| 证券代码：600820 | 证券简称：隧道股份 | | | 公告编号：临 | 2026-006 | | --- | --- | --- | --- | --- | --- | | 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 关于公司副总裁辞职的公告 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。 上海隧道工程股份有限公司（以下简称"公司"）董事会于近日收 到公司副总裁李波先生的辞职报告，李波先生因工作变动原因，申请 辞去公司副总裁职务。 一、高级管理人员离任情况 | 是否继续在上 | 具体职务 | 是否存在未 | 离任职 | 姓名 | 离任时间 | 原定任期到期日 | 离任原因 | 市公司及其控 | （如适 | 履行完毕的 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

隧道股份 20260327 摘要 战略对标法国万喜，由传统建筑商向城市运营商转型，目标 2025 年后 运营业务利润占比由 20%-30%提升至 35%以上。 投资模式由 PPP 转向特许经营权与存量资产收购，重点布局城市更新、 低空经济起降点、地下管网及高速公路数字化改扩建。 科技转型推行"100 家混改科创公司"计划，依托垂类交通大模型孵化 "中成交"等企业，旨在 2026 年后通过 IPO 实现资本增值。 核心产品"数字盾构机"实现算力算法赋能，对标无人驾驶操作系统； 智能建造已在港澳及东南亚预制构件工厂落地应用。 财务投资减压，计划 2026 年将华大九天持股降至 5%以下并逐步清空， 消除股价波动对净利润的非经常性损益冲击。 海外业务聚焦港澳与东南亚，中东大额项目受地缘局势影响暂缓；分红 政策维持行业前五水平，短期内优先保障科创与运营业务投入。 Q&A 隧道股份的年合同签约额接近 1,000 亿元，年营业收入约 700 亿元，利润接近 30 亿元。公司在 2025 年进行了战略研究，将自身定位为"赋能产业未来发展 的智慧城市运营商"，致力于成为"中国的万喜"。 我们认为全球建筑业的未 来发展趋势大致 ...

Investment Rating - The report maintains an "Outperform" rating for the construction and decoration industry, indicating a positive outlook compared to the broader market [2]. Core Insights - The construction and decoration sector is currently experiencing a market adjustment, primarily due to geopolitical tensions in the Middle East and rising prices of raw materials, which have raised concerns about supply chain stability and corporate profitability. Investors are encouraged to identify certain opportunities within the sector based on three main investment themes [19][20]. - The report highlights that the issuance of special bonds has accelerated, with a cumulative net financing of 949.3 billion yuan as of March 20, 2026, which is higher than the same period in the past three years. This indicates a positive trend in funding for infrastructure projects [39]. Summary by Sections 1. Industry Viewpoints and Investment Recommendations - The construction and decoration index fell by 6.25%, while the overall A-share index decreased by 3.38%, indicating underperformance relative to the broader market. Notably, the landscaping engineering sector showed resilience with a gain of 4.29% [18]. - The report identifies three main investment themes: high dividend and low valuation stocks with a strong margin of safety, stocks benefiting from policy support during the 14th Five-Year Plan, and companies transitioning to new productivity sectors [19][20]. 2. Market Adjustment and Opportunities - The report suggests that investors should focus on high dividend, low valuation stocks with a high margin of safety, particularly among the eight major construction state-owned enterprises, which have a price-to-book (PB) ratio of 0.52x, placing them in the 4.69th percentile historically [20][23]. - Specific recommendations include companies like Sichuan Road and Bridge, China State Construction, and China Railway Construction, all of which have dividend yields above 3% [23][24]. 3. Policy Support and Sector Growth - The report emphasizes the strong policy support for infrastructure projects, particularly in regions like Xinjiang, where significant investments are being made in transportation and energy projects. For instance, a recent signing of investment projects in Xinjiang reached 170 billion yuan [25][26]. - The anticipated construction intensity in Xinjiang is expected to increase by 55% from 2022-2024 levels, with similar growth projected for Tibet and Sichuan [26][27]. 4. Company Dynamics - Key company updates include China State Construction reporting a total new contract value of 719.8 billion yuan for January-February 2026, reflecting a year-on-year growth of 0.9% [10]. - The report also notes that China Energy Engineering has raised 6.5 billion yuan through a private placement, indicating ongoing capital mobilization within the sector [10]. 5. Valuation and Market Trends - The report provides insights into the valuation of major construction companies, indicating that the current PB ratio is historically low, suggesting potential for recovery and growth in stock prices [20][21]. - The construction sector is expected to benefit from ongoing investments in new productivity sectors, with a focus on smart construction and emerging industries such as aerospace and biotechnology [37][38].

