Core Insights - Huachuang Securities highlights four major investment directions for the CSI A500 index: technology innovation, cyclical industries, overseas expansion, and the real estate chain [1] Group 1: Investment Directions - Technology innovation focuses on robust growth at the endpoint and the commercialization of ToB, with an emphasis on the need to digest valuations in the tech sector [1] - Cyclical industries are expected to benefit from price elasticity due to supply clearing, particularly in sectors like non-ferrous metals, chemicals, steel, coal, construction materials, and machinery [1] - Overseas expansion aims to enhance global competitiveness, with a focus on electric new energy, machinery, communication equipment, and energy metals [1] - The real estate chain is anticipated to recover from mid-term bottoming out, with high potential in construction, building materials, home furnishings, appliances, and property management [1] Group 2: Market Opportunities - The technology manufacturing sector is seeing a steady increase in return on equity (ROE) amid the transition of old and new growth drivers [1] - Investors are encouraged to consider the CSI A500 ETF (159338), which is leading in the number of accounts among similar products, being more than three times that of the second-ranked fund [1]

Core Points - The Ministry of Housing and Urban-Rural Development is mobilizing efforts to address wage arrears in the construction sector ahead of the 2025 governance action plan [1] - Local housing and urban-rural development departments are required to conduct comprehensive inspections for wage arrears, focusing on critical periods such as New Year's Day and the Spring Festival [1] - The initiative emphasizes accountability among all parties involved to prevent wage issues arising from illegal activities in the construction market and delayed project payments [1] Summary by Categories - **Action Plan** - A video conference was held to advance the 2025 governance action plan for addressing wage arrears in the housing and urban-rural development sector [1] - The focus is on key regions, enterprises, and projects to effectively manage and resolve wage arrears [1] - **Responsibilities and Accountability** - There is a strong emphasis on enforcing responsibilities to prevent wage arrears caused by illegal practices and delayed payments [1] - The initiative includes a mechanism for tracking and resolving wage arrears cases, ensuring payments are made directly to workers and responsibilities are cleared [1] - **Monitoring and Enforcement** - The plan includes concentrated efforts to address typical cases of wage arrears for migrant workers, with a focus on improving complaint channels and implementing a first-response accountability system [1] - There will be enhanced supervision of wage payments for sanitation workers, with strategies for timely resolution of identified wage issues [1]

应用：绿氢远期需求超 9400 万吨，绿氨、交通领域预计 率先平价 20251204 摘要 绿氢制合成氨成本为 4,139 元/吨，较传统工艺高 22%-36%。实现平价 需碳价升至 192 元/吨或绿氢成本降至 13.7 元/千克，或碳价涨至 100 元/吨且绿氢成本降至 15 元/千克。 绿色甲醇生产成本约 3,900 元/吨，比灰色甲醇高 42%。实现平价需碳 价涨至 100 元/吨且绿氢成本降至 9.5 元/千克，电力成本降至 0.08-0.1 元/千瓦时，短期内实现难度大。 炼化行业对绿氢需求较少，因多数炼厂位于东部且有副产蓝氢，经济性 更优。中短期内，仅在缺乏蓝氢支持时才可能出现部分绿氢需求。 轻冶金行业到 2050 年绿氢需求预计超 900 万吨，实现平价需绿氢成本 降至 10.5 元/千克。气基直接还原竖炉减碳幅度大，宝武湛江正推进相 关项目。 钢铁领域碳中和需氢冶金，2050 年氢冶金比例提升至 10%-11%，需 求量为 903-1,053 万吨。目前氢冶金成本高 80%-100%，需补贴。平 价需碳价涨至 100 元/吨且滤芯成本降至 10.5 元/千克。 Q&A 绿氢在合成氨领域的应用 ...

夜幕四合，扬子江畔的无人机腾空巡航，背街小巷的AI摄像头眨眼识别；地下管网中，传感器如敏锐 的"神经末梢"，实时捕捉着水位的细微变化；城市街道上，智能设备构筑起无形防线，将风险化解于未 然……江苏，正以一场"数智"协奏，让钢筋水泥长出"会思考"的肌理，让阡陌街巷涌动"被守护"的暖 流。 2024年12月，江苏省住房和城乡建设厅、省发展改革委等八部门联合印发的《关于推进全省智能建造发 展的指导意见》提出，到2025年末，智能建造适用技术在重大工程建设项目中应用占比达到50%左右， 为这片建筑业年产值超4万亿元的热土定下城市智慧化建设的"时间表"和"路线图"。 政策掷地有声，项目拔地而起，一场以数据为基、以算法为翼的城市升级大幕全面拉开。从智能建造到 城市生命线工程建设，再到城市智慧管理平台，江苏以高瞻远瞩的顶层设计和高效协同的基层创新，把 中国式现代化的"智慧篇章"写进城市的大街小巷。 智能建造 技术融合引领建筑业向"智"而新 "智能建造不是简单的'机器换人'，而是'系统换脑'。"苏锡常都市圈工业物联网实训基地项目现场，华 仁建设集团有限公司技术部副部长包冬阳点开"智能建造运管平台"，工地温度、PM2.5、塔吊 ...

