建筑装饰 证券研究报告 9 月基建表现疲软，四季度基建或受益增量资金和政策催化 行业报告 | 行业点评 9 月基建投资表现疲软，关注四季度基建发力 25 年 1-9 月地产开 发投 资/狭 义基 建/广 义基 建/制 造业 同比 分别 -13.9%/+1.1%/+3.3%/+4.0%，9 月单月地产开发投资/狭义基建/广义基建/制 造业同比分别-21.3%/-4.7%/-8.0%/-1.9%（增速环比-1.3/+1.2/-1.6/-0.6pct）， 三季度基建整体在较高基数的基础上表现有所疲软，四季度基建有望受益财 政资金提前下达叠加 5000 亿新型政策性金融工具加速落地。考虑到本周四 中全会召开，外贸关税压力增大背景下，稳内需是必要举措，基建作为托底 经济的重要措施，受益于增量资金和政策的催化，基建预期升温，重点关注 低估值高股息建筑标的。 地产竣工单月增速 24 年以来首次转正，基建细分整体表现一般 地产按传导顺序看，1-9 月地产销售面积同比-5.5%，单月同比-11.9%（增速 环比-0.91pct）；1-9 月新开工面积同比-18.9%，单月同比-15.0%（增速环比 +4.8pct）；1-9 月 ...

证券之星消息，10月23日房屋建设板块较上一交易日上涨0.59%，陕建股份领涨。当日上证指数报收于 3922.41，上涨0.22%。深证成指报收于13025.45，上涨0.22%。房屋建设板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601668 | 中国建筑 | 7026.40万 | 6.80% | -8902.47万 | -8.61% | 1876.08万 | 1.82% | | 600248 陕建股份 | | 1376.28万 | 14.12% | -690.08万 | -7.08% | -686.20万 | -7.04% | | 600491 龙元建设 | | 549.96万 | 7.75% | -142.47万 | -2.01% | -407.48万 | -5.74% | | 600939 重庆建工 | | -139.86万 | -2.77% | -351.32万 | -6.95% ...

证券研究报告 建筑与工程 上海率先破局，引领建筑市场改革 华泰研究 2025 年 10 月 22 日│中国内地 动态点评 上海建筑业市场改革率先启动 "上海探索"或有望为全国建筑业改革提供借鉴样本 经济转型升级、动能切换叠加地方政府债务压力较大，传统建筑业均面临需 求放缓、竞争加剧、应收账款回收等问题。我们认为上海作为全国改革的标 杆地区，该《方案》或为全国建筑业改革提供"上海样本"，有望在需求挖 掘、市场整合、完善退出机制、创新驱动、"反内卷"、"清欠"等方面， 为其他地区提供可借鉴经验，驱动建筑行业向高质量转型，走出发展困境。 风险提示：上海市固定资产投资大幅下滑；上海市建筑企业规模持续收缩； 上海市建筑企业整合低于预期；上海市建筑企业回款进度低于预期。 建筑与工程 增持 (维持) 方晏荷 研究员 SAC No. S0570517080007 SFC No. BPW811 10 月 21 日，上海市人民政府办公厅印发《上海市促进建筑业高质量发展 加 快培育增长新动能行动方案》。面对建筑业传统增长动能减弱、竞争加剧， 该方案从提振需求、优化供给、培育转型等多个维度推动行业改革发展，向 绿色化、工业化、数字化 ...

从资金流向上来看，当日房屋建设板块主力资金净流入6506.76万元，游资资金净流出5645.04万元，散户 资金净流出861.72万元。房屋建设板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000628 高新发展 | | 1.36 Z | 10.90% | -4531.84万 | -3.64% | -9038.41万 | -7.26% | | 600491 | 龙元建设 | 985.91万 | 9.07% | -1467.65万 | -13.50% | 481.75万 | 4.43% | | 002761 浙江建投 | | -132.52万 | -0.68% | -827.20万 | -4.26% | 959.72万 | 4.95% | | 600939 重庆建工 | | -295.17万 | -4.96% | -161.41万 | -2.71% | 456.57万 | 7.67% | ...

证券之星消息，10月20日房屋建设板块较上一交易日上涨0.33%，高新发展领涨。当日上证指数报收于 3863.89，上涨0.63%。深证成指报收于12813.21，上涨0.98%。房屋建设板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000628 | 高新发展 | 49.76 | 2.01% | 6.23万 | 3.10亿 | | 600491 | 龙元建设 | 3.43 | 1.18% | 16.05万 | 5484.37万 | | 601789 | 宁波建工 | 5.40 | 1.12% | 21.98万 | 1.18亿 | | 600170 | 上海建工 | 2.86 | 0.70% | 283.43万 | 8.08亿 | | 002761 | 浙江建投 | 9.12 | 0.66% | 8.44万 | 7678.45万 | | 600939 | 重庆建工 | 3.26 | 0.62% | 9.13万 | 2962.93万 | | 601668 | 中国建筑 | 5 ...

