Market Overview - The professional engineering sector experienced a decline of 0.28% on January 30, with the leading drop attributed to Tongguan Mining Construction [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Stock Performance - Notable gainers in the professional engineering sector included: - Baicheng Co., Ltd. (601133) with a closing price of 18.55, up 10.02% and a trading volume of 477,900 shares [1] - Roman Co., Ltd. (605289) at 80.41, up 10.00% with a trading volume of 114,100 shares [1] - Shenghui Integration (603163) at 110.85, up 8.68% with a trading volume of 66,900 shares [1] - Significant decliners included: - Tongguan Mining Construction (920019) at 24.02, down 14.43% with a trading volume of 163,800 shares [2] - China Aluminum International (601068) at 6.07, down 6.62% with a trading volume of 825,000 shares [2] Capital Flow - The professional engineering sector saw a net outflow of 123 million yuan from institutional investors and 247 million yuan from speculative funds, while retail investors contributed a net inflow of 370 million yuan [2] - Detailed capital flow for selected stocks indicated: - Baicheng Co., Ltd. (601133) had a net inflow of 311 million yuan from institutional investors, while speculative funds saw a net outflow of 172 million yuan [3] - Huadian Technology (601226) experienced a net inflow of 134 million yuan from institutional investors, with a net outflow of 42.43 million yuan from speculative funds [3]

Market Performance - The professional engineering sector increased by 0.91% on January 28, with Tongguan Mining Construction leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Top Gainers in Professional Engineering Sector - Tongguan Mining Construction (code: 920019) closed at 28.00, up 15.27% with a trading volume of 226,100 shares and a transaction value of 618 million yuan [1] - China Aluminum International (code: 601068) closed at 6.64, up 9.93% with a trading volume of 665,600 shares and a transaction value of 426 million yuan [1] - Roman Co., Ltd. (code: 605289) closed at 74.80, up 7.67% with a trading volume of 101,500 shares and a transaction value of 760 million yuan [1] Top Losers in Professional Engineering Sector - Zhite New Materials (code: 300986) closed at 37.65, down 12.99% with a trading volume of 962,600 shares and a transaction value of 374 million yuan [2] - Zhenhai Co., Ltd. (code: 603637) closed at 11.98, down 9.99% with a trading volume of 239,300 shares and a transaction value of 289 million yuan [2] - Feiguishang (code: 605598) closed at 61.30, down 5.03% with a trading volume of 71,400 shares and a transaction value of 443 million yuan [2] Capital Flow Analysis - The professional engineering sector experienced a net outflow of 419 million yuan from institutional investors, while retail investors saw a net inflow of 476 million yuan [2] - The net outflow from retail investors amounted to 56.46 million yuan [2] Individual Stock Capital Flow - For Asia Xiang Integration (code: 603929), the net inflow from institutional investors was 15.7 million yuan, while retail investors had a net outflow of 19.41 million yuan [3] - China Aluminum International (code: 601068) saw a net inflow of 10 million yuan from institutional investors, with retail investors experiencing a net outflow of 74.75 million yuan [3] - Tongguan Mining Construction (code: 920019) had a net inflow of 58.91 million yuan from institutional investors and a small net inflow of 2.24 million yuan from retail investors [3]

#项目节奏上，美光公告晶圆预计2028年下半年产出，对应洁净室建设周期预计集中于2027年（土建后）。 #承接方，台湾亚翔承接总包概率较大（此前亚翔在新加坡几乎承接所有大型FAB洁净室项目，包括联电、世界 先进及美光HBM），洁净室以分包形式交由苏州亚翔集成建设。 #项目贡献业绩，洁净室周期预计1-1.5年，项目净利率按15%假设对应业绩增量16.5亿（其中洁净室部分11 亿）。 【国盛建筑何亚轩】美光新加坡投资加码，预计带动亚翔多少业绩增量？ 今日美光宣布新加坡NAND制造园区一座先进晶圆制造厂破土动工，该厂房计划投资约240亿美元，分10年投 入，设计共70万平方英尺（约6.5万平米）洁净室空间，按照单平方英尺洁净室造价1500美金（造价数据参考 AmericanCleanroomSystems中最高洁净度电子厂价格），对应洁净室投资约73.5亿人民币，加总土建环节合计E 【国盛建筑何亚轩】美光新加坡投资加码，预计带动亚翔多少业绩增量？ 今日美光宣布新加坡NAND制造园区一座先进晶圆制造厂破土动工，该厂房计划投资约240亿美元，分10年投 入，设计共70万平方英尺（约6.5万平米）洁净室空间，按照单平方英 ...

