Investment Rating - The industry rating is "Recommended" [4] Core Views - The new housing market is showing signs of recovery, with a notable increase in new home transactions in major cities, indicating a potential boost in demand for construction materials [2][20] - The cement market is experiencing a slight price decline, but demand is expected to improve as weather conditions stabilize and construction activities pick up [3][23] - The report emphasizes the importance of domestic consumption and infrastructure investment, particularly in light of the "equal tariff" environment, which is expected to strengthen domestic demand [7][9] Summary by Sections Housing Market - In the 18th week of the year, new home transaction area in 30 major cities reached 165.19 million square meters, up 21% year-on-year and 6.19% month-on-month [2][20] - The total transaction area for new homes in these cities is 29.32 million square meters, showing no year-on-year change [2][20] - Second-hand home transactions in 15 monitored cities increased by 56% year-on-year but saw a significant month-on-month decline [21] Cement Market - The national average cement price is 390.83 yuan per ton, down 0.8% from the previous week, with price increases mainly in Liaoning and Jilin [3][23] - The cement market is expected to stabilize as demand improves and companies engage in peak-shifting production practices [23] Investment Recommendations - Recommended companies include: - **Oriental Yuhong**, **Weixing New Materials**, and **Tubaobao** for their strong operational resilience and high dividends [7] - **China Construction** and **China Communications Construction** as beneficiaries of increased infrastructure investment [7] - **Jinchengxin** for its strong performance in copper resource development [7] - **Heilongjiang Hongda** and **Xuefeng Technology** in the civil explosives sector due to high demand [7] Industry Trends - The report highlights the ongoing trend of domestic substitution in various sectors, particularly in ship coatings and industrial coatings, with companies like **Maijia Xincai** and **Songjing Coatings** positioned to benefit [7] - The "Belt and Road" initiative is expected to gain momentum, benefiting international engineering companies such as **China Construction** and **China Metallurgical** [7]

行业报告 | 行业研究周报 建筑装饰 证券研究报告 风险提示：基建&地产投资超预期下行；央企、国企改革提效进度不及预期； 关税影响超预期。 本周 CS 建筑下跌 1.46%，跑赢沪深 300 板块 0.71pct，AI、机器人、算力相 关概念标的涨幅居前。从刚刚过去的财报季来看，25Q1 建筑板块营收、归 母净利润继续承压下滑，但专业工程领域钢结构板块收入实现 7.3%的正增 长、化工工程板块归母净利润增速为+7.4%，Q1 专业工程板块经营较为稳 健。近期资金面、基建高频数据和建筑公司新签订单均印证基建景气度在 持续修复，考虑到关税态势下财政政策有望进一步发力，加速推动实物工 作量落地。建议重点关注中西部基建及顺周期专业工程板块的投资机会， 新兴业务板块关注与算力、AI、洁净室等相关的投资标的，主题层面建议 继续关注西南水电相关品种。 24FY&25Q1 营收/归母承压，静待后续财政发力推动板块业绩修复 从刚刚过去的财报季来看，24 年 CS 建筑板块实现营收同比-4.1%，归母净 利润同比-14.4%，受地产行业下行和地方财政偏紧影响营收、归母均承压下 滑。25Q1 建筑板块营收同比-6%、归母净利润同比 ...

