Investment Rating - Industry rating is maintained at "Outperform" [5] Core Viewpoints - The report emphasizes a more proactive fiscal policy and a demand for stabilizing domestic consumption, with a focus on accelerating the issuance and utilization of local government special bonds and ultra-long-term special treasury bonds [2][13] - The construction sector is expected to benefit from improved infrastructure investment, particularly in the central and western regions of China, as well as from cyclical opportunities in related sectors [2][30] - The report highlights a recovery in operational rates and an increase in new orders from central and state-owned enterprises, indicating an upward trend in construction activity [20][24] Summary by Sections Fiscal Policy and Economic Outlook - The April 25 Politburo meeting stressed the need for more active macroeconomic policies, including the use of fiscal and monetary tools to support the real economy [2][13] - The meeting also indicated a commitment to stabilizing the real estate market and enhancing local government investment capabilities [13][15] Market Performance - The construction index rose by 0.56% during the week of April 21-25, outperforming the CSI 300 index by 0.16 percentage points [4][25] - Key stocks that performed well included Hanjia Design (+31%), Sanwei Chemical (+22%), and Meichen Technology (+16%) [25][30] Investment Recommendations - Focus on traditional construction blue-chip stocks and cyclical opportunities in infrastructure, particularly in water conservancy, railways, and aviation projects [30][31] - Recommendations include high-performing local state-owned enterprises such as Sichuan Road and Bridge, Zhejiang Communications, and Anhui Construction [30][31] - Attention is also drawn to emerging business directions such as computing power and cleanroom investments, as well as the semiconductor sector [32][33]

Core Viewpoint - Mona Lisa Group emphasizes corporate social responsibility, leading product innovation through technological breakthroughs, promoting quality transformation via standards, facilitating low-carbon transformation through a green revolution, and defining consumer value through service innovation, thereby achieving robust development and contributing to the high-quality development of China's building ceramics industry [1] Quality Leadership - Mona Lisa Group relies on a comprehensive quality control system that covers the entire lifecycle of products, ensuring quality foundations [2] - The company's testing center is CNAS certified and conducts thorough inspections of raw materials, in-process products, and finished goods, ensuring compliance with industry standards and achieving advanced levels in key indicators [2][4] - The integration of information technology optimizes the quality management system, ensuring product consistency and stability across four production bases [4] Technological Leadership - In 2007, Mona Lisa Group established the first domestic dry-pressing ceramic thin plate production line, marking a significant technological milestone [5] - The company has continuously broken size barriers in ceramic products, with innovations such as the 1.0mm ceramic thin plate in 2022 and the 9-meter super large plate in 2021, enhancing the market perception of high-end building decoration products [6] Green Transformation - The company is set to launch a zero-carbon ammonia-hydrogen combustion technology production line in September 2024, aiming to eliminate CO2 emissions and reduce carbon output by 5,200 tons annually [7] - The establishment of a large-scale distributed photovoltaic system at the production base is expected to save 32,700 tons of standard coal and reduce carbon emissions by 81,400 tons annually [9] Service Innovation - Mona Lisa Group has developed a comprehensive service delivery system that enhances user experience through a full-process quality delivery plan [10] - The implementation of intelligent customer service systems has improved service request handling efficiency by 40%, creating a positive feedback loop for quality upgrades [10][11]

证券代码：601668 股票简称：中国建筑 编号：临 2025-028 2025 年 1-3 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 2025 年 1-3 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 | | --- | --- | | 新签合同总额（亿元 | 12,702 6.9% RMB） | | 一、建筑业务情况 | | | 1. 新签合同额（亿元 RMB） | 12,037 8.4% | | 2. 业务分部（亿元 | RMB） | | 房屋建筑 | 7,799 -3.3% | | 基础设施 | 4,206 40.0% | | 勘察设计 | 33 -18.3% | | 3. 地区分部（亿元 | RMB） | | 境内 | 11,415 4.9% | | 境外 | 623 178.5% | | 4.实物量指标（万 | 2） m | | 房屋建筑施工面积 | 145,808 1.7% | | 房屋建筑新开工面积 | 9,293 61.8% | | 房屋 ...

