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 ...

Summary of China Railway Construction Corporation (CRCC) Conference Call Industry Overview - The conference call primarily discusses the construction industry in China, focusing on the impact of national policies on infrastructure projects and the company's strategic direction for 2025. Key Points and Arguments - **Economic Policy Impact**: The company anticipates that the national policies announced during the Two Sessions will significantly support infrastructure projects in 2025, aligning with earlier expectations. The new signed order scale and revenue are expected to at least match 2020 levels, indicating a stable outlook for future development [3][4][5]. - **Fiscal Measures**: The fiscal deficit rate for 2025 is set at approximately 4%, with new special bond arrangements totaling 4.4 trillion yuan. This includes accelerated project approvals in water management and railway sectors, creating new order opportunities for the company [3][4]. - **Improved Cash Flow**: Since the implementation of the debt issuance policy in Q4 2024, the company has seen an increase in payments from local governments, leading to an improved cash collection speed in Q1 2025. The expectation is that cash flow in 2025 will be significantly better than in 2020 [3][7]. - **Strategic Focus**: The company is advancing its "1,256" strategy aimed at building a world-class modern enterprise. This includes upgrading traditional industries and developing new sectors such as new infrastructure, new equipment, new materials, new energy, and new services [3][8][9]. - **PPP Project Management**: The company has ceased signing new Public-Private Partnership (PPP) projects since November 2023 due to quality and risk concerns. Existing projects are being reviewed to minimize financial exposure [10]. - **Real Estate Business**: The company plans to continue developing its real estate business in 2025, focusing on reasonable investments and quick turnover to enhance profitability. The strategy will be adjusted based on market conditions [13][14]. - **Inventory Management**: Despite industry-wide inventory devaluation pressures, the company maintains a relatively low risk due to its rapid turnover strategy and focus on first-tier cities, which helps mitigate excess inventory issues [15]. - **Debt Management**: The company's debt-to-asset ratio will be managed according to state-owned asset supervision requirements, with expectations for improved cash flow and payment conditions in 2025 [16]. - **Dividend Policy**: While the dividend plan for the previous year has not been announced, the management indicates a stable dividend ratio with potential for improvement based on operational success and payment conditions [17]. Additional Important Information - **Research and Development**: The establishment of the China Railway Construction Research Institute in Shenzhen aims to enhance R&D capabilities and facilitate the transformation of scientific achievements into products and industries [8]. - **Financial Health**: The company has a cautious approach towards hidden debts, primarily relying on government fiscal expenditures for receivables, which are not classified as hidden debts [11]. This summary encapsulates the essential insights from the conference call, highlighting the company's strategic direction, financial expectations, and industry context for 2025.

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 中 國 鐵 建 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 刊 登 的「中 國鐵建股份有限公司第五屆董事會第三十六次會議決議公告」，僅供參閱。 承董事會命 中國鐵建股份有限公司 董事長 戴和根 中 國 • 北 京 2025年3月4日 於 本 公 告 日 期，董 事 會 成 員 包 括：戴 和 根 先 生（董 事 長、執 行 董 事）、郜 烈 陽 先 生（非 執 行 董 事）、馬 傳 景 先 生（獨 立 非 執 行 董 事）、趙 立 新 先 生（獨 立 非 執 行 董 事）、解 國 光 先 生（獨 立 非 執 行 董 事）及 錢 偉 倫 先 生（獨 立 非 執 行 董 事）。 证券代码：601186 证券简称： ...

