Core Viewpoint - The A-share market is potentially entering a slow bull phase driven by dual factors of valuation recovery and profit improvement [2][6]. Group 1: Market Conditions - Current bank stocks offer a dividend yield exceeding 4%, significantly higher than the yield on ten-year government bonds, indicating a favorable investment environment [2]. - There is an expectation of a rebound in profitability for cyclical industries, contributing to a positive market sentiment [2][6]. - The average price-to-book ratio for the banking sector is currently 0.7, suggesting that the valuation disparity is unsustainable [6]. Group 2: Investment Strategy - The company employs a strategy of "extreme diversification + safety margin" to navigate potential market volatility, utilizing quantitative models to identify undervalued and profit-stable assets [2][3]. - The investment philosophy adheres to the "absolute return" principle, focusing on dynamic asset allocation based on market conditions rather than a fixed stock-bond ratio [3]. - The company emphasizes a balanced and diversified portfolio, with individual stock holdings rarely exceeding 1% of total positions, aiming for a long-term positive experience for investors [4]. Group 3: Sector and Stock Selection - The investment approach includes a balanced distribution across industries and a diversified stock selection, with a focus on low valuation and stable profit growth [4][5]. - The company tracks potential stocks using quantitative models to efficiently identify promising sectors and stocks, while final investment decisions are based on safety and return assessments [5]. Group 4: Outlook on Equity and Bond Markets - The equity market is expected to experience a slow bull trend, with improved market sentiment and potential for significant capital inflows [6]. - In the bond market, the company maintains a cautious stance due to historically low interest rates and limited room for further declines, focusing on mid to short-duration bonds for their value [7].

数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2026-2032年中国水泥行业市场运行格局及发展策略分析报告》 根据中国海关数据显示：2025年10月中国水泥及水泥熟料出口数量为153万吨，同比增长245.7%，出口 金额为0.6亿美元，同比增长142.4%。 近一年中国水泥及水泥熟料出口情况统计图 ...

Group 1 - The EU Carbon Border Adjustment Mechanism (CBAM) will enter its mandatory phase on January 1, 2026, marking the world's first cross-border carbon tax system [1] - CBAM aims to price the "embedded carbon" in imported goods, ensuring that non-EU producers bear the same carbon costs as EU companies [1] - Importers of six high-energy-consuming product categories, including steel, cement, aluminum, fertilizers, electricity, and hydrogen, must report carbon emissions quarterly and purchase CBAM certificates based on the EU Emissions Trading System (ETS) auction prices [1] Group 2 - During the transition period, which began in October 2023, importers are not required to purchase CBAM certificates but must fulfill basic carbon emission reporting obligations [2] - As the implementation date approaches, companies, especially in the steel and aluminum sectors, are preparing for the new requirements, which include providing comprehensive carbon emission data [2] - The EU plans to extend CBAM coverage to downstream products, including 180 new categories such as machinery and household appliances, further broadening its impact [3] Group 3 - The Chinese Ministry of Ecology and Environment is actively monitoring the developments of the EU CBAM and will guide companies in adapting to the new regulations [4] - China is expanding its national carbon emissions trading market, with plans to include the steel industry in 2025, which will help align with international carbon pricing mechanisms [4] - Although the actual procurement and submission of CBAM certificates will be delayed until February 2027, companies must still account for these costs in their 2026 business decisions [5]

Core Viewpoint - Cementos Pacasmayo (CPAC) is a leading cement company in Peru, recognized for its production and distribution of cement and construction materials, with a significant role in the construction industry [1] Group 1: Stock Performance - Scotiabank maintained a "Sector Perform" rating for CPAC, suggesting investors hold their positions, with the stock priced at $10.42 at that time [1] - CPAC's current stock price is approximately $10.46, reflecting a slight increase of 1.80% or $0.18, with trading between $10.15 and $10.69 today [3] - The stock has a 52-week high of $11.30 and a low of $5.10, indicating stable performance consistent with Scotiabank's recommendation [3] Group 2: Market Outlook - Scotiabank raised its price target for CPAC from $6.40 to $12.80, indicating a positive outlook and confidence in the company's growth potential [2] - Zacks Investment Research is evaluating CPAC, focusing on earnings estimates and revisions, considering it a strong candidate for value investing [2] Group 3: Company Metrics - CPAC's market capitalization is around $896.17 million, highlighting its size and influence in the market [4] - The company has a trading volume of 33,674 shares on the NYSE, indicating active trading and investor interest [4] - CPAC's performance in the "Value" category, along with a high Zacks Rank, positions it as a potentially strong value stock [4]

Core Viewpoint - Tianshan Co., Ltd. is actively expanding its international market presence through its overseas investment platform, China National Materials Group Corporation (Sinoma), which has established significant cement production capacities in various countries [2] Group 1: Company Operations - China National Materials Group Corporation currently operates in Tunisia, Zambia, Nigeria, and Mongolia, with a total cement production capacity of 3.5 million tons [2] - The company has a clinker production capacity of 2.85 million tons, ready-mixed concrete capacity of 200,000 cubic meters, aggregate capacity of 3.6 million tons, and sintered brick capacity of 60 million pieces [2] Group 2: Future Plans - The company plans to promote key project implementations and continue to expand its international market footprint [2]

（编辑 丛可心） 证券日报网讯 12月19日，海螺水泥在互动平台回答投资者提问时表示，公司将围绕已制定的《市值管 理制度》及《2025年估值提升计划》，积极推动落实市值管理的各项举措，持续提升经营发展质量，不 断增强公司的内在投资价值。后续公司如有股份回购注销计划，将严格按照规定履行信息披露义务。 ...

Core Viewpoint - The National Development and Reform Commission has released the "Management Measures for Central Budget Investment in Railway Projects," emphasizing the need for enhanced technical and economic evaluation of railway projects and investment benefit analysis, while rationally determining the capital contribution ratio to support sustainable project operations, with special regions allowed to adopt full capital contributions [1][7]. Investment Support Standards - Investment support scales will be calculated based on the nature of the railway project and its location, with full capital contributions allowed for projects in Tibet, southern Xinjiang, and certain counties in four provinces related to Tibet, while other projects in eastern, central, western, and northeastern regions will consider capital contribution ratios of 50% to 70% of total project investment [3][9]. - Specific central budget investment arrangements include: - 90% capital contribution for main railway projects in Tibet and southern Xinjiang - 70% for projects in four provinces related to Tibet and other border railway projects - 30% to 50% for main railway projects in other eastern, central, western, and northeastern regions - 10% to 20% for new intercity railway projects in key urban clusters [4][10]. Policy Implementation and Impact - The measures clarify that projects benefiting from support policies in central and western regions must adhere to relevant national planning requirements and have completed necessary approvals and funding conditions [7][13]. - Analysts suggest that the new measures will significantly boost railway construction, particularly in central and western regions, enhancing economic connections between western and eastern areas and promoting industrial development in sectors such as steel, cement, and construction machinery [7][13].

（文章来源：证券日报） 证券日报网讯 12月19日，上峰水泥发布公告称，公司第十一届董事会第九次会议审议通过《关于补选 公司董事的议案》《关于提请召开公司2026年第一次临时股东会的议案》。 ...

证券日报网讯12月19日晚间，上峰水泥（000672）发布公告称，公司将于2026年1月7日召开2026年第一 次临时股东会。 ...

证券日报网讯12月19日，海螺水泥（600585）在互动平台回答投资者提问时表示，公司生产经营一切正 常。 ...