证券研究报告 建筑装饰 行业定期报告 hyzqdatemark 2025 年 03 月 25 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 中西部基建投资空间多大？ 投资评级： 看好（维持） ——建筑装饰行业周报（20250317-20250323） 投资要点： 本周观点： 市场回顾： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 1）政策赋能中西部基建提速，区域协调发展迎来新机遇。 中西部地区作为我国区域协 调发展的关键板块，既是国家能源、资源和生态屏障的重要区域，又在"一带一路" 建设中发挥支点作用。近年来，国家持续加大对西部地区的政策支持，出台"一带 一路"倡议、长江经济带发展战略、成渝地区双城经济圈等重 ...

证券研究报告 环保 行业点评报告 hyzqdatemark 2025 年 03 月 25 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 水价调整持续推进 企业盈利有望改善 投资评级： 看好（维持） ——深圳计划 4 月上旬举办水价调整听证会事件点评 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 | 板块 | 代码 | 简称 | 评级 | 收盘价 | | EPS | | | | PE | | | PB（lf） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2025/3/21 | 23A | 24E | 25E | 26E | 23A | 24E | 25E | 26E | | | | 0855.HK | ...

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 03 月 24 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 板块表现： 公用事业一季度前瞻 GTC 大会召开 投资评级： 看好（维持） ——大能源 2025 年第 12 周周报（20250323） 投资要点： 证券分析师 公用事业 2025 年一季度业绩前瞻：火电点火价差扩大 水电绿电区域分化 火电：受益于煤价加速下跌，预计一季度点火价差扩大。秦皇岛港口 5500 大卡动力煤价从 2024 年 10 月中旬开启下跌之路，从 855 元/吨下跌至年底的 765 元/吨，下跌 90 元/吨， ...

证券研究报告 公用事业 | 电力 港股|公司点评报告 hyzqdatemark 2025 年 03 月 25 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 03 | 月 24 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 3.00 | | | 一年内最高/最低（港 | | | | 4.27/2.81 | | | 元） | | | | | | | 总市值（百万港元） | | | | 37,110.45 | | | 流通市值（百万港元） | | | | 37,110.45 | | | 资产负债率（%） | | | | 68.42 | | | 资料来源：聚源数据 | | | | | | 中国电力(02380.HK) 投资评级 ...

Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [4] Core Viewpoints - The report emphasizes the acceleration of infrastructure investment in the central and western regions of China, driven by national policies aimed at regional coordinated development. This area is crucial for national energy, resources, and ecological security, as well as for the "Belt and Road" initiative [6][9] - The report highlights that 16 out of 18 provinces in the central and western regions achieved positive growth in fixed asset investment in 2024, with Tibet leading at +19.6%, Inner Mongolia at +13.6%, and Ningxia at +7.9% [6][9] - The construction of national strategic hinterlands is accelerating, providing new momentum for infrastructure development in the central and western regions. This includes significant investments in transportation infrastructure and advanced manufacturing [12][15] Summary by Sections Market Review - The report notes a decline in major stock indices, with the Shanghai Composite Index down 1.60%, the Shenzhen Component Index down 2.65%, and the ChiNext Index down 3.34%. In contrast, the construction and decoration index fell only 0.24% [4][29] - Among the construction sub-sectors, decoration, landscaping, and chemical engineering saw the highest increases, with respective gains of 3.10%, 1.55%, and 0.94% [29] Infrastructure Investment Insights - The report discusses the ongoing policy support for infrastructure investment in the central and western regions, with specific projects outlined for provinces like Sichuan, Shanxi, and Henan. For instance, Sichuan plans to advance 810 key projects with an annual investment of 791.65 billion yuan, of which 44% is allocated to infrastructure [15][20] - The report also tracks the issuance of special bonds, noting a weekly issuance of 138.27 billion yuan, with a cumulative total of 2,009.62 billion yuan, reflecting a year-on-year increase of 132.30% [16] Company Dynamics - The report highlights new project announcements and operational updates from various companies in the construction and infrastructure sectors. For example, China Nuclear Engineering reported new contracts worth 21.943 billion yuan, a year-on-year increase of 16.09% [23] - It also notes that China State Construction signed contracts totaling 680.8 billion yuan in the first two months of 2025, marking a 4.8% increase year-on-year, with significant growth in overseas contracts [23][25]

投资要点： 本周（3/17-3/23）市场概览： 1）一级市场：本周信用债发行量和偿还量环比上周大幅增加，净融资额环比上升； 本周各券种发行只数均有增加；不同品种发行成本涨跌互现，AA 级产业债发行成本 环比上周大幅提高，AA 主体城投债和 AA+主体产业债发行利率环比下降超 10BP。 证券研究报告 hyzqdatemark 2025 年 03 月 25 日 短期情绪提振，利差整体下行 ——信用分析周报（2025/3/17-2025/3/23） 2）二级市场：信用债成交量、换手率环比上升，短期交易情绪提振；中短端收益率 环比上周不同程度下行；信用利差整体压缩，12 个重点省份利差压缩幅度相对较大； 本周 0.5-1Y、1-3Y 和 5-10Y 城投信用利差处于较高历史分位。 3）负面舆情：山西美锦能源股份有限公司所发行"美锦转债"列入观察名单；江苏 中南建设集团股份有限公司所发行"20 中南建设 MTN001"展期；上海世茂股份有 限公司所发行"HPR01 优"发生实质性违约。 投资建议：总体来看，本周 10Y 以上中债隐含评级 AAA+级信用债收益率上行 4BP， 利差走扩。城投债方面，5-10Y 城投信 ...

