证券时报·数据宝统计，截至今日下午收盘，上证综指4132.61点，收于半年线之上，涨跌幅-0.09%，A 股总成交额为32806.44亿元。到目前为止，今日有112只A股价格突破了半年线，其中乖离率较大的个股 有永顺生物、迈克生物、华兰疫苗等，乖离率分别为22.01%、19.44%、19.05%；日科化学、鲁北化 工、张家港行等个股乖离率较小，刚刚站上半年线。 | 002022 | | 科华生 | 9.97 | 7.05 | 6.63 | 6.95 | 4.77 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 物 | | | | | | | 30121 | 1 | 亨迪药 | 6.25 | 6.52 | 13.20 | 13.78 | 4.41 | | | | 业 | | | | | | | 603366 | | 日出东 方 | 5.30 | 12.26 | 9.93 | 10.33 | 4.04 | | 00071 | 1 | ST京蓝 | 5.20 | 7.97 | 1.75 | 1.82 | 4.02 | | 600789 | | 鲁抗 ...

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].

公开资料显示，中国中铁目前在运营5座矿山，铜/钴/钼储量处于行业领先地位。2024年子公司中铁资 源归母净利润30亿元，占公司整体的11%。国盛证券此前指，如将矿产资源申请为拟培育主业，后续有 望收购新矿山加速发展。预计2025年资源板块归母净利润33亿元。申万宏源认为，资源板块持续发力， 增强盈利弹性与抗周期性。 智通财经APP获悉，中国中铁(00390)涨超5%，截至发稿，涨5.17%，报4.27港元，成交额1.75亿港元。 中国中铁(00390)涨超5%，截至发稿，涨5.17%，报4.27港元，成交额1.75亿港元。 ...

中金公司表示，红利板块在外部不确定性增加或成长风格回调时呈现阶段性、结构性机会，红利风格与 科技成长风格之间存在"跷跷板"效应。资金配置需求将成为支撑红利板块的重要因素，包括低利率环境 下险资、银行理财等中长线资金对权益资产的增配，以及居民存款向红利资产的转移。此外，资本市场 政策持续鼓励分红导向，上市公司分红意愿和能力有所提升，A股整体分红比例已提高至45%，为红利 风格提供基本面支持。 （文章来源：21世纪经济报道） 相关ETF方面，wind金融终端显示，截至发稿，港股通央企红利ETF天弘(159281)成交额为超6300万 元，盘中获净申购2200万份。资金流向方面，截至1月23日，该ETF已连续3个交易日获资金净流入，累 计净流入额为4162.24万元。该ETF最新流通份额为3.93亿份，最新流通规模为3.89亿元。 港股通央企红利ETF天弘（159281）紧密跟踪港股通央企红利指数（931233），该指数从港股通范围内 选取中央企业实际控制的分红水平稳定且股息率较高的上市公司证券作为指数样本，以反映港股通范围 内股息率较高的央企上市公司证券的整体表现。值得一提的是，wind金融终端显示，截至1月23 ...

中国中铁（00390）盘中涨超5%，截至发稿，股价上涨4.43%，现报4.24港元，成交额2.10亿港元。 公开资料显示，中国中铁目前在运营5座矿山，铜/钴/钼储量处于行业领先地位。2024年子公司中铁资 源归母净利润30亿元，占公司整体的11%。 国盛证券此前指，如将矿产资源申请为拟培育主业，后续有望收购新矿山加速发展。预计2025年资源板 块归母净利润33亿元。申万宏源认为，资源板块持续发力，增强盈利弹性与抗周期性。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 中国中铁（00390）盘中涨超5%，截至发稿，股价上涨4.43%，现报4.24港元，成交额2.10亿港元。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 公开资料显示，中国中铁目前在运营5座矿山，铜/钴/钼储量处于行业领先地位。2024年子公司中铁资 源归母净利润30亿元，占公司整体的11%。 国盛证券此前指，如将矿产资源申请为拟培育主业，后续有望收购新矿山加速发展。预计2025年资源板 块归母净利润33亿元。申万宏源认为，资源板块持续发力，增强盈利弹性与抗周期性。 责任编辑：卢昱君 责任编辑：卢昱君 ...

每经AI快讯，中国中铁(00390.HK)涨超5%，截至发稿，涨5.17%，报4.27港元，成交额1.75亿港元。 ...

公开资料显示，中国中铁目前在运营5座矿山，铜/钴/钼储量处于行业领先地位。2024年子公司中铁资 源归母净利润30亿元，占公司整体的11%。国盛证券（002670）此前指，如将矿产资源申请为拟培育主 业，后续有望收购新矿山加速发展。预计2025年资源板块归母净利润33亿元。申万宏源认为，资源板块 持续发力，增强盈利弹性与抗周期性。 中国中铁（601390）(00390)涨超5%，截至发稿，涨5.17%，报4.27港元，成交额1.75亿港元。 ...

公开资料显示，中国中铁目前在运营5座矿山，铜/钴/钼储量处于行业领先地位。2024年子公司中铁资 源归母净利润30亿元，占公司整体的11%。国盛证券此前指，如将矿产资源申请为拟培育主业，后续有 望收购新矿山加速发展。预计2025年资源板块归母净利润33亿元。申万宏源认为，资源板块持续发力， 增强盈利弹性与抗周期性。 智通财经APP获悉，中国中铁(00390)涨超5%，截至发稿，涨5.17%，报4.27港元，成交额1.75亿港元。 ...

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]

2026 年 01 月 25 日 站院/行业 相关研究 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 册分歧式行 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 A0230523080003 tangmeng@swsresearch.com 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 T 一周板块回顾：板块表现方面，SW 建筑装饰指数+1.88%，沪深 300 指 数-0.62%，相对收益为+2.00pct。周涨幅最大的三个子行业分别为钢结 构 (+6.80%)、基建民企 (+6.61%)、专业工程 (+5.88%)，对应行业 内三个公司：东南网架（+10.79%）、成都路桥（+15.65%）、志特新材 (+49.21%)；年涨幅最大的三个子行业分别是钢结构（+22.00%）、专 业工程（+21.74%）、装饰幕墙（+10.85%），对应行业内三个公司：杭 萧钢构 (+30.98%)、志特新材 (+256.3 ...