大同证券指出，2026年初建筑行业呈现总量收缩与结构分化并行态势。基建投资在政策支持下展现 局部韧性，2026年财政定调积极，专项债发行前置发力，多地已启动首批发行，叠加新型政策性金融工 具效能释放，为重大项目提供充足资金保障。经营方面，地产、基建需求仍处筑底阶段，多地密集开工 重大项目扩内需，水利、新基建、海外业务及西部区域成为结构性亮点，国企改革与"建筑+科技"赛道 受关注；但房地产市场持续探底拖累房建业务，房地产成交持续承压，市场复苏乏力。高频数据显示上 游建材市场表现分化，水泥供需双弱、价格下行，螺纹钢产量环比增长但钢价低位运行，石油沥青装置 开工率同比下降，整体处于历史低位。 基建ETF（159619）跟踪的是中证基建指数（930608），该指数从建筑与工程、建筑装修行业中选 取上市公司证券作为样本，其成分覆盖基础设施建设、专业工程、房屋建设等多个细分领域，以反映基 建工程领域相关上市公司的整体表现。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提 ...

// 债市综述 // 1. 公开市场操作 2. 资金面 银行间市场资金面收敛势头加剧，DR001加权平均利率再升超6bp至1.39%位置。匿名点击（X-repo）系统上，隔夜报价续攀升至1.52%，但供给寥寥；非 银机构以信用债为抵押融入隔夜，报价逼近1.6%，成本持续上行。 海外方面，最新美国隔夜融资担保利率为3.64%。 （IMM） 央行公告称，1月13日以固定利率、数量招标方式开展了3586亿元7天期逆回购操作，操作利率1.40%，投标量3586亿元，中标量3586亿元。Wind数据显 示，当日162亿元逆回购到期，据此计算，单日净投放3424亿元。 （*数据来源：Wind-央行动态PBOC） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在1.64%位置，较上日持平。 （*数据来源：Wind-同业存单-发行结果） 4.银行间主要利率债收益率涨跌不一，长券较为强势 （*数据来源：Wind-成交统计BMW） 5. 近期城投债（AAA）各期限利差走势及数据。 （*数据来源：Wind-利差分析） 6. 国债期货主力合约 30年期主力合约涨 ...

Group 1 - The Ministry of Commerce reported progress in consultations regarding the EU-China electric vehicle case, emphasizing the need for common guidance on price commitments for Chinese exporters of pure electric vehicles to the EU, which reflects the spirit of dialogue and negotiation between China and the EU [2] - The Chinese government is strengthening export controls on dual-use items to Japan to safeguard national security and fulfill international obligations, while maintaining a stable global supply chain for critical minerals [3] - The National Development and Reform Commission, along with other ministries, released guidelines for government investment funds, focusing on strategic areas and encouraging investment in emerging industries and technological innovation [4] Group 2 - Shanghai Gold Exchange noted significant fluctuations in precious metal prices due to multiple factors, urging members to monitor market changes and maintain risk management plans [4] - Companies like ZhiTe New Materials and Xiangwei New Materials are taking measures to address stock trading volatility, including suspending trading for verification [7][8] - Companies such as ZhiTe New Materials and Galaxy Electronics are facing scrutiny due to significant stock price movements, with potential risks of irrational speculation [13][18] Group 3 - Companies like Chaohongji and Yatai Co. are projecting substantial net profit growth for 2025, with estimates of 125%-175% and 120%-170% year-on-year increases, respectively [22][23] - WuXi AppTec anticipates a net profit growth of approximately 102.65% for 2025, indicating strong performance expectations [24]

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector and the building materials sector [9] Core Insights - The construction activity indicators have shown significant improvement at the beginning of 2026, with increased operating rates for cement mills and concrete mixing stations, alongside a rise in building steel sales [12][20] - The commercial aerospace sector is expected to see a surge in demand for high-temperature materials and perovskite materials due to the acceleration of satellite launches [12][13] - The report suggests a balanced investment strategy between emerging industries and traditional sectors in Q1 2026, with a focus on companies like Jinggong Steel Structure, Sichuan Road and Bridge, and China Nuclear Engineering [12][10] Summary by Sections Construction and Engineering - The construction sector is benefiting from improved PMI indicators and government policies aimed at boosting domestic demand, with a focus on steel structures and fiberglass [12][13] - Key metrics include a national cement mill operating rate of 36.6%, up 6.6 percentage points month-on-month and 14.1 percentage points year-on-year [12] Building Materials - The report highlights a slight decrease in national cement prices by 0.1% to 358 CNY per ton, with a 38.7% shipment rate [20] - The average price of float glass is reported at 60 CNY per weight box, showing a week-on-week increase of 0.2% [21] Recommended Companies - The report recommends several companies for investment, including: - China National Materials (600970 CH) with a target price of 14.23 CNY and a "Buy" rating [10] - Sichuan Road and Bridge (600039 CH) with a target price of 13.48 CNY and a "Buy" rating [10] - Jinggong Steel Structure (600496 CH) with a target price of 5.75 CNY and a "Buy" rating [10] - Other recommended companies include China Glass (600176 CH), Oriental Yuhong (002271 CH), and Huaneng Renewables (600552 CH) [10][31]

