2025 年 12 月 28 日 建筑 2026 财政政策持续积极，洁净室需求 持续提升 本周投资建议： 12 月 27-28 日，全国财政工作会议在北京召开，总结 2025 年财政工 作，布置 2026 年重点任务。会议指出，2025 年财政工作取得新成效， 包括打好更加积极财政政策"组合拳"，保持支出强度，更大力度支持 "两重"项目，加力扩围实施"两新"政策，供需两端激发消费潜力；同 时，积极化解重点领域风险，加强存量隐性债务置换全流程管理，分 类推动融资平台有序出清并实质转型，兜牢基层"三保"底线。2026 年， 要继续实施更加积极的财政政策，包括 1）扩大财政支出盘子，确保 必要支出力度；2）优化政府债券工具组合，更好发挥债券效益 3）提 高转移支付资金效能，增强地方自主可用财力；4）持续优化支出结 构，强化重点领域保障等，推动经济实现质的有效提升和量的合理增 长，为实现"十五五"良好开局提供有力保障。 年初以来，由于需求收缩叠加地方政府资金紧张等因素，基建投资增 速自 4 月起环比回落，11 月基建投资环比有所改善。目前，2026 年 财政定调整体较为积极，基建需求仍较为充足，投资端有望止跌企稳， ...

Investment Rating - The investment rating for the cleanroom engineering sector is "Outperform the Market" (maintained) [2][3]. Core Insights - The cleanroom engineering sector is becoming a key focus in AI infrastructure as capital expenditures shift towards engineering investments, with cleanroom projects representing a significant portion of this trend [5][6]. - Major companies in the cleanroom sector, such as Yaxiang Integration and Shenghui Integration, are positioned to benefit from the increasing demand for cleanroom construction driven by the urgent expansion needs of leading firms like Micron [5][28]. - The cleanroom engineering segment is critical for the AI computing industry, accounting for approximately 60% of engineering investments related to chip production [16][18]. Summary by Sections Market Performance - From December to the present, major cleanroom sector stocks have seen significant increases, with Yaxiang Integration rising by 74%, Shenghui Integration by 60%, and Meiyai Technology by 52% [4]. Industry Dynamics - The cleanroom engineering industry is experiencing explosive growth in demand due to the global AI capacity expansion, which is currently constrained by limited construction capabilities [22][23]. - The complexity and customization of cleanroom projects create high entry barriers, resulting in strong customer loyalty and long-term relationships between clients and engineering service providers [25][27]. Future Outlook - As AI infrastructure transitions from procurement to construction, the proportion of capital expenditure directed towards engineering will significantly increase, making cleanroom engineering a central component of this evolution [6][28]. - The cleanroom engineering market is expected to continue its upward trajectory, driven by the urgent needs of major clients and the limited supply of qualified engineering resources [23][28].

证券研究报告 | 2025年12月26日 洁净室工程点评 为何洁净室能成为 AI 基建主线？ 优于大市 |  | 行业研究·行业快评 | |  建筑装饰·专业工程 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 任鹤 | 010-88005315 | renhe@guosen.com.cn | 执证编码：S0980520040006 | | 证券分析师： | 朱家琪 | 021-60375435 | zhujiaqi@guosen.com.cn | 执证编码：S0980524010001 | 国信建筑观点： 1）随着 AI 基建从备货采购步入到工程建设阶段，下游客户资本开支将发生结构性变化，工程投资占比将 显著上升，以洁净室工程为代表的工程产业链将成为新的主线环节；2）由于海外 AI 算力需求的爆发式增 长，而洁净室建设能力供给相对刚性，洁净室目前已成为制约全球 AI 产能扩张的核心瓶颈。美光等龙头 厂商扩产需求紧迫，急切希望缩短洁净室建设工期，因此不得不加价下单以优先获得工程资源，洁净室工 程"量价齐升"逻辑将得以持续强化。3 ...

