行 业 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 [Table_Title] 建筑装饰行业周报 政策稳中求进，关注低位央企和转型AI 算力等业务企业机会 1）主线一：推荐建筑央企。推荐【中国铁建】、【中国中铁】、【中国 交建】、【中国建筑】、【中国能建】、【中国电建】、【中国中冶】，关注 【中国化学】、【中材国际】、【中钢国际】、【中工国际】、【北方国际】。 2）主线二：推荐高景气赛道产业链重点企业。隧道掘进设备行业： 推荐【铁建重工】、【中铁工业】，关注【五新隧装】；民爆行业：推荐 【易普力】，【高争民爆】，关注【雅化集团】、【保利联合】等；岩土 工程行业：推荐【中岩大地】。 3）主线三：关注顺周期及布局转型 AI/机器人等新质生产力方向的优 质标的机会。推荐【罗曼股份】，关注【海南华铁】、【宁波建工】、【深 城交】、【鸿路钢构】、【深圳瑞捷】、【金诚信】。 【风险提示】 2025 年 03 月 09 日 [Table_Summary] 【投资要点】 2）3 月进入业绩披露期，关注业务布局高景气赛道、业绩表现较优的 建筑企业。本周浦东建设、安徽建工等景气区域地方国企公告经营情 况。浦东建设 2 ...

Investment Rating - The report indicates a positive investment outlook for the real estate industry, with a year-on-year increase in land acquisition by major companies [10][11]. Core Insights - The total land acquisition amount for the top 100 real estate companies reached 199.86 billion yuan in January-February 2025, representing a year-on-year growth of 26.7% [11]. - The Yangtze River Delta has emerged as the leading city cluster for land acquisition, with the top 10 companies in this region acquiring 51.98 billion yuan worth of land [24]. - Major companies such as China Resources Land, Poly Developments, and China Jinmao topped the list in terms of new value added from land acquisitions, with 46.5 billion yuan, 30.5 billion yuan, and 28.3 billion yuan respectively [13]. Summary by Sections Land Acquisition Rankings - China Resources Land ranked first in land acquisition amount with 23.2 billion yuan, followed by China Jinmao with 12.9 billion yuan and Greentown China with 12.2 billion yuan [3][4]. - The top companies in terms of land area acquired include Hengnan Development Group and Haixing County Xinggang Construction Development, with 1.22 million square meters and 860,000 square meters respectively [3]. Year-on-Year Growth - The report highlights that the total land acquisition amount for key real estate companies has shown a positive year-on-year trend, indicating a recovery in market sentiment [10][11]. - The increase in land acquisition is attributed to local governments actively releasing quality land in core areas, which has boosted companies' willingness to acquire land [11][12]. Special Debt and Land Recovery - The issuance of special bonds for land recovery has accelerated, with Guangdong Province being the first to issue such bonds, amounting to approximately 30.7 billion yuan, primarily aimed at acquiring idle land [14]. - The report emphasizes the expectation that various types of real estate companies will benefit from these initiatives, which are crucial for stabilizing the real estate market [14][20]. Regional Insights - In the Beijing-Tianjin-Hebei region, China Resources Land and other major companies have been active in land acquisition, with significant amounts reported [22]. - The report notes that state-owned enterprises and local government-backed companies remain dominant in land acquisition, while private enterprises are selectively increasing their land reserves in key areas [28].

| A 股代码：601390 | A 股简称：中国中铁 | 公告编号：临 | 2025-004 | | --- | --- | --- | --- | | H 股代码：00390 | H 股简称：中国中铁 | | | 中国中铁股份有限公司 关于公司股东代表监事、监事会主席辞职的公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性 承担法律责任。 中国中铁股份有限公司（以下简称"公司"或"本公司"）监事 会于 2025 年 2 月 28 日收到股东代表监事、监事会主席贾惠平先生的 书面辞职报告。贾惠平先生因年龄原因（退休），申请辞去公司股东 代表监事、监事会主席职务。贾惠平先生确认其与本公司及监事会之 间无任何意见分歧，亦无与其辞任有关的其他事宜需提请公司股东关 注。 根据《公司法》《上海证券交易所股票上市规则》《公司章程》及 公司监事会议事规则等规定，贾惠平先生的辞职不会导致公司监事会 成员低于法定最低人数，不会影响公司监事会正常运作和公司正常生 产经营，其辞职自辞职报告送达监事会时生效。 贾惠平先生担任公司股东代表监事、监事会主席期间，恪 ...

