Core Viewpoint - The central enterprises' meeting held on December 22-23 outlines key tasks for 2026, emphasizing steady progress, quality improvement, and effective management of reforms and development to ensure a strong start for the 15th Five-Year Plan [1] Group 1: Key Tasks for 2026 - The meeting identified five key tasks for central enterprises in 2026, including enhancing the quality and market value management of listed companies, promoting strategic and specialized restructuring and high-quality mergers and acquisitions, and improving the contractual management level of managerial staff [1][4][5] Group 2: Performance Indicators - From January to November, central enterprises achieved a value-added output of 9.5 trillion yuan, a year-on-year increase of 1.4%. Fixed asset investment (excluding real estate) reached 3.3 trillion yuan, growing by 0.7% [2] - Research and development investment totaled 890.16 billion yuan, with an intensity of 2.62%, indicating steady improvement in innovation capabilities [2] Group 3: Innovation and Industry Upgrading - Central enterprises have made significant progress in technology innovation and modern industrial system construction, with over 100 innovation entities participating in collaborative projects and more than 1,000 high-quality projects underway [2] - The "Artificial Intelligence+" initiative has created nearly 1,000 application scenarios across 16 key industries, enhancing the capabilities of over 200 external units [2] Group 4: Reform and Management Improvements - The meeting emphasized the need for further deepening of reforms, including the improvement of the modern enterprise system with Chinese characteristics and enhancing the management and operational systems of enterprises [6][7] - The focus will be on refining the market-oriented research organization management system and fostering a talent-friendly corporate ecosystem [7]

Core Viewpoint - The central enterprises' meeting held on December 22-23 outlines key tasks for 2026, emphasizing steady progress, quality improvement, and effective management of reforms and development to ensure a strong start for the 15th Five-Year Plan [1] Group 1: Key Tasks for 2026 - The meeting identified five key tasks for central enterprises in 2026, including enhancing the quality and market value management of listed companies, promoting strategic and specialized restructuring and high-quality mergers and acquisitions, and improving the contractual management level of managerial staff [1][4] - Emphasis will be placed on stabilizing operations and improving efficiency, utilizing big data and industry models to capture market demand, and fostering new consumption scenarios in sectors like culture, tourism, digital, and health [4][5] Group 2: Performance and Progress - From January to November, central enterprises achieved a value-added output of 9.5 trillion yuan, a year-on-year increase of 1.4%, with fixed asset investment (excluding real estate) reaching 3.3 trillion yuan, up 0.7% [2] - R&D investment totaled 890.16 billion yuan, with an R&D intensity of 2.62%, indicating steady improvement in innovation capabilities [2] Group 3: Industry Upgrades and Innovations - The "Artificial Intelligence+" initiative has created nearly a thousand application scenarios across 16 key industries, enhancing collaboration with over 200 external units [3] - Central enterprises are focusing on upgrading traditional industries and developing emerging sectors, including new energy, new energy vehicles, and new materials [5] Group 4: Reform and Management Enhancements - The meeting highlighted the need for further reforms to enhance the modern enterprise system, improve management and operational frameworks, and deepen the three-system reform [6][7] - The focus will be on establishing a market-oriented research management system and fostering a talent-friendly corporate ecosystem [7]

Core Viewpoint - The company, Oriental Yuhong, reported that its wholly-owned subsidiary in the U.S., OYH Building Materials, fell victim to a telecom fraud involving approximately $1.7183 million (about 12.118 million RMB) [1][4]. Group 1: Fraud Incident - OYH Building Materials was targeted by criminals who hacked into the email of the general contractor and forged their identity to request payment [4]. - Upon realizing the fraud, OYH Building Materials reported the incident to local law enforcement and the FBI, and the company will cooperate fully with the investigation to minimize losses [4]. - The company stated that this incident is an isolated occurrence and will not significantly impact its normal operations [4]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenue of 20.601 billion RMB, a year-on-year decline of 5.06%, and a net profit attributable to shareholders of 810 million RMB, down 36.61% [5]. - In the third quarter, the company achieved revenue of 7.032 billion RMB, an increase of 8.51% year-on-year, while the net profit attributable to shareholders was 245 million RMB, a decrease of 26.58% [5]. - The company plans to invest a total of $123 million to acquire 100% of Chile's Construmart S.A. as part of its strategy to expand its international market presence [5]. Group 3: Market Expansion - In the first half of the year, the company generated revenue of 576 million RMB from overseas markets, representing a year-on-year growth of 42.16%, with the overseas revenue proportion increasing from 2.66% to 4.25% compared to the same period last year [5]. - The company has been actively enhancing its global market presence through strategic investments and acquisitions [5]. Group 4: Stock Performance - On December 23, the company's stock closed at 13.52 RMB per share, with a market capitalization of 32.3 billion RMB [6].

