1 月 12 日，A股再次大涨，成交额再创历史新高，受政策预期升温、宏观数据改善与流动性向好共同推动。春季行情延续，科技板块领涨凸显结构性特 征。 上证指数(000001) < W 01-12 15:00:09 4165.29 昨收 成交额 4120.43 14462亿 成交量 4134.89 839.5亿 今开 1.09% 44.86 上 涨 1652 75 下 跌 平 盘 614 最高价 17.3 4168.36 市盈率 7.54% 近20日 1.57 最低价 4119.88 市净率 今年来 4.95% 五日 日K 周K 分时 更名 叠加 设均线 EXPMA12:4043.15↑ 50:3947.56↑ 4201.22 - 4168.36 -- >> 3815.84 3782.98 r in the first the latest of the 2025-10-31 12-23 2026-01-12 11-19 12-05 | 14 | w A股 | | | --- | --- | --- | | A服 港股 美股 i | 全球 商品 外汇 | | | 已为您生成昨日市场智评 | | 查看 | | 内地 ...

人民财讯1月12日电，中信建投研报表示，开年以来国内经济投资与需求端利好频出，投资端国家发改 委提前下达提前批"两重"建设项目清单和中央预算内投资计划，共计约2950亿元，较上年同期多950亿 元，各地专项债与政府债也靠前发行，项目的集中开工和政策工具支持对投资形成强劲支撑。需求端物 价水平也超预期回升，PPI环比增长0.2%，同比降幅收窄至1.9%，近期国常会进一步部署实施财政金融 协同促内需一揽子政策，促进消费与民间投资。中信建投认为在2025年下半年以来一系列政策工具影响 下，投资增速将明显回升，社会需求也出现显著修复，建议关注钢结构、基建等低估值顺周期板块。近 期太空光伏、核能与存储等行业利好较多，建议关注核电建设、洁净室等建筑企业。 转自：证券时报 ...

北京市优化调整住房限购政策，《求是》强调地产政策不能采取添油战术 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 周期品方向：反内卷仍是主线。对于水泥及玻璃行业而言，在需求下行的背景下，供给能否有效去化是下 一阶段观察的重点。目前水泥和浮法玻璃的行业平均盈利均已跌落至盈亏平衡线之下，供给端博弈是淡季 的主线。其中，Q1通常是玻璃产能冷修的高峰，冷修减产的幅度将直接决定3-4月份浮法玻璃价格修复的 空间。玻纤板块盈利相对较好，需求端依旧稳步增长，26H1下游如风电等场景对粗纱需求有支撑，而新供 给投放主要在26H2，判断有阶段性提价的可能性。新领域方向：1）电子布。AI供应链的高景气仍是26H1 最有确定性的方向。特种电子布（LowDK一代二代、石英布）需求弹性较大，且短期 ...

Summary of Cleanroom Industry Conference Call Industry Overview - The cleanroom industry benefits from the restructuring of the semiconductor supply chain and import substitution, with major domestic semiconductor companies like SMIC planning capital expenditures that create order opportunities for cleanroom firms, indicating growth potential in the domestic market [1] - Changes in the global supply chain and rising trade protectionism are driving new investment projects in North America, Singapore, and Southeast Asia, providing overseas order opportunities for cleanroom companies, which also show growth potential in international markets [1] Core Demand Insights - The electronics industry, including semiconductors and LCD panels, is the primary source of demand for cleanrooms, accounting for over 55% of total demand. Other growing sectors include pharmaceuticals, medical devices, and renewable energy, supported by high-end manufacturing policies [1][5] - The cleanroom market is expected to maintain a growth rate of around 10% in the coming years, driven by increased investment in the healthcare sector due to an aging population and breakthroughs in innovative drugs [5] Competitive Landscape - The cleanroom industry exhibits a highly concentrated competitive landscape, with a limited number of companies capable of undertaking high-end projects. Large capital expenditure projects require extensive historical experience, solidifying the competitive position of large, qualified firms [1][6] - Deep Sanda A holds a significant share of the domestic high-end cleanroom projects, while companies like Yaxiang Integration, Shenghui Integration, and Baicheng Co. are relatively smaller in scale [1][7] Future Supply and Demand Dynamics - The supply structure in the cleanroom industry is expected to remain stable, but demand is likely to continue growing, providing substantial development space for related companies [7] - Companies such as Deep Sanda A, Yaxiang Integration, Shenghui Integration, and Baicheng Co. are analyzed, with Deep Sanda being the largest cleanroom listed company in the market [7] Investment Strategies - For domestic market focus, companies like Deep Sanda, Shenghui, Yaxiang, and Baicheng have opportunities due to anticipated growth in capital expenditures. For overseas markets, companies with Taiwanese backgrounds, such as Shenghui and Yaxiang, have advantages in international expansion [3][8] - When selecting investment targets, emphasis should be placed on companies with strong overseas capabilities, particularly those with competitive advantages and customer relationships, such as Shenghui Integration and Yaxiang Integration [9][10]

Investment Rating - Industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - Increased focus on cyclical infrastructure and international engineering sectors, with significant improvement in funding sources such as special bonds. The physical volume of infrastructure is expected to accelerate, particularly post the Two Sessions, which may drive market performance in these sectors [1][14] - The construction industry is showing signs of recovery, with a construction PMI of 52.7%, indicating expansion. The physical workload in infrastructure is improving, supported by favorable weather and project commencement [14][20] - The report suggests focusing on central state-owned enterprises in infrastructure and cyclical engineering products, as well as international engineering opportunities due to geopolitical developments [1][14] Summary by Sections Section 1: Current Market Conditions - As of February 27, 2025, the funding availability rate for 13,532 construction sites is 49.1%, showing a year-on-year increase. The construction PMI has risen by 3.4 percentage points from the previous month [2][14] - The issuance of new special bonds has reached 589.11 billion yuan, an increase of over 180 billion yuan compared to the same period last year, with infrastructure being the primary focus [2][13] Section 2: Market Performance - The construction index rose by 1.25% during the week of February 24-28, while the Shanghai and Shenzhen 300 index fell by 1.89%. Notable stock performances included HanJia Design (+32.74%) and Chengbang Co. (+22.71%) [3][17] Section 3: Investment Recommendations - Three main investment themes are highlighted: 1. Focus on infrastructure, debt reduction, and value enhancement opportunities [20] 2. Attention to cyclical engineering sectors with potential high elasticity [21] 3. Investment opportunities in low-altitude economy, Belt and Road Initiative, and construction transformation [24][25]