证券研究报告 传媒 行业点评报告 hyzqdatemark 2025 年 03 月 25 日 投资评级： 看好（维持） 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 王世豪 SAC：S1350524120005 wangshihao@huayuanstock.com 魏桢 weizhen@huayuanstock.com 《全民阅读促进条例（征求意见稿）》发布，全民阅读立法进 程加速 投资要点： 风险提示。政策落地不及预期，内容监管趋严，新技术发展不及预期。 请务必仔细阅读正文之后的评级说明和重要声明 源引金融活水 润泽中华大地 图表 1：《全民阅读促进条例（征求意见稿）》政策内容分析 | 维度 | | 内容 | | --- | --- | --- | | 职责划分 | 战略定位 | 以习近平新时代中国特色社会主义思想为指导，将全民阅读上升为国家战略，遵循政府主 | | | | 导、部门协同、社会力量参与的原则（第 2 条、第 3 条） | | | | 国家新闻出版主管部门承担综合协调具体职责（第 4 条） | | | 责任体系 | 地 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is entering a sustainable profit phase, with positive earnings guidance for 2025 [5] - The company reported a net profit of $37.7 million for 2024, exceeding expectations, indicating financial self-sufficiency [7] - The core product, furmonertinib, has exceeded market expectations in global sales, and the company is expanding its pipeline with tangible progress [7] - The company has a strong cash position of $836.1 million as of the end of 2024, supporting future drug development [7] - The 2025 revenue guidance for the oncology/immunology business is set between $350 million and $450 million, driven by continued growth in furmonertinib sales [7] Financial Performance and Forecast - Revenue for 2023 is projected at $838 million, with a significant decline of 24.8% in 2024, followed by a recovery to $694 million in 2025, and further growth to $844 million in 2026 and $996 million in 2027 [6][11] - The net profit is expected to rebound dramatically from $38 million in 2024 to $393 million in 2025, reflecting a growth rate of 942.79% [6][11] - The company’s earnings per share (EPS) is forecasted to increase from $0.04 in 2024 to $0.45 in 2025 [6][11] - The return on equity (ROE) is expected to rise significantly to 34.2% in 2025 [6] Company Events and Future Catalysts - The company plans to submit a New Drug Application (NDA) for savolitinib in the second-line NSCLC indication in 2025, with promising clinical data [7] - The company is advancing its antibody-drug conjugate (ATTC) platform, which is expected to start clinical trials in the second half of 2025 [7] - The company has a diversified and validated late-stage product pipeline, with several drugs expected to receive regulatory approvals in China [8]

Investment Rating - The report assigns a "Buy" rating for China Railway Group Limited (601390.SH) based on its robust market position in infrastructure and overseas development opportunities [4]. Core Views - China Railway Group is a leading state-owned enterprise in the infrastructure sector, benefiting from fiscal policy support and the deepening of the Belt and Road Initiative. The core business is expected to maintain steady growth, with projected net profits of CNY 31.2 billion, CNY 32.3 billion, and CNY 33.7 billion for 2024-2026, corresponding to a PE ratio of 4.6, 4.5, and 4.3 times respectively [4][8]. - The company has a solid order backlog, with an uncompleted contract amount of CNY 6.22 trillion as of mid-2024, reflecting a 5.9% increase from the previous year, providing a stable foundation for future performance [7]. - The report highlights the potential for valuation recovery driven by state-owned enterprise market value management initiatives and the expansion of emerging businesses, particularly in resource development [4][7]. Summary by Sections Financial Performance - The company reported a revenue of CNY 1,260.84 billion in 2023, with a projected slight decline to CNY 1,217.31 billion in 2024, followed by a recovery to CNY 1,230.66 billion in 2025 and CNY 1,254.99 billion in 2026 [8][10]. - The net profit attributable to shareholders is expected to decrease to CNY 31.21 billion in 2024, before increasing to CNY 32.33 billion in 2025 and CNY 33.65 billion in 2026 [8][10]. Market Position and Strategy - China Railway Group holds a significant market share in railway and urban rail construction, with over two-thirds of the national railway mileage and 90% of electrified railways constructed by the company [7]. - The company is actively expanding into emerging sectors such as water conservancy, clean energy, and mineral resources, with new orders in these areas increasing by 11.3% year-on-year in 2024 [7]. Dividend and Valuation - The company has a strong track record of dividend payments, with a cumulative dividend of CNY 40.76 billion since 2009 and a dividend rate of 15.52% in 2023, translating to a dividend yield of 3.61% [7]. - The report anticipates that ongoing market value management efforts by the state will enhance investor confidence and support valuation recovery [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's annual performance is stable, and the increase in dividend payout ratio highlights its investment value [5] - The company has completed the acquisition of Hanjin Energy, which is expected to accelerate the injection of group assets [8] - The company aims to maintain a dividend payout ratio of no less than 65% from 2025 to 2027, reflecting its long-term investment value [8] Financial Performance Summary - In 2024, the company achieved a net profit attributable to shareholders of 58.67 billion yuan, a decrease of 1.7% year-on-year [8] - The company’s coal production and sales volume for 2024 were 327 million tons and 459 million tons, respectively, with year-on-year growth of 0.8% and 2.1% [8] - The average selling price of coal was 564 yuan per ton, down 3.4% year-on-year, while the production cost remained stable at 179 yuan per ton [8] - The company’s projected net profits for 2025-2027 are 53.065 billion yuan, 55.037 billion yuan, and 56.626 billion yuan, respectively [8] Earnings Forecast and Valuation - The company’s earnings per share (EPS) for 2025 is projected to be 2.67 yuan, with a price-to-earnings (P/E) ratio of 13.90 [7] - The return on equity (ROE) is expected to decline from 14.61% in 2023 to 11.84% in 2025 [7] - The company’s revenue is forecasted to decrease slightly in 2024 to 338.375 billion yuan, with a year-on-year decline of 1.37% [7]