Investment Rating - The investment rating for the construction industry is "Positive" (maintained) [4] Core Viewpoints - The construction industry is experiencing revenue and profit pressure, but recovery momentum is gradually accumulating under supportive policies [4][8] - In the first half of 2025, the construction sector achieved revenue of 3.97 trillion yuan, a year-on-year decrease of 6.02%, and a net profit attributable to shareholders of 91.5 billion yuan, down 6.60% year-on-year [4][8] - Despite the overall decline, the gap between revenue and net profit growth rates has narrowed significantly compared to the first half of 2024, indicating a temporary easing of profit pressure [4][8] - The issuance of 4.4 trillion yuan in special bonds and ongoing investment stabilization policies are expected to gradually open up profit recovery space for the sector [4][8] Summary by Sections Industry Overview - The construction sector's revenue growth is slowing, with profits under pressure. In the first half of 2025, the sector's revenue decreased by 6.02% year-on-year, while net profit fell by 6.60% [8] - The revenue growth rate has declined by 3.04 percentage points compared to the first half of 2024, but the net profit growth rate has improved by 2.77 percentage points [8] - The overall gross margin for the construction sector in the first half of 2025 was 10.02%, down 0.16 percentage points year-on-year, while the net margin was 2.87%, down 0.04 percentage points [13] Subsector Performance - The performance of subsectors is mixed, with the steel structure sector showing revenue growth of 2.02%, driven by overseas industrial building orders [4][32] - The landscaping sector and chemical engineering saw significant profit growth, with net profits increasing by 70.48% and 19.81% respectively [4][32] - The gross margin improvements are concentrated in landscaping, chemical engineering, and international engineering, while the net margin for steel structures and central enterprises has declined [34] Central Enterprises and Orders - In the first half of 2025, the nine major central construction enterprises signed new orders totaling 7.79 trillion yuan, a slight increase of 0.17% year-on-year, despite an overall industry decline [4][56] - The central enterprises' new orders in overseas markets grew by 16.35% year-on-year, becoming a significant support for order structure optimization [56] - The valuation of central enterprises remains low, with expected PE ratios around 5 times and PB ratios below 0.5 times, indicating strong shareholder returns [59]

证券研究报告 | 行业周报 gszqdatemark 2025 09 21 年 月 日 建筑装饰 新疆板块迎密集催化期，继续重点推荐中国中冶 H 与四川路桥 本周核心观点：9 月以来新疆发布 70 周年庆祝活动标识，央行发行新疆 成立 70 周年金银纪念币，本周国新办发布《新时代党的治疆方略的成功 实践》白皮书，70 周年庆典活动渐近，后续中央有望给予新疆更多支持政 策，有望为新疆板块业绩与估值带来显著催化。1）重点关注受益新疆交通 基建持续景气的新疆本地基建龙头新疆交建、北新路桥，新疆民爆龙头雪 峰科技、广东宏大（收购雪雪峰科技），新疆建领域水泥龙龙头青松建化、预 拌混凝土龙头西部建设、钢铁龙头八一钢铁等。2）重点推荐受益新疆煤 化工项目及绿色甲醇推进提速的 EPC 龙头中国化学收PB 0.71X）、东华科 技收25PE 16.7X）、三维化学收25PE 17.0X，25E 股息率 5.8%）、关注航 天工程等。今年在经济筑底，美联储降息周期背景下，金、铜等主要金属 价格震荡上行，有色板块持续大涨，矿产资源丰富的建筑企业价值亟待重 估，重点推荐中国中冶 H（收部部估值 718 亿元，空间 71%），中国中铁 ...

2025 年第四次临时股东会 四川路桥建设集团股份有限公司 四川路桥建设集团股份有限公司 2025 年第四次临时股东会 会议资料 2025 年 9 月 26 日 1 2025 年第四次临时股东会 四川路桥建设集团股份有限公司 四川路桥建设集团股份有限公司 股东会会议须知 各位股东及股东代表： 为维护投资者的合法权益，确保四川路桥建设集团股份有限 公司（以下简称公司）股东会的正常秩序和议事效率，根据《中 华人民共和国公司法》《上市公司股东会规则》等法律法规、规 范性文件和《四川路桥建设集团股份有限公司章程》的规定，现 就会议须知通知如下，请参加本次会议的全体人员自觉遵守。 八、公司聘请律师出席并见证本次股东会，并出具法律意见 书。 3 二、为保证股东会的正常秩序，除出席会议的股东及股东代 理人，公司董事、监事、高级管理人员、见证律师及公司董事会 邀请的人员以外，公司有权拒绝其他人员入场，对于干扰会议秩 序、寻衅滋事和侵犯股东合法权益的行为，公司有权予以制止并 报告有关部门查处。 三、股东会在会议主持人的组织下进行。若股东及股东代理 人需发言，应当按照会议的议程，经会议主持人许可方可发言， 发言内容应当围绕本次会 ...