中国中铁2024年第四季度新增担保的被担保人基本情况表 | | | | | | | | | | | | | | | 单位：万元 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 被担 | 注册 | 法定代 | | 信用 | | | 2023年12月31日财务报表数据 | | | | 2024年9月30日财务报表数据 | | | 与担保 持股 | | 序号 | 保人 | 地点 | 表人 | 经营范围 | 等级 | | | | | | | | | | 人的关 比例 | | | 名称 | | | | | 资产总额 | 负债总额 | 净资产 | 营业收入 净利润 | 资产总额 | 负债总额 | 净资产 | 营业收入 净利润 | | 系 | | | | | | 一般项目："橡胶制品制造；门窗制造加工；砼结 | | | | | | | | | | | | | | | | | 构构件制造；水泥制品制造；玻璃纤维增强塑料制 | | | | | | | | | | | ...

| A 股代码：601390 | A 股简称：中国中铁 | 公告编号：临 | 2025-003 | | --- | --- | --- | --- | | H 股代码：00390 | H 股简称：中国中铁 | | | 中国中铁股份有限公司 关于 2024 年第四季度对外担保实际发生情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带责任。 重要内容提示： －1－ 被担保人名称：本期被担保人涉及10家全资子公司，分别为中铁一 局集团物资工贸有限公司、中铁一局集团天津建设工程有限公司、 中铁一局集团电务工程有限公司、中铁电气化局集团西安电气化 工程有限公司、中铁电气工业有限公司、中铁国际集团商贸有限 公司、中铁武汉大桥工程咨询监理有限公司、中铁武汉勘察设计 院有限公司、中铁四川生态城投资有限公司、中铁置业集团有限 公司。 本期实际发生担保金额及累计担保余额：公司 2024 年第四季度实 际发生担保金额为 12.27 亿元；截至 2024 年 12 月 31 日，公司 累计担保余额为 1,029.43 亿元（其中差额补足承诺 ...

Summary of Conference Call Company and Industry - The conference call primarily discusses **China Railway** (中国中铁), a leading enterprise in the infrastructure sector in China, focusing on project resumption and financial performance in the context of the construction industry. Key Points and Arguments 1. **Project Resumption Status**: The resumption rate of projects is approximately **70%**, which is slightly better than previous years due to favorable weather conditions, particularly a warmer winter [2][3][4]. 2. **Debt Resolution**: The impact of debt resolution policies has been mixed, with some improvements noted in the last month of the previous quarter, but overall results have not met expectations. The company is still assessing the exact figures related to debt resolution [3][4][5]. 3. **Cash Flow Pressure**: There is significant pressure on cash flow due to the need to pay off debts while facing challenges in collecting receivables. This has created a strain on the company's financials [5][6]. 4. **Order Trends**: The construction sector has seen a **17% decline** in orders year-over-year, with expectations for a potential recovery in the upcoming quarters. However, the overall sentiment remains cautious [7][8][9]. 5. **Sector Performance**: Specific sectors such as **water conservancy and hydropower** are expected to perform well due to government investment, while other areas like urban rail and public works are experiencing declines [9][10][11]. 6. **Real Estate Market Outlook**: The real estate market is anticipated to stabilize, with new home sales showing signs of improvement. However, the company remains cautious about significant price increases in the near future [11][12]. 7. **PPP Projects**: The company has a substantial amount of business related to **Public-Private Partnerships (PPP)**, which remains stable despite some project delays [12][13]. 8. **International Operations**: The company is expanding its international presence, particularly in **South Asia, Southeast Asia, and Africa**, focusing on infrastructure projects [14][15]. 9. **Mining Resources**: The mining sector, particularly copper and other minerals, is stable, with no immediate plans for expansion due to high prices and limited opportunities [16][17]. 10. **Dividend Policy**: The company is considering increasing its dividend payout, which was slightly reduced last year, reflecting a commitment to shareholder returns [18][19]. 11. **Future Orders and Financial Guidance**: The company is cautiously optimistic about future orders, aiming for high-quality contracts rather than merely increasing volume. Financial targets for 2025 are still under review [20][21][22]. Other Important Content - The conference highlighted the importance of monitoring government policies and their potential impact on the construction and infrastructure sectors, particularly in relation to fiscal stimulus measures [22]. - The company emphasized the need for a balanced approach to growth, focusing on sustainable and profitable projects rather than aggressive expansion that could harm financial stability [21].

