1-11 月地产链数据联合解读 20251215 2025 年 1-11 月房地产市场数据表现如何？对未来市场有何展望？ 2025 年 1-11 月的房地产市场数据显示，整体环比增长但同比负增长。累计值 显示跌幅扩大，主要原因是去年基数较高，且缺乏明显政策刺激。预计 2026 年一季度数据仍将承压，因为 25 年 3 月前的数据偏高，而 26 年 3 月后才进入 低基数期。4 月份的政治局会议可能出台政策，从而改善后续数据和经济效果。 对于 2025 年的销售面积和销售金额有何看法？ 目前销售面积和销售金额分别为 7 万多亿人民币。如果按历史经验推算，12 月 的单月值大约是 11 月的 1.5 至 1.6 倍，因此全年总额应在 8.2 至 8.3 万亿人 民币之间。从宏观人口测算和存量资产更新来看，这一数值具备较强支撑空间。 因此，在供给侧改革持续推进下，预计 2026 年进入 8 万亿区间时，市场修复 能力和稳定性将增强。 二手房市场现状及未来趋势如何？ 摘要 2026 年一季度数据预计承压，受 2025 年同期高基数影响，需关注 4 月政治局会议可能出台的政策，以改善后续经济数据。 预计 2025 年全 ...

证券日报网讯12月15日，福建水泥（600802）在互动平台回答投资者提问时表示，本公司全资子公司永 安建福已取得海工硅酸盐水泥生产许可，该特种水泥可用于深海基建工程。 ...

Investment Rating - The industry rating is "Outperform the Market" [8][66] Core Viewpoints - The report emphasizes the need for stable real estate market policies, including controlling inventory and improving supply, as highlighted in the Central Economic Work Conference [3][13] - It notes that the easing of monetary and fiscal policies in China is expected to support the real estate market's recovery, with a focus on stabilizing transactions and prices [3][6] - The report anticipates a turning point in the building materials sector's capacity cycle due to supply-side reforms and a recovery in home-buying willingness driven by lower interest rates [6][13] Summary by Sections Investment Highlights - The report outlines several key policies aimed at stabilizing the real estate market, including the encouragement of purchasing existing homes for affordable housing and reforms to the housing provident fund system [3][13] - It mentions that the sales area of commercial housing has been declining since its peak in 2021, indicating the market is entering a bottoming phase [3][6] Recent High-Frequency Data - As of December 12, 2025, the average price of bulk P.O 42.5 cement is 341.1 CNY/ton, showing a 0.3% increase week-on-week but a 17.9% decrease year-on-year [4][14] - The average ex-factory price of glass (5.00mm) is 1091.4 CNY/ton, reflecting a 1.0% decrease week-on-week and a 19.5% decrease year-on-year [4][25] Sector Review - The report indicates that the Shanghai Composite Index fell by 0.34%, while the Shenzhen Composite Index rose by 0.18%. The building materials index decreased by 1.41% [5][52] - Among sub-sectors, fiberglass manufacturing increased by 1.11%, while cement manufacturing decreased by 1.21% [5][52] Investment Recommendations - The report suggests focusing on three main investment lines: high-quality companies benefiting from stock renovations, undervalued stocks with long-term alpha attributes, and leading cyclical building materials companies showing signs of bottoming [6][58]

证券日报网讯 12月15日，金隅冀东在互动平台回答投资者提问时表示，近年来京津冀地区多次遭遇不 同程度的洪涝灾害，民房修缮、公路桥梁重建及后续管网、防洪工程及系列抗灾基础设施的进一步完 善，将带来一定需求支撑。公司持续加大水利工程、城市管网等基础设施建设的市场开发力度，同时充 分发挥科技研发及生产技术优势，不断完善产品结构，根据不同应用场景推出定制化、特种水泥，积极 契合市场需求，形成销售增量。 （编辑 袁冠琳） ...

每经AI快讯，有投资者在投资者互动平台提问：公司的深海基建水泥已经拿到生产许可了吗？ 福建水泥（600802.SH）12月15日在投资者互动平台表示，本公司全资子公司永安建福已取得海工硅酸 盐水泥生产许可，该特种水泥可用于深海基建工程。 （文章来源：每日经济新闻） ...