025年，尽管面临地缘政治波动与贸易政策变化等多重挑战，美国新股市场依然展现出强劲势头。 绿专资本统计显示，截至当地时间12月31日，全年共371只新股上市，募集资金总额697.64亿美元(不含"绿鞋")，同比分别增长55.23%、81.53%。值得关注的 是，2025年的371只新股中，145只为SPAC IPO，募资总额265.79亿美元，同比分别增长154.39%、321.36%。 新股来源呈现鲜明全球化特征，覆盖全球20个国家和地区。中国企业表现尤为突出，贡献了近四分之一的新股数量，稳居来源地首位;新加坡以7%的占比位 居第二;日本和马来西亚虽各有7家企业上市，但企业上市企业体量相对有限，两国融资总额均未突破1亿美元(日本总融资额7100万美元、马来西亚总融资额 4558万美元)。 纳斯达克交易所凭借其对科技企业的聚焦与制度优势，继续主导新股流向，吸引了80%的新股选择在此上市，募资额占全年总额的67.56%。 注：蓝色为新股数量，橙色为融资额 从募资规模分布看，募资额在1亿至3亿美元之间的新股数量最多，占比达38%;募资不足1000万美元的企业占比23%;而募资超过10亿美元的新股占比3%，反 映出 ...

Group 1 - The report highlights a significant increase in stock buybacks and dividend commitments among listed companies, with A-share buyback amounts rising by 97% and buyback proposals increasing by 50% in December 2025 compared to November 2025 [5][10]. - In December 2025, the total amount of buyback transactions in A-shares reached approximately 232.6 billion, with 88 transactions recorded, marking a substantial increase from the previous month [10][11]. - The report identifies the top three companies with the largest proposed buyback amounts: China Metallurgical Group, ZTE Corporation, and Zhongju Hi-Tech, with proposed amounts of 10-20 billion, 10-12 billion, and 3-6 billion respectively [10][11]. Group 2 - The report notes that the total amount of buyback and increase loans applied for in December 2025 was approximately 1604.5 billion, with 788 transactions recorded, indicating a structural preference for buybacks over increases [8][9]. - The A-share market saw a 58% increase in actual buybacks by controlling shareholders in December 2025, with a total of 38.9 billion in buybacks, although the number of new buyback proposals dropped significantly by 82% [17]. - The report also provides insights into the Hong Kong stock market, where buyback amounts reached approximately 219.3 billion HKD in December 2025, a rise of 87% from the previous month, driven by stock price corrections [23][24]. Group 3 - The report emphasizes the importance of dividend commitments as a key component of shareholder returns, tracking new dividend commitments from listed companies, with notable companies listed for December 2025 [30][31]. - The report suggests a focus on companies with significant buyback and increase announcements, providing a list of companies for investor reference based on their fundamentals and current valuations [27][28].

N双欣专业从事聚乙烯醇(PVA)、聚乙烯醇特种纤维、醋酸乙烯(VAC)、碳化钙(电石)等PVA产业链上下 游产品的研发、生产、销售，拥有以聚乙烯醇为核心的"石灰石—电石—醋酸乙烯—聚乙烯醇—特种纤 维等下游产品"循环经济产业链。根据中国化纤工业协会统计，公司是国内第三大的聚乙烯醇生产企 业，2024年公司聚乙烯醇产量11.69万吨，占国内总产量的比重约13%。 N誉帆是为政府相关主管部门和管线权属单位提供智慧城市地下管网修复的高新技术企业和国家级专精 特新"小巨人"企业。属于专业化技术服务型企业，是国内较早从事排水管道检测和非开挖修复的企业之 一。 N强一是一家专注于服务半导体设计与制造的高新技术企业，聚焦晶圆测试核心硬件探针卡的研发、设 计、生产与销售。公司具备探针卡及其核心部件的专业设计能力，是市场地位领先的拥有自主 MEMS 探针制造技术并能够批量生产、销售 MEMS探针卡的厂商，打破了境外厂商在MEMS探针卡领域的垄 断。 4家公司发布定增预案 新股速递：3只新股今日上涨 今日(12月30日)共3只新股上市，分别是深市主板的N双欣、N誉帆以及科创板的N强一。 今日开盘，N双欣大涨186.13%，开盘半 ...