Core Viewpoint - Shanghai Construction Group's stock has experienced fluctuations, with a recent decline of 2.06% and a year-to-date increase of 10.04%, indicating volatility in investor sentiment and market performance [1][2]. Group 1: Stock Performance - As of October 17, Shanghai Construction's stock price was 2.85 CNY per share, with a trading volume of 7.70 billion CNY and a market capitalization of 25.325 billion CNY [1]. - The stock has seen a 5.63% decline over the past five trading days, an 18.26% increase over the past 20 days, and a 20.76% increase over the past 60 days [1]. - The company has appeared on the "龙虎榜" (a trading board for stocks with significant trading activity) five times this year, with the latest appearance on September 23, where it recorded a net buy of 236 million CNY [1]. Group 2: Business Overview - Shanghai Construction Group, established on June 15, 1998, focuses on construction and civil engineering, with real estate development and infrastructure investment as key business areas [2]. - The revenue composition includes construction and contracting at 89.37%, followed by construction industry at 5.84%, project management consulting and labor dispatch at 2.63%, and other segments [2]. - The company is categorized under the "建筑装饰-房屋建设" (Building Decoration - House Construction) sector and is associated with concepts such as robotics, new urbanization, and artificial intelligence [2]. Group 3: Financial Performance - For the first half of 2025, Shanghai Construction reported a revenue of 105.042 billion CNY, a year-on-year decrease of 28.04%, and a net profit attributable to shareholders of 710 million CNY, down 14.07% year-on-year [2]. - The company has distributed a total of 12.889 billion CNY in dividends since its A-share listing, with 1.511 billion CNY distributed over the past three years [3]. - As of June 30, 2025, the number of shareholders was 195,900, with an average of 45,351 shares held per shareholder, reflecting a slight decrease [2][3].

Market Overview - The housing construction sector experienced a decline of 0.13% on October 16, with high-tech development leading the losses [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - Key stocks in the housing construction sector showed mixed results, with China State Construction (601668) rising by 0.53% to a closing price of 5.65, while High-Tech Development (000628) fell by 2.96% to 50.77 [1] - The trading volume and turnover for major stocks included: - China State Construction: 2.32 million shares, turnover of 1.306 billion [1] - High-Tech Development: 86,300 shares, turnover of 444 million [1] Capital Flow - The housing construction sector saw a net outflow of 169 million from institutional investors, while retail investors contributed a net inflow of 174 million [1] - Detailed capital flow for selected stocks indicated: - China State Construction had a net inflow of 70.61 million from institutional investors [2] - High-Tech Development experienced a net outflow of 40.46 million from institutional investors [2] - Retail investors showed varying levels of net inflow across different stocks, with Chongqing Construction (600939) seeing a significant 21.12% net inflow [2]

近日，齐鲁晚报·齐鲁壹点记者从信用中国（上海）获悉，上海建工四建集团有限公司因工程施工现场存在安全隐患，被上海市 松江区建设和管理委员会罚款3万元。 | 双公示数据详情 | | | | | --- | --- | --- | --- | | 行政相对人名称 | | 上海建工四建集团有限公司 | | | 相对人代码 | | 91310115132328227T | | | 行政处罚决定书文号 | | 松江区建管第220250124号 | | | 罚款 | 处罚类别 | | | | 2025-10-13 | 处罚决定日期 | | | | 处罚内容 | | 罚款人民币叁万元整 | | | 罚款全额 (万元) | | 3 | | | 没收违法所得、没收非法财物的金额(万元) | | | | | 暂扣或吊销证照名称及编号 | | | | | 违法行为类型 | | 《上海市建设工程施工安全监督管理办法》第十四条第一款 第 (一)项,《危险性较大的分部分项工程安全管理规定》 第十七条第三款 | | | 违法事实 | | 2025年8月12日委巡查中发现该工程施工现场存在安全隐患 | | | 处罚依据 | | 《上海市建设工 ...

前三季度，公司中标10亿元以上重大工程施工项目9项，合计金额114.84亿元；中标5亿元以上重大工程 施工项目46项，合计金额370.37亿元。 上海建工（600170）(600170.SH)发布前三季度新签合同情况，1月至9月，公司及下属子公司累计新签 合同金额为人民币1,921.22亿元。 ...

Core Insights - Shanghai Construction Group (600170.SH) reported a total new contract amount of RMB 192.12 billion for the first three quarters of the year [1] Group 1: Contract Performance - The company secured 9 major construction projects with contract values exceeding RMB 1 billion, totaling RMB 11.48 billion [1] - Additionally, the company won 46 significant construction projects valued over RMB 500 million, amounting to RMB 37.04 billion [1]