Core Insights - The Social Security Fund has disclosed its stock holdings as of the end of Q4 last year, appearing in the top ten shareholders of 328 companies, with a total holding of 7.052 billion shares valued at 109.87 billion yuan [1][2] Group 1: Stock Holdings - The Social Security Fund has newly entered 85 stocks and increased holdings in 99 stocks, while maintaining positions in 71 stocks and reducing holdings in 73 stocks [1] - Among the top holdings, Changshu Bank has the highest shareholding ratio at 8.90%, followed by Dengkang Oral Care at 6.78% [1][2] - A total of 14 stocks have over 100 million shares held by the Social Security Fund, with Changshu Bank leading at 268 million shares [1] Group 2: Performance Metrics - In terms of performance, 197 companies held by the Social Security Fund reported year-on-year net profit growth, with Guangxi Energy showing the highest increase of 3704.04% [2] - The average increase of stocks held by the Social Security Fund this year is 1.22%, outperforming the Shanghai Composite Index [2] - The best-performing stock is Shuanglin Shares, with a cumulative increase of 157.49%, while the largest decline is seen in Shanghai Ailuo, down 38.17% [2] Group 3: Sector Distribution - The stocks held by the Social Security Fund are primarily concentrated in the pharmaceutical, basic chemicals, and machinery equipment sectors, with 36, 27, and 27 stocks respectively [2] - The distribution of holdings includes 238 stocks from the main board, 56 from the ChiNext, and 34 from the Sci-Tech Innovation Board [2]

每经记者 陈梦妤 每经编辑 魏文艺 4月21日，中国建筑（SH601668，股价5.46元，市值2256亿元）举行2024年度业绩说明会，中国建筑董事长郑学选，副总裁、财务总监黄杰，副总裁吴秉琪 等出席。 房地产是这场业绩会的绝对主角，相关提问几乎都围绕着房地产展开，"好房子"则是管理层口中的超高频词汇。 2024年，中国建筑地产业务合约销售额4219亿元，同比下降6.5%；合约销售面积1461万平方米，同比下降21.4%；实现营业收入3062亿元，同比下降0.8%； 实现毛利529.3亿元，同比下降5.9%。 报告期内，中国建筑新购置土地75宗，期末土地储备7718万平方米，新增土地储备882万平方米，总购地金额1385亿元。新增土地储备全部位于一线、强二 线及省会城市，土地储备结构进一步优化。 "我们2024年新获取的土地，90%以上位于一线城市的核心区域，且多为高端改善产品。特别是位于北京、上海以及新加坡等地的多个高端改善盘入市，所 以我们的销售单价同比增长，且销售情况良好，在整体销售面积下降的情况下，带动了今年1~2月合约销售额的合理上升。"吴秉琪在业绩会上指出，总的来 说，公司在手货值规模非常充足， ...

Core Insights - China State Construction Engineering Corporation (China State Construction) reported a total new contract value of 4.5 trillion yuan for 2024, with operating revenue of 2.19 trillion yuan and a net profit attributable to shareholders of 46.19 billion yuan, resulting in a basic earnings per share of 1.11 yuan [1][2][3] Group 1: Business Performance - The company's construction business saw a new contract value of 2.6516 trillion yuan, with operating revenue of 1.3218 trillion yuan, and a significant increase in public building contracts, which accounted for 65.6% of the total [1] - The infrastructure business achieved a new contract value of 1.4149 trillion yuan, a year-on-year increase of 21.1%, with operating revenue of 550.9 billion yuan, driven by strong performance in energy engineering, water resources, and environmental sectors [2] - The real estate segment maintained a leading position with a contract sales value of 421.9 billion yuan, outperforming the industry decline by 10.6 percentage points, and a total land acquisition of 138.5 billion yuan [2] Group 2: Strategic Outlook - The company aims to achieve a new contract value exceeding 4.6 trillion yuan and operating revenue surpassing 2.28 trillion yuan by 2025, focusing on high-quality development amidst market challenges and opportunities [3] - The ongoing transformation towards industrialization, digitalization, and green development in the construction industry is expected to enhance the company's competitive edge and market expansion capabilities [3]

