Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [5]. Core Insights - The company has seen a significant increase in overseas orders, with new contracts amounting to 7.2 billion yuan in 2025, representing a year-on-year growth of 140.1%. In Q4 alone, new overseas orders reached 2.2 billion yuan, a staggering increase of 568.4% [4]. - The company’s cash flow has shown continuous improvement, with operating net cash flow rising from -243 million yuan in 2021 to 771 million yuan in 2024. The cash collection ratio improved from 83.08% to 92.90% [4]. - A shareholder return plan has been announced, indicating that the company expects to distribute at least 70% of its net profit to shareholders in cash over the next three years, which enhances its high dividend attribute [4]. Summary by Sections Financial Performance - The company’s total market capitalization is 9,254.08 million yuan, with a 52-week high of 4.75 yuan and a low of 2.96 yuan. The stock has seen a 52-week increase of 57.09% [4]. - Projected net profits for 2025-2027 are estimated at 629 million yuan, 729 million yuan, and 826 million yuan respectively, with corresponding P/E ratios of 14.71, 12.70, and 11.20 [5][6]. Revenue Growth - Revenue is expected to grow from 184.92 billion yuan in 2024 to 255.31 billion yuan by 2027, with growth rates of 12.03%, 15.99%, 9.07%, and 9.14% for the respective years [6]. Profitability Metrics - The company’s earnings per share (EPS) are projected to increase from 0.26 yuan in 2024 to 0.42 yuan in 2027, reflecting a positive growth trajectory [6].

Investment Rating - The report maintains a "Buy" rating for the construction and building materials sector, with specific recommendations for several companies [9][12]. Core Insights - The report highlights the recent price increases in electronic fabrics, indicating a positive trend in both emerging technologies and traditional cyclical investments. The price of 7628 electronic fabric increased by over 0.5 yuan/meter, exceeding market expectations, which reflects a broader trend of high-end electronic fabric demand trickling down to standard electronic fabrics [1][12]. - The report emphasizes the importance of effective investment in stabilizing economic growth, as reiterated in the recent State Council meeting, which is expected to boost construction activity in Q1 2026 [1][14]. - The report suggests a balanced investment approach between emerging industries and traditional cyclical sectors, recommending companies such as Yaxiang Integration, Jinggong Steel Structure, and China Construction International [1][12]. Summary by Sections Industry Overview - The report notes that the price of ordinary electronic yarn and fabric has increased significantly, with G75 electronic yarn prices rising by 10.5% and 7628 electronic fabric prices by 11.9% week-on-week [2][19]. - The domestic cement price decreased by 0.9% week-on-week, with a notable drop in the cement shipment rate [2][26]. Key Companies and Dynamics - China National Building Material has issued a profit warning, expecting a loss of approximately 2.3 billion to 4 billion yuan for 2025, a significant shift from a profit of 2.387 billion yuan in 2024 [3]. - The report recommends several companies for investment, including Yaxiang Integration (603929 CH), China Construction International (3311 HK), and Sichuan Road and Bridge (600039 CH), all rated as "Buy" with target prices set above current market levels [9][37]. Market Trends - The report indicates that the construction materials sector is experiencing a cyclical recovery, with price increases in various segments such as waterproofing and engineering materials, driven by government policies aimed at boosting infrastructure investment [1][15]. - The report also highlights the ongoing demand for high-end materials in commercial aerospace, including high-temperature fiber materials and perovskite materials for solar wings [1][12].

证券日报网讯 2月4日，精工钢构在互动平台回答投资者提问时表示，二级市场股价表现除受公司经营 情况影响外，还受到宏观环境、资金供求、行业情况和市场情绪等多种因素的综合影响。近年来，公司 通过服务模式的转型升级，努力开拓市场，提高市占率，同时不断加强自身经营建设，提质增效，截至 2025年三季度末，公司新签订单、营业收入、净利润较上年同期均有所提升。同时公司及控股股东为提 升公司市值管理成效、增强投资者信心，已实施股东增持计划、变更前次回购股份用途为注销并减少注 册资本、提高现金分红金额（股息率）等措施。截至目前，公司股价已高于2024年末的每股净资产。 （文章来源：证券日报） ...

