证券研究报告 | 行业周报 gszqdatemark 2025 08 24 年 月 日 建筑装饰 存量 PPP 意见出台促央国企报表修复，继续重点推荐新疆板块 本周核心观点：本周存量 PPP 处理意见出台，明确各方责任，保障在建项 目资金来源（银行不得随意断贷，政府债等资金可投），有助于建筑企业在 手未完工项目加速转化为收入。《意见》还允许专项债支付运营项目回款， 明确"将 PPP 存量项目纳入今后相关增量政策中统筹考虑"，提升了存量 PPP 债务的还款保障，有助于建筑企业相关应收款加快回收和资产负债表 修复。PPP 在手项目较多的建筑企业有望显著受益。重点关注建筑央国企 龙头中国交建（（PB 0.55X，25E 股息率 3.4%）/中国交通建设 H（（PB 0.30X， 25E 股息率 6.1%）、中国建筑（（PB 0.51X，25E 股息率 4.7%）、中国中冶 A（（PB 0.66X）/中国中冶 H（（PB 0.41X，25E 股息率 3.0%）、中国中铁 A （PB 0.47X，25E 股息率 3.1%）/中国中铁 H（PB 0.30X，25E 股息率 4.7%）、中国铁建 A（PB 0.42X，25 ...

金融界8月22日消息，上证指数高开高走，上证城镇基建指数 (沪城基建，H50034)上涨0.67%，报 1272.83点，成交额206.35亿元。 从上证城镇基建指数持仓样本的行业来看，工业占比56.81%、房地产占比32.23%、原材料占比 10.95%。 数据统计显示，上证城镇基建指数近一个月上涨1.45%，近三个月上涨7.37%，年至今上涨0.56%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 据了解，上证城镇化指数系列主要围绕集约、智能、绿色低碳等主题，多角度反映城镇化进程中受经济 结构和消费结构变化影响的上市公司证券的表现。城镇化指数系列包括1条城镇化指数和6条子指数，分 别为智慧城镇、智能交通、绿色城镇、城镇基建、城镇交通、城镇消费。该指数以2012年06月29日为基 日，以1000.0点 ...

证券之星消息，8月22日基础建设板块较上一交易日上涨0.84%，浦东建设领涨。当日上证指数报收于 3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。基础建设板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600284 | 浦乐建设 | 8.44 | 10.04% | 76.61万 | | 6.28亿 | | 605303 | 园林股份 | 20.04 | 9.99% | 2.44万 | | 4885.75万 | | 002310 | 东方园林 | 2.32 | 5.94% | 192.74万 | | 4.40亿 | | 603843 | *STIF平 | 2.81 | 3.31% | 40.99万 | | 1.13亿 | | 002941 | 新疆交建 | 15.58 | 2.84% | 67.11万 | | 10.36 Z | | 002307 | 北新路桥 | 4.86 | 2.32% | 79.63万 | | 3.84亿 ...

Group 1 - China Communications Construction Company (CCCC) has established a new construction company in Shenyang, named China Communications Construction Group Shenyang Construction Co., Ltd. with a registered capital of 40 million yuan [1] - The legal representative of the new company is Zhao Yao, and its business scope includes construction engineering, technical services, technical development, technical consulting, technical exchange, technical transfer, and technical promotion [1] - The new company is wholly owned by CCCC's subsidiary, China Communications Construction Group Co., Ltd. [1]

Group 1 - The establishment of Zhongjian Construction Group Shenyang Construction Co., Ltd. has been recently reported, with Zhao Yao as the legal representative [1] - The registered capital of the new company is 40 million yuan [1] - The business scope includes construction engineering, technical services, development, consulting, exchange, transfer, and promotion [1] Group 2 - The company is wholly owned by China Communications Construction Company Limited (CCCC) through its subsidiary Zhongjian Construction Group Co., Ltd. [1]

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering industry, indicating an expectation for the industry to outperform the benchmark index [5][26]. Core Insights - The recent issuance of guidelines by the State Council aims to standardize the construction and operation of existing PPP projects, which is expected to clarify funding sources and reduce receivables risks for construction companies [1][2]. - The report highlights that the construction industry has a significant amount of receivables, with total receivables assets projected to reach 7.2 trillion yuan by the end of 2024, closely linked to the debts arising from overdue payments in PPP projects [4][11]. - The report recommends specific companies with high receivables and low price-to-book (PB) ratios, including China Railway Construction, China Railway, China Communications Construction, China Metallurgical Group, and China State Construction [1][4]. Summary by Sections Section 1: PPP Projects - The guidelines issued are expected to facilitate the smooth construction of ongoing PPP projects and ensure the stable operation of existing ones, with a focus on increasing financial support [2][3]. - The report notes that the funding for these projects will primarily come from local special bonds, which may lead to competition between new and existing projects [3][4]. Section 2: Financial Performance of Key Companies - China Railway Construction (1186 HK) is rated "Buy" with a target price of 6.64 HKD, despite a 6.61% year-on-year decline in revenue for Q1 2025 [10]. - China Railway (390 HK) is rated "Overweight" with a target price of 5.34 HKD, facing a 6.16% decline in revenue for Q1 2025 [10]. - China Communications Construction (1800 HK) is rated "Buy" with a target price of 7.33 HKD, showing a 12.6% decline in revenue for Q1 2025 but positive order growth [10]. - China Metallurgical Group (601618 CH) is rated "Overweight" with a target price of 3.82 CNY, experiencing an 18.5% decline in revenue for Q1 2025 [10]. - China State Construction (601668 CH) is rated "Buy" with a target price of 8.60 CNY, reporting a slight revenue increase of 1.1% for Q1 2025 [10].

