交易信息汇总 7月18日，安徽建工的资金流向显示，主力资金净流出1052.22万元，占总成交额16.53%；游资资金净流 入480.26万元，占总成交额7.54%；散户资金净流入571.96万元，占总成交额8.98%。 截至2025年7月18日收盘，安徽建工(600502)报收于4.8元，上涨0.21%，换手率0.77%，成交量13.28万 手，成交额6365.64万元。 当日关注点 公司公告汇总安徽建工第九届董事会第九次会议决议公告 安徽建工集团股份有限公司控股子公司安徽建工公路桥梁建设集团有限公司（以下简称"建工路桥"）申 请发行总额不超过人民币10亿元的超短期融资券和总额不超过人民币20亿元的中期票据，该申请已经公 司第九届董事会第五次会议审议通过，并经2025年第一次临时股东大会审议批准。建工路桥近日收到中 国银行间市场交易商协会出具的《接受注册通知书》，决定接受建工路桥超短期融资券和中期票据注 册，注册金额分别为10亿元和20亿元，注册额度自通知书落款之日起2年内有效，由徽商银行股份有限 公司主承销。建工路桥可在注册有效期内分期发行超短期融资券和中期票据，如需备案发行，应事前先 向中国银行间市场交易 ...

安徽建工集团股份有限公司 第九届董事会第九次会议决议公告 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。 一、董事会会议召开情况 安徽建工集团股份有限公司第九届董事会第九次会议于 2025 年 7 月 18 日以通讯 方式召开。会议应出席董事 7 人，实际出席董事 7 人。本次会议的召开符合《公司法》 和《公司章程》的规定。 二、董事会会议审议情况 证 券 代 码 ： 600502 证券简称：安徽建工 编 号 ： 2025-046 经与会董事书面表决，会议形成如下决议： （一）审议通过了《关于开展钢材期货套期保值业务的议案》，同意依据公司编 制的《关于开展钢材期货套期保值业务的可行性分析报告》, 由公司所属子公司安徽 建工现代商贸物流集团有限公司开展钢材期货套期保值业务，交易保证金最高额度不 超过人民币 1,500 万元，任一交易日持有的最高合约价值不超过人民币 15,000 万元， 上述额度自公司董事会审议通过之日起 12 个月内有效。如单笔交易的存续期超过了 授权期限，则授权期限自动顺延至该笔交易终止时止。 本议案已经公司 ...

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。 安徽建工集团股份有限公司(以下简称"公司")控股子公司安徽建工公路桥梁建 设集团有限公司（以下简称"建工路桥"）申请发行总额不超过人民币 10 亿元的超 短期融资券和总额不超过人民币 20 亿元的中期票据，已经公司于 2025 年 3 月 6 日召 开的第九届董事会第五次会议审议通过，并经公司于 2025 年 3 月 27 日召开的 2025 年第一次临时股东大会审议批准。具体内容详见公司于 2025 年 3 月 7 日披露的《关 于 2025 年度债券注册发行计划的公告》（公告编号：2025-012）。 建工路桥近日收到中国银行间市场交易商协会（以下简称"中市协"）出具的《接 受注册通知书》（中市协注〔2025〕SCP170 号、中市协注〔2025〕MTN613 号），主 要内容如下：中市协决定接受建工路桥超短期融资券和中期票据注册，注册金额分别 为 10 亿元和 20 亿元，注册额度自本通知书落款之日起 2 年内有效，由徽商银行股份 有限公司主承销。建工路桥在注册有效期内可分 ...

证 券 代 码：600502 证 券 简 称 ：安 徽 建 工 编 号 ：2025-047 交易工具：期货合约 交易场所：境内期货交易所 交易金额：计划投入期货套期保值业务的保证金总额不超过人民币 1,500 万 元，任一交易日持有的最高合约价值不超过人民币 15,000 万元。 已履行的审议程序：本次建工商贸开展钢材期货套期保值业务已经公司董事 会审计委员会 2025 年第四次会议和第九届董事会第九次会议审议通过，无须提交股 东大会审议批准。 安徽建工集团股份有限公司 关于开展钢材期货套期保值业务的公告 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，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 交易目的：为降低钢材价格波动给公司带来的经营风险，锁定生产经营成本， 提升公司整体抵御风险的能力，公司所属子公司安徽建工现代商贸物流集团有限公司 （以下简称"建工商贸"）拟对生产经营业务相关的钢材开展期货套期保值业务。 交易品种：钢材 1 （二）交易金额 计划投入期货套期保值业务的保证金总额不超过人民币 1,500 万元，任一交易日 持有的最高合约价值不超过人民 ...

