证券研究报告 | 行业周报 gszqdatemark 2025 07 13 年 月 日 建筑装饰 当前为何要重视"类银行"建筑央企投资机会？ 国内建筑行业商业模式本质为类金融属性，与银行有一定相似性。由于国 内建筑行业竞争激烈，建筑企业需要为业主进行垫资以获取项目，除赚取 施工环节的利润外，很重要的盈利模式是为业主提供垫资服务来赚取资金 息差，因此项目的获取以及规模增长很大程度上依赖资金的驱动，商业模 式逐渐演变成重资产、高杠杆的类金融属性。资产端看，建筑企业的资产 主要是货币资金、短期或长期应收款项，均为金融类资产。其中应收账款、 合同资产等短期应收科目相当于为业主提供的短期融资（对应银行的短期 贷款）；PPP 等投资类项目形成的其他非流动资产、长期应收款等长期应收 类科目相当于为业主提供的长期融资（对应银行的长期贷款）。负债端看， 建筑企业主要是靠应付账款、合同负债等经营性负债融资（可类比于银行 的存款），不足部分需要依靠银行贷款、发行债券等外部融资支持。整体 看，大建筑企业可以认为是一种"影子银行"，对建筑产业链（集中在基 建、地产链）提供大量信用，与银行商业模式较为类似。 与商业模式类似的银行板块相比 ...

建筑装饰 证券研究报告 城市更新关注度显著提升，低估值大票呈现企稳 核心观点 本周 CS 建筑板块上涨 2.77%，建筑板块跑赢大盘 1.76pct，园林工程和建筑 装修表现较好，光伏、城市更新相关标的涨幅居前，低估值央国企股价呈 现底部企稳，关注度明显提升。我们认为近期建筑受需求端政策预期好转 以及反内卷情绪带动，大小票表现均较好，其中中小盘品种仍受益于城市 更新、转型等主题性机会，大票虽然基本面仍在筑底过程，但估值和股息 率具备吸引力，也有望受益于潜在风格切换。当前，我们一方面继续建议 从高景气细分赛道挖掘个股（城市更新，煤化工，核电，钢结构等），另一 方面，也建议重视大票的β机会。 城市更新加速推进，重视相关领域投资机会 今年 5 月，中共中央、国务院办公厅发布《关于持续推进城市更新行动的 意见》，明确城市更新的主要目标、任务和支撑保障；6 月，财政部、住建 部公示了 20 城实施城市更新行动名单，并给予每个城市不超过 8-12 亿元 定额补助；7 月，求是网文章《城市更新，更新什么？》进一步明确城市更 新相关内容。从现有表述来看城市更新包含老旧小区改造、建立房屋使用 全生命周期安全管理制度以及打造韧性 ...

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) has recognized China Energy Construction Anhui Electric Power Construction No. 2 Company as a "benchmark" enterprise for the third consecutive year in the 2024 special assessment of the "Double Hundred Action" initiative, highlighting its significant achievements in reform and growth since its selection in 2018 [1][2]. Group 1: Company Performance - The company has achieved remarkable growth in key financial metrics, with average annual growth rates of 34.09% in new contract amounts, 18.76% in operating income, 20.93% in total profit, and 21.63% in net profit since the 14th Five-Year Plan began, effectively meeting its doubling target ahead of schedule [1]. - The company is set to successfully achieve Group 2.0 quality improvement in 2024, demonstrating the effectiveness of its reforms [1]. Group 2: Governance and Management - The company has optimized its governance mechanism by enhancing the "three meetings and one layer" operational framework, updating the decision-making matters list, and improving the effectiveness of the Party committee's preliminary research [2]. - The company has maintained a 100% rate in public recruitment, key position competition, and overall performance evaluation, while expanding market-oriented management practices to senior executives and permanent secondary institution leaders [2]. Group 3: Future Focus - The company aims to leverage its recognition as a benchmark to further enhance its core competitiveness and functions, focusing on technological innovation, industrial development, and safety assurance, with the goal of becoming a leading international engineering company [3].

文|新浪财经 刘丽丽 空气到底如何储存能量？山东泰安项目经理刘少勇介绍，"用电低谷时，富余的电能驱动'打气筒'，将 空气压缩至'气球'里形成高压状态。" 这里的"气球"，就是盐穴、人工硐室等密封储气库。山东泰安项目核心技术在于巧妙利用地下废弃盐穴 作为储气库。空气压缩过程中产生的热量，则以热水、熔盐等形态储存在地面的储热罐中。用电高峰 时，储气库会释放所储存的高压空气、储热罐释放所储存的热量。这时，高压空气被加热，使其具有极 大的膨胀力来驱动空气透平发电机组，就像吹动风电机组的"大风车"一样，产生电能向电网供电。这一 过程有效实现了电网的"削峰填谷"，显著提升了电网调节能力和对风电、光伏等波动性新能源的消纳能 力。 作为世界在建的最大单机功率压缩空气储能项目、中国能建首个商业化压气储能项目，山东泰安项目不 仅是中国能建在压缩空气储能领域实现从"0到1"原创突破和"1到100"规模化应用双向突破的典范，更是 盘活当地废弃盐穴资源、带动传统产业升级的生动实践。项目建成投产后，也将极大提高区域电网供电 可靠性。 （"能储一号"山东泰安 350兆瓦压缩空气储能创新示范电站） 可给中小型城市持续供电5小时 单机功率35 ...

