江河创建集团股份有限公司 投资者关系活动记录表 证券简称：江河集团 证券代码：601886 编号：20250722 □特定对象调研 □分析师会议 □媒体采访 投资者关系活动 □业绩说明会 □新闻发布会 √路演活动 类别 □现场参观 √其他（线上交流会） 华泰柏瑞、平安资产、兴全基金、汇添富基金、申万菱信、嘉实基金、海富通基金、 腾达建设、万家基金、华泰资产、银河基金.、中银基金、华富基金、富安达基金、 朱雀基金、圆信永丰、湘财基金、鹏华基金、西部利得基金、中信保诚基金、东证资 管、平安养老、华宝基金、景顺长城、博时基金、摩根士丹利基金、宝盈基金、大成 参与单位名称 基金、国联基建、金信基金、信达澳亚基金、聚联汇投资、南方基金、融通基金、诺 安基金、国寿养老、民生加银、泰康资产、华夏基金、华夏久盈、中欧基金、新华资 产、大家资产、银华基金、建信基金、泓德基金、方正富邦基金、东方基金、交银基 金 日期 2025 年 7 月 7 日-7 月 11 日，7 月 14 日-7 月 16 日 地点 上海、深圳、北京（线上及线下会议） 公司参与人员 公司基于对不同海外市场的深入分析，采取差异化的市场定位发展策略：在港澳 地 ...

江河创建集团股份有限公司 投资者关系活动记录表 | 证券简称：江河集团 | 证券代码：601886 编号：20250722 | | --- | --- | | 投资者关系活动 | □特定对象调研 □分析师会议 □媒体采访 | | 类别 | □业绩说明会 □新闻发布会 √路演活动 | | □现场参观 | √其他（线上交流会） | | | 华泰柏瑞、平安资产、兴全基金、汇添富基金、申万菱信、嘉实基金、海富通基金、 | | | 腾达建设、万家基金、华泰资产、银河基金.、中银基金、华富基金、富安达基金、 | | | 朱雀基金、圆信永丰、湘财基金、鹏华基金、西部利得基金、中信保诚基金、东证资 | | | 管、平安养老、华宝基金、景顺长城、博时基金、摩根士丹利基金、宝盈基金、大成 | | 参与单位名称 | 基金、国联基建、金信基金、信达澳亚基金、聚联汇投资、南方基金、融通基金、诺 | | | 安基金、国寿养老、民生加银、泰康资产、华夏基金、华夏久盈、中欧基金、新华资 | | | 产、大家资产、银华基金、建信基金、泓德基金、方正富邦基金、东方基金、交银基 | | 金 | | | 日期 2025 年 | 7 月 7 日-7 ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [10]. Core Insights - The Central Urban Work Conference held on July 14-15 emphasized the transition of urbanization in China from a rapid growth phase to a stable development phase, focusing on quality urban renewal rather than large-scale expansion [8][13]. - The conference outlined key tasks for urban development, including optimizing modern urban systems, building innovative cities, and enhancing livability and sustainability [13]. - The report highlights the historical significance of this conference, marking a shift towards high-quality urban development, contrasting with previous meetings that focused on rapid expansion and basic infrastructure [13]. - Future funding for urban renewal is expected to come from various sources, including special central budget investments and local government bonds, indicating potential for increased capital inflow into the sector [13]. - The report suggests that the construction sector should focus on leading companies and the entire design-construction-operation chain, particularly in urban renewal projects [13]. Summary by Sections Event Description - The Central Urban Work Conference took place in Beijing, with significant speeches from top leaders, indicating a strategic shift in urbanization policy [8][9]. Market Performance - The report includes a market performance comparison over the past 12 months, showing a relative performance of the construction and engineering sector against the CSI 300 index [11]. Related Research - The report references several related studies that discuss urban renewal and the construction industry's response to current challenges [12].

