丨证券研究报告丨 报告要点 [Table_Summary] 公司 2025 年上半年实现营业收入 216.76 亿元，同比增长 3.74%；归属净利润 14.21 亿元，同 比增长 1.56%；扣非后归属净利润 12.39 亿元，同比减少 11.60%。 分析师及联系人 [Table_Author] 范超 张弛 李金宝 张智杰 袁志芃 SAC：S0490513080001 SAC：S0490520080022 SAC：S0490516040002 SAC：S0490522060005 SAC：S0490525070008 SFC：BQK473 SFC：BUT917 SFC：BVZ972 联合研究丨公司点评丨中材国际（600970.SH） [Table_Title] 上半年业绩微增，新签订单增速明显 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中材国际（600970.SH） cjzqdt11111 [Table_Title2] 上半年业绩微增，新签订单增速明显 [Table_Summary2] 事件描述 丨证券研究报告丨 2025-09-09 联合研究丨公司点 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - Recent focus on "anti-involution" has increased, with a clear policy direction from the central government to address "involution-style" competition. A joint initiative was launched by 33 construction-related state-owned and private enterprises to resist such competition [2][13] - The report emphasizes investment opportunities in the construction sector, particularly in the context of rising infrastructure demand in central and western regions, and the potential benefits from the "anti-involution" trend [2][31] Summary by Sections 1. Anti-Involution Investment Opportunities - Four angles to capture investment opportunities: 1) Price elasticity: Focus on resource-related sectors benefiting from rising commodity prices, such as "construction + minerals" and "construction + chemicals" [2][14] 2) Downstream profit improvement and capital expenditure: The steel industry is seeing enhanced self-discipline, leading to improved supply conditions. Notable companies include China Steel International and China National Materials [2][14] 3) Financial statement improvement and transformation: Companies with stronger technological attributes are expected to benefit from structural demand in technology-driven infrastructure [15] 4) New energy materials and engineering: The photovoltaic sector is highlighted as a key area for investment [2][15] 2. Market Review - The construction index fell by 1.13% this week, underperforming the CSI 300 index by 0.76 percentage points. Notable gainers included companies like Jiangsu Transportation and Hongrun Construction [4][25] 3. Investment Recommendations - Focus on infrastructure recovery and anti-involution investment themes. Key recommendations include: - High-quality local state-owned enterprises such as Sichuan Road and Bridge, and Zhejiang Communications [31][32] - Central state-owned enterprises like China Communications Construction and China Railway Construction [31][32] - Emphasis on regions with high infrastructure demand, particularly in water conservancy, railways, and aviation [31][32]

Group 1 - The stock price of China National Materials International Engineering Co., Ltd. (中材国际) closed at 8.91 yuan on September 5, 2025, down 3.36% from 9.22 yuan the previous week [1] - The highest intraday price for the stock was 9.23 yuan on September 1, 2025, while the lowest was 8.74 yuan on September 4, 2025 [1] - The current total market capitalization of the company is 23.522 billion yuan, ranking 4th out of 39 in the professional engineering sector and 779th out of 5,152 in the A-share market [1] Group 2 - The company plans to hold its fourth extraordinary general meeting of shareholders on September 12, 2025, to review amendments to the Articles of Association, rules for shareholder meetings, rules for board meetings, and the independent director work system, among other proposals [2] - Key amendments include the cancellation of the supervisory board, with its functions transferred to the audit and risk management committee of the board of directors [2][3] - The proposal to lower the shareholding percentage required for shareholder proposals from 3% to 1% is also included in the agenda [2][3]

Core Viewpoint - As of the announcement date, the company has no overdue external guarantees [1] Company Summary - The company, China National Materials International (stock code: 600970), released an announcement on September 5, stating that it has no overdue external guarantees as of the date of the announcement [1]

| 证券代码：600970 | 证券简称：中材国际 | | | 公告编号：临 | 2025-058 | | --- | --- | --- | --- | --- | --- | | 债券代码：241560 | 债券简称：24 | 国工 | K1 | | | 中国中材国际工程股份有限公司 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子 | 161,766.96 | | 公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一期 经审计净资产的比例（%） | 7.66 | | 特别风险提示（如有请勾选） | □对外担保总额（含本次）超过上市公司 | | | 最近一期经审计净资产 50% | | | □对外担保总额（含本次）超过上市公司 | | | 最近一期经审计净资产 100% | | | □对合并报表外单位担保总额（含本次） | | | 达到或超过最近一期经审计净资产 30% | | | ☑本次对资产负债率超过 70%的单位提供 | | | 担保 | | 其他风险提示（如有） | 无 | 一、担保情况概述 （一）担保的基本情况 关于控股 ...

