金吾财讯 | 华泰证券表示，据国家统计局，25年1-11月基建（不含电力、热力、燃气及水生产和供应业）/地产/制造业投资累计同比-1.1%/-15.9%/+1.9%，较1-10月增速-1.0/-1.2/-0.8pct，投资端需求承压。上周中央政治局会议和经济工作会议陆续召开，为2026年全国经济工作做出指引，强调扩大内需稳增长背景下，推动投资止跌回稳，该机构认为基建投资有望靠前发力，看好板块春季躁动行情。该机构提到，四季度截至目前，整体水泥出货维持平淡，25年整体呈现“旺季不旺、淡季不淡”特征。截至12月上旬光伏玻璃样本库存天数33.1天，10月底以来库存持续上升，光伏行业反内卷持续推进，供给端仍有待优化。
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