建筑装饰 2026 年 02 月 23 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 A0230523080003 tangmeng@swsresearch.com 推动投资止跌回稳，关注节后开复工效果 看好 ——申万宏源建筑双周报（20260209-20260222） 本期投资提示： 行 业 及 产 业 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 - ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数+0.37%，沪深 300 指 数+0.36%，相对收益为+0.01pct。双周涨幅最大的三个子行业分别为专 业工程（+2.47%）、生态园林（+1.99%）、设计咨询（+1 ...

Group 1 - The core viewpoint of the article is that 甘咨询 (Gansu Consulting) is optimizing its management structure through an internal equity transfer of its subsidiary, which has led to a positive market reaction and strong stock performance [1][7]. Group 2 - The company announced on February 3, 2026, that it would transfer 80% of the equity of 甘肃华顺交通科技咨询有限责任公司 (Gansu Huashun Transportation Technology Consulting Co., Ltd.) from its wholly-owned subsidiary 甘肃省交通工程建设监理有限公司 (Gansu Provincial Transportation Engineering Supervision Co., Ltd.) to another wholly-owned subsidiary, 甘肃省建设监理有限责任公司 (Gansu Provincial Construction Supervision Co., Ltd.), with a valuation of 20.07 million yuan [2]. - The equity transfer is part of the company's internal resource integration aimed at improving management efficiency and decision-making effectiveness. After the transfer, the existing 57 employees of Huashun Transportation will be fully received by the Construction Supervision company, with labor relations inherited and seniority calculated continuously [3]. Group 3 - Following the announcement of the equity transfer, 甘咨询's stock price showed an upward trend, closing at 10.06 yuan on February 13, with a single-day increase of 3.82% and a trading volume of 477 million yuan, resulting in a turnover rate of 10.15%. From February 2 to February 13, the stock price increased by 15.37%, reaching a peak of 10.39 yuan, significantly outperforming the market [4]. - The number of shareholders has been decreasing, with 27,500 shareholders as of February 10, a reduction of 2.44% from the previous period. The average circulating shares per person increased to 16,892, indicating a rise in shareholding concentration, which may reflect market expectations for improved operational efficiency following the internal restructuring [5]. Group 4 - In the first three quarters of 2025, 甘咨询 achieved a revenue of 1.415 billion yuan, a year-on-year increase of 3.24%, while the net profit attributable to shareholders decreased by 12.54% to 158 million yuan. The company's main business is engineering consulting services, covering various industries including construction, planning, municipal, water conservancy, and transportation [6].

Group 1 - The core point of the article is that Gansu Consulting (000779) reported its shareholder count as of February 10, 2026, which stands at 27,513 households [1] Group 2 - The company engaged with investors through an interactive platform to provide this information [1]

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [4] Core Viewpoints - The State Council meeting on February 6 emphasized the importance of effective investment for stabilizing economic growth, with major projects being a key focus for the "14th Five-Year Plan" [4][11] - In 2026, various provinces are disclosing major project lists, maintaining high investment intensity, with many provinces planning investments around 1 trillion yuan, indicating that stabilizing investment remains a core strategy for local economic work [5][12] - Infrastructure projects dominate the disclosed lists, with significant investments in transportation, municipal, water conservancy, and energy sectors, while advanced manufacturing and new energy projects are also on the rise, reflecting a focus on industrial upgrades and future growth [5][12] Summary by Sections 1. Weekly Insights - The State Council has set the direction for effective investment, highlighting major projects as crucial for the "14th Five-Year Plan" [11] - The focus is on long-term development needs and building future competitive advantages in key areas such as infrastructure and emerging industries [11] 2. Company Dynamics 2.1. Order-related - Companies like Chongqing Construction and Beixin Road and Bridge have secured significant project contracts, with Chongqing Construction winning two major projects worth approximately 11.19 billion yuan combined [14] 2.2. Other - Companies are engaging in strategic moves such as equity transfers and establishing investment funds to focus on sectors like intelligent manufacturing and new materials [16] 3. Market Review 3.1. Sector Tracking - The Shanghai Composite Index fell by 1.27%, while the construction decoration index dropped by 1.81%, with only a few stocks showing gains [17] 3.2. Major Transactions - A total of three companies engaged in block trades, with significant transaction volumes reported [18] 3.3. Infrastructure Data Tracking - New special bonds issued this week amounted to 134.28 billion yuan, with a cumulative issuance of 516.46 billion yuan, reflecting a year-on-year increase of 125.35% [22] 3.4. Funding Tracking - The macroeconomic indicators show a slight decline in the USD to RMB exchange rate and a decrease in the yield of ten-year government bonds [24]

