主要指数月度走势 主要指数占对应市场市值比例 沪深300十大权重 中证分类债券指数月度走势 沪深300行业指数月度表现 上证综指行业月度表现 □ 中证指数有限公司、上海证券报联合推出 主要股票指数月度表现 交易日数：20 开盘 最高 最低 收盘 涨跌点数 涨跌幅 日均成交量 日均成交金额 (百万股) (亿元) 沪深300 4661.62 4836.95 4645.47 4706.34 76.40 1.65% 30059 7360 中证100 4526.86 4720.41 4526.86 4615.93 129.46 2.89% 14519 4136 中证800 5145.47 5427.40 5145.47 5338.51 229.33 4.49% 61134 13532 中证200 5682.69 6145.84 5682.69 6024.78 374.98 6.64% 17525 3873 中证500 7523.88 8671.35 7523.25 8370.52 904.95 12.12% 31075 6172 中证700 6517.40 7278.34 6517.40 7085.98 612.90 ...

Core Insights - The Beijing real estate market faced challenges in 2025, with new home sales dropping to approximately 35,000 units, a year-on-year decline of 4.55%, and nearly a 50% decrease from the peak of 62,800 units in 2021, marking a six-year low [1] - Despite the overall market downturn, certain projects, particularly those by China Power Construction Real Estate, experienced significant success, igniting market confidence [1][3] - The luxury villa market, previously quiet, saw a resurgence with the launch of the Longyue Jiucheng project, which achieved remarkable sales figures, becoming the top performer in the Beijing villa market for the latter half of the year [3][5] Market Performance - The overall transaction volume for new homes in Beijing in 2025 was about 35,000 units, down 4.55% year-on-year, and nearly 50% lower than the peak in 2021 [1] - Longyue Jiucheng sold 28 units in September, totaling 3.09 billion yuan, and continued to perform well in October with 44 units sold, achieving a total of 4.4 billion yuan [3] - The villa market's supply has drastically decreased, with new villa land supply in Beijing dropping to nearly zero after 2023, leading to a significant scarcity of new offerings [7][9] Product and Brand Strategy - Longyue Jiucheng is positioned as a unique offering in the Beijing villa market, emphasizing its exceptional product quality and strategic location in the prestigious Xishan area [5][11] - China Power Construction Real Estate has established a strong brand presence, with its projects consistently recognized for quality and service, contributing to its reputation as a market leader [20][24] - The company has developed a comprehensive strategy that includes product strength, cost efficiency, delivery capability, service quality, and brand power, which has enabled it to create a series of successful projects [22][26] Consumer Trends - There is a growing trend among high-knowledge consumers in Beijing, shifting focus from traditional housing needs to lifestyle aspirations, with a preference for properties that offer a blend of nature and urban convenience [6][7] - The demand for villas is driven by a desire for a serene living environment, with Longyue Jiucheng catering to this need by providing a unique living experience that integrates natural beauty and cultural heritage [9][12] Future Outlook - As China Power Construction Real Estate moves into 2026, it aims to continue leading the high-end living market in Beijing with Longyue Jiucheng, contributing to the city's evolving lifestyle landscape [30]

Group 1 - The core viewpoint of the article highlights the launch of the "Dianjian Shuhui" BIM platform, which is the first complete domestically developed BIM platform suitable for the water conservancy and hydropower industry in China [3][4] - BIM technology is identified as a key driver for the digital transformation of the construction industry, facilitating a shift from traditional methods to intelligent, green, and integrated development [3] - The establishment of the Central Enterprise BIM Software Innovation Consortium aims to tackle critical core technologies affecting engineering surveying, design, construction, and operation, thereby supporting high-quality development in the construction sector [3] Group 2 - The "Dianjian Shuhui" BIM platform has undergone comprehensive application validation, achieving international leading performance in areas such as Boolean operations, contour modeling, and discrete modeling, thus filling a technological gap in fine modeling of complex structures in the water conservancy and hydropower sector [4] - The platform has been recognized as the first "Excellence" level certification in domestic software, indicating its high standards and capabilities [4] - Future plans include enhancing the promotion and application of BIM software, fostering collaboration with universities for talent development, and transitioning from a "follower" to a "leader" in the global BIM software landscape [4]