| 证券代码：600820 | 股票简称：隧道股份 | | 编号：临 | 2026-005 | | --- | --- | --- | --- | --- | | 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 关于参与认购中国能源建设股份有限公司 向特定对象发行股票暨对外投资公告 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。 重要提示： 上海隧道工程股份有限公司（简称"隧道股份"或"公司"） 以自筹资金 3,499,999,998.45 元参与认购中国能源建设股份有限公 司（简称"中国能建"）向特定对象发行的 1,372,549,019 股 A 股股 票，占中国能建本次发行后总股本的 3.10%。 本次交易不涉及关联交易，未构成重大资产重组，该事项无需 提交公司股东会审议。 重要风险提示： 1、中国能建发展不及预期风险 能源电力及基础设施行业若景气度或政策推进不及预期，可能导 致中国能建经营发 ...

Group 1 - The report emphasizes the importance of optimizing expenditure structure and maintaining fiscal stability in 2026, which is the starting year of the "14th Five-Year Plan" [3][5][27] - The fiscal deficit rate is proposed to be around 4%, with a deficit scale of 5.89 trillion yuan, an increase of 230 billion yuan from the previous year, and a general public budget expenditure scale of 30 trillion yuan, up approximately 1.27 trillion yuan [8][9] - The issuance of special bonds is expected to support major projects and alleviate hidden debts, with a planned issuance of 4.4 trillion yuan in local government special bonds [8][9] Group 2 - The report highlights the recovery of domestic steel structure demand and the successful expansion into overseas markets, indicating that the steel structure market is entering a favorable layout window [29][34] - The pre-fabricated steel structure market is projected to grow significantly, with a CAGR of 5.3% for the overall market and 9.4% for the industrial building segment from 2025 to 2029 [34][36] - The report notes that the investment in the power grid is expected to accelerate, with the State Grid planning to invest approximately 4 trillion yuan during the "14th Five-Year Plan" period, a 40% increase from the previous plan [38][41] Group 3 - The report discusses the low valuation and potential for valuation recovery of central state-owned enterprises (SOEs) in the construction sector, emphasizing the focus on asset quality and value creation capabilities [3][65][84] - The report indicates that the construction industry remains a pillar of the national economy, with ongoing investments in the central and western regions, urban renewal, and overseas market expansion supporting the industry's investment scale [84][86] - The report anticipates that the improvement in cash flow will lead to an increase in dividend ratios for low-valued central SOEs, suggesting a potential for valuation recovery [84][86]

关于基础设施公募 REITs 申报发行工作的进展公告 | 证券代码：600820 | 证券简称：隧道股份 | | | 公告编号：临 | 2026-004 | | --- | --- | --- | --- | --- | --- | | 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 三、同意东证资管为基金的基金管理人，上海银行股份有限公司为基金的基 1 金托管人。 四、东证资管应自本批复下发之日起 6 个月内进行基金的募集活动，募集期 限自基金份额发售之日起不得超过 3 个月。 发行基础设施公募 REITs 有助于公司实现基础设施建设投资模式由"重"转 "轻"、打造"投资－建设－运营－资产上市"闭环，通过资产盘活实现建设与 投资业务规模的持续稳定增长；同时，有助于隧道股份运营类资产价值重估、全 生命周期智慧运营理念的输出及品牌价值提升。公司将积极推进发行基础设施公 募 REITs 相关工作，并及时履行信息披露义务，请广大投资者注意投资风险。 特此公告。 本公司董事会及全体董事 ...