（记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，精工钢构2月4日晚间发布公告称，截至本公告日，公司及下属子公司的实际对外融资担 保金额累计约为43.52亿元人民币，其中为关联公司担保共计1.95亿元人民币，占公司最近一期经审计归 属于上市公司股东的所有者权益的48.67%。 每经头条（nbdtoutiao）——特朗普的"完美人选"颠覆美联储？解码凯文·沃什的"新政构想"：左手放水 右手抽水，要靠AI驯服通胀，拒做美债"大买家" ...

| 证券代码：600496 | 证券简称：精工钢构 | 公告编号：2026-007 | | --- | --- | --- | | 转债代码：110086 | 转债简称：精工转债 | | 重要内容提示： 担保对象及基本情况 | 被担保人名称 | | | 本次担保金额 | 实际为其提供的 担保余额（不含本 | | 是否在前期预计 | 本次担保是否有 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 次担保金额） | | 额度内 | 反担保 | | 长 江 精 结 构 | 工 | 钢 | | | | | | | （集团）股份有限 | | | 100,000 万元 | 84,403.32 | 万元 | 否 | 否 | | 公司 | | | | | | | | 累计担保情况 | 对外担保逾期的累计金额（万元） 0 | | | --- | --- | | 截至本公告日上市公司及其控股 | 435,208.17 | | 子公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 48.67% | | 特别风 ...

Core Insights - The report discusses the implementation of the "Tax Law Principle" and its implications for service industries such as internet and finance, indicating that current tax arrangements are unlikely to change significantly in the short term [2][3][12] - The real estate sector is experiencing a favorable shift in financing policies, with REITs and private placements opening new equity financing channels to alleviate financial pressures on real estate companies [3][13] Tax Law Implementation - The State Council approved the "Implementation Regulations of the Value-Added Tax Law of the People's Republic of China" on December 19, 2025, and subsequent announcements have clarified tax details, suggesting stability in tax arrangements for service industries [2][3][12] - The definition of "basic services" in telecommunications is evolving, with mobile data and internet broadband still classified as "value-added services" subject to a 6% VAT rate, while traditional voice services are recognized as "basic services" with a 9% VAT rate [2][3][12] Real Estate Sector Analysis - The financing environment for the real estate industry is improving, with a shift from debt financing to equity financing, including the introduction of REITs and private placements [3][13] - Recent regulatory changes, such as the gradual retreat from the "three red lines" policy, indicate a more supportive financing environment for real estate companies [13] - The report maintains a "positive" rating for the real estate sector, highlighting the potential for recovery in the industry as financing policies become more favorable [3][13] Investment Recommendations - The report recommends several quality real estate companies for investment, including China Jinmao, Poly Developments, and China Resources Land, among others, due to their potential for recovery and attractive valuations [13] - The report emphasizes the importance of monitoring the evolving financing landscape and the impact of government policies on the real estate market [3][13]

Group 1 - The last land auction in Shanghai before the Spring Festival concluded with three plots sold at the reserve price, generating a total revenue of 4.017 billion yuan [1] - The three participating companies were Changjiang Jinggong, Xiamen Guomao, and China Communications Construction, with each acquiring a plot in less popular areas [1][2] - The overall market sentiment remains subdued, with companies showing reduced interest in land acquisition during the traditional off-peak season of January [1][2] Group 2 - China Communications Construction acquired the Qingpu Old Town plot for 1.772 billion yuan, with a floor price of 18,467 yuan per square meter, located in a well-connected area with a "15-minute living circle" [2] - Xiamen Guomao purchased the Zhao Xiang plot for 1.799 billion yuan, with a floor price of approximately 20,000 yuan per square meter, despite previous challenges in the area [3] - Changjiang Jinggong, the only private enterprise in this auction, secured the Songjiang plot for 446 million yuan, with a floor price of 23,000 yuan per square meter, indicating its ambition to enter the high-end residential market in Shanghai [4][6] Group 3 - Changjiang Jinggong has a strong background in steel structure construction and aims to transition into a "development + construction" model, leveraging its expertise to compete in Shanghai's high-end residential market [5][6] - The company has invested a total of 992 million yuan in land acquisition, which exceeds its net profit for a year and a half, highlighting the financial commitment to entering the Shanghai market [5] - Shanghai's real estate market remains robust, with new home prices increasing for 43 consecutive months, and the city is a key battleground for high-end residential properties [5][6]

