证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 建筑装饰 基金经理薪酬与基准强挂钩下，建筑板块哪些标的有望获增配？ 本周核心观点：本周证监会发布《推动公募基金高质量发展行动方案》，着 力推动基金公司从"重规模"向"重回报"转变，其中规定公募基金经理 薪酬与基准强挂钩，预计主动权益类基金经理为了避免产品业绩低于基准 过多而对绩效薪酬产生较大负面影响，将尽可能让持仓结构贴近基准，持 仓结构变化有望带来市场结构性投资机会。基于基金 2024 年报数据，有 4020 个主动权益基金基准中包含沪深 300 指数，这些基金的基准中沪深 300 指数平均权重 61%。我们假设主动权益类基金按照规模的 90%去配 置基准（假设后续基准不变），则合计将配置沪深 300 指数 1.65 万亿元， 而主动权益类基金合计持有沪深 300 成份股市值 1.34 万亿元，因此可测 算后续主动权益类基金需增配沪深 300 指数 3036 亿元。主动权益类基 金对建筑板块持股比例为 0.71%，显著欠配，如后续主动权益基金规模的 90%按照基准及沪深 300 中建筑板块权重来配置，合计带来建筑板块资金 ...

建筑装饰 基金经理薪酬与基准强挂钩下，建筑板块哪些标的有望获增配？ 本周核心观点：本周证监会发布《推动公募基金高质量发展行动方案》，着 力推动基金公司从"重规模"向"重回报"转变，其中规定公募基金经理 薪酬与基准强挂钩，预计主动权益类基金经理为了避免产品业绩低于基准 过多而对绩效薪酬产生较大负面影响，将尽可能让持仓结构贴近基准，持 仓结构变化有望带来市场结构性投资机会。基于基金 2024 年报数据，有 4020 个主动权益基金基准中包含沪深 300 指数，这些基金的基准中沪深 300 指数平均权重 61%。我们假设主动权益类基金按照规模的 90%去配 置基准（假设后续基准不变），则合计将配置沪深 300 指数 1.65 万亿元， 而主动权益类基金合计持有沪深 300 成份股市值 1.34 万亿元，因此可测 算后续主动权益类基金需增配沪深 300 指数 3036 亿元。主动权益类基 金对建筑板块持股比例为 0.71%，显著欠配，如后续主动权益基金规模的 90%按照基准及沪深 300 中建筑板块权重来配置，合计带来建筑板块资金 增配规模为 218 亿元（约占建筑沪深 300 标的自由流通盘市值的 6.5%）。重点 ...

每经记者｜彭斐 每经编辑｜杨夏 伴随着DeepSeek在2025年开年的横空出世，大家看到了来自中国的创新之光，闪耀在世界的舞台上。 近日，在央视财经《对话》栏目录制现场，三位企业界代表围绕"产业创新向'新'而行"这一主题进行了 分析与讨论，本期节目于5月10日晚间播出。 今年以来，各地加大对创新的支持力度，民营企业的科技创新成果不断涌现，从生成式AI（人工智 能）到人形机器人，再到民用航空、量子信息等多个领域，民营经济均展现出强大的创新活力、发展潜 力和市场竞争力。DeepSeek、宇树人形机器人等产品的亮眼表现，彰显了中国科技创新能力，同时也 增强了市场信心。 《每日经济新闻》记者在录制现场注意到，有企业界代表认为，现在的创新跟过去已大不相同，已经进 入了一个技术变革的时代，新的技术层出不穷、交叉跨界，现在很难有一种技术的外溢能诞生一个新的 行业，更多是多领域的融合创新。 作为参与讨论的代表之一，海尔集团董事局主席、首席执行官周云杰认为，未来人工智能会重塑每一个 行业，我们要做的事情就是要选择与机器合作，而不是和它对抗，与人工智能的合作水平甚至决定了你 的薪酬，会用AI的人一定会淘汰不会用AI的人。通过全 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has announced significant overseas investments through its subsidiary, aiming to establish a clinker cement production line in Kazakhstan, which is expected to enhance profitability [3][11]. - The project involves an investment of approximately USD 37.85 million to acquire a 70% stake in the local QC company, with a total project investment of around USD 180 million (approximately CNY 1.299 billion) [11]. - The cement production line is expected to have a capacity of 3,500 tons per day, and the region currently faces a supply-demand imbalance in cement, indicating a favorable market environment [11]. - The company is strategically optimizing its operations and leveraging its full industry chain to ensure steady growth and enhance its overseas asset scale [11]. - The current stock price is considered low, providing a strong margin of safety, and the company is expected to benefit from international market changes and the "Belt and Road" initiative [11]. Summary by Sections Event Description - The company has made a significant overseas investment through its subsidiary, acquiring a stake in a Kazakhstan-based company and planning to establish a cement production line [3][11]. Financial Data - Current stock price is CNY 9.16, with a total share capital of 264,202 million shares and a net asset value per share of CNY 8.25 [7]. - The company reported a total revenue of CNY 46.127 billion for 2024, with projections for steady growth in the coming years [18]. Market Performance - The company has shown resilience in its market performance despite short-term pressures from domestic operations, indicating a robust growth logic [11].