Group 1: Bond Investment Strategy - The report highlights a transition in bond investment strategy towards a "sell on every rise" approach, driven by asset allocation rebalancing and the current weak position of bond assets compared to equities [9][10] - The economic outlook for 2026 is characterized as a "non-typical recovery" period, with a focus on nominal growth recovery, fiscal spending structure, and inflation trends as key indicators for the bond market [9][10] - The report suggests that the 10-year government bond yield may range between 1.77% and 1.95%, with a potential upward breakout above 1.9% [9][10] Group 2: Hong Kong Stock Market Strategy - High dividend assets are expected to remain attractive in 2026, with historical performance indicating that sectors with dividend yields above 3% generally provide absolute returns during periods of RMB appreciation [12][10] - The report emphasizes the importance of consumer sectors, particularly discretionary consumption, which tends to outperform during inflationary periods, suggesting investment opportunities in these areas [12][10] - The technology sector in Hong Kong is anticipated to benefit from RMB appreciation, with a focus on companies that possess unique ecological positions and infrastructure capabilities [12][10] Group 3: U.S. Stock Market Strategy - The U.S. stock market is projected to have limited valuation upside due to geopolitical uncertainties and a shift from light to heavy asset investments, with capital expenditures expected to broaden beyond technology giants [11][13] - The report notes that the S&P 500 index is expected to see stable earnings growth of around 16%, with current valuations at approximately the 70th percentile historically [11][13] - AI investments are highlighted as having potential in upstream and midstream sectors, with opportunities for alpha generation in the value chain [11][13] Group 4: Future Industries - The report discusses significant advancements in future industries, including quantum technology, biomanufacturing, and brain-machine interfaces, indicating a strong trend towards commercialization and technological breakthroughs [15][16] - The approval of the first invasive brain-machine interface for clinical use marks a significant milestone in the industry, reflecting increased investment and interest in this area [15][16] - The report outlines the importance of hydrogen energy and nuclear fusion, with China joining the "Triple Nuclear Declaration" to enhance global nuclear energy capacity by 2050 [15][16]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [2][26]. Core Insights - Fixed asset investment growth stabilized in January-February 2026, with a cumulative year-on-year increase of 1.8%, which is a decrease of 5.6 percentage points compared to the full year of 2025. Manufacturing investment saw a year-on-year increase of 3.1%, up by 2.5 percentage points from 2025 [4][11]. - Infrastructure investment, under a new calculation method, showed a year-on-year increase of 11.4% in January-February 2026. Key sectors included transportation, storage, and postal services with a 9.1% increase, water, environment, and public facilities management with an 8.3% increase, and electricity, heat, gas, and water production and supply with a 13.1% increase [5][11]. - Real estate investment remained low, with a year-on-year decrease of 11.1% in January-February 2026, and construction starts and completions also showed significant declines [11][16]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment in January-February 2026 was 1.8%, reflecting a stabilization compared to the previous year [4]. - Manufacturing investment increased by 3.1% year-on-year, indicating a recovery trend [4]. Infrastructure Investment - Infrastructure investment increased by 11.4% year-on-year in January-February 2026, with significant contributions from various sectors [5]. - The eastern and central regions showed modest growth, while the western and northeastern regions experienced declines [5]. Real Estate Investment - Real estate investment saw a year-on-year decline of 11.1%, with construction starts down by 23.1% and completions down by 27.9% [11]. - The report anticipates a slow recovery in real estate investment due to supply-side challenges [11]. Investment Recommendations - The report suggests focusing on cyclical sectors that are expected to benefit from the recovery, particularly in steel structure and chemical engineering [16]. - It highlights specific companies such as Honglu Steel Structure, China Chemical, and others as potential investment opportunities [16].