Core Points - The China A-shares market showed mixed performance with the CN Industrial Comprehensive Index closing at 2306.63 points, reflecting a decline of 7.42% over the past month, 1.74% over the past three months, and 3.58% year-to-date [1] Group 1: Index Overview - The CN Industrial Comprehensive Index is designed to reflect the overall performance of different industry securities from mainland Chinese enterprises, classified according to the China Securities Index industry classification standard [1] - The index is based on a starting point of 1000.0 points as of December 31, 2004 [1] Group 2: Index Holdings - The top ten weighted stocks in the CN Industrial Comprehensive Index include CATL (6.13%), Beijing-Shanghai High-Speed Railway (1.72%), and others such as Huichuan Technology (1.38%) and Sany Heavy Industry (1.14%) [1] - The index's market segment distribution shows that the Shenzhen Stock Exchange accounts for 47.03%, while the Shanghai Stock Exchange accounts for 45.33% [2] Group 3: Industry Composition - The industry composition of the CN Industrial Comprehensive Index indicates that machinery manufacturing constitutes 29.03%, followed by electric power equipment at 28.24% and transportation at 14.11% [2] - Other notable sectors include construction decoration (9.83%), aerospace and defense (8.17%), and environmental protection (3.82%) [2] Group 4: Sample Adjustment - The index samples are adjusted biannually, specifically on the second Friday of June and December, with provisions for temporary adjustments under special circumstances [3] - Adjustments occur when there are changes in the industry classification of sample companies or when companies are delisted [3]

Group 1 - The A-share market's three major indices closed mixed, with the CSI 300 Capital Goods Index at 3459.62 points, reflecting a decline of 7.36% over the past month, 4.91% over the past three months, and 8.16% year-to-date [1] - The CSI 300 Capital Goods Index is composed of listed companies in the capital goods sector selected from the CSI 300 Index, aiming to represent the overall performance of these companies [1] - The index's top ten weightings include CATL (22.21%), Huichuan Technology (4.91%), China State Construction (4.08%), Sany Heavy Industry (4.01%), and others, indicating a concentration in a few key players [1] Group 2 - The CSI 300 Capital Goods Index has a market composition of 50.57% from the Shenzhen Stock Exchange and 49.43% from the Shanghai Stock Exchange, showing a balanced representation between the two exchanges [1] - In terms of industry composition, the index is heavily weighted towards power equipment (49.09%), followed by machinery manufacturing (28.23%), construction decoration (15.52%), and aerospace and defense (7.16%) [1] - The index sample is adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December, ensuring that the index remains reflective of the current market conditions [2]

薛克庆强调，市值管理应该是一套有组织、成体系、结构化的主动战略管理行为，具有顶层性、系统 性、长期性特点，它不是一般性工作，而是"一把手工程"，要从战略高度抓好顶层设计和实施部署，保 障市值战略目标实现。 日前，在证券时报第16届中国上市公司投资者关系管理专家研讨会上，中国建筑（601668）原董事会秘 书薛克庆结合当前市值管理新政策新形势，分享了关于市值管理的实践总结和三项政策建议。 薛克庆认为，市值管理应该以公司战略文化为引领，将其融入到公司发展战略。据他介绍，中国建筑的 市值管理工作着力构建"366"战略市值管理模式。其中，"3"指的是三个价值，是战略市值管理的目标， 分别是成长性价值、回报性价值、确定性价值，丰富了投资价值的内涵，促进合理反映公司质量；第一 个"6"指的是六个环节，是战略市值管理的路径，通过综合实施价值诊断、价值创造、价值经营、价值 重塑、价值传递、价值实现的全生命周期路径举措，有序提升公司投资价值，增强股东回报；第二 个"6"指的是六个要素，是战略市值管理的体系，涵盖理念、目标、组织、制度、资源、绩效，形成和 完善了大市值管理格局，构建科学高效的工作协同体系和机制。 薛克庆认为，中国 ...

金十图示：2025年04月23日（周三）富时中国A50指数成分股今日收盘行情一览：银行、半导体行业午后延续跌势 保险 中国太保 中国人保 中国平安 电机 3175.28亿市值 2972.69亿市值 9232.59亿市值 6.46亿成交额 15.15亿成交额 3.17亿成交额 50.70 7.18 30.90 -0.07(-0.23%) +0.13(+0.26%) +0.03(+0.42%) 酸酒行业 贵州茅台 五粮液 山西汾酒 19496.19亿市值 2620.00亿市值 5044.93亿市值 28.95亿成交额 12.47亿成交额 9.73亿成交额 1552.00 129.97 214.76 -3.19(-1.46%) +3.20(+0.21%) -0.13(-0.10%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2433.47亿市值 2860.46亿市值 3463.26亿市值 21.92亿成交额 19.14亿成交额 37.76亿成交额 455.79 685.21 149.00 -3.10(-2.04%) -6.06(-1.31%) -9.77(-1.41%) 汽车整车 铁路公路 比亚迪 长城汽 ...

