Investment Rating - The report maintains a "stronger than the market" investment rating for the construction and decoration industry [3]. Core Viewpoints - The Central Economic Conference has set the tone for "dual easing," indicating that incremental policies and key projects are expected to advance [12][13]. - There is a significant increase in special bond net financing, with a cumulative net financing of 3.88 trillion yuan as of December 13, 2025, which is higher than the same period in the previous three years [13]. - The macroeconomic focus remains on stable growth, with expectations for further policies to promote infrastructure and real estate demand in the coming year [12]. Summary by Sections 1. Industry Viewpoints and Investment Recommendations - The construction and decoration index fell by 1.59% last week, with specific sectors like landscaping engineering (+1.74%) and municipal engineering (+0.20%) performing better [12]. - The Central Economic Conference emphasized a more proactive fiscal policy and moderately loose monetary policy, suggesting that strategic projects will accelerate [12]. - The report identifies three main investment lines: 1. Recommend state-owned enterprises benefiting from national key projects, such as China Railway Construction and China State Construction [17]. 2. Focus on high-prosperity segments related to major strategic projects, recommending companies like High Hope Explosive and China Railway Industry [17]. 3. Support for companies transitioning to new productive forces like AI and robotics, recommending firms such as Roman Holdings and Hongrun Construction [17]. 2. Market Review - The report notes that the special bond issuance has completed 103% of the annual issuance target, with a total of 4.54 trillion yuan issued [13][16]. - The construction sector's performance is tracked, with specific stocks showing significant gains, such as Yaxiang Integration (+25.2%) and Hexin Instruments (+13.4%) [23]. 3. Key Company Dynamics - The report tracks significant company announcements, including China Chemical's nylon new material project achieving full production capacity and Shanghai Construction's provision of guarantees totaling 63.89 billion yuan [30]. 4. Industry Valuation Status - As of December 12, 2025, the PE ratios for various construction sub-sectors are as follows: housing construction (6.25x), municipal engineering (7.89x), and chemical engineering (10.56x) [31].

Investment Rating - The report rates the construction engineering industry as "Overweight" [1] Core Insights - The central economic work conference emphasizes the need to stabilize investment and implement major projects to support economic growth [3][4] - The State-owned Assets Supervision and Administration Commission (SASAC) urges central enterprises to actively promote the implementation of significant projects to ensure stable supply and prices of essential products [5][6] - The Ministry of Finance highlights the importance of government investment in driving economic recovery and encourages the issuance of long-term special bonds to support major construction projects [6] Summary by Sections Recent Key Reports - The report discusses the need for high-demand, high-barrier, and high-profit leading companies in the construction sector, recommending sectors such as AI, controlled nuclear fusion, and low-altitude economy [11][13] - It notes that the construction industry has seen a decline in net profit, with a 10% year-on-year decrease in the first three quarters [15][16] Key Company Recommendations - Recommended companies include China State Construction (dividend yield 5.25%), China Railway (dividend yield 4.80%), and China Communications Construction (dividend yield 1.92%) [9][29] - The report suggests focusing on companies with strong dividend yields and stable growth, particularly in the context of debt reduction and anti-competitive policies [12][29] Macro/Meso/Micro Data - The report indicates a projected increase in broad infrastructure funding by 7.3% in 2025, driven by government bonds and domestic loans [32][34] - It highlights the importance of private capital participation in infrastructure projects to enhance funding and project execution [28]