12月25日，圣晖集成涨5.24%，截至发稿，报82.20元/股，成交3.71亿元，换手率4.67%，总市值82.20亿 元。圣晖集成股价已经连续3天上涨，区间累计涨幅33.11%。 资料显示，圣晖系统集成集团股份有限公司位于江苏省苏州高新区浒墅关经济开发区石林路189号，成 立日期2003年9月3日，上市日期2022年10月13日，公司主营业务涉及公司主要从事IC半导体、光电等高 科技产业的洁净室工程服务业务。主营业务收入构成为：洁净室工程64.36%，其他机电安装工程 31.78%，设备销售3.74%，其他(补充)0.11%。 从基金十大重仓股角度 数据显示，国都证券旗下1只基金重仓圣晖集成。国都聚成（011389）三季度持有股数1万股，占基金净 值比例为3.9%，位居第四大重仓股。根据测算，今日浮盈赚取约4.09万元。连续3天上涨期间浮盈赚取 19.43万元。 国都聚成（011389）基金经理为廖晓东、张晓磊、龚勇进。 截至发稿，廖晓东累计任职时间5年226天，现任基金资产总规模2245.5万元，任职期间最佳基金回 报-24.14%， 任职期间最差基金回报-66.88%。 张晓磊累计任职时间7年11天， ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中金点睛 中金研究 2025年底中央经济工作会议[1]明确2026年"推动投资止跌回稳"，我们对明年财政政策发力持相对乐观 的态度。我们认为在地产持续筑底背景下，基建投资仍将作为稳增长的重要手段，预计2026年基建投资 增速为4.5%，建议围绕"高股息央国企、高弹性西部基建、高景气专业工程、高需求海外市场"投资主线 积极布局：1）看好西部基建区域性投资机会，特别是四川省基建投资高景气度；2）看好化债+国企改 革背景下估值修复空间较大的建筑央企；3）制造业投资有望企稳回升，看好受益于半导体资本开支景 气上行的洁净室工程；4）海外市场有望成为第二增长曲线，关注建筑企业出海逻辑的加速兑现。 摘要 化债带动建筑央企存量资产盘活及报表质量改善。建筑央企PB伴随应收类资产占比提升而持续走低， 当前均不足1倍，我们判断2026年化债工作稳步推进，地方资金链条捋顺后有望直接驱动建筑央企估值 修复及报表质量改善。中长期看，建筑央企仍有望凭借龙头优势，不断提升行业集中度。 中西部基建投资具备较高潜力。中西部省份铁路、公路基础设施建设的潜力相对更大，且中央财 ...

中金研究 2025年底中央经济工作会议[1]明确2026年"推动投资止跌回稳"，我们对明年财政政策发力持相对乐观的态度。我们认为在地产持续筑底背景下，基建 投资仍将作为稳增长的重要手段，预计2026年基建投资增速为4.5%，建议围绕"高股息央国企、高弹性西部基建、高景气专业工程、高需求海外市 场"投资主线积极布局：1）看好西部基建区域性投资机会，特别是四川省基建投资高景气度；2）看好化债+国企改革背景下估值修复空间较大的建筑 央企；3）制造业投资有望企稳回升，看好受益于半导体资本开支景气上行的洁净室工程；4）海外市场有望成为第二增长曲线，关注建筑企业出海逻 辑的加速兑现。 Abstract 化债带动建筑央企存量资产盘活及报表质量改善。 建筑央企PB伴随应收类资产占比提升而持续走低，当前均不足1倍，我们判断2026年化债工作稳步推 进，地方资金链条捋顺后有望直接驱动建筑央企估值修复及报表质量改善。中长期看，建筑央企仍有望凭借龙头优势，不断提升行业集中度。 中西部基建投资具备较高潜力。 中西部省份铁路、公路基础设施建设的潜力相对更大，且中央财政给予了较多资源倾斜，2024年西部12省市接收转移支 付规模4万亿元， ...

人民财讯12月23日电，12月23日早盘，亚翔集成（603929）股价再次涨停，最新股价首次突破100元/股 大关，达到108.31元/股，创下历史新高。公开资料显示，亚翔集成主营业务为IC半导体等高科技电子 产业的建厂工程提供洁净室工程、工艺二次配工程及建筑工程等服务。今年前三季度，公司实现净利润 4.42亿元，同比增长0.78%。 ...

Investment Rating - The report recommends a "Buy" rating for several construction companies, highlighting their potential for high returns based on expected dividend yields and low valuations [9][32]. Core Insights - The current policy environment is driving an increase in insurance capital allocation to the stock market, with a notable acceleration in Q3 this year. Insurance capital is favoring construction stocks with high ROE, high dividend yields, and low valuations, particularly focusing on companies like China Electric Power Construction, China State Construction, and Sichuan Road and Bridge [1][2][14]. - It is estimated that the construction sector will receive an additional allocation of 28.6 billion yuan by 2026, representing 3.5% of the free float market value. Key A-share stocks recommended include Sichuan Road and Bridge (6.3% yield), Jianghe Group (6.5%), and others, while H-share stocks include China State Construction International (7.2%) and China Communications Construction (6.0%) [1][8][32]. Summary by Sections Insurance Capital Trends - As of Q3 2025, the total balance of insurance capital in China reached 37.5 trillion yuan, a year-on-year increase of 16.5%. The allocation to stocks and funds was 3.6 trillion and 2.0 trillion yuan, respectively, accounting for 15.5% of total investments, with a significant increase noted in Q3 [2][22]. - The top three construction stocks held by insurance capital are China Electric Power Construction, China State Construction, and Sichuan Road and Bridge, which together account for 75% of the insurance capital's construction sector holdings [2][22]. Expected Capital Allocation - The projected allocation of insurance capital to the construction sector is estimated at 50.8 billion yuan in 2025 and 79.4 billion yuan in 2026, with an incremental increase of 28.6 billion yuan in 2026 [3][28]. - The overall allocation ratio for the construction sector is expected to rise from 1.31% in 2025 to 1.60% in 2026, driven by the sector's attractive dividend yield compared to other sectors [3][28]. Recommended Stocks - Key A-share stocks with expected dividend yields over 5% include Sichuan Road and Bridge (6.3%), Jianghe Group (6.5%), and others. H-share stocks include China State Construction International (7.2%) and China Communications Construction (6.0%) [1][29][32]. - The report also highlights semiconductor cleanroom leaders such as Yaxiang Integration and Shenghui Integration, which are expected to benefit from the ongoing AI investment wave [1][8][32].