二、董事会会议审议情况 证 券 代 码 ： 600502 证 券 简 称 ： 安 徽 建 工 编 号 ： 2025-046 安徽建工集团股份有限公司 第九届董事会第九次会议决议公告 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。 一、董事会会议召开情况 安徽建工集团股份有限公司第九届董事会第九次会议于 2025 年 7 月 18 日以通讯 方式召开。会议应出席董事 7 人，实际出席董事 7 人。本次会议的召开符合《公司法》 和《公司章程》的规定。 经与会董事书面表决，会议形成如下决议： （二）审议通过了《关于制定<期货套期保值业务管理办法>的议案》。 表决结果：7 票同意，0 票反对，0 票弃权，本项议案获得表决通过。 特此公告。 安徽建工集团股份有限公司董事会 2025 年 7 月 19 日 1 （一）审议通过了《关于开展钢材期货套期保值业务的议案》，同意依据公司编 制的《关于开展钢材期货套期保值业务的可行性分析报告》, 由公司所属子公司安徽 建工现代商贸物流集团有限公司开展钢材期货套期保值业务，交易保证金最高额度不 超过人 ...

房屋检测概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元) | | --- | --- | --- | --- | --- | | 300917 | 特发服务 | 0.31 | 4.26 | -3308.58 | | 603636 | 南威软件 | -0.66 | 5.66 | -2241.69 | | 600491 | 龙元建设 | -0.86 | 1.35 | -2034.25 | | 601611 | 中国核建 | 0.11 | 0.80 | -1584.54 | | 600502 | 安徽建工 | -1.03 | 1.19 | -1303.39 | | 002271 | 东方雨虹 | -0.18 | 0.87 | -981.24 | | 600939 | 重庆建工 | -1.11 | 1.80 | -861.33 | | 600629 | 华建集团 | -0.23 | 1.33 | -859.02 | | 301091 | 深城交 | 2.89 | 2.84 | -766.23 | | 002057 | 中钢天源 | 0.22 | 2.65 | - ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [10]. Core Insights - The Central Urban Work Conference held on July 14-15 emphasized the transition of urbanization in China from a rapid growth phase to a stable development phase, focusing on quality urban renewal rather than large-scale expansion [8][13]. - The conference outlined key tasks for urban development, including optimizing modern urban systems, building innovative cities, and enhancing livability and sustainability [13]. - The report highlights the historical significance of this conference, marking a shift towards high-quality urban development, contrasting with previous meetings that focused on rapid expansion and basic infrastructure [13]. - Future funding for urban renewal is expected to come from various sources, including special central budget investments and local government bonds, indicating potential for increased capital inflow into the sector [13]. - The report suggests that the construction sector should focus on leading companies and the entire design-construction-operation chain, particularly in urban renewal projects [13]. Summary by Sections Event Description - The Central Urban Work Conference took place in Beijing, with significant speeches from top leaders, indicating a strategic shift in urbanization policy [8][9]. Market Performance - The report includes a market performance comparison over the past 12 months, showing a relative performance of the construction and engineering sector against the CSI 300 index [11]. Related Research - The report references several related studies that discuss urban renewal and the construction industry's response to current challenges [12].