有投资者问福建水泥，公司的深海基建水泥已经拿到生产许可了吗？福建水泥在互动平台表示，公司全 资子公司永安建福已取得海工硅酸盐水泥生产许可，该特种水泥可用于深海基建工程。 （文章来源：第一财经） ...

Investment Rating - The industry rating is "Outperform the Market" [8][64] Core Viewpoints - The report emphasizes the need for stable real estate market policies, including controlling inventory and encouraging the construction of quality housing [3][13] - It highlights that the construction materials sector is expected to benefit from supply-side reforms and a potential recovery in housing demand due to lower interest rates and supportive policies [6][13] - The report notes that the market is becoming increasingly sensitive to policy easing as the sales area of commercial housing has been declining for over three years [3][6] Summary by Sections Investment Highlights - The central economic work conference has outlined measures to stabilize the real estate market, including promoting the construction of quality housing and reforming the housing provident fund system [3][13] - The report anticipates that the construction materials sector will see a turning point in the capacity cycle due to supply-side reforms and improved purchasing intentions driven by lower interest rates [6][13] Recent High-Frequency Data - As of December 12, 2025, the average price of bulk P.O 42.5 cement is 341.1 CNY/ton, a 0.3% increase from last week but a 17.9% decrease year-on-year [4][14] - The average price of glass (5.00mm) is 1091.4 CNY/ton, down 1.0% from last week and down 19.5% year-on-year [4][22] Sector Review - The construction materials index has decreased by 1.41%, with sub-sectors like glass manufacturing and cement manufacturing showing declines of 1.79% and 1.21%, respectively [5][51] - The report suggests that the construction materials sector's fundamentals and valuations are expected to recover further, with specific recommendations for stocks in the sector [6][51]

塔牌集团公告，公司股东EMERGING ASIA EQUITY FUND、APG ASIA EX JAPAN FUND、FIDELITY EXJAP、HERMES CHINA EQUITY FUND、WOO HAY TONG ASIA EX JAPAN FUND及其管理人 Hermes Investment Management Limited于2025年12月12日收到中国证券监督管理委员会广东监管局下发 的警示函和深圳证券交易所下发的监管函。因公司在2025年10月28日提交的简式权益变动报告书中披露 APG ASIA EX JAPAN FUND与其他信息披露义务人属于一致行动人与事实不符，违反了相关法规。 ...

数据宝统计，截至13:54，四川金顶成交额22.00亿元，创上市以来新高。最新股价上涨1.56%，换手率 42.66%。上一交易日该股全天成交额为6.25亿元。 （文章来源：证券时报网） 据天眼查APP显示，四川金顶(集团)股份有限公司成立于1988年09月06日，注册资本34899万人民币。 （数据宝） ...

四川金顶12月11日交易公开信息 具体来看，今日上榜营业部中，第一大买入营业部为国泰海通证券股份有限公司成都北一环路证券营业 部，买入金额为5532.52万元，第一大卖出营业部为国新证券股份有限公司北京中关村大街证券营业 部，卖出金额为2150.89万元。 近半年该股累计上榜龙虎榜16次，上榜次日股价平均跌0.67%，上榜后5日平均涨3.43%。 资金流向方面，今日该股主力资金净流入1.04亿元，其中，特大单净流入1.37亿元，大单资金净流出 3261.10万元。近5日主力资金净流入1.87亿元。 10月31日公司发布的三季报数据显示，前三季度公司共实现营业收入4.12亿元，同比增长84.41%，实现 净利润3205.85万元，同比增长620.08%。（数据宝） 四川金顶(600678)今日涨停，全天换手率12.18%，成交额6.25亿元，振幅3.01%。龙虎榜数据显示，营 业部席位合计净买入8913.77万元。 上交所公开信息显示，当日该股因日涨幅偏离值达10.70%上榜，营业部席位合计净买入8913.77万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交2.18亿元，其中，买入成交额为1.5 ...