2026年的元旦，挤满广州塔、北京路、番禺天河城的年轻人体验了一把凌晨1点半还在全市堵车的跨年 气氛。当晚广州各大商圈爆红的热力图不仅展示了年轻人旺盛的朝气，也顺带帮助广州打破了全国地铁 的客流纪录。 2025年的最后一天，广州地铁线网总客运量达1409.3万人次，不仅再度刷新2024年最后一天创造的全市 地铁单日客运量历史纪录，也成为国内唯一突破1400万人次大关的城市地铁系统。 同时，早在三周前，白云机场（600004）历史性实现了年旅客吞吐量突破8000万人次（国际旅客超1660 万人次），对比2024年创下当时新高的全年客流7636.9万人次，今年机场客流也毫无悬念地再创新纪 录。 来自美团旅行数据显示，2026年元旦假期广州跃居全国元旦跨年机票预订最热门目的地，另据去哪儿旅 行的数据，元旦假期广州酒店预订量登顶全国热门城市榜，同比增长近3倍。 新年新气象，一连串的破纪录数据不仅为2025年广州爬坡过坎、顶压前行的发展进程顺利画上句点，也 为2026年广州经济社会发展继续前进带来了"开门红"。 地铁城际机场客流连破纪录 2025年最后一天的跨年夜，广州地铁客流打破全国纪录。 随着2025年多条地铁城际 ...

园区以工业化、数智化、绿色化"三化融合"为主线，构建起以"临港重型装备"为核心的"1+3"产业体 系，重点打造海洋工程装备、轨道交通装备、清洁高效发电装备、模块化建筑、高技术船舶与动力装备 等产品矩阵，并联合共建一批智能制造创新平台，加快粤港澳技术融合与产业协同。借助南沙临港优 势，园区建成南沙核心区唯一的重型装备挖入式港池码头，靠泊能力达1500吨，打通了大型装备高效出 海"黄金通道"。 当天，一系列合作签约仪式同步举行。中建科技、中铁装备天津公司、广重集团、广柴股份集中与工控 产业园集团签署入驻协议，标志着央企、地方国企在资源整合、技术共享与市场协作方面迈出关键一 步，将共建共享高端装备制造新生态。 据了解，广州工控大湾区高端装备产业园坐落于南沙穗港智造基地，由工控产业园集团运营，占地面积 640多亩，总投资达47亿元。 2025年12月31日上午，随着悠长的汽笛声，一艘装载着重工装备产品的货轮从广州工控大湾区高端装备 产业园自有码头出航，标志着该园区正式开园，开启了"广州智造"走向"全球应用"的崭新航程。 ...

临高金牌港开发区入驻企业生产现场。(金牌港开发区供图) 海南日报全媒体记者 王泽宇 眼下，临高金牌港港口一期工程施工如火如荼，正朝着2026年10月完工的目标全力推进。 "新建的港口离我们只有几百米，未来原材料运输及产品出口都会更加方便。"龙庆东南(海南)绿色建筑 有限公司人力行政总监李保成介绍，作为最早入驻临高金牌港开发区的企业之一，公司正是看中了港口优 势。 坚持服务先行，完善生态构建，加快释放政策红利 临高金牌港：为企业"出海"装上强引擎 海南自贸港全岛封关运作后，如何进一步将区位优势、政策红利转化为高质量发展胜势，成为检验园区 服务管理能力的关键考题。对此，临高金牌港开发区打出一套"服务先行、生态构建、主动出海"的组合拳， 既加强基础设施硬支撑，又提升精准服务软实力，作答发展之问。 硬件升级： 从"基础保障"到"战略支点" 作为海南省重点项目，金牌港港口一期工程总投资74.1亿元，该项目由临高县金发建设集团、中国铁建 投资集团牵头，中铁十二局等单位共同承建。 如今，企业对港口的期待正以超乎预期的速度变为现实——金牌港港口一期工程已进入冲刺阶段，目前 整体施工进度过半。 港口对金牌港而言，不仅是交通设施 ...

持续巩固核心优势 12月16日，记者从江西志特新材（300986）料股份有限公司（以下简称"志特新材"）获悉，日前公司与 中国能建（601868）西南区域总部在成都正式签署战略合作框架协议。通过本次合作，双方将进一步整 合各自在技术、市场、资源等方面的优势，围绕国家重大项目建设、绿色低碳转型及国际业务拓展等方 面开展全方位、深层次合作。 上述合作表明，当前建筑模架、装配式建筑的应用场景不断拓宽，已从传统建筑延伸至桥梁、隧道、管 廊、轨道交通、水利工程、低空经济基础设施、新能源场站等新兴基建领域，以其标准化设计、快速施 工和绿色低碳的显著优势，为各类新兴基础设施提供了高效、可靠且可持续发展的工程解决方案。 积极拓展海外市场 当前，面对国内市场竞争加剧的局面，出海已成为众多企业寻求增长的重要战略。行业头部企业通过建 立海外生产基地、注册国际商标、参与国际技术交流等方式，致力于打造全球竞争力，推动中国绿色新 型建筑技术、产品和服务在世界范围内的应用与认可。 志特新材海外业务主要围绕"产品深耕+区域拓展"双维度发力，其中产品层面，公司以"1+N"多元化产 品及服务战略为核心，在稳固铝合金模板业务基本盘的同时，重点发力 ...