Summary of Conference Call Records Company/Industry Involved - The conference call primarily discusses the performance and outlook of China Railway Construction Corporation (CRCC) and the broader construction and infrastructure industry in China Key Points and Arguments Industry Trends and Changes - The construction industry is undergoing significant transformations, with a focus on new business models and innovative projects to adapt to market demands [1] - There is a notable shift towards large-scale residential projects initiated since last year, indicating a recovery in the housing market [1] Financial Performance and Projections - The company anticipates maintaining a stable performance in 2024, with expectations of a balanced market and potential slight growth if government policies are favorable [7] - The overall order volume for the company is projected to reach approximately 3 trillion yuan, with a significant portion attributed to infrastructure projects [9] - The company reported a substantial increase in orders, particularly in the fourth quarter, driven by improved funding conditions and project approvals [9] Government Policies and Funding - Central government policies are expected to play a crucial role in driving infrastructure investments, with a focus on completing planned projects [10] - Local governments are under pressure to initiate and fund essential projects, which is expected to lead to an increase in project tenders and openings [8] - The financial constraints faced by local governments have been alleviated somewhat, allowing for more project initiations [8] Market Dynamics - The construction sector is experiencing a recovery in demand, particularly in urban areas, with a focus on high-quality projects [12] - The company is strategically focusing on first and second-tier cities for new projects, avoiding lower-tier cities due to market saturation [24] - There is a growing emphasis on sustainable and innovative construction practices, including the adoption of new technologies and materials [35] Risks and Challenges - The company acknowledges potential risks related to funding delays and project execution, particularly in the context of local government financing [6] - The construction industry faces challenges from fluctuating material costs and labor shortages, which could impact project timelines and profitability [42] Investment Strategy - The company is shifting its investment strategy to prioritize projects with higher returns and lower risks, moving away from traditional models that rely heavily on construction volume [15] - There is a focus on diversifying into new sectors, such as renewable energy and advanced manufacturing, to enhance long-term growth prospects [35] Cash Flow and Financial Health - The company reported improvements in cash flow, with significant inflows expected from ongoing projects, although challenges remain in recovering funds from previous projects [21] - Management emphasizes the importance of maintaining a healthy balance sheet and avoiding excessive reliance on financial engineering to boost cash flow [22] Future Outlook - The company is optimistic about the future, with expectations of continued growth in infrastructure spending and project approvals, particularly in light of government support [39] - There is a strong focus on expanding international operations, particularly in emerging markets, to capitalize on global infrastructure needs [40] Other Important but Overlooked Content - The company is actively engaging in discussions with local governments to align project goals with regional development plans, ensuring that projects meet both economic and social objectives [38] - The management team is committed to transparency and regular communication with investors, aiming to build trust and confidence in the company's strategic direction [45]

Summary of Conference Call Records Company and Industry Involved - The conference call primarily discusses **China Railway Construction Corporation (CRCC)** and the **construction industry** in China. Key Points and Arguments Industry Recovery and Order Trends - The construction industry is experiencing a cautious recovery with a focus on project resumption post the Spring Festival, which saw a decrease in the proportion of projects that did not stop during the holiday compared to previous years [1][2] - The company confirmed that all projects have resumed work without delays, although there are concerns about the overall market sentiment and project progress [1][3] - The order structure from the previous year showed improvements, exceeding initial expectations, with a projected order volume of approximately **3 trillion yuan** for the year [4][5] Market Dynamics and Challenges - The company noted a significant decline in orders, particularly in the railway sector, attributed to market conditions and increased operational requirements for new orders [5][6] - Local government financial pressures have impacted municipal project orders, leading to a noticeable drop in new orders [7][8] - Despite challenges, there is optimism for recovery in 2025, especially in sectors like factory construction and water conservancy projects, which are expected to see growth [8][9] Strategic Initiatives and Innovations - The company is focusing on high-end, intelligent, green, and digital transformation strategies, aiming to explore new industries such as new infrastructure, new materials, and renewable energy [14][15] - Specific projects include the development of underground parking solutions and the use of bamboo-based materials for construction, which are seen as environmentally friendly and cost-effective [16][17] Real Estate Sector Insights - The real estate market is under pressure, with expectations of continued decline through 2025, although it remains a significant profit contributor for the company [18][19] - The company is adopting a cautious approach to land acquisition, focusing on risk management and profitability rather than scale [20][21] International Expansion and Opportunities - The company is optimistic about international markets, particularly in regions like Africa and Southeast Asia, where infrastructure needs are growing [22][23] - There is a strategic focus on high-quality overseas projects, with an emphasis on maintaining strong cash flow and profitability [24][25] Financial Performance and Management - The company reported a significant cash flow recovery in the fourth quarter, with a focus on improving cash flow quality and reducing financial costs [35][36] - The management is committed to maintaining dividend levels while navigating market pressures and regulatory requirements [39][40] Other Important but Overlooked Content - The company highlighted the importance of local government investment in municipal projects to stimulate economic growth and maintain regional development [37][38] - There is a recognition of the need for effective market management strategies to enhance shareholder value amidst regulatory scrutiny [38][39]