枢纽地下互通，把立交"搬"到大山"肚子"里。西香高速元宝枢纽互通项目经理李欣旺介绍，施工 中，几乎囊括了隧道工程全部施工方式及工艺工法，开挖方法多达11种，工程结构类型多达36 种，堪称隧道开挖的"工法博物馆"。目前全国在建第四、全省第二长隧道——全长14.15公里的盐 源隧道，属于特长、低瓦斯隧道，地势陡峭、地质条件复杂。为此，蜀道集团科研团队联合铁建 重工集团，历时7个月，研发出专用于险要山岭隧道掘进的特大型TBM"蜀畅1号"，通过超前TBM 平导洞，将主洞划分为若干段短隧道，实现"长隧短打"，将建设工期由7年缩短为4年。"一切施工 尽在掌握。"来到西香高速调度指挥中心，大屏幕上施工进度一目了然。一键操控无人机，管理人 员仿佛装上"千里眼"，AI助手、试验室等多个模块辅助，可实时同步项目建设各环节试验数据， 可辅助对不合格情况的倒查追溯管控。对凉山而言，西香高速建成后将与宜攀、西昭、昭普等多 条高速公路一起，构建起"多高一体"的综合交通枢纽体系。据省交通运输厅建管处、规划处相关 负责人介绍，"十四五"是凉山州高速公路建设高峰期，目前在建高速8条，今年新开工高速3条。 □四川日报全媒体记者 寇敏芳一条高速路 ...

Summary of Sichuan Road and Bridge Group Conference Call Industry and Company Overview - Sichuan Road and Bridge Group benefits from the Western Development Strategy, with significant urbanization potential in Sichuan, a key implementation area. The infrastructure potential in western Sichuan is substantial, with expectations that highway scale will double by 2035, and regional infrastructure growth will significantly outpace the national average [2][4][5]. Core Points and Arguments - **Shareholding and Support from Shudao Group**: Shudao Group has increased its stake in Sichuan Road and Bridge to 79.6% through methods like private placements and tender offers. This group’s integrated investment and construction model ensures smooth order acquisition, contributing 65% to the company's revenue, with profitability surpassing that of other local enterprises [2][6][8]. - **Dividend Policy**: The company has a clear and improving dividend policy, with a minimum payout ratio of 50% set for 2022-2024, increasing to 60% in 2025. The expected dividend yield for this year is between 6.5% and 7%, making it an attractive high-dividend stock in the construction sector [2][7]. - **Financial Performance**: Sichuan Road and Bridge's revenue accounts for 43% of Shudao Group's total revenue, and its profit constitutes 76% of the group's total profit. This indicates that the company's financial performance is crucial for Shudao Group, which has a strong incentive to support it [2][8][9]. - **Recent Performance and Market Trends**: In the first half of the year, the company showed strong performance in the construction sector, attributed to the high infrastructure demand in Sichuan. The stock price has increased by 265% over the past five years, significantly outperforming the Shenwan Construction Index, which declined by 35% during the same period [3][11]. - **Order Situation**: The year-on-year decline in orders is narrowing, with positive changes expected in the first and second quarters of 2025. Future performance is anticipated to maintain single to double-digit growth, with a potential trend shift once performance normalizes [4][14]. Other Important Insights - **Divestiture of Non-Core Businesses**: The company divested its mining and new energy businesses to focus on core operations, which is expected to enhance dividend capacity and stabilize performance [2][10]. - **Management Changes**: New leadership appointments starting from July 2024 are expected to stabilize management and drive future development [12][13]. - **International Market Presence**: The company's overseas market share was only 1.8% in 2023, with limited growth expected in 2024. However, it has established a presence in regions like Central Asia and Africa, indicating a unique development direction [15]. - **Overall Development Logic**: The company’s growth is driven by the high infrastructure demand in Sichuan, proven capabilities through Shudao Group's integrated model, and the expectation of returning to normal performance levels following management stabilization and order recovery [16].

Group 1 - The core point of the article is that Shudao Equipment (300540) announced a contract with Sichuan Road and Bridge Shengtong Construction Engineering Co., Ltd. for the construction of a hydrogen fuel cell intelligent manufacturing base project [1] - The total contract amount is 24.6838 million yuan, which includes tax [1] - The contract is classified as a related party transaction but does not constitute a major asset reorganization [1] Group 2 - The construction period for the project is set at 90 days [1]

Core Viewpoint - The successful completion of the Gongdefang Tunnel marks a significant milestone for the Xichang to Ningnan Expressway project, which aims to be operational by 2027, enhancing regional connectivity and economic development [1][6]. Group 1: Project Overview - The Gongdefang Tunnel connects villages in Liangshan Yi Autonomous Prefecture, with the left line measuring 3,168 meters and the right line 3,205 meters, featuring a maximum burial depth of approximately 345 meters [3]. - The tunnel is classified as a long micro-gas tunnel, constructed using a dual-end excavation method, and traverses active fault zones, presenting high construction difficulty and safety risks [3][4]. Group 2: Construction Techniques and Innovations - The project team has implemented advanced geological prediction and monitoring, along with strict management protocols to ensure safety and quality during construction [3]. - Innovative construction technologies, including intelligent tunneling equipment and digital monitoring systems, have been adopted to enhance efficiency and safety [4]. Group 3: Environmental Considerations - The project has developed a "clean and dirty water diversion" drainage technology to address challenges related to wastewater discharge, reducing labor and operational costs while protecting the surrounding ecological environment [4]. Group 4: Economic and Social Impact - Upon completion, the expressway will reduce travel time from Xichang to Ningnan from 2.5 hours to 1 hour, ending the historical lack of expressway access for Puge County and contributing to regional economic development and tourism [6]. - The project is a key component of the S71 expressway, enhancing the transportation network and solidifying Liangshan's role as a transportation hub in southern Sichuan [6].

