中国建筑（601668.SH）11月13日在投资者互动平台表示，公司参与建设了多项大型发电厂工程，覆盖 核电、火电、水电等领域，包括广东太平岭核电厂二期、广东华厦阳西电厂二期、广西防城港核电厂、 杭州富阳永安抽水蓄能电站项目等。 （记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司有建造了哪些大型发电厂？ ...

（记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司建造了哪些大型光伏发电厂？ 中国建筑（601668.SH）11月13日在投资者互动平台表示，公司积极服务可再生能源发展，参与建设了 多个大型光伏发电厂，包括中绿电尼勒克县、若羌等400万千瓦风电光伏一体化系列项目，内蒙古包头 市、赤峰市、鄂尔多斯市、巴彦淖尔市、乌兰察布市等区域内2000MW分布式光伏发电项目等。 ...

Core Points - The Shanghai Composite Index rose by 0.73% on November 13, with 27 out of 28 sectors experiencing gains, particularly in the power equipment and non-ferrous metals sectors, which increased by 4.31% and 4.01% respectively [1] - The construction decoration sector saw a modest increase of 0.52%, despite a net outflow of 9.93 billion yuan in main funds [2] - Overall, the main funds in the two markets had a net inflow of 24.471 billion yuan, with 16 sectors receiving net inflows, led by the power equipment sector with 11.478 billion yuan [1] Sector Performance - The construction decoration sector had 156 stocks, with 104 rising and 41 falling; 9 stocks hit the daily limit up [2] - The top three stocks in terms of net inflow in the construction decoration sector were China Nuclear Engineering (6.275 million yuan), Aoya Shares (4.825 million yuan), and Sanwei Chemical (4.096 million yuan) [2] - The leading stocks with net outflows included China Metallurgical Group (-4.113 billion yuan), Guosheng Technology (-1.524 billion yuan), and China State Construction Engineering (-814.633 million yuan) [4] Fund Flow Analysis - The construction decoration sector had a total of 56 stocks with net inflows, while 7 stocks experienced net outflows exceeding 50 million yuan [2][4] - The highest net inflow stock was China Nuclear Engineering, with a daily increase of 1.23% and a turnover rate of 4.18% [2] - The stock with the largest net outflow was China Metallurgical Group, which had a daily increase of 0.87% but a significant outflow of 4.113 billion yuan [4]

Core Insights - The construction decoration industry experienced a net outflow of funds amounting to 999.3 million yuan on November 13, despite a 0.52% increase in the sector's stock prices [1][2] Fund Flow Summary Inflow Highlights - The top three stocks with significant net inflows were: - China Nuclear Engineering with a net inflow of 62.75 million yuan, increasing by 1.23% [1] - Aoya Shares with a net inflow of 48.25 million yuan, surging by 20% [1] - Sanwei Chemical with a net inflow of 40.97 million yuan, rising by 6.81% [1] Outflow Highlights - The stocks with the highest net outflows included: - China Metallurgical Group with a net outflow of 411.34 million yuan, increasing by 0.87% [2] - Guosheng Technology with a net outflow of 152.41 million yuan, rising by 9.96% [2] - China State Construction with a net outflow of 81.46 million yuan, decreasing by 0.18% [2]

Macro Research - The monetary policy framework continues to emphasize "appropriate monetary policy" and "maintaining reasonable growth in financial aggregates," with a shift towards combining counter-cyclical and cross-cyclical adjustments, reflecting the requirements of the 14th Five-Year Plan [1][2][3] - The central bank's focus is transitioning from merely short-term counter-cyclical support to a more forward-looking layout that optimizes efficiency and structural adjustments to better serve long-term economic goals [3][4] Strategy Research - The technology manufacturing sector remains highly prosperous, with rising prices in memory chips and an improved outlook for the lithium battery supply chain due to tight supply and demand [4][5] - Real estate demand is weak, with a significant decline in passenger vehicle sales, while coal demand has improved, leading to a substantial price increase [4][5] Energy Equipment and New Energy Research - The future expansion of the capacity pricing mechanism for energy storage is expected to enhance the economic viability of storage solutions across more provinces, significantly boosting demand in 2026 [8][9] - The introduction of a compensation standard for energy storage in Inner Mongolia at 0.28 yuan/kWh is anticipated to stimulate storage demand [10][25] Agriculture Research - The pet consumption sector showed strong performance during the Double 11 shopping festival, with domestic brands rising in rankings and companies like Zhongchong Co. performing exceptionally well [11][12][14] - The pet industry is experiencing a shift towards higher quality and more emotional consumption behaviors, indicating a trend of pet products becoming more integrated into family life [14][12]

Core Viewpoint - The Central Enterprise ETF (159959) opened with a slight increase of 0.44%, priced at 1.602 yuan, reflecting the performance of its underlying assets and market conditions [1] Group 1: ETF Performance - The Central Enterprise ETF (159959) has a benchmark performance index of the CSI Central Enterprise Structural Adjustment Index [1] - Since its establishment on October 22, 2018, the fund has achieved a return of 59.39% [1] - The fund's return over the past month has been -0.19% [1] Group 2: Major Holdings - Key stocks in the ETF include: - 澜起科技 (Lianqi Technology) down 0.55% - 中芯国际 (SMIC) down 0.53% - 海康威视 (Hikvision) down 0.10% - 国电南瑞 (Guodian NARI) down 0.29% - 招商银行 (China Merchants Bank) up 0.09% - 宝钢股份 (Baosteel) up 0.26% - 中国神华 (China Shenhua) up 0.21% - 长安汽车 (Changan Automobile) up 0.16% - 中国电信 (China Telecom) unchanged - 中国建筑 (China State Construction) unchanged [1]

