行业报告 | 行业研究周报 建筑装饰 证券研究报告 继续推荐传统高股息品种及高景气细分下游龙头 核心观点 本周（1108-1114）建筑指数上涨 0.30%，沪深 300 板块下跌 0.16%，建筑 板块跑赢大盘 0.46pct。建筑装修、园林工程、建筑设计板块涨幅靠前。当 前时点，半导体洁净室、固态电池材料、建筑转型等相关标的涨幅居前。 当前时点，我们认为部分区域基建存在回暖预期，结合股息率，推荐高分 红地方国企品种，同时重点挖掘高景气赛道的建筑相关品种，如洁净室、 化工工程等。 基建表现疲软，重点关注部分区域基建边际回暖迹象 25 年 1-10 月地产开发投资/狭义基建/广义基建/制造 业同比分别 -14.7%/-0.1%/+1.5%/+2.7%，10 月单月地产开发投资/狭义基建/广义基建/ 制 造 业 同 比 分 别 -23.2%/-8.9%/-12.1%/-6.7% （增速环比 -1.9/-4.3/-4.1/-4.7pct），10 月基建表现疲软，表明国内经济仍有一定的压 力，我们认为稳内需是必要举措，基建作为托底经济的重要措施，四季度 基建或仍有望受益于增量资金，部分区域仍存回暖预期，重点关注低估 ...

建筑装饰 市场持续"高切低"，坚守出海+区域景气龙头 本周核心观点：四季度以来市场持续演绎"高切低"， 10 月初至今红利指 数涨幅 8.3%，期间上证指数/沪深 300/创业板指数分别变动+2.8%/- 0.3%/-3.9%，红利板块超额收益显著。在此背景下中长期成长逻辑清晰、 低估滞涨、股息率较高的优质标的有望获资金关注。建筑板块年初以来显 著滞涨、估值仍处历史底部区间，其中部分龙头标的具备中长期成长逻辑、 三季度业绩表现亮眼，股息率具备吸引力，有望获重点增配。核心看好两 大方向：1）出海：当前新兴国家城镇化、工业化提速，叠加中国国内部分 制造业产能外移，中国建造加速出海是长期大趋势，海外工程需求有望加 速释放，具备细分领域显著竞争优势的专业工程出海龙头有望显著受益， 重点推荐钢结构出海龙头精工钢构（ 26PE 11.1X，26E 股息率 6.3%），全 球高端幕墙领军者江河集团（ 26PE 13X，26E 股息率 6.3%），全球水泥工 程龙头中材国际 26PE 7.4X，26E 股息率 5.4%）。2）区域景气：四川、 新疆、西藏等区域后续有望获政策大力支持，固投将展现持续高景气，其 中四川有望核心受 ...

亚翔集成—关于2025年第三季度业绩说明会召开情况的公告 亚翔系统集成科技（苏州）股份有限公司于2025年11月13日召开2025年第三季度业绩说明会，公司高管 就投资者关注的市场竞争、应收账款管理、海外业务拓展、重大合同履约、汇兑损益、减值计提、分红 安排等问题进行了回应。公司表示聚焦高技术门槛洁净室项目，强化AI数字化管理，稳步推进在手订 单，严格按会计准则计提减值，积极应对汇率风险，并将持续优化海外布局，特别是在东南亚市场。关 于未来业绩和分红，公司将结合经营情况综合决策，并按规定披露。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总：亚翔集成召开2025年第三季度业绩说明会，回应市场竞争、应收账款、海外拓展 等投资者关切问题。 公司公告汇总：公司聚焦高技术门槛洁净室项目，推进在手订单执行，强化AI数字化管理。 公司公告汇总：亚翔集成将持续优化东南亚市场布局，积极应对汇率波动及减值计提风险。 截至2025年11月14日收盘，亚翔集成（603929）报收于54.29元，较上周的50.6元上涨7.29%。本周，亚 翔 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [2][28]. Core Insights - Fixed asset investment growth has further declined, with a cumulative year-on-year decrease of 1.7% for January to October 2025, a drop of 1.2 percentage points compared to the previous period [4][5]. - Traditional infrastructure investment growth has turned negative, with infrastructure investment (excluding electricity) showing a year-on-year decrease of 0.1% [5]. - Real estate investment remains low, with a year-on-year decline of 14.7% for January to October 2025, indicating a weak recovery trajectory [11]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is -1.7%, with manufacturing investment at +2.7% [4]. - Infrastructure investment (all-inclusive) shows a year-on-year increase of 1.5%, but infrastructure investment excluding electricity is down by 0.1% [5]. Infrastructure Investment - Transportation, water