证券日报网讯2月2日，中国中铁（601390）在互动平台回答投资者提问时表示，公司矿产资源业务以矿 山实体经营开发为主，目前在境内外全资、控股或参股投资建成5座现代化矿山生产和销售的主要矿产 品包括铜、钴、钼、铅、锌等品种的精矿、阴极铜和氢氧化钴等，目前生产经营正常，根据公司2025年 半年度报告，中铁资源集团有限公司实现营业收入134.6亿元，净利润为28.30亿元。 ...

证券日报网讯 1月30日，中国中铁（601390）在互动平台回答投资者提问时表示，矿产资源开采与产能 释放是一项需综合评估多维度因素的系统性工作，公司始终遵循"安全优先、合规运营、可持续发展"的 原则，科学匹配资源禀赋与开采条件，确保资源开发的经济效益与可持续性平衡。 ...

智通财经APP获悉，中国中铁(00390)再涨超5%，截至发稿，涨4.63%，报4.52港元，成交额2.36亿港 元。 国泰海通证券发布研报称，中国中铁铜、钴、钼保有储量在国内同行业处于领先地位，矿山自产铜、钼 产能已居国内同行业前列，2024上半年生产铜金属150,165吨；钴金属2,837吨；钼金属7,682吨；铅金属 4,565吨；锌金属10,697吨；银金属18吨。全资子公司中铁资源2025上半年归母净利润25.8亿元同比增长 27.4%，占比22%。长江证券则表示，关注公司矿产资源重估。 ...

报告要点 [Table_Summary] 统计局公布 2025 全年经济数据，12 月，狭义基建投资单月下滑 11.4%，降幅环比扩大 1.7pct， 广义基建投资单月下滑 9.5%，降幅环比扩大 1.2pct，1-12 月，狭义基建投资下滑 2.2%，降幅 环比扩大 1.1pct，广义基建投资增长 0.6%，增速环比减少 1.2pct。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 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] 基建投资加速下滑，交通投资环比恶化 %% %% %% %% 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 [Table_Title2] 基建投资加速下滑，交通投资环比恶化 [Table_Summary2] 事件描述 请阅读最后评级说明和重要声明 丨证券研究报告丨 2026-01-27 行业研 ...

中信建投指出，2025年全年我国基建投资24.5万亿，较上年下降1.5%，全年狭义基建增速录得-2.2%。 其中管道运输业、仓储业、互联网服务业等重点领域基建投资保持较快增速，生态环保、水利、道路运 输、公共设施等行业投资降幅较大。2025年下半年以来一系列促投资政策落地，由于基建投资从资金到 项目形成实物工作量有一定滞后期，在新型政策性金融工具、超长期特别国债、新增专项债等政策工具 推动下，重点工程、重点领域基建投资有望在2026年上半年加速落地。 基建ETF（159619）跟踪的是中证基建指数（930608），该指数从沪深市场中选取涉及建筑与工程、机 械制造等业务的上市公司证券作为指数样本，以反映基础设施建设相关上市公司证券的整体表现。 （文章来源：每日经济新闻） ...

Investment Rating - The report maintains a "Buy" rating for the construction and building materials sectors, with specific recommendations for several companies [9]. Core Insights - The report emphasizes a balanced allocation between traditional cyclical sectors and emerging growth industries, particularly in the context of improving real estate transaction data and liquidity in the market [12][19]. - The construction materials sector has shown resilience, with price increases observed in waterproofing materials, aluminum formwork, and engineering pipe materials since Q3 2025, indicating a strengthening self-repair capability within the sector [12][14]. - The report highlights the ongoing demand for high-end materials in commercial aerospace, including high-temperature fiber materials and perovskite materials in solar wing energy systems [12]. Summary by Sections Industry Overview - The construction materials sector has been leading the market, driven by improved real estate transaction data and expectations of a spring rally in cyclical sectors [12]. - The report notes that from January to December 2025, the new construction area in real estate decreased by 20.4% year-on-year, but there are signs of recovery in major cities [12][19]. Key Companies and Developments - Zhejiang Weixing New Materials announced plans to acquire an 88.26% stake in Beijing Songtian Cheng for approximately 111 million yuan, aiming to enhance its product chain in municipal pipeline systems [3]. - The report recommends several companies for investment, including Yaxiang Integration, Zhongcai International, China Chemical, Qibin Group, and others, with target prices and expected earnings per share provided [9][38]. Market Dynamics - The report indicates that the cement price remained stable at 353 yuan per ton, with a significant drop in the average shipment rate to 29.5% due to seasonal factors [29]. - The glass market has shown stability, with the average price of float glass holding steady at 61 yuan per weight box, despite a year-on-year decline of 18.5% [2][29]. Emerging Trends - The report identifies a potential recovery in investment in Q1 2026, supported by government policies aimed at stimulating the economy, which may benefit cyclical sectors [17]. - The demand for electronic fabrics and cleanroom materials is expected to remain high, driven by advancements in AI and increased PCB investments [13][27]. Recommendations - The report suggests focusing on waterproofing and engineering pipe materials as key opportunities in the construction sector, with a positive outlook for these segments due to expected price increases and improved market conditions [20][21].

