建筑装饰 2025 年 07 月 23 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-07 2024-11 2025-03 建筑装饰 沪深300 相关研究报告 《建筑装饰配置比例微降，八大央企 持仓集中度下降—行业点评报告》 -2024.10.29 雅江下游水电站开工，基建行业迎来发展新机遇 ——行业点评报告 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | 证书编号：S0790124070064 | 事件：雅鲁藏布江下游水电工程开工，中国雅江集团有限公司正式成立 7 月 19 日上午，雅鲁藏布江下游水电工程开工仪式在西藏自治区林芝市举行。 中共中央政治局常委、国务院总理李强出席开工仪式，并宣布工程正式开工。雅 鲁藏布江下游水电工程位于西藏自治区林芝市，工程主要采取截弯取直 ...

Summary of Key Points Core Viewpoint - The announcement provides a summary of new project orders and their distribution across various business segments, highlighting a significant increase in above-ground business while noting a decline in underground business orders compared to the previous year [1]. Group 1: New Project Orders - Total order value for underground business is approximately 1,413.94 million RMB, accounting for 35.91% of total orders, which represents a decrease of 39.84% year-on-year [1]. - Total order value for above-ground business is approximately 2,523.02 million RMB, making up 64.09% of total orders, with an increase of 61.56% year-on-year [1]. - Orders from within Shanghai amount to approximately 1,678.73 million RMB, representing 42.64% of total orders, which is a decrease of 12.97% year-on-year [1]. - Orders from outside Shanghai (excluding Hong Kong and Macau) total approximately 1,931.89 million RMB, accounting for 49.07% of total orders, with an increase of 13.98% year-on-year [1]. - Overseas business orders are valued at approximately 326.34 million RMB, representing 8.29% of total orders, with an increase of 13.29% year-on-year [1]. Group 2: Business Segmentation - The municipal engineering segment, which includes projects like cross-river tunnels and sewage treatment plants, has orders totaling approximately 1,027.23 million RMB, accounting for 26.09% of total orders, with a decrease of 15.70% year-on-year [1]. - The total order value across all business segments is approximately 3,936.96 million RMB, which is a slight increase of 0.64% year-on-year [1]. - The overall total order value, including all business types, is approximately 4,620.74 million RMB, reflecting a marginal increase of 0.18% year-on-year [1].

上海隧道工程股份有限公司 | 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-032 | | --- | --- | --- | --- | --- | --- | | 债券代码：185752 | 债券简称：22 | 隧道 | 01 | | | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | | | | 小计 | 3,936,958.120 | 100 | 0.64 | | --- | --- | --- | --- | --- | --- | | 设计 | 订单总 | 1366 | 155,354.762 | 100 | 46.02 | | 业务 | 个数 | | | | | | 运营 | 订单总 | 505 | 511,668.165 | 100 | 31.31 | | 业务 | 个数 | | | | | | 数字 | 订单总 | 91 | 16,761.056 | 100 | -27.54 | | 业务 | 个数 | | | | | | | 合计 | | 4 ...

截至2025年7月22日 14:07，中证A500ETF(560510)上涨0.50%，冲击4连涨，盘中换手3.35%，成交1.75 亿元。跟踪指数中证A500指数(000510)上涨0.31%，盘中点位再创年内新高，成分股中国能建(601868) 上涨10.20%，隧道股份(600820)上涨10.07%，浙富控股(002266)上涨10.03%，中国电建(601669)上涨 10.02%，中国交建(601800)上涨10.01%。 泰康基金旗下中证A500ETF(560510.SH)及联接基金(A类/C类/Y类：022426/022427/022942)为场内外投 资者布局A股"大而美"提供了差异化投资工具。 近期，A股市场风险偏好显著提升，据统计，中证A500指数近一月涨逾6%。指数上涨带动下，大多数 中证A500相关ETF净值回到1元以上。 该机构指出，25Q4市场向上突破的条件更加有利：1. 25Q4基本面预期向2026年锚定，市场可能加速反 映2026年供需格局改善。2. 2026年A股净利润增速回升，25Q4低基数高增长，有利于困境反转预期提前 发酵。3. 2025年是居民存款到期重定价的高峰， ...

招商证券指出，2025年煤炭供给增速将进一步放缓，而动力煤需求在经济复苏带动下有望持续上升，供 需缺口收窄至1.1亿吨，对煤价形成支撑。在此背景下，具备资源禀赋优势和高长协比例的龙头企业如 中国神华，凭借超87%的长协煤比例有效平滑价格波动，业绩增长极具韧性，成为高分红策略的重要标 的。 规模方面，红利低波100ETF最新规模达10.52亿元，创近1年新高。 份额方面，红利低波100ETF近2周份额增长700.00万份，实现显著增长，新增份额位居可比基金2/5。 资金流入方面，红利低波100ETF最新资金净流入108.54万元。拉长时间看，近5个交易日内有4日资金 净流入，合计"吸金"1826.23万元，日均净流入达365.25万元。 截至2025年7月22日 13:30，中证红利低波动100指数(930955)强势上涨1.26%，成分股隧道股份(600820) 上涨10.07%，山西焦煤(000983)上涨10.07%，特变电工(600089)上涨9.98%，丽珠集团(000513)，海螺水 泥(600585)等个股跟涨。红利低波100ETF(159307)上涨1.19%， 冲击3连涨。最新价报1.1元。拉 ...

