| 证券代码：600170 | 证券简称：上海建工 | | | 公告编号：2025-061 | | --- | --- | --- | --- | --- | | 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 | | | 债券代码：243624 | 债券简称：25 | 沪建 | Y1 | | 本地块位于天津滨海新区经开区欣达街以南、洞庭路以东，东至泰兴路，南 至项目用地，西至洞庭路，北至欣达街。 二、主要规划指标 本地块土地面积 12,468.65 平方米，建筑面积不大于 19,949.84 平方米，用 途为住宅。 三、土地价款 本地块使用权成交总价为人民币 18,970.00 万元。本项投资纳入公司 2025 年度投资计划额度内。 上海建工集团股份有限公司 关于竞得土地使用权的公告 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 ...

Core Viewpoint - Shanghai Construction Group (600170.SH) has successfully acquired the state-owned land use rights for a residential plot in Tianjin Binhai New Area, indicating strategic expansion in the real estate sector [1] Group 1: Acquisition Details - The acquired land plot, referred to as "this plot," is located in the Tianjin Binhai New Area, specifically south of Xinda Street and east of Dongting Road [1] - The total area of the land plot is 12,468.65 square meters, with a maximum building area of 19,949.84 square meters designated for residential use [1] - The total transaction price for the land use rights is RMB 189.70 million [1] Group 2: Investment Plan - This investment is included in the company's investment plan for the year 2025 [1]

Group 1 - The company Shanghai Construction Group's subsidiary won the land use rights for a residential plot in Tianjin Binhai New Area, covering an area of 12,468.65 square meters with a maximum building area of 19,949.84 square meters [1] - The total transaction price for the land is 189.7 million yuan, which will be included in the company's investment plan for 2025 [1] - Acquiring this land aligns with the company's real estate business strategy and is expected to promote the development of its main business [1] Group 2 - The investment may be influenced by macroeconomic factors, and the company plans to implement risk prevention measures [1]

Investment Rating - The report maintains a "Recommended" rating for the construction industry [2] Core Viewpoints - The construction industry is experiencing a decline in prosperity, with fixed asset investment growth slowing down. In August, the construction PMI was 49.1, down 1.5 percentage points from the previous month, and the new orders index was 40.6%, down 2.1 percentage points [5][8] - The report highlights the establishment of the Xinjiang-Tibet Railway Company and the completion of the world's highest bridge, the Guizhou Huajiang Canyon Bridge, as significant developments in infrastructure [30][35] - The Ministry of Finance has issued guidelines to ensure the implementation and operation of existing PPP projects, which is expected to stabilize the construction sector [51][52] Summary by Sections 1. Construction Industry Prosperity - The construction industry's business activity index was 49.1 in August, indicating a decline in prosperity [7][8] - The new orders index for the construction industry was 40.6%, reflecting a decrease in demand [5][8] 2. Fixed Asset Investment Growth Slowing - From January to August, national fixed asset investment (excluding rural households) was 326,111 billion yuan, with a year-on-year growth of 0.5%, a decline of 1.1 percentage points compared to the previous month [19] - The investment in the secondary industry grew by 7.6%, while the tertiary industry saw a decline of 3.4% [19] 3. Infrastructure Investment Growth Decline and New Regulations for PPP - Broad infrastructure investment growth was 5.42%, down 1.95 percentage points, while narrow infrastructure investment growth was 2%, down 1.2 percentage points [30] - The establishment of the Xinjiang-Tibet Railway Company marks a significant step in advancing the project [44] - The Ministry of Finance's guidelines for existing PPP projects aim to enhance public service and operational efficiency [51][52] 4. Real Estate Investment and Sales Decline - From January to August, real estate development investment was 60,309 billion yuan, down 12.9% year-on-year, with the sales area of commercial housing decreasing by 4.7% [60] - The new construction area for residential buildings fell by 19.5%, indicating ongoing pressure in the real estate sector [61] 5. PPP Project Construction and Operation Assurance - The report emphasizes the large scale of existing PPP projects, with over 7 trillion yuan in investments expected [50] - The guidelines issued by the Ministry of Finance provide a framework for the construction and operation of these projects, ensuring their stability and efficiency [51][52]

