Core Viewpoint - Anhui Construction (600502.SH) has recently received multiple project bidding notifications, indicating a strong pipeline of new contracts and potential revenue growth for the company [1] Group 1: Project Wins - The company won the bid for the foundation construction of the Huainan section of the Yangzhou to Huainan Expressway, with a bid price of 620 million [1] - The company has been selected as the franchise operator for the Bozhou West Ring section of the Wuhe to Bozhou Expressway, with an estimated investment of approximately 5.801 billion [1] - The company is also the franchise operator for the Guoyang to Lixin Expressway, with an estimated investment of around 3.874 billion [1]

安徽建工公告称，公司及所属子公司近日收到项目中标通知书。其中，扬州至淮南高速公路淮南段路基 施工02标段，中标价6.20亿元，工期24个月；五河至亳州高速公路亳州西环段，投资估算约58.01亿元， 工期1095日历天，收费期355个月；涡阳至利辛高速公路，投资估算约38.74亿元，工期1095日历天，收 费期360个月。上述项目实施存在不确定性，投资者需注意风险。 ...

Investment Rating - The industry investment rating is currently neutral, indicating that the industry is expected to perform in line with the overall market [22]. Core Insights - The fixed asset investment and manufacturing investment growth rates have continued to decline, with a cumulative year-on-year decrease of 0.5% for fixed asset investment from January to September 2025, and a 4.0% year-on-year increase in manufacturing investment, which is a decline of 1.1 percentage points compared to the previous month [3][4]. - Infrastructure investment is under pressure, with a year-on-year growth of 3.3% for total infrastructure investment and 1.1% for infrastructure investment excluding electricity, both showing a decline in growth rates compared to the previous month [4]. - Real estate investment remains low, with a year-on-year decrease of 13.9% from January to September 2025, and construction starts down by 18.9% [10]. Summary by Sections Economic Overview - The GDP growth for the first three quarters of 2025 is reported at 5.2%, with quarterly growth rates of 5.4%, 5.2%, and 4.8% respectively [3]. Infrastructure Investment - Infrastructure investment growth is under pressure, with specific sectors like transportation, water conservancy, and public utilities showing varying degrees of decline [4]. - Eastern regions experienced a year-on-year investment decline of 4.5%, while central and western regions saw a slight increase of 1.5% [4]. Real Estate Investment - Real estate investment has shown a significant decline, with expectations of a slow recovery due to challenges in supply and inventory replenishment [10]. Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain traction with the implementation of national strategic layouts. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction among others [14].

Investment Rating - The industry investment rating is "Overweight" [2] Core Viewpoints - The economic operation in the first three quarters of 2025 shows steady progress, with fixed asset investment and manufacturing investment growth continuing to decline. The GDP growth rates for Q1, Q2, and Q3 of 2025 are 5.4%, 5.2%, and 4.8% respectively, leading to a cumulative year-on-year fixed asset investment decrease of 0.5% [4][5] - Infrastructure investment is under pressure, with transportation, water conservancy, and public utility investment growth all facing challenges. The total infrastructure investment growth rate (including all categories) is 3.3%, down 2.1 percentage points from the previous month [5] - Real estate investment remains low, with a year-on-year decrease of 13.9% in the first nine months of 2025, indicating a weak recovery in investment [10] Summary by Sections Economic Overview - The GDP growth for the first three quarters of 2025 is 5.2%, with a decline in fixed asset investment and manufacturing investment growth rates [4][5] Infrastructure Investment - Total infrastructure investment growth is 3.3%, with specific sectors like transportation and public utilities showing negative growth [5] Real Estate Investment - Real estate investment has decreased by 13.9% year-on-year, with construction starts and completions showing slight improvements [10] Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain flexibility with national strategic layouts. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction [14]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [7]. Core Insights - The company is positioned to benefit from the high investment intensity in Anhui Province's 14th Five-Year Plan, particularly in highway and municipal construction, with a projected average annual increase in highway operational mileage of 363 kilometers, a 21% increase from the previous plan [6]. - The company has shown resilience with a year-on-year increase of 2.68% in new orders to 75.086 billion yuan in the first half of 2025, despite industry headwinds [6]. - The company is expanding its geographical reach and operational capabilities, establishing 18 branches outside Anhui and focusing on key markets such as Beijing-Tianjin-Hebei, the Yangtze River Delta, and the Greater Bay Area [6]. - The company has a strong dividend profile, with a cash dividend of 463 million yuan in 2024, a payout ratio of 34.46%, and a dividend yield of 5.9% as of September 30 [6]. Financial Projections - The projected net profit attributable to the parent company for 2025-2027 is 1.338 billion, 1.439 billion, and 1.538 billion yuan, respectively, with corresponding P/E ratios of 5.99, 5.57, and 5.21 [7]. - Revenue forecasts for 2024-2027 are 96.502 billion, 92.332 billion, 94.614 billion, and 96.997 billion yuan, with growth rates of 5.76%, -4.32%, 2.47%, and 2.52% [8].

