中金研究 面对中国基建市场庞大的运维需求，无人机正重构工程运维服务新生态。从赋能电网自动化巡检、破解铁路/公路高危巡检难题，到支撑能源管道智能 监测、保障电信基站高效运维，无人机正打破传统基建巡检的空间限制与效率瓶颈，降低人力成本与安全风险，推动基建运维智能化。建议重点关注 低空经济与基建建设战略协同发展催生的投资机会。 点击小程序查看报告原文 Abstract 摘要 中国基建规模全球领先，无人机正成为基建智能运维的核心力量。 中国基建固定资产投资稳步增长，电力、交通、油气、电信等领域已建成全球规模领 先的基础设施体系。根据德勤数据，2024年全球基建百强企业中，中国企业收入占比超五成。然而传统人工基建巡检面临效率低、成本高、安全风险大等 痛点，而无人机硬件技术成熟，续航与环境适应性达标，叠加AI赋能实现智能自主巡检，在效率、成本、安全上优势显著。我们认为无人机巡检降本增效 明显，渗透率有望提升。 中国基建：投资加码，规模领先，全球基建百强收入占五成 中国广义基建固定资产投资完成额整体规模持续扩大。 从2015年以来的各阶段数据可见，中国广义基建固定资产投资总量呈上升态势，反映出中国持续 加大基建投资的力度。 ...

以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 近日，中国太平子公司太平人寿凭借一次性卖出4家公司的股权收回了65亿元现金。在当前险资加码权益市场的大环境下，每一笔资金的运用都至关重要。此次资本 腾挪背后，一向以审慎稳健著称的中国太平正主动进行资产轮动。 文 ｜ 陈大壮 编辑 ｜ 朗明 来源｜ 财经天下WEEKLY（ID：cjtxweekly） 封面来源 ｜ IC photo 持有近6年的资产一次性卖出 中国太平保险控股有限公司（以下简称"中国太平"）子公司太平人寿的账上将骤然多出65亿元现金。 10月底，中国太平发布公告称，子公司太平人寿与中国铁建股份有限公司（以下简称"中铁建股份"）签订股权转让协议，拟以65亿元向中铁建股份转让其全 部持有的4家公司股权。 截至今年9月末，太平人寿的总资产为1.4万亿元，其中长期股权投资为627.91亿元。 中国太平有多个子公司，包括太平人寿、太平财险、太平养老、太平资产、太平再保险等。从业务贡献度来看，太平人寿是中国太平的绝对主力。2024年中 国太平整个 ...

主题温度计：热点主题交易热度较十月降温，科技主题内部分化，消费蓝筹底部回升。 上周热点主题日均成交额平均8亿元，日均换手率3.55%，11月以来较 前期整体回落。科技主题内部分化，电解液/隔膜等锂电材料连续两周大涨，部分创新药反弹，PCB/光模块回调，电网设备上周大涨后回调；非科技主题亮点 增多，低价蓝筹与白酒/金融获资金净流入。短期市场在总量层面缺乏预期锚点，交易方向依赖自下而上结构性变化，主题轮动加快前期大涨主题易出现回 调，风格均衡下低位消费/红利主题成为资金选择。本期看好内需消费新机遇与区域经济新格局，关注AI/机器人/创新药年底修复。 主题一：内需消费。国常会提出增强供需适配性释放消费潜力，培育消费新场景新业态。 新需求引领新供给，新供给创造新需求，我国体育赛事/冰雪旅游/演 出文旅等新场景不断兴起。"苏超"溢出效应显著，带动江苏全域多场景消费超380亿元；辽宁省委提出办好"东北超"，打造具有全国影响力的足球赛事品牌； 2024-2025冰雪季，我国冰雪运动消费规模超1875亿元，同比增长25%。提振消费举措加力扩围，新消费场景不断兴起。推荐：1、新场景新需求涌现的冰雪旅 游/赛事运营/场馆装备；2 ...

