Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the construction industry, indicating an expected return that will outperform the CSI 300 index by 10% or more over the next six months [6]. Core Insights - The 2026 fiscal policy is set to remain proactive, with a focus on increasing fiscal spending and optimizing government bond tools to enhance local financial capabilities. This is expected to support economic growth and improve the construction industry's operational conditions [18][11]. - Infrastructure investment has shown signs of recovery, with November data indicating a month-on-month improvement. The construction sector is anticipated to stabilize as policies aimed at debt reduction and "anti-involution" continue to be implemented [2][11]. - The demand for cleanroom construction is expected to rise due to increased capital expenditures in the semiconductor and cloud service sectors, driven by rapid advancements in AI technology [3][15]. Summary by Sections Industry Dynamics - The national fiscal work conference highlighted the achievements of 2025 and outlined the key tasks for 2026, emphasizing a more active fiscal policy to stimulate consumption and manage risks in key areas [18]. - The construction industry is expected to benefit from a combination of improved fiscal policies and a recovering investment environment, leading to marginal improvements in operational performance [2][11]. Market Performance - The construction industry saw a weekly increase of 2.26%, outperforming the CSI 300 index, with the decoration and renovation sector showing the highest growth at 11.37% [20][21]. - The overall industry valuation metrics indicate a TTM P/E ratio of 12.47 and a P/B ratio of 0.83, with several companies showing low valuations, suggesting potential investment opportunities [24][28]. Key Companies to Watch - Recommended companies include low-valuation state-owned enterprises such as China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from improved cash flow and profitability [11][13]. - Cleanroom engineering leaders like Yaxin Integration and Shenghui Integration are highlighted for their potential growth due to increasing demand in the semiconductor sector [3][15].

Core Viewpoint - The recent meeting of central enterprise leaders emphasized the need to enhance the quality and market value management of listed companies by 2026, coinciding with the one-year anniversary of the State-owned Assets Supervision and Administration Commission's (SASAC) guidelines on improving market value management for central enterprises [1] Group 1: Central Enterprises' Market Value Management - Central enterprises are increasingly adopting systematic actions for market value management, transitioning from regulatory requirements to concrete market commitments [1] - Measures such as share buybacks and increases in shareholding are being implemented to stabilize market expectations and enhance investor confidence [1] - China Metallurgical Group plans to repurchase A-shares and H-shares with a buyback amount between 1 billion and 2 billion yuan, while China National Coal's shareholding has increased from 30.31% to 31.72% [1] Group 2: Systematic Approach to Market Value Management - More central enterprises are integrating market value management into systematic projects, with companies like Sinopec launching initiatives to enhance investment value and shareholder returns [2] - Data from SASAC indicates that the market value of central enterprise-controlled listed companies has exceeded 22 trillion yuan, reflecting a nearly 50% increase since the end of the 13th Five-Year Plan [2] - Future market value management for central enterprises is expected to become more institutionalized, market-oriented, and normalized, focusing on quality improvement and investor communication [2] Group 3: Local State-Owned Assets and Market Value Management - Local governments are also promoting market value management for state-owned listed companies as a key strategy for deepening reforms and supporting high-quality development [3] - Shandong Province's State-owned Assets Supervision and Administration Commission has outlined a training program for enhancing the market value of provincial enterprises [3] - The emphasis is on establishing a correct market value management philosophy that prioritizes value creation over short-term stock price fluctuations [3] Group 4: Integration of Market Value Management - The strategic importance of market value management is increasingly recognized, becoming integral to corporate strategy, governance, and investor relations [4] - During the 14th Five-Year Plan period, market value management is expected to be deeply integrated into all aspects of enterprise operations, serving as a comprehensive measure of operational quality and governance [4]

证券研究报告 建筑装饰 行业定期报告 hyzqdatemark 2025 年 12 月 25 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 重视"春季躁动" ，寻"重大工程"轨迹布局 投资评级： 看好（维持） ——建筑装饰行业周报（20251215-20251221） 投资要点： 本周观点： 联系人 2025 年建筑板块回顾：指数表现分化，我们看好 2026 年建筑板块整体表现。我们从两类不 同视角对建筑板块进行复盘。1）是从年内涨跌幅结构看，截至 2025 年 11 月，SW 建筑装 饰指数累计上涨 8.88%，表现弱于沪深 300 指数，但板块内部结构分化明显。其中，民营建 筑企业受并购重组及新业务拓展推动，相关 ...

