Group 1 - The central government prioritizes employment stability as part of its broader economic strategy, implementing coordinated fiscal, monetary, industrial, and employment policies to ensure a stable employment landscape [1][2] - From January to November, 12.1 million new urban jobs were created, surpassing the annual target, with an average urban survey unemployment rate of 5.2%, below the 5.5% control target [1] - The structural contradiction in the employment sector is characterized by strong supply and weak demand, with over 10 million college graduates and nearly 300 million migrant workers entering the job market each year, posing significant challenges for job stability and growth [2] Group 2 - The survival and confidence of business entities are crucial for job stability, as 70% of disposable income for residents and 80% of income for impoverished families come from wages and business income [3] - Expanding employment opportunities is essential, with a focus on developing new economic sectors such as digital, green, and silver economies, and enhancing support for labor-intensive industries [3] - Improving employment quality is vital, requiring reforms in vocational education and training systems to align better with industry needs and enhance the skills of the existing workforce [4]

Group 1: TikTok and Regulatory Responses - The Ministry of Commerce commented on TikTok's plan to establish a joint venture in the U.S., expressing hope for a solution that aligns with Chinese laws and balances interests [3] - The Ministry of Commerce reiterated China's opposition to the U.S. 301 investigation conclusions and the imposition of tariffs on Chinese semiconductor products, stating that it has formally lodged complaints through the China-U.S. economic and trade consultation mechanism [3] Group 2: Market and Economic Measures - The Ministry of Commerce announced plans to enhance consumption promotion and market supply in response to holiday shopping trends, implementing a dual approach of "policy + activities" to stimulate consumer demand [3] - The Financial Regulatory Authority released a new management method for asset management product information disclosure, aiming to standardize the entire lifecycle of asset management products and ensure transparency in reporting [3] Group 3: Silicon Wafer Price Increase - Four leading silicon wafer companies significantly raised their prices, with 183N wafers priced at 1.4 yuan per piece, 210RN at 1.5 yuan, and 210N at 1.7 yuan, averaging a 12% increase, attributed to rising upstream silicon material costs [4] Group 4: Currency Exchange Rates - During Asian trading hours, the onshore RMB broke the 7.01 mark against the USD, while the offshore RMB also strengthened, surpassing the 7.0 level, marking the highest levels since September 2024 [3] - Analysts predict that the RMB exchange rate will fluctuate around the 7.0 mark, with a stable yet slightly strong outlook, and a low probability of rapid unilateral movements [3]

Core Viewpoint - Japan's stock market is expected to continue its upward trend through 2026, driven by aggressive fiscal plans introduced by Prime Minister Sanae Takaichi, building on momentum from the past year [1] Group 1: Market Performance - The Tokyo Stock Exchange index has withstood challenges such as tariff impacts, two interest rate hikes by the Bank of Japan, and a change in prime minister, rising approximately 23% this year [1] - This increase positions Japan's benchmark stock index for the largest gain relative to the S&P 500 since 2022 [1] Group 2: Sector Outlook - The government’s commitment to provide trillions of yen in domestic financing is expected to boost performance in the construction, infrastructure, and energy sectors next year [1] - As the focus shifts towards tangible artificial intelligence, robotics manufacturers are also anticipated to perform well [1] - Bank stocks have emerged as one of the best-performing stocks this year due to rising interest rates, and they are expected to maintain their upward trajectory [1]

Group 1 - The article discusses the tax obligations of small-scale taxpayers in the construction industry regarding VAT prepayment based on their monthly sales figures [2][4]. - It clarifies that if the total sales amount of multiple projects in the same prepayment location exceeds 100,000 yuan, VAT must be prepaid at a reduced rate of 1% [2]. - The article emphasizes that the monthly sales amount considered for VAT prepayment is the amount after deducting any subcontracting fees [4][5]. Group 2 - It states that if the quarterly sales amount does not exceed 300,000 yuan, small-scale taxpayers are not required to prepay VAT, and any prepaid tax can be refunded [5]. - The type of invoice issued (special VAT invoice or general VAT invoice) does not affect the obligation to prepay VAT for projects located in different regions [5]. - The article references specific tax regulations and announcements from the State Taxation Administration to support its points [2][4].