记者 戚颖璞 G15沈海高速嘉浏段是上海连接江苏的北大门，每天往来车辆13万辆。如今，通过智慧化改造，一 旦突发事件来临，这里的应急处置到位速度提升35%，处置用时缩短30%。 车流量如此庞大，通行效率却逆势提升，靠的是一颗智慧大脑，以及背后"操盘手"——隧道股份城 市运营智能运维事业部。这支团队不仅运管着城市隧道、高速公路、智慧停车等56个设施项目，而且把 上海方案输送到全国多地。 成立不足5年，他们为什么这么"牛"？ 不输互联网公司的活跃思维 在智能运维事业部办公楼一楼的中央控制室内，巨大的运营管理屏铺满整墙。轻点鼠标，后台人员 便能调取所管辖设施的实时车流、平均速度及道路状态信息。一旦发生事故，他们可直接调度距离现场 最近的应急车辆，迅速响应处置。这座楼中跃动着最前沿的科技脉搏，折射出这支团队的核心特质：一 边承袭传统行业的深厚基因，一边成长为驱动数字化转型的新势力。 2017年，隧道股份整合旗下三家城市交通基础设施运营管理龙头企业，成立了城市运营集团。2020 年，集团智能运维事业部应运而生。智能运维事业部脱胎于传统行业，有着不输互联网公司的活跃思 维。187名成员平均年龄36岁，95%拥有本科及以上 ...

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 report maintains an "Overweight" rating for the construction and engineering sector [6] - The report maintains an "Overweight" rating for the building materials sector [6] Core Insights - The transition from rapid urbanization to stable development in China indicates a shift from large-scale expansion to stock quality improvement, impacting the construction and building materials industry [1][2] - Urban renewal is identified as a key focus area, with significant investment opportunities in infrastructure upgrades, consumer-oriented building materials, and smart urban operations [2][5] - The integration of urban planning and design is emphasized, requiring higher capabilities from architectural firms to enhance urban living experiences [3] - Infrastructure investment is expected to concentrate on modern urban systems and urban renewal, with a focus on key projects that align with national priorities [4] Summary by Sections Urban Renewal and Infrastructure - Urban renewal is highlighted as a critical strategy, with an estimated investment demand of approximately 4 trillion yuan for the renovation of nearly 600,000 kilometers of urban pipelines over the next five years [2] - The demand for consumer-oriented infrastructure and renovation of existing properties is projected to increase the market share of building materials like coatings [2] Architectural Design and Planning - The report notes a shift towards integrated urban planning that enhances the capacity to support population and economic growth, which will elevate the requirements for architectural design firms [3] Infrastructure Investment Focus - The report outlines a strategic focus on infrastructure that supports modern urban systems, including transportation, energy, and water management, which are expected to maintain a favorable investment climate [4] Investment Recommendations - The report recommends focusing on companies that are well-positioned to benefit from urban renewal and infrastructure projects, including leading firms in construction design and smart urban operations [5] - Specific companies highlighted for investment include China State Construction, Tunnel Corporation, and Three Trees, with target prices and buy ratings provided [8][9]

证券代码：600820 股票简称：隧道股份 编号：临 2025-031 上海隧道工程股份有限公司 第十届董事会第四十六次会议决议公告 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个别及连带责任。 重要内容提示： ●本次董事会会议全体董事出席。 ●本次董事会会议无董事对会议审议议案投反对或弃权票情形。 ●本次董事会会议审议议案全部获得通过。 一、董事会会议召集、召开情况 上海隧道工程股份有限公司（简称"公司"）第十届董事会第四 十六次会议，分别于 2025 年 7 月 8 日、7 月 10 日以电子邮件方式发 出会议通知和补充会议通知，并进行了电话确认，于 2025 年 7 月 15 日以通讯表决方式召开，应到董事 8 名，实到 8 名。本次会议的召集、 召开符合相关法律、法规和《公司章程》的规定。 二、董事会会议审议情况 （一） 《公司关于补选第十届董事会专门委员会委员的议案》 （该项议 案同意票 8 票，反对票 0 票，弃权票 0 票；是否通过：通过） 经公司董事长葛以衡先生提名，同意刘纯洁先生、袁涛先生、张 桂戌先生为公司第十届董 ...

第十届董事会第四十六次会议决议公告 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个别及连带责任。 重要内容提示： ●本次董事会会议全体董事出席。 一、董事会会议召集、召开情况 | 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-031 | | --- | --- | --- | --- | --- | --- | | 债券代码：185752 | 债券简称：22 | 隧道 | 01 | | | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | 上海隧道工程股份有限公司 鉴于辉鄄高速、长修高速项目受政策影响无法继续推进，经研究， 董事会同意对该项目调整如下：（1）解除该项目相关方所签订的合作、 投资协议；（2）对所设立的项目公司予以处置。此外，同意由下属子 公司按照新机制要求，继续参与"辉县至鄄城（豫鲁界）高速公路辉 县至卫辉段项目"招投标。本事项需经上海市国资委投资项目相关程 序履行完毕后实施 ...