格隆汇12月15日丨中国中冶(601618.SH)公布，本公司2025年1-11月新签合同额人民币9,581.3亿元，较上 年同期降低8.6%，其中新签海外合同额人民币750.0亿元，较上年同期增长0.4%。 ...

Investment Rating - The industry investment rating is "Overweight" [2][25]. Core Insights - Fixed asset investment in China showed a cumulative year-on-year decline of 2.6% from January to November 2025, with manufacturing investment increasing by 1.9% [2][3]. - Traditional infrastructure investment has seen a widening decline, necessitating a stabilization of investment. Infrastructure investment (including all categories) grew by only 0.1% year-on-year, a decrease of 1.4 percentage points compared to the previous month [4][3]. - Real estate investment remains low, with a year-on-year decline of 15.9% from January to November 2025, indicating a weak recovery trajectory [11][3]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year decline in fixed asset investment is 2.6%, with a decrease of 0.9 percentage points from the previous month [3]. - Manufacturing investment has increased by 1.9%, but this is still a decline of 0.8 percentage points compared to the previous month [2]. Infrastructure Investment - Infrastructure investment (excluding electricity) has a year-on-year decline of 1.1%, with a decrease of 1.0 percentage points from the previous month [4]. - Specific sectors such as transportation, storage, and postal services saw a decline of 0.1%, while water, environment, and public facilities management experienced a decline of 6.3% [4]. Regional Investment Trends - Eastern regions reported a year-on-year decline of 6.6%, while central and western regions saw declines of 1.7% and 0.2%, respectively. The northeastern region faced a significant decline of 14.0% [4]. Real Estate Investment - Real estate investment has decreased by 15.9% year-on-year, with construction starts down by 20.5% and completions down by 18.0% [11]. - The current cycle is characterized by excessive clearing of supply entities and difficulties in inventory replenishment, leading to a slow recovery in investment [11]. Investment Recommendations - For 2026, the industry is expected to stabilize, with emerging sectors likely to benefit from major national strategies. Key companies to watch include Sichuan Road and Bridge, China Chemical, and others in new infrastructure and overseas markets [16].

"我们在每栋住宅楼的屋顶都铺设了光伏板。"在沣和苑，单栋住宅楼光伏发电系统装机容量约为 3.3kW，年可发电量预计为3465kWh，仅单栋住宅楼的光伏系统年发电量就可满足公共区域照明用电需 求，"进一步压缩社区公共能耗成本，为绿色低碳再助力。" 在社区内，施工团队还构建起了一套完整的海绵城市系统，让社区能像海绵一样呼吸、存蓄并净化雨 水。"这套系统不仅能有效防涝，回收的雨水还可用于绿化灌溉，年均节水量超过千吨。"党琅介绍，通 过透水铺装、雨水花园等设计，沣和苑可实现雨水的"弹性管理"，将大部分降水就地消纳和利用，构建 起良性循环的社区微生态。 来源：环球网 12月14日，位于陕西西咸新区沣东新城的沣和苑保障房项目，干热岩钻机轰鸣阵阵，一口地热能探井正 向位于地下2700米的目的层钻进。 "目前，钻机已深入至地下2650米。"沣和苑项目施工员党琅介绍，沣和苑保障房项目采用中深层干热岩 垂直井同轴套管换热系统，通过钻机向地下高温岩层钻孔，借助换热器传导将地下深处的热能导出，再 经过专用连接设备向地面建筑供能，进行热量的循环交换。 "干热岩是天然的'锅炉房'，用它供热，'取热'不取水，供暖不冒烟。"党琅介绍，中深层 ...

Group 1: Macro Insights - The report highlights a significant decline in real estate sales, with both new and second-hand home sales dropping over 30% year-on-year, indicating a weak market [4][5] - Commodity prices are experiencing mixed trends, with copper prices rising strongly, while coal prices have seen a decline [4] - The automotive sector is also facing challenges, with passenger car sales in the first week of December down 32.3% year-on-year, attributed to tightened vehicle replacement subsidy policies [4] Group 2: Financial Market Performance - The A-share market is expected to transition from valuation-driven growth to earnings-driven growth in 2026, with a suggested neutral position of 80% in investment portfolios [6] - The report indicates that the overall market sentiment remains weak, with the Shanghai Composite Index experiencing a slight decline of 0.34% over the week [9] - Various sectors are showing different performance trends, with defense and military industries seeing gains, while coal and steel sectors are confirming declines [9] Group 3: Real Estate Investment Trusts (REITs) - The C-REITs market is showing mixed performance, with a total market capitalization of approximately 216.81 billion yuan, and 34 REITs increasing in value while 41 decreased [33] - The report emphasizes the potential for investment opportunities in the REITs market under a low-interest-rate environment, particularly focusing on resilient assets and quality projects [33] Group 4: Coal Industry Insights - The report notes a significant increase in U.S. natural gas prices, which is expected to drive a resurgence in coal power consumption, with coal electricity generation projected to increase by 21% year-on-year in the first quarter [35][36] - Investment recommendations include companies like China Coal Energy and Yanzhou Coal Mining, which are expected to benefit from the rising coal demand [36] Group 5: Banking Sector Analysis - Shanghai Bank reported a steady performance with a total operating income of 41.14 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 4.0% [40] - The bank's non-performing loan ratio remained stable at 1.18%, indicating solid asset quality [41] - The report highlights the bank's focus on supporting the real economy and meeting consumer needs through targeted lending strategies [42]