Investment Rating - The industry investment rating is "Overweight" [8] Core Insights - Micron Technology plans to invest $24 billion in a new NAND factory in Singapore over the next ten years, with the facility expected to provide 700,000 square feet of cleanroom space and commence production in the second half of 2028. This investment is driven by the growing demand for NAND technology due to the rapid expansion of artificial intelligence and data center applications [2][3] - The World Semiconductor Trade Statistics (WSTS) forecasts that the global semiconductor market will grow by 26.3% in 2026, reaching $975 billion, with storage and logic ICs being the main growth drivers [5] - The cleanroom industry is experiencing expansion due to increased investments in high-tech industries, which are essential for its development. The demand for cleanroom engineering services is rising, leading to a concentration and scaling of the industry, with leading companies gaining stable market shares [5] Summary by Sections Micron Technology's Investment - Micron Technology is set to build a new NAND factory in Singapore, with an investment of $24 billion over the next decade. The groundbreaking ceremony took place on January 27, 2026, and the factory is expected to help meet the growing demand for NAND technology driven by AI and data centers [3] Semiconductor Market Forecast - WSTS predicts a 26.3% increase in the global semiconductor market size in 2026, reaching $975 billion. The growth is primarily driven by storage and logic ICs, which are expected to grow by 39.4% and 32.1%, respectively [5] Cleanroom Industry Dynamics - The cleanroom industry is benefiting from the growth in high-tech investments, leading to increased demand and market expansion. The characteristics of cleanroom projects, such as large investment scales and short implementation cycles, are driving industry consolidation and differentiation among companies [5]

Market Performance - The professional engineering sector increased by 0.38% on January 27, with Shenghui Integration leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Top Gainers - Shenghui Integration (603163) closed at 101.59, up 10.01% with a trading volume of 49,100 shares and a turnover of 478 million yuan [1] - Yaxiang Integration (603929) closed at 149.60, up 10.00% with a trading volume of 57,600 shares and a turnover of 833 million yuan [1] - Huadian Technology (601226) closed at 11.40, up 7.34% with a trading volume of 1,433,400 shares and a turnover of 1.548 billion yuan [1] Top Losers - Feiqishi (605598) closed at 64.55, down 3.74% with a trading volume of 120,900 shares and a turnover of 772 million yuan [2] - China Zhongzhi (601618) closed at 3.15, down 3.08% with a trading volume of 3,112,400 shares and a turnover of 987 million yuan [2] - Sanwei Chemical (002469) closed at 9.29, down 2.62% with a trading volume of 208,500 shares and a turnover of 194 million yuan [2] Capital Flow - The professional engineering sector experienced a net outflow of 147 million yuan from institutional investors, while retail investors saw a net inflow of 124 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Yaxiang Integration had a net inflow of 14.5 million yuan from institutional investors, but a net outflow of 23.57 million yuan from retail investors [3] - Huadian Technology saw a net inflow of 91.88 million yuan from institutional investors, with a net outflow of 84.49 million yuan from retail investors [3] - Shenghui Integration had a net inflow of 86.49 million yuan from institutional investors, but a net outflow of 51.20 million yuan from retail investors [3]

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].

Group 1 - The report highlights a significant increase in the State Grid's capital expenditure during the "14th Five-Year Plan" period, with a projected investment of approximately 4 trillion yuan during the "15th Five-Year Plan," representing a 40% increase compared to the previous plan [15][18][21] - The report recommends focusing on power engineering companies, specifically China Electric Power Construction, China Huadian Engineering, and China Energy Engineering, which are well-positioned to benefit from the increased capital expenditure [21][22] - The report emphasizes the importance of selecting companies with strong fundamentals and low valuations based on ROE and valuation percentiles, recommending firms such as China Chemical, China National Materials, and Donghua Technology [23][24] Group 2 - Weekly tracking indicates steady progress in coal chemical projects, with significant contract awards for the coal-to-natural gas project in Xinjiang, totaling over 15 billion yuan [28][29] - The hydrogen energy sector is gaining momentum, with government initiatives promoting zero-carbon factory construction and the launch of major projects like the Baowu Green Hydrogen Industrial Park, which has a total investment of 110.9 billion yuan [31][32] - The report notes a slight decline in steel prices, with average prices for medium-thick plates and rebar decreasing by 0.5% and 0.8% respectively, indicating a stable but low price environment [31]

