Investment Rating - The report maintains an "Overweight" rating for the construction and infrastructure sector, highlighting the potential for recovery driven by increased special bond issuance and infrastructure investment [4][5][7]. Core Insights - The issuance of special bonds accelerated in early 2026, reaching 824.2 billion yuan, a year-on-year increase of 38.1%, which is expected to boost the construction sector's recovery [4][5]. - Infrastructure investment saw a decline of 2.2% in 2025, with private investment decreasing by 6.4%, although there was a slight increase of 1.7% in private infrastructure investment [5]. - The construction sector's recovery is supported by improved work resumption rates and funding availability, with 8.9% of construction sites resuming work by February 25, 2026, an increase of 1.5 percentage points year-on-year [5]. Summary by Sections Recent Key Reports - The report discusses various sectors including AI, clean rooms, and renewable energy, recommending companies with high demand and strong competitive advantages [11][12][13]. - It emphasizes the importance of state-owned enterprises in the construction sector, particularly those with high dividend yields and stable growth prospects [21][29]. Recommended Companies - Companies such as China State Construction, China Railway, and China Communications Construction are highlighted for their strong dividend yields and potential for stable growth [7][29]. - Specific recommendations include China Electric Power Construction and China Nuclear Engineering for their roles in energy and infrastructure projects [12][18]. Macro/Meso/Micro Data - The report notes a significant increase in special bond issuance and infrastructure investment, with a projected growth of 10.9% in broad infrastructure investment in early 2025 [23][32]. - It also highlights the expected increase in self-financing for infrastructure projects, driven by local government financing and special bond issuance [33].

Investment Rating - The report suggests a positive outlook for the electronic inflation chain and oil chain sectors, indicating potential price increases and strong demand in various materials [1][2][3]. Core Insights - The electronic inflation chain is expected to see price increases in early March due to strong downstream demand from AI materials and new product launches, with a successful price transmission anticipated [1]. - The oil chain is impacted by rising oil prices, leading to cost increases for products like asphalt, with companies adjusting prices accordingly [2]. - Companies like Keda, Huaxin, and Leshushi are highlighted for their expansion into international markets, particularly in Africa and South America, indicating a strategic focus on local manufacturing and job creation [3]. Summary by Sections Electronic Inflation Chain - Strong demand for AI materials is driving price increases in electronic fabrics and copper foil, with expectations for smooth price transmission in March [1]. - The report emphasizes the ongoing trend of AI displacing traditional production capacities in various sectors, including storage and electronic fabrics [1]. Oil Chain - The report notes that the cost of asphalt has risen from 3,000 RMB/t to 3,350 RMB/t, prompting companies to increase prices by 5%-10% for related products [2]. - The report highlights the potential for coal chemical alternatives to gain traction as oil prices rise, suggesting increased capital expenditure in this area [2]. International Expansion - Keda's establishment of a glass factory in Ghana is noted as a significant development, with expectations for local job creation and reduced costs for construction and automotive needs [3]. - Leshushi's inclusion in the Hang Seng Composite Index is also highlighted, indicating its growing market presence and liquidity [3]. Market Performance - The report provides insights into the performance of various materials, with cement prices averaging 339 RMB/ton, down 52 RMB/ton year-on-year, and glass prices showing a slight increase [4][15]. - The overall building materials index has shown a positive performance, with specific sectors like glass manufacturing and fiberglass seeing notable gains [18].

袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 册 分歧行 2026年03月01日 站院/行业 相关研究 证券分析师 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 A0230523080003 tangmeng@swsresearch.com 统筹发展和安全,牢固树立和践行正确政绩观 电万宏源建筑周报（20260223-20260227） 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 == 一周板块回顾：板块表现方面，SW 建筑装饰指数+4.97%，沪深 300 指 数+1.08%，相对收益为+3.89pct。周涨幅最大的三个子行业分别为国际 工程 (+8.33%)、基建民企 (+6.10%)、专业工程 (+5.91%)，对应行 业内三个公司:中铝国际（+16.12%）、成都路桥（+15.07%）、罗曼股 份 (+37.70%)； 年 涨 幅 最 大 的 三 个 子 行 业 分 别 是 专 业 工 程 (+28.14%)、 ...