[Table_Title] 新房高频回暖，关注低位核心消费建材 [Table_Title2] 建筑材料 [Table_Summary] ►本周受益标的： （1）重点关注经营韧性强+超高分红的+扩内 需的消费建材品种，推荐东方雨虹、三棵树、兔宝宝、伟星新 材、北新建材等；推荐业绩亮眼，铜矿资源进入加速释放的金诚 信；（2）国家重大工程雅鲁项目主体工程有望进入开工期，推荐 重点工程中岩大地等；民爆需求高景气，广东宏大、雪峰科技等 受益。（3）"对等关税"环境下，内循环投资预期变强，推荐中国 建筑，中国交建、四川路桥等受益；推荐海螺水泥、华新水泥等 水泥龙头。（4）国产替代：推荐麦加芯彩，船舶涂料取证加速未 来有望持续国产替代；推荐松井股份，车身漆国产替代需求旺 盛。（5）贸易战环境下"一带一路"战略或再迎催化，推荐中国 建筑、中国中冶；上海港湾、中工国际、北方国际、中材国际、 中钢国际等国际工程公司受益。 证券研究报告|行业研究周报 [Table_Date] 2025 年 05 月 06 日 ►第 18 周（04/27-05/03）5.1 假期周度新房同比回暖，二手房交 易同比虽有增长，但环比下滑明显。（1） 3 ...

丨证券研究报告丨 行业研究丨行业周报丨建筑与工程 报告要点 [Table_Summary] [Table_Summary] 中共中央政治局 4 月 25 日召开会议，分析研究当前经济形势和经济工作：会议指出，统筹 国内经济工作和国际经贸斗争，以高质量发展的确定性应对外部环境急剧变化的不确定性。 会议强调，要加紧实施更加积极有为的宏观政策，同时指出，要持续用力防范化解重点领域 风险，结合来看，政治会议为地产链释放积极的稳定信号。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 [Table_Title] 政治局会议召开，关注稳增长+"一带一路" 会议指出，统筹国内经济工作和国际经贸斗争，以高质量发展的确定性应对外部环境急剧变化 的不确定性。中共中央政治局 4 月 25 日召开会议，分析研究当前经济形势和经济工作。注意 到本次政治局会议将中美贸易摩擦称作"国际贸易斗争"，今年 4 月以来，美国对华关税持续 提升，不久前，美国白宫声明表示，由于中国采取报复性措施，美对华关税加征至 245%，相 比上一次美国上调关税（20 ...

Investment Overview - China National Materials International Engineering Co., Ltd. (referred to as "the company") plans to invest through its subsidiary, China National Materials Cement Co., Ltd. (referred to as "Cement Co."), to establish a new investment entity in the United Arab Emirates (UAE) [2][3] - The company will invest approximately $3,785.04 million to acquire a 70% stake in QazCement Industries LLP (referred to as "QC Company") in Kazakhstan and construct a 3,500 tons per day clinker cement production line, with a total project investment of about $18,024.06 million [2][20] Transaction Details - The transaction has been approved by the board of directors of Cement Co. and does not require further approval from the company's board or shareholders [2] - The investment is subject to regulatory approvals, including antitrust review in Kazakhstan and foreign investment registration in China [3][25] Company Profiles - Cement Co. has a registered capital of 1,000 million RMB and is primarily engaged in cement production and sales [4] - The newly established investment entity, Cement (Central Asia) Investment Co., Ltd., will have a registered capital of $3,785.04 million and will be wholly owned by Cement Co. [8] Target Company Information - QC Company, based in Kazakhstan, has a registered capital of approximately $622 million and holds mining rights for two significant mineral deposits [12] - As of December 31, 2024, QC Company reported total assets of approximately 220.78 million RMB and a net loss of approximately 55.89 million RMB [12][16] Investment Purpose and Impact - The investment aligns with Cement Co.'s international development strategy, aiming to expand its overseas asset base and enhance profitability [27] - The project is expected to leverage favorable market conditions in the region, where cement demand exceeds supply [27] Financial Assessment - An asset valuation report indicated a significant increase in QC Company's asset value, with a valuation of approximately 56.26 million RMB, reflecting a substantial appreciation [17] - The capital increase will raise QC Company's registered capital to approximately $5,407.2 million, with Cement Co. holding a 70% stake post-investment [19][23]

