3月26日，300红利低波ETF嘉实（515300）开盘跌0.30%，报1.335元。300红利低波ETF嘉实（515300） 重仓股方面，中国神华开盘跌0.25%，格力电器涨0.08%，中国石油涨0.00%，中国石化跌0.51%，双汇 发展涨1.17%，中国海油跌0.02%，大秦铁路跌0.19%，中国建筑跌0.20%，招商公路跌0.10%，美的集团 涨0.12%。 300红利低波ETF嘉实（515300）业绩比较基准为沪深300红利低波动指数收益率，管理人为嘉实基金管 理有限公司，基金经理为王紫菡，成立（2019-08-08）以来回报为72.46%，近一个月回报为2.72%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.c ...

中国建筑股份有限公司 2025 年度投资者保护工作报告 中国建筑股份有限公司(以下简称中国建筑或公司)是全球规模最大的投资 建设集团之一。2025 年，公司深入贯彻党中央、国务院关于投资者权益保护的 决策部署，全面落实证监会系统工作会议精神等最新监管要求，切实履行上市 公司主体责任，连续第六年自愿发布投资者保护工作报告。一年来，公司持续 深化与各类投资者的沟通对接，及时精准回应投资者关切，强化投资者保护实 效，坚决维护广大投资者合法权益，圆满完成年度投资者保护各项工作。公司 荣获中国上市公司协会"上市公司董事会最佳实践案例""业绩说明会最佳实 践案例""投资者关系管理最佳实践案例"等资本市场奖项，以扎实业绩彰显 投资者保护工作成效。 一、持续优化公司治理，厚植投资者保护发展根基 （一）动态完善公司治理体系 公司稳步推进科学、理性、高效的现代化董事会建设，强化董事会经营决 策主体作用发挥。全年公司规范召开董事会 20 次，保障审议重大事项 105 项， 充分发挥董事会"定战略、作决策、防风险"作用。扎实开展议案合规性审 核，实现 100%法律和证券合规双重审查，持续提升董事会议案质量。持续加强 决议执行督办，聚 ...

证券代码：601668 证券简称：中国建筑 公告编号：临 2026-010 第四届董事会第三十二次会议决议公告 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。 中国建筑股份有限公司（以下简称公司）第四届董事会第三十二次会议（以 下简称会议）于 2026 年 3 月 25 日在北京中建财富国际中心 3908 会议室召开。 董事长郑学选先生主持会议，董事单广袖女士、独立董事马王军先生、孙承铭先 生、刘汝臣先生、梁维特先生出席会议。董事兼总裁文兵先生因工作安排无法出 席现场会议，授权委托郑学选先生代为行使表决权。公司董事会秘书等高管列席 会议。 本次会议通知于 2026 年 3 月 24 日以邮件方式发出，会议召开符合《中华人 民共和国公司法》《中国建筑股份有限公司章程》及《中国建筑股份有限公司董 事会议事规则》等规定，会议的召开合法有效。公司 7 名董事均参与了投票表决， 并通过决议如下： 一、审议通过《关于中国建筑股份有限公司 2026 年法治工作报告的议案》 三、审议通过《关于中国建筑股份有限公司 2025 年风险管理总结暨 ...

经营有望回升，重估空间广阔 中国建筑(601668) | 投资评级:买入(上调) | | | --- | --- | | 基本数据 | 2026-03-20 | | 收盘价(元) | 4.98 | | 流通股本(亿股) | 413.20 | | 每股净资产(元) | 11.67 | | 总股本(亿股) | 413.20 | 最近 12 月市场表现 -9% -2% 4% 11% 18% 24% 中国建筑 沪深300 上证指数 房屋建设Ⅱ 分析师 王涛 SAC 证书编号：S0160526020003 wangtao01@ctsec.com 联系人 杨景奥 yangja@ctsec.com 相关报告 1. 《业绩稳中略增，经营现金流同比改善》 2025-08-29 2. 《业务结构持续优化，基建及境外新签同 比高增》 2025-04-30 3. 《收入和利润有所承压，Q4 经营现金流 改善》 2025-04-16 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- ...

