证券之星消息，1月28日基础建设板块较上一交易日下跌0.17%，冠中生态领跌。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。基础建设板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601390 | 中国中铁 | 5.80 | 4.69% | 1177.59万 | | 68.61亿 | | 002586 | ST間海 | 4.94 | 1.86% | 12.94万 | 6343.45万 | | | 600820 | 隧道股份 | 6.67 | 1.52% | 41.73万 | | 2.79亿 | | 000498 | 山东路桥 | 6.29 | 1.29% | 22.76万 | | 1.43亿 | | 002061 | 浙江交科 | 4.12 | 0.98% | 36.46万 | | 1.50亿 | | 002717 | ST岭南 | 1.70 | 0.59% | 58.70万 | 9985.02万 | | ...

Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [4] Core Views - Infrastructure investment is experiencing a short-term bottoming out, with cumulative year-on-year growth turning negative for the first time since 2004. In 2025, narrow infrastructure (excluding electricity) completed 18.08 trillion yuan, down 2.20% year-on-year, while broad infrastructure totaled 24.50 trillion yuan, down 1.48% year-on-year. December saw significant declines, with narrow and broad infrastructure down 12.22% and 15.95% year-on-year, respectively. Despite this, major strategic projects are expected to continue, and infrastructure investment is anticipated to stabilize and recover gradually [5][12][22]. Summary by Sections Infrastructure Investment - In 2025, narrow infrastructure investment completed 18.08 trillion yuan, down 2.20% year-on-year, while broad infrastructure totaled 24.50 trillion yuan, down 1.48% year-on-year. December saw a year-on-year decline of 12.22% for narrow infrastructure and 15.95% for broad infrastructure, with significant drops in water conservancy and public facilities management [5][12]. New Orders - New orders in 2025 showed a pattern of stability among central enterprises, with China State Construction, China Railway, China Electric Power, and China Energy achieving new orders of 4.15 trillion yuan, 2.75 trillion yuan, 1.33 trillion yuan, and 1.45 trillion yuan, respectively. Local state-owned enterprises exhibited more significant differentiation, with Shanghai Construction, Shaanxi Construction, and Pudong Construction seeing declines of 35%, 25%, and 23% year-on-year, while Sichuan Road and Bridge saw a substantial increase of 47% year-on-year [6][17]. Market Performance - The construction and decoration index rose by 1.88% during the week, with chemical engineering, steel structure, and international engineering leading the gains at 10.70%, 7.71%, and 4.49%, respectively. A total of 123 stocks in the construction sector rose, with the top five performers being Huawi Design (+51.92%), Zhite New Materials (+49.21%), and others [8][28]. Company Dynamics - Several companies reported significant changes in their financial performance for 2025. For instance, China Metallurgical Group expects a net profit decline of 76.28% to 80.73% due to ongoing losses in the real estate sector and substantial asset impairment provisions. In contrast, companies like Xinjiang Jiaojian anticipate a net profit increase of 50.14% to 125.22% [24][25].

证券日报网讯1月20日，隧道股份（600820）在互动平台回答投资者提问时表示，隧道股份战略投资孵 化首个交通领域的垂类大模型企业——中城交(上海)科技有限公司，其自主研发的"通达大模型"已通过 国家生成式人工智能服务备案，成为上海首个获得备案批准的交通垂类大模型。 ...

| 债券代码：115633 | 债券简称：23 | 隧道 | | --- | --- | --- | | 债券代码：115902 | 债券简称：23 | 隧道 | | | | K1 K2 | | | | 编号：临 | | 证券代码：600820 | 股票简称：隧道股份 | 2026-002 | 上海隧道工程股份有限公司 2025 年度主要经营情况公告 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。 一、新增项目情况汇总 2025 年度，上海隧道工程股份有限公司及下属子公司项目中标 情况如下： | | | | 单位：万元 | 币种：人民币 | | | --- | --- | --- | --- | --- | --- | | 订单总个数 | | 2907 | 中标合同量 | 业务占比 （%） | 较上年同 | | | | | | | 期增减（%） | | 按空间类型 | | 地下业务 | 2,546,560.03 | 28.43 | -48.68 | | 分类 | | 地上业务 | 6,409,284.85 | 71.57 ...

Core Viewpoint - The company announced a mixed performance in its various business segments for the year 2025, with overall contract amounts showing slight growth despite declines in several areas [1] Group 1: Business Orders and Contract Amounts - The company and its subsidiaries secured a total of 2,907 construction business orders, with a contract amount of 89.558 billion yuan, reflecting a year-on-year decrease of 1.51% [1] - The design business orders totaled 2,634, with a contract amount of 4.698 billion yuan, showing a significant year-on-year decline of 23.75% [1] - The operation business orders reached 765, with a contract amount of 7.769 billion yuan, marking a substantial year-on-year increase of 58.85% [1] - Digital business orders amounted to 333, with a contract amount of 1.016 billion yuan, experiencing a slight year-on-year decrease of 1.32% [1] - The total contract amount across all business segments was 103.041 billion yuan, which represents a marginal year-on-year increase of 0.02% [1] Group 2: Major Projects - A significant project, the Huixian to Juancheng (Yulu Border) Expressway, specifically the section from Huixian to Weihu, has a contract amount of 6.49 billion yuan [1] - As of the end of 2025, the project company is expected to complete the equity transfer and is advancing preparations for the commencement of construction [1]