Core Viewpoint - The A-share market in 2026 is expected to exhibit characteristics of "multiple lines of attack and blooming at multiple points" from an industry allocation perspective, according to Wang Daji, Chief Strategy Analyst at Zheshang Securities [1] Investment Opportunities - **Consumption and Wealth Effect Line**: The "14th Five-Year Plan" emphasizes high importance on "domestic demand." In the context of a systematic market uptrend and the wealth effect of the stock market, attention should be given to relatively lagging sectors such as consumer services, food and beverage, and agriculture, forestry, animal husbandry, and fishery [1] - **Prosperity Direction Line**: Focus on industries such as automobiles, pharmaceuticals, electronics, power equipment, and non-bank financials [1] - **Traditional Industry Line**: The "14th Five-Year Plan" prioritizes the "optimization and upgrading of traditional industries." Key areas to watch include basic chemicals, machinery, construction (state-owned infrastructure), coal, and steel [1] - **Dividend Stabilizer Line**: The year 2026 will mark the implementation of new public fund regulations. Considering factors like dividend yield and under-allocation in public funds, sectors such as banking and transportation should be monitored [1]

Group 1 - The core viewpoint of the article highlights a significant contraction in the UK construction industry, with the Purchasing Managers' Index (PMI) dropping to 39.4, the lowest level since May 2020, indicating a continued low level of industry activity [1] - All core sub-sectors of the construction industry are under pressure, with the commercial building sub-index at 43.8, and both residential construction and infrastructure activities weakening, alongside a decline in new orders for the third consecutive month [1] - Analysts attribute the overall contraction to insufficient new project investments, weak end-customer demand, concerns over the UK economic outlook and fiscal policy stability, as well as rising financing costs in a high-interest-rate environment [1] Group 2 - The employment index in the construction industry has declined for the fourth consecutive month, as companies reduce hiring to control costs, with some initiating work stoppages or layoffs [2] - The dual pressures of rising wage costs and a decrease in project numbers are worsening the employment situation within the industry [1] - The significant contraction in the construction sector raises concerns about its impact on overall UK economic growth, real estate market recovery, and infrastructure investment planning, with a lack of clear positive support for short-term recovery [2]

Core Viewpoint - The Yangzhou Municipal Government has released a comprehensive implementation plan aimed at accelerating economic and social development through a full green transition, aligning with national and provincial policies on green transformation [5][17]. Group 1: Overall Requirements - The plan emphasizes the importance of adhering to Xi Jinping's economic and ecological civilization thoughts, aiming for a green, low-carbon, high-quality development path, with significant progress expected in key areas by 2030 and a fully established green economy by 2035 [6][19]. Group 2: Key Tasks - The plan outlines several key tasks, including the development of green low-carbon industrial clusters, the upgrade of traditional industries, and the promotion of green low-carbon services [8][19]. - Specific targets include the establishment of 20 zero-carbon factories and a scale of the energy-saving and environmental protection industry reaching approximately 20 billion yuan by 2030 [8][19]. Group 3: Energy Transition - The plan aims to optimize clean and low-carbon energy supply, focusing on the efficient use of coal and the development of non-fossil energy sources, with a target of 10 million kilowatts of renewable energy generation capacity by 2030 [9][19]. - It also emphasizes the construction of a new power system that integrates energy sources, networks, loads, and storage [14][20]. Group 4: Infrastructure Upgrades - The plan includes initiatives for green building development, mandating that new public buildings meet specific green standards and achieve a photovoltaic coverage rate of over 50% by 2030 [9][14]. - Transportation infrastructure will also undergo a green transition, with a focus on enhancing electric vehicle charging networks and promoting the use of electric vessels [9][20]. Group 5: Resource Efficiency - The plan promotes resource conservation and efficiency, including strict water resource management and the promotion of recycling and waste reduction initiatives [11][21]. - By 2030, the plan aims for a recycling volume of approximately 4.5 million tons of major renewable resources [21]. Group 6: Technological Innovation - The plan emphasizes the importance of research and development in green technologies, including new energy vehicles and advanced photovoltaic cells, to support the green transition [10][19]. - It also aims to enhance the commercialization of green technology innovations through various collaborative projects [10][15]. Group 7: Green Consumption - The plan encourages the adoption of green consumption practices among the public, promoting energy-saving behaviors and the use of sustainable products [16][19]. - Initiatives will include campaigns for the replacement of old consumer goods with greener alternatives and the promotion of organic agricultural products [16][19]. Group 8: Policy Framework - The plan outlines the need for a robust policy framework to support green transformation, including the establishment of green standards and financial incentives for sustainable practices [18][22]. - It aims to enhance market mechanisms for resource allocation and promote participation in carbon trading markets [22].

