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 ...

Market Performance - The housing inspection sector declined by 0.18%, ranking among the top losers in the market, with notable declines from companies like Luopuskin, Chongqing Construction, and Anhui Construction [1] - In contrast, 18 stocks within the sector experienced price increases, with Hualan Group, Shenzhen Urban Transport, and Sujiao Technology leading the gains at 3.11%, 2.89%, and 1.66% respectively [1] Capital Flow - The housing inspection sector saw a net outflow of 137 million yuan, with 23 stocks experiencing net outflows, and 5 stocks seeing outflows exceeding 10 million yuan [1] - The stock with the highest net outflow was Tefa Service, with a net outflow of 33.09 million yuan, followed by Nanwei Software, Longyuan Construction, and China Nuclear Construction with outflows of 22.42 million yuan, 20.34 million yuan, and 15.85 million yuan respectively [1] Top Gainers and Losers - The top gainers in the housing inspection sector included Huace Testing, Hualan Group, and Jinyu Group, with net inflows of 19.69 million yuan, 6.45 million yuan, and 5.10 million yuan respectively [2] - The outflow leaderboard featured Tefa Service, Nanwei Software, and Longyuan Construction, with respective outflows of 33.09 million yuan, 22.42 million yuan, and 20.34 million yuan [2]

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].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report indicates that the total investment in the industry is expected to stabilize, with a focus on advancing modern infrastructure systems without excessive preemption [1][3] - The National Development and Reform Commission (NDRC) has stated that all 102 major projects outlined in the "14th Five-Year Plan" are expected to be completed by the end of the year [11] - The report highlights that regional investments are likely to gain significant elasticity as national strategic layouts deepen [3] Industry Performance - The construction industry saw a weekly increase of 2.59%, outperforming major indices such as the Shanghai Composite Index (+1.09%) and the Shenzhen Component Index (+1.78%) [4][6] - The best-performing sub-industries for the week were Ecological Landscaping (+5.49%), International Engineering (+5.34%), and Design Consulting (+4.20%) [6][9] - Year-to-date, the top three sub-industries are Ecological Landscaping (+27.48%), Decorative Curtain Walls (+15.98%), and Design Consulting (+15.74%) [6][9] Key Company Developments - Anhui Construction won contracts for the S27 Hohhot to Ordos Expressway and G4212 Hefei to Anqing Expressway, totaling 8.085 billion yuan, which represents 8.38% of its 2024 revenue [13] - Zhejiang Communications won a contract for the G2531 Hangzhou to Shangrao Expressway, valued at 4.222 billion yuan, accounting for 8.84% of its 2024 revenue [13] - The report recommends low-valuation state-owned enterprises such as China Chemical, China Railway, and China Railway Construction, while also highlighting private companies like Zhite New Materials and Honglu Steel Structure [3][11]

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]

Investment Rating - The industry rating is maintained as "Outperform the Market" [5] Core Insights - The construction sector has seen a significant increase in attention towards urban renewal, with undervalued large-cap stocks showing signs of stabilization. The sector's performance is driven by improved demand-side policy expectations and a shift away from excessive competition, benefiting both large and small-cap stocks. The report suggests focusing on high-growth segments such as urban renewal, coal chemical, nuclear power, and steel structures, while also considering the beta opportunities in large-cap stocks [1][13][14]. Summary by Sections Urban Renewal - Urban renewal is accelerating, with policies from the central government outlining goals and support measures. The focus includes the renovation of old residential areas, establishing safety management systems for buildings, and creating resilient and smart cities. The report identifies four key categories for investment: design and testing, construction and decoration, urban infrastructure renovation, and resilient/smart city initiatives, highlighting specific companies in each category [2][15][17]. Market Performance - The construction index rose by 2.77% in the week of July 7-11, outperforming the Shanghai and Shenzhen 300 index by 1.76 percentage points. Notable performers included Guosheng Technology (+42.98%), New City (+34.73%), and Beautiful Ecology (+34.46%) [4][21][26]. Investment Recommendations - The report emphasizes the cyclical opportunities arising from improved physical work volume in infrastructure. It suggests focusing on high-demand areas such as water conservancy, railways, and aviation, particularly in regions like Sichuan, Zhejiang, Anhui, and Jiangsu. Recommended companies include Sichuan Road and Bridge, Zhejiang Communications, and major state-owned enterprises like China Communications Construction and China Railway Construction [27][28]. Emerging Business Directions - The report highlights the growing demand for computing power driven by AI applications, recommending companies like Hainan Huatie for their transition into computing power leasing. It also notes the potential in cleanroom sectors due to the ongoing domestic replacement in the semiconductor industry, suggesting companies like Baicheng and Shenghui Integration [29][30]. Major Projects and Themes - The report identifies significant investment opportunities in major hydropower projects, deep-sea economy, and low-altitude economy, recommending companies involved in these sectors, such as China Power Construction and China Energy Engineering [32][30].

Core Viewpoint - The completion of the Xu-Huai-Fu Expressway's Huai Bei and Su Zhou sections ahead of schedule is a significant achievement for Anhui Construction, enhancing regional connectivity and supporting economic development in the Huai Bei area and the Yangtze River Delta integration [2][3]. Group 1: Project Details - The Xu-Huai-Fu Expressway spans 72.07 kilometers, connecting Xu Zhou, Huai Bei, and Fu Yang, and serves as a vital transportation link in the region [2]. - The project was completed 10 months ahead of the planned schedule, showcasing the efficiency and capability of Anhui Construction in managing complex construction challenges [2]. - The construction involved overcoming difficulties such as the protection of ancient canal sites and complex geological conditions, with over 10 million cubic meters of earthwork completed [2]. Group 2: Economic Impact - The new expressway will significantly reduce travel time between Huai Bei and Xu Zhou, Fu Yang, facilitating the flow of people, goods, and capital in the region [3]. - The project is positioned as a key component in promoting the integration of the Huai Bei area into the Yangtze River Delta development framework, contributing to regional revitalization and high-quality growth [3]. - Anhui Construction aims to leverage its integrated investment and construction model to further contribute to national and local development goals, enhancing infrastructure and supporting modernization efforts in Anhui [3].

证 券 代 码 ： 600502 证 券 简 称 ： 安 徽 建 工 编 号 ： 2025-045 安徽建工集团股份有限公司 关于项目中标的公告 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。 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： 前期及建设期：3 年 收费期：30 年 二、G4212 合安高速公路桐城南枢纽至凉亭枢纽段改扩建工程施工 TA-01 标段 中标人：安徽建工路港建设集团有限公司 项目概况：该项目位于安庆市，项目内容主要包括路基、路面、桥涵、临时交通 设施、绿化、隔离栅等工程。 中标价：9.50 亿元 工期：28 个月 特此公告。 安徽建工集团股份有限公司董事会 一、S27 呼和浩特至鄂尔多斯高速公路（呼和浩特段）项目特许经营者 中标人：安徽建工集团股份有限公司（牵头人）、中马（安徽）股权投资合伙企 业（有限合伙）、安徽建工集团投资发展有限公司、安徽建工建设投资集团有限公 司、安徽建工(安庆)建设投资有限公司、安徽建工(宿州)建设投资有限公司、安徽 建工建设安装集团有限公司联合体 项目概况： ...