Group 1 - The completion of the last segment of the Jinan Yellow River Tunnel marks a significant achievement for China Railway Construction Corporation (CRCC), showcasing the successful production of shield tunnel segments at the Yellow River segment production base [1] - The production base utilizes advanced fifth-generation large-diameter shield segment green intelligent production lines, significantly enhancing automation and operational efficiency, completing the task in just 10 months [1] - CRCC has restructured its technology innovation system to accelerate core technology breakthroughs and promote self-reliant technological innovation [1] Group 2 - The increasing urban parking difficulties have prompted CRCC's Shanghai branch to propose innovative deep underground space parking solutions, exemplified by the "EUP vertical smart garage" project [2] - The "EUP vertical smart garage" occupies only 286 square meters above ground but utilizes 836 square meters underground, allowing for parking of 304 vehicles, which is ten times the capacity of a conventional surface parking lot [2] - CRCC has achieved significant innovation milestones, with high-end hydraulic rock drilling machines and low-clearance full casing rotary drilling machines recognized in the State-owned Assets Supervision and Administration Commission's 2023 technology innovation achievements directory [2] Group 3 - CRCC has established an underground space research institute and allocated special R&D funds for underground space technology, focusing on key aspects from design to demonstration [3] - The company is advancing its "1+9+N" technology innovation system, which includes a central research institute and nine industry technology research institutes, fostering collaboration with universities and research institutions [3] - CRCC aims to enhance its market influence and achieve high-quality development through continuous technological advancements and the promotion of significant technological achievements [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （上市債務證券代號：40686、40687和84570） 1. 按產業類型統計 | | 2024年10–12月 | | | 2024年累計 | | | --- | --- | --- | --- | --- | --- | | | 新簽項目 | 新簽合 | 新簽項目 | 新簽合 | | | 產業類型 | 數 量 | 同 額 | 數 量 | 同 額 | 同比增減 | | | （個） | （億 元 人 民 幣） | （個） | （億 元 人 民 幣） | | | 工程承包 | 2,935 | 12,149.429 | 6,646 | 23,285.510 | -10.36% | | 綠色環保 | 511 | 1,916.513 | 1,033 | 3,168.471 | 23.79% | | 規劃設計諮詢 | 3,570 | 65.718 ...