Investment Rating - The industry investment rating is "Buy" [4] Core Insights - The report indicates that the construction industry continues to experience a low allocation in public funds, with a slight increase in heavy positions in Q4 2025. The total market value of the SW construction decoration sector rose to 1,845.9 billion CNY, a 2% increase quarter-on-quarter, accounting for 1.50% of the A-share market value [15][19] - The report highlights a shift in public fund allocations towards the decoration and other specialized engineering sectors, with significant increases in heavy positions for these sub-sectors [19][31] - Key companies in the sector include China State Construction, Honglu Steel Structure, Shanghai Port, Jianghe Group, and Yaxiang Integration, with notable changes in their heavy positions [44] Summary by Sections Section 1: Q4 2025 Construction Industry Allocation - The heavy stock allocation in the construction industry increased quarter-on-quarter, with the total market value of SW construction decoration reaching 1,845.9 billion CNY, a 2% increase [15][19] - The heavy stock allocation ratio for public funds in the construction decoration sector was 0.37%, up by 0.01 percentage points from the previous quarter [15][19] Section 2: Sub-sector Analysis - The report notes an increase in public fund heavy positions in the decoration and other specialized engineering sectors, while the housing construction and municipal engineering sectors saw a decrease [19][30] - The decoration sector's heavy position ratio rose to 0.029%, an increase of 0.017 percentage points, primarily due to increased holdings in Jianghe Group [31][40] Section 3: Individual Company Analysis - The top five companies by heavy stock value are China State Construction (19.64 billion CNY), Honglu Steel Structure (12.17 billion CNY), Shanghai Port (8.86 billion CNY), Jianghe Group (5.59 billion CNY), and Yaxiang Integration (4.25 billion CNY) [44] - Significant changes in heavy positions include a 485.4% increase for Shanghai Port and a 134.3% increase for Jianghe Group [44] Section 4: Investment Recommendations - The report recommends focusing on four key areas: technology (cleanroom sector), safety (industrial and nuclear power module manufacturers), overseas expansion (China National Materials and China Steel International), and undervalued state-owned enterprises in favorable regions [46]

Core Viewpoint - As of January 20, 2026, the number of shareholders for Yaxiang Integrated (603929) is reported to be 23,965 [1] Company Information - Yaxiang Integrated has engaged with investors through an interactive platform, providing transparency regarding its shareholder count [1]

Core Viewpoint - A total of 844 stocks reported their latest shareholder numbers as of January 10, with 331 stocks showing a decline compared to the previous period, indicating a trend of decreasing shareholder engagement in certain companies [1][3]. Group 1: Shareholder Numbers - 844 companies disclosed their shareholder numbers as of January 10, with 331 showing a decrease compared to December 31 [3]. - Among the stocks with a decline in shareholder numbers, 23 stocks experienced a drop of over 10% [3]. - The stock with the largest decline in shareholder numbers was Yaxiang Integration, which saw a decrease of 23.48% to 19,134 shareholders [3]. - Yidian Tianxia also reported a significant decline of 23.09%, with 71,862 shareholders [3]. Group 2: Stock Performance - The average increase for concentrated stocks since December 21 was 7.79%, outperforming the Shanghai Composite Index, which rose by 5.74% [2]. - 55% of concentrated stocks achieved excess returns relative to the market [2]. - Huazheng New Materials had the highest increase among stocks with a decline in shareholder numbers, rising by 59.72% since December 21 [2]. Group 3: Industry Insights - The concentrated stocks are primarily found in the machinery, basic chemicals, and automotive sectors, with 35, 33, and 28 stocks respectively [3]. - The latest concentrated stock performance shows significant gains, with notable increases from Yidian Tianxia (60.64%), Jingce Electronics (58.17%), and Yaxiang Integration (52.48%) [3].