Group 1 - The core point of the article highlights that southbound funds have reduced their holdings in China State Construction International (03311.HK) by 2.418 million shares on January 28, with a total net reduction of 3.268 million shares over the last five trading days [1] - Over the past 20 trading days, there have been 8 days of net reductions in holdings by southbound funds, totaling 1.3905 million shares [1] - As of now, southbound funds hold 511 million shares of China State Construction International, representing 9.66% of the company's total issued ordinary shares [1] Group 2 - China State Construction International Group Limited primarily engages in construction business and investment holding [1] - The company is involved in various activities including construction, infrastructure project investment, toll road operations, project supervision services, and exterior wall engineering [1] - Additionally, the company is engaged in the renovation of industrial plants, provision of project supervision services, sale of construction materials, and leasing of machinery and investment properties [1]

Core Insights - The recent evaluation results of the 2025 Innovation Technology Application Projects in the construction sector of the Xinjiang Production and Construction Corps (XPCC) have been announced, highlighting 18 projects that excelled in technical innovation and practical application value [1] - These selected projects focus on the integration of new technologies, processes, and materials in the construction industry, particularly in areas such as green building, intelligent construction, and low-carbon operation, showcasing replicable and promotable technological achievements and practical experiences [1] - To ensure the authority and fairness of the evaluation, the XPCC Construction Association formed a review panel consisting of experts from various fields, conducting comprehensive assessments through discussions, on-site inspections, document reviews, and feedback collection [1] Industry Development - The XPCC Construction Association plans to enhance the promotion of high-quality projects and systematically summarize and extract replicable and promotable technical application experiences [2] - This initiative aims to encourage more enterprises to actively engage in the research and practice of innovative technologies, injecting strong momentum into the high-quality innovative development of the construction industry in the XPCC [2]

Core Viewpoint - RIMBACO (01953) reported a revenue of 260 million MYR for the fiscal year ending October 31, 2025, reflecting a year-on-year decline of 10.1% while net loss narrowed to 1.447 million MYR, a decrease of 6.8% [1] Financial Performance - Revenue decreased primarily due to the completion of a large factory project in the fiscal year 2025 [1] - Gross profit margin improved from approximately 1.4% in fiscal year 2024 to about 5.1% in fiscal year 2025, attributed to the completion of factory projects in the first half of 2025 and new factory projects awarded during the fiscal year [1] - Basic loss per share was reported at 0.11 sen MYR, with a proposed final cash dividend of 0.027 HKD per share [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第 3 号—行业信 息披露》的规定，现将公司 2025 年第四季度的建筑业经营情况公 布如下，供投资者参考。 以上数据仅为阶段性统计，最终以定期报告披露的数据为准。 特此公告。 深圳市天健（集团）股份有限公司 2025 年第四季度建筑业经营情况简报 证券代码：000090 证券简称：天健集团 公告编号：2026-8 序 号 业务模式 2025 年 10-12 月 新签订单 截至 2025 年 12 月 31 日 累计已签约未完工订单 剩余金额 已中标未签约订单 数量 （个） 金额 （万元） 数量 （个） 金额 （万元） 数量 （个） 金额 （万元） 1 施工承包 29 204,086.71 183 1,542,316.58 19 80,745.57 2 工程总承包 4 149,502.63 22 386,130.44 1 52,500.00 3 道路日常养护 22 7,948.50 19 11,375.99 7 4,321.57 小计 55 361,537.84 224 1 ...

Investment Insights - The report explores microstructure information contained in Level 2 order data, constructing stock selection factors with certain predictive capabilities based on order hand sizes and investor activity [2][8] - The main order hand size factors exhibit robust stock selection abilities, with small orders (1 hand, 100 shares) indicating strong institutional participation, while small orders (5, 10, 15 hands) from retail investors negatively impact stock prices [2][15] - The combined order buy hand size factor from 2015 to 2025 shows a T1-T6 VWAP RankIC of 0.048, with annualized excess returns of 18.6% for long positions and 30.6% for long-short strategies [2][19] Main Order Hand Size Factors - The report constructs a comprehensive order hand size factor by synthesizing significant hand sizes, including buy and sell orders, both executed and canceled [13][14] - The order buy hand size factor has a RankIC of 0.048 from 2015 to 2025, indicating a strong correlation with stock performance, while the order sell hand size factor has a RankIC of 0.040 [22][24] Investor Type Factors - The report identifies four types of investors based on order hand sizes: institutional investors, retail investors, quantitative traders, and speculative traders, each exhibiting distinct trading behaviors [27][29] - The buy-to-sell ratio for speculative investors shows a negative correlation with future returns, indicating that higher speculative buying may lead to lower future stock performance [29][33] Investor Activity - The report introduces a dynamic monitoring system for investor activity, quantifying the participation intensity of different investor types over time [56] - The analysis of specific stocks, such as Han's Laser and Neway, reveals that institutional and quantitative investor activity significantly influences stock price movements during certain periods [56][58] Speculative Stock Pool - The report constructs a "speculative stock pool" based on abnormal order sizes, aiming to capture stocks in the accumulation phase before price increases [69][72] - The enhanced strategy, incorporating machine learning factors, shows improved performance metrics, with annualized excess returns reaching 14.7% [2][72]

证券代码：002062 证券简称：宏润建设 公告编号：2026-002 宏润建设集团股份有限公司 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 3 号——行业信息披露》等相关规定，宏润建设集团股份有限公司（以下 简称"公司"）现将 2025 年第四季度建筑业经营情况简报如下： *注：上表中以联合体作为投标主体中标的项目，按公司实际工作量份额计算合同金额。 公司 2025 年第四季度建筑业承接工程 48,921 万元。 由于上述相关数据为阶段性数据，且未经审计，因此与定期报告披露的数据 可能存在差异，仅供投资者参阅。 特此公告。 宏润建设集团股份有限公司董事会 2026 年 1 月 29 日 2025 年第四季度建筑业经营情况简报 单位：万元 项目类型 新签合同 新中标未签合同 截至报告期末累计已签 约未完工合同 数量 金额 数量 金额 数量 金额 轨道交通项目 2 23,333 0 0 18 290,889 市政项目 6 25,444 0 0 50 420,714 房建项目 2 144 0 0 10 161,633 公路项目 0 0 0 0 2 6,563 新能源 EPC 项目 ...