四川路桥受益于四川省基础设施建设规划，收入主要来自省内施工业务， 占比超 90%。尽管受特殊事件影响业绩有所波动，但随着影响消退，公 司有望重回增长轨道。 蜀道集团是四川基建投资主力，公路和铁路建设市占率高。四川路桥作 为其核心施工企业，63%收入来自蜀道集团，投建一体模式提升盈利能 力，预计该模式将持续支撑公司业绩。 潜在催化剂包括：四川省内需求确定性高，已有大体量订单；川渝双城 经济圈及战略腹地定位可能被再次提及；分红率有提升空间，现金流有 望改善，提升高股息价值。 四川省 GDP 位居全国前列，2024 年增长 5.7%。2025 年目标为 5.5% 以上，将加大建筑业开工力度。基建投资增速高于全国水平，规划重点 项目 810 个，年度投资近 8,000 亿。 四川路桥核心竞争优势在于蜀道集团支持下的投建一体模式，蜀道集团 在建公路项目占比 81%，铁路项目占比 67%。四川路桥是蜀道集团的 利润中心，贡献超千亿收入和 70 亿净利润。 Q&A 四川路桥在四川省内的基础设施建设中具有怎样的战略地位和优势？ 四川省作为国家的战略腹地，基础设施投资力度相对较大。短期来看，到 2025 年末，四川省内基建有望 ...

Investment Rating - The report assigns an "Accumulate" rating for the construction engineering industry [8] Core Insights - In August, broad infrastructure investment decreased by 6.4%, with a month-on-month decline of 4.5 percentage points, while narrow infrastructure investment fell by 5.9%, with a month-on-month decline of 0.8 percentage points [4][6] - Real estate investment in August saw a year-on-year decline of 19.9%, with the drop expanding compared to July [7] - The report highlights a trend towards stabilization in the real estate market, despite ongoing challenges [7] - Infrastructure investment from January to August grew by 2.0% year-on-year, outpacing overall investment growth [7] Summary by Sections Infrastructure Investment - Broad infrastructure investment in August decreased by 6.4%, a decline of 12.6 percentage points compared to the same month in 2024, and a month-on-month drop of 4.5 percentage points [6] - Narrow infrastructure investment fell by 5.9%, with a year-on-year decline of 7.1 percentage points and a month-on-month decrease of 0.8 percentage points [6] - Specific sectors such as water conservancy saw a significant drop of 29.8% year-on-year, while public facilities decreased by 11.6% [6] Real Estate Market - Real estate investment in August dropped by 19.9% year-on-year, with sales area declining by 11.0% [7] - New construction area fell by 19.8%, and completed area decreased by 21.2% [7] - The report indicates that the real estate market is moving towards stabilization, with inventory reduction efforts showing results [7] Investment Recommendations - The report recommends undervalued high-dividend stocks such as China State Construction (dividend yield 4.85%), China Railway Construction (dividend yield 3.74%), and Tunnel Corporation (dividend yield 4.48%) [7] - It also highlights the potential for growth in private investment in infrastructure, particularly in green energy [7]

Investment Rating - Industry rating is maintained at "Outperform the Market" [6] Core Insights - Infrastructure investment in August shows a narrowing year-on-year decline, with a focus on investment opportunities in the central and western regions [1] - Real estate sales area decreased by 4.7% year-on-year from January to August, with a significant drop of 11% in August alone [2] - Cement prices have started to rise after a prolonged period of decline, indicating potential recovery in profitability for cement companies [3] - The flat glass production showed a year-on-year decline of 4.5% from January to August, but the decline is narrowing, suggesting a potential improvement in demand [4] Summary by Sections Infrastructure Investment - From January to August, real estate development investment decreased by 12.9%, while narrow and broad infrastructure investments increased by 2% and 5.4% respectively [1] - Cumulative new special bonds reached 32,641.37 billion yuan, up 26.9% year-on-year, indicating strong support for infrastructure projects [1] Real Estate Market - New construction area decreased by 19.5% year-on-year from January to August, with a monthly decline of 19.8% in August [2] - Completion area saw a year-on-year decline of 17% from January to August, with a monthly drop of 21.2% in August [2] Cement Industry - Cement production from January to August was 1.105 billion tons, down 4.8% year-on-year, with August production at 148 million tons, a 6.2% decline [3] - The average cement price in August was 349 yuan per ton, showing a slight increase from earlier in the month [3] Glass Industry - Flat glass production from January to August was 64.818 million weight cases, down 4.5% year-on-year, with August production at 8.267 million weight cases, a 2% decline [4] - The market is showing signs of demand improvement as inventory levels decrease and production lines resume operations [4]