Core Insights - The housing construction sector experienced a slight increase of 0.2% on September 29, with Zhejiang Construction leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up by 0.9%, while the Shenzhen Component Index closed at 13479.43, up by 2.05% [1] Sector Performance - Zhejiang Construction (002761) closed at 9.21, with a rise of 1.10% and a trading volume of 135,500 shares, amounting to a transaction value of 124 million yuan [1] - Other notable stocks included Shanghai Construction (600170) with a 1.01% increase, Shaanxi Construction (600248) up by 0.52%, and China State Construction (601668) with a minor increase of 0.18% [1] - Conversely, companies like Gaoxin Development (000628) and Longyuan Construction (600491) saw declines of 1.11% and 1.14%, respectively [1] Capital Flow Analysis - The housing construction sector saw a net outflow of 161 million yuan from institutional investors, while retail investors contributed a net inflow of 142 million yuan [1] - The detailed capital flow indicated that Zhejiang Construction had a net inflow of 1.12% from institutional investors, while Longyuan Construction and Shaanxi Construction experienced net outflows of 4.95% and 7.28%, respectively [2] - Notably, China State Construction faced a significant net outflow of 83.57 million yuan, indicating a challenging environment for larger firms in the sector [2]

Core Viewpoint - Shanghai Construction Group's stock has shown significant volatility, with a year-to-date increase of 16.60% but a recent decline of 7.08% over the last five trading days [1] Group 1: Stock Performance - As of September 29, Shanghai Construction's stock price was 3.02 CNY per share, with a trading volume of 10.59 billion CNY and a turnover rate of 4.01%, resulting in a total market capitalization of 26.836 billion CNY [1] - The stock has experienced a 22.27% increase over the past 20 days and a 28.51% increase over the past 60 days [1] - The company has appeared on the "龙虎榜" (a trading leaderboard) five times this year, with the most recent appearance on September 23, where it recorded a net purchase of 236 million CNY [1] Group 2: 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] - Cumulative cash dividends since the A-share listing amount to 12.889 billion CNY, with 1.511 billion CNY distributed over the last three years [3] Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 195,900, with an average of 45,351 circulating shares per person, a slight decrease of 0.06% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 185 million shares, a decrease of 46.429 million shares from the previous period [3]

Core Viewpoint - Shanghai Construction Group (600170.SH) announced the resignation of Chairman Hang Yingwei due to job relocation, effective upon delivery to the board, with no unfulfilled commitments [1] Company Summary - Hang Yingwei has resigned from multiple positions including Chairman, Director, and head of the Board's Strategy and Sustainable Development Committee [1] - The resignation has been completed with a handover process, indicating a smooth transition [1]

9月23日， 由克而瑞主办的"全球视野·中东机遇——2025中东不动产投资高峰论坛"在上海举办 。克而 瑞集团董事长丁祖昱先生、克而瑞集团CEO张燕女士携手国内外、来自产学研跨界专家、领袖、高管出 席论坛并发布重要研究成果及主题演讲。 上海建工集团海外业务管理部总经理李岚女士围绕《中国经验，海外实践：海外项目的本土化策略》作主 题演讲，主要内容如下： 李岚 上海建工集团海外业务管理部总经理 一、中国经验全球化实践：三大路径破局 ▲点击图片查看论坛实录 上海建工53个在建项目遍布东南亚、非洲等26个"一带一路"沿线国家，以三类实践树标杆： 1、标杆项目显科技硬实力：建卡塔尔世界杯教育城体育场、乌兹别克斯坦塔什干新城银行大楼等项目， 展现技术与建造能力； 2、属地化运营扎根，打造长期根据地市场：比如深耕柬埔寨市场，参与巴萨河大桥、金边三环等基建， 成为当地"路桥"建设主力军； 1、从输出产品到产业共建：突破能源合作局限，共建新能源、先进制造产业链，将中东纳入全球产业布 局；从"项目输出者"转变为"长期合作者"。 2、从低价竞争到价值出海：对接中东4万亿美元主权资本，聚焦新能源、数字基建等高附加值项目，建 立"懂中 ...

Group 1 - The housing construction sector experienced a decline of 0.98% on September 25, with Shanghai Construction leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] - Notable stock performances in the housing construction sector included Ningbo Construction, which rose by 9.96% to a closing price of 6.07, and Shanghai Construction, which fell by 4.92% to 3.09 [1] Group 2 - The net outflow of main funds in the housing construction sector was 135 million yuan, while retail investors saw a net inflow of 137 million yuan [1] - Detailed fund flow data showed that Ningbo Construction had a main fund net inflow of 218 million yuan, while Shanghai Construction had a significant outflow of 310 million yuan [2] - Retail investors contributed positively to several stocks, with notable inflows into Ningbo Construction and Zhejiang Construction, despite overall sector outflows [2]

Group 1 - The company Shanghai Construction (600170.SH) confirmed on September 25 that it does not hold any shares in Yushu Technology [2]