Group 1 - The core viewpoint of the article highlights that seven major state-owned construction enterprises in China have signed new contracts exceeding 14 trillion yuan for the year 2025, demonstrating resilience in infrastructure amid economic pressures and structural adjustments in the real estate sector [2][4] - The industry shows characteristics of concentration among leading firms, overall stability, localized pressure, and structural transformation, with the top three companies accounting for over 70% of the total new contracts signed [2][5] - The shift from scale expansion to quality improvement in domestic infrastructure investment is emphasized, with traditional construction demands declining while new energy, water conservancy, and rail transport projects are on the rise [3][7] Group 2 - The total new contracts signed by the seven construction state-owned enterprises reached over 14 trillion yuan, achieving the annual goal of stability, structural optimization, and strong resilience [4] - The leading three companies, China State Construction, China Railway Construction, and China Railway, dominate the industry, with their combined new contracts exceeding 10.3 trillion yuan, representing over 70% of the total [5] - The only company experiencing a decline in new contracts is China Metallurgical Group, which saw a 10.8% decrease due to shrinking demand in traditional metallurgy and construction markets [5][9] Group 3 - The construction sector is undergoing a profound restructuring, with traditional construction and heavy asset sectors slowing down, while infrastructure, clean energy, overseas projects, and urban renewal are becoming the main growth drivers [7][8] - The overseas market has become a significant growth engine for construction state-owned enterprises, with substantial increases in new contracts signed abroad, particularly in regions like Southeast Asia and Africa [8] - The article notes that while the order scale exceeds 14 trillion yuan, the industry still faces challenges such as profit pressure, slow payment cycles, and high debt ratios [9][10] Group 4 - The article anticipates that the new contract growth rate for construction state-owned enterprises will remain stable in 2026, with an expected increase of about 5% to 10% [11] - The central government's policies are expected to support investment stabilization and potentially accelerate infrastructure investment, benefiting leading firms in the sector [11]

行 业 及 产 业 建筑装饰 2026 年 02 月 03 日 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 A0230523080003 tangmeng@swsresearch.com 投资趋缓，利润承压 看好 ——建筑装饰行业 2025 年报前瞻题 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 行 业 研 究 / 行 业 点 评 - ⚫ 2025 年固定资产投资增速放缓，基建、制造业、地产均呈现压力。基本面方 面，根据国家统计局数据，2025 年 1-12 月基础设施投资（全口径）同比- 1.5%，基础设施投资（不含电力）同比-2.2%。细分结构看，交通运输、仓储 和邮政业投资同比-1.2%， ...

Market Overview - The infrastructure sector increased by 1.49% compared to the previous trading day, with Guosheng Technology leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Key Stocks Performance - Guosheng Technology (603778) closed at 14.71, up 10.02% with a trading volume of 892,800 shares [1] - Suwen Electric Power (300982) closed at 21.41, up 5.36% with a trading volume of 64,700 shares [1] - China Nuclear Engineering (601611) closed at 15.88, up 3.59% with a trading volume of 604,100 shares [1] - Other notable stocks include Palm Holdings (002431) up 3.15% and Beixin Road and Bridge (002307) up 3.09% [1] Capital Flow Analysis - The infrastructure sector saw a net inflow of 190 million yuan from institutional investors, while retail investors experienced a net outflow of 38.83 million yuan [2] - Major stocks like China Railway (601390) had a net inflow of 138 million yuan from institutional investors [3] - Guosheng Technology (603778) had a net inflow of 87.57 million yuan from institutional investors, but a net outflow of 69.54 million yuan from retail investors [3] Trading Volume and Value - The trading volume for Guosheng Technology reached 12.85 billion yuan, indicating strong investor interest [1] - The total trading value for the infrastructure sector was significant, with China Electric Power (601669) recording a trading value of 1.1 billion yuan [2]

Group 1 - The core viewpoint of the article highlights the performance of the Infrastructure ETF Huaxia (159635), which rose by 1.24% to 1.140 yuan with a trading volume of 8.1113 million yuan as of the midday close on February 3 [1] - The major holdings of the Infrastructure ETF Huaxia include several companies, with notable increases in stock prices: XCMG Machinery up 2.75%, Zoomlion up 4.40%, and Sany Heavy Industry up 2.20% [1] - The performance benchmark for the Infrastructure ETF Huaxia is the CSI Infrastructure Index return, managed by Huaxia Fund Management Co., Ltd. Since its establishment on June 28, 2022, the fund has achieved a return of 12.52%, with a monthly return of 0.75% [1]