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 16, 2026 [1][6] - The stock with the highest daily increase is Aotewi (688516.SH) with a rise of 8.22% and a year-to-date increase of 43.17%, along with a dividend yield of 3.51% [1][6] - Other notable performers include Daimai Co. (603730.SH) with a daily increase of 5.32% and a year-to-date increase of 6.28%, and Weichai Power (000338.SZ) with a daily increase of 3.66% and a year-to-date increase of 21.74% [1][6] Group 2 - The list includes various companies with significant dividend yields, such as Gree Electric Appliances (000651.SZ) with a yield of 7.46% and Nanshan Aluminum (600219.SH) with a yield of 6.57% [1][6] - The data is sourced from the Shanghai Stock Exchange and reflects the closing prices as of January 16, 2026, with dividend yields calculated up to January 15, 2026 [1][6]

2025年5月19日，公司收到上海证券交易所出具的《关于对元晟租赁 2025年资产支持专项计划资产支持证券挂牌转让无异议的函》（上证函 〔2025〕1691号）。元晟租赁2025年第二期资产支持专项计划为储架项下 第二期产品，发行金额16.83亿元。 截至2026年1月16日，认购资金已全部划入元晟租赁2025年第二期资 产支持专项计划（以下简称"本专项计划"）托管账户，经德勤华永会计师 事务所（特殊普通合伙）验资，本专项计划实际收到认购资金为168,300 万元，已达到《元晟租赁2025年第二期资产支持专项计划说明书》等专项 计划文件约定的各级资产支持证券目标募集规模。本专项计划符合成立条 件，于2026年1月16日正式成立，基本情况如下： | 证券代码：600820 | 股票简称：隧道股份 | 编号：临2026-001 | | --- | --- | --- | | 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 关于元晟租赁2025年第二期资产支持专项计划成立的公告 本公司董事会及全体董事保证本公告内容 ...

Core Viewpoint - Tunnel Corporation (600820.SH) announced the establishment of the Yuan Sheng Leasing 2025 Asset-Backed Special Plan, with a total issuance amount of 1.683 billion yuan [1] Group 1 - On May 19, 2025, the company received a no-objection letter from the Shanghai Stock Exchange regarding the transfer of asset-backed securities under the Yuan Sheng Leasing 2025 Asset-Backed Special Plan [1] - The actual subscription funds received for the second phase of the Yuan Sheng Leasing 2025 Asset-Backed Special Plan amounted to 1.683 billion yuan, confirming that it met the target fundraising scale outlined in the plan documents [1] - The special plan was officially established on January 16, 2026, after verification by Deloitte Huayong Accounting Firm [1]

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 13, 2026 [1][5] - China National Offshore Oil Corporation (CNOOC) leads with a daily increase of 3.57% but has a year-to-date decline of 1.82% and a dividend yield of 4.44% [1][5] - Other notable performers include Shenhua Holdings with a daily rise of 2.35% and a year-to-date increase of 10.78%, and Tunnel Engineering with a daily increase of 2.30% and a year-to-date rise of 2.93% [1][5] Group 2 - The average historical price-to-earnings (P/E) ratio for the index is reported at 11.75 times, with an expected P/E ratio of 11.07 times [2] - The average dividend yield for the index stands at 4.76% [2] - The index shows a defensive characteristic with a defensive ratio of 1.34 times [2] Group 3 - The article mentions the formation of a MACD golden cross signal, indicating a positive trend for the stocks listed [4][8]

Core Viewpoint - The recent financial report of Tunnel Corporation reveals a paradox where net profit has decreased by 19.35%, yet cash flow and gross margin show strong performance, indicating potential underlying strength in the company's operations and future prospects [5][21][14]. Shareholder Composition - The top ten circulating shareholders of Tunnel Corporation include notable long-term investors such as Hong Kong Central Clearing Limited, National Social Security Fund, and Basic Pension Insurance Fund, collectively holding 1.51 billion shares, accounting for 48.02% of circulating shares, with an increase of 23.57 million shares from the previous period [3][4][19]. Financial Performance - The company reported a net profit decline of 19.35%, raising concerns about its operational health amidst a focus on stable growth in the infrastructure sector [21]. - Cash received from sales reached 40.81 billion yuan, exceeding the operating revenue, suggesting strong customer payment behavior and effective accounts management [6][22]. - The gross margin improved significantly to 15.90%, a year-on-year increase of 36.48%, indicating a potential shift in project structure or technological capabilities [7][23]. Cash Flow and Asset Quality - The company maintains a robust liquidity position with cash and cash equivalents amounting to 21.08 billion yuan, fully covering short-term borrowings of 10.04 billion yuan, indicating no immediate survival crisis [24]. - The credit impairment loss was reported at -26.48 million yuan, reflecting a recovery of previously uncollectible debts, which is a positive indicator of asset quality [9][25]. Robotics and Innovation - Tunnel Corporation is actively developing specialized robotic equipment for infrastructure projects, enhancing safety and efficiency in high-risk environments [10][26]. - The company is also exploring humanoid robots for future infrastructure maintenance, aiming to meet evolving operational demands [10][26]. Market Sentiment and Future Outlook - The significant increase in holdings by Hong Kong Central Clearing Limited, representing foreign capital, suggests a short-term optimistic sentiment towards the company's transformation prospects [11][26]. - Observers are encouraged to focus on the company's emerging industry orders, R&D efficiency, and the sustainability of gross margins as it expands its revenue base [27].