Core Insights - The Shanghai land market saw the transaction of three residential land plots, totaling 159,500 square meters, with a total transaction amount of 4.018 billion yuan [1] Group 1: Land Transactions - The land plots are located in Songjiang Jiuting, Qingpu Zhaoxiang, and Qingpu New City, with a total planned construction area of 205,300 square meters [1] - Changjiang Jinggong acquired the Songjiang plot for 446 million yuan, with a floor price of 23,000 yuan per square meter [1] - Xiamen Guomao won the Qingpu plots for 1.799 billion yuan, with a floor price of 20,000 yuan per square meter [2] Group 2: Land Characteristics - The Songjiang Jiuting plot is a rare addition to the residential land supply since 2012, indicating a shift towards quality living upgrades in a mature residential area [2] - The Qingpu Zhaoxiang plot is strategically located near major transportation routes and commercial areas, enhancing its appeal for future residential development [3][4] - The Qingpu New City plot consists of five sub-plots, with a total area of 73,527.19 square meters, and is designed to create a comprehensive living environment [4] Group 3: Market Trends - The January land sales reflect a continuation of previous market performance, with developers showing reduced interest in land acquisition during the traditional off-peak season [5] - The prices for the land plots align with market expectations, indicating a stable outlook for future land transactions [5] - It is anticipated that high-quality land in core urban areas will be released post-2026, potentially revitalizing market interest [5]

Group 1 - China State Construction recently secured major projects totaling 37.24 billion yuan, representing 1.7% of the audited revenue for 2024. The projects include four housing construction projects worth 18.37 billion yuan and four infrastructure projects worth 18.87 billion yuan, covering areas such as hospitals and highways [1] - The Shanghai land auction concluded with three residential plots sold at a base price of 4.02 billion yuan, with a total area of 239.3 acres and a total construction area of 205,000 square meters. The overall premium rate was 0%, reflecting a rational pricing approach during the industry adjustment period [2] - Guangzhou R&F Properties announced the suspension of six bonds starting January 30, 2026, as part of its debt restructuring process. This move indicates the company's proactive stance in addressing its debt issues amid a complex industry landscape [3] - South China City disclosed a preliminary plan for overseas debt restructuring, aiming to maintain existing credit support for creditors and allow them to benefit from potential equity appreciation. The success of this plan depends on creditor support and regulatory approvals [4] - Dalian Xindameng and Zhuhai Wanda Commercial Management announced board changes, appointing Zhao Zesheng as vice chairman and Li Zhen as Chief Human Resources Officer. This reflects a key step in optimizing governance structure under the leadership of the Taima Group [5]

新京报贝壳财经讯（记者徐倩）2026年1月29日，上海2025年第十一批次宅地正式开拍。本批次共3宗涉 宅用地，分别位于松江九亭、青浦赵巷、青浦新城，总土地出让面积15.95万平方米，总规划建筑面积 20.53万平方米，总起始价40.18亿元。最终，长江精工、厦门国贸、中交城投分别底价斩获3宗地块，总 成交价40.18亿元。 中指研究院上海数据总经理张文静分析称："整体来看，十一批次延续了十批次市场表现。1月作为传统 市场淡季，房企企业多处于调整阶段，拿地关注度与积极性较其他月份有所降低。本次三宗地块均为非 传统热门出地区域，拿地价格基本符合市场预期。预计2026年年后将逐步推出核心城区优质地块，推动 市场拿地热情回升。" 此外，青浦区QPC10007单元D4-01、D5a-01、J5-01、K2-04、K3-04地块，总土地出让面积约7.35万平 方米，总规划建筑面积约9.6万平方米，地块起始价17.72亿元，起始楼面价18467元/平方米。该地块最 终由中交城投以底价17.72亿元摘得。 卢文曦表示："今日竞拍的地块均位于松江、青浦这样的远郊区域。因此，郊区地块没有市区热度高， 况且郊区的项目去化压力是不 ...