Investment Rating - The report maintains a "Buy" rating for the construction and decoration industry, highlighting specific companies as key investment targets [4][7]. Core Insights - The construction sector has experienced significant fluctuations over the past sixteen years, with eight winning phases (40% of the time) and seven losing phases (60% of the time) [1][12]. - The current market environment is characterized by a gradual easing of policies since late 2021, which has historically correlated with better performance in the construction sector [1][3]. - The report emphasizes the importance of thematic influences, such as the "Belt and Road Initiative" and "PPP" projects, which have driven substantial short-term excess returns in the sector [2][3]. Summary by Sections 1. Historical Review of the Construction Sector - The report divides the historical performance of the construction sector from June 2008 to December 2024 into fifteen phases based on excess returns relative to the CSI 300 index [11]. - Winning phases include significant periods of policy easing and economic recovery, while losing phases often coincide with tighter monetary policies [1][12]. 2. Policy Cycle and Market Trends - The report identifies four major policy cycles since 2008, with the current phase being a gradual easing that began in late 2021 [1][3]. - The correlation between excess returns and macroeconomic indicators is noted to be weak, with expectations of policy changes being more influential [1][3]. 3. Thematic Characteristics and Valuation - The construction sector's valuation is currently low, with a price-to-book ratio (PB) of 0.8, which is below historical averages and indicates potential for rebound [2][3]. - The report highlights that the sector's performance is sensitive to thematic catalysts, suggesting that upcoming regional initiatives could provide investment opportunities [3][4]. 4. Comparison with Banking Sector - The construction sector is compared to the banking sector, noting similarities in business models and sensitivity to credit environment changes [3]. - The current price-to-book ratio of the construction sector relative to banks is at a critical point, suggesting potential for significant excess returns if historical patterns hold [3]. 5. Investment Recommendations - Key investment targets include leading companies benefiting from strategic infrastructure projects, such as Sichuan Road and Bridge, China Metallurgical Group, and China Communications Construction [4][7]. - The report also suggests monitoring local leaders in Xinjiang and companies involved in coal chemical projects as potential high-return investments [4].

公 司 点 建筑行业 增持（维持） 中国建筑（601668）2025 年中报点评 经营及业绩维持稳健 2025 年 09 月 02 日 投资要点： S0340513040001 电话：0769-22177163 邮箱：hmy@dgzq.com.cn | 分析师：何敏仪 | | | --- | --- | | SAC 执业证书编号： S0340513040001 | | | 电话：0769-22177163 | 公 | | 邮箱：hmy@dgzq.com.cn | 司 研 | | 主要数据 2025 年 09 月 01 | 究 日 | | 收盘价(元) | 5.56 | | 总市值（亿元） | 2,297.41 | | 总股本(亿股) | 413.20 | | 流通股本(亿股) | 413.20 | | ROE（TTM） | 9.94% | | 12 月最高价(元) | 6.79 | | 12 月最低价(元) 4.72 | | | 股价走势 | 证 券 | | 资料来源：东莞证券研究所，Wind | 研 究 报 | 研 究 资料来源：东莞证券研究所，Wind 本报告的风险等级为中风险。 本报告的信息均来自已公开 ...

回撤方面，截至2025年9月1日，国企共赢ETF近半年最大回撤7.60%，相对基准回撤0.29%。回撤后修复天数为37天，在可比基金中回撤后修复最快。 费率方面，国企共赢ETF管理费率为0.25%，托管费率为0.05%，费率在可比基金中最低。 跟踪精度方面，截至2025年9月1日，国企共赢ETF近1月跟踪误差为0.060%，在可比基金中跟踪精度较高。 国企共赢ETF紧密跟踪富时中国国企开放共赢指数，富时中国国企开放共赢指数旨在反映在中国内地和香港上市的中国国有企业(国企)的表现，重点关注于 全球化和可持续发展。本指数旨在用于创建指数跟踪基金，以及用作业绩表现基准。富时中国国企开放共赢指数由100只成分股构成，包括80个A股公司和 20个在香港上市的中国公司。 截至2025年9月2日 13:11，国企共赢ETF(159719)上涨0.63%，最新价报1.59元。拉长时间看，截至2025年9月1日，国企共赢ETF近2周累计上涨0.51%。 流动性方面，国企共赢ETF盘中换手6.84%，成交490.45万元。拉长时间看，截至9月1日，国企共赢ETF近1年日均成交1667.44万元。 消息面上，中上协发布中国上市公司 ...

