Core Viewpoint - China Nuclear Engineering Corporation (CNEC) announced the election of a new chairman and the adjustment of the board's specialized committee members, reflecting a significant governance change within the company [2]. Group 1: Corporate Governance - CNEC will hold its sixth meeting of the fifth board of directors on January 22, 2026, to review the proposal for the election of the chairman [2]. - The company has completed the legal representative registration change with the Shanghai Municipal Market Supervision Administration and has obtained a new business license [2]. - The legal representative of the company has been changed to Mr. Yin Weiping [2].

证券代码：601611 证券简称：中国核建 公告编号：2026-011 中国核工业建设股份有限公司 特此公告。 中国核工业建设股份有限公司董事会 2026年2月6日 1 关于完成法定代表人工商变更登记的公告 公司董事会及全体董事保证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。 中国核工业建设股份有限公司（以下简称"公司"）于2026年1月22日召开第 五届董事会第六次会议，审议通过了《关于选举董事长的议案》，并于1月23日 披露《中国核建关于选举董事长、调整董事会专门委员会委员的公告》（公告编 号：2026-010） 根据《公司章程》的规定，董事长为公司法定代表人。公司近期在上海市市 场监督管理局办理完成了法定代表人工商变更登记手续，并取得了换发的《营业 执照》，公司法定代表人变更为尹卫平先生。 ...

数据来源：天眼查APP 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。 采购方：中国核工业建设股份有限公司 供应商：上海丰核建筑设计工程有限公司 中标金额： 地区：广东省 发布日期：2026-02-02 标题：19中国核建中核华辰西门子深圳磁共振有限公司高端医疗设备研发制造基地项目脚手架材料租赁 服务常规采购采购结果公告 通过天眼查大数据分析，中国核工业建设股份有限公司共对外投资了31家企业，参与招投标项目54022 次；财产线索方面有专利信息35条，著作权信息2条；此外企业还拥有行政许可14个。 证券之星消息，根据天眼查APP-财产线索数据整理，中国核工业建设股份有限公司2月2日发布《19中 国核建中核华辰西门子深圳磁共振有限公司高端医疗设备研发制造基地项目脚手架材料租赁服务常规采 购采购结果公告》，详情如下： ...

Market Overview - The infrastructure sector increased by 1.49% compared to the previous trading day, with Guosheng Technology leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Key Stocks Performance - Guosheng Technology (603778) closed at 14.71, up 10.02% with a trading volume of 892,800 shares [1] - Suwen Electric Power (300982) closed at 21.41, up 5.36% with a trading volume of 64,700 shares [1] - China Nuclear Engineering (601611) closed at 15.88, up 3.59% with a trading volume of 604,100 shares [1] - Other notable stocks include Palm Holdings (002431) up 3.15% and Beixin Road and Bridge (002307) up 3.09% [1] Capital Flow Analysis - The infrastructure sector saw a net inflow of 190 million yuan from institutional investors, while retail investors experienced a net outflow of 38.83 million yuan [2] - Major stocks like China Railway (601390) had a net inflow of 138 million yuan from institutional investors [3] - Guosheng Technology (603778) had a net inflow of 87.57 million yuan from institutional investors, but a net outflow of 69.54 million yuan from retail investors [3] Trading Volume and Value - The trading volume for Guosheng Technology reached 12.85 billion yuan, indicating strong investor interest [1] - The total trading value for the infrastructure sector was significant, with China Electric Power (601669) recording a trading value of 1.1 billion yuan [2]

