证券之星消息，12月2日专业工程板块较上一交易日上涨0.16%，圣晖集成领涨。当日上证指数报收于 3897.71，下跌0.42%。深证成指报收于13056.7，下跌0.68%。专业工程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) | | | --- | --- | --- | --- | --- | --- | --- | | 603163 | 圣晖集成 | 58.27 | 10.01% | 4.32万 | | 2.39亿 | | 603929 | 亚翔集成 | 68.10 | 8.80% | 8.19万 | | 5.48亿 | | 601133 | 柏诚股份 | 14.40 | 3.30% | 27.94万 | | 3.96亿 | | 605167 | 利柏特 | 10.49 | 2.24% | 1 11.49万 | | 1.21亿 | | 002593 | 日上集团 | 6.15 | 1.65% | 53.13万 | | 3.23亿 | | 605289 | 罗曼股份 | 65.15 | 1.46% | 2.50万 | | 1.64亿 | | 000 ...

证券时报·数据宝统计显示，亚翔集成所属的建筑装饰行业，目前整体涨幅为0.22%，行业内，目前股价 上涨的有72只，涨停的有国晟科技、浦东建设等4只。股价下跌的有84只，跌幅居前的有汇通集团、郑 中设计、*ST东易等，跌幅分别为9.94%、7.35%、5.00%。 机构评级来看，近10日共有1家机构对该股进行评级，11月27日国泰海通证券发布的研报给予公司目标 价为78.50元。 亚翔集成股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有10个交易日股价刷新历史 纪录。截至14:27，该股目前上涨0.57%，股价报61.31元，成交385.56万股，成交金额2.30亿元，换手率 1.81%，该股最新A股总市值达130.81亿元，该股A股流通市值130.81亿元。 （文章来源：证券时报网） 公司发布的三季报数据显示，前三季度公司共实现营业收入31.09亿元，同比下降29.63%，实现净利润 4.42亿元，同比增长0.78%，基本每股收益为2.0700元，加权平均净资产收益率23.06%。（数据宝） ...

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, highlighting their potential for growth and profitability in overseas markets [8][29]. Core Insights - The construction industry is experiencing a significant trend towards overseas expansion, driven by urbanization and industrialization in emerging markets, as well as the relocation of manufacturing capacity from China [1][11]. - There is a notable increase in overseas engineering demand, with specialized engineering firms expected to benefit significantly from this trend [1][11]. - The report emphasizes the importance of companies with competitive advantages in niche markets, recommending specific firms such as China Chemical, Jinggong Steel Structure, Jianghe Group, China National Materials, and China Steel International [1][11][19]. Summary by Sections Industry Investment Rating - The report recommends a "Buy" rating for several key players in the construction sector, including China Chemical (PE 6.3X), Jinggong Steel Structure (PE 10.7X), Jianghe Group (PE 12X), China National Materials (PE 7.3X), and China Steel International (PE 10X) [1][29]. Overseas Demand Drivers - Three main factors are driving the high demand for overseas construction: 1. Rapid economic growth in emerging regions such as Southeast Asia, Africa, and the Middle East, leading to increased infrastructure investment [19]. 2. The transfer of excess production capacity from China, particularly in cement and steel, to overseas markets, which is expected to boost regional engineering demand [19]. 3. The collaborative demand for construction services as various industries expand internationally, with a significant number of A-share companies reporting overseas revenue growth [19] [28]. AI and Semiconductor Cleanroom Growth - The report highlights the ongoing surge in global computing power demand driven by AI development, which is expected to lead to substantial growth in the semiconductor cleanroom market [3][26]. - It forecasts that global and Chinese semiconductor cleanroom investments will reach approximately 1680 billion and 504 billion respectively by 2025, representing about 15% of total industry capital expenditure [26]. High Dividend Yield Opportunities - The report identifies several construction companies with robust performance and high dividend yields, suggesting that these firms will attract long-term capital inflows. Key companies include Sichuan Road and Bridge (6.6%), Jianghe Group (6.5%), Jinggong Steel Structure (6.5%), Anhui Construction (5.7%), Tunnel Shares (5.5%), and Sanwei Chemical (6.4%) [7][28][29]. Recommendations for Specific Companies - The report recommends focusing on companies that are well-positioned to benefit from the ongoing trends, including: - China Chemical for chemical engineering overseas expansion - Jinggong Steel Structure for steel structure projects - Jianghe Group for high-end curtain wall projects - China National Materials for cement engineering - China Steel International for metallurgy projects - Semiconductor cleanroom leaders such as Yaxin Integration, Shenghui Integration, and Bocheng Co. [1][11][19][29].