证券代码：600970 证券简称：中材国际 公告编号：临 2025-031 债券代码：241560 债券简称：24 国工 K1 二、交易双方基本情况 （一）投资方 1 1、公司名称：中材水泥有限责任公司 中国中材国际工程股份有限公司 关于重要参股公司对外投资（海外）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。 一、对外投资概述 1、中国中材国际工程股份有限公司（简称"中材国际"或"公司"）之重 要参股公司中材水泥有限责任公司（简称"中材水泥"）拟通过其全资子公司中 材水泥（香港）投资有限公司（简称"中材水泥香港"）在阿拉伯联合酋长国（简 称"阿联酋"）新设中材水泥（中亚）投资有限责任公司（以监管部门核定为准， 简称"中亚 SPV 公司"），并以中亚 SPV 公司为投资主体以 3,785.04 万美元增 资入股哈萨克斯坦共和国（简称"哈萨克斯坦"）当地公司 QazCement Industries LLP（简称"QC 公司"），取得 QC 公司 70%股权，并在哈萨克斯坦阿克托别州建 设 1 条 3500t/d 熟料水 ...

证券研究报告 工业/基础材料 Q1 境外工程高景气，加力城市更新 华泰研究 2025 年 4 月 27 日│中国内地 行业周报（第十七周） 本周观点：25Q1 海外工程订单景气，加力城市更新稳定消费建材需求 上周中共中央政治局会议提出"加强超常规逆周期调节"、"加力实施城市更 新行动"、"加强对企业'走出去'的服务"等，我们认为有利于内需基建投 资链、城市更新类建材、一带一路等细分板块。25Q1 我国对外承包工程新 签合同额/完成营业额 586.7/341.8 亿美元, 同比+26.0%/+5.5%，海外工程 保持较高景气。加大高品质住房供给，有利于稳定一线消费建材品牌龙头需 求；老旧小区改造和城中村改造有望从小 b 和大 b 不同渠道提供消费建材 增量需求。我们短期继续推荐内需逆周期及供给端约束较强的品种，重点推 荐四川路桥、中材国际、中国交建、中国核建、中国建筑国际、海螺水泥、 上峰水泥、中材科技、兔宝宝、中国联塑。 上周细分行业回顾 截至 4.25，上周全国水泥价格周环比-0.7%；水泥出货率 47.4%，周环比/ 同比-1.3%/-2.5pct；上周国内浮法玻璃均价 71 元/重量箱，周环比/同比持 ...

Investment Rating - The industry rating is "Recommended" [5] Core Views - The report emphasizes the need to focus on resilient companies with high dividends and those benefiting from domestic demand expansion, recommending companies such as Dongfang Yuhong, Sankeshu, Tubao, Weixing New Materials, and Beixin Building Materials [1] - The report highlights the expected commencement of major national projects, particularly the Yarlung project, and recommends companies involved in these projects, such as Zhongyan Dadi [1] - The report notes the high demand in the civil explosives sector, recommending companies like Guangdong Hongda and Xuefeng Technology [1] - The report discusses the impact of "reciprocal tariffs" on domestic investment expectations, recommending companies like China State Construction, China Communications Construction, and Sichuan Road and Bridge [1] - The report mentions the trend of domestic substitution in the paint industry, recommending companies like Maijia Xincai and Songjing Co., Ltd. [1] - The report anticipates a renewed catalyst for the "Belt and Road" strategy amid trade tensions, recommending international engineering companies such as China State Construction and China Metallurgical Group [1] Summary by Sections Market Overview - In the 17th week of April, new home sales in 30 major cities decreased by 21% year-on-year, while second-hand home transactions increased by 21% year-on-year [2][21] - The national cement market price fell by 0.5% this week, with price adjustments mainly in East, Central, and Southwest China [3][23] Cement Industry - The average operating load of cement mills nationwide is 49.04%, down 1.83 percentage points from last week [3][34] - The report indicates that the cement price is expected to continue its downward trend due to weak supply-demand dynamics [23] Recommendations - Companies with strong operational resilience and high dividends are recommended to benefit from domestic demand stimulation, including Dongfang Yuhong and Weixing New Materials [8] - Companies in the copper mining sector, such as Jinchengxin, are expected to see significant growth due to resource release and strong demand [8] - Companies involved in the Yarlung project and civil explosives are also highlighted for their growth potential [8] - The report suggests focusing on infrastructure investment, recommending companies like China State Construction and China Communications Construction [8] - The report identifies domestic paint companies as beneficiaries of the trend towards local substitution [8]