Investment Rating - The report maintains a "Buy" rating for key companies in the construction central enterprises sector, including China Railway, China Chemical, China Construction, and China Metallurgical [12][13][32]. Core Insights - The construction central enterprises are expected to see improved profitability driven by policy goals aimed at stabilizing investment. Order data shows a recovery in order growth starting from Q2 2025, with an anticipated narrowing of performance declines by Q4 2025 [1][16]. - The overall valuation of the nine major construction central enterprises is at historical lows, with a Price-to-Book (PB) ratio of 0.45 and a Price-to-Earnings (PE) ratio of 6.66, indicating strong safety margins [2][19]. - Institutional holdings in the construction sector are at low levels, suggesting a healthy chip structure and potential for recovery in key stocks [3][22]. Summary by Sections Order Growth and Performance - Cumulative order growth rates for construction central enterprises from Q1 to Q4 2025 are -2.0%, +0.2%, +1.3%, and +1.0%, respectively, indicating a recovery trend [1][16]. - The report anticipates that the performance decline of construction central enterprises will narrow in Q4 2025 due to improved order growth [1][16]. Valuation Metrics - As of January 30, 2026, the overall PB for the nine major construction central enterprises is 0.45, slightly above the historical low of 0.42, while the overall PE is 6.66, still below the historical median of 7.66 [2][19]. Institutional Holdings - As of Q4 2025, active funds hold 0.40% of the construction sector, while index funds hold 0.16%, leading to a combined holding of 0.28%, significantly lower than the 0.7%-1% range seen in 2021-2022 [3][22]. Catalysts for Growth - Several potential catalysts for the construction central enterprises include resource business revaluation for China Railway, chemical price rebounds for China Chemical, and increased investment in the power grid for China Electric Power and China Energy Construction [4][26]. - The upcoming "14th Five-Year Plan" is expected to bring about fiscal policies that could further stimulate the sector [4][26]. Recommended Stocks - Key recommendations include: - China Railway (A/H): Benefiting from resource revaluation, with a combined value of 1,894 billion CNY for its resource and engineering segments, indicating a potential upside of 35% [5][27]. - China Chemical: Positioned to benefit from chemical price rebounds, with a current PB of 0.84, indicating a strong safety margin [9][28]. - China Construction: Expected to benefit from stabilizing real estate expectations, with a projected dividend yield of 5.5% [10][30]. - China Metallurgical: Anticipated to improve significantly post divestment of its loss-making real estate business, with a combined valuation potential of 794 billion CNY [11][31].

Investment Rating - The report maintains a "Buy" rating for key companies in the construction central enterprises sector, including China Railway, China Chemical, China Construction, and China Metallurgical [12][13][32]. Core Insights - The construction central enterprises are expected to see improved profitability driven by policy goals aimed at stabilizing investment and increasing central budget investment in 2026. Order growth has shown signs of recovery, with cumulative order growth rates for 2025 Q1-Q4 at -2.0%, +0.2%, +1.3%, and +1.0% respectively, indicating resilience among leading firms [1][16]. - The overall valuation of the nine major construction central enterprises is at historical lows, with a Price-to-Book (PB) ratio of 0.45 and a Price-to-Earnings (PE) ratio of 6.66, suggesting a strong margin of safety for investors [2][19]. - Institutional holdings in the construction sector are at low levels, with active funds holding only 0.40% of the sector, indicating significant underweighting compared to historical averages [3][22]. Summary by Sections Order Growth and Market Conditions - The report highlights a recovery in order growth for construction central enterprises, with expectations for performance improvement in Q4 2025 as orders stabilize and infrastructure investment accelerates in 2026 [1][16]. - The central government's focus on stabilizing investment and increasing budget allocations is expected to support revenue and profit growth for these enterprises [1][16]. Valuation Metrics - As of January 30, 2026, the construction central enterprises exhibit a PB of 0.45, slightly above the historical low of 0.42, and a PE of 6.66, which is still below the historical median of 7.66, indicating a favorable entry point for investors [2][19]. Institutional Holdings - As of Q4 2025, the construction sector's market capitalization represents only 1.6% of the total A-share market, with a significant reduction in institutional holdings compared to previous years, suggesting potential for recovery in stock prices as institutional interest returns [3][22]. Catalysts for Growth - Several catalysts are identified for the construction central enterprises, including resource revaluation for China Railway, chemical price rebounds for China Chemical, and increased investment in power grid infrastructure benefiting China Electric Power and China Energy Construction [4][26]. - The upcoming Two Sessions and the start of the 14th Five-Year Plan in 2026 are expected to bring additional fiscal policies that could further stimulate the sector [4][26]. Recommended Stocks - Key recommendations include: - **China Railway (A/H)**: Strong resource base with significant revaluation potential, estimated combined value of 1,894 billion CNY for A shares and 1,535 billion CNY for H shares, indicating a 35% and 54% upside respectively [5][27]. - **China Chemical**: Positioned to benefit from chemical price rebounds, with a current PB of 0.84, indicating a solid margin of safety [9][28]. - **China Construction**: Expected to benefit from stabilizing real estate expectations, with a projected dividend yield of 5.5% [10][30]. - **China Metallurgical**: Anticipated to improve significantly post divestment of loss-making real estate operations, with a potential valuation increase of 22% to 74% [11][31].