Group 1 - The cement sector saw an increase of 1.75%, ranking 8th among concept sectors, with 32 stocks rising, including Sifang New Material and Sichuan Shuangma hitting the daily limit [1] - Notable gainers in the cement sector included Tibet Tianlu, Zhongtai Chemical, and Jinyu Group, which rose by 3.77%, 3.44%, and 2.53% respectively [1] - The sector experienced a net inflow of 233 million yuan, with 16 stocks receiving net inflows, and 8 stocks exceeding 10 million yuan in net inflow [2] Group 2 - The top net inflow stock was Sichuan Shuangma, with a net inflow of 113 million yuan, followed by China Energy Construction, Conch Cement, and Tibet Tianlu with net inflows of 93.47 million yuan, 66.49 million yuan, and 32.38 million yuan respectively [2][3] - The net inflow ratio for Sifang New Material, Sichuan Shuangma, and Ordos was 70.30%, 14.96%, and 14.27% respectively [3] - The trading volume and turnover rates for key stocks in the cement sector were highlighted, with Sichuan Shuangma showing a trading increase of 9.98% and a turnover rate of 5.00% [3][4]

基础设施业务纵深推进：融合建造，提档升级 中国能建建筑集团依托科研、人才、管理等优势，推进传统能源业务升级，在节能减排、环境保护等方 面发挥突出作用。截至目前，中国能建建筑集团装机总容量突破1.65亿千瓦，承建百万千瓦机组36台、 66万千瓦机组近70台，9H、9F等燃机30多台，运检百万千瓦机组及66万千瓦机组420余台。"疆电入 渝"配套工程——新疆重能石头梅电厂1号机组，仅用19个月28天即实现投产目标，甘肃正宁百万煤电项 目投产，助力"陇电入鲁"特高压线路安全稳定运行。 新能源业务开拓创新：抢抓机遇，快速发展 中国能建建筑集团抢抓新能源发展机遇，承建风电、光伏、光热、氢能及储能电站装机容量已经突破 5000万千瓦，新能源业务占比从2020年的12.85%大幅提升至2025年上半年的38.47%，订单增长了7.4 倍。承揽"沙戈荒"基地鄂尔多斯200万千瓦光伏、新疆天山410万千瓦新能源基地等一系列大型新能源项 目，为实现"双碳"目标作出重要贡献。 中国能建建筑集团布局房屋建筑等基础设施业务，以长三角地区、粤港澳大湾区为重点，承建建筑面积 超8000万平方米。在广州机场建投集团同批次开工的28家央国企单 ...

Core Insights - The construction industry is officially entering a platform period, with infrastructure investment maintaining resilience but showing signs of decline in revenue among major state-owned enterprises [5][28][30] - The overall investment tone for infrastructure in the second half of 2025 will focus on stability, supported by proactive fiscal policies and accelerated government bond issuance [2][37] - Structural opportunities are emerging, particularly in manufacturing, power, water conservancy, and water transport sectors, driven by special government bonds [5][6] Industry Overview - The construction industry has seen a decline in total revenue for the first time in 2024, confirming a turning point for the industry [30] - The total revenue for the construction industry in 2024 was 86,962.78 billion, a decrease of 4.29% year-on-year, with net profit dropping by 13.74% [30][32] - The share of real estate in GDP has been declining since its peak in 2021, while infrastructure investment has been rising but not enough to offset the decline in real estate [26][28] Investment Strategy - Long-term investment should focus on manufacturing-oriented companies like Honglu Steel Structure, while short-term strategies should prioritize high-dividend stocks and significant changes in individual companies [6][7] - The report emphasizes the importance of structural opportunities in the construction sector, particularly in areas aligned with national strategic initiatives and safety capabilities [60] State-Owned Enterprises - There is a growing divergence among state-owned construction enterprises, with only a few, such as China State Construction and China Energy Engineering, showing positive growth in Q1 2024 [7][28] - The report recommends focusing on companies with strong dividend stability and growth potential, such as China Chemical Engineering and China Communications Construction [7][8] Professional Engineering and International Opportunities - The international engineering sector is expected to benefit from ongoing orders and the deepening of cooperation along the Belt and Road Initiative [8] - Companies like China National Materials and China Steel International are highlighted for their low valuations and high dividend yields, indicating strong performance potential [8] Mergers and Acquisitions - The construction industry is moving towards maturity, necessitating mergers and acquisitions to find new growth points [10] - The report anticipates that future mergers will primarily come from smaller, weaker segments of the industry, such as design and decoration [10]