Core Viewpoint - Sichuan Road and Bridge (600039.SH) reported steady growth in Q1 2025, with revenue of 22.986 billion yuan, a year-on-year increase of 3.98%, and a net profit attributable to shareholders of 1.774 billion yuan, up 0.99% year-on-year, indicating consistent performance improvement since Q2 2024 [1] Group 1: Financial Performance - The company achieved a revenue of 22.986 billion yuan in Q1 2025, reflecting a 3.98% increase compared to the previous year [1] - The net profit attributable to shareholders reached 1.774 billion yuan, marking a 0.99% year-on-year growth [1] - The company has maintained a continuous growth in net profit for four consecutive quarters since Q2 2024 [1] Group 2: Project and Market Development - As of the end of Q1, the company has won 77 projects with a total bid amount of 34.681 billion yuan, representing an 18.87% increase year-on-year [1] - In the infrastructure sector, the company secured 35 projects with a bid amount of 30.456 billion yuan, showing a year-on-year growth of 27.95% [1] - Key ongoing projects include the Chengyu Middle Line Railway and various highway expansions, indicating a continuous expansion of business scale [1] Group 3: International Expansion - Sichuan Road and Bridge signed a contract for the Tanzania Tanga Irrigation Project, valued at approximately 137 million yuan, aimed at improving agricultural irrigation and food security in the region [1] - The company also made progress on the Tunisian Bizerte Grand Bridge project, with the successful pouring of the first test pile, laying a solid foundation for subsequent construction [1] Group 4: Cost Management and Governance - The company reduced management expenses by 16.52% and financial expenses by 20.67% during the reporting period, demonstrating significant cost control achievements [2] - Sichuan Road and Bridge is integrating AI technology into engineering construction, enhancing digital transformation in the industry [2] Group 5: Strategic Positioning - The company is positioned as a key player in major national strategies, including the development of the Chengdu-Chongqing economic circle, with a focus on infrastructure growth [2] - The 2025 Sichuan Provincial Key Project List outlines plans for 280 infrastructure projects and an investment of 348.3 billion yuan, indicating a robust pipeline for future growth [2] Group 6: Share Buyback Plan - The company announced a share buyback plan, intending to repurchase shares worth between 100 million and 200 million yuan at a maximum price of 12.54 yuan per share [3] - As of April 29, the company's rolling P/E ratio was 10.74 and the P/B ratio was 1.56, suggesting that the stock is undervalued [3] - The buyback initiative reflects the company's long-term confidence in future growth and commitment to protecting investor interests [3]

证券研究报告 建筑装饰 | 基础建设 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 30 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 | 基本数据 | 29 | | | | 2025 | 年 | 04 | | 日 | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 8.91 | | | | | 一 年 / 低 | | 最 | 高 | 内 | | | | 9.12/5.19 | | | 最 | | （元） | | | | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][18]. Core Views - The company's revenue and profit showed steady growth in Q1 2025, with operating income reaching 22.986 billion yuan, a year-on-year increase of 3.98%, and net profit attributable to shareholders at 1.774 billion yuan, up 0.99% year-on-year. The new signed orders increased by 18.87% year-on-year, reflecting a recovery in production and operations [1][4]. - The gross margin slightly decreased to 14.51%, down 1.29 percentage points year-on-year, while the expense ratio improved, indicating enhanced cost control capabilities [2]. - The infrastructure investment in Sichuan province is expected to grow, with a target of 280 billion yuan in 2025, which supports the company's long-term performance [3][4]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 8.098 billion yuan, representing a 12.32% increase year-on-year. The expected earnings per share (EPS) for 2025 is 0.93 yuan, with a price-to-earnings (P/E) ratio of 9.58 [5][12]. - The company plans to maintain a cash dividend payout ratio of 60%, leading to a dividend yield of 6.3% for 2025 [4][5]. - The company's total assets are projected to be 235.25 billion yuan in 2025, with a debt-to-asset ratio of 77.16% [12][13].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600039 证券简称：四川路桥 ■ (二)非经常性损益项目和金额 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三)主要会计数据、财务指标发生变动的情况、原因 □适用 √不适 ...