亚翔集成业绩加速增长，产业链估值仍有提升空间。焦煤价格大涨，北方国际受益。 中国能建和中国电建算电协同价值仍待重估。 [亚翔集成业绩加速增长，产业链估值仍有提升空间 Table_Summary] 。（1）2025Q1~Q4 净 利润同增-30%、-35%、40%、128%，四季度加速，2025 年新签订单 71 亿元同增 97%，2025 年底在手订单 48 亿元同增 59%。2025 年国外营收 增 56%占 74%，受益全球化 AI 半导体资本开支持续增加。母公司 2026 年前 2 月收入 26 亿元同增 85%，公司业绩 1 季度值得期待。（2）预期 2026– 2027 年 EPS7.10/8.94 元增 70%/26%，对应 2026 年仅 26 倍 PE。 产业链 wind2026PE：半导体洁净室-圣晖集成 56 倍/柏诚 36 倍，设备-北 方华创 36 倍/中微公司 58 倍，晶圆-中芯国际 132 倍。 中国能建和中国电建算电协同价值仍待重估。（1）中国能建聚焦 AI+能 源电力，积极发挥数能融合和算电协同优势，深度参与全国东数西算八 大节点区域算力枢纽中心建设，2025 年中累计获新能 ...

建筑装饰行业周报 市场调整之际，板块内哪些确定性机会 值得把握 2026 年 03 月 22 日 【投资要点】 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 证书编号：S1160524100004 证券分析师：闫广 证书编号：S1160526010004 联系人：陈怡洁 相对指数表现 -20% -10% 0% 10% 20% 30% 2025/3 2025/9 2026/3 建筑装饰 沪深300 相关研究 《继续推荐大建筑股：低位新基建，全球 中特估》 2026.03.15 《两会及"十五五"规划定调积极，继续 推荐央企及新兴支柱产业标的》 2026.03.08 《两会政府工作报告学习：中央定调积极， 关注未来产业和智能建造》 2026.03.06 《上海放松地产限购政策，关注两会可能 的稳增长及新质生产力政策》 2026.03.01 《节后关注机器人、低空、AI 算力等未来 产业及建筑央企低位修复机会》 2026.02.23 行 业 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 板块行情回顾：本周建筑装饰（S ...

Core Insights - The report emphasizes the importance of the cleanroom sector, particularly benefiting from the acceleration of domestic storage CAPEX, and suggests positioning in undervalued, high-dividend defensive stocks [1][14] - The report maintains a "Buy" rating for the construction and decoration industry, reflecting a positive outlook despite recent market fluctuations [2] Group 1: Cleanroom Sector and Storage CAPEX - The report highlights the ongoing chip shortage driven by the AI wave, leading to increased CAPEX in domestic and overseas storage and wafer foundry sectors, suggesting a shift in focus from overseas cleanroom sectors to domestic storage expansion beneficiaries [14][15] - It specifically recommends Baicheng Co., which is expected to benefit from the domestic storage CAPEX acceleration, with anticipated net profits of 413 million CNY and 604 million CNY for 2026 and 2027 respectively [16][18] Group 2: Defensive Stocks - The report notes a gradual increase in construction activity post-holiday, with a recovery rate of 62% and a labor utilization rate of 61.7%, indicating a positive trend for low-valuation, high-dividend defensive stocks [21][22] - It suggests focusing on companies like China State Construction, China Railway Construction, and Sinopec Engineering, which have high dividend yields and have seen significant price corrections [21][24] Group 3: Oil and Gas Sector - The report indicates a rising trend in oil prices, with Brent crude reaching 103.12 USD per barrel, a 69.8% increase from earlier this year, and highlights investment opportunities in coal chemical and offshore oil and gas modules [26][32] - It recommends companies such as Donghua Technology and China Chemical for coal chemical investments, and Libur for offshore oil and gas modules [26][27] Group 4: Energy Independence and New Technologies - The report emphasizes the ongoing push for energy independence, focusing on nuclear power, collaborative electricity solutions, and green hydrogen ammonia sectors, recommending companies like China Power Construction and Huadian Heavy Industries [15][26] - It notes the importance of policy-driven developments in these sectors, which are expected to enhance market conditions [15][26]

证券代码：601668 证券简称：中国建筑 公告编号：临 2026-009 1 | | 项 目 | | | 数 额 比上年同期增长 | | --- | --- | --- | --- | --- | | | 二、地产业务情况 | | | | | 1. | 合约销售额（亿元 | RMB） | | 263 -19.9% | | 2. | 合约销售面积（万 m | 2） | | 84 -33.3% | | 3. | 期末土地储备（万 m | 2） | | 6,782 | | 4. | 新购置土地储备（万 | m | 2） | 7 | 注：由于存在各种不确定性，上述经营指标和数据与定期报告披露的数据可能 存在差异，因此相关数据为阶段性数据，仅供参考。 中国建筑股份有限公司董事会 二〇二六年三月十六日 2 2026 年 1-2 月经营情况简报 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。 现将本公司 2026 年 1-2 月主要经营情况公布如下，供各位投资者参阅。 | 项 目 | 数 额 比上年同期增长 | | --- | --- | ...