Group 1 - The company Zhejiang Jiaokao announced that its subsidiary, Zhejiang Jiaogong Group Co., Ltd., along with Zhejiang Jiaogong Underground Engineering Co., Ltd., has formed a consortium to participate in the bidding for the new urbanization construction project in the Yangzhou area along the Fuchun River, and the consortium has been announced as the first candidate for the bid [1] - As of January to June 2025, the revenue composition of Zhejiang Jiaokao is as follows: 89.44% from the infrastructure engineering sector, 9.43% from road maintenance, and 1.13% from other businesses [1] - The current market capitalization of Zhejiang Jiaokao is 11.5 billion yuan [1]

Core Insights - The main highlight in the A-share market is the significant rally in the consumer sector, particularly in the liquor and food and beverage segments, driven by a surprising rise in the October CPI data, which provided an entry point for funds [1][3][7] CPI Impact Analysis - The increase in the Consumer Price Index (CPI) in October is primarily attributed to rising prices of food and liquor, along with a recovery in certain service consumption demands [3] - For sectors like liquor and dairy, a higher CPI indicates improved profit expectations due to demand elasticity and price increase effects, enhancing companies' gross profit margins [4] - The rise in CPI supports a recovery in fund preferences for consumer goods, making them a dual-purpose investment choice amid inflation expectations [5] - The fourth quarter leading up to the Spring Festival is a peak consumption season, providing a time advantage for early positioning [6] Market Rotation Mechanism - Fund rotation in the A-share market typically follows three dimensions: sustained high prosperity (consumption, pharmaceuticals), undervalued rebound (cyclical, financial), and policy catalysts with new themes (infrastructure, technology growth) [8] - Following the consumer sector's initiation, short-term funds are likely to differentiate within the consumer line (liquor → dairy → food processing → catering and tourism) before switching to low-positioned sectors with catalysts, such as chemical resources, brokerage, and digital economy [8][9] Potential Beneficiary Sectors 1. **Investment Policies**: Infrastructure, low-altitude economy, and digitalization sectors are expected to benefit from new investment policies, particularly in railways, nuclear power, and digital transformation [10] 2. **Southbound Funds**: The cumulative net purchase of southbound funds has exceeded 50 billion HKD, with significant inflows into Hong Kong stocks, indicating potential for increased investment in related ETFs and dual-listed companies [12] 3. **Brokerage Strategies**: Brokerages are optimistic about various sectors, including their own, old economy stocks, and technology growth, providing diverse investment directions [13] Fund Flow Signals - The total transaction volume in the Shanghai and Shenzhen markets was below 2.2 trillion, with a potential increase to 2.5 trillion indicating a successful continuation of market momentum [14][15] Focus Areas for Strategy - Key sectors to monitor include the consumer chain (liquor, dairy, food processing), policy-driven sectors (low-altitude economy, digital transformation), and brokerage financials [16][17] - The strategy emphasizes capturing the initial wave of fund inflows during specific time windows, with a bullish outlook for the market if transaction volumes increase [18]

Core Viewpoint - China Communications Construction Company (CCCC) announced a board meeting held on November 7, 2025, to review the proposal for the 2025 annual pre-dividend plan [1] Group 1: Financial Performance - For the first half of 2025, CCCC's revenue composition was as follows: infrastructure construction accounted for 88.48%, dredging business 6.92%, infrastructure design 4.08%, other business income 3.63%, and other business 0.67% [1] - As of the report date, CCCC's market capitalization was 144.6 billion yuan [1]

Group 1 - The company, Zhejiang Jiaokao, primarily focuses on infrastructure engineering, which includes investment, design, construction, maintenance, and management of transportation infrastructure such as roads, bridges, tunnels, rail transit, ports, and underground projects [2] - The company has not made any investments or developments in the robotics sector [2]