Group 1: Strategy Research - The scale of insurance funds, wealth management, and pension funds in China exceeds 70 trillion, showing continuous growth with an asset allocation characterized by "fixed income as the base, equity gradually increasing" [2][4] - Insurance and social security funds heavily invest in A-shares, focusing on financial sectors while gradually increasing allocations in technology and growth areas [2][5] Group 2: Biopharmaceutical Research - The second batch of price negotiations under the US IRA has been announced, with the highest price reduction reaching 85%, effective from January 2027 [2][7] - The overall impact of the negotiations is limited as the negotiated products are close to patent cliffs [7][9] Group 3: Investment Characteristics - The asset scale of insurance funds, pension funds, and wealth management has surpassed 70 trillion, with insurance and wealth management each exceeding 30 trillion, accounting for over 80% of the total [5] - Fixed income remains the mainstay of asset allocation, with insurance funds favoring bonds and social security funds leaning towards equity investments [5][6] Group 4: A-Share Heavyweights - The core of A-share heavyweights is in the financial sector, but there is an increasing focus on growth attributes, particularly in technology and advanced manufacturing sectors [6][7] Group 5: Company Quarterly Reports - For Yaxiang Integration, the net profit attributable to shareholders increased by 40% in Q3 2025, with a gross margin improvement of 9 percentage points [16][17] - For Jin Yu Medical, operational efficiency has steadily improved, with significant cash flow enhancement despite a decline in revenue [24][25] Group 6: Industry Trends - The biopharmaceutical industry is facing challenges due to the impending patent cliffs, which may limit the impact of IRA negotiations on product sales [9][15] - The automotive industry, particularly GAC Group, is accelerating its electrification transformation and collaborating with Huawei to explore new growth avenues [28][29]

南财投研通数据显示，11月27日，券商给予上市公司目标价共13次，按最新收盘价计算，目标价涨幅排 名居前的公司有爱玛科技、海尔生物、亚翔集成，目标价涨幅分别为57.48%、36.35%、34.58%，分别 属于摩托车及其他、医疗器械、专业工程行业。 | | | 11月27日目标价涨幅排名 | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 醫壇目标价 (元) | 目标涨幅 (%) | | 603529 | 爰玛科技 | 中信证券 | 置入 | 48.00 | 57.48 | | 688139 | 海尔生物 | 华创证券 | 推荐 | 44.00 | 36.35 | | 603929 | 亚翔集成 | 国泰海通证券 | 增持 | 78.50 | 34.58 | | 688212 | 澳华内镜 | 华创证券 | 推荐 | 63.00 | 34.07 | | 301087 | 可学医疗 | 华创证券 | 推荐 | 56.00 | 33.84 | | 601702 | 类峰铝业 | 东方证券 | ポゾ | 23.63 | ...

Group 1 - Institutional reports today issued 21 buy ratings involving 20 stocks, with Huafeng Aluminum receiving the highest attention with 2 buy ratings [1] - Among the stocks rated, 10 provided future target prices, with 7 stocks showing an upside potential exceeding 20%. China Pacific Insurance has the highest upside potential at 36.86% with a target price of 47.97 yuan [1] - The average increase for stocks with buy ratings today was 0.59%, outperforming the Shanghai Composite Index, with notable gainers including Spring Autumn Electronics and Aladdin [1] Group 2 - The power equipment industry is the most favored, with stocks like Putailai and Zhenyu Technology making the buy rating list. The pharmaceutical and electronics sectors also received attention with 4 and 3 stocks respectively [2] - A detailed list of stocks with institutional buy ratings includes China Pacific Insurance, Huafeng Aluminum, and others, with various target prices and latest closing prices provided [2]

