Group 1 - Shanghai Construction Group Co., Ltd. and Shanghai Construction Intelligent Construction Co., Ltd. have applied for a patent for a monitoring method related to deep foundation pit excavation [1] - The patent, titled "A Monitoring Method for the Uplift of Column Piles in Deep Foundation Pit Excavation," was filed on November 2024 and aims to enhance safety in construction projects [1] - The proposed method utilizes 3D visualization through Matlab software to monitor the uplift of column piles and underground continuous walls, improving the effectiveness of monitoring compared to traditional static data [1] Group 2 - Shanghai Construction Group Co., Ltd. was established in 1998, primarily engaged in the housing construction industry, with a registered capital of approximately 888.59 million RMB [2] - The company has invested in 106 enterprises and participated in 5,000 bidding projects, holding 2,147 patents and 1,954 administrative licenses [2] - Shanghai Construction Intelligent Construction Co., Ltd., founded in 2021, also focuses on the housing construction sector with a registered capital of 50 million RMB and has participated in 197 bidding projects [2]

Group 1 - The A-share market indices closed mixed, with the Shanghai 380 Fundamental Weighted Index down by 0.25% to 7564.86 points, with a trading volume of 89.644 billion yuan [1] - The Shanghai 380 Fundamental Weighted Index has decreased by 5.23% over the past month, increased by 0.61% over the past three months, and has fallen by 3.71% year-to-date [1] - The index employs a fundamental value weighting method to mitigate the over-allocation of high-valuation stocks typically seen in traditional market capitalization indices [1] Group 2 - The top ten holdings of the Shanghai 380 Fundamental Weighted Index include: Jianfa Co. (5.1%), Wuchan Zhongda (3.35%), Xiamen International Trade (3.1%), Xiamen Xiangyu (2.29%), Shanghai Construction (2.05%), Huayu Automotive (1.98%), Chongqing Rural Commercial Bank (1.98%), Shanghai Rural Commercial Bank (1.87%), Chengdu Bank (1.68%), and Changsha Bank (1.41%) [1] - The index is entirely composed of stocks listed on the Shanghai Stock Exchange, with a 100% allocation [1] Group 3 - The industry composition of the index shows that industrials account for 34.79%, materials for 13.49%, finance for 13.15%, consumer discretionary for 9.59%, energy for 6.11%, healthcare for 5.59%, information technology for 4.25%, utilities for 3.92%, communication services for 3.40%, real estate for 2.90%, and consumer staples for 2.80% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample stock is delisted or undergoes mergers, acquisitions, or splits [2]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of RMB 3.11 [6]. Core Views - The company achieved a revenue of RMB 300.2 billion in 2024, a year-on-year decrease of 1.45%, while the net profit attributable to shareholders was RMB 2.17 billion, reflecting a significant increase of 39.2% [1][4]. - The company is a key player in Shanghai's urban construction, with new orders in the Shanghai market accounting for 72% of total new orders, indicating a stable operational performance [1]. - The company’s gross profit margin for 2024 was 8.74%, a slight decrease of 0.13 percentage points year-on-year, with the fourth quarter gross margin at 10.1% [2][3]. Summary by Sections Revenue and Profitability - The company reported revenues across various segments: construction at RMB 266.7 billion (+0.7%), design consulting at RMB 4.9 billion (-16.6%), building materials at RMB 14.6 billion (-13.1%), real estate development at RMB 3.6 billion (-56.4%), and urban construction investment at RMB 1.8 billion (+5.1%) [2]. - The gross profit margins for these segments were 7.0%, 23.1%, 13.6%, 9.8%, and 89.8% respectively, with the real estate development segment showing a recovery in gross margin despite a decline in scale [2]. Non-Recurring Gains - The company realized a gain of RMB 770 million from asset disposals, contributing to a significant increase in non-recurring profits, which totaled RMB 1.55 billion, an increase of RMB 1.1 billion year-on-year [3]. Financial Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been adjusted to RMB 2.3 billion, RMB 2.43 billion, and RMB 2.54 billion respectively, reflecting increases of 21.1% and 18.1% compared to previous estimates [4]. - The target price of RMB 3.11 corresponds to a price-to-earnings ratio of 12 times for 2025, indicating a favorable valuation compared to peers [4].