Core Viewpoint - China Electric Power Construction (China Electric Power) has completed the acceptance of the first phase of the largest sodium-ion battery energy storage station under construction in China, located in Honghu City, Hubei Province, with a capacity of 100 megawatts and 200 megawatt-hours [1] Group 1: Project Details - The project is the largest sodium-ion battery energy storage station under construction in China, with a total capacity of 100 megawatts and 200 megawatt-hours [1] - The first phase of the project is configured with an energy storage capacity of 50 megawatts and 100 megawatt-hours, including the construction of a 50-megawatt 110 kV booster station and a 110 kV line to the 110 kV Maojiang Substation [1] Group 2: Industry Impact - Once fully operational, the project will become one of the largest sodium-ion energy storage stations in the country, significantly promoting the development of regional sodium-ion storage and new power systems [1] - The project is expected to contribute positively to the growth of the local new energy industry cluster and support the region in achieving its "dual carbon" goals and economic development [1]

Core Viewpoint - The Zhengzhou (Western) Environmental Energy Project, constructed by China Electric Power Construction, has successfully completed a 72+24 hour full-load trial operation, laying a solid foundation for its official operation. Group 1: Project Overview - The project is located in Cuimiao Town, Xingyang City, Henan Province, and is the largest, highest standard, and best emission index waste-to-energy project in the province [1][2]. - The design capacity for daily waste processing is 4,500 tons, utilizing an advanced three-stage grate incineration technology, along with facilities for fly ash stabilization, flue gas purification, and leachate treatment, achieving "zero landfill for solid waste and no wastewater discharge" [6][2]. Group 2: Technological Innovations - During construction, the project team employed BIM technology for digital management, enhancing aesthetic quality while saving costs and shortening the construction period [3][5]. - The project has achieved multiple technical breakthroughs, resulting in four construction method outcomes, four quality control outcomes, and nine national patent applications, providing valuable experience and a model for similar environmental energy projects [3][5]. Group 3: Environmental Impact - Once fully operational, the project will process approximately 1.46 million tons of municipal waste annually, generate nearly 650 million kilowatt-hours of green electricity, and reduce carbon emissions by 510,000 tons, equivalent to 190,000 tons of standard coal [7][2]. - The project is expected to significantly alleviate urban waste disposal pressure and enhance the comprehensive utilization of energy, supporting high-quality green development in the region [7][2].

Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The cleanroom market is expanding due to increased investment in high-tech industries, benefiting companies like Yaxiang Integration, with related companies including Shenghui Integration and Bocheng Co., Ltd. [3][4] - The real estate market is showing signs of marginal improvement, with significant potential for transformation and development [5] Summary by Sections Cleanroom Industry - The growth in high-tech industry investments is driving the expansion of the cleanroom market, with Micron Technology planning to invest $24 billion in a NAND factory in Singapore over the next decade, which will include 700,000 square feet of cleanroom space [4] - The World Semiconductor Trade Statistics (WSTS) predicts a 26.3% increase in the global semiconductor market by 2026, reaching $975 billion, further supporting the cleanroom industry's growth [4] - Yaxiang Integration's parent company reported a consolidated revenue of NT$9.5 billion (approximately RMB 2.1 billion) in December, a year-on-year increase of 165.2% [4] Real Estate Market - The Central Economic Work Conference in December 2025 emphasized stabilizing the real estate market through targeted policies, including controlling inventory and encouraging the acquisition of existing properties for affordable housing [5] - An article published on January 2, 2026, highlighted the importance of managing expectations in the real estate market, which has significant financial asset attributes and broad social implications [5] Recommended Companies - The report recommends Yaxiang Integration for the cleanroom sector, with related companies including Bocheng Co., Ltd. and Shenghui Integration [7] - Other sectors recommended include commercial aerospace, controllable nuclear fusion, and renewable energy, with specific companies highlighted for each sector [7]