Investment Rating - The industry investment rating is "Overweight" [2][22]. Core Viewpoints - The economy showed stable growth in the first half of 2025, with GDP increasing by 5.3% year-on-year. However, fixed asset investment growth weakened, with a cumulative year-on-year increase of 2.8%, down 0.9 percentage points from January to May [3][4]. - Infrastructure investment growth also weakened, with total infrastructure investment (including all categories) increasing by 8.9% year-on-year, a decrease of 1.5 percentage points compared to January to May. Notably, investment in transportation, warehousing, and postal services rose by 5.6% year-on-year, while investment in water conservancy, environment, and public facilities management increased by 3.5% [4][7]. - Real estate investment remained low, with a year-on-year decrease of 11.2% in the first half of 2025. The decline in construction starts and completions narrowed, with starts down 20.0% and completions down 14.8% year-on-year [7][8]. Summary by Sections Economic Overview - The first half of 2025 saw a GDP growth of 5.3%, with quarterly growth rates of 5.4% in Q1 and 5.2% in Q2. Fixed asset investment growth was at 2.8%, with manufacturing investment increasing by 7.5% [3][4]. Infrastructure Investment - Infrastructure investment (all categories) grew by 8.9% year-on-year, while investment excluding electricity increased by 4.6%. Transportation and postal services saw a 5.6% increase, while water and environmental management investment rose by 3.5% [4][5]. Real Estate Investment - Real estate investment decreased by 11.2% year-on-year, with construction starts down 20.0% and completions down 14.8%. The pace of investment recovery is expected to be slower than in previous cycles, highlighting the need for more supportive policies [7][8]. Investment Recommendations - The report suggests that the overall industry is currently weak, but regional investments may gain momentum due to national strategic initiatives. Recommended companies include state-owned enterprises like China Chemical, China Energy Construction, and China Railway Construction, as well as private firms like Zhi Te New Materials and Honglu Steel Structure [15].

唐猛 A0230523080003 tangmeng@swsresearch.com 行 业 及 产 业 行 业 研 究 / 行 业 深 度 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 联系人 唐猛 (8621)23297818× tangmeng@swsresearch.com 2025 年 07 月 13 日 适度不过度超前推进现代基础设施体系， 总量投资趋于平稳 看好 ——申万宏源建筑周报（20250707-20250711） 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 建筑装饰 - ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数+2.59%，沪深 300 指数+0.82%，相对收益为+1.77pct。周涨幅最大的三个子行业分别为 生态园林（ +5.49% ）、国际工程（ +5.34% ） 、 设 计 咨 询 （+4.20%），对应行业内三个公司：国晟科技（ ...

Investment Rating - The report rates the construction and decoration industry as "Overweight" [2][8] Core Viewpoints - The overall investment growth rate is weak, with infrastructure investment providing relative stability amidst pressures in manufacturing and real estate. Infrastructure investment (excluding electricity) grew by 5.6% year-on-year from January to May 2025, while total infrastructure investment increased by 10.4% [2] - The report predicts that corporate profits will face pressure in the first half of 2025 due to slowing fixed asset investment growth and a focus on project quality. The expected net profit growth rates for key companies are categorized into various ranges, with some companies projected to see declines [2][3] - The report suggests that low valuations of state-owned enterprises in the construction sector may recover due to ongoing economic stimulus policies and management's market value management methods. The current PE and PB ratios for the construction industry are at 11.2X and 0.76X, respectively, indicating a bottom position [2] - Investment recommendations include state-owned enterprises such as China Chemical, China Railway, and China Railway Construction, as well as private companies like Zhi Te New Materials and Shenzhen Ruijie [2] Summary by Relevant Sections Profit Growth Predictions - Companies with a net profit growth rate below -10%: China Railway, China Railway Construction, China Metallurgical Group, China Power Construction, Shanghai Construction, Honglu Steel Structure, Southeast Network Framework [3] - Companies with a net profit growth rate between -10% and 0%: China Communications Construction, Sichuan Road and Bridge [3] - Companies with a net profit growth rate between 0% and 10%: China Energy Engineering, China Steel International, Anhui Construction, Donghua Technology [3] - Companies with a net profit growth rate between 10% and 20%: China Chemical [3] - Companies with a net profit growth rate above 20%: Zhi Te New Materials, Shenzhen Ruijie [3] Valuation Table - The report includes a valuation table for key companies in the construction industry, detailing their stock prices, EPS, PE ratios, and projected net profit growth rates for 2024A, 2025E, and 2026E [3]