长江商报消息 ●长江商报记者 徐阳 圣晖集成（603163.SH）经营向好。 12月15日晚，圣晖集成公告，公司下属控股子公司于近日收到客户下发的泰国鹏晟PA02动力及内装— 次配机电工程项目订单，订单总金额约合人民币4.32亿元，占公司2024年营业收入的21.5%。 圣晖集成作为洁净室工程领域最具竞争力的企业之一，公司专注为高科技产业提供洁净室系统集成整体 解决方案，是国内工程从业者中少数能同时跨足不同产业领域、不同国家区域皆拥有工程承揽实绩的工 程服务公司。 12月15日晚间，圣晖集成发布公告称，公司下属控股子公司Acter Technology Company Limited（以下简 称"泰国Acter"）于近日中标Peng Shen Technology （Thailand）Co.,Ltd.下发的泰国鹏晟PA02动力及内装 —次配机电工程项目并收到项目订单，订单总价19.67亿泰铢（约合人民币4.32亿元），合同金额占公司 2024年营业收入的21.5%。 据公告显示，Peng Shen Technology （Thailand） Co.,Ltd.是鹏鼎控股（深圳）股份有限公司在泰国设立 的子公司， ...

Group 1: Industry Overview - The overall economic environment is expected to remain stable in 2026, supported by policies aimed at counter-cyclical and cross-cyclical adjustments, with a projected growth rate of fixed asset investment (FAI) at 3% for the year [1][12][17] - Infrastructure investment is anticipated to grow by approximately 5% in 2026, driven by key projects and policy support, while real estate investment is expected to decline by 10% after a significant drop in 2025 [1][17][25] - Manufacturing investment is projected to recover slightly, with a growth rate of 6% in 2026, benefiting from domestic demand and supportive policies [1][18] Group 2: Overseas Expansion - There is a strong demand for overseas investment, particularly in regions like Southeast Asia, Africa, and the Middle East, which are experiencing rapid economic growth and urbanization [2][4] - Chinese engineering firms have competitive advantages such as shorter construction periods, higher efficiency, and lower costs, positioning them well for overseas projects [2][4] - The share of overseas income for leading companies is expected to increase, driving improvements in profitability and business models [2][4] Group 3: Regional Opportunities - The "Five Five Five" strategy is expected to create abundant investment opportunities in the western regions of China, particularly in Sichuan and Xinjiang, which are set to benefit from national strategic support [2][4][3] - Sichuan is identified as a core area for national strategic development, with significant investments anticipated in transportation infrastructure, manufacturing, and technology [2][4][3] - Xinjiang's development is crucial for national energy security and unity, with expected increases in investment in infrastructure and coal chemical industries [2][4][3] Group 4: Cleanroom Investment - The demand for cleanroom facilities is projected to grow due to the increasing need for computing power driven by AI applications, with global semiconductor cleanroom investment expected to reach approximately 168 billion yuan in 2025 [3][4] - The semiconductor industry is forecasted to see a capital expenditure of around 160 billion USD in 2025, reflecting a 3% year-on-year increase [3][4] - Leading companies in the cleanroom sector are expected to maintain high levels of capital expenditure, driven by the demand for AI and data center infrastructure [3][4] Group 5: Investment Recommendations - The report recommends focusing on companies with strong overseas expansion capabilities, such as China Chemical, Precision Steel Structure, Jianghe Group, China National Materials, and China Steel International [4][8] - In the context of regional development, companies like Sichuan Road and Bridge, Xinjiang Communications Construction, and China Chemical are highlighted as key players [4][8] - For cleanroom investments, leading firms such as Yaxin Integration, Shenghui Integration, and Bocheng Co. are recommended for their growth potential [4][8]