本报告导读： 2025 单 Q3 归母净利润同增 39.6%，毛利率提升 8.8pct。新签世界先进项目 31.63 亿元，加大海外市场拓展力度，进一步开拓东南亚及其他国际市场。 投资要点： [维持增持 Table_Summary] 。3季报业绩高于预期，上调预测2025–2027年EPS3.14/4.40/5.30 元增 5.2/40.5/20.2%,给予公司 2025 年 25 倍 PE,对应目标价 78.5 元。 股 票 研 究 2025 单 Q3 归母净利润增 40%，Q1~Q3 毛利率提升 9pct 亚翔集成(603929) 亚翔集成三季报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 韩其成(分析师) | 021-38676162 | hanqicheng@gtht.com | S0880516030004 | | 郭浩然(分析师) | 010-83939793 | guohaoran@gtht.com | S0880524020002 | | 曹有成(分析师) | 021-23185701 | caoyo ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the construction industry [4]. Core Views - The report highlights that the logic of overseas engineering expansion is gradually being realized, with high growth areas showing superior growth. Infrastructure and real estate demand continue to face pressure, while railway and water conservancy investments perform well, with the effects of debt reduction expected to gradually manifest [1][8]. - Central state-owned enterprises (SOEs) are experiencing a significant decline in revenue and performance, but there is a long-term trend of improving operational quality. Many SOEs have shown improvements in profitability, cash flow, and expense ratios, indicating a gradual enhancement in operational quality [2][8]. - The overseas new contract signing is rapidly increasing, demonstrating the effectiveness of the overseas expansion strategy. The contract value and revenue from foreign engineering projects have shown significant year-on-year growth, providing support for domestic construction enterprises [3][8]. Summary by Sections 1. Industry Overview - Infrastructure investment growth has been declining, with broad infrastructure investment growth dropping from 11.50% in early 2023 to 1.51% by October 2025. Narrow infrastructure investment growth turned negative, indicating a significant slowdown in traditional infrastructure demand [16][17]. - The investment growth in the railway sector remains positive, while road transport investment has been declining due to funding pressures from local governments and construction enterprises [18][20]. 2. Central SOEs Performance - Central SOEs in the infrastructure sector are facing revenue and performance growth challenges, but operational quality is improving. The implementation of debt reduction measures is expected to show fiscal effects by 2026 [2][8]. 3. Overseas Expansion - The overseas contract signing for Chinese construction enterprises has increased significantly, with major state-owned enterprises showing higher growth rates in new contracts compared to the overall market. This trend is expected to support revenue growth in the coming years [3][8]. 4. Regional Investment Trends - In the western region, particularly Xinjiang, fixed asset investment growth is significantly higher than the national average, with major infrastructure projects expected to drive demand growth [6][8]. - The coal chemical industry in Xinjiang is projected to see substantial investment, with over 400 key projects planned, totaling an investment of 3.47 trillion yuan [6][8]. 5. Cleanroom Engineering Demand - The demand for cleanroom construction is expected to rise due to increased capital expenditure in the AI and semiconductor industries. The cleanroom engineering sector is experiencing rapid growth in orders, particularly from overseas markets [7][8]. 6. Investment Recommendations - The report suggests that low-valuation central SOEs like China State Construction and China Communications Construction Company are well-positioned for stable returns, with improving operational metrics and increasing dividends [9][8]. - Leading companies in overseas expansion, such as China National Materials and China Steel International, are expected to outperform traditional construction enterprises due to their strong growth in overseas orders [9][8].

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, particularly focusing on international engineering leaders such as China National Materials (中材国际), China Steel International (中钢国际), and others [9][24]. Core Viewpoints - The expectation of a ceasefire in the Russia-Ukraine conflict has increased, which could lead to significant reconstruction investments in Ukraine, estimated at $523.6 billion over the next decade, creating substantial demand for construction projects and building materials [2][18]. - Chinese construction companies are well-positioned to benefit from overseas projects, especially in post-war reconstruction efforts in Ukraine, as they possess competitive advantages in technology, efficiency, and cost [3][20]. - The trend of urbanization and industrialization in emerging markets, combined with the relocation of some manufacturing capacities from China, indicates a long-term trend of Chinese construction companies expanding overseas [7][24]. Summary by Sections Industry Dynamics - The report highlights the potential for large-scale reconstruction in Ukraine if the conflict ends, with significant investment needs in housing (16% of total needs) and infrastructure (32.4% of total needs) [2][18]. - The demand for basic construction materials like cement and steel is expected to rise significantly due to reconstruction efforts [18][19]. Investment Recommendations - Key companies recommended for investment include: - China National Materials (中材国际) with a PE of 7.2X and a dividend yield of 5.5% - China Steel International (中钢国际) with a PE of 9.6X and a dividend yield of 5.3% - Northern International (北方国际) with a PE of 11X - China Chemical Engineering (中国化学) with a PE of 6.3X and a PB of 0.70X - Jianghe Group (江河集团) with a PE of 12X and a dividend yield of 6.5% - Precision Steel Structure (精工钢构) with a PE of 10X and a dividend yield of 6.9% [8][24][26]. Market Trends - The report notes that overseas construction demand remains robust, driven by urbanization and industrialization in emerging markets, such as Saudi Arabia's Vision 2030 and various infrastructure initiatives in Southeast Asia [7][22][23]. - The report cites that 68% of A-share listed companies have disclosed overseas business income, indicating a growing trend of Chinese companies expanding internationally [7][24].

