格隆汇1月20日丨安徽建工(600502.SH)公布，近日，公司收到中国证券监督管理委员会《关于同意安徽 建工集团股份有限公司向专业投资者公开发行可续期公司债券注册的批复》（证监许可〔2026〕23 号），批复主要内容如下： 一、同意公司向专业投资者公开发行面值总额不超过50亿元可续期公司债券的注册申请。二、本次发行 可续期公司债券应严格按照报送上海证券交易所的募集说明书进行。三、本批复自同意注册之日起24个 月内有效，公司在注册有效期内可以分期发行可续期公司债券。 ...

安徽建工公告，公司于2025年8月15日召开第九届董事会第十次会议，并于2025年9月5日召开2025年第 二次临时股东大会，审议批准公司申请发行总额不超过人民币50亿元的可续期公司债券。近日，公司收 到中国证券监督管理委员会《关于同意安徽建工集团股份有限公司向专业投资者公开发行可续期公司债 券注册的批复》，同意公司向专业投资者公开发行面值总额不超过50亿元可续期公司债券的注册申请。 本批复自同意注册之日起24个月内有效，公司在注册有效期内可以分期发行可续期公司债券。 ...

Investment Rating - The report rates the industry as "Buy" [6] Core Insights - TSMC expects capital expenditure to reach USD 52-56 billion in 2026, an increase of 27%-37% from 2025 [2][3] - Longxin Technology plans to raise CNY 29.5 billion for technology upgrades in memory chip manufacturing [3] - China State Grid anticipates fixed asset investment of CNY 4 trillion during the 14th Five-Year Plan, a 40% increase from the previous plan [4] Summary by Sections Semiconductor Industry - TSMC's revenue for Q4 2025 is expected to grow by 20.5% year-on-year, with a net profit increase of approximately 35% [3] - The cleanroom sector is expected to benefit from increased capital expenditures in semiconductor manufacturing, with companies like Yaxin Integration showing significant revenue growth [3] Power and Infrastructure - China State Grid's investment plan aims to enhance system regulation capabilities and support large-scale development of new energy storage [4] - China Power Construction and China Energy Engineering are leading firms in power construction, with significant market shares in hydropower and energy storage [4] Cleanroom and Emerging Technologies - Yaxin Integration reported a 165.2% year-on-year increase in revenue for December, indicating strong demand in the cleanroom sector [3] - The report recommends companies involved in cleanroom technology, commercial aerospace, and controlled nuclear fusion as potential investment opportunities [8] Recommended Companies - The report highlights several companies for investment, including Yaxin Integration, China State Grid, and China Power Construction, based on their strong market positions and growth potential [8][9]

原标题：原安徽水利开发有限公司党委书记、董事长张晓林接受纪律审查和监察调查 据安徽纪检监察消息，原安徽水利开发有限公司党委书记、董事长张晓林涉嫌严重违纪违法，目前正接 受安徽建工集团控股有限公司纪委纪律审查；经安徽省监委指定管辖，接受安庆市监委监察调查。（安 徽建工集团控股有限公司纪委、安庆市纪委监委） 来源：安徽纪检监察 转自：安徽纪检监察 ...

Group 1 - The core viewpoint of the article highlights the target price adjustments made by brokerages for listed companies, with significant increases noted for certain firms [1] - The companies with the highest target price increases include Anhui Construction, China Duty Free Group, and Yaxing Anchor Chain, with target price increases of 50.75%, 25.15%, and 23.22% respectively, indicating strong performance expectations in the infrastructure, tourism retail, and marine equipment sectors [1] - On the downside, only one company, Jujie Microfiber, had its rating downgraded by CITIC Securities from "Buy" to "Hold," reflecting a cautious outlook for this particular firm [1]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 7.07 CNY [1][3]. Core Insights - The company's net profit attributable to shareholders decreased by 15.9% year-on-year for the first three quarters of 2025, while new contracts signed increased by 6.5% [2][4]. - The company is implementing a comprehensive strategic layout across the province, nation, industry chain, and globally, leveraging its integrated "investment, construction, and operation" model [2][5]. Financial Performance Summary - For the first three quarters of 2025, total revenue was 450.3 billion CNY, a decrease of 16.6% year-on-year. The net profit attributable to shareholders was 8.1 billion CNY, down 15.9% year-on-year [4]. - The gross profit margin increased by 0.9 percentage points to 13.1%, while the net profit margin rose slightly to 1.8% [4]. - The company’s operating cash flow net outflow narrowed to 19.7 billion CNY, compared to a net outflow of 52.6 billion CNY in the same period of 2024 [5]. Order Book and Market Strategy - New contracts signed in the first three quarters of 2025 totaled 1,122.1 billion CNY, reflecting a 6.5% increase year-on-year [5][15]. - The breakdown of new contracts includes 1,093.3 billion CNY from engineering construction, with significant contributions from infrastructure projects [15]. - The company is focusing on expanding its market presence and accelerating transformation in traditional industries towards digitalization, intelligence, and sustainability [5][15]. Financial Forecast - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be 0.70 CNY, 0.78 CNY, and 0.86 CNY respectively, reflecting a decrease of 11.1% in 2025, followed by growth in subsequent years [3][6]. - The company is expected to maintain a price-to-earnings (PE) ratio of 9.1 times for 2026, with a target price of 7.07 CNY [3][6]. Valuation Metrics - The current dividend yield is 4.1%, with a dividend payout ratio of 34.5% for the 2024 annual report [5]. - The company’s market capitalization is approximately 8,051 million CNY, with a price-to-book (PB) ratio of 0.5 [7][8].