Investment Rating - The report maintains a "stronger than the market" investment rating for the construction sector, particularly focusing on central enterprises and emerging pillar industries [2]. Core Insights - The report emphasizes a positive outlook from the recent Two Sessions and the "14th Five-Year Plan," suggesting that central enterprises will benefit from accelerated key projects supported by national fiscal policies [20][21]. - It identifies three categories of companies likely to benefit from these policies: 1. Central construction enterprises, which are expected to see improved cash flow and valuation recovery due to local government debt resolution efforts [20]. 2. Companies involved in underground utility tunnel construction and assessment, which will benefit from urban renewal and increased demand for property transactions [21]. 3. Participants in canal construction and high-standard farmland projects, which are expected to accelerate under the new safety and energy production capacity indicators [21]. Summary by Sections Industry Outlook and Investment Recommendations - The report highlights the positive macroeconomic targets for 2026, including an expected economic growth of 4.5%-5% and a budget deficit of approximately 5.89 trillion yuan, which is an increase of 230 billion yuan from the previous year [20]. - It notes that the central government plans to issue 1.3 trillion yuan in long-term special bonds to support key construction projects [20]. Market Performance - The construction decoration index decreased by 0.70%, while the overall A-share index fell by 0.93%, indicating a relative outperformance of the construction sector [19][36]. - Specific sectors such as landscaping engineering (+7.88%) and international engineering (+1.60%) showed better performance compared to others [19]. Company Dynamics - The report tracks significant company movements, including China Energy Construction, which saw a 13.78% increase in stock price, and Huajian Group, which rose by 8.00% [36]. - It also notes that the issuance of special bonds has accelerated, with a cumulative net financing of 832.4 billion yuan as of March 6, 2026, surpassing the levels of the previous two years [26]. Valuation and Investment Lines - The report recommends focusing on three main investment lines for 2026: 1. Central and state-owned enterprises that are positioned for recovery and transformation [30]. 2. Companies in high-demand sectors such as excavation, civil explosives, and geotechnical engineering [31]. 3. New economy sectors including commercial aerospace, low-altitude economy, computing power, and AI [31].

Investment Rating - The report maintains a "Buy" rating for Tunnel Shares and Weixing New Materials, indicating a positive outlook for these companies in the underground pipeline construction sector [4]. Core Insights - The underground pipeline construction industry is experiencing accelerated growth due to government policies and significant investment needs, with an expected construction and renovation of over 700,000 kilometers of underground pipelines during the "15th Five-Year Plan" period, requiring more than 5 trillion yuan in new investment [12][13]. - The industry is transitioning from a focus on "laying pipes" to "maintaining and smart management," emphasizing the need for modernization and upgrades of existing infrastructure [13][16]. - The investment opportunities are concentrated in three main segments: engineering, pipe materials, and operation and maintenance services, with specific companies recommended for investment in each segment [30][31][32]. Industry Situation - The total length of urban pipelines in China is projected to reach 3.78 million kilometers by the end of 2024, with significant increases in investment and construction during the "13th Five-Year Plan" and "14th Five-Year Plan" periods [12][14]. - The report highlights a 78.2% increase in new urban pipelines during the "13th Five-Year Plan" compared to the "12th Five-Year Plan," with a 52.3% increase in related fixed asset investments [12][14]. Market Review - The report identifies six major market trends in the underground pipeline sector from 2015 to the present, driven by policy changes and significant infrastructure projects, including the establishment of the Xiong'an New Area and the recent issuance of 1 trillion yuan in special bonds for urban drainage and flood control [22][23][27]. - The performance of pipe material companies has shown strong correlation with these policy events, with notable stock price increases during key periods of policy announcements [22][27]. Investment Recommendations - In the engineering segment, Tunnel Shares is recommended for its strong cash flow and involvement in large-scale urban renewal projects [30]. - In the pipe materials segment, companies such as China Liansu, Weixing New Materials, and Qinglong Pipe Industry are highlighted for their market leadership and growth potential in municipal projects [31][32][33]. - The report also emphasizes the importance of digitalization and smart operation in the maintenance segment, with companies like Zhengyuan Geospatial and Chen'an Technology being noted for their innovative solutions [30][32].