conservancy, and public utility investments are under pressure, with transportation and postal services showing a slight increase of 0.1% year-on-year, while water and environmental management investments are down by 4.1% [5]. - Regional investment varies, with the eastern region down by 5.4% and the northeastern region down by 11.7% [5]. Real Estate Investment - Real estate investment has decreased by 14.7% year-on-year, with construction starts down by 19.8% and completions down by 16.9% [11]. - The report anticipates a slow recovery in real estate investment due to challenges in supply and inventory replenishment [11]. Investment Recommendations - The report suggests that in 2026, industry investment will stabilize, with emerging sectors expected to benefit from national strategic implementations [18]. - Specific companies to watch include Sichuan Road and Bridge, China Chemical, and others in the new infrastructure and overseas markets [18].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603929 证券简称：亚翔集成 公告编号：2025-047 亚翔系统集成科技（苏州）股份有限公司 关于2025年第三季度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 亚翔系统集成科技（苏州）股份有限公司（以下简称"公司"或"亚翔集成"）于2025年11月13日（星期 四）10:00 ~ 11:00，通过网络平台在线交流（上海证券报·中国证券网https://roadshow.cnstock.com/）召开 了公司2025年第三季度业绩说明会，就投资者关注的问题进行了沟通和交流。 一、本次业绩说明会情况 2025年11月4日，本公司披露了《亚翔集成关于召开2025年第三季度业绩说明会的公告》（公告编号： 2025-045）。公司2025年第三季度业绩说明会于2025年11月13日10:00 ~ 11:00通过网络平台在线交流 （上海证券报·中国证券网https://roadshow.cnstock.com/）召开。董事兼公司 ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 最新公告列表 《亚翔集成—关于2025年第三季度业绩说明会召开情况的公告》 截至2025年11月13日收盘，亚翔集成（603929）报收于49.35元，较前一交易日上涨0.55%，最新总市值 为105.29亿元。该股当日开盘48.84元，最高49.65元，最低48.48元，成交额达1.24亿元，换手率为 1.18%。 近日，亚翔系统集成科技（苏州）股份有限公司发布关于2025年第三季度业绩说明会召开情况的公告。 公告显示，公司于2025年11月13日召开2025年第三季度业绩说明会，公司高管就投资者关注的市场竞 争、应收账款管理、海外业务拓展、重大合同履约、汇兑损益、减值计提、分红安排等问题进行了回 应。公司表示聚焦高技术门槛洁净室项目，强化AI数字化管理，稳步推进在手订单，严格按会计准则 计提减值，积极应对汇率风险，并将持续优化海外布局，特别是在东南亚市场。关于未来业绩和分红， 公司将结合经营情况综合决策，并按规定披露。 ...

证券代码：603929 证券简称：亚翔集成 公告编号：2025-047 亚翔系统集成科技（苏州）股份有限公司 关于 2025 年第三季度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 重要内容提示： 亚翔系统集成科技（苏州）股份有限公司（以下简称"公司"或"亚翔 集成"）于 2025 年 11 月 13 日（星期四）10:00 ~ 11:00，通过网络平台在 线交流（上海证券报·中国证券网 https://roadshow.cnstock.com/）召开了 公司 2025 年第三季度业绩说明会，就投资者关注的问题进行了沟通和交流。 一、 本次业绩说明会情况 2025 年 11 月 4 日，本公司披露了《亚翔集成关于召开 2025 年第三季度业 绩说明会的公告》（公告编号：2025-045）。公司 2025 年第三季度业绩说明 会于 2025 年 11 月 13 日 10:00 ~ 11:00 通过网络平台在线交流（上海证券报·中 国证券网 https://roadshow.cnstock.com/） ...