Core Insights - A 27-year-old woman, Lin Xiaoqing, has taken over as the chairman of Chengdu Road and Bridge (002628.SZ), marking a significant shift in leadership within the company and the Sichuan infrastructure sector [2][4]. Group 1: Leadership Transition - Lin Xiaoqing was appointed as the vice president of Chengdu Road and Bridge in August 2023, despite having no prior experience in the infrastructure industry [2][3]. - Following the resignation of the former chairman and several executives in May 2024, Lin quickly ascended to the role of chairman, becoming the youngest leader in the Sichuan A-share market [2][4]. - Lin was re-elected as chairman in November 2024 for a three-year term, indicating continued confidence in her leadership despite the company's challenges [2][4]. Group 2: Financial Performance - Chengdu Road and Bridge has faced declining revenues for three consecutive years, with 2022 revenue at 1.339 billion yuan and a net profit of 9.11 million yuan, dropping to 1.167 billion yuan and 4.49 million yuan in 2023, and experiencing a net loss of 92.17 million yuan in 2024 with revenue of only 810 million yuan [4]. - The company's accounts receivable reached 1.261 billion yuan by the end of 2024, accounting for 155.6% of that year's revenue, indicating significant cash flow pressures [4]. - Although the first half of 2025 showed a narrowing of losses with a net profit of -22.64 million yuan (an 18.79% improvement), revenue still declined by 9.79% to 334 million yuan [4]. Group 3: Stock Market Reaction - On the day Lin Xiaoqing took over as chairman, the stock price was 2.44 yuan per share, which surged to 7.87 yuan by October 31, 2024, reflecting a rise of over 220% and a peak market capitalization of 5.958 billion yuan [5]. - However, the stock price subsequently fell back to 4.67 yuan, resulting in a market capitalization of 3.536 billion yuan, representing a loss of over 40% from its peak [5]. Group 4: Background and Connections - Lin Xiaoqing's background includes significant investments in various Shenzhen-based companies, raising questions about her funding sources, particularly a 73.8 million yuan investment in 2019 [3][6]. - Her father, Lin Juncheng, is a prominent entrepreneur and the chairman of Lushan Group, which has connections to Chengdu Road and Bridge, suggesting a strategic alignment of capital and resources [6][7]. - The relationship between Lin Xiaoqing and her father's business empire indicates a potential strategy to leverage capital market experience to enhance the value of Chengdu Road and Bridge's assets amid industry challenges [7].

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公佈的內 容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公 佈全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：8188） 自願公佈 業務最新發展 本公佈乃由駿傑集團控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）自 願作出，以令本公司股東及其潛在投資者獲知本集團的最新業務發展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，於二零二五年第三季度及截至本公 佈日期，本公司的間接全資附屬公司駿傑工程有限公司獲授(i)五份位於北部都會 區的基建工程建造合約；及(ii)合共三份分別位於香港國際機場、沙田及東涌東的 基建工程建造合約（統稱「建造工程」）。北部都會區的基建工程建造合約之合約總 額約為123百萬港元。香港國際機場、沙田及東涌東的基建工程建造合約之合約總 額約為213百萬港元。建造工程已開始動工並預期於動工日期起計四年內完成。 本公佈將由刊登日期起計最少一連七日於聯交所網站www.hkexnews.hk「最新上市 公司公告」網頁及本公司網站ww ...

Group 1 - The core point of the article is that China Communications Construction Company (CCCC) has repurchased approximately 15.57 million A-shares, accounting for 0.0957% of its total share capital, with a total transaction amount of 137 million RMB [1][1][1] Group 2 - As of the first half of 2025, CCCC's revenue composition is as follows: infrastructure construction accounts for 88.48%, dredging business 6.92%, infrastructure design 4.08%, other business income 3.63%, and other business 0.67% [1][1][1] - The company's market capitalization is currently 141.9 billion RMB [1][1][1] Group 3 - There has been a significant increase in overseas orders for the industry, with a 246% rise covering over 50 countries and regions [1][1][1] - Entrepreneurs have warned of potential malicious competition as some are selling at a loss [1][1][1]