Core Viewpoint - The central economic work conference in December 2025 emphasizes the need to "promote investment stabilization" in 2026, leading to an optimistic outlook on fiscal policy for the upcoming year, particularly in infrastructure investment, which is expected to grow by 4.5% in 2026 [1][3][18]. Fiscal Policy Outlook - The fiscal measures for 2026 are anticipated to be more proactive, with a focus on stabilizing investment and stimulating private sector investment [3][4]. - The trend of "central government increasing leverage while local governments reduce leverage" is expected to continue, with the central government taking a more significant role in driving investment due to limited local government borrowing capacity [4][18]. Infrastructure Investment - Infrastructure investment is projected to be a crucial growth stabilizer in 2026, with a forecasted growth rate of 4.5% [18]. - The central government is expected to play a vital role in supporting infrastructure investment, particularly in the western regions, where there is significant potential for growth [18][32]. Construction Sector Insights - The construction state-owned enterprises (SOEs) are expected to benefit from debt reduction initiatives, leading to improved asset quality and valuation recovery [2][22]. - The share of receivables in total assets for major construction SOEs has been rising, indicating a need for financial improvement and valuation recovery as local government funding stabilizes [22][26]. Regional Investment Opportunities - The western provinces, particularly Sichuan, are highlighted as having high potential for infrastructure investment due to favorable central government funding and strategic positioning [32][39]. - The central transfer payment to western provinces is projected to be 4 trillion yuan, accounting for 42.2% of total central transfer payments, indicating strong financial support for infrastructure projects [32][36]. Manufacturing Sector Outlook - Manufacturing investment is expected to stabilize with a growth rate of around 5% in 2026, driven by a recovery in semiconductor capital expenditures [14][46]. - The cleanroom engineering sector is anticipated to benefit significantly from the upturn in semiconductor investments [46]. International Market Growth - The overseas market is projected to become a second growth curve for construction companies, with expectations of continued growth in new contracts and revenue from international projects [2][18].

Core Viewpoint - The article emphasizes optimism regarding fiscal policy in 2026, particularly in infrastructure investment as a means to stabilize economic growth amid a challenging real estate market [2][4][5]. Fiscal Policy Outlook - The 2026 fiscal policy is expected to be more proactive, with a focus on stabilizing investment and stimulating private sector activity [4][5]. - Central government investment is anticipated to increase, while local governments will continue to reduce leverage due to rising debt risks [5]. Infrastructure Investment - Infrastructure investment is projected to grow at a rate of 4.5% in 2026, driven by ongoing support from central fiscal measures [2][15]. - The central government is expected to play a significant role in funding infrastructure projects, particularly in the western regions of China [27][28]. Regional Investment Opportunities - The western provinces, especially Sichuan, are highlighted as having high potential for infrastructure investment due to favorable central government support and strategic positioning [3][27][34]. - Sichuan's transportation investment is leading nationally, with a compound annual growth rate of 4.9% from 2020 to 2024, indicating strong growth prospects [32]. Manufacturing Sector Insights - Manufacturing investment is expected to stabilize with a growth rate of around 5% in 2026, benefiting from a potential recovery in semiconductor capital expenditures [3][12]. - The cleanroom engineering sector is identified as a key beneficiary of increased capital spending in high-end manufacturing [3]. International Engineering Opportunities - The overseas market is anticipated to become a second growth curve for construction companies, with significant growth in new contracts and revenue from foreign projects since 2025 [3][12]. Debt Management and Corporate Valuation - The ongoing debt management efforts are expected to improve the asset quality and valuation of state-owned construction enterprises, which have seen a decline in price-to-book ratios due to rising receivables [2][16]. - The average funding cost for major construction enterprises is around 4%, with some companies achieving lower rates through bond issuance [22][23]. Construction Sector Dynamics - The construction sector is experiencing a shift towards higher market concentration, with leading companies increasing their market share significantly in recent years [22][23]. - The article notes that the average market share of major construction enterprises has risen to 22.9% in revenue terms and 48.9% in order terms [22][23].

证券代码：601618 证券简称：中国中冶 公告编号：2026-065 中国冶金科工股份有限公司 关于回购股份事项前十大股东及前十大无限售 条件股东持股情况的公告 中国冶金科工股份有限公司（以下简称"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。 公司第三届董事会第八十一次会议审议通过了《关于回购公司A股股份方案的议案》《关于授权回购公 司H股股份的议案》，具体内容详见公司于2025年12月18日在上海证券交易所网站（www.sse.com.cn） 披露的《关于以集中竞价交易方式回购公司股份方案的公告》（公告编号：临2025-062）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号一一回购股份》等相关 规定，现将公司董事会公告回购股份决议前一个交易日登记在册的前十大股东和前十大无限售条件股东 的名称、持股数量和持股比例的情况公告如下： 一、公司前10大股东持股情况 ■ 注（1）：香港中央结算（代理人）有限公司持有的H股乃代表多个权益拥有人持有。 二、公司前十大无限售条件股东持股情况 公司前十大无限售 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 不 作 任 何 聲 明，並 明 確 表 示，概 不 對 因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何 損 失 承 擔 任 何 責 任。 2026年第一次臨時股東會通告 茲通告 中 國 冶 金 科 工 股 份 有 限 公 司（「本公司」）將 於2026年1月16日（星 期 五） 下 午2時於中國北京市朝陽區曙光西里28號中冶大廈舉行2026年第一次 臨 時 股 東 會（「臨時股東會」），以 審 議 及 酌 情 通 過（不 論 經 修 訂 與 否）以 下 決 議 案。 除 非 文 義 另 有 所 指，本 通 告 所 用 詞 彙 與 本 公 司 於2025年12月24日所刊發 的 通 函（「該通函」）所 界 定 詞 彙 具 有 相 同 含 義。 特別決議案 – 1 – 1. 審議並批准關於回購公司A股股份方案的議案，進一步詳情載於該通函： 1.1 回 購 股 份 的 目 的； 1.2 回 購 股 份 的 種 類； 1.3 回 購 股 份 的 方 式； 1.4 回 購 股 份 的 實 ...