近日，据每日经济新闻消息，中国建筑副总裁、曾任华润置地总裁的吴秉琪，已进入华侨城管理层，因 待国资委正式通知，相关任命尚未对外公布。此前8月29日中国建筑2025年中期业绩会，吴秉琪未出 席，这是其自2023年9月出任副总裁后，首次缺席业绩会。其职业生涯横跨华润集团、华润置地与中国 建筑，展现出卓越的地产与文旅运营能力。此次"空降"华侨城，正值现任董事长张振高（1962年出生） 临近退休之际，或将助力华侨城在"文旅+地产"转型路径上迈出关键一步。 ...

Group 1 - The core viewpoint of the article highlights the movements of the social security fund's stock holdings, revealing that it appeared in the top ten circulating shareholders of 577 stocks by the end of the second quarter, with new investments in 136 stocks and increased holdings in 152 stocks [1][2] - The total number of shares held by the social security fund is 10.438 billion, with a total market value of 165.9 billion yuan [1] - Among the stocks held, 6 stocks have 4 social security funds appearing in their top ten shareholders, with the highest holdings in Changshu Bank, Sun Paper, and Hualu Hengsheng, holding 277.79 million shares, 151.11 million shares, and 132.68 million shares respectively [1][2] Group 2 - In terms of performance, 352 stocks held by the social security fund reported a year-on-year increase in net profit, with the highest increase being 15,646.55% for *ST Songfa [2] - The distribution of stocks held by the social security fund includes 405 on the main board, 93 on the ChiNext, and 79 on the Sci-Tech Innovation Board, with a concentration in the pharmaceutical, machinery, and basic chemical industries [2] - The average increase in the social security fund's heavy stocks since July is 16.35%, outperforming the Shanghai Composite Index, with the best performer being Yingweike with a cumulative increase of 169.81% [2]

内容概要：自粘卷材是一种新型防水材料，具有低温柔性、自愈性、及粘结性能好的特点，可常温施 工、施工速度快、符合环保要求。随着城市综合管廊、新基建及水利工程建设规模扩大，自粘卷材凭借 施工便捷性成为首选方案。从产量来看，2015年中国自粘卷材行业产量达到4.02亿平方米，到了2024年 行业产量增长至14.77亿平方米。预计未来随着科技的不断进步，自粘卷材的性能不断提升，如抗老 化、抗紫外线、抗渗透等性能的优化，使得其应用范围更加广泛，进一步推动行业产量增长。 相关上市企业：东方雨虹（002271）、科顺股份（300737）、凯伦股份（300715）、三棵树 （603737）、北新建材（000786）、中国建筑（601668）、华润置地（01109）、中国中铁 （601390）、中国铁建（601186）、高新发展（000628）等。 相关企业：深圳市卓宝科技股份有限公司、寿光市世邦防水材料有限公司、浙江宏成建材有限公司、山 东科信防水材料有限公司、潍坊市华美新型防水材料有限公司、山东跃旭防水材料有限公司、潍坊骏泰 防水材料有限公司、广东金皮夫防水科技有限公司等。 关键词：自粘卷材行业产业链、自粘卷材行业产量、石 ...

证券研究报告 建筑装饰 | 房屋建设Ⅱ 非金融|公司点评报告 hyzqdatemark 2025 年 09 月 01 日 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com | 收盘价（元） | | | | | | | | | | 5.59 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 内 低 | 最 | | | | | | | | | | 6.79/4.72 | | （元） | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | 230,980.98 | | | | | 流通市值（百万元） | | | | | | | | 230,980.98 | | | | | 总股本（百万股） | | | | | | | | | | | 41,320.39 | | 资产负债率（%） | | | | | | | | | | 76.27 | | | 每股净资产（元/股） | | | | | | ...