Group 1 - The company announced that it will hold a staff representative meeting on February 4, 2026 [1] - During the meeting, Cheng Shaoping was elected as the employee director of the company's eighth board of directors [1] - Cheng Shaoping's term will start on February 4, 2026, and will last until the end of the eighth board's term [1]

Group 1 - The company, Gan Consulting (000779.SZ), announced the convening of a workers' representative meeting on February 4, 2026 [1] - At this meeting, Mr. Cheng Shaoping was elected as the employee director of the company's eighth board of directors [1] - His term will commence on February 4, 2026, and will last until the end of the eighth board's term [1]

Core Viewpoint - The company announced the election of Mr. Cheng Shaoping as the employee director of the eighth board of directors, effective from February 4, 2026, until the term of the eighth board expires [1] Summary by Relevant Sections - **Election Announcement** - The company will hold a staff representative meeting on February 4, 2026, to elect Mr. Cheng Shaoping as the employee director [1] - Mr. Cheng Shaoping meets the relevant qualifications and conditions for the position [1]

成少平先生符合《公司法》《公司章程》规定的任职资格与条件。公 司董事会中兼任公司高级管理人员及由职工代表担任的董事人数总计不 超过公司董事总数的二分之一。 特此公告 甘肃工程咨询集团股份有限公司董事会 2026 年 2 月 5 日 证券代码：000779 证券简称：甘咨询 公告编号：2026-012 甘肃工程咨询集团股份有限公司 关于选举产生职工董事的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 甘肃工程咨询集团股份有限公司（以下简称"公司"）于 2026 年 2 月 4 日召开职工代表大会，会议选举成少平先生（简历附后）为公司第八 届董事会职工董事，任期自 2026 年 2 月 4 日起至公司第八届董事会任期 届满之日止。 - 1 - 附件：成少平先生简历 成少平，男，汉族,1967 年 10 月出生，大学学历，工学学士。历任 天水市经委企业管理科副科长、科长，天水市企业管理协会和企业家协会 秘书长；天水市北道区、麦积区、秦州区副区长，秦州区委副书记，麦积 区区委副书记、区长（兼天水经济技术开发区管委会副主任），一级调研 员、二级巡视员；天水市政协副 ...

Core Viewpoint - The company is transferring 80% of its subsidiary's equity to enhance management efficiency and decision-making capabilities [2] Group 1: Equity Transfer - The company plans to transfer 80% equity of Gansu Huashun Transportation Technology Consulting Co., Ltd. held by its wholly-owned subsidiary Gansu Provincial Transportation Engineering Construction Supervision Co., Ltd. to another wholly-owned subsidiary, Gansu Provincial Construction Supervision Co., Ltd. [2] - The transfer is valued at 20.07 million yuan, which will be fully used to increase the registered capital of the construction supervision company, with any excess recorded as capital reserve [2] - Following the transfer, all 57 existing employees of Huashun Transportation will be received by the construction supervision company, with their labor relations inherited and seniority calculated continuously [2] Group 2: Company Performance - The company's main business is engineering consulting services, covering various sectors including construction, planning, municipal, water conservancy, and transportation [2] - For the first three quarters of 2025, the company achieved a net profit attributable to shareholders of 158 million yuan, a year-on-year decrease of 12.54% [2]

Group 1 - The company, Gan Consulting (000779), reported that as of January 31, 2026, the number of shareholders is 28,201 [1]