香港屋宇署同时发出19份入伙纸，包括港岛6份、九龙4份及新界9份。其中住宅用途的建筑楼面面积有 182437平方米，共3820个单位；而非住宅用途的建筑楼面面积则为85543平方米。十月份新落成楼宇的 报价总值约为73亿元。 据香港屋宇署12月19日消息，香港屋宇署十月共批出6份建筑图则，其中港岛2份、九龙3份及新界1份。 批出的图则包括三项住宅及商住发展、两项商业发展，以及一项工厂及工业发展。获准动工的建筑工程 项目则有6个，这些工程完成后将提供可作住宅用途的建筑楼面面积共100934平方米，涉及单位2144 个，非住宅用途的建筑楼面面积达5614平方米。另外，该署亦接获6个建筑项目的上盖工程动工通知。 此外，该署批准两项拆卸楼宇工程。该署十月接获2636宗有关僭建物的举报，并发出406张僭建物的清 拆令。 ...

新股上市：N优迅 688807.SH 中签缴款：江天科技 920121.BJ * 来源：国金证券第5小时 新股申购：誉帆科技 001396.SZ 新股申购：双欣环保 001369.SZ 新股申购：强一股份 688809.SH 1、中国对外开放迎来具有里程碑意义的标志性举措。海南自由贸易港全岛封关运作12月18日正式启动，"零关税"商品范围扩大到6600多个税目。对消费 者而言，首先，到海南出差、旅游、生活如常，不需要任何额外证件。其次，对于文旅消费"买买买"，将有更好的体验。有媒体实探三亚海旅免税城发 现，在一家售卖苹果产品的门店，免税价叠加消费券，苹果手机最高可比官网售价便宜2140元。 2、时隔16年我国再次对钢铁实施出口许可证管理。商务部表示，此举主要目的是加强对钢铁产品出口的监测统计分析，跟踪出口产品质量。与此同时， 商务部已批准部分稀土出口通用许可申请。商务部指出，欧委会近期密集对中国企业发起《外国补贴条例》（FSR）调查，中方对此强烈反对，将采取必 要措施，坚决维护中国企业合法权益。 3、山东省莱州市三山岛北部海域新发现国内唯一、亚洲最大的海底巨型金矿，全市累计探明金资源储量3900余吨，约占全国 ...

盘前要闻 1、事关资本市场，证监会发声!吸引更多新质生产力领域优质企业上市 类型：宏观 情绪影响：正面 12月18日，证监会主席吴清主持召开资本市场"十五五"规划专家座谈会。其中指出，进一步提高发行上 市交易制度的包容性、适应性，吸引更多新质生产力领域优质企业上市;扩大耐心资本、长期资本和战 略资本供给等。行业方面，强调推动完善人工智能在资本市场应用的治理和监管。 2、特朗普商业帝国再扩张!DJT并购TAE转型为核聚变能源公司 类型：行业 情绪影响：正面 特朗普媒体与科技集团(DJT)与核聚变能源公司TAE达成全股票交易合并，交易总价值超过60亿美元， 合并后公司计划于2026年建设全球首座公用事业规模聚变发电厂。DJT股价大幅飙升涨超40%。两家公 司称，核聚变发电站有望提供充裕且稳定的电力，助力美国在人工智能革命中占据优势地位。 3、提振消费政策频出!商务部在北京等50个城市开展消费"三新"试点工作 类型：行业 情绪影响：正面 近日，商务部办公厅、财政部办公厅印发《关于做好消费新业态新模式新场景试点有关工作的通知》， 在北京等50个城市开展消费新业态新模式新场景试点。近期消费利好政策频出，机构表示，消费领 ...

Core Viewpoint - The Jaffna International Trade Fair (JITF) will take place from January 23 to 25, 2026, marking its 16th consecutive year as a significant commercial platform in the region [1] Group 1: Event Details - The fair is organized by Lanka Exhibition and Conference Services and the Yarlpanam Chamber of Commerce, to be held at the Muttraweli Square in Jaffna [1] - The event aims to deepen business connections, support investments, and promote technology-driven growth in the Northern Province [1] - The 2026 fair is expected to feature over 400 booths across various sectors including construction, automotive, consumer goods, agriculture, food and beverage, packaging, information and communication technology, financial services, education, and healthcare [1] Group 2: Participation and Impact - Last year's event attracted over 78,000 visitors and around 5,000 invited business representatives, including corporate executives, entrepreneurs, and policymakers [1] - Approximately 70% of attendees engaged in direct business negotiations, leading to collaborations, distribution agreements, and investment opportunities [1] - The timing of the 2026 fair has been strategically planned to avoid local holidays, maximizing participation and business activities [1] Group 3: Economic Significance and Sustainability - The JITF has become a crucial part of the economic recovery in the Northern Province following the conflict, supported by accelerated infrastructure development and private investments [1] - The fair will implement the "Plastic Neutrality Initiative" for the second consecutive year, establishing waste collection and recycling stations at the venue and collaborating with approved waste management agencies, reflecting the growing emphasis on sustainability in large commercial events [1]

