[Table_Title] 建筑行业跟踪报告 [Table_Page] 跟踪分析|建筑装饰 证券研究报告 估值底部叠加春季躁动，推荐"低估值&筹码优"大建央国企 [Table_Summary] 核心观点： | [分析师： Table_Author]耿鹏智 | | | --- | --- | | | SAC 执证号：S0260524010001 | | | 021-38003620 | | | gengpengzhi@gf.com.cn | | 分析师： | 尉凯旋 | | | SAC 执证号：S0260520070006 | | | 021-38003576 | | | yukaixuan@gf.com.cn | | 分析师： | 谢璐 | | | SAC 执证号：S0260514080004 | | | SFC CE No. BMB592 | | | 021-38003688 | | | xielu@gf.com.cn | 请注意，耿鹏智,尉凯旋并非香港证券及期货事务监察委员 会的注册持牌人，不可在香港从事受监管活动。 [Table_ 相关研究： DocReport] | 建筑行业周报:"十五五"国 | 2 ...

2026年1月28日 1月27日标的指数成份股涨跌幅TOP20 标普中国 A 股红利机会指数(CSPSADRP) | 序号 | 代码 | 简称 | 車日涨幅 | 年内涨幅 | 股息率(近12个 | | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | 月) (%) | | 1 | 600916.SH | 中国黄金 | 9.96 | 36.81 | 3.45 | | 2 | 688516.SH | 奥特维 | 9.81 | 120.95 | 2.31 | | 3 | 603279.SH | 景津装备 | 5.50 | 8.06 | 5.21 | | 4 | 300628.SZ | 亿联网络 | 5.36 | 6.34 | 4.99 | | 5 | 002478.SZ | 常宝股份 | 4.45 | 21.84 | 2.21 | | 6 | 600066.SH | 宇通客车 | 3.65 | -0.92 | 4.80 | | 7 | 603515.SH | 欧普照明 | 1.53 | 8.70 | 4.58 | | 8 | 603833.SH | 欧派 ...

证券之星消息，截至2026年1月27日收盘，中材国际(600970)报收于10.94元，上涨0.74%，换手率 1.23%，成交量27.76万手，成交额3.02亿元。 该股最近90天内共有11家机构给出评级，买入评级10家，增持评级1家；过去90天内机构目标均价为 14.16。 资金流向名词解释：指通过价格变化反推资金流向。股价处于上升状态时主动性买单形成的成交额是推 动股价上涨的力量，这部分成交额被定义为资金流入，股价处于下跌状态时主动性卖单产生的的成交额 是推动股价下跌的力量，这部分成交额被定义为资金流出。当天两者的差额即是当天两种力量相抵之后 剩下的推动股价上升的净力。通过逐笔交易单成交金额计算主力资金流向、游资资金流向和散户资金流 向。 注：主力资金为特大单成交，游资为大单成交，散户为中小单成交 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 该股主要指标及行业内排名如下： 中材国际2025年三季报显示，前三季度公司主营收入329.98亿元，同比上升3.99%；归母净利润20.74亿 元，同比上升0.68%；扣非净利润18. ...

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].

中材国际所属申万行业为：建筑装饰-专业工程-国际工程。所属概念板块包括：中非合作、中国建材集 团、人民币贬值受益、双百企业、节能环保等。 1月26日，中材国际盘中上涨2.41%，截至13:03，报11.03元/股，成交2.11亿元，换手率0.86%，总市值 289.19亿元。 资金流向方面，主力资金净流出65.96万元，特大单买入716.83万元，占比3.40%，卖出1330.92万元，占 比6.32%；大单买入4672.94万元，占比22.19%，卖出4124.80万元，占比19.59%。 中材国际今年以来股价涨6.16%，近5个交易日涨3.96%，近20日涨7.09%，近60日涨14.90%。 资料显示，中国中材国际工程股份有限公司位于北京市朝阳区望京北路16号中材国际大厦，成立日期 2001年12月28日，上市日期2005年4月12日，公司主营业务涉及以EPC工程总承包服务为主,同时采用工 程咨询和设计、成套技术装备供货(EP)、设备安装、工程建设管理等模式的工程技术服务；包括水泥技 术装备、矿业破碎及物料处理装备的研发、设计、加工制造、技术服务等高端装备制造；包含水泥生产 运营服务、矿山生产运营服务、 ...

建筑建材投资机会解读 20260125 摘要 今年建筑板块的核心关注方向有哪些？ 我们建议关注四个方向：首先，从区域投资景气度来看，中西部地区特别是四 川省的基建投资前景较好。其次，在化债、国企改革及地方三资改革背景下， 建筑央企估值修复空间较大，如中国建筑、中国建筑国际等龙头企业。第三， 从专业工程角度看，今年制造业投资有望企稳回升，我们推荐成本优势明显、 智能化布局领先的鸿路钢构。最后，从海外订单角度看，中材国际和精工钢构 在海外订单增长方面表现突出。 对于基建投资，今年有哪些具体预期？ 我们预计 2026 年的基建投资增速约为 4.5%。基建投资将呈现区域化和结构 化特征。区域化方面，中西部地区如四川、西藏、新疆等省份的基建景气度将 延续并显著上行，例如雅砻江工程、川藏铁路等重点项目进展顺利。结构化方 面，将重点关注水利、电力、市政工程等以真实需求主导的高景气赛道。这些 项目落地节奏较快，因此我们建议重点关注四川省的基建投资弹性。 四川省在固定资产投资方面有哪些优势？ 专项债发行提速，尤其在 2025 年四季度，但资金转化为实物投资预计 在 2026 年一季度集中体现。基建类订单中标金额同比增长 23% ...