Core Insights - The report emphasizes the acceleration of bidding for nuclear fusion projects and the operational launch of the Liebherr Nantong base, focusing on nuclear power and marine engineering modules [6][15][28] - The report highlights the structural recovery of infrastructure investment, particularly in Sichuan and Xinjiang, and recommends investments in low-valuation central state-owned enterprises [6][34] - The report tracks the development of cleanroom technology and the increasing capital expenditure of Taiwanese electronics companies in the U.S., indicating a trend of the Taiwanese supply chain moving to the U.S. [6][34] Group 1: Nuclear Fusion and Power Projects - The signing of a joint statement between China and France on December 4, 2025, promotes the development of nuclear power, recognizing nuclear fusion energy as a significant direction for future energy development [6][15] - The Liebherr Nantong base is expected to achieve an annual output value of CNY 560 million for nuclear modules and CNY 640 million for oil and gas energy modules, addressing the decline in traditional chemical business demand [6][28] - The report notes that the modular construction method in nuclear power can significantly shorten construction periods, with the Liebherr Nantong base now operational [6][28] Group 2: Cleanroom and Coal Chemical Industry - The report tracks the cleanroom sector, noting that TSMC plans to invest USD 165 billion in capital expenditures in the U.S., with Foxconn and Wistron also planning significant investments [6][34] - In the coal chemical sector, projects are progressing steadily, with Xinjiang remaining a primary investment area, including a 1.5 million tons/year coal-to-ethylene project [6][34] - The average price of medium and heavy plates in 13 regions decreased by 0.9%, while rebar prices fell by 1.0%, indicating a slight decline in steel prices [6][34] Group 3: Financial Tracking and Investment Recommendations - The report indicates that special bonds issued for refinancing have reached CNY 2.01 trillion, with a cumulative issuance of CNY 4.5 trillion in special bonds for the year, reflecting a 13.8% year-on-year increase [6][34] - The report recommends focusing on four main investment lines: infrastructure recovery, safety resources, technology in high-end manufacturing, and overseas business opportunities [6][34] - The funding availability rate for construction sites is reported at 59.74%, showing a slight increase from the previous week [6][34]

证券之星消息，截至2025年12月4日收盘，北方国际(000065)报收于12.48元，上涨2.89%，换手率 3.41%，成交量33.24万手，成交额4.12亿元。 12月4日的资金流向数据方面，主力资金净流入1826.82万元，占总成交额4.43%，游资资金净流出 607.97万元，占总成交额1.48%，散户资金净流出1218.85万元，占总成交额2.96%。 近5日资金流向一览见下表： 北方国际融资融券信息显示，融资方面，当日融资买入4158.96万元，融资偿还4721.23万元，融资净偿 还562.27万元。融券方面，融券卖出8800.0股，融券偿还3.85万股，融券余量8.81万股，融券余额109.95 万元。融资融券余额6.25亿元。 近5日融资融券数据一览见下表： 该股主要指标及行业内排名如下： | 指标 | 北方国际 | 工程建设行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 133.71亿元 | 220.46亿元 | 21 67 | | 净资产 | 109.02亿元 | 531.4亿元 | 23 67 | | 净利润 | 4.85亿元 | 17 ...

北方国际信托股份有限公司 公司董事会对安永华明会计师事务所（特殊普通合伙）多年来为公司提供的专业、客观、高效的审计服 务表示感谢！ 特此公告。 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导性陈述或者重大遗 漏。 根据《国有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4号）关于连续聘任同一会计 师事务所的相关规定，综合考虑公司实际情况和对审计服务的需求，经北方国际信托股份有限公司（以 下简称公司）2025年第二次临时股东大会审议通过，公司年报审计会计师事务所由安永华明会计师事务 所（特殊普通合伙）更换为中审华会计师事务所（特殊普通合伙），聘期1年。公司已进行了事前沟 通，安永华明会计师事务所（特殊普通合伙）已知悉该事项并确认无异议。 2025年12月3日 ...

北方国际合作股份有限公司的主营业务是工程建设与服务、资源供应链、电力运营、工业制造。公司的 主要产品是工程建设与服务、资源设备供应链、电力运营、工业制造。 最新一期业绩显示，2025年三季报，公司实现营业收入99.15亿元，同比减少29.79%；净利润4.85亿 元，同比减少36.02%，销售毛利率14.24%。 交易所数据显示，12月4日，北方国际收盘12.48元，上涨2.89%，滚动市盈率PE（当前股价与前四季度 每股收益总和的比值）达到17.22倍，总市值133.71亿元。 从行业市盈率排名来看，公司所处的工程建设行业市盈率平均25.16倍，行业中值21.08倍，北方国际排 名第40位。 资金流向方面，12月4日，北方国际主力资金净流入1826.82万元，近5日总体呈流出状态，5日共流出 10293.55万元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13北方国际17.2212.741.31133.71亿行业平均 25.1621.431.49217.24亿行业中值21.0825.561.6774.05亿1山东路桥4.134.040.5993.92亿2中国建筑 4.894.730.45218 ...