今日早参 2026 年 1 月 23 日 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 仇文竹 固定收益：三个角度尝试增厚收益 随着基金销售新规落地，近期二永债明显修复。往后看，需求端超调压力缓 解，但股市、通胀、利率供给扰动仍存，一季度债市或延续震荡，但也不乏 交易机会。机构行为存在分化，保险开门红分红险销售亮眼，中小保险有拉 久期需求，银行配置摊余成本法信用债专户或带来中长久期信用债配置需 求。理财面临净值化挑战和分红险分流，春节前谨防取现需求规模回落。债 基短期压力缓解，中期仍面临"收益增厚和持有体验"等挑战。信用债 ETF 是机构发展重点，但年前冲量后近期明显回落，成分券超跌。综上，近期建 议继续票息打底，通过波段、品种、杠杆等增厚收益。基金、理财可继续下 沉挖掘 2 年期以内城投债，关注 5 年期二永债波段机会、4 年中高等级骑乘 机会，保险等可逢调整增配 5 年及以上中高等级信用债。 风险提示：股市走强超预期，刺激经济政策超预期。 研报发布日期：2026-01-22 研究员 张继强 SAC:S0570518110002 SFC: ...

管理人于2026年1月11日10时至2026年1月12日在淘宝网司法拍卖网络平台（处置单位：上海维罗纳置业 发展有限公司管理人，监督单位：上海市第三中级人民法院）进行公开拍卖活动，拍卖标的为上海市建 国西路办公楼1幢（建筑面积2，997.83平方米）。上海方大竞买成交，拍卖成交价格4.56亿元。 来源：不止是钢货 方大炭素（600516）发布全资子公司购置办公楼的公告： 一、交易概述 （一）司法拍卖的基本情况 上海市第三中级人民法院于2024年11月28日作出（2024）沪03破1075号民事裁定书，裁定受理上海维罗 纳置业发展有限公司（以下简称维罗纳公司）破产清算一案。并于2024年12月5日指定上海市汇业律师 事务所担任管理人（以下简称管理人）。 1．房屋坐落：建国西路，总层数：4层，权利人：上海维罗纳置业发展有限公司，房地产权证号：徐 2014019797，房屋类型：办公楼。 2．土地坐落：建国西路，土地宗地号：徐汇区天平街道74街坊11丘，土地用途：办公。 （二）无对外租赁。 本次交易是为满足上海方大业务发展的需要。特此公告。方大炭素新材料科技股份有限公司董事会2026 年1月13日 如果您对本微信文 ...

Group 1 - The central viewpoint is that a series of pro-cyclical policies are being implemented to support high-quality economic development, including interest rate cuts and a potential for further reductions in reserve requirements and interest rates this year [1] - The new signed orders for Pudong Construction are expected to show a significant year-on-year recovery by Q4 2025, indicating a general recovery in construction demand in key regions [1] - The State Grid has announced that its fixed asset investment during the 14th Five-Year Plan period will reach 4 trillion yuan, a 40% increase compared to the previous plan, focusing on technological innovation and the construction of new power systems [1] Group 2 - The Infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which selects listed companies from the construction and engineering, and machinery manufacturing sectors to reflect the overall performance of the infrastructure construction field [1] - The index constituents cover multiple sub-sectors within infrastructure construction and professional engineering, demonstrating high industry concentration and representativeness [1]

Investment Rating - The report maintains an "Overweight" rating for the construction and building materials sectors [6]. Core Insights - The report highlights a focus on balancing investments in emerging growth sectors and traditional dividend-paying sectors, anticipating a recovery in investment in early 2026, particularly in infrastructure and real estate [1]. - It emphasizes the potential for a spring rally in the market, driven by supportive real estate policies and opportunities in technology and overseas markets, particularly in AI applications and related materials [1]. - The report suggests that the construction and building materials sectors are under pressure, with significant declines in real estate sales and new construction, but sees potential in segments like building coatings and pipe materials due to a shift towards renovation in the existing housing market [2]. Summary by Sections Infrastructure and Real Estate Investment - In 2025, cumulative year-on-year investment in infrastructure (excluding power, heat, gas, and water supply) decreased by 2.2%, real estate by 17.2%, and manufacturing by 0.6% [1]. - The report notes a continued decline in real estate transactions, with a year-on-year decrease of 8.7% in sales area and a 20.4% drop in new construction area [2]. Cement Industry - The cement production in 2025 was 1.693 billion tons, down 6.9% year-on-year, with an average price of 360 RMB per ton in December, reflecting a 15.6% decrease year-on-year [3]. - The report indicates that the pressure on costs is easing due to increased efforts in staggered kiln shutdowns, leading to a slowdown in price declines [3]. Glass Industry - The flat glass production in 2025 was 976 million weight cases, down 3.0% year-on-year, with a significant price drop of 20.9% year-on-year [4]. - The report notes an acceleration in cold repairs in the glass industry, which is expected to stabilize prices [4]. Stock Recommendations - The report recommends several stocks with "Buy" ratings, including: - Yaxiang Integration (603929 CH) with a target price of 235.62 RMB - China National Materials (600970 CH) with a target price of 14.64 RMB - Sichuan Road and Bridge (600039 CH) with a target price of 13.48 RMB - Precision Steel Structure (600496 CH) with a target price of 5.75 RMB - Oriental Yuhong (002271 CH) with a target price of 17.19 RMB - Kaisheng Technology (600552 CH) with a target price of 16.94 RMB - China Jushi (600176 CH) with a target price of 20.80 RMB - Huaxin Cement (600801 CH) with a target price of 26.70 RMB - China Nuclear Engineering (601611 CH) with a target price of 18.21 RMB [8][29].