Group 1 - The company is holding its fourth extraordinary general meeting of shareholders on September 12, 2025, in Beijing, with specific voting times outlined for both on-site and online participation [1][2] - The agenda includes the election of scrutineers, discussion of various proposals, and the announcement of resolutions from the meeting [4][5] - Shareholders are entitled to speak, inquire, and vote during the meeting, with specific procedures for registration and questioning established to maintain order [2][3] Group 2 - Proposals for the meeting include amendments to the company's articles of association, rules for shareholder meetings, and rules for board meetings, with significant changes such as the cancellation of the supervisory board [3][6][8] - The amendments aim to clarify the roles of the board of directors, including the introduction of an employee director and adjustments to shareholder proposal rights, reducing the required shareholding percentage from 3% to 1% [6][8][19] - The company is also revising its rules for board meetings to reflect the removal of the supervisory board and to detail the responsibilities of the audit and risk management committee [18][19]

（四）《关于修订<公司独立董事工作制度>的议案》 （五）《关于取消公司监事会并废止<公司监事会议事规则>的议案》 中国中材国际工程股份有限公司2025年第四次临时股东大会材料 中国中材国际工程股份有限公司 2025年第四次临时股东大会会议议程 中国中材国际工程股份有限公司 2025年第四次临时股东大会材料 二〇二五年九月 北京 中国中材国际工程股份有限公司 2025年第四次临时股东大会材料目录 | 一、中国中材国际工程股份有限公司2025年第四次临时股东大会 | | --- | | 会议议程 2 | | 二、中国中材国际工程股份有限公司2025年第四次临时股东大会 | | 须知 3 | | 三、中国中材国际工程股份有限公司2025年第四次临时股东大会 | | 议案 5 | | （一）《关于修订<公司章程>的议案》 | | （二）《关于修订<公司股东会议事规则>的议案》 | | （三）《关于修订<公司董事会议事规则>的议案》 | 1 中国中材国际工程股份有限公司2025年第四次临时股东大会材料 中国中材国际工程股份有限公司 2025年第四次临时股东大会须知 为维护投资者的合法权益，确保2025年第四次临时股东大 ...

Group 1 - The construction industry faced overall pressure in the first half of 2025, with a slight improvement in cash flow in Q2 [6][10][12] - The industry's revenue and profit both declined year-on-year, with total revenue of 3.92 trillion yuan, down 5.63%, and net profit of 936.2 billion yuan, down 5.33% [12][26] - The gross profit margin for construction companies was 10.14%, a slight decrease of 0.12 percentage points year-on-year, while the net profit margin increased marginally to 2.39% [6][10][20] Group 2 - The construction industry saw an increase in cash collection efficiency, with the cash collection ratio rising by 6.29 percentage points to 95.11% [6][31] - The industry's asset-liability ratio increased to 77.52%, up 0.57 percentage points from the beginning of the year, indicating a rise in financial leverage [6][34] - The total amount of funds occupied by downstream owners increased, with accounts receivable and inventory reaching 10.03 trillion yuan, a year-on-year increase of 8.57% [27][30] Group 3 - The chemical engineering and petroleum engineering sectors showed resilience, with positive revenue growth, while the steel structure sector also saw profit recovery due to overseas expansion [11][39][40] - In the first half of 2025, only two sub-sectors, steel structure and chemical engineering, achieved positive revenue growth of 2.81% and 1.33% respectively [39][41] - The gross profit margin for the international engineering and petroleum engineering sectors improved, with international engineering at 15.14%, up 3.26 percentage points [43][44]

Summary of Key Points Core Viewpoint - On September 2, a total of 33 target price adjustments were made by brokerages for listed companies, with notable increases in target prices for Zhongcai International, Zhucheng Technology, and Guangyun Technology, reflecting significant potential upside in their respective sectors [1][2]. Group 1: Target Price Increases - Zhongcai International received a target price increase of 43.65%, with a new target price of 13.00 yuan [2]. - Zhucheng Technology's target price was raised by 41.51%, now set at 75.00 yuan [2]. - Guangyun Technology saw a target price increase of 35.72%, with a new target price of 22.00 yuan [2]. Group 2: Brokerage Recommendations - A total of 35 listed companies received brokerage recommendations on September 2, with notable mentions including Datang Power and China General Nuclear Power, each receiving one recommendation [3]. - Guangyun Technology's rating was upgraded from "Hold" to "Increase" by CITIC Securities [5]. Group 3: Rating Adjustments - One company, Yihua Tong, had its rating downgraded from "Buy" to "Hold" by Changjiang Securities [6]. - The only company receiving a new coverage rating was Chifeng Gold, which was rated "Buy" by CITIC Securities [7].

Summary of Key Points Core Viewpoint - On September 2, a total of 33 target price adjustments were made by brokerages for listed companies, with notable increases in target prices for Zhongcai International, Zhucheng Technology, and Guangyun Technology, reflecting significant potential upside in their respective sectors [1]. Group 1: Target Price Increases - Zhongcai International (600970) received a target price increase of 43.65%, with a new target price of 13.00 yuan [2]. - Zhucheng Technology (301280) saw a target price increase of 41.51%, with a new target price of 75.00 yuan [2]. - Guangyun Technology (155311) had a target price increase of 35.72%, with a new target price of 22.00 yuan [2]. - Other companies with notable target price increases include Xingrong Environment (34.62%), Shennan Circuit (30.64%), and Zhongding Co., Ltd. (29.29%) [2]. Group 2: Brokerage Recommendations - A total of 35 listed companies received brokerage recommendations on September 2, with notable mentions including Datang Power and China General Nuclear Power, each receiving one recommendation [3]. - Guangyun Technology was upgraded from "Hold" to "Increase" by CITIC Securities, marking a positive shift in sentiment [5]. - Yihua Tong (688339) was downgraded from "Buy" to "Increase" by Changjiang Securities, indicating a cautious outlook [6]. Group 3: First Coverage - On September 2, CITIC Securities initiated coverage on Chifeng Gold (600988), assigning a "Buy" rating, indicating confidence in the company's prospects in the precious metals sector [7].