Mergers and Acquisitions - Zhongguangtianze plans to acquire 100% equity of Changsha Sports Industry Company for 29.6 million yuan, constituting a related party transaction [1] Earnings Disclosure - JinkoSolar reported a revenue of 13.843 billion yuan for Q1 2025, a year-on-year decrease of 40.03%, with a net loss of 1.39 billion yuan compared to a net profit of 1.176 billion yuan in the same period last year [2] - Zhongjin Gold reported a revenue of 14.859 billion yuan for Q1 2025, a year-on-year increase of 12.88%, with a net profit of 1.038 billion yuan, up 32.65% year-on-year [3] - Northern Rare Earth achieved a revenue of 9.287 billion yuan for Q1 2025, a year-on-year increase of 61.19%, with a net profit of 431 million yuan, up 727.3% year-on-year [4] - Kweichow Moutai reported a revenue of 50.601 billion yuan for Q1 2025, a year-on-year increase of 10.54%, with a net profit of 26.847 billion yuan, up 11.56% year-on-year [5] Share Buybacks - Shanjin International plans to repurchase shares with a total amount between 100 million and 200 million yuan at a price not exceeding 29.7 yuan per share [6] - Sichuan Road and Bridge plans to repurchase shares with a total amount between 100 million and 200 million yuan at a price not exceeding 12.54 yuan per share [7] - China Railway plans to repurchase shares with a total amount between 800 million and 1.6 billion yuan at a price not exceeding 8.5 yuan per share [8] - Anhui Construction's controlling shareholder plans to increase its stake in the company with a total amount not exceeding 200 million yuan [9][10] Risk Matters - Chuangxing Resources' stock will be subject to delisting risk warning starting May 6, 2025, due to negative net profit for the fiscal year 2024 [11] - Yong'an Pharmaceutical clarified that rumors regarding a significant price increase of taurine are untrue [12] - *ST Xulan's stock will be delisted on April 30, 2025, as decided by the Shenzhen Stock Exchange [13] - Dawi Technology's shareholder plans to reduce its stake by up to 3% of the company's total shares due to personal financial needs [14]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [12]. Core Viewpoints - The Central Political Bureau meeting on April 25 emphasized the need for proactive macroeconomic policies to stabilize growth and address risks in key areas, signaling positive stability for the real estate chain [2][9]. - The meeting highlighted the importance of high-quality development to respond to external uncertainties, particularly in the context of international trade tensions, such as the escalating US-China tariff situation [8][9]. - Infrastructure investment is expected to receive policy support as a key driver for economic growth, with a focus on enhancing funding and implementing new policies [10][11]. Summary by Sections Macroeconomic Policies - The report outlines the need for consistent policy orientation, utilizing more proactive fiscal policies and moderately loose monetary policies, including the issuance of special bonds and maintaining liquidity to support the real economy [9][10]. Real Estate Market - The report indicates that real estate development investment in March 2025 was CNY 0.9 trillion, a decrease of 10.0% year-on-year, with sales and new construction areas also showing declines [62][63]. Infrastructure Investment - In March 2025, narrow infrastructure investment reached CNY 1.9 trillion, up 5.9% year-on-year, while broad infrastructure investment was CNY 2.6 trillion, reflecting a 10.7% increase [54][55]. Sector Performance - The construction sector is advised to focus on the dual themes of stabilizing growth and the "Belt and Road" initiative, with recommendations for companies with high overseas exposure to benefit from increasing international orders [11][12].

证券代码：600039 证券简称：四川路桥 公告编号：2025-048 四川路桥建设集团股份有限公司 第八届监事会第四十二次会议决议的公告 一、监事会会议召开情况 （一）本次监事会会议的召开符合《公司法》、公司《章程》的规定。 （二）本次监事会于 2025 年 4 月 29 日在公司 10 楼会议室以现场结合通讯 方式召开，会议通知于 2025 年 4 月 18 日以书面、电话的方式发出。 （三）本次监事会应出席人数 7 人，实际出席人数 7 人。其中监事栾黎、谭 德彬、赵帅、刘胜军、李亚舟以通讯方式参会。 （四）本次监事会由监事会主席黄卫主持，公司部分高级管理人员列席了会 议。 二、监事会会议审议情况 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。 2、报告的内容和格式符合中国证监会和上海证券交易所的各项规定，所包 含的信息能从各个方面真实地反映出公司 2025 年第一季度的经营管理和财务状 况等事项； 3、监事会在提出本意见前，未发现参与第一季度报告编制和审议的人员有 违反保密规定的行为。 表决结果：七票赞成，零票反对，零 ...

（四）本次董事会由董事长孙立成主持，公司部分监事和高级管理人员列席 了会议。 二、董事会会议审议情况 （一）审议通过了《2025 年第一季度报告》 会议审议通过了《2025 年第一季度报告》。报告详见上海证券交易所网站 （www.sse.com.cn）。 证券代码：600039 证券简称：四川路桥 公告编号：2025-047 四川路桥建设集团股份有限公司 第八届董事会第五十五次会议决议的公告 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法律责任。 一、董事会会议召开情况 （一）本次董事会会议的召开符合《公司法》、公司《章程》的规定。 （二）本次董事会于 2025 年 4 月 29 日在公司 10 楼会议室以现场结合通讯 方式召开，会议通知于 2025 年 4 月 18 日以书面、电话的方式发出。 （三）本次董事会应出席人数 10 人，实际出席人数 10 人。其中董事池祥成、 李黔以通讯方式参会。 此议案已经第八届董事会风控与审计委员会 2025 年第三次会议审议通过。 表决结果：十票赞成，零票反对，零票弃权。 （二）审议通过了《关于公 ...