证券研究报告 上海建工 (600170 CH) 上海贡献提升，资产处置增厚业绩 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 15 日│中国内地 | 建筑施工 | 公司发布年报：24 年实现营收 3002 亿，同比-1.45%，归母净利/扣非归母 净利 21.7/6.13 亿，同比+39.2%/-44.5%，归母净利基本符合业绩快报（22.0 亿），其中 Q4 实现营收 862 亿，同比+5.66%，归母净利/扣非归母净利 8.16/-1.76 亿，同比+211%/-156%。我们认为公司作为上海城市建设主力军， 24 年上海市场新签订单占集团新签比例同比提升 1pct 至 72%，长三角区域 业务比重达 83%，经营稳健度较高，维持"增持"评级。 施工主业稳健，房产开发毛利率有所恢复 分业务，公司 24 年建筑施工/设计咨询/建材工业/房产开发/城市建设投资实 现营收 2667/49/146/36/18 亿，同比+0.7%/-16.6%/-13.1%/-56.4%/+5.1%， 毛利率 7.0%/23.1%/13.6%/9.8% ...

| 证券代码：600170 | 证券简称：上海建工 | | | 公告编号：2025-021 | | --- | --- | --- | --- | --- | | 债券代码：240782 | 债券简称：24 | 沪建 | Y1 | | | 债券代码：240783 | 债券简称：24 | 沪建 | Y2 | | | 债券代码：241305 | 债券简称：24 | 沪建 | Y3 | | | 债券代码：241857 | 债券简称：24 | 沪建 | Y4 | | 上海建工集团股份有限公司 2025 年一季度新签合同情况公告 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。 2025 年 1 月至 3 月，上海建工集团股份有限公司（简称"公司"）及下属子 公司累计新签合同金额为人民币 645.48 亿元。详情如下： | 序号 | 工程名称 | 金额（亿元） | | --- | --- | --- | | 1 | 江苏徐圩核能供热发电厂一期工程-海域取排水工程 | 11.07 | | 2 | 东方枢纽上海东站站场区地下工程机电安装及装饰 ...

Summary of Key Points Core Viewpoint - Shanghai Construction Group (600170) reported a total new contract amount of RMB 645.48 billion from January to March 2025, indicating a mixed performance across different segments [1] Contract Amount Breakdown - The new contracts in construction amounted to RMB 511.32 billion, showing a year-on-year decline of 51.01% [1] - Design consulting contracts reached RMB 16.57 billion, reflecting a significant year-on-year increase of 74.03% [1] - The building materials industry secured new contracts worth RMB 69.93 billion, which is a decrease of 10.25% year-on-year [1] - Real estate development contracts totaled RMB 12.58 billion, marking a substantial year-on-year growth of 101.38% [1] - Urban construction investment contracts amounted to RMB 12.7 billion [1] - Other new contracts reached RMB 22.38 billion, with a year-on-year increase of 42.47% [1] Major Project Wins - The company won 9 major engineering construction projects (each over RMB 5 billion), with a total value of RMB 68.38 billion [1]

Group 1: Macroeconomic Insights - In March 2025, exports increased significantly with a year-on-year growth rate of 12.4%, up from 2.3% in January-February, surpassing Bloomberg's consensus estimate of 4.6% [2] - The trade surplus for March reached $102.6 billion, contributing to a cumulative trade surplus of nearly 2 trillion RMB in the first quarter, which is an increase of approximately 600 billion RMB year-on-year [2] - The estimated contribution of external demand to actual GDP growth is projected to be 2.9 percentage points, potentially pushing the actual GDP year-on-year growth rate to 5% or higher [2] Group 2: Market Trends and Fund Flows - In the A-share market, there was a net outflow of financing funds close to 100 billion RMB last week, but the financing balance stabilized in the latter half of the week, indicating a potential market reversal [3] - The week saw significant inflows into broad-based ETFs, with net inflows reaching a record high since 2018, driven by institutional announcements of increased holdings [3] - The scale of share buybacks and capital increases reached new highs for 2025, indicating strong support for market stabilization [3] Group 3: Real Estate Sector Analysis - In 2024, the overall performance of domestic real estate companies was under pressure, with declines in both sales and land acquisition amounts, but the industry concentration increased, showing resilience among leading firms [12] - The main theme for 2025 is expected to be "steady operation and focus on core business," with a strategy of "sales-driven investment" to revitalize old inventory [12] - There is an anticipated increase in the proportion of operating profits for some real estate companies, alongside a continuous push for product quality upgrades [12] Group 4: Lithium Battery Materials Outlook - In 2024, capital expenditures for most lithium battery material companies declined year-on-year, with significant changes in supply-demand dynamics and profitability [13] - The report forecasts a tightening supply-demand situation for lithium iron phosphate and lithium hexafluorophosphate in the second half of 2025, leading to potential price increases [13] - Companies with cost or technological advantages in the supply chain are expected to see improvements in market share and profitability [13] Group 5: Company-Specific Performance - Shanghai Construction Group reported a revenue of 300.2 billion RMB for 2024, a slight decline of 1.45% year-on-year, but net profit increased by 39.2% [14] - Net profit for Guoyuan Securities reached 2.244 billion RMB in 2024, a year-on-year increase of 20%, driven by a 123% increase in investment income [15] - Net profit for NetEase Technology in 2024 was 675 million RMB, reflecting a 10.02% year-on-year increase, with expectations for accelerated growth in 2025 due to AI applications [15]