此外，会议提出的"加紧培育壮大新动能""坚持'双碳'引领"等要求，与中集集团新五年战略规划高度契 合，为其在冷链装备、模块化建筑、清洁能源等领域的持续创新和绿色转型提供了助力。 改革攻坚领域，会议提出的"深入整治'内卷式'竞争"相关要求，为中集集团营造了更适宜依靠创新驱 动、追求质量效益的市场环境。在此背景下，集团将持续聚焦科技创新与高质量发展，例如在高端海工 装备领域发力，通过技术壁垒和产品差异形成核心竞争力，实现从"价格战"向"价值战"的转型。 同时，会议"坚持对外开放"的部署，为中集集团依托"一带一路"平台拓展国际业务合作提供了支撑。当 前，公司正逐步加大在东南亚、中东等地区的布局，借助全球能源转型与数字化升级加速的契机，推动 自身解决方案走向国际市场。近年来，中集集团在东南亚的数据中心建设、高端海工装备领域，已完成 多个标杆性项目的交付。 "中央经济工作会议明确了2026年经济工作重点，为中集集团（000039）发展提供了清晰指引。"中集集 团董事会秘书吴三强在接受证券时报记者采访时表示。 围绕"建设强大国内市场"的任务，中集集团的物流装备、能源装备优势，可对接城市更新、新型基础设 施建设等"两重"项 ...

Core Insights - The 2025 Guangdong Construction Industry Modernization Development Conference and Guangdong International Construction Industry Expo opened in Guangzhou, focusing on "Digital Intelligence Empowerment, New Quality Development, Building the Future of Guangdong" [1] - The event attracted over 200 participating units from the construction industry, showcasing advancements in technology and resources aimed at modernizing the construction sector [1][3] Group 1: Industry Trends - The construction industry is transitioning from high-speed growth to high-quality development, emphasizing quality over quantity [4] - Guangdong is leading the way in integrating new construction technologies and industrialization, particularly in smart construction and modular buildings [3][4] - The conference highlighted the importance of urban renewal and resource revitalization in enhancing city vitality [4] Group 2: Key Initiatives - The "Hundred Million Project" aims to achieve significant results within three years, with over 11,000 projects initiated and an investment of nearly 170 billion yuan by October [7] - Central enterprises like China State Construction and China Railway are playing a pivotal role in supporting local construction efforts and demonstrating leadership in rural development [7][8] - The conference facilitated cooperation agreements among construction enterprises to enhance resource integration and promote the "Hundred Million Project" [7] Group 3: Future Directions - The event included discussions on cultivating new productive forces in the construction industry and promoting the construction of quality housing [8] - Various activities, such as the Guangdong Provincial Construction Culture Promotion Week and exchanges among young architects, were organized to explore modernization pathways [8]