Core Viewpoint - China Communications Construction Company (CCCC) has initiated internal ecological and environmental protection inspections, becoming one of the first state-owned enterprises to proactively organize such inspections, emphasizing the importance of ecological protection in its operations [1][4]. Group 1: Reasons for Conducting Inspections - CCCC recognizes the misconception that construction companies are not significant contributors to ecological issues, which has led to a lack of attention to environmental protection in remote project areas [3]. - The company’s leadership has emphasized the need to change outdated views that prioritize production over ecological protection, aligning with the central government's focus on ecological civilization [3][4]. Group 2: Inspection Implementation - Since April of the previous year, CCCC has conducted comprehensive inspections in various projects, including those in the Qinghai-Tibet Plateau and the Yellow River basin, involving experts from the Ministry of Ecology and Environment [5]. - The inspections have resulted in the issuance of 85 rectification notices, identification of 584 issues, and the development of 143 environmentally friendly practices [5]. Group 3: Characteristics of Inspections - The inspections adhere to five principles, including prioritizing political considerations, maintaining a problem-oriented approach, leveraging external expertise, integrating inspection with assistance, and identifying exemplary practices in environmental management [6][7]. Group 4: Achievements of Inspections - The inspections have led to enhanced awareness of ecological issues within the company, fostering a culture of proactive environmental management among employees [8]. - There has been a notable improvement in the company's ability to address ecological challenges, with ongoing support from environmental experts [8][9]. Group 5: Future Directions - CCCC plans to deepen its ecological inspection efforts by focusing on benchmarking against other state-owned enterprises, ensuring rigorous problem identification, and enhancing management systems for environmental protection [10][12].

本次会议上，交通运输部相关负责人表示，建设综合交通运输大模型，是深入推动"人工智能+交通运 输"行动的重要举措。当前，"人工智能+交通运输"处于应用落地的关键窗口期，联盟将成为建设综合交 通运输大模型的"主力军"，和推动"人工智能+交通运输"行动的重要力量。 作为联盟理事长，中交集团党委书记、董事长宋海良表示，中交集团作为首批"交通强国"建设试点单 位，将科技创新与数智融合作为核心抓手，在交通强国的实践中锚定"数字中国"战略方位，勇做技术创 新"先行者"；顺应"产业升级"发展大势，勇做场景落地"示范者"；扛起"协同发展"使命责任，勇做生态 共建"赋能者"，持续贡献中交方案、中交智慧、中交力量。 新华财经北京8月17日电（记者沈寅飞）由交通运输部指导，联盟理事长单位中交集团主办的交通大模 型创新与产业联盟成立暨交通大模型建设启动会16日在京举行。会议期间，成员单位围绕大模型前沿技 术及应用开展了深入交流，深度探讨了交通大模型的技术难点与未来方向。 据介绍，该联盟首批单位共55家，涵盖行业企业、人工智能公司、高校院所等创新主体，覆盖公、铁、 水、空、邮、综合交通等领域，贯穿技术研发到场景应用全产业链，是调动各方面 ...

Core Viewpoint - The strategic cooperation agreement between China Energy Engineering Group and China Communications Construction Group focuses on areas such as energy integration, green energy, international engineering, and technological innovation [1] Group 1 - China Energy Engineering Group's Deputy Secretary of the Party Committee and General Manager Ni Zhen engaged in in-depth discussions with China Communications Construction Group's Party Secretary and Chairman Song Hailiang [1] - The signing of the strategic cooperation agreement marks a significant step in enhancing collaboration between the two companies in various strategic fields [1]

针对交通大模型创新与产业联盟未来发展，他提出五点倡议。一是攻坚核心技术，共构自主创新"新高 地"；二是激活场景应用，共育价值转化"动力源"；三是融通产业资源，共建开放共享"大生态圈"；四 是筑牢安全防线，共织风险防控"防护网"；五是规范联盟治理，共筑长效发展"压舱石"。 据介绍，近期联盟将依托各成员单位资源和力量，启动系列重点工作，包括制定交通大模型领域统一的 技术标准、应用规范及行业准则等；围绕数据治理、模型算法、数据—模型融合机制等开展联合研发； 针对交通领域高频刚需场景，开发技术适用、具备实际应用能力的大模型智能体；推动可信数据空间、 公共数据授权运营等重大任务在交通领域示范应用；推动技术成果转化应用，形成可复制推广的产品研 发与服务运营体系。(完) （文章来源：中国新闻网） 交通运输部相关负责人表示，建设综合交通运输大模型，是交通运输行业深入推动"人工智能+交通运 输"行动的重要举措。当前，"人工智能+交通运输"处于应用落地的关键窗口期，联盟将成为建设综合交 通运输大模型的"主力军"，和推动"人工智能+交通运输"行动的重要力量。 交通运输部科技司负责人表示，综合交通运输大模型建设将采用"1＋N＋X"架 ...