擬於2026年1月16日舉行的2026年第一次臨時股東會的回條 （附註1） 致：中國冶金科工股份有限公司（*「公司」） 本人╱吾等 （附註2） 地址為 （股東名冊上的地址）， 為持有公司股本中每股面值人民幣1.00元的A股╱H股 （附註4） 共 股 （附註3） 的登記持有人， 現謹通知公司本人╱吾等將出席或委託一名或多名代表代表本人╱吾等出席公司於2026年1月16日（星期五）下午二 時正在中華人民共和國北京市朝陽區曙光西里28號中冶大廈（郵編：100028）舉行本公司的2026年第一次臨時股東會。 日期：2026年 月 日 簽署 （附註5） ： 附註： 1. 此回條在填妥及交回後僅為提供資訊之用。 2. 請用正楷填上股東名冊上所示的全名及地址。 3. 請填上以 閣下名義登記的股份數目。倘未填入股份數目，則本回條將被視為與以 閣下名義登記的所有股份有關。 4. 請刪去與本回條無關的股份類別(A股或H股）。 5. 請填妥及簽署本回條，並於2026年1月12日（星期一）或之前以專人送遞、郵寄或傳真方式交回公司董事會辦公室（就公司A 股持有人而言）或公司的H股證券登記處香港中央證券登記有限公司（就公司H股持有人而言 ...

擬於2026年1月16日舉行的2026年第一次臨時股東會代表委任表格 本人╱吾等 （附註1） (1) 請用正楷填上在本公司股東名冊上所示的全名及地址。所有聯名持有人的名字亦應填上。 (2) 請填上與本代表委任表格有關的以 閣下名義登記的股份數目。倘未填入股份數目，則本代表委任表格將被視為與以 閣 下名義登記的所有本公司股份有關。 (3) 請刪去與本代表委任表格無關的股份類別（A股或H股）。 (4) 倘擬委任大會主席以外的人士為代表，請劃去「大會主席」，並於空欄內填上擬委任代表的姓名及地址。凡有權出席及於臨 時股東會上投票的股東均有權委任一名或多名代表出席及代其投票。代表毋須為本公司股東，惟必須親身代表 閣下出席 臨時股東會。獲委任為代表的人士可行使法律、規例或本公司《公司章程》賦予代表的一切權利。本代表委任表格的每項更 改均須由簽署人簡簽示可。 (5) 注意： 閣下如擬投票贊成決議案，請在「贊成」欄內加上「✓」號。 閣下如擬投票反對決議案，請在「反對」欄內加上「✓」 號。 閣下如擬就決議案放棄投票，請在「棄權」欄內加上「✓」號。 閣下如未有在欄內作出指示，則 閣下的代表有權酌情 投票。 閣下的代表亦有權就於臨 ...

閣下如已將名下之中國冶金科工股份有限公司股份全部售出或轉讓，應立即將本通函連同隨 附之代表委任表格送交買主或承讓人或經手買賣或轉讓之銀行、股票經紀、持牌證券交易員 或其他代理人，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 此乃要件 請即處理 閣下如對本通函之任何方面或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或註冊證 券商、銀行經理、律師、專業會計師或其他專業顧問。 及 2026年第一次臨時股東會通告 本公司董事會函件載於本通函第1頁至第11頁。 本公司謹訂於2026年1月16日（星期五）下午2時於中國北京市朝陽區曙光西里28號中冶大廈舉 行臨時股東會（定義見本通函），臨時股東會通告載於本通函第16頁至第20頁。 閣下如欲委任 代表出席臨時股東會，務請按照隨附代表委任表格所印列指示填妥代表委任表格並最遲於臨 時股東會或任何續會指定舉行時間24小時前（不包括任何公眾假期）交回（就H股持有人而言） 本公司H股證券登記處香港 ...