Core Insights - The article highlights that certain cyclical and consumer sectors have underperformed the market for three consecutive years, indicating potential investment opportunities in these areas [1][6]. Industry Analysis - The sectors with the highest expected net profit growth for next year include: - Agriculture (planting, breeding, feed) - Internet e-commerce - Leisure food - Beauty care (personal care products, cosmetics) - Light manufacturing (household goods, entertainment products) - Automotive services - Social services (hotel catering, tourist attractions) - Cement [1][6]. - Historical data since 2010 shows that industries that have underperformed for three consecutive years and then outperformed in the fourth year include: - Food and beverage (leisure food, food processing, seasoning and fermentation products, non-brewed beverages) - Agriculture (breeding, feed, planting) - Beauty care (cosmetics, personal care products) - Infrastructure - Tourist attractions [1][6]. Financial Metrics - Expected net profit growth rates for various sectors by 2026 are as follows: - Planting: 41% - Breeding: 32% - Chemical fiber: 42% - Chemical raw materials: 24% - Automotive services: 24% - Internet e-commerce: 44% - Cement: 22% [2][7]. - The PE (Price to Earnings) ratios over the past three years indicate reasonable valuation levels for several sectors, with notable figures such as: - Planting at 75% - Chemical fiber at 94% - Internet e-commerce at 69% [2][7].

Consumption - In October 2025, the total retail sales of consumer goods reached 46,291 billion yuan, with a year-on-year growth of 2.9%, down 0.1 percentage points from the previous value of 3%[12] - Sales of "two new" products and real estate-related consumption declined, with automotive sales down 6.6% and home appliances down 14.6% year-on-year[12] - Service consumption showed strong performance, driven by the Mid-Autumn Festival and National Day holidays, with food-related items growing by 8% year-on-year[13] Investment - Fixed asset investment continued to face pressure, with a year-on-year decline of 11.2% in October, worsening from a previous decline of 6.8%[22] - Real estate development investment fell by 23.2% year-on-year in October, while manufacturing and infrastructure investments also saw declines of 6.7% and 12.1%, respectively[22] - Excluding real estate, project investment showed a cumulative growth of 1.7%, indicating that real estate investment dragged down overall investment by approximately 3 percentage points[22] Trade - In October, exports fell sharply with a year-on-year decline of 1.1%, a drop of 9.4 percentage points from the previous value of 8.3%[37] - Exports to the U.S. improved slightly, with a year-on-year growth of -25.2%, while exports to the EU and Africa saw significant declines of 13.3% and 46.0%, respectively[38] - The electronics sector maintained high growth, with integrated circuits growing by 26.9% year-on-year, while labor-intensive products experienced significant declines[37] Industrial Performance - Industrial value-added growth slowed down, with the PMI index showing a downward trend, indicating a potential seasonal disturbance and tariff volatility[7] - The overall industrial profit growth rate slowed, with financial costs being a significant drag on performance[7] - Despite the slowdown, major industrial indices remained in the expansion zone, reflecting overall market optimism[7] Price Trends - The Consumer Price Index (CPI) turned positive in October, with core CPI continuing to rise, driven by strong food prices and holiday demand[7] - The Producer Price Index (PPI) showed a narrowing decline, with prices in the non-ferrous metals sector increasing significantly[7] - The real estate sector continued to face pressure, with a year-on-year decline in real estate development investment of 14.7% from January to October[7]

Core Viewpoint - The Beijing People's Procuratorate and the Beijing Federation of Trade Unions have jointly released six typical cases of public interest litigation to safeguard workers' rights, covering various key sectors such as the automotive repair industry, construction, express delivery, food safety in canteens, labor protection for disabled delivery workers, and safety measures for thermal paper [1][7]. Group 1: Cases of Public Interest Litigation - Case 1: Some automotive repair companies failed to conduct occupational disease hazard factor testing, leading to the establishment of a regulatory framework for 207 automotive repair enterprises, with all involved companies completing rectifications [3]. - Case 2: Safety hazards were identified in electric tricycles used in the express delivery industry, resulting in the elimination of safety risks in 796 vehicles and legal training for over 2,000 individuals [4]. - Case 3: Multiple construction site canteens were found operating without food business licenses, prompting a special rectification that led to inspections of 36 canteens and the establishment of a collaborative regulatory mechanism [5]. - Case 4: Bisphenol A levels exceeded standards in 12 out of 17 thermal paper samples, leading to guidance issued to over 1,400 catering entities and 334 express delivery points to distribute protective gear to more than 8,000 workers [6]. Group 2: Addressing Workers' Rights - The Beijing procuratorial authorities are focusing on resolving the rights issues of vulnerable groups such as migrant workers and disabled delivery personnel, promoting system improvements and problem-solving initiatives [7][10]. - Case 5: During a wage arrears governance action, it was discovered that some construction projects had not established wage guarantee funds, leading to the establishment of nine special accounts and the payment of over 700 million yuan in wage guarantees [8][9]. - Case 6: Restrictions on delivery personnel entering residential areas resulted in delays for disabled delivery workers, prompting a collaborative effort to allow access to over 460 residential complexes through the installation of NFC smart access systems [10].