Core Viewpoint - The company, Oriental Yuhong (002271), reported that its wholly-owned subsidiary in the U.S., OYH Construction Materials LLC, fell victim to a telecom fraud involving approximately $1.7183 million (about 12.118 million RMB) [2] Group 1 - The fraud occurred when criminals hacked into the email of the general contractor and impersonated them to request payment during the construction progress payment process [2] - OYH Construction Materials LLC has reported the incident to local law enforcement, including the Harris County Sheriff's Office and Woodstock Police Department, as well as the FBI [2] - The company has established a special task force to investigate the incident, manage aftermath, and implement risk control measures [2][3] Group 2 - The management of the company is taking the incident seriously and is actively enhancing internal control management, focusing on overseas subsidiaries, payment approval processes, and cybersecurity [3] - The company aims to identify potential risks, rectify issues promptly, and strengthen internal controls and governance mechanisms [3] - The company will fully cooperate with law enforcement to recover losses to the greatest extent possible [3]

Core Viewpoint - The Jiangxi Provincial Department of Industry and Information Technology, along with five other departments, has issued a notice to promote green and low-carbon development in the manufacturing sector of Jiangxi Province, emphasizing the need for a comprehensive approach to achieve carbon neutrality and enhance the green manufacturing system [1][4][12]. Group 1: Green Manufacturing System - Establishing a green manufacturing benchmark by improving the green manufacturing system and promoting green factories as guiding models for low-carbon transformation [2][5]. - Implementing a tiered management system for green factories and supporting enterprises and parks to strive for national-level energy efficiency leaders and green parks [2][5][6]. Group 2: Green Manufacturing Services - Developing a stable service model for green manufacturing by establishing one institution per park and enhancing the service capabilities for low-carbon transformation [2][6]. - Promoting specialized service institutions and encouraging contract management and entrusted services to improve green manufacturing service capabilities [2][6][7]. Group 3: Energy Supply and Transition - Expanding the supply of green energy by developing the new energy industry, enhancing the photovoltaic and lithium battery sectors, and promoting high-quality hydrogen energy development [3][10]. - Coordinating with electricity users and other stakeholders to explore a "green electricity direct connection" model to better meet the manufacturing sector's demand for green energy [3][10]. Group 4: Technological Innovation and Upgrades - Supporting the research and development of green low-carbon technologies and equipment, encouraging collaboration between enterprises, universities, and research institutions [6][14]. - Implementing actions for industrial equipment updates and promoting energy-efficient devices to enhance the energy efficiency of industrial clusters [6][14]. Group 5: Carbon Footprint and Resource Recycling - Establishing a product carbon footprint management system and encouraging the development of industry standards for carbon footprint [14]. - Promoting industrial resource recycling and improving the recycling system for renewable resources, including the establishment of comprehensive utilization bases for solid waste [14]. Group 6: Financial Support and Policy Implementation - Creating a green project database to guide financial institutions in providing green credit support for industries undergoing green transformation [12][14]. - Encouraging local governments to initiate green financial innovation pilot projects and promote diverse credit products to support significant carbon reduction projects [12][14].

Core Viewpoint - The company, OYH Construction Materials LLC, a wholly-owned subsidiary of Oriental Yuhong, has fallen victim to a telecom fraud incident involving approximately $1.7183 million (around 12.118 million RMB) [1] Group 1: Incident Details - The fraud occurred when criminals hacked into the email of the general contractor and impersonated their identity to request payment during the construction progress payment process [1] - Upon realizing the fraud, OYH Construction Materials LLC reported the incident to local law enforcement, including the Harris County Sheriff's Office and the Woodstock Police Department, as well as the FBI in Houston [1] Group 2: Company Response - The company has established a special task force to conduct an investigation, manage aftermath procedures, and implement risk control measures [1] - Initial investigations indicate that this incident is an isolated occurrence and will not significantly impact the company's normal operations [1]

华新建材公告，持股5%以上股东华新集团有限公司拟自本公告披露之日起6个月内通过上海证券交易所 交易系统以集中竞价交易方式增持公司A股股份，增持总金额不低于人民币2亿元，不超过人民币4亿 元。本次拟增持的股份价格将基于对公司股票价值的合理判断，并根据公司股票价格波动情况及资本市 场整体趋势，择机逐步实施增持计划。本次增持股份的资金来源为华新集团自有资金和中国工商银行股 份有限公司湖北省分行提供的专项贷款资金，工商银行湖北省分行同意为华新集团增持公司A股股票提 供不超过人民币3.6亿元的增持贷款，贷款期限为3年。 ...