金融界4月21日消息，上证指数低开高走，上证180成长指数 (180成长，000028)上涨0.86%，报3171.71 点，成交额450.82亿元。 数据统计显示，上证180成长指数近一个月下跌5.77%，近三个月下跌0.32%，年至今下跌2.07%。 据了解，上证180风格指数系列以上证180指数为样本空间，根据成长因子和价值因子计算风格评分，分 别选取成长得分与价值得分最高的60只上市公司证券构成上证180成长指数与上证180价值指数。另外， 上证180成长指数与上证180价值指数分别与样本空间剩余上市公司证券组成上证180相对成长指数与上 证180相对价值指数。上证180成长指数、上证180价值指数、上证180相对成长指数与上证180相对价值 指数构成上证180风格指数系列，从风格特征的角度进一步刻画上证180指数，为投资者提供更具多元化 风险收益特征的投资标的。该指数以2002年06月28日为基日，以1000.0点为基点。 从指数持仓来看，上证180成长指数十大权重分别为：贵州茅台（10.57%）、紫金矿业（8.55%）、中 芯国际（5.02%）、京沪高铁（4.86%）、海光信息（3.99%）、药明 ...

丨证券研究报告丨 联合研究丨公司点评丨中国建筑（601668.SH） [Table_Title] 需求整体承压，分红率大幅提升 报告要点 [Table_Summary] 公司全年实现营业收入 21871.48 亿元，同比减少 3.5%；归属净利润 461.87 亿元，同比减少 14.9%；扣非后归属净利润 415.81 亿元，同比减少 14.3%。 分析师及联系人 [Table_Author] 张弛 刘义 宋子逸 张智杰 袁志芃 SAC：S0490520080022 SAC：S0490520040001 SAC：S0490522080002 SAC：S0490522060005 SFC：BUT917 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中国建筑（601668.SH） cjzqdt11111 [Table_Title2] 需求整体承压，分红率大幅提升 [Table_Summary2] 事件描述 公司全年实现营业收入 21871.48 亿元，同比减少 3.5%；归属净利润 461.87 亿元，同比减少 14.9%；扣非后归属净利润 ...

Investment Rating - The report indicates a positive outlook for the real estate sector, emphasizing its role in boosting domestic demand and stabilizing the market [1][12]. Core Insights - The real estate market is transitioning back to its residential function, with significant declines in new home sales and construction activities projected for 2022-2024 [1][12]. - The implementation of new policies on May 17, 2024, aims to support the real estate market, including adjustments to loan rates and down payment requirements [1][12]. - Infrastructure projects are also highlighted as key drivers of domestic demand, particularly in regions like Xinjiang and Guangxi, with significant investments underway [2][13]. - The "Belt and Road" initiative remains a focal point for international expansion, with ongoing collaborations between China and Vietnam to enhance infrastructure connectivity [2][13]. Summary by Sections Weekly Discussion - The report discusses the importance of real estate in stimulating domestic demand, noting a shift towards residential needs and a significant drop in key market indicators [1][12]. - It highlights the recent government meetings aimed at stabilizing the real estate market and the potential impact of new policies on housing loans [1][12]. Cyclical Linkage - Cement prices have shown a year-on-year increase, with the national average price at 395 RMB/t, while glass prices have also seen slight increases [3][14]. - The report notes a stable demand for aluminum and steel, with expectations for continued high supply levels [3][14]. National Subsidy Tracking - Various regions have successfully implemented consumer subsidies, such as Shanghai's 1.8 billion RMB for home appliance upgrades, significantly boosting sales [4][15]. - The report suggests focusing on companies related to subsidized products in the construction materials sector [4][15]. Important Developments - The report mentions the strengthening of the strategic partnership between China and Vietnam, along with significant stock purchases by major shareholders in various companies [5][16]. - It emphasizes the government's commitment to stabilizing the stock market and supporting the real estate sector [5][16]. Market Performance (April 14-18) - The construction materials index experienced a slight decline, with specific segments like refractory materials and pipes performing better than others [17]. Construction Material Price Changes - Cement prices have slightly decreased in certain regions, while glass prices have shown minor increases, indicating a mixed market response [29][39]. - The report provides detailed statistics on the pricing trends and inventory levels for various construction materials [29][39].