股 票 研 究 2025H1 经营净现金流净流出减少，工业厂房、能源工程、市政工程新签 增速快。(1)2025H1 经营净现金流-828.3 亿元(2024 年同期-1087.7 亿元)， 其中 Q1/Q2 为-958.5/130.2 亿元(2024Q1-Q4 为-966.0/-121.7/317.6/927.8 亿元)。(2)2025H1 新签 25010 亿元同增 0.9%，其中房建 14964 亿元同比 下降 2.3%，基建 8237 亿元同比增长 10%，地产合约销售额 1745 亿元同 比下降 8.9%。从细分结构来看，房建中工业厂房新签合同额 4522 亿元 同比增长 16.2%，科教文卫体设施新签合同额 2454 亿元，其中教育设施 新签合同额 1023 亿元，同比增长 13.5%；基建中能源工程新签合同额 3501 亿元同比增长 34.2%，市政工程新签合同额 1580 亿元增长 43.8%。 中国建筑股息率 4.88%估值底部，市场化建筑龙头被低估。(1)中国建筑 是全球最大的投资建设集团之一，被纳入中证 50、上证 50、富时中国 A50、MSCI 中国 A50 互联互通指数。(2)202 ...

福建华策品牌定位咨询创始人詹军豪在接受《证券日报》记者采访时表示，研发投入对上市公司发展至 关重要，是推动创新和技术进步的主要动力，能助力企业开发新产品、改进现有产品，从而提升竞争 力。 A股上市公司2025年半年报披露收官。中国上市公司协会数据显示，上半年，上市公司加快培育创新动 能，全市场研发投入超8100亿元。 以比亚迪为例，2025年上半年，公司研发投入为308.8亿元，同比增长53.05%，远超同期净利润增速。 公司称，上半年坚守"技术为王、创新为本"的发展理念，成功在电池、电子及新能源汽车等多个领域持 续创新，不仅打破了海外品牌长期垄断，更推动全球汽车市场格局重塑。 半导体等行业研发强度居前 据中国上市公司协会数据，今年上半年，全市场上市公司研发投入同比增长3.27%，增速较去年同期提 升近2个百分点。整体研发强度为2.33%，同比小幅提升。 苏商银行特约研究员武泽伟对《证券日报》记者表示："全市场上市公司的研发投入连续增长。政策层 面，国家创新驱动发展战略的深入实施，为企业研发提供了政策支持和税收优惠。资本市场层面，市场 对科技企业的估值也进一步激励企业加大创新投入。展望未来，随着科技创新在国家 ...

Group 1 - The core viewpoint of the article emphasizes the importance of R&D investment for the development of listed companies in China, with a total R&D expenditure exceeding 810 billion yuan in the first half of 2025 [1] - R&D investment among listed companies increased by 3.27% year-on-year, with an overall R&D intensity of 2.33%, reflecting a slight improvement [2] - The semiconductor and other high-tech industries are leading in R&D intensity, with the ChiNext, STAR Market, and Beijing Stock Exchange showing intensities of 4.89%, 11.78%, and 4.63% respectively, indicating a stronger focus on technology [2] Group 2 - Six companies reported R&D expenditures exceeding 10 billion yuan in the first half of 2025, including BYD, China State Construction, ZTE, China Mobile, SAIC Motor, and CATL [3] - BYD's R&D investment reached 30.88 billion yuan, a 53.05% increase year-on-year, highlighting its commitment to innovation in the electric vehicle sector [3] - CATL invested 10.095 billion yuan in R&D, a 17.84% increase, and has established multiple R&D centers globally, reinforcing its leadership in the battery industry [3] Group 3 - Traditional industries are also increasing their R&D investments significantly, with companies like Jiaozuo Wanfang Aluminum reporting a staggering 869.97% increase in R&D spending [4][5] - The article suggests that technological innovation is crucial for maintaining competitive advantage, especially in high-tech and advanced manufacturing sectors [4] - Future trends indicate that competition in fields such as artificial intelligence, new energy, and biomedicine will drive companies to continuously increase their R&D expenditures [5]