Group 1 - The US government has temporarily exempted certain electronic products from tariffs, but this exemption is not permanent and will last only until a new tariff plan for the semiconductor industry is established [2][21] - China's foreign trade in the first quarter of this year reached 10.3 trillion yuan, a year-on-year increase of 1.3%, with exports growing by 6.9% and imports declining by 6% [3] - The State Administration for Market Regulation in China has introduced 37 key measures to support the development of private enterprises, focusing on breaking down barriers and promoting fair competition [4][5] Group 2 - Hong Kong is preparing to attract Chinese concept stocks back to its market, emphasizing its stability and attractiveness amid global financial market volatility [6][7] - The China Securities Regulatory Commission has emphasized the importance of functionality in the fund industry, aiming for a balance between quality and scale [8] - Insurance funds are accelerating their entry into the stock market, with the scale of long-term stock investment trials increasing from 50 billion yuan to 162 billion yuan [9] Group 3 - The US is experiencing a significant drop in import orders, with a 64% decrease in overall import volume, indicating potential disruptions in trade due to tariff policies [10][11] - The total share of stock ETFs in A-shares has surpassed 2 trillion shares, marking a historical high, with substantial inflows of capital observed in April [12] - Global pension funds are pausing investments in US assets due to uncertainties stemming from aggressive tariff policies, indicating a shift in investment strategies [13] Group 4 - The AI industry is facing scrutiny over its energy consumption, with Elon Musk's AI company xAI being investigated for violating environmental regulations related to its power generation [14] - The UK government plans to take over the British Steel Company from a Chinese firm, raising concerns about foreign investments in critical industries [15] - The consumer electronics sector is seeing increased research interest, driven by strong domestic demand policies and a surge in M&A activities in the technology field [17]

为了进一步优化债务结构、降低债务融资成本，提升公司对财务风险的防范 能力，保障及促进公司可持续发展，上海建工集团股份有限公司（简称"上海建 工"或"公司"）于 2025 年 4 月 14 日召开第九届董事会第八次会议，审议通过 了《上海建工集团股份有限公司关于发行债务融资工具授权的议案》，提请股东 大会授权发行债务融资工具。相关融资授权如下： 一、发行方式 一次或多次或多期、公开或非公开发行境内外债务融资工具。 二、发行品种 发行种类为境内外债务融资工具，包括但不限于境内外市场的公司债券、中 期票据、短期融资券、超短期融资券、永续类债券、资产支持类债券、债权投资 计划等，或者上述品种的组合。 三、注册/发行规模 | 证券代码：600170 | 证券简称：上海建工 | | 公告编号：2025-016 | | --- | --- | --- | --- | | 债券代码：240782 | 债券简称：24 | 沪建 Y1 | | | 债券代码：240783 | 债券简称：24 | 沪建 Y2 | | | 债券代码：241305 | 债券简称：24 | 沪建 Y3 | | | 债券代码：241857 | 债券简称：2 ...

上海建工集团股份有限公司 内部控制审计报告 二○二四年度 内部控制审计报告 信会师报字[2025]第 ZA10903 号 上海建工集团股份有限公司全体股东: 内部控制审计报告第1页 立信会计师事务所(特殊普通合伙) o China shu lun pan certified Public Accountants 立信会计师事务所(特殊普通合伙) BDO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了上海建工集团股份有限公司(以下简称"上海建 工")2024年12月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定,建立健全和有效实施内部控制,并评 价其有效性是上海建工董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的 有效性发表审计意见,并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存 ...