[Table_Page] 投资策略周报|建筑装饰 证券研究报告 [Table_Title] 建筑行业周报 美伊冲突下重视能源安全，关注两会期间建筑投资机会 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-03-01 [Table_PicQuote] 相对市场表现 -14% -6% 1% 9% 16% 24% 02/25 05/25 07/25 10/25 12/25 02/26 建筑装饰 沪深300 | [分析师： Table_Author]耿鹏智 | | | --- | --- | | | SAC 执证号：S0260524010001 | | 021-38003620 | | | | gengpengzhi@gf.com.cn | | 分析师： | 尉凯旋 | | | SAC 执证号：S0260520070006 | | 021-38003576 | | | yukaixuan@gf.com.cn | | | 分析师： 谢璐 | | | | SAC 执证号：S0260514080004 | | SFC CE No. BMB592 | ...

行 业 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 3）关注两会可能的稳增长措施。两会预计 2026 年 3 月举行。我们预 计 2026 年两会可能会围绕国家战略重点工程、扩大内需、新质生产力 及未来产业发展等方面，进行规划并发布相关支持性政策。重点关注 可能受益的顺周期标的及板块内新质生产力企业，包括算力相关标的 【罗曼股份】、【浦东建设】，机器人相关标的【宏润建设】、低空经 济相关标的【苏州规划】等。 我们提示关注底部优质头部顺周期标的的配置机会，同时 2026 年我 们继续看好低空经济、板块内优质算力等未来产业投资机会。 公司重点动态：1）本周部分企业发布 2025 年业绩快报，铁建重工 2025 年实现营业收入 100.5 亿元，同比-0.01%；实现归母净利润 14.8 亿元，同比-1.65%。东华科技实现营业收入 100.2 亿元，同比+13.12%； 实现归母净利润 5.33 亿元，同比+29.89%。2）鸿路钢构，下修转债 转股价格，公司将可转债转股价格由 32.08 元/股下修至 21.99 元/股。 建筑装饰行业周报 上海放松地产限购政策，关注两会可能 的稳增长及新质生产力政 ...

股票简称：中国能建 股票代码： 中国能源建设股份有限公司 2023 年度向特定对象发行 A 股股票 （注册稿） 保荐人（主承销商） 联席主承销商 北京市朝阳区建国门外大街 1 号国贸大厦 深圳市前海深港合作区南山街道桂湾五路 中国能源建设股份有限公司 2023 年度向特定对象发行 A 股股票募集说明书 声 明 601868.SH 募集说明书 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 2 座 27 层及 28 层 128 号前海深港基金小镇 B7 栋 401 二〇二五年五月 本公司及全体董事、监事、高级管理人员承诺本募集说明书内容真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承担相应的法律 责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务会计资 料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意见，均 不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相 反的声明均属虚假不实陈述。 根据《证券法》的规 ...

近日，位于广东肇庆市德庆县的简架头、云致冲矿区建筑用花岗岩矿项目工程的建设工地仍热火朝天。目前，该项目工业广场已实现封顶，建设进度已完 成95%，工作人员正对厂房内的生产设备进行最后调试。 目前，企业对市场前景充满信心。其产品可用于房屋道路、桥涵、隧道、港口和堤坝等建筑工程，应用场景丰富。企业不仅与中国香港客户达成了初步合 作意向，未来还将重点关注广州新机场、柳广高铁、广肇高速等重大基建项目的材料供应。 据公司相关工作人员介绍，"项目包括开采加工区、物流廊道工程和码头工程。其中，工业广场部分预计2026年5月投产。" 该项目是中能建（德庆）绿色建材科技有限公司项目，总投资30.5亿元，是中国能建有史以来储量最大、年产能最高的砂石骨料项目，最高年产能可达 1600万吨。 据中国砂石协会了解，2023年1月，中能建（德庆）绿色建材科技有限公司分别以11.83亿元、2.29亿元竞得（共计14.12亿元）广东省肇庆市德庆县简架 头、云致冲矿区两宗建筑用花岗岩矿采矿权。两矿区面积合计1.69平方公里，矿区范围内合计保有资源量15731.55万立方米，可采资源量15365.54万立方 米。两矿相距850米，未来具有约3亿 ...

