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 ...

临近年底，央企重组再添新案例。"五矿系"资产拟进行整合。 值得一提的是，29日五矿发展开盘后股价直线拉升，强势涨停。截至29日收盘时公司最新市值为123.48亿元。据公告，五矿发展 将于12月30日（周二）起停牌。 | 证券代码 证券简称 停复牌类型 停牌起始日 停牌期间 停牌终止日 复牌日 | | --- | | 600058 五矿发展 A 股 停牌 2025/12/30 | 拟注入黑色冶金矿山资产 据五矿发展官网，截至2025年10月，五矿矿业资产总额195亿元，资源控制总量超过40亿吨。现有6座在产矿山，3座在建矿山，1 座战略储备矿山（19亿吨），铁矿石年生产能力1600万吨，铁精矿年生产能力600万吨。 五矿发展在公告中表示，本次重大资产重组是为贯彻落实国务院关于推动资本市场高质量发展和提高上市公司质量的有关精神， 以及履行实际控制人历史承诺和加强上市公司规范运作。 关于本次重组的更多背景，据披露，2008年，公司进行配股再融资期间，公司原控股股东（现为公司实际控制人）中国五矿作出 承诺："在五矿发展本次再融资经股东大会批准后，积极推进包括邯邢冶金矿山管理局在内的其他黑色金属领域相关资产和业务的 改 ...

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 ...

每经记者｜吴永久 张宛 每经编辑｜何建川 12月2日，ST智云一则控制权变更公告引发市场热议：收购方慧达富能仅通过5.03%的股权协议转让，叠加表决权委托与一致行动安排，就以8700万元的低 成本拿下了这家总市值接近20亿元的上市公司控制权。 这并非孤立事件，而是近期A股市场密集上演的同类交易缩影。从杭州更好通过"6.23%股权转让+10.06%表决权委托"入主创业慧康，到栩桐投资以"5.79%股 权转让+13.71%表决权委托"控股华蓝集团，再到魏乃绪主导的思创医惠管理层收购，"小比例转让+表决权安排"的低成本控股模式已接连出现5起（11月以 来），在A股控制权收购市场掀起新的浪潮。每经资本眼研究员将通过拆解这5起典型案例，剖析其底层逻辑、核心优势，并透视监管新规下可能的潜在风 险。 五起案例的六大共性特征：小比例控股的底层逻辑锚点 据不完全统计，11月以来，A股已有5家上市公司宣布拟通过"小比例转让+表决权安排"进行控制权变更。梳理交易细节，此类模式在结构设计、定价机制、 交易主体及标的资质等方面呈现高度同质化特征。 | 收购方 | 标的公司 | 变更方式 | 收购后总表决权 | | --- | --- ...

日前，华证指数公布了新一期（2025年10月31日）的ESG评级结果，中铝国际（601068.SH）获得BBB 评级（华证指数评级为C起至AAA九档，C为最低档，AAA为其最高一级评级/AA为其第二档），上一 期（2025年7月31日）ESG评级为A。本期ESG评级在118家建筑与工程行业A股上市公司中排名第15 （上一期排名第14）。 从细项得分来看，中铝国际E项得分79.46，评级为BB，行业内排名7/118（E项目评分维度包括气候变 化、资源利用、环境污染、环境友好、环境管理）；S项得分92.42，评级为AA，行业内排名7/118（S 项目评分维度包括人力资本、产品责任、供应商、社会贡献）；G项得分76.91，评级为BB，行业内排 名63/118（G项目评分维度包括股东权益、治理结构、信披质量、治理风险、外部处分、商业道德）。 【ESG小知识】ESG中E维度包含哪些内容？环境（E）：涵盖企业如何管理其对环境的影响，包括气候 变化、资源使用、能源效率、排放物管理、可再生能源使用等。 上海华证指数信息服务有限公司（简称"华证指数"），是一家专业从事指数与指数化投资综合服务的公 司，拥有上海证券交易所、深圳证 ...