Investment Rating - The report maintains an "Outperform" rating for major construction stocks, emphasizing low-level new infrastructure and global valuation adjustments [1][3]. Core Insights - The two sessions have positively indicated growth stabilization and new productivity, with a forecast of robust order reserves for construction state-owned enterprises (SOEs) in 2026, leading to performance recovery and asset value reassessment [2][20]. - The ongoing conflict in the Middle East is expected to enhance the valuation of SOEs through increased infrastructure cooperation with Arab countries and recognition of the stability of the Chinese supply chain [2][23]. - The report highlights the potential for new productivity projects and asset reassessment, particularly in sectors like AI computing and electronic materials [2][25]. Summary by Sections Industry Outlook and Investment Recommendations - The construction and decoration index rose by 4.12%, outperforming the overall A-share index, with significant gains in municipal engineering and chemical engineering sectors [16]. - The valuation of eight major construction SOEs is at historical lows, with a PE ratio of 7.20x and a PB ratio of 0.56x, indicating potential for valuation recovery [17][18]. Market Performance - As of March 13, 2026, the issuance of special bonds has accelerated, with a total of 9,201 billion yuan issued, surpassing the levels of the past two years [8][20]. Key Company Dynamics - China State Construction reported new contracts worth 41,510 billion yuan in 2025, with a year-on-year growth of 1.7% [21]. - China Railway Construction signed new contracts totaling 30,765 billion yuan, with a year-on-year growth of 1.3% [21]. - China Communications Construction Company achieved new contracts of 18,812 billion yuan, with a slight year-on-year increase of 0.1% [21]. Valuation Status - The report indicates that the PB ratio of construction SOEs is 0.86x compared to the banking sector and 0.37x compared to the overall Shanghai Composite Index, both at historical low percentiles [17][18]. Future Industry Trends - The report suggests that the focus on new infrastructure and emerging industries will lead to a reassessment of SOE valuations, particularly in sectors like integrated circuits, aerospace, and low-altitude economy [25][26].

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and energy sectors, emphasizing the potential benefits from the energy self-sufficiency strategy and rising energy prices [12][27]. Core Insights - The current market focus is on energy self-sufficiency, driven by geopolitical tensions in the Middle East and rising oil prices, which have reached $103.68 per barrel [1][15]. - China's reliance on imported oil and gas is projected to increase, with dependency rates expected to reach 73% for oil and 41% for gas by 2025, highlighting the urgency for energy security [1][15]. - The construction sector is seen as undervalued, with state-owned enterprises showing low price-to-book ratios, indicating strong potential for recovery and investment opportunities [9][24]. Summary by Sections 1. Coal Chemical Industry - The coal chemical sector is expected to benefit from both energy self-sufficiency and rising chemical prices, with policies likely to support the development of coal-to-oil and coal-to-gas projects [2][18]. - Key companies recommended include China Chemical, Sanwei Chemical, and Donghua Technology, which are positioned to capitalize on these trends [2][18]. 2. New Power Systems - The report highlights significant investment opportunities in new power systems, with government policies promoting smart grid construction and renewable energy applications [3][11]. - Recommended companies include China Energy Engineering, China Power Construction, and Ankerui, which are well-positioned to benefit from these developments [3][11]. 3. Green Fuels - The green hydrogen and ammonia sector is identified as a growth area, with government support for hydrogen energy projects expected to drive industrial-scale adoption [7][22]. - China Energy Engineering is noted for its proactive investments in hydrogen projects, while China Railway Construction is involved in green methanol initiatives [7][22]. 4. Rising Energy Prices - Companies like Northern International are expected to benefit from rising coal and electricity prices, with projections indicating improved profitability as energy prices increase [8][23]. - The report emphasizes the potential for these companies to leverage their existing projects in regions with high energy demand [8][23]. 5. Market Dynamics - The report discusses the potential for a "high-cut low" market strategy, where undervalued sectors like construction may offer defensive investment opportunities amid rising inflation risks [9][24]. - The construction sector's low valuation and the anticipated acceleration of infrastructure investments are expected to support revenue and profit recovery for state-owned enterprises [9][24].