近期（0929-1010）建筑指数上涨 4.6%，沪深 300 板块上涨 1.67%，建筑板 块跑赢大盘 2.94pct。本周西部基建、核电、并购重组板块涨幅靠前。近期 两部门发布《关于治理价格无序竞争 维护良好市场价格秩序的公告》，重 视反内卷投资主线。当前时点，我们认为四季度基建稳增长值得期待，建 议关注新疆、西藏等中西部基建景气向上，同时重视反内卷主线和重点产 业投资（水电站、煤化工、核电等）带来的产业链相关机会，同时关注并 购重组及中小市值建筑转型品种。 四季度基建刺激预期提升，专项债、特别国债发行提速 行业报告 | 行业研究周报 建筑装饰 证券研究报告 Q4 基建稳增长预期提升，重视反内卷投资主线以及高景气产业投资 核心观点 25 年 7-8 月中国经济数据较上半年有所放缓，固定资产投资、基建和房地 产 8 月持续下降，四季度经济增长压力变大，稳增长政策可能出台。从资 金端来看，专项债、特别国债仍保持较快发行节奏，1）专项债，根据 Wind 统计，25M1-9 累计新增专项债 3.68 万亿，占全年安排的 4.4 万亿元总额度 的 83.6%，发行进度逐季加快；2）超长期特别国债整体发行进度明显快于 ...

Core Viewpoint - Gao Hongshu has resigned from his position as a director of China Nuclear Engineering Construction Corporation (CNEC) due to work relocation, effective immediately upon submission of his resignation report [1][5]. Group 1: Resignation Details - The resignation report was received by the board on September 30, and it will not affect the board's operation or the company's normal business activities [1][5]. - Gao's original term was set to expire on September 21, 2028, with his departure date being September 30, 2025 [1][6]. - The company expressed gratitude for Gao's contributions during his tenure [5]. Group 2: Company Overview - CNEC is a large state-controlled listed company primarily engaged in nuclear power engineering and construction, recognized as a leader in China's nuclear power sector [2]. - The company has been involved in nuclear power construction for 40 consecutive years, making it the only global enterprise with such a record [2]. - In the 2024 annual report, CNEC reported a revenue of 113.54 billion yuan, a year-on-year increase of 3.80%, and a net profit attributable to shareholders of 2.064 billion yuan, a slight increase of 0.07% [2].

"人造太阳"尚未照进现实，但核聚变概念已经在股市发光发热。年初至今，截至10月10日收盘，中洲特 材（300963.SZ）、合锻智能（603011.SH）、永鼎股份（600105.SH）等10只成分股股价翻倍，最高涨 幅达271.94%。 9月下旬以来，核聚变工程化与商业化加速的消息持续发酵，带升板块热度。近日，位于合肥的核聚变 装置——BEST的建设进展也给二级市场加了一把火。10月10日，A股震荡调整之际，核聚变个股依旧 活跃，合锻智能在近9个交易日收获5个涨停板，公司有关人士告诉《华夏时报》记者，"我们只承接了 合肥BEST项目一半的真空室（聚变反应发生装置）研制，订单接得比较早，目前真空室已在制造并逐 步交付中。" 据了解，国内外已有的核聚变项目主要属于科学实验装置，旨在验证聚变发电的科学和工程可行性，并 不在商业示范或应用范畴。合锻智能有关人士也表示，"虽然目前频繁出现新闻和招标项目，但（核聚 变）并没有结论性或实质性的进展，二级市场投的可能是预期。目前能源紧缺是迫在眉睫的问题，核聚 变是未来的必然方向，至于要像风电一样成熟应用，应该需要很长时间。" 核电个股活跃 国庆节后首个交易日，核聚变、核电概 ...