北方国际(000065)向特定对象发行股票申请审核状态变更为注册生效。 北方国际本次拟向特定对象发行股票，拟发行数量不超过1.05亿股，预计募集资金9.60亿元。本次发行 保荐机构为中信证券股份有限公司。（数据宝） （文章来源：证券时报网） ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券简称：北方国际 证券代码：000065 公告编码：2025-091 北方国际合作股份有限公司 关于向特定对象发行股票申请 获得中国证监会同意注册批复的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述或者重大遗 漏。 北方国际合作股份有限公司（以下简称"公司"）于近日收到中国证券监督管理委员会（以下简称"中国 证监会"）出具的《关于同意北方国际合作股份有限公司向特定对象发行股票注册的批复》（证监许可 [2025]2605号），主要内容如下： 一、同意你公司向特定对象发行股票的注册申请。 本次向特定对象发行股票的发行人和保荐人（主承销商）的联系方式如下： 1.发行人：北方国际合作股份有限公司 联系电话：010-68137370 电子邮箱：bfgj@norinco-intl.com 2.保荐人（主承销商）：中信证券股份有限公司 联系部门：股票资本市场部 联系电话：010-60833689 二、你公司本次发行应严格按照报送深圳证券交易所的申报文件和发行方案实施。 三、本批复自同意注册之日起12个月内有效。 四、自同意注册之日起至 ...

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [2] Core Viewpoints - The ongoing diplomatic efforts surrounding the Russia-Ukraine situation are creating opportunities for the infrastructure sector, particularly in post-war reconstruction in Ukraine, which is projected to require $486.2 billion over the next decade [4][13] - Chinese companies, particularly those with established operations in Ukraine, are well-positioned to participate in reconstruction efforts due to their competitive advantages in execution efficiency, cost control, and comprehensive industry chain support [4][13] Summary by Sections Market Performance - The Shanghai Composite Index rose by 1.40%, the Shenzhen Component Index by 3.56%, and the ChiNext Index by 4.54% during the week. The Shenwan Construction Decoration Index increased by 2.81%, with all sub-sectors except housing construction showing gains, particularly landscape engineering, engineering consulting, and other specialized engineering [5][23] Infrastructure Data Tracking - Special bonds issued this week amounted to CNY 273.83 billion, with a cumulative issuance of CNY 7,505.01 billion as of November 30, 2025, reflecting a year-on-year increase of 11.99% [6][28] - Urban investment bonds issued this week totaled CNY 55.05 billion, with a cumulative net financing of -CNY 545.48 billion as of November 30, 2025 [6][28] Company Dynamics - Notable project announcements include: - Tongji Technology won a bid for a project in Xi'an worth approximately CNY 866 million [18] - China Construction secured three major projects totaling CNY 10.67 billion [18] - China Aluminum International won a bid for a project valued at approximately CNY 2.909 billion [18] Industry News - Hunan Province reported significant achievements in transportation construction during the 14th Five-Year Plan, with a total investment of CNY 538.6 billion, a 54% increase compared to the previous five years [15] - Beijing's 15th Five-Year Plan emphasizes housing supply and the development of a new real estate model, focusing on a "market + guarantee" housing supply system [15]

关于向特定对象发行股票申请 获得中国证监会同意注册批复的公告 证券简称：北方国际 证券代码：000065 公告编码：2025-091 北方国际合作股份有限公司 关于向特定对象发行股票申请 获得中国证监会同意注册批复的公告 一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照报送深圳证券交易所的申报文件和发行方案 实施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告深圳证券交易所并按有关规定处理。 公司董事会将根据上述批复和相关法律法规的要求以及公司股东会的授权， 在规定期限内办理本次向特定对象发行股票相关事宜，并及时履行信息披露义务。 敬请广大投资者注意投资风险。 本次向特定对象发行股票的发行人和保荐人（主承销商）的联系方式如下： 1.发行人：北方国际合作股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 北方国际合作股份有限公司（以下简称"公司"）于近日收到中国证券监督 管理委员会（以下简称"中国证监会"）出具的《关于同意北方国际合作股份有 限公司向特定 ...