今日上午，由中国建筑材料联合会、海螺集团和华为联合举办的水泥建材人工智能大模型成果发布会在 安徽芜湖成功举办，这是水泥建材行业首个大模型，在行业数字化转型进程中具有里程碑意义。 2024年4月，为进一步推动AI技术在水泥建材行业的深度应用，在中国建筑材料联合会的支持下，海螺 集团联合华为启动水泥建材人工智能大模型的建设工作。双方梳理出涵盖矿山开采至包装发运全流程 的、共计15类200余个人工智能应用场景，基于华为云Stack建设人工智能训练中心，并利用华为云盘古 大模型的预测大模型、视觉大模型、NLP(自然语言处理)大模型三大底座，打造集"中心训练、边缘推 理、云边协同、边用边学、持续优化"于一体的人工智能运行体系。 目前，水泥建材人工智能大模型依托海量水泥工业数据以及深厚的行业知识沉淀，借助实时数据分析和 自主学习能力，已在质量管控、生产优化、装备管理、安全生产、智能问答等5大类40余个子场景取得 人工智能技术应用突破，实现了工艺参数动态优化、异常预警秒级响应、资源利用率最大化等核心价 值。 在质量管控方面，针对水泥熟料生产过程中强度检测结果滞后、无法及时有效地指导生产的痛点，基于 华为云盘古预测大模型，通 ...

4月21日下午，中国建筑（601668）股份有限公司(以下简称"中国建筑")召开2024年度业绩说明会。会 上，公司管理层就市场关心的房地产业务、现金流、市值管理、人工智能等问题进行了回应。 2024年，中国建筑实现经营活动产生的现金流量净额157.7亿元，同比增长43%，连续五年保持增长。 "现金流是企业的生命线，在当前的形势下，健康的现金流甚至比利润还重要。"中国建筑副总裁、财务 总监黄杰表示，2025年公司将结合新情况，把握新机遇，持续优化现金流管理，重点做好以下工作： 一是加强债权回收，密切跟踪各地专项债的落地情况。二是加强资产盘活，紧跟各地稳楼市政策，灵活 调整销售策略，探索各种创新模式，拓宽资产盘活渠道。三是加强投资管控，稳妥审慎拓展投资业务， 严把项目入口关。四是加强精细化管理，完善项目全周期的现金流预算管理体系，把资金管理贯穿项目 的全生命周期。同时加强资金的集中管理，减少资金成本。 谈房地产发展：市场信心会逐步回归 2024年，房地产行业经历了深度调整。2025年将有怎样的发展趋势？ 中国建筑副总裁吴秉琪认为，从供给端来看，当前各地政府积极落实"控增量、优存量"的政策导向，进 一步优化土地供 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The municipal investment in March continues to show a warming trend, with a focus on domestic demand counter-cyclical adjustments and safe investment areas [1] - The construction industry PMI rose to 53.4 in March, indicating improved activity in the sector [36] - The issuance of special bonds has been stable, with a significant year-on-year increase in the amount issued [44] Summary by Sections 1. Water Conservancy and Power Investment - Water conservancy and power investments continue to maintain high growth, with municipal investment in March showing a year-on-year increase of 6.5% [23] - Narrowly defined infrastructure investment (excluding power) increased by 5.8% year-on-year, while broadly defined infrastructure investment (including power) rose by 11.5% [23][24] 2. Fund Tracking - As of April 18, 2025, the total amount of newly issued special bonds reached 1,063.39 billion CNY, a year-on-year increase of 40.4% [44] - The issuance of city investment bonds reached 1,824.42 billion CNY, with a year-on-year increase of 4.74% [48] 3. Recent Key Company Announcements - Shanghai Construction Group reported a cumulative new contract amount of 64.548 billion CNY for Q1 2025, a year-on-year decrease of 44.03% [60] - Jianghe Group announced a cumulative new contract amount of 1.435 billion CNY for Q1 2025, down 47.13% year-on-year [60]