Investment Rating - The industry rating is maintained as "Outperform the Market" [5] Core Insights - The construction sector has seen a significant increase in attention towards urban renewal, with undervalued large-cap stocks showing signs of stabilization. The sector's performance is driven by improved demand-side policy expectations and a shift away from excessive competition, benefiting both large and small-cap stocks. The report suggests focusing on high-growth segments such as urban renewal, coal chemical, nuclear power, and steel structures, while also considering the beta opportunities in large-cap stocks [1][13][14]. Summary by Sections Urban Renewal - Urban renewal is accelerating, with policies from the central government outlining goals and support measures. The focus includes the renovation of old residential areas, establishing safety management systems for buildings, and creating resilient and smart cities. The report identifies four key categories for investment: design and testing, construction and decoration, urban infrastructure renovation, and resilient/smart city initiatives, highlighting specific companies in each category [2][15][17]. Market Performance - The construction index rose by 2.77% in the week of July 7-11, outperforming the Shanghai and Shenzhen 300 index by 1.76 percentage points. Notable performers included Guosheng Technology (+42.98%), New City (+34.73%), and Beautiful Ecology (+34.46%) [4][21][26]. Investment Recommendations - The report emphasizes the cyclical opportunities arising from improved physical work volume in infrastructure. It suggests focusing on high-demand areas such as water conservancy, railways, and aviation, particularly in regions like Sichuan, Zhejiang, Anhui, and Jiangsu. Recommended companies include Sichuan Road and Bridge, Zhejiang Communications, and major state-owned enterprises like China Communications Construction and China Railway Construction [27][28]. Emerging Business Directions - The report highlights the growing demand for computing power driven by AI applications, recommending companies like Hainan Huatie for their transition into computing power leasing. It also notes the potential in cleanroom sectors due to the ongoing domestic replacement in the semiconductor industry, suggesting companies like Baicheng and Shenghui Integration [29][30]. Major Projects and Themes - The report identifies significant investment opportunities in major hydropower projects, deep-sea economy, and low-altitude economy, recommending companies involved in these sectors, such as China Power Construction and China Energy Engineering [32][30].

Group 1 - The core viewpoint of the articles highlights Jianghe Group's current stock performance, with a closing price of 6.93 yuan, an increase of 2.06%, and a rolling PE ratio of 13.08, marking a 394-day low [1] - Jianghe Group's total market capitalization is reported at 7.852 billion yuan, while the average PE ratio for the decoration industry stands at 45.03, with a median of 43.57, placing Jianghe Group at the 22nd position in the industry ranking [1][2] - As of the first quarter of 2025, 12 institutions hold shares in Jianghe Group, including 8 funds, with a total holding of 545.0388 million shares valued at 3.341 billion yuan [1] Group 2 - Jianghe Group's main business segments include construction decoration and healthcare, with key products such as building curtain walls, photovoltaic buildings, interior decoration, interior design, and ophthalmic medical services [1] - The latest financial results for the first quarter of 2025 show that Jianghe Group achieved an operating revenue of 4.203 billion yuan, a year-on-year increase of 2.87%, while net profit was 144 million yuan, reflecting a year-on-year decrease of 20.53%, with a gross profit margin of 15.03% [1]

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [4] Core Viewpoints - The construction sector is currently focusing on two main lines: dividends and "Construction+" strategies. The macro liquidity is abundant, and interest rates remain low, leading to a preference for low-volatility, high-dividend, and low-valuation assets. The value of dividend asset allocation continues to rise. Additionally, policies are continuously supporting construction companies to explore new growth avenues through mergers, restructuring, and transformation into new business areas such as new energy, smart manufacturing, digitalization, and operation services [4][12] Summary by Sections Key Recommendations - Recommended companies include Sichuan Road and Bridge, which is deeply involved in infrastructure construction in the Sichuan-Chongqing region, benefiting from a strong order backlog and high profitability. The company’s order scale is expected to reach 291.3 billion yuan by the end of 2024, providing solid growth assurance for the next three years. The dividend policy is continuously optimized, with a commitment to a dividend payout ratio of no less than 60% over the next three years, and a current dividend yield at a relatively high level in the industry [5][11][14] - Attention is also drawn to Jianghe Group, which has maintained its leading position in the industry despite the overall downturn. The company has a strong order expansion capability and is actively returning profits to shareholders, with a projected dividend payout ratio of nearly 98% in 2024, resulting in a dividend yield of approximately 9% [5][18][24] Market Performance - The construction decoration index increased by 0.63% during the week, with sub-sectors such as landscaping, steel structures, and decoration showing significant gains of 4.01%, 3.33%, and 2.13% respectively. A total of 96 stocks in the construction sector rose, with the top five performers being Chengbang Co. (+42.23%), Hangzhou Landscaping (+31.16%), Hopu Co. (+21.35%), Huilv Ecology (+15.65%), and Baijia Technology (+12.50%) [7][37] Structural Investment Opportunities - The report suggests three main lines for structural investment opportunities in the construction sector: 1. Continued investment in regional infrastructure, particularly in the central and western regions and along the "Belt and Road" initiative [7] 2. Valuation recovery of central and state-owned enterprises benefiting from stable dividends and governance improvements [7] 3. Growth potential through transformation and upgrading into new business areas such as smart manufacturing and digitalization [7][12]

企查查APP显示，近日，北京港源建筑装饰科技有限公司成立，法定代表人为周韩平，经营范围包含对 外承包工程；轻质建筑材料制造；金属门窗工程施工；门窗制造加工等。企查查股权穿透显示，该公司 由江河集团（601886）全资持股。(人民财讯) ...