重庆建工集团股份有限公司 关于召开2025年第四次临时股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：600939 证券简称：重庆建工 公告编号：临2025-123 (一)股东会类型和届次 2025年第四次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025年12月30日 14点30分 召开地点：重庆两江新区金开大道1596号建工产业大厦4楼会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025年12月30日 至2025年12月30日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东会召开当日的交易时间 段，即9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东会召开当日的9:15- 15:00。 (六)融资融券、转融通、约 ...

Investment Rating - The report rates the construction engineering industry as "Overweight" [1] Core Insights - The central economic work conference emphasizes the need to stabilize investment and implement major projects to support economic growth [3][4] - The State-owned Assets Supervision and Administration Commission (SASAC) urges central enterprises to actively promote the implementation of significant projects to ensure stable supply and prices of essential products [5][6] - The Ministry of Finance highlights the importance of government investment in driving economic recovery and encourages the issuance of long-term special bonds to support major construction projects [6] Summary by Sections Recent Key Reports - The report discusses the need for high-demand, high-barrier, and high-profit leading companies in the construction sector, recommending sectors such as AI, controlled nuclear fusion, and low-altitude economy [11][13] - It notes that the construction industry has seen a decline in net profit, with a 10% year-on-year decrease in the first three quarters [15][16] Key Company Recommendations - Recommended companies include China State Construction (dividend yield 5.25%), China Railway (dividend yield 4.80%), and China Communications Construction (dividend yield 1.92%) [9][29] - The report suggests focusing on companies with strong dividend yields and stable growth, particularly in the context of debt reduction and anti-competitive policies [12][29] Macro/Meso/Micro Data - The report indicates a projected increase in broad infrastructure funding by 7.3% in 2025, driven by government bonds and domestic loans [32][34] - It highlights the importance of private capital participation in infrastructure projects to enhance funding and project execution [28]

债券研究 证 券 研 究 报 告 【债券周报】 关注中短端品种结构性机会 ——信用周报20251214 （3）4-5y 品种：收益率主要分布在 2.0%-2.5%区间，利差在 22-60BP 区间。 近期债市波动放大，利空因素扰动下 4-5y 品种信用利差有所走阔，票息配置 性价比边际回升。近期可适当关注波动市场中利差较高品种的结构性机会，逢 高配置票息资产，其中 3-4yAA+银行二永债与保险次级利差较高可优先关注。 （4）5y 以上品种：中高等级品种收益率主要分布在 2.25%-2.8%区间，利差在 25-60BP 区间。仍具备一定票息优势，但考验负债端稳定性，需凭借负债端稳 定性获取票息的时间价值，交易参与需因时而动。在当前债市扰动因素较多、 情绪偏弱的情况下，负债端稳定性偏弱的机构需谨慎，保险、自营等负债端稳 定性较强机构可重点关注，逢高配置。 ❖ 重点政策及热点事件： 1、中国冶金科工股份有限公司将多家子公司股权出售给五矿地产与中国五 矿。中国中冶此次打包售卖地产与矿山资产既能够补充资金反哺主业，也剥离 业绩承压的非主营业务，有利于估值修复。 2、渤海租赁股份有限公司拟召开持有人会议，审议豁免监票人 ...