Investment Rating - The report gives an "Overweight" rating for the construction and decoration industry, indicating a positive outlook compared to the overall market performance [2][9]. Core Insights - The construction industry is experiencing a slowdown in investment, leading to pressure on corporate profits. Despite this, infrastructure investment remains stable, acting as a stabilizing force in the overall economy [3][4]. - The report highlights that companies with a net profit growth rate below -10% include China Railway, China Metallurgical Group, and others, while those with growth rates above 20% include Jianfa Hecheng and Zhi Te New Materials [3][4]. - The report suggests that weak investment could lead to a valuation recovery for central state-owned enterprises in the construction sector, as current valuations are low with a PE ratio of 12.4X and a PB ratio of 0.82X as of October 10, 2025 [3][4]. Summary by Sections Investment Trends - Fixed asset investment growth has slowed, with infrastructure investment showing a year-on-year increase of 5.4% for the first eight months of 2025. The report notes that while manufacturing and real estate are under pressure, infrastructure investment remains relatively stable [3][4]. Profit Forecasts - The report provides a forecast for net profit growth rates for key companies in the industry, categorizing them into various growth ranges, with several companies expected to face profit pressures in 2025 [4]. Valuation Analysis - The report includes a valuation table for key companies in the construction industry, indicating their earnings per share (EPS), PE ratios, and projected net profit growth rates for 2024 to 2026. For instance, China Railway is projected to have a net profit decline of 17% in 2025, while Jianfa Hecheng is expected to see a significant increase of 45% [4].

建工水利收到中市协出具的《接受注册通知书》(中市协注〔2025〕SCP272号、中市协注〔2025〕 MTN921号)，主要内容如下：中市协决定接受建工水利超短期融资券和中期票据(永续中票)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。 格隆汇9月30日丨安徽建工(600502.SH)公布，近日，建工建投和建工水利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，具体情况如下： 建工建投收到中市协出具的《接受注册通知书》(中市协注〔2025〕SCP253号、中市协注〔2025〕 MTN851号)，主要内容如下：中市协决定接受建工建投超短期融资券和中期票据注册，注册金额分别 为5亿元和10亿元，注册额度自本通知书落款之日起2年内有效。 ...

安徽建工集团股份有限公司 关于项目中标的公告 证 券 代 码：600502 证 券 简 称 ：安 徽 建 工 编 号 ：2025-071 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。 近日，本公司及所属子公司收到项目中标通知书。具体情况公告如下： 二、郎溪县乡村振兴暨林业保护发展（一期）项目 EPC 中标人：郎溪建安建筑工程有限公司（牵头人）、安徽建工水利开发投资集团有 限公司、华设设计集团股份有限公司联合体 项目概况：该项目位于宣城市郎溪县，项目内容主要包括用材林工程、经济林工 程、林下经济、支撑体系等工程。 中标价：4.70 亿元 一、安徽阜南经济开发区基础设施建设提升（皖北新能源汽车产业园一期）项 目（一批次） 中标人：安徽建工集团股份有限公司（牵头人）、阜南鹿上建筑工程有限公司联 合体 项目概况：该项目位于阜阳市阜南县，项目内容主要包括土建、装饰、给排水、 电气、暖通、智能化、亮化、室外附属、管网、围墙等。 中标价：4.87 亿元 工期：880 日历天 工期：750 日历天 四、固镇县浍北片区路网建设项目一期项目工程 ...

证 券 代 码 ： 600502 证 券 简 称 ： 安 徽 建 工 编 号 ： 2025-070 安徽建工集团股份有限公司 关于子公司发行债务融资工具获准注册的公告 建工建投收到中市协出具的《接受注册通知书》（中市协注〔2025〕SCP253 号、 中市协注〔2025〕MTN851 号），主要内容如下：中市协决定接受建工建投超短期融 资券和中期票据注册，注册金额分别为 5 亿元和 10 亿元，注册额度自本通知书落款 之日起 2 年内有效，由中信银行股份有限公司、中国民生银行股份有限公司、兴业银 行股份有限公司、徽商银行股份有限公司、交通银行股份有限公司和上海浦东发展银 行股份有限公司联席主承销。建工建投在注册有效期内可分期发行超短期融资券和中 期票据，并应按照有权机构决议及相关管理要求进行发行管理。 1 二、建工水利申请发行超短期融资券、永续中票获准注册情况 建工水利收到中市协出具的《接受注册通知书》（中市协注〔2025〕SCP272 号、 中市协注〔2025〕MTN921 号），主要内容如下：中市协决定接受建工水利超短期融 资券和中期票据（永续中票）注册，注册金额分别为 10 亿元和 20 亿元，注册额度 ...

Core Viewpoint - Anhui Construction Engineering (600502.SH) has received registration notices from the National Association of Financial Market Institutional Investors (NAFMII) for short-term financing bonds and medium-term notes, indicating a positive step in their financing activities [1] Group 1: Company Financing - Anhui Construction Investment has been approved for the registration of short-term financing bonds and medium-term notes with a total registered amount of 5 billion and 10 billion respectively, valid for two years from the date of the notice [1] - Anhui Water Conservancy has also received approval for the registration of short-term financing bonds and medium-term notes (perpetual notes) with a total registered amount of 10 billion and 20 billion respectively, also valid for two years from the date of the notice [1]