Group 1 - The Ministry of Housing and Urban-Rural Development reported that from January to November 2025, 25,800 urban old community renovation projects were initiated, exceeding the annual target of 25,000 by 800 projects, achieving a completion rate of 103% [1] - The ministry emphasized the "Four Goods" construction (good houses, good communities, good neighborhoods, good urban areas) during the national urban renewal promotion meeting in November 2025, linking urban renewal with stabilizing the real estate market and addressing safety hazards to release housing demand [1] - Local governments, including Guangdong, Shanghai, and Chongqing, are actively responding with detailed policies to support urban renewal initiatives [1] Group 2 - The Ministry of Finance has pre-allocated 56.6 billion yuan for urban affordable housing projects for 2026 and encouraged local special bonds for urban renewal [2] - The National Development and Reform Commission included urban renewal facilities in the REITs issuance scope, expanding long-term financing channels by adding asset types such as commercial offices, hotels, and sports venues [2] - Central economic work meetings may promote special bonds and ultra-long-term special treasury bonds to support urban renewal, with potential policy financial tools reaching a leverage ratio of 14 times in 2026 [2] Group 3 - The focus on "high-quality urban renewal" is a key aspect of the 14th Five-Year Plan, with a shift in policy from "large-scale implementation" to "high-quality advancement," emphasizing localized and sustainable operations [3] - Investment in underground pipelines related to urban renewal is expected to exceed 5 trillion yuan by 2026, driving demand in construction and renovation sectors [3] - The current urban renewal landscape is characterized by increased policy support, diversified funding, and leading participation from major state-owned construction enterprises, with a completion rate of approximately 86.8% for 2025 and an acceleration expected in 2026 [3]

Group 1: Financial Reports and Market Trends - The Shanghai Stock Exchange has released the annual report disclosure schedule, with Chipway Technology set to disclose its report on February 3, leading the list [1] - The main board will see *ST Huawang disclose its report on February 13, followed by Shangwei Co. on February 14 [1] - Multiple international financial institutions predict a decline in the attractiveness of dollar-denominated assets by 2026, leading to a continued rise in gold prices as a hedge against risks [2] - The asset management firm Schroders highlights increasing uncertainty in U.S. policies and fiscal vulnerabilities, which are driving investors towards gold for diversification [2] Group 2: Private Equity and Investment Activity - In 2025, 54 new private equity firms were registered in China, marking a 10.20% increase from 49 in 2024, with 98.15% being domestic firms [2] - Notable new private equity firms include three with management scales exceeding 5 billion yuan, indicating a significant influx of insurance capital into the private equity sector [2] Group 3: Semiconductor and Technology Sector - Major silicon wafer manufacturers have significantly raised prices due to increased costs of upstream silicon materials, with average price hikes reaching 12% [3] - Kingston has led the price increase in DDR4 and DDR5 memory products, with overall market prices remaining strong despite a slight slowdown in growth [3] Group 4: Automotive Market Insights - The automotive market is experiencing a quiet end-of-year period, with consumers showing a tendency to wait for new subsidy policies, impacting sales [4][5] - The China Automobile Industry Association notes that the withdrawal of subsidy policies has led to increased consumer hesitation in making purchases [5] Group 5: AI and Technology Forecasts - Global spending on generative AI is projected to grow from $225 billion in 2023 to $699 billion by 2030, with a compound annual growth rate (CAGR) of 21% [5] - The AI dialogue platform segment is expected to see the fastest growth, with monthly active users projected to exceed 5 billion by 2030 [5] Group 6: Corporate Financing and Investments - Starry Space has completed nearly 300 million yuan in Pre-A round financing, led by Shenzhen Innovation Investment Group, to enhance its global satellite control network [9] - Zhi Li Technology has secured 100 million yuan in B round financing to establish a manufacturing base for battery swap systems [9] - Deep Blue Automotive has announced a C round financing totaling 6.122 billion yuan, backed by major investors [9] Group 7: Corporate Governance and Compliance - Shanghai Washba has announced penalties for executives due to short-term trading violations, with fines of 100,000 yuan and 150,000 yuan imposed [10] - Haotou Co. has reported the resignation of its general manager, Zhang Xianjun, due to work relocation [11]

Group 1 - The core focus of the news is on the performance of stocks in the A-share market, highlighting the significant number of stocks that have reached their daily limit up, particularly in the packaging and commercial aerospace sectors [1][2] - A total of 96 stocks in the A-share market hit the daily limit up on December 25, indicating strong market activity and investor interest [1] - Notable stocks include Jiamei Packaging with 7 consecutive limit ups and Hexing Packaging with 4 consecutive limit ups, showcasing the packaging sector's robust performance [1] Group 2 - In the commercial aerospace sector, Shenjian Co. achieved 6 consecutive limit ups, while Chuangyuan Technology recorded 4 consecutive limit ups, reflecting strong investor sentiment in this industry [1] - Other stocks with notable consecutive limit ups include Shengtong Energy with 10 days, indicating a strong upward trend in the gas sector [1] - The data also lists various other stocks with consecutive limit ups across different sectors, including electronic components, photovoltaic, construction, and transportation, indicating a broad market rally [1][2]