Core Insights - The report emphasizes the acceleration of bidding for nuclear fusion projects and the operational launch of the Liebherr Nantong base, focusing on nuclear power and marine engineering modules [6][15][28] - The report highlights the structural recovery of infrastructure investment, particularly in Sichuan and Xinjiang, and recommends investments in low-valuation central state-owned enterprises [6][34] - The report tracks the development of cleanroom technology and the increasing capital expenditure of Taiwanese electronics companies in the U.S., indicating a trend of the Taiwanese supply chain moving to the U.S. [6][34] Group 1: Nuclear Fusion and Power Projects - The signing of a joint statement between China and France on December 4, 2025, promotes the development of nuclear power, recognizing nuclear fusion energy as a significant direction for future energy development [6][15] - The Liebherr Nantong base is expected to achieve an annual output value of CNY 560 million for nuclear modules and CNY 640 million for oil and gas energy modules, addressing the decline in traditional chemical business demand [6][28] - The report notes that the modular construction method in nuclear power can significantly shorten construction periods, with the Liebherr Nantong base now operational [6][28] Group 2: Cleanroom and Coal Chemical Industry - The report tracks the cleanroom sector, noting that TSMC plans to invest USD 165 billion in capital expenditures in the U.S., with Foxconn and Wistron also planning significant investments [6][34] - In the coal chemical sector, projects are progressing steadily, with Xinjiang remaining a primary investment area, including a 1.5 million tons/year coal-to-ethylene project [6][34] - The average price of medium and heavy plates in 13 regions decreased by 0.9%, while rebar prices fell by 1.0%, indicating a slight decline in steel prices [6][34] Group 3: Financial Tracking and Investment Recommendations - The report indicates that special bonds issued for refinancing have reached CNY 2.01 trillion, with a cumulative issuance of CNY 4.5 trillion in special bonds for the year, reflecting a 13.8% year-on-year increase [6][34] - The report recommends focusing on four main investment lines: infrastructure recovery, safety resources, technology in high-end manufacturing, and overseas business opportunities [6][34] - The funding availability rate for construction sites is reported at 59.74%, showing a slight increase from the previous week [6][34]

Core Insights - The article highlights the ongoing development and establishment of key projects in Xiong'an New Area, aimed at relieving non-capital functions from Beijing and enhancing the area's service and support capabilities [3][4][5]. Group 1: Project Development - Construction of the Beijing Union Medical Center in Xiong'an has commenced, with significant progress on various educational institutions, including Beijing Forestry University, which is expected to open by September 2027 [4]. - Major state-owned enterprises (SOEs) such as China Huaneng and China Sinochem have officially relocated to Xiong'an, with three SOE headquarters now established in the area [4][5]. - The Xiong'an New Area is witnessing a shift from early-stage construction to a focus on regional development, technological innovation, and industrial clustering, with several market-oriented projects already operational [5][6]. Group 2: Housing and Living Conditions - Xiong'an has provided nearly 2,000 rental housing units for the first batch of relocated SOEs, ensuring that living conditions meet or exceed those in Beijing [7][8]. - The area has developed a "15-minute living circle," offering convenient access to essential services such as parks, supermarkets, hospitals, and restaurants [7]. - A comprehensive housing guarantee mechanism is being established to support the influx of personnel, ensuring equal rights for renters in terms of social services and benefits [7][8]. Group 3: Service Optimization - The "one-click migration" service platform has streamlined the process for companies relocating to Xiong'an, integrating multiple administrative tasks into a single online service [9][10]. - Xiong'an has implemented a series of reforms to expedite project approvals and enhance the overall business environment, including a new approval system that reduces bureaucratic delays [10][11]. - A comprehensive service center has been established to address the needs and concerns of relocated enterprises, ensuring efficient communication and resolution of issues [11].

Core Viewpoint - The Xiong'an New Area is actively promoting the relocation of non-capital functions from Beijing, with significant progress in various projects and the establishment of numerous enterprises in the region [1][2][3]. Group 1: Project Progress - The construction of the Beijing Forestry University campus in Xiong'an is on track, with the first phase expected to be completed by the end of the year and the campus set to open in September 2027 [2]. - Major state-owned enterprises (SOEs) such as China Huaneng and China Sinochem have officially relocated to Xiong'an, with three SOE headquarters now established in the area [2][3]. - The Xiong'an New Area is witnessing the completion and operation of several market-oriented projects, including smart city innovation centers by major telecom companies [3]. Group 2: Support and Infrastructure - Over 1,000 employees from China Huaneng and nearly 1,000 from China Sinochem are now working in Xiong'an, supported by comprehensive living and working arrangements [4]. - The Xiong'an New Area has provided nearly 2,000 rental housing units for the first batch of relocated SOEs, with plans to enhance housing support further [4][5]. - A "15-minute living circle" has been established, offering convenient access to essential services such as parks, supermarkets, and hospitals [5]. Group 3: Service Optimization - The "one-click migration" service platform simplifies the process for enterprises relocating to Xiong'an, integrating multiple administrative tasks into a single online process [6]. - The Xiong'an New Area has implemented a series of reforms to streamline project approval processes, significantly reducing the time from land acquisition to project commencement [7]. - A comprehensive service mechanism has been established to address the needs of relocated enterprises, ensuring a supportive environment for their development [7].