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 04 月 20 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 市场表现： | 基本数据 | 年 | 04 | 月 18 | 日 | | 2025 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | 5.50 | | | | | 一 年 内 最 / 最 低 | | | 6.79/4.72 | | 高 | | | （元） | | | | | | | | 总市值（百万元） | | | 227,262.15 | | | | | 流通市值（百万元） | | ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 9.02 [7][8]. Core Views - The company reported a revenue of RMB 2,187.148 billion for 2024, a decrease of 3.46% year-on-year, and a net profit attributable to shareholders of RMB 462 billion, down 14.9% year-on-year. The decline in profit was primarily due to higher-than-expected impairment provisions for construction projects [1][4]. - Despite the profit decline, the company maintained a strong dividend capability, distributing RMB 11.2 billion in dividends for 2024, with a dividend payout ratio increasing by 3.47 percentage points to 24.29%, resulting in a dividend yield of 4.9% [1][4]. Revenue and Profitability - The company's revenue from different segments in 2024 was as follows: construction revenue at RMB 1,321.8 billion (down 4.5%), infrastructure revenue at RMB 550.9 billion (down 1.0%), and surveying and design revenue at RMB 108 billion (down 0.8%). The overall gross margin for 2024 was 9.86%, slightly up by 0.02 percentage points year-on-year [2][3]. - The company’s net profit margin for 2024 was 2.11%, a decrease of 0.28 percentage points year-on-year, with the fourth quarter showing a net profit margin of 1.16%, down 0.63 percentage points year-on-year [3]. Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is RMB 468 billion, RMB 473 billion, and RMB 478 billion respectively, reflecting a downward adjustment of approximately 14% from previous estimates [4]. - The company is expected to maintain a stable revenue scale while focusing on high-quality operations, with a projected PE ratio of 4.87 for 2025 [4][6]. Market Position and Growth - The company has shown resilience in the real estate sector, with new land reserves of 8.82 million square meters, which is approximately 5.3 times the sales area for 2024 [2]. - The company’s cash flow from operating activities for 2024 was RMB 15.8 billion, an increase of RMB 4.7 billion year-on-year, indicating improved cash management [3].

从指数持仓来看，中证中国内地企业全球工业综合指数十大权重分别为：宁德时代（6.03%）、京沪高 铁（1.82%）、汇川技术（1.37%）、中国建筑（1.16%）、三一重工（1.15%）、顺丰控股（1.03%）、 国电南瑞（0.96%）、中远海控（0.93%）、隆基绿能（0.92%）、中国中车（0.87%）。 金融界4月18日消息，A股三大指数收盘涨跌不一，中证中国内地企业全球工业综合指数 (CN工业综 合，H30377)报2273.92点。 数据统计显示，中证中国内地企业全球工业综合指数近一个月下跌10.58%，近三个月下跌2.51%，年至 今下跌4.95%。 据了解，中证中国内地企业全球行业综合指数系列从中证中国内地企业全球综合指数样本中按中证行业 分类标准进行分类，再以各自行业全部证券作为相应行业指数的指数样本，形成中证中国内地企业全球 行业综合指数系列，以反映中国内地企业中不同行业证券的整体表现。该指数以2004年12月31日为基 日，以1000.0点为基点。 从中证中国内地企业全球工业综合指数持仓的市场板块来看，深圳证券交易所占比46.82%、上海证券 交易所占比45.68%、香港证券交易所占比4.3 ...

Core Points - The A-share market indices closed mixed, with the China Securities Hong Kong-Shenzhen Connect Midstream Index reported at 2508.85 points [1] - The index has seen a decline of 12.49% over the past month, 4.21% over the past three months, and 5.65% year-to-date [1] Index Composition - The top ten holdings of the China Securities Hong Kong-Shenzhen Connect Midstream Index include: - CATL (4.07%) - SMIC (1.41%) - Luxshare Precision (1.02%) - North Huachuang (1.01%) - Haiguang Information (0.98%) - Cambrian (0.96%) - BOE A (0.96%) - Huichuan Technology (0.92%) - China State Construction (0.78%) [1] - The market share of the index's holdings is as follows: - Shenzhen Stock Exchange: 46.89% - Shanghai Stock Exchange: 45.64% - Hong Kong Stock Exchange: 7.47% [1] Industry Breakdown - The industry composition of the index holdings is as follows: - Industrial: 46.42% - Information Technology: 33.62% - Materials: 9.96% - Consumer Discretionary: 5.14% - Communication Services: 4.86% [2] - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]