Market Overview - The infrastructure sector declined by 0.77% on January 30, with Guosheng Technology leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Top Performers in Infrastructure Sector - Hongrun Construction (002062) closed at 10.19, up 5.82% with a trading volume of 490,800 shares and a transaction value of 497 million [1] - Chengbang Co., Ltd. (603316) closed at 14.81, up 5.63% with a trading volume of 276,400 shares and a transaction value of 406 million [1] - ST Jianhai (002586) closed at 4.92, up 4.90% with a trading volume of 272,900 shares and a transaction value of 131 million [1] Underperformers in Infrastructure Sector - Yuanzhang Technology (603778) closed at 12.89, down 6.73% with a trading volume of 975,900 shares and a transaction value of 1.284 billion [2] - Guanzhong Ecology (300948) closed at 20.64, down 5.06% with a trading volume of 96,000 shares and a transaction value of 201 million [2] - ST Lingnan (002717) closed at 1.60, down 4.76% with a trading volume of 522,200 shares and a transaction value of 84.62 million [2] Capital Flow Analysis - The infrastructure sector experienced a net outflow of 1.301 billion from main funds, while retail investors saw a net inflow of 1.117 billion [2] - The main funds showed a negative net flow in several companies, including Hongrun Construction with a net outflow of 29.1 million [3] - Retail investors contributed positively to companies like Chengbang Co., Ltd. with a net inflow of 1.419 million [3]

Market Overview - The infrastructure sector experienced a decline of 2.16% on January 27, with Guosheng Technology leading the drop [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Stock Performance - Notable gainers in the infrastructure sector included: - Huylv Ecological (Code: 001267) with a closing price of 28.09, up 9.98% [1] - ST Lingnan (Code: 002717) with a closing price of 69.T, up 3.68% [1] - Major decliners included: - Guosheng Technology (Code: 603778) with a closing price of 16.85, down 9.21% [2] - China Railway (Code: 601390) with a closing price of 5.54, down 4.48% [2] Trading Volume and Capital Flow - The infrastructure sector saw a net outflow of 1.145 billion yuan from main funds, while retail investors contributed a net inflow of 741 million yuan [2] - The trading volume for Guosheng Technology reached 81.24 million shares, with a transaction value of 1.424 billion yuan [2] Individual Stock Capital Flow - Huylv Ecological had a main fund net inflow of 180 million yuan, while retail investors showed a net outflow of 92.43 million yuan [3] - ST Lingnan experienced a main fund net inflow of 28.66 million yuan, with retail investors showing a net outflow of 16.95 million yuan [3]

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].

Core Viewpoint - The A-share market is experiencing significant investment interest in the controllable nuclear fusion sector, with the Wind nuclear fusion index rising by 20.5% at its peak in January and currently up by 15.92%, with monthly trading volume exceeding 780 billion yuan [1][2]. Industry Developments - Several companies, including Zhongji HuanKe, Antai Technology, Tiangong International, and Xuguang Electronics, have disclosed their involvement in controllable nuclear fusion, while others have clarified their limited business scale to manage market expectations [2][13]. - The compact fusion energy experimental device (BEST) in Hefei has made significant progress, with key components successfully delivered, and it is expected to be completed by 2027, potentially becoming the first device to achieve fusion power generation [4][15]. - The controllable nuclear fusion industry is advancing rapidly in China, with a notable increase in commercialization efforts since 2022, and a significant number of startups emerging in the past five years, attracting around $6.5 billion in investments [6][16]. Market Performance - As of January 23, 2026, many nuclear fusion concept stocks have seen substantial gains, with companies like Zinc Industry Co., Yuguang Gold Lead, and Western Materials hitting their daily price limits [2][14]. - The stock prices of companies involved in nuclear fusion have shown significant increases, with Zhongji HuanKe's stock rising by 18.31% since the beginning of January [18]. Regulatory Environment - The implementation of the Atomic Energy Law on January 15, 2023, encourages and supports controllable nuclear fusion, providing a foundational framework for the industry's development [5][16]. Company Initiatives - Companies like Antai Technology and Tiangong International are actively participating in nuclear fusion projects, with Antai signing agreements for advanced filter projects and Tiangong achieving breakthroughs in neutron shielding materials [19][20]. - Star Ring Fusion announced a record-breaking 1 billion yuan A-round financing, with plans to complete engineering validation by 2028 and start construction of a commercial demonstration reactor by around 2032 [17][18].