证券研究报告 建筑装饰 行业定期报告 hyzqdatemark 2025 年 12 月 25 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 重视"春季躁动" ，寻"重大工程"轨迹布局 投资评级： 看好（维持） ——建筑装饰行业周报（20251215-20251221） 投资要点： 本周观点： 联系人 2025 年建筑板块回顾：指数表现分化，我们看好 2026 年建筑板块整体表现。我们从两类不 同视角对建筑板块进行复盘。1）是从年内涨跌幅结构看，截至 2025 年 11 月，SW 建筑装 饰指数累计上涨 8.88%，表现弱于沪深 300 指数，但板块内部结构分化明显。其中，民营建 筑企业受并购重组及新业务拓展推动，相关 ...

Market Overview - The Shanghai Composite Index closed at 3959.62 points, up 0.47%, while the Shenzhen Component Index rose 0.33% to 13531.41 points, and the ChiNext Index increased by 0.30% to 3239.34 points [2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.92 trillion yuan, an increase of 44.3 billion yuan compared to the previous trading day [1] Sector Performance - The commercial aerospace sector saw significant gains, with nearly 30 stocks including Chaojie Co. and Haoshi Electromechanical hitting the daily limit [1][6] - The robotics sector also experienced a rally, with stocks such as Longxi Co. and Xusheng Group reaching the daily limit [1][4] - The liquor sector showed a rebound, with Shuijingfang hitting the daily limit [1] - Conversely, the non-ferrous metals sector faced collective adjustments, with Shengda Resources and Baiyin Nonferrous Metals leading the declines [1] - The Hainan sector saw a collective drop, with Hainan Ruize leading the losses [1] Notable Stocks and Announcements - In the humanoid robot segment, stocks like Haoshi Electromechanical and Chaojie Co. saw a daily limit increase, along with over ten other stocks [4] - Fenglong Co. announced that its controlling shareholder plans to change to the world's first publicly listed humanoid robot company, UBTECH [5] - The commercial aerospace sector has achieved nearly 90 launches this year, setting a historical record, with a significant increase in the proportion of commercial launches [7]

Core Viewpoint The article discusses the collaboration between the All-China Federation of Trade Unions, the Supreme People's Court, and the Supreme People's Procuratorate in promoting labor law supervision through ten typical cases, emphasizing the protection of workers' rights, especially in new employment forms, and the establishment of a multi-faceted cooperative mechanism for labor rights protection. Group 1: Key Characteristics of the Cases - The cases highlight the protection of the legitimate rights and interests of workers in new employment forms, ensuring timely and efficient handling of cases involving labor remuneration, rest, safety, and insurance [3][4] - The multi-faceted collaborative mechanism is emphasized, showcasing the systematic integration of social and judicial supervision to address labor disputes effectively [3][4] - The cases demonstrate the preventive and protective effects of governance through similar case management, aiming to resolve conflicts at the grassroots level [3][4] Group 2: Case Summaries - Case 1 involves a network technology company where the court ruled that the company was liable for unpaid wages due to improper outsourcing practices, highlighting issues in flexible employment [5][6] - Case 2 focuses on a new employment form in Heilongjiang, where the union and the procuratorate worked together to ensure the rights of delivery workers were protected, addressing issues like lack of insurance and inadequate working conditions [9][10] - Case 3 discusses the algorithmic issues in the express delivery industry in Shanghai, where the court and union collaborated to rectify unfair practices affecting workers' rights [13][14] - Case 4 addresses the health rights of workers in lead-related industries, where the union and procuratorate worked to ensure compliance with social insurance laws [18][19] - Case 5 highlights the protection of older workers' rights to workers' compensation, showcasing the collaborative efforts of the union and procuratorate in addressing legal ambiguities [22][23] - Case 6 illustrates the judicial recommendations and union supervision in correcting wage deduction practices in a car company, emphasizing the importance of fair labor practices [27][28] - Case 7 demonstrates the resolution of a workers' compensation dispute through the collaboration of the court and union, showcasing effective dispute resolution mechanisms [32][33] - Case 8 involves a construction company where the union and procuratorate worked together to ensure payment of owed wages to migrant workers, highlighting the importance of legal compliance [35][36] - Case 9 discusses the enforcement of shareholder contributions to protect migrant workers' rights in a company that failed to pay wages, showcasing the collaborative efforts of various authorities [39][40] - Case 10 illustrates a multi-department collaboration to address social insurance payment issues in companies, emphasizing the need for coordinated efforts to protect workers' rights [43][44]