Quantitative Models and Construction Methods 1. Model Name: 250-Day New High Distance Model - **Model Construction Idea**: This model tracks the distance of stock prices or indices from their 250-day high to monitor market trends and identify potential market leaders. It is based on the momentum and trend-following strategy, which has been proven effective in various studies[11][18]. - **Model Construction Process**: The 250-day new high distance is calculated as follows: $ 250 \text{-day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ Where: - $\text{Close}_{t}$ represents the latest closing price - $\text{ts\_max(Close, 250)}$ represents the maximum closing price over the past 250 trading days If the latest closing price reaches a new high, the distance is 0. If the price has fallen from the high, the distance is a positive value, indicating the degree of decline[11]. - **Model Evaluation**: The model effectively identifies market trends and highlights stocks or indices that are leading the market, aligning with the principles of momentum and trend-following strategies[11][18]. 2. Model Name: Stable New High Stock Selection Model - **Model Construction Idea**: This model focuses on selecting stocks that exhibit stable price paths and consistent momentum, as smoother price trajectories are associated with stronger momentum effects[24][27]. - **Model Construction Process**: The selection process involves the following criteria: - **Analyst Attention**: At least 5 buy or overweight ratings in the past 3 months - **Relative Strength**: 250-day price change in the top 20% of the market - **Price Stability**: Stocks are ranked based on: - **Price Path Smoothness**: Ratio of price displacement to the total price path - **Sustainability of New Highs**: Average 250-day new high distance over the past 120 days - **Trend Continuity**: Average 250-day new high distance over the past 5 days The top 50 stocks based on these criteria are selected[24][27]. - **Model Evaluation**: The model emphasizes the importance of smooth price paths and consistent momentum, which are less likely to attract excessive attention and thus yield stronger returns[24][27]. --- Model Backtesting Results 1. 250-Day New High Distance Model - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 4.83% - Shenzhen Component Index: 8.65% - CSI 300: 6.20% - CSI 500: 9.69% - CSI 1000: 7.59% - CSI 2000: 7.40% - ChiNext Index: 12.16% - STAR 50 Index: 16.45%[12][13][32] 2. Stable New High Stock Selection Model - **Selected Stocks**: 15 stocks were identified, including Heertai, Sray New Materials, and Zangge Mining. - **Sector Distribution**: - Manufacturing: 5 stocks (e.g., construction industry) - Cyclical: 5 stocks (e.g., non-ferrous metals industry)[28][33] --- Quantitative Factors and Construction Methods 1. Factor Name: 250-Day New High Distance - **Factor Construction Idea**: This factor measures the relative distance of a stock's price from its 250-day high, serving as an indicator of momentum and trend strength[11]. - **Factor Construction Process**: The formula is: $ 250 \text{-day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ Where: - $\text{Close}_{t}$ is the latest closing price - $\text{ts\_max(Close, 250)}$ is the maximum closing price over the past 250 trading days[11]. - **Factor Evaluation**: The factor effectively captures momentum and trend-following characteristics, making it a reliable indicator for identifying market leaders[11]. 2. Factor Name: Price Path Smoothness - **Factor Construction Idea**: This factor evaluates the smoothness of a stock's price trajectory, as smoother paths are associated with stronger momentum effects[24]. - **Factor Construction Process**: - Calculate the ratio of price displacement to the total price path over a specified period - Rank stocks based on this ratio and select the top performers[24]. - **Factor Evaluation**: The factor highlights stocks with stable momentum, which are less likely to attract excessive attention and thus yield stronger returns[24]. --- Factor Backtesting Results 1. 250-Day New High Distance Factor - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 4.83% - Shenzhen Component Index: 8.65% - CSI 300: 6.20% - CSI 500: 9.69% - CSI 1000: 7.59% - CSI 2000: 7.40% - ChiNext Index: 12.16% - STAR 50 Index: 16.45%[12][13][32] 2. Price Path Smoothness Factor - **Selected Stocks**: 15 stocks were identified, including Heertai, Sray New Materials, and Zangge Mining. - **Sector Distribution**: - Manufacturing: 5 stocks (e.g., construction industry) - Cyclical: 5 stocks (e.g., non-ferrous metals industry)[28][33]