Core Viewpoint - Southbound funds have significantly increased their holdings in China State Construction International (03311.HK), indicating growing investor confidence in the company [1] Group 1: Shareholding Changes - On November 12, 2025, southbound funds increased their holdings by 3.312 million shares, representing a 0.70% change [2] - Over the past five trading days, there have been five days of net increases, totaling 7.69 million shares [1] - In the last twenty trading days, there were 17 days of net increases, amounting to 16.706 million shares [1] Group 2: Current Holdings - As of now, southbound funds hold a total of 474 million shares of China State Construction International, which accounts for 8.97% of the company's total issued ordinary shares [1]

Core Viewpoint - China State Construction's Q3 net profit attributable to shareholders decreased by 24.1% due to the ongoing deep adjustment in the real estate market and a slowdown in infrastructure investment growth [1] Group 1: Financial Performance - The company's Q3 net profit attributable to shareholders fell by 24.1% [1] - Current dividend yield stands at 5%, indicating a valuation bottom [1] - The dividend payout ratio is 24.3% [1] Group 2: Market Position and Valuation - China State Construction is one of the largest investment and construction groups globally and is included in major indices such as CSI 50, SSE 50, FTSE China A50, and MSCI China A50 Connect Index [1] - The controlling shareholder increased holdings by 620 million yuan, accounting for 0.27% of total share capital [1] - The company maintains a long-term stable dividend policy [1] Group 3: Future Outlook - The company is given a target price of 7.42 yuan based on a 2025 PE of 6.5 times [1] - The current PE of 4.7 times is at the 45th percentile over the past decade, while the PB is 0.47 times, at the 1st percentile over the same period [1] - The company adheres to a market-oriented operational mechanism, gradually enhancing its ability to navigate market rules [1]

Market Overview - The housing construction sector experienced a slight decline of 0.02% on November 12, with Chongqing Construction leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Shanghai Construction (600170) closed at 2.97, up 0.68% with a trading volume of 3.86 million shares and a turnover of 1.14 billion yuan [1] - China State Construction (601668) closed at 5.45, up 0.37% with a trading volume of 2.29 million shares and a turnover of 1.25 billion yuan [1] - Shaanxi Construction (600248) closed at 3.85, down 0.52% with a trading volume of 199,200 shares and a turnover of 76.86 million yuan [1] - Longyuan Construction (600491) closed at 3.34, down 0.60% with a trading volume of 139,300 shares and a turnover of 46.57 million yuan [1] - Ningbo Construction (601789) closed at 5.52, down 0.90% with a trading volume of 292,000 shares and a turnover of 161 million yuan [1] - Zhejiang Construction Investment (002761) closed at 9.46, down 0.94% with a trading volume of 106,300 shares and a turnover of 101 million yuan [1] - High-tech Development (000628) closed at 45.29, down 2.22% with a trading volume of 59,100 shares and a turnover of 268 million yuan [1] - Chongqing Construction (600939) closed at 4.03, down 7.36% with a trading volume of 1.53 million shares and a turnover of 624 million yuan [1] Capital Flow - The housing construction sector saw a net inflow of 84.29 million yuan from main funds, while retail funds experienced a net outflow of 20.67 million yuan [1] - Main funds for China State Construction (601668) had a net inflow of 95.66 million yuan, while retail funds had a net outflow of 48.33 million yuan [2] - Shanghai Construction (600170) had a net inflow of 72.83 million yuan from main funds, with retail funds seeing a net outflow of 40.51 million yuan [2] - Ningbo Construction (601789) had a net inflow of 6.97 million yuan from main funds, while retail funds had a net outflow of 472.74 thousand yuan [2] - Longyuan Construction (600491) experienced a net outflow of 7.63 million yuan from main funds, but retail funds had a net inflow of 607.05 thousand yuan [2] - High-tech Development (000628) faced a significant net outflow of 60.53 million yuan from main funds, while retail funds had a net inflow of 5.12 million yuan [2]

Investment Rating - The report maintains a rating of "Buy" for the company [3][8]. Core Insights - The company's net profit attributable to shareholders decreased by 24.1% in Q3, impacted by the ongoing adjustment in the real estate market and a slowdown in infrastructure investment growth. The current dividend yield is at 5%, indicating that the company is undervalued as a leading market player in construction [2][4]. Financial Performance Summary - For the first three quarters of 2025, the company's revenue reached 1.56 trillion yuan, a year-on-year decline of 4.2%. The net profit attributable to shareholders was 38.18 billion yuan, down 3.8% year-on-year. The gross profit margin stood at 8.72%, with a net profit margin of 2.45% [4][5]. - The company reported a decrease in operating cash flow, with a net outflow of 69.48 billion yuan for the first three quarters of 2025, although this was an improvement compared to the 77.01 billion yuan outflow in the same period of 2024 [5][6]. Earnings Forecast - The earnings per share (EPS) estimates for 2025-2027 have been revised down to 1.15, 1.20, and 1.25 yuan respectively, reflecting a growth of 2.8%, 4.6%, and 4.2% [3][6]. Valuation Metrics - The company is currently valued at a price-to-earnings (PE) ratio of 6.5 times for 2025, with a target price set at 7.42 yuan. The price-to-book (PB) ratio is at 0.47 times, indicating a significant discount compared to historical averages [3][5][6]. Market Position - As one of the largest investment and construction groups globally, the company is included in major indices such as the CSI 50 and MSCI China A50. The controlling shareholder has increased their stake by 0.27% [5][6].