中国核工业建设股份有限公司（以下简称"公司"）股票于2025年9月30 日、2025年10月9日、2025年10月10日连续三个交易日内收盘价格涨幅偏离值累 计达到20%，属于《上海证券交易所交易规则》规定的股票交易异常波动情形。 证券代码：601611 证券简称：中国核建 公告编号：2025-062 中国核工业建设股份有限公司 股票交易异常波动公告 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。 重要内容提示： 经公司自查并函询公司控股股东中国核工业集团有限公司（以下简称"中 核集团"），截止本公告披露日，不存在应披露而未披露的重大信息。 一、股票交易异常波动的具体情况 公司股票于2025年9月30日、2025年10月9日、2025年10月10日连续三个交易 日内收盘价格涨幅偏离值累计达到20%，属于《上海证券交易所交易规则》规定 的股票交易异常波动情形。 二、公司关注并核实的相关情况 （一）生产经营情况 公司目前生产经营情况正常，内外部经营环境未发生重大变化。 （二）重大事项情况 经公司自查并函询公司控股股东中核集团，截至本公 ...

Market Overview - On October 10, the A-share market closed with a total of 72 stocks hitting the daily limit, with 58 stocks after excluding 14 ST stocks, and an overall limit-up rate of 72% [1]. Limit-Up Stocks - The highest limit-up order volume was from Jinyu Group with 292,500 hands, followed by Yaowang Technology, Guangdong Mingzhu, and Hezhuan Intelligent with 292,200 hands, 258,900 hands, and 255,900 hands respectively [3]. Notable Stocks - Hezhuan Intelligent had a limit-up order amount exceeding 600 million yuan, focusing on controllable nuclear fusion technology, which is currently in the engineering feasibility verification stage [4]. - Other notable stocks with significant limit-up order amounts include Kaimeite Gas (352 million yuan) and Great Wall Motor (223 million yuan) [4]. Nuclear Fusion Sector - Multiple stocks related to nuclear fusion hit the limit, including China Nuclear Construction, Antai Technology, and Wujin Stainless Steel [6]. - China Nuclear Construction plays a crucial role in international nuclear fusion projects, enhancing its influence in the field [6]. - Antai Technology is the first company in China capable of producing tungsten-copper filters for nuclear fusion, showcasing significant technological advantages [7]. - Wujin Stainless Steel is a certified manufacturer of civil nuclear pressure pipelines, with products widely used in nuclear power processes [8]. Real Estate Sector - Stocks such as Jintou City Development, Shenzhen Zhenye A, and Hefei Urban Construction also reached their limits [9]. - Jintou City Development focuses on real estate development and sales, forming a closed-loop model covering the entire value chain of residential properties [9]. - Shenzhen Zhenye A has engaged in several preliminary service contracts in urban village projects [10]. - Hefei Urban Construction acquired land parcels through competitive bidding [11]. Non-Ferrous Metals Sector - Stocks like Pengxin Resources, Antai Technology, and Baiyin Nonferrous Metals saw limit-up [12]. - Pengxin Resources is advancing production capacity expansion at its core asset, the South African Aoni Gold Mine [12]. - Baiyin Nonferrous Metals is experiencing stable operations at its Brazilian copper mine project, with projected copper production of 5,229 tons and gold production of 65 kilograms in mid-2025 [13]. Institutional Activity - Institutions net bought over 300 million yuan in Deep Technology, with Antai Technology and New Lai Materials being the top net purchases [15][16]. - Deep Technology saw significant net selling from retail investors, indicating mixed market sentiment [17].

Market Overview - On October 10, the infrastructure sector rose by 1.26%, with Guanzhong Ecological leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Top Performers in Infrastructure Sector - Guanzhong Ecological (300948) closed at 21.96, up 13.43% with a trading volume of 465,900 shares [1] - Xinjiang Communications Construction (002941) closed at 19.50, up 9.98% with a trading volume of 1,047,500 shares [1] - China Nuclear Engineering (601611) closed at 10.71, up 9.96% with a trading volume of 1,320,800 shares [1] - Other notable performers include Jiaojian Co. (603815) up 6.38% and Garden Co. (605303) up 5.59% [1] Market Capital Flow - The infrastructure sector saw a net inflow of 120 million yuan from institutional investors, while retail investors contributed a net inflow of 221 million yuan [2] - However, speculative funds experienced a net outflow of 341 million yuan [2] Individual Stock Capital Flow - China Nuclear Engineering had a net inflow of 206 million yuan from institutional investors, but a net outflow of 133 million yuan from speculative funds [3] - Xinjiang Communications Construction also saw a net inflow of 194 million yuan from institutional investors, with a net outflow of 104 million yuan from speculative funds [3] - Other companies like China Railway Construction (601186) and Garden Co. (605303) experienced mixed capital flows, with varying levels of net inflows and outflows from different investor types [3]