转自：新华财经 从"煤改气"的转型蓝图到双机组比翼齐飞的现实画卷，中国能建的建设者们以智慧和汗水，书写了粤港澳大湾区绿色发展的新篇章。 流沙之上筑起"绿电明珠" 作为广东省"十四五"能源规划重点项目，东莞高埗燃气项目采用行业领先的F级燃气—蒸汽联合循环机组，年发电量逾33亿千瓦时，可满足百万家庭用电 需求。尤为瞩目的是，其同步建设的热网系统每小时可输送200吨工业蒸汽，能源梯级利用率达70%以上，为周边产业园注入"绿色脉动"。 漫步厂区，岭南园林式的布局掩映在绿树之间，扬尘在线监测系统与智能喷淋装置无声运转，诠释着"绿色工地"的现代内涵。"守护大湾区碧水蓝天，我 们要让每一度电都带着生态温度。"项目经理秦文说。 自项目启动以来，该工程已持续保持安全生产记录1000余天，期间累计开展全方位安全检查248次，创新性成立八个专项小组，建立三级配电系统，实现 临时用电标准化管理，推行＂日巡查、周验收＂制度。项目荣获中国能建2023年度"十化"管理示范项目。 项目团队突破传统，两台"高位收水型冷却塔"采用行业领先的设计方案，将循环水泵和循环水加药设备有机整合，其中循环水泵布置在冷却塔底部，消除 了大部分淋水噪声；在燃机 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Viewpoints - The company is positioned as a leader in energy planning and integrated services for both traditional and renewable energy, demonstrating resilient performance with steady growth in 2024 and Q1 2025 [1][13]. - The operational business segment is expected to continue growing, with significant contributions from renewable energy generation, energy storage, and hydrogen energy [2][10]. - The company has a strong market position in the construction of energy infrastructure, with a focus on optimizing its business structure and increasing the proportion of power engineering orders [19][23]. Summary by Sections Performance and Business Structure - The company achieved a total revenue of 436.7 billion yuan in 2024, a year-on-year increase of 7.6%, with traditional energy and renewable energy engineering growing by 12% and 13% respectively [13]. - The net profit attributable to shareholders for 2024 was 8.4 billion yuan, reflecting a 5% increase, outperforming the overall construction sector [13][19]. Operational Business Growth - In 2024, the investment and operational business generated revenue of 36.13 billion yuan, a 22.8% increase year-on-year, with a gross profit margin of 34.1% [2][10]. - The company has significantly increased its installed renewable energy capacity to 15.2 GW, a 60% year-on-year growth, contributing to 5.4 billion yuan in revenue from renewable energy operations [2][10]. Infrastructure and Market Position - The company is deeply involved in the construction of computing power infrastructure, leveraging its leadership in the energy sector to enhance its capabilities in this area [2][10]. - The company has been actively participating in the construction of national computing power hub centers, with plans for strategic acquisitions to strengthen its integrated investment and operation model [2][10]. Market Value Management - The company has implemented a detailed market value management plan, including a mid-term dividend policy with a payout ratio of 19.2% for 2024, indicating a commitment to enhancing shareholder value [3][10]. - The company has seen significant share buybacks and increased holdings by major shareholders, reflecting confidence in its future growth [3][10].

具体如下： 中国交通建设集团有限公司、中国能源建设集团有限公司、中国林业集团有限公司、中国电力建设集团有限公司、中国诚通控股集团有限公司 宋海良 任中国交通建设集团有限公司党委书记、董事长，免去其中国能源建设集团有限公司党委书记、党委常委、董事长、董事职务。 张炳南 任中国交通建设集团有限公司党委副书记、董事，提名为中国交通建设集团有限公司总经理人选，免去其中国林业集团有限公司党委副书记、董事 职务，不再担任中国林业集团有限公司总经理职务。 黄埔 任中国能源建设集团有限公司党委副书记，免去其中国电力建设集团有限公司党委常委、纪委书记职务。 7月4日，国务院国资委网站发布8户中央企业9名领导人员职务任免信息。 陈勇 任中国能源建设集团有限公司党委常委，不再担任中国诚通控股集团有限公司总会计师职务。 陈观福 任中国电力建设集团有限公司党委常委。 中国建筑科学研究院有限公司 提名 孙建超 为中国建筑科学研究院有限公司副总经理人选。 中国有色矿业集团有限公司 常青 不再担任中国有色矿业集团有限公司副总经理职务，退休。 中国有研科技集团有限公司 聘任 田志凌、徐宏志 为中国有研科技集团有限公司外部董事。 来源：国务院国 ...