Investment Rating - The report maintains an "Overweight" rating for both the construction and building materials sectors [10]. Core Viewpoints - The construction and building materials sector is expected to experience a spring rally in 2026, driven by improvements in construction PMI, order volume, and favorable market conditions such as a later Spring Festival and strong domestic excavator sales [13][19]. - The report emphasizes the importance of high dividend and price-increasing stocks, recommending companies with stable performance and high dividend yields, as well as traditional building materials with price increase potential [13][19]. - The report identifies three main investment themes: sustainable growth in renovation, thorough industry clearing in construction materials, and opportunities in high-quality leading companies in various segments [14][21]. Summary by Sections Industry Overview - The report highlights a potential spring rally for the building materials sector, supported by fiscal improvements and strong domestic machinery sales [19]. - Historical data shows that the building materials index has a high probability of outperforming the market in Q1, with a 57% chance of rising based on past performance [15]. Key Companies and Recommendations - The report recommends several companies, including China Chemical, China National Materials, and Xinyi Glass, with target prices and buy ratings [10][38]. - Specific recommendations include: - China Chemical (601117 CH) - Target Price: 12.05 - China National Materials (600970 CH) - Target Price: 14.23 - Xinyi Glass (868 HK) - Target Price: 9.54 - Others include China United Plastic, Jinggong Steel Structure, and Dongfang Yuhong [10][38]. Market Dynamics - Recent data indicates a 1.2% week-on-week increase in national cement prices, while the average price of float glass has risen by 2.3% [2][28]. - The report notes that the domestic float glass market is stabilizing, with some regions experiencing price increases due to supply constraints [28][30]. - The electronic fabric market is also showing signs of price increases, driven by demand from PCB clients [25][33]. Future Outlook - The report anticipates continued demand in the cleanroom engineering and special electronic fabric sectors, with a focus on companies that can adapt to new production capabilities and traditional industry upgrades [14][19]. - The construction sector is expected to benefit from urban renewal initiatives and the ongoing recovery of the real estate market, with a focus on renovation and construction materials [21][22].

每日经济新闻联合环保领域知名NGO公众环境研究中心(IPE)，自2020年9月起，基于31个省份(自治 区、直辖市)、337个地级市政府发布的环境质量、环境排放和污染源监管记录等权威数据来源，每周收 集剖析中国数千家上市公司及其旗下数万家公司(包括分公司、参股公司和控股公司)的环境信息数据， 发布"A股绿色周报"，旨在借助环境数据库及专业解析、传播能力，让资本市场的上市公司经营活动中 的环境信息更加阳光透明。 根据12月第一周收集到的数据，《每日经济新闻》记者发现，共有9家上市公司在近期暴露了环境风 险。 一周绿鉴：未取得许可证擅自采矿 在企业管理能力、财务状况、行业竞争等因素之外，环境风险日渐成为上市公司重要的经营风险之一。 环境风险关乎企业发展，也关乎企业形象。 本期数据显示，生态环境领域违法违规等风险信息共关联到9家上市公司，其中2家属于国资控制的企 业。 擅自采矿且已对违法开采的矿产品进行利用，中国交建（601800）(SH601800，股价8.56元，市值 1393.00亿元)控股公司被罚138.4万元；超标排放污水，德福科技（301511）(SZ301511，股价32.71元， 市值206.18亿 ...