Core Insights - The real estate and construction industry has reached a consensus on the future of intelligence, but the application of AI remains largely underutilized due to the rapid pace of technological advancements outstripping organizational capabilities and strategic alignment [1][2] - A systemic transformation is required for companies to successfully navigate the current challenges, moving from "experience-driven" to "intelligent decision-making" [1] Group 1: Industry Challenges - The traditional real estate sector faces data silos and high system integration complexity, making the transition to intelligent decision-making difficult [1] - The construction industry is hindered by a lack of standardization, complex system integration, long investment cycles, and a shortage of multidisciplinary talent, necessitating a shift from a "passive" to an "active" approach [1] - The competition in the real estate asset management sector is evolving from "information disparity" to "model disparity," requiring a balance between short-term returns and long-term managerial capabilities [1] Group 2: AI Integration and Future Directions - The real estate and construction sectors require AI as a supportive framework, with increasing competitive pressure leading to a struggle between short-term returns and long-term value [2] - The industry is encouraged to leverage AI models to empower internal and external users, reshape business processes, and enhance operational efficiency in real estate asset management [2] - The report suggests evolving AI capabilities from "tool empowerment" to "ecosystem reconstruction," expanding industry boundaries from "traditional real estate" to "corporate real estate" and a multi-scenario "pan-real estate" ecosystem [2]

Core Viewpoint - The A-share market is primarily experiencing fluctuations, with the infrastructure sector showing relative stability, as evidenced by the recent performance of the Infrastructure 50 ETF and the CSI 300 Index [1] Group 1: Market Performance - The Infrastructure 50 ETF has increased by 1.75% over the past 15 trading days, while the CSI 300 Index has risen by 0.95% [1] - The annualized return of the Infrastructure 50 ETF is reported at 33.57%, with a volatility of 74% [1] - The CSI 300 Index has a recent performance of -3.37% [1] Group 2: Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the Infrastructure 50 ETF is 9.64, which is in the 33.21st percentile over the past decade, indicating that the valuation is lower than 66.79% of the time in the last ten years [1] - This low valuation presents an opportunity for cost-effective positioning in the market [1] Group 3: Sector Outlook - According to Kaiyuan Securities, infrastructure investment and new construction contracts have been weakening since 2025, leading to a divergence in the performance of sub-sectors [1] - With ongoing government debt management and corporate deleveraging, the construction sector is expected to experience a resonance of fundamentals, policies, and valuations [1] - The industry is advised to focus on marginal changes in areas such as overseas construction, urban renewal, digital construction, power engineering, and debt management, while maintaining a positive outlook on state-owned construction enterprises and regional leaders with stable performance and low valuations [1]

Core Insights - The integration of AI with real estate is advancing towards a higher level, presenting a dual reality of a "clear future" and a "fuzzy present" for the industry, where practical implementation is the only pathway forward [1] - The report titled "Leading Real Estate Technology 50 New Intelligent Practice Cases" outlines the phased characteristics and future directions of AI applications in the real estate sector [1] Group 1 - The industry has reached a consensus on the future of intelligence, but the speed of technological breakthroughs far exceeds the evolution of organizational capabilities, data foundations, and strategic coordination, resulting in many AI applications in real estate and construction being in a "well-received but underutilized" state [2] - To successfully navigate current challenges, companies need systemic transformations to address structural issues, as traditional real estate faces data silos and high system integration complexity, making the transition from "experience-driven" to "intelligent decision-making" difficult [2] - The real estate and construction sectors in China are transitioning from a focus on scale growth to emphasizing quality, efficiency, and sustainable development, with the national "14th Five-Year Plan" promoting the construction of a "Digital China" and presenting significant opportunities for transformation and upgrading in the industry [2] Group 2 - The real estate and construction industries require AI as an external support system, and the competitive pressure from industry transformation has been rising, leading to inevitable short-term return versus long-term value trade-offs in innovation investments [3] - The "clear" expectations in the narrative of AI empowering real estate depict a future worth striving for, while the "fuzzy" reality represents a necessary phase of trial and error and learning during industrial upgrades [3] - There is a need for stakeholders to break free from conventional thinking, leveraging AI models to empower internal and external users, reshape business processes, and drive significant changes in construction industrialization, lean operations in real estate, and asset management improvements [3]