Core Viewpoint - The A-share market experienced a day of volatility on October 10, with all three major indices declining, indicating a bearish sentiment in the market. The nuclear power sector showed notable activity, driven by recent advancements in fusion energy technology [2]. Market Performance - The Shanghai Composite Index fell by 0.94%, closing at 3897.03 points, while the Shenzhen Component Index dropped by 2.70% and the ChiNext Index decreased by 4.55% [2]. - The nuclear power sector was particularly active, with several stocks hitting the daily limit up, including Hezhong Intelligent, which achieved five consecutive limit-ups in nine days, and New Special Electric, which reached a 20% limit-up [2]. Industry Developments - A significant breakthrough was reported on October 1 regarding the BEST project in Hefei, Anhui, where the key component of the fusion energy experimental device, the Dewar base, was successfully developed and installed [2]. - This milestone marks a new phase in the construction of the project, highlighting recent advancements in China's nuclear fusion field [2]. Investment Outlook - According to Guojin Securities, the commercialization path for nuclear fusion technology is becoming clearer, with global investments increasing. The cumulative financing in the industry is expected to exceed $7.1 billion in 2024 [2]. - The industry is anticipated to enter a capital expenditure acceleration cycle during the 14th Five-Year Plan period, with ongoing orders in related component sectors presenting potential investment opportunities [2].

Core Points - China Nuclear Engineering Corporation (SH:601611) experienced a stock price surge, reaching a closing price of 10.71 yuan, with an increase of 9.96% [1] - The company's total market capitalization is reported at 32.278 billion yuan [1] - The stock had previously hit the daily limit up in the prior trading session [1]

今日A股早间震荡调整，三大指数集体下挫，大小指数明显分化，中小盘股表现较强。沪深两市半日成交额1.64万亿，较上个交易日缩量713亿。盘 面上热点高低切换， 电池、半导体热门赛道股集体调整， 先导智能低开低走大跌超11%，前期表现强势的燕东微、华虹公司、佰维存储等芯片产业 链个股集体重挫。 上涨方面， 今日热点集中在电网设备、核电、军工等方向， 其中新特电气20cm涨停，国电南自等多股涨停。风电设备概念股逆势走强， 吉鑫科技6天4板。核电板块延续强势，合锻智能3连板，安泰科技、中国核建2连板。 7x24h电报 头条新闻 VIP资讯 实时盯盘 下载财联社APP获取更多资讯 准确 快速 权威 专业 板块方面，燃气、电网设备等板块涨幅居前，贵金属、电池、半导体等板块跌幅居前。截至收盘，沪指跌0.51%，深成指跌1.85%，创业板 指跌3.40%。 ...

Core Insights - China Nuclear Engineering Corporation (中国核建) experienced a trading surge, hitting the daily limit with a turnover rate of 4.06% and a transaction volume of 1.155 billion yuan, reflecting a price fluctuation of 6.45% [2] - The stock was listed on the Shanghai Stock Exchange due to a price deviation of 8.74%, with net purchases from the Shanghai-Hong Kong Stock Connect amounting to 31.67 million yuan [2] - The company reported a decline in revenue and net profit for the first half of the year, with revenue at 53.472 billion yuan, down 2.11% year-on-year, and net profit at 798 million yuan, down 16.48% year-on-year [3] Trading Activity - The top five trading departments contributed to a total transaction volume of 203 million yuan, with net purchases amounting to 42.5 million yuan [2] - The leading buying department was the Shanghai-Hong Kong Stock Connect, with a purchase amount of 31.67 million yuan [3] - The stock saw a net inflow of 177 million yuan from major funds, with a significant inflow of 180 million yuan from large orders [2] Margin Trading Data - As of September 30, the margin trading balance for the stock was 988 million yuan, with a financing balance of 984 million yuan and a securities lending balance of 4.0409 million yuan [2] - Over the past five days, the financing balance decreased by 1.3776 million yuan, a decline of 0.14%, while the securities lending balance decreased by 386,300 yuan, a decline of 8.73% [2]