Group 1 - The core phenomenon observed in 2025 is the contradiction in central enterprise stocks, where despite significant profits, stock prices continue to decline, leading to a situation where retail investors are trapped in losses after attempting to buy at low valuations [1][2] - The China Central Enterprises Index has seen a cumulative decline of 7.3% since the beginning of 2025, with 32 central enterprises with market capitalizations over 50 billion yuan hitting three-year lows, and 17 of these stocks trading below their net asset value [1][2] - Retail investors, numbering 214,000, have flocked to these undervalued central enterprise stocks, but over 70% are facing losses exceeding 15%, indicating a misjudgment in the market's valuation logic [1][3] Group 2 - The earnings of major central enterprises remain strong, with the top nine construction central enterprises accounting for 83.45% of the revenue and 83.99% of the net profit in the construction sector, yet their stock prices do not reflect this profitability [1][6] - For instance, China State Construction's stock price is around 4.8 yuan with a price-to-earnings ratio of only 5, while China Energy Engineering, despite a projected net profit exceeding 6 billion yuan, trades at just 2.46 yuan [2][6] - The disparity between stable earnings and declining stock prices has led to confusion among retail investors, who mistakenly interpret low valuations as buying opportunities [2][3] Group 3 - Retail investors have misjudged the valuation logic of central enterprise stocks, focusing solely on static valuations without considering industry cycles, which have shown a decline in fixed asset investment and new contracts in the construction sector [3][4] - Many investors believe in the safety of central enterprises, overlooking liquidity risks, as numerous smaller central enterprise stocks have low trading volumes, making it difficult for investors to sell their shares [4][5] - The government has introduced policies aimed at improving the valuation of central enterprises, including measures for stock buybacks and increased cash dividends, but the market's response has been slow [5][7] Group 4 - Key signals for identifying potential bottoming in central enterprise stocks include the need for earnings growth to align with industry recovery, as well as sustained buying from institutional investors [8][9] - The proactive management of market capitalization by central enterprises, such as optimizing resource allocation and focusing on strategic emerging industries, is crucial for driving stock price increases [9] - The lesson from the 214,000 retail investors trapped in losses is that low valuations do not guarantee safety; a lack of earnings growth, capital interest, and effective policy implementation can lead to further declines [8][9]

Core Insights - Emcor Group (EME) has received a Zacks Rank 2 (Buy) upgrade, indicating a positive outlook for its earnings estimates, which significantly influence stock prices [1][3][10] Earnings Estimates and Stock Performance - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with stock price movements, particularly due to institutional investors' reliance on these estimates for valuation [4][6] - Emcor Group's earnings estimates have been revised upward, with a 0.9% increase in the Zacks Consensus Estimate over the past three months, projecting earnings of $25.24 per share for the fiscal year ending December 2025, showing no year-over-year change [8] Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with only the top 20% of stocks receiving a "Strong Buy" or "Buy" rating, indicating superior earnings estimate revisions [7][10] - The Zacks Rank 2 upgrade for Emcor Group places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [9][10]

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2212.99 points, up 0.51% with a trading volume of 16.404 billion yuan and a turnover rate of 0.67% [1] - Among the index constituents, 36 stocks rose while 12 fell, with China Steel International leading the gainers at 2.67% and China Merchants Shekou leading the decliners at 2.63% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises Shareholder Return Index include: - BOE Technology Group (9.31% weight, latest price 3.86, market cap 144.418 billion yuan) in the electronics sector - Hikvision (7.97% weight, latest price 30.02, market cap 275.129 billion yuan) in the computer sector - Wuliangye Yibin (7.71% weight, latest price 117.85, market cap 457.448 billion yuan) in the food and beverage sector - Luzhou Laojiao (6.59% weight, latest price 135.88, market cap 200.007 billion yuan) in the food and beverage sector - XCMG Machinery (5.75% weight, latest price 10.32, market cap 121.291 billion yuan) in the machinery sector - Changan Automobile (3.88% weight, latest price 11.94, market cap 118.374 billion yuan) in the automotive sector - Shenwan Hongyuan (3.84% weight, latest price 5.15, market cap 128.956 billion yuan) in the non-banking financial sector - Yunnan Aluminum (3.81% weight, latest price 24.70, market cap 85.659 billion yuan) in the non-ferrous metals sector - Yanghe Brewery (3.37% weight, latest price 66.20, market cap 99.727 billion yuan) in the food and beverage sector - Tongling Nonferrous Metals (3.18% weight, latest price 5.10, market cap 68.388 billion yuan) in the non-ferrous metals sector [1] Capital Flow Analysis - The net inflow of main funds into the index constituents totaled 56.5973 million yuan, while speculative funds saw a net outflow of 69.8164 million yuan, and retail investors had a net inflow of 13.2191 million yuan [3] - Notable capital flows include: - Changan Automobile experienced a main fund net outflow of 54.1716 million yuan - China Steel International had a main fund net inflow of 31.1027 million yuan - Hikvision saw a main fund net inflow of 27.5848 million yuan [3]