Group 1 - The core point of the news is the restructuring of assets within the "Wukuang system," specifically the integration of mining assets by Wukuang Development, which has led to a significant increase in its stock price, reaching a market value of 12.348 billion yuan [1][6] - Wukuang Development will suspend trading of its shares starting December 30, 2025, as part of the major asset restructuring plan [1][12] - The restructuring aims to enhance the quality of listed companies and fulfill historical commitments made by the actual controller, China Minmetals [6][11] Group 2 - Wukuang Mining's total asset value is reported to be 19.5 billion yuan, with a resource control total exceeding 4 billion tons, including six operating mines and three under construction [4] - The company has a production capacity of 16 million tons of iron ore and 6 million tons of iron concentrate annually [4] - The restructuring is part of a broader strategy to consolidate black metal mining assets, which has been a commitment since 2008 [6][7] Group 3 - Another listed company within the "Wukuang system," China Metallurgical Group Corporation (China MCC), is also actively pursuing asset integration, having received shareholder approval for asset sales [8][10] - The asset sales involve significant transactions, including the sale of 100% equity in MCC Real Estate for 31.237 billion yuan and other related assets for 29.44 billion yuan [10] - The restructuring efforts are aimed at optimizing business structures and reducing operational uncertainties, aligning with the high-quality development goals of state-owned enterprises [10]

丨证券研究报告丨 行业研究丨点评报告丨建筑与工程 [Table_Title] 基建投资增速连续下滑，水利投资降幅扩大 报告要点 [Table_Summary] 统计局发布经济数据，11 月，狭义基建投资单月下滑 9.7%，降幅环比扩大 1.1pct，广义基建 投资单月下滑 8.3%，降幅环比扩大 0.2pct。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 建筑与工程 cjzqdt11111 1、项目转化不及预期； 2、实物工作量推进不及预期。 请阅读最后评级说明和重要声明 丨证券研究报告丨 2025-12-21 行业研究丨点评报告 [Table_Title2] 基建投资增速连续下滑，水利投资降幅扩大 [Table_Summary2] 事件描述 统计局发布经济数据，11 月，狭义基建投资单月下滑 9.7%，降幅环比 ...

Core Viewpoint - The recent trend of "small proportion transfer + voting rights arrangement" in A-share control changes has gained momentum, allowing acquirers to gain control of companies at a low cost, exemplified by ST Zhiyun's acquisition for 87 million yuan, despite its market value nearing 2 billion yuan [1][2] Group 1: Transaction Characteristics - Five companies have announced control changes through "small proportion transfer + voting rights arrangement" since November, showcasing a high degree of homogeneity in transaction structure, pricing mechanisms, and the nature of the parties involved [2][4] - The acquisition structures typically involve share transfers between 5% and 10%, which meet regulatory requirements while avoiding triggering mandatory takeover bids, thus facilitating low-cost control [4][7] - The pricing mechanism predominantly features discounted transactions, with ST Zhiyun and others selling shares below the market price prior to announcements, reducing financial pressure on acquirers [5][6] Group 2: Financial and Operational Context - The companies involved generally have small to medium market capitalizations, with four out of five having market values between 2 billion and 5 billion yuan, and they face performance pressures, indicating a low risk of delisting [8][9] - Financial data reveals that most companies are underperforming, with four reporting losses in the first three quarters of the year, while only one, Hualan Group, has turned a profit [9][10] Group 3: Stakeholder Dynamics - The acquirers are predominantly private entities, which allows for quicker decision-making processes compared to state-owned enterprises, enhancing transaction efficiency [7][11] - The original shareholders often retain a portion of their stakes, creating a shared interest in the company's future performance, which aligns the interests of both parties [17] Group 4: Regulatory and Market Environment - The emergence of this acquisition model is supported by regulatory changes that encourage market-oriented mergers and acquisitions, particularly for private capital [18][19] - Recent regulatory proposals have raised concerns about the compliance of voting rights arrangements, which could impact future control transactions if enacted [22]