Core Viewpoint - The strategic partnership between China and Iraq, established in December 2015, has significantly strengthened over the past decade, focusing on mutual respect, political trust, and practical cooperation, serving as a model for cooperation among developing countries in a changing world [2][3]. Political Trust - Political trust has been the solid foundation for the steady development of bilateral relations, with China supporting Iraq's economic development, improving livelihoods, and combating terrorism, while opposing external interference in Iraq's internal affairs [2]. - Both countries respect each other's sovereignty and territorial integrity, accommodating core interests and major concerns, which has expanded consensus and provided crucial support for the growth of the strategic partnership [2]. Mutual Benefit and Cooperation - China has been the earliest and longest participant in Iraq's economic reconstruction, engaging in various infrastructure projects across multiple sectors, including energy, electricity, and transportation [3]. - The bilateral trade volume is expected to exceed $54 billion in 2024, covering sectors such as energy, automotive, and electronics, with Chinese electric vehicle brands gaining popularity in Iraq [3]. - Chinese-made electronic devices and smart home products have improved the convenience of daily life for Iraqi citizens, while the application of Chinese standards in electrical equipment and construction materials has enhanced public service levels [3]. Cultural Exchange - Cultural exchanges have deepened the relationship, with initiatives such as the establishment of a global civilization initiative research center in Iraq and an increase in Iraqi students studying in China [4]. - These exchanges have expanded into education, culture, academia, and youth interactions, fostering a social foundation for the strategic partnership [4]. Future Outlook - Both countries aim to continue their traditional friendship, deepen mutual trust, and elevate the strategic partnership to higher levels, broader fields, and deeper dimensions, embarking on a new chapter of high-quality cooperation under the Belt and Road Initiative for the next decade [4].

Core Viewpoint - The recent Central Economic Work Conference emphasizes the need for a shift in business paradigms to resist "involution" competition and focus on value creation and high-quality development [2][26]. Group 1: Transition from Scale to Quality - Chinese enterprises have achieved significant growth, with 130 companies entering the Fortune Global 500 this year, but now must transition from speed and scale to quality and efficiency [4][29]. - The criteria for measuring development quality include investment returns, market presence, profitability, employee income, government tax revenue, and environmental improvement [4][29]. - Companies like Midea are focusing on modern governance to ensure stable development, projecting a profit of 38.5 billion yuan in 2024 with a market value of 630 billion yuan [4][29]. Group 2: Focus on Core Competencies - Companies should prioritize strengthening their core business rather than blindly expanding into unrelated areas, as many issues arise from straying from core competencies [6][31]. - The principle of business core focus suggests eliminating non-core and loss-making operations to maintain clarity and efficiency [6][31]. - For instance, CATL focuses solely on its core business of power batteries, projecting a profit of 50.7 billion yuan in 2024 with a market value of 1.8 trillion yuan [6][31]. Group 3: Shift from Management to Strategic Operations - The current era requires businesses to focus on strategic operations rather than just management, emphasizing the importance of making the right business decisions to enhance profitability [7][32]. - Effective leadership involves setting strategic direction and resource acquisition while delegating management tasks to subordinates [7][32]. - The distinction between management and operations is crucial, with a focus on generating revenue and market engagement being paramount [7][32]. Group 4: Value-Driven Pricing Strategies - Companies must transition from cost-based pricing to value-based pricing, focusing on the value delivered to customers rather than merely production costs [13][40]. - The importance of understanding the relationship between price, volume, and cost is highlighted, with a focus on maintaining price stability in over-saturated markets [17][42]. - Successful brands like Pop Mart leverage emotional and social value in their products, achieving significant revenue growth and market capitalization [41]. Group 5: Moving Towards Cooperative Competition - The need for a shift from harmful competition to cooperative competition is emphasized, where companies focus on creating value rather than engaging in destructive price wars [18][43]. - The concept of "prisoner's dilemma" illustrates the need for industry players to prioritize collective industry benefits over individual gains [19][44]. - Promoting a cooperative ecosystem within industries can lead to sustainable growth and mutual benefits for all stakeholders involved [19][44].

张一平 S1090513080007 zhangyiping@cmschina.com.cn 张静静 S1090522050003 zhangjingjing@cmschina.com.cn 证券研究报告 | 宏观定期报告 2025 年 12 月 23 日 如何扭转增长速度放缓趋势 显微镜下的中国经济（2025 年第 48 期） 频率：每周 投资需求的改善主要看中央财政扩张程度，消费需求的改善主要依赖服务消费 的回暖。 定期报告 相关报告 | 1、 | 开工率 5 | | --- | --- | | 2、 | 产能利用率 10 | | 3、 | 产量 14 | | 4、 | 价格 19 | | 5、 | 库存 26 | | 6、 | 房地产市场 31 | | 7、 | 出行与物流 34 | 1、《配置窗口逐渐开启——宏 观与大类资产周报》2025-12-21 2、《地缘博弈持续———国际 时政周评》2025-12-21 3、《服务消费是提高居民消费 率的主要抓手之一—显微镜下 的 中 国 经 济 （ 2025 年 第 47 期）》2025-12-15 敬请阅读末页的重要说明 下半年以来，经济增长数据不断放缓。 ...