Core Viewpoint - The article discusses the innovative compressed air energy storage project in Jiuquan, Gansu, which aims to harness wind energy and convert it into a reliable power source for the Hexi Corridor, addressing the challenges of energy wastage due to grid limitations [2][18]. Project Overview - The Jiuquan project involves a 300 MW underground compressed air energy storage system, utilizing advanced technology to store energy in the form of compressed air [3][18]. - The project is located in a region characterized by strong winds and abundant sunlight, making it an ideal site for renewable energy generation [18][22]. Technical Challenges and Innovations - The project team has adopted a "six-sided engineering" approach, which includes research, design, construction, testing, and optimization, to ensure the project's success despite the lack of precedents [8][9]. - Significant technical challenges include the need for rock blasting instead of traditional earth excavation, with over 200,000 cubic meters of rock being removed [12]. - Innovations in the design of heat exchangers reduced the number from 42 to 26, which introduced new challenges in ensuring no air leakage [12][13]. Economic Impact - The project is expected to create over 100 temporary jobs during construction and contribute more than 100 million yuan in annual output value and several million in tax revenue once operational [17][18]. - It is anticipated to attract more renewable energy and storage projects to the region, fostering the development of an industrial cluster [18]. Energy Storage and Utilization - Once operational, the facility will be capable of consuming 800 million kWh of green electricity annually, providing stable power for 200,000 households for six hours daily [18][24]. - The project aims to convert previously wasted wind and solar energy into a usable form, effectively addressing the issue of energy abandonment in the region [18][24]. Historical Context and Future Vision - The article highlights the historical significance of Yumen as a pioneer in renewable energy development in Gansu, evolving from wind energy capture to energy storage solutions [22][25]. - The project symbolizes a shift in energy strategy, aiming not only to harness but also to store renewable energy effectively, ensuring its availability for future use [22][25].

Group 1 - The core viewpoint of the article highlights recent business developments of China Energy Engineering Corporation (China Energy) including multiple project wins and strategic adjustments [1] - On February 14, China Energy's subsidiary won the bid for a 200MW wind power project in Xingtai, with a contract value of approximately 1.256 billion yuan and a planned construction period of 365 days [1] - On February 11, China Energy's subsidiary secured two major projects for the State Grid, including an order for 5,107 tons of angle steel towers for the Mengxi to Beijing-Tianjin-Hebei ultra-high voltage line [1] - On February 7, the fourth unit of the Dazhou gas-fired power plant, the largest natural gas power base in Sichuan with a total installed capacity of 2.1 million kilowatts, completed a 168-hour trial run [1] - On February 9, the company held a board meeting to review organizational adjustments and released its 2024 ESG report on February 11, emphasizing its carbon neutrality path [1] Group 2 - As of February 14, institutions maintain a neutral outlook on China Energy, with a composite target price of 3.10 yuan, indicating a potential upside of 29.71% from the latest price [2] - The forecast for net profit growth in 2026 is projected at 7.16% year-on-year [2] - Recent institutional ratings are predominantly "buy," but market attention remains moderate with neutral sentiment [2]

Core Insights - The report highlights the growth and competitive landscape of the wind power EPC (Engineering, Procurement, and Construction) market in China, emphasizing the dominance of state-owned enterprises in this sector [1][2][3]. Group 1: Industry Overview - The wind power EPC market is primarily composed of state-owned enterprises, with major players including China Energy Engineering Group (中国能建) and China Power Construction Group (中国电建) [1][3]. - The report provides a list of Class A wind power design enterprises, indicating a concentration of expertise within state-owned firms [1]. Group 2: Award Recognition - In October 2025, the China Association of Surveying and Mapping announced awards for outstanding wind power EPC projects, with most awards going to projects completed by subsidiaries of China Energy and China Power Construction [2]. - Specific projects recognized include the Zhoushan Putuo No. 6 Offshore Wind Farm and the Zhanjiang Xuwen Offshore Wind Farm, showcasing the capabilities of the awarded enterprises [2]. Group 3: Financial Performance - The report ranks the top wind power EPC design firms by total revenue, revealing that many of the highest-earning firms are affiliated with China Power Construction [2]. - For instance, the China Power Construction Group's Central South Survey and Design Institute reported a revenue of 42,490 million yuan, ranking it among the top firms in the sector [2]. Group 4: Company Profiles - The China Power Construction Group's East China Survey and Design Institute has the highest number of project wins, with a registered capital of 50 billion yuan and 8,784 projects won [3][4]. - Other notable firms include the Guangdong Electric Power Design Institute of China Energy, which has won 4,793 projects, and the Central South Survey and Design Institute, which has won 4,119 projects [4].