Core Viewpoint - Yaxin Integrated Technology has experienced a significant stock price increase of 92.69% year-to-date, despite a recent decline of 1.43% over the past five trading days [1] Company Overview - Yaxin Integrated Technology (Suzhou) Co., Ltd. was established on February 28, 2002, and went public on December 30, 2016. The company specializes in high-tech electronic industries, including IC semiconductors and optoelectronics, as well as cleanroom engineering services for various sectors [2] - The main revenue sources for Yaxin Integrated include cleanroom system integration engineering (94.53%), other engineering services (3.13%), equipment sales (1.44%), and other income (0.90%) [2] - The company is categorized under the construction decoration industry, specifically in specialized engineering [2] Financial Performance - For the period from January to September 2025, Yaxin Integrated reported a revenue of 3.109 billion yuan, a year-on-year decrease of 29.63%. However, the net profit attributable to shareholders increased by 0.78% to 442 million yuan [2] - The company has distributed a total of 920 million yuan in dividends since its A-share listing, with 693 million yuan distributed over the past three years [3] Shareholder Information - As of October 31, 2025, the number of shareholders increased by 4.01% to 11,400, with an average of 18,686 circulating shares per shareholder, a decrease of 3.85% [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 7.4891 million shares, a decrease of 186,400 shares from the previous period. Meanwhile, Guangfa Small Cap Growth Mixed Fund increased its holdings by 739,200 shares to 2.9746 million shares [3]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [9] Core Views - The construction sector exhibits characteristics such as low valuation, low institutional holdings, large market capitalization, and stable outlook for quality targets. The report identifies four key investment directions within the construction industry: 1) Companies with strong Q3 performance and short-term earnings certainty 2) High dividend yield stocks providing a safety cushion 3) Strong long-term growth potential 4) Large-cap stocks with low absolute valuations [5][6][7] Summary by Sections Valuation Metrics - As of the latest closing, the Jiangsu Construction Index has a PE ratio of 12.83, ranking 28th across all industries, with a 10-year percentile of 68.5%. The PB ratio stands at 0.84, ranking 31st, with a 10-year percentile of 16.22%. Notably, the construction sector and the banking sector are the only indices within the Jiangsu framework that are trading below book value [5][6] Institutional Holdings - The construction sector has historically low institutional holdings, which may reflect a weak outlook for the industry and a lack of attention from investors. This could lead to undervaluation of high-quality construction stocks [6] Market Capitalization - The construction sector has a limited number of listed companies, with eight major state-owned enterprises collectively valued at 941.19 billion, accounting for 47% of the Jiangsu Construction Index's market capitalization. These enterprises play a crucial role in stabilizing economic growth and are likely to be favored in a market shift towards undervalued sectors [6][7] Investment Directions - **Direction One**: Focus on companies with strong Q3 earnings, such as Sichuan Road and Bridge, China Chemical, and others, which show robust growth and sufficient order backlogs [7] - **Direction Two**: Invest in high dividend yield stocks like Jianghe Group (6.2%), Sichuan Road and Bridge (5.6%), and others, which provide a strong holding safety net [7] - **Direction Three**: Target companies with strong long-term growth potential, such as Honglu Steel Structure and others benefiting from semiconductor capital expenditure [7] - **Direction Four**: Invest in large-cap stocks with low absolute valuations, including eight major state-owned enterprises that are all trading below book value [7]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Views - The company achieved a revenue of 3.109 billion yuan in the first three quarters, a year-on-year decrease of 29.63%. However, the net profit attributable to shareholders was 442 million yuan, an increase of 0.78% year-on-year. The net profit after deducting non-recurring gains and losses was 441 million yuan, also up by 0.80% year-on-year [2][6]. - In the third quarter alone, the company reported a revenue of 1.425 billion yuan, down 9.05% year-on-year, but the net profit attributable to shareholders surged by 39.58% to 282 million yuan, with a similar increase in net profit after deducting non-recurring items [2][6]. Summary by Sections Financial Performance - The company’s gross margin for the first three quarters was 21.76%, an increase of 8.81 percentage points year-on-year. The net profit margin attributable to shareholders was 14.23%, up 4.30 percentage points year-on-year [12]. - In the third quarter, the gross margin was 27.51%, reflecting an increase of 11.00 percentage points year-on-year, indicating a strong performance in major projects during the construction peak [12]. Cash Flow and Orders - Operating cash flow net inflow decreased to 1.07 billion yuan in the first three quarters, down by 272 million yuan year-on-year. The cash collection ratio was 111.35%, a decrease of 14.79 percentage points year-on-year [12]. - The company has a substantial backlog of orders that is expected to support stable performance, with potential new orders anticipated from major clients like TSMC and Micron Technology [12].