Key Points Industry or Company Involved - **Company**: China Railway Group Limited (CRG) - **Industry**: Construction and Infrastructure Core Views and Arguments - **Overall Order Performance**: CRG achieved significant progress in orders, with the full-year target potentially reaching or exceeding the initial 3 trillion yuan target. Orders in the fourth quarter, particularly in the water conservancy and power sectors, demonstrated strong performance and alleviated concerns about the direction of the infrastructure market. - **Revenue and Profitability**: Revenue and profitability showed signs of improvement in the fourth quarter compared to the previous quarters. The company attributed this to the positive impact of local and central government projects, improved project execution, and increased focus on high-quality operations. - **Cash Flow**: Cash flow improved significantly in the fourth quarter, with a positive inflow of nearly 50 billion yuan. This was attributed to increased efforts in financial management and the positive impact of government policies. - **High-Quality Operations**: CRG emphasized the importance of high-quality operations, with a focus on improving project quality, efficiency, and profitability. This included the signing of responsibility agreements and performance contracts to ensure project quality. - **New Business Development**: CRG highlighted its focus on new businesses, including new energy, new materials, and new services. The company mentioned its investments in offshore wind power and the development of green materials. - **Debt Restructuring**: The company discussed the progress of debt restructuring efforts, with a target of recovering approximately 20% of the funds allocated for debt restructuring projects. - **Strategic New Industries**: CRG outlined its strategy to develop five new industries, including new infrastructure, new equipment, new materials, new energy, and new services. The company mentioned its investments in research and development and the establishment of a scientific and technological innovation system. - **Export Performance**: The company's export business showed strong growth, with an increase of 50% in exports. The company's exports were primarily focused on Africa, the Middle East, Southeast Asia, and South America. Other Important Points - **Investment Projects**: CRG announced the suspension of new investment projects, particularly in the areas of expressways and real estate. The company emphasized its focus on investment returns and risk control. - **Debt Recovery**: The company discussed its efforts to recover outstanding receivables, with a target of recovering 20% of the funds allocated for debt restructuring projects. - **Stock Market Management**: The company mentioned the importance of stock market management and its commitment to maintaining a high and stable dividend payout ratio. - **Five Star Businesses**: The company outlined its strategy to develop five new industries, including new infrastructure, new equipment, new materials, new energy, and new services. The company mentioned its investments in research and development and the establishment of a scientific and technological innovation system. - **Iron Construction**: The company discussed its strategy for Iron Construction, emphasizing its role as a high-end equipment manufacturer and its focus on exports. - **Overseas Market**: The company discussed its overseas market strategy, focusing on maintaining a strong presence in Africa and expanding its presence in the Middle East, Southeast Asia, and South America.

证券代码：601186 证券简称：中国铁建 公告编号：临 2025—001 中国铁建股份有限公司 第五届董事会第三十五次会议决议公告 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 担法律责任。 一、董事会会议召开情况 中国铁建股份有限公司（以下简称公司）第五届董事会第三十五 次会议于 2025 年 1 月 7 日在中国铁建大厦举行，董事会会议通知和 材料于 2025 年 1 月 3 日以书面直接送达和电子邮件等方式发出。应 出席会议董事 6 名，6 名董事出席本次会议。公司监事和高级管理人 员列席了会议。会议由董事长戴和根先生主持。本次会议的召开符合 有关法律、行政法规、部门规章、规范性文件和《中国铁建股份有限 公司章程》及《中国铁建股份有限公司董事会议事规则》的规定。 二、董事会会议审议情况 会议审议并以记名投票方式表决通过了会议议案，作出如下决 议： （一）审议通过《关于公司2025年度预算报告的议案》 同意公司 2025 年度预算报告的议案。 本议案已经公司审计与风险管理委员会审议通过。 （二）审议通过《关于公司总部2025年度金 ...

中国铁建股份有限公司 证券代码：601186 证券简称：中国铁建 公告编号：临 2025—002 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。 （二）审议通过《关于公司 2025 年度重大风险评估报告的议案》 同意公司 2025 年度重大风险评估报告。 1 第五届监事会第十九次会议决议公告 一、监事会会议召开情况 中国铁建股份有限公司（以下简称公司）第五届监事会第十九次 会议于 2025 年 1 月 7 日在中国铁建大厦举行，监事会会议通知和材 料于 2025 年 1 月 3 日以书面直接送达和电子邮件等方式发出。应出 席会议监事 3 名，实际出席会议监事 3 名。公司有关高级管理人员列 席了会议。会议由公司监事会主席赵伟先生主持。本次会议的召开符 合有关法律、行政法规、规范性文件和《中国铁建股份有限公司章程》 及《中国铁建股份有限公司监事会议事规则》的规定。 二、监事会会议审议情况 会议审议并以现场记名投票方式表决通过了会议议案，作出如下 决议： （一）审议通过《关于公司 2025 年度预算报告的议案》 同意公司 202 ...