Core Insights - The event focused on "modular construction technology" as a key method for improving living standards and supporting the construction of quality housing [3][4] - The initiative aims to create a high-end platform for policy interpretation, technical sharing, and resource connection to promote the large-scale application of modular construction technology [3][4] Group 1: Event Overview - The "Modular Construction Technology Exchange and On-site Observation Activity" was successfully held in Beijing, organized by the Beijing Municipal Commission of Housing and Urban-Rural Development [1] - The event gathered industry leaders, experts, and representatives from enterprises to discuss the theme of modular construction and its impact on urban renewal and quality housing [3] Group 2: Key Statements - Officials emphasized that modular construction technology is crucial for the green, intelligent, and industrial transformation of the construction industry, significantly reducing the impact on residents' lives [3][4] - The event highlighted the importance of collaboration among policies, technology, and industry chains to transition modular construction from a "technical option" to a "strategic path" [5] Group 3: Practical Applications - The on-site observation included a project in Xicheng District that utilized a concrete modular construction system, showcasing the integration of digital platforms like BIM and MES [5] - This project serves as a reference for promoting modular technology and urban renewal across the country, demonstrating the synergy between industrialization and intelligent construction [5]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $567 million, down $34 million year-over-year, primarily due to increased accounts receivable cleanup of approximately $20 million [11] - Adjusted EBITDA was $243 million for the quarter, reflecting a margin of 42.9%, which was up 60 basis points sequentially from Q2 [12] - Adjusted free cash flow in the quarter was $122 million, representing a 22% margin or $0.67 per share [15] Business Line Data and Key Metrics Changes - Leasing revenues were $434 million in Q3, a 5% year-over-year decline, but only down 1.3% when excluding write-offs related to accounts receivable cleanup [12][13] - Sales in new and rental units increased by 10% year-over-year [11] - VAPS revenues were flat year-over-year despite volume headwinds, while storage portfolio saw a 10% improvement in rate and mix, partially offsetting a 14% volume decline [13] Market Data and Key Metrics Changes - The Canadian market experienced a slowdown, contributing to a revenue decline of approximately $130 million [35] - The company noted that traditional storage business remains weak, while climate-controlled storage units on rent were up 44% year-over-year [50] Company Strategy and Development Direction - The company aims to shift revenue towards more differentiated, higher-value offerings to create consistent results and reduce variability from commoditized lines of business [6][8] - A multi-year network optimization plan is underway to enhance operational efficiency and reduce structural costs, with an estimated net book value of rental fleet units for disposal between $250 million and $350 million [19][18] - The focus is on reestablishing organic growth through local market initiatives and enterprise accounts, with expectations for enterprise accounts revenue to grow approximately 5% year-over-year in the second half [22][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the need for a more conservative approach to guidance to minimize the risk of negative surprises, emphasizing accountability and credibility [8][9] - The company expects Q4 2025 revenue of approximately $545 million and adjusted EBITDA of approximately $250 million, with a full-year 2025 revenue outlook of around $2.26 billion [20] - Management expressed optimism about the potential for growth in the enterprise portfolio and value-added products, despite challenges in the traditional storage market [23][26] Other Important Information - The company has paid down $84 million in borrowings and returned $21 million to shareholders through repurchases and dividends [16] - A review of real estate positions is ongoing to reduce the real estate footprint while maintaining market coverage, with real estate costs having increased by over 10% per year [17] Q&A Session Summary Question: Inquiry about revenue outlook and underperformance - Management identified seasonal storage components and write-off activities as significant contributors to lower revenue outlook, with the Canadian market also underperforming [34][35] Question: Impact of federal government shutdowns - Management reported negligible disruption from government shutdowns, maintaining enthusiasm for future opportunities in government sectors [39] Question: Clarification on fleet review and potential disposals - Management clarified that the fleet being reviewed for disposal represents about 10% of total fleet, primarily excess units not needed for future growth [44][45] Question: Trends in order book and activations - Management noted that the modular order book is down about 1% year-over-year, with activations showing low single-digit growth recently, while traditional storage remains weak [50] Question: Changes in guidance philosophy - Management emphasized a shift towards conservative guidance to avoid negative surprises, focusing on controllable outcomes [86][87]

Financial Performance - The company achieved a revenue of 2.023 billion CNY in the first three quarters of 2025, representing a year-on-year growth of 12.09% [2] - Net profit attributable to shareholders reached 118 million CNY, a significant increase of 98.65% year-on-year [2] - The net profit after deducting non-recurring items was 93.45 million CNY, up 181.98% compared to the previous year [2] - The net cash flow from operating activities surged to 140 million CNY, marking a staggering increase of 7907% year-on-year [2] Overseas Business Expansion - The company's overseas business model is replicable, balancing "standardized frameworks" with "localized execution" [2] - Future overseas efforts will focus on "product deepening + regional expansion," emphasizing a diversified product strategy [3] - Southeast Asia remains a core market, with expansion into emerging countries like the Philippines and Cambodia [3] - The Middle East, particularly Saudi Arabia, is identified as a strategic breakthrough market, with gradual efforts in Africa, South America, and Australia [3] Domestic Industry Landscape - The domestic aluminum formwork industry is undergoing deep adjustment and structural optimization [4] - The market is experiencing a clearing phase, with inefficient capacities exiting and leading companies pursuing strategic transformations [4] - Industry associations are advocating for a healthy competitive order to promote a positive industry ecosystem [4] Cash Flow Management - The significant increase in cash flow is attributed to enhanced internal receivables management [5] - The company has optimized its global business layout, maintaining revenue growth in overseas operations [5] - Adjustments in customer structure and proactive management of payment terms have improved cash recovery capabilities [5] - Government debt relief policies have positively impacted the financial status of major clients, aiding in faster receivables recovery [5]

Group 1 - Nanshan Holdings (002314.SZ) announced on October 10 that Changshu Yazhi Modular Building Co., Ltd. is a wholly-owned subsidiary, focusing on business transformation and internal management optimization [1] - Changshu Yazhi is recognized as a national high-tech enterprise, specializing in modular space business, including new integrated buildings and special containers, with products such as modular buildings and packing boxes [1] - Despite its achievements, including being awarded "Top Ten Brands in China's Energy Storage Industry - Top Ten Energy Storage Supporting Suppliers" in 2023, the revenue contribution from this business remains limited [1] Group 2 - Since 2020, Changshu Yazhi has increased investments in the new energy sector, establishing integrated production lines and charging/discharging testing platforms, with an annual production capacity of 8,000 energy storage containers [3] - From 2020 to date, the shipment volume of energy storage containers has reached 20 GWh, with major clients including State Power Investment Corporation, BYD, Sungrow, Schneider, Canadian Solar, and Trina Solar [3] - The inquiry from investors regarding the subsidiary's transformation and market prospects for energy storage containers indicates a growing interest in this sector [3]