Group 1 - The core viewpoint of the articles highlights Jianghe Group's current stock performance, with a closing price of 6.18 yuan and a decline of 1.12%, resulting in a rolling PE ratio of 11.66 times and a total market value of 7.002 billion yuan [1] - Jianghe Group ranks 21st in the decoration and renovation industry, which has an average PE ratio of 43.83 times and a median of 42.46 times [1] - As of the first quarter of 2025, 12 institutions hold shares in Jianghe Group, including 8 funds, with a total holding of 54,503.88 million shares valued at 3.341 billion yuan [1] Group 2 - Jianghe Group's main business segments include construction decoration and healthcare, with key products such as building curtain walls, photovoltaic buildings, interior decoration, interior design, and ophthalmic medical services [1] - The latest performance report for the first quarter of 2025 shows that the company achieved an operating income of 4.203 billion yuan, a year-on-year increase of 2.87%, while net profit was 144 million yuan, reflecting a year-on-year decrease of 20.53%, with a sales gross margin of 15.03% [1]

江河集团 20250701 摘要 江河集团重返海外市场，受益于国内市场收缩和海外市场机遇，尤其是 在中东和泛东南亚地区，通过一体化模式承接项目，并针对发达国家市 场推行幕墙产品业务，规避关税与汇率风险。 公司在中东市场采取差异化策略，选择高毛利率和信用良好的客户，不 再单纯追求规模，注重盈利能力。2025 年第一季度中东区域已中标超 过 6 亿元人民币，并成功承接全球第一高楼项目，总金额接近 20 亿元 人民币。 江河集团在中东市场获取优质大单的关键在于战略决策、经验丰富的团 队、与外籍员工的良好关系、客户口碑以及强大的生产系统，确保项目 按质量标准及时供货。 公司通过投标方式获取中东大型项目，竞争优势体现在技术能力（自动 化程度高的加工厂）、价格竞争力、财务稳健性以及高层支持，成功获 得沙特王国塔项目。 江河集团在海外推动过程中，选择阿联酋和沙特作为主要市场，因其法 律体系完善、政治稳定且具有吸引人才的政策，同时优先选择有明确完 成日期的大型赛事及资金雄厚业主的项目。 Q&A 请介绍一下江河集团过去出海的历程及背景，以及为何去年开始显著发力？ 江河集团从 2006 年开始实施国际化战略，至今已有近 20 年 ...

Group 1: Company Announcements - Changchun High-tech plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and international brand image [1] - Saisir reported June sales of 46,086 new energy vehicles, a year-on-year increase of 4.44%, with a total of 172,100 units sold in the first half of the year, down 14.35% year-on-year [1] - Hangzhou High-tech announced a change in controlling shareholder to Jirong Weiye, with stock resuming trading on July 2, 2025 [1] Group 2: Financial Performance - Guomai Technology expects a net profit of 125 million to 156 million yuan for the first half of 2025, a year-on-year increase of 60.52% to 100.33% [2] - Kid King anticipates a net profit of 120 million to 160 million yuan for the first half of 2025, representing a year-on-year growth of 50% to 100% [2] - Mould Technology received a project from a well-known North American electric vehicle company, with expected total sales of 1.236 billion yuan over five years [3] Group 3: Regulatory and Compliance - *ST Yuancheng is under investigation by the China Securities Regulatory Commission for suspected false disclosures in financial reports [4] - The company received a notice of investigation on July 1, 2025, which may lead to significant penalties and potential delisting [4] Group 4: Market Activity - Changcheng Military Industry's stock has experienced significant volatility, with a cumulative price deviation exceeding 20% over three trading days, indicating potential irrational speculation [5] - Anglikang has only one innovative drug project, ALK-N001, currently in Phase I clinical trials, highlighting the long and uncertain nature of drug development [6] Group 5: Sales and Contracts - Beiqi Blue Valley's subsidiary reported a 139.73% year-on-year increase in sales for the first half of the year [7] - Dong'an Power's engine sales in June increased by 82.79% year-on-year [7] - Pudong Construction's subsidiary won multiple major projects with a total bid amount of 1.964 billion yuan [7]