上述工程中标价合计约人民币 8,633,473 万元，约占本公司中国 会计准则下 2023 年营业收入的 6.85%。 特此公告。 中国中铁股份有限公司董事会 | A股代码：601390 | A 股简称：中国中铁 公告编号：临2025-002 | | --- | --- | | H股代码：00390 | H 股简称：中国中铁 | 中国中铁股份有限公司 重大工程中标公告 本公司董事会及其董事保证本公告所载内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整 性负个别及连带责任。 近期，本公司中标以下重大工程： | | | 单位：万元 | 币种：人民币 | | | | --- | --- | --- | --- | --- | --- | | 序号 | 中标单位 | 中标项目 | 本公司中标 | 工期 | | | | | | 金额 | | | | 铁路工程 | | | | | | | | 中铁一局、中铁 二局、中铁九局、 | 盐城经泰州无锡常州至宜兴铁路站前工程 | | | | | 1 | 中铁十局、中铁 | YYZQ-03SG 标段、YYZQ-04SG 标段、YYZQ-08SG | ...

| 业务类型 | 2024 年 10-12 | 月 | 本年累计 | | 同比增减 | | --- | --- | --- | --- | --- | --- | | | 新签项目数 | 新签 | 新签项目 | 新签 | | | | 量（个） | 合同额 | 数量（个） | 合同额 | | | 设计咨询 | / | 73.5 | / | 258.2 | -7.0% | | 工程建造 | 3249 | 7852.8 | 7423 | 18710.1 | -16.9% | | 装备制造 | / | 141.4 | / | 571.0 | -17.0% | | 特色地产（注） | / | 206.7 | / | 434.3 | -37.6% | | 资产经营 | / | 1037.6 | / | 1762.3 | -0.6% | | 资源利用 | / | 63.7 | / | 272.0 | -18.7% | | 金融物贸 | / | 350.6 | / | 886.5 | -1.5% | | 新兴业务 | / | 2146.9 | / | 4257.4 | 11.3% | | 合计 | / | 11873.2 | ...

| H 股代码：00390 | A 股代码：601390 | | --- | --- | | H 股简称：中国中铁 | A 股简称：中国中铁 | | | 公告编号：临 2024-053 | 中国中铁股份有限公司 日常关联交易公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 重要内容提示: 1 本次日常关联交易不需提交股东大会 本次日常关联交易对公司的影响：1.中国中铁股份有限公司（以 下简称"公司"或"股份公司"）的控股子公司中铁财务有限责任 公司（以下简称"财务公司"）为公司控股股东中国铁路工程集团 有限公司（以下简称"中铁工"）及其附属公司提供金融服务，可 以使公司利用其部分融通资金，进一步加强资金管理，提高资金 运用效率，并且通过财务公司获得的净利息和服务费而增加整体 效益；公司与中铁工及其附属公司之间的综合服务和房屋租赁日 常关联交易，是为了满足公司正常的生产经营业务需要。2.根据 交易定价原则，前述关联交易定价公允，不存在损害公司及其他 股东特别是中小股东利益的情形，也不会影响公司独立性。 需要提请投资者注意的 ...

| A | 股代码：601390 | A | 股简称：中国中铁 | 公告编号：临 | 2024-052 | | --- | --- | --- | --- | --- | --- | | H | 股代码：00390 | H | 股简称：中国中铁 | | | 中国中铁股份有限公司 第六届董事会第六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带责任。 一、董事会会议召开情况 中国中铁股份有限公司（以下简称"公司"）第六届董事会第六次会 议〔属 2024 年第 10 次临时会议（2024 年度总第 14 次）〕通知和议案等 书面材料于 2024 年 12 月 25 日以专人及发送电子邮件方式送达各位董事， 会议于 2024 年 12 月 30 日以现场会议的方式召开。应出席会议的董事 7 名，实际出席会议的董事 7 名。会议由董事长陈云主持。公司部分监事、 高级管理人员及有关人员列席了会议。会议的召开符合有关法律、行政法 规、部门规章、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 经过有效表决，会议审议 ...