]. Summary by Sections Industry Dynamics - The national fiscal work conference highlighted the achievements of 2025 and outlined the key tasks for 2026, emphasizing a more active fiscal policy to stimulate consumption and manage risks in key areas [18]. - The construction industry is expected to benefit from a combination of improved fiscal policies and a recovering investment environment, leading to marginal improvements in operational performance [2][11]. Market Performance - The construction industry saw a weekly increase of 2.26%, outperforming the CSI 300 index, with the decoration and renovation sector showing the highest growth at 11.37% [20][21]. - The overall industry valuation metrics indicate a TTM P/E ratio of 12.47 and a P/B ratio of 0.83, with several companies showing low valuations, suggesting potential investment opportunities [24][28]. Key Companies to Watch - Recommended companies include low-valuation state-owned enterprises such as China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from improved cash flow and profitability [11][13]. - Cleanroom engineering leaders like Yaxin Integration and Shenghui Integration are highlighted for their potential growth due to increasing demand in the semiconductor sector [3][15].

Group 1 - The company China Railway (00390) announced a share buyback plan, intending to repurchase 7.3646 million A-shares at a total cost of 39.9996 million yuan [1]

Group 1 - The company China Railway (601390) announced a share buyback plan, intending to repurchase 7.3646 million A-shares at a total cost of 39.9996 million yuan [1]

苏唱街其名，蕴藏一段风雅过往。清康乾年间，苏州昆曲艺人汇聚于此，"千家养女先教曲"的盛景在此 绵延。从梨园总局到红星针织厂再到职业学校，这片土地始终是城市记忆的载体。如何让老建筑，既留 存历史又融入当代？这考验的不仅是技术，更是对城市文明延续的深刻理解。 作为扬州建工控股集团旗下具有丰富历史街区改造经验的骨干企业，扬建集团在该项目中以"修旧如 旧"为准则，以"原生·共生·新生"为理念，系统化推进更新工作。面对多栋老旧建筑与复杂结构，项目团 队运用多年来在历史建筑修缮与微更新领域积累的技术体系，开展一系列精细评估与保护性改造。从传 统水刷石工艺的现代复现，到手工打磨进口灰泥呈现温润肌理；从保护古银杏根系采用的微扰动地基加 固，到小青砖墙的隐蔽式结构加强，每一道工序都体现了集团在城市更新中"保护优先、肌理延续、品 质营造"的综合能力。 在功能重塑上，团队充分回应现代城市的生活需求。4111.26平方米的空间内，复合多种公寓类型与公 共配套，创新采用共享停车与隐蔽排水系统，在有限的空间内实现多元融合。这不仅是一次建筑改造， 更是对老城社区生态的激活，践行了建工控股集团"持续运营、长效赋能"的城市更新理念。 （来源： ...

Core Viewpoint - The article emphasizes the importance of the "14th Five-Year Plan" period for the development of the Eleventh Division, highlighting the integration of party building with economic and social development to achieve the goal of becoming a leading billion-level enterprise group in China [4][12]. Group 1: Political Leadership and Ideological Foundation - The Eleventh Division prioritizes political construction, using theoretical education to strengthen unity and commitment among its members [5]. - In 2021, significant achievements were made in the reform and development of state-owned enterprises under the guidance of the party [5]. - The party's focus in 2022 was on implementing the spirit of the 20th National Congress, fostering a culture of practical action and overcoming challenges [5]. - In 2023, the party continued to emphasize theoretical learning and research, aligning with the goal of becoming a top-tier billion-level enterprise group [5][7]. Group 2: Organizational Structure and Governance - The Eleventh Division has established a robust organizational system to ensure effective execution of party directives, with 100% of state-owned enterprises incorporating party building into their company charters [8]. - The implementation of the "three-item system" reform has allowed for flexible management of personnel and has established 331 grassroots party organizations at major project sites [8][9]. - Innovative activities such as micro-party classes and construction site classrooms have been conducted over 6,000 times to promote a competitive learning environment [8][9]. Group 3: Performance and Development - The new contract amount for the construction industry increased from 50.49 billion in 2021 to 61.3 billion in 2024, with a total output value of 30.53 billion in the first three quarters of 2023, reflecting a year-on-year growth of 4.26% [11]. - A new salary system has been established to motivate employees, leading to a proactive work attitude across the organization [11]. - The Eleventh Division has demonstrated its commitment to community service during emergencies, earning praise for its reliability in critical situations [11]. Group 4: Future Directions - The Eleventh Division aims to continue enhancing its party building efforts, ensuring that these initiatives translate into productivity, cohesion, and combat effectiveness [12].

日前召开的中央企业负责人会议明确，2026年要加强上市公司质量和市值管理。这一表态恰逢国资委 《关于改进和加强中央企业控股上市公司市值管理工作的若干意见》印发满一年之际。 一年来，在政策持续催化下，央企市值管理正加速从监管要求转化为企业的系统性行动与真金白银的市 场承诺。业内人士认为，随着制度体系不断完善，回购增持等举措密集落地，市值管理已日益成为衡量 国企改革成效、提升国有资本效能、稳定资本市场预期的重要综合尺度，以提升价值创造能力为核心的 国企改革新图景正加速铺展。 央企市值管理步入常态化 地方国资发力市值管理 增持方面，新集能源公告称，截至9月末控股股东中国中煤持股比例由30.31%增至31.72%，目前增持计 划正在实施中。 更多央企将市值管理纳入系统性工程。中国石化集团近期启动"中国石化上市公司市值提升专项行动"， 着力提升投资价值，增强股东回报；大秦铁路、招商南油等公司陆续制定并实施市值管理制度和股份回 购方案，以真金白银向市场传递发展信心。 国资委数据显示，目前，央企控股上市公司市值超过22万亿元，较"十三五"末增长了近50%，"十四 五"以来，累计实施现金分红2.5万亿元，成为维护资本市场平稳 ...