Investment Rating - The report maintains a "Buy" rating for the construction and building materials sectors, with specific recommendations for several companies [9]. Core Insights - The report emphasizes a balanced allocation between traditional cyclical sectors and emerging growth industries, particularly in the context of improving real estate transaction data and liquidity in the market [12][19]. - The construction materials sector has shown resilience, with price increases observed in waterproofing materials, aluminum formwork, and engineering pipe materials since Q3 2025, indicating a strengthening self-repair capability within the sector [12][14]. - The report highlights the ongoing demand for high-end materials in commercial aerospace, including high-temperature fiber materials and perovskite materials in solar wing energy systems [12]. Summary by Sections Industry Overview - The construction materials sector has been leading the market, driven by improved real estate transaction data and expectations of a spring rally in cyclical sectors [12]. - The report notes that from January to December 2025, the new construction area in real estate decreased by 20.4% year-on-year, but there are signs of recovery in major cities [12][19]. Key Companies and Developments - Zhejiang Weixing New Materials announced plans to acquire an 88.26% stake in Beijing Songtian Cheng for approximately 111 million yuan, aiming to enhance its product chain in municipal pipeline systems [3]. - The report recommends several companies for investment, including Yaxiang Integration, Zhongcai International, China Chemical, Qibin Group, and others, with target prices and expected earnings per share provided [9][38]. Market Dynamics - The report indicates that the cement price remained stable at 353 yuan per ton, with a significant drop in the average shipment rate to 29.5% due to seasonal factors [29]. - The glass market has shown stability, with the average price of float glass holding steady at 61 yuan per weight box, despite a year-on-year decline of 18.5% [2][29]. Emerging Trends - The report identifies a potential recovery in investment in Q1 2026, supported by government policies aimed at stimulating the economy, which may benefit cyclical sectors [17]. - The demand for electronic fabrics and cleanroom materials is expected to remain high, driven by advancements in AI and increased PCB investments [13][27]. Recommendations - The report suggests focusing on waterproofing and engineering pipe materials as key opportunities in the construction sector, with a positive outlook for these segments due to expected price increases and improved market conditions [20][21].

Group 1 - The report highlights a significant increase in the State Grid's capital expenditure during the "14th Five-Year Plan" period, with a projected investment of approximately 4 trillion yuan during the "15th Five-Year Plan," representing a 40% increase compared to the previous plan [15][18][21] - The report recommends focusing on power engineering companies, specifically China Electric Power Construction, China Huadian Engineering, and China Energy Engineering, which are well-positioned to benefit from the increased capital expenditure [21][22] - The report emphasizes the importance of selecting companies with strong fundamentals and low valuations based on ROE and valuation percentiles, recommending firms such as China Chemical, China National Materials, and Donghua Technology [23][24] Group 2 - Weekly tracking indicates steady progress in coal chemical projects, with significant contract awards for the coal-to-natural gas project in Xinjiang, totaling over 15 billion yuan [28][29] - The hydrogen energy sector is gaining momentum, with government initiatives promoting zero-carbon factory construction and the launch of major projects like the Baowu Green Hydrogen Industrial Park, which has a total investment of 110.9 billion yuan [31][32] - The report notes a slight decline in steel prices, with average prices for medium-thick plates and rebar decreasing by 0.5% and 0.8% respectively, indicating a stable but low price environment [31]

（文章来源：证券日报） 证券日报网讯 1月21日，中材国际在互动平台回答投资者提问时表示，伴随全球水泥行业绿色智能转型 进程持续推进，水泥工程、水泥装备业务仍有较大潜在需求空间。欧洲等成熟市场，受脱碳政策影响， 以绿色低碳为导向的存量技改订单活跃，将为公司带来持续业务机遇。 ...

【国盛建筑何亚轩】继续重点推荐#中材国际：2026年迎基本面提速拐点、股息率具备强吸引力 3此前市场担心对其拖累最大的境内业务，2025年订单降幅大幅收窄至-4%（Q1-3下滑18%），预计2026年境内有 望实现持平/小幅转正（磷化工项目预计贡献较多增量，对冲水泥新建下行）。 42026年系公司"十五五"规划首年，业绩预计迎来开门红。 若后续公司推出股权激励，将进一步强化业绩增长预期。 1上周三公司披露2025全年订单，新签合同额同增12%，其中装备订单同比高增30%（海外装备同增51%），预计 将带动今年收入增长显著提速（装备项目周期7个月，转化速度显著快于工程）。< 【国盛建筑何亚轩】继续重点推荐#中材国际：2026年迎基本面提速拐点、股息率具备强吸引力 我们于1.14重点提示公司26年"业绩提速+高股息"双重逻辑，从经营层面看公司今年预计迎来基本面向上拐点， 业绩提速具备较强确定性： 1上周三公司披露2025全年订单，新签合同额同增12%，其中装备订单同比高增30%（海外装备同增51%），预计 将带动今年收入增长显著提速（装备项目周期7个月，转化速度显著快于工程）。 2出海持续高景气，2025全年海外 ...