Group 1: Core Views - The Sichuan Provincial Government has issued a notice outlining 18 specific measures to consolidate and expand the positive momentum of economic recovery, focusing on supporting consumption, reducing costs for enterprises, promoting rapid growth of businesses, and facilitating industrial transformation and upgrading [1] Group 2: Supporting Consumption - Measures to boost consumption include implementing operational incentives for new consumption scenarios, supporting the stable and healthy development of the real estate market, issuing "Shu Li An Yi" consumption vouchers, providing interest subsidies for personal consumption loans, and rewarding second-hand car sales [1] - From October 1, 2025, to March 31, 2026, interest subsidies of 1% per annum will be provided for personal consumption loans under 50,000 yuan and for key areas such as home appliances, education, and healthcare [1] - Eligible enterprises conducting promotional activities will receive a subsidy of 50% of their actual promotional investment, with a maximum of 1 million yuan per enterprise [1] - Second-hand car dealerships will receive a reward of 0.5% of their sales, capped at 500,000 yuan per enterprise [1] Group 3: Reducing Costs for Enterprises - Focus areas for reducing costs include implementing local bank re-loan subsidies for agriculture and small businesses, as well as subsidies for issuing technology innovation bonds [2] - From January 1, 2025, to December 31, 2026, local banks using re-loan funds to support small and micro enterprises will receive a tiered reward of approximately 2‰ based on their re-loan usage [2] - A one-time subsidy of 1% of newly issued loans will be provided for banks issuing loans in the elderly care industry, with a maximum of 200,000 yuan per enterprise [2] Group 4: Promoting Rapid Growth of Enterprises - Incentives for rapid growth include rewards for industrial project completion, production growth in industrial and construction sectors, and targeted procurement incentives for large enterprises [2] - From October 1, 2025, to March 31, 2026, projects that are completed and have an additional production scale of over 20 million yuan will receive a maximum incentive of 1.5 million yuan, capped at 10% of the approved equipment investment [2] Group 5: Facilitating Industrial Transformation and Upgrading - Measures to promote industrial transformation include incentives for stable production and quality improvement in beef cattle, transformation of traditional service enterprises, and incentives for enterprises transitioning to larger scales [3] - From January 1, 2026, to December 31, 2026, eligible beef cattle breeding farms will receive a subsidy of 300 yuan per head [3] - Cities with an increase in the number of enterprises transitioning to larger scales will receive incentives, with specific standards set for different types of enterprises [3]

国土规划与建设部表示，建筑业是推动国家经济增长的重要支柱，长期带动家庭经济、创造就业机会并 促进城市发展。历届政府持续推出相关政策，包括鼓励建设投资、完善法规与技术标准、提升公共服务 质量、强化监管并严厉打击违法建设行为，如侵占国家公共土地、无证施工及违规建设等。同时，政府 要求所有工地必须设置污水处理设施，以维护市容、公共安全及环境卫生。 疫情前建筑业一直是柬埔寨经济增长的关键动力。建筑和房地产领域对GDP增长的贡献率由2011年的 0.5个百分点，提升至2016年至2019年的平均2.5个百分点。然而，疫情期间该行业受到重挫，2020年对 GDP增长贡献跌至负1.2个百分点，此后复苏步伐缓慢，至今仍未恢复至疫情前水平。 据国土规划与建设部最新统计，今年柬埔寨建筑业投资额达73.2亿美元，同比增长69%，显示该行业持 续复苏势头强劲。 报告指出，全国今年共批准建筑项目3503项，总建筑面积达1867万平方米，投资额达73.2亿美元；而 2024年建筑投资额为43.3亿美元，共2622个项目，建筑项目数量和投资额均明显增长。在建设类别上， 住宅类项目仍占大宗。报告显示，全国住宅建设项目达2724项，预计投资额 ...

Investment Summary - The construction and building materials industry is expected to face demand challenges in 2025 due to declining infrastructure and manufacturing investment, alongside a significant drop in real estate investment [1] - Local governments are stabilizing debt management and maintaining high growth in refinancing special bonds, with infrastructure investment (excluding electricity) expected to see a negative year-on-year growth rate [1] - The real estate sector has experienced a continuous decline in fixed asset investment for 40 months, with the drop in new construction, construction, and completion areas showing signs of narrowing [1][2] Economic Impact - The negative cycle of the real estate sector continues to impact overall economic demand, although the intensity of this impact is weakening [2] - The new commodity housing price index has decreased by 11.77% from its peak in September 2021 to October 2025, while the second-hand housing price index has dropped by 20.31% in the same period [2] - Government revenue from land sales has seen a significant reduction, but general revenue has turned positive year-on-year [2] Policy Direction - The focus for 2026 will be on expanding domestic demand to counteract the negative effects of the real estate sector, with policies aimed at stabilizing the housing market and improving housing demand [3][4] - Infrastructure projects will prioritize modern infrastructure systems and effective project implementation through special bonds and long-term national bonds [3] - The government aims to enhance consumer spending and promote new consumption patterns, including the expansion of service consumption and the removal of unreasonable consumption restrictions [3] Investment Strategy - Companies in the building materials sector are expected to see improvements in profitability due to the "anti-involution" policy, which is set to optimize supply and stabilize product prices [4] - There is a growing opportunity for traditional industries to expand internationally, leveraging China's competitive advantages and the favorable conditions for overseas development [4][5] - The release of new demands driven by technological advancements and the maturation of the industrial system is anticipated to create opportunities in new materials [5]