Market Overview - The infrastructure sector increased by 0.16% on December 31, with Guosheng Technology leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Top Performers - Guosheng Technology (603778) closed at 17.60, up 7.84% with a trading volume of 858,400 shares and a transaction value of 1.466 billion [1] - Guanzhong Ecology (300948) closed at 21.69, up 5.55% with a trading volume of 94,800 shares and a transaction value of 203 million [1] - China Nuclear Engineering (601611) closed at 13.48, up 4.01% with a trading volume of 1,951,000 shares and a transaction value of 1.265 billion [1] Underperformers - C Haofan (001396) closed at 43.15, down 13.72% with a trading volume of 117,200 shares and a transaction value of 525 million [2] - Dongzhu Ecology (603359) closed at 9.54, down 4.31% with a trading volume of 907,400 shares and a transaction value of 89.57 million [2] - Jiangjian Co. (603815) closed at 7.44, down 2.36% with a trading volume of 211,700 shares and a transaction value of 158 million [2] Capital Flow - The infrastructure sector experienced a net outflow of 113 million from institutional investors, while retail investors saw a net inflow of 4.06 million [2] - The main capital inflow was observed in Huylu Ecology (001267) with a net inflow of 98.54 million, accounting for 9.78% of the total [3] - China Nuclear Engineering (601611) had a net inflow of 50.82 million, representing 4.02% of the total [3]

Group 1 - The core viewpoint of the news is the performance and financial details of Anhui Construction Engineering Group Co., Ltd, including its stock price, market capitalization, and revenue composition [1] - As of December 31, Anhui Construction's stock rose by 1.08%, trading at 4.70 yuan per share, with a total transaction volume of 26.97 million yuan and a turnover rate of 0.34%, leading to a total market value of 8.068 billion yuan [1] - The company's main business segments include housing construction and installation (41.25%), infrastructure construction and investment (36.53%), other services (10.38%), commercial housing sales (8.57%), and supplementary services (3.28%) [1] Group 2 - Tianhong Fund's Tianhong CSI Dividend Low Volatility 100 ETF (159549) has entered the top ten circulating shareholders of Anhui Construction, holding 11.054 million shares, which is 0.64% of the circulating shares [2] - The fund was established on November 23, 2023, with a latest scale of 3.779 billion yuan, and has achieved a year-to-date return of 3.29%, ranking 3886 out of 4189 in its category [2] - The fund's performance over the past year yielded a return of 2.64%, ranking 3822 out of 4188, and since its inception, it has returned 19.92% [2] Group 3 - The fund manager of Tianhong CSI Dividend Low Volatility 100 ETF is Liu Xiaoming, who has a tenure of 7 years and 98 days, managing a total fund size of 19.894 billion yuan [3] - During Liu's tenure, the best fund return was 70.25%, while the worst return was -46.54% [3]

证券代码：600502 证券简称：安徽建工 公告编号：2025-093 ■ 二、董事离任对公司的影响 根据《公司法》《公司章程》的相关规定，王淑德先生的辞职未导致公司董事会成员人数低于法定最低 人数，不会对公司董事会正常运作和公司运营产生影响，其辞职申请自送达公司董事会之日起生效。王 淑德先生已按照相关规定做好交接工作，其不存在未履行完毕的公开承诺。 王淑德先生在担任公司董事、董事会薪酬与考核委员会委员职务期间，恪尽职守、勤勉尽责，为公司规 范运作、高质量发展发挥了积极作用。公司及董事会对王淑德先生在任期间为公司发展所作出的贡献表 示衷心感谢！ 特此公告。 安徽建工集团股份有限公司 关于公司董事离任的公告 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： ●安徽建工集团股份有限公司（以下简称"公司"）董事会于近日收到董事王淑德先生的书面辞职报告。 王淑德先生因组织调动，申请辞去公司董事、董事会薪酬与考核委员会委员等职务。王淑德先生离任后 不再担任公司其他任何职务，亦不存在未履行完毕的公开承诺。 一、董事提前离任情 ...

南财智讯12月29日电，安徽建工公告，公司董事会于近日收到董事王淑德先生的书面辞职报告。王淑德 先生因组织调动，申请辞去公司董事、董事会薪酬与考核委员会委员等职务。王淑德先生离任后不再担 任公司其他任何职务，亦不存在未履行完毕的公开承诺。根据《公司法》《公司章程》的相关规定，王 淑德先生的辞职未导致公司董事会成员人数低于法定最低人数，其辞职申请自送达公司董事会之日起生 效。王淑德先生已按照相关规定做好交接工作。 ...