Group 1 - The core viewpoint of the article highlights that during the "14th Five-Year Plan" period, Guangxi has constructed and collected a total of 2.95 million units of various types of affordable housing and resettlement housing, addressing housing difficulties for over 8 million people [1][2] - The 2026 Guangxi Housing and Urban-Rural Development Work Conference reviewed the achievements of 2025 and outlined key tasks for 2026, emphasizing the need for continued reform and innovation in the housing sector [2][3] - In 2025, Guangxi achieved a 100% delivery rate in the "guaranteed housing" campaign, with 22 new "good housing" projects recognized by the market, and initiated urban inspections to improve living conditions [2][3] Group 2 - In 2026, Guangxi plans to focus on urban renewal to promote high-quality urban development and support the extension of county infrastructure to surrounding rural areas, while enhancing the historical and cultural preservation system [3] - To stabilize the real estate market, Guangxi aims to reduce inventory of non-residential properties, conduct housing promotion activities, and acquire over 10,000 units of existing properties for affordable housing [3][5] - Guangxi will continue to optimize the market environment for the construction industry, promote digital and intelligent regulation, and enhance support for enterprises, while advancing smart city initiatives and applications of AI in the construction sector [5]

Group 1 - The core viewpoint of the news highlights the performance of the Tianhong Dividend Low Volatility ETF (560150), which rose by 0.72% with a trading volume of 8.2712 million yuan, while the underlying index, the CSI Dividend Low Volatility Index (H30269), increased by 0.47% [1][2] - Major stocks contributing to the index's performance include China National Offshore Oil Corporation (CNOOC) up by 7.40%, PetroChina up by 4.89%, Tunnel Holdings up by 2.28%, Meihua Biological Technology up by 1.48%, and Zhangjiagang Bank up by 1.35% [1] - Ping An Securities notes the scarcity of oil and gas resources in China, with leading extraction companies increasing production domestically and investing in overseas oil and gas projects, enhancing the value of quality resource endowments [1] - CITIC Construction Investment Securities emphasizes the stability of the railway and highway sectors as high dividend assets, which deserve a valuation premium due to their stable business models [1] - Factors driving dividend assets in 2026 include market return expectations potentially falling below 20%, the pace and scope of Federal Reserve interest rate cuts, and fundamental changes in dividend assets such as pricing adjustments in highways and high-speed rail [1] Group 2 - The banking sector continues to attract attention despite a relatively low preference from funds, with state-owned and joint-stock banks being particularly noted [2] - Passive fund outflows have caused disturbances in the banking sector's funding environment, but the high dividend and low valuation characteristics of banks remain appealing to long-term funds like insurance capital [2] - The Tianhong Dividend Low Volatility ETF (560150) closely tracks the CSI Dividend Low Volatility Index, which selects 50 securities with good liquidity, continuous dividends, moderate dividend payout ratios, positive growth in earnings per share, and high dividend yields with low volatility [2]

Core Viewpoint - Recently, Ocean Group signed a strategic cooperation agreement with Sichuan Province's large state-owned construction investment company and industry leader, Huaxi Group, focusing on urban renewal and the revitalization of non-performing assets, aiming for deep collaboration across the entire investment, financing, construction, management, and operation chain to explore markets and achieve mutual benefits [1][10]. Strategic Collaboration - The signing ceremony highlighted the warm welcome from Huaxi Group's Deputy General Manager, Gu Jinge, who praised Ocean Group's professional operational management capabilities and full industry chain service level [3][12]. - Huaxi Group has established the Sichuan Urban Renewal Group, taking on the role of the "main force" for urban renewal in the province, leveraging its strong engineering construction capabilities to collaborate with Ocean Group in core areas [3][12]. Cooperation Deepening - This cooperation marks a substantial phase of business synergy between the two companies, focusing on integrating the entire process of investment, financing, construction, management, and operation [8][16]. - Ocean Group will leverage its mature experience in asset operation management and revitalization, while Huaxi Group will contribute its significant advantages in engineering construction and project investment, aiming to explore paths for the value re-creation and enhancement of existing assets [8][17]. Additional Agreements - In addition to the strategic cooperation agreement between Ocean Group and Huaxi Group, Huaxi's 12th Company, Wuhu Shenghong Industrial Investment Co., Ltd., and Zhejiang Jin Special Investment (Suzhou) Enterprise Management Co., Ltd. also signed a strategic cooperation framework agreement, focusing on special investment business and the revitalization of existing assets [10][19].

中国中铁（601390）(00390)再涨超5%，截至发稿，涨4.63%，报4.52港元，成交额2.36亿港元。 国泰海通证券发布研报称，中国中铁铜、钴、钼保有储量在国内同行业处于领先地位，矿山自产铜、钼 产能已居国内同行业前列，2024上半年生产铜金属150,165吨；钴金属2,837吨；钼金属7,682吨；铅金属 4,565吨；锌金属10,697吨；银金属18吨。全资子公司中铁资源2025上半年归母净利润25.8亿元同比增长 27.4%，占比22%。长江证券则表示，关注公司矿产资源重估。 ...