2026 年 03 月 30 日 建筑 建筑施工活动加快，持续关注煤化工和 洁净室板块 本周投资建议： 根据交通运输部，近期，多省正密集部署并推进年度交通基础设施投 资计划。其中，新疆明确 2026 年全年计划完成综合交通固定资产投 资 900 亿元，力争年内高速（一级）公路总里程突破 1.4 万公里；浙 江省发改委公布全省扩大有效投资"千项万亿"工程 2026 年第一批重 大建设项目实施计划项目表，交通强省领域包含铁路、轨道交通、公 路、内河水运、沿海港口和机场六大类，共 165 个项目；湖北省正全 力冲刺一季度 500 亿元交通固投"开门红"，截至 2 月底，全省已累计 完成交通固定资产投资 290.5 亿元，同比增长 2%。 2026 年 1-2 月，全国交通固定资产投资完成 3558 亿元，规模维持高 位。其中，铁路完成投资 722 亿元；公路完成投资 2449 亿元，其中 高速公路、普通国省道、农村公路分别完成投资 1383 亿元、552 亿 元和 307 亿元；水路完成投资 280 亿元；民航完成投资 107 亿元。 1-2 月份，随重大项目持续开工建设，基础设施投资实现快速增长， 后续随着气温回 ...

1）算电协同、新能源等新基建方面，本周，国家发展改革委党组成员、 国家数据局局长刘烈宏在中国发展高层论坛 2026 年年会上明确表示， 下一步将会同相关部门大力推进算电协同工程，确保枢纽节点新建算 力设施绿电应用占比达到 80%以上，最大程度发挥绿色电力的支撑作 用。我们认为随着 AI 算力中心规模扩大，其耗电量预计呈现上升趋势， 未来"以电强算、以算促电"的良性循环将是 AI 算力建设领域的核心竞 争力，而算电协同的主要呈现形式包括推进绿电直供、绿电聚合供应， 提高绿色电力对算力的支撑能力等。因此，我们判断，同时有新能源 绿电及 AI 数据中心建设能力的企业未来将重点受益，相关标的包括 【中国能建】、【中国电建】、【中国铁建】、【中国交建】、【罗曼 股份】、【浦东建设】等。此外，我们判断随着数据中心建设加速，各 类厂房投资也将上升，钢结构加工企业【鸿路钢构】有望受益。 2）内需方面，本周成都出台公积金新政，包括：单缴存人最高贷款额 度由 60 万元提高至 80 万元，双缴存人最高贷款额度由 100 万元提高 至 120 万元，购买现房和因房屋征收拆迁购买住房最高贷款额度上浮 20%，首套房认定也进一步放宽等 ...

Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The performance of Yaxiang Integrated Semiconductor is accelerating, with significant growth in the semiconductor capital expenditure driven by global AI investments [3][4] - The synergy between China Energy Engineering and China Power Construction in computing power remains to be reassessed, with both companies actively participating in the construction of computing power hubs [5] - The report highlights the expected growth in net profit for Yaxiang Integrated Semiconductor, with a projected increase of 40% in Q4 2025 and a total of 71 billion yuan in new orders, representing a 97% year-on-year increase [4] - The report emphasizes the potential for valuation improvement across the semiconductor supply chain, with various companies in the sector showing different price-to-earnings ratios [4] Summary by Sections Yaxiang Integrated Semiconductor - The company is expected to see net profit growth of -30%, -35%, 40%, and 128% from Q1 to Q4 in 2025, with a total of 71 billion yuan in new orders, a 97% increase year-on-year [4] - By the end of 2025, the company anticipates having 4.8 billion yuan in orders, a 59% increase [4] - The company's revenue for the first two months of 2026 is projected to be 2.6 billion yuan, an 85% increase year-on-year [4] China Energy Engineering and China Power Construction - China Energy Engineering focuses on AI and energy power, with over 76 million kilowatts of new energy indicators accumulated by mid-2025 [5] - China Power Construction is enhancing its foundational computing power and digital public service capabilities, with over 65% of large and medium-sized hydropower station construction in China [5][20] - By mid-2025, China Power Construction expects to have 35.16 million kilowatts of installed capacity, including significant contributions from wind and solar energy [20] Coal Chemical Industry - The report notes that the coal chemical industry is expected to fluctuate with oil prices, with various companies like China Chemical and Donghua Technology making significant advancements in coal chemical technologies [7] - The price of coking coal has increased significantly, benefiting companies like Northern International [7] Hydrogen Energy and Green Fuel - The report discusses the government's focus on hydrogen energy and green fuels, with various projects and policies being implemented to support this sector [13][14] - China Energy Engineering is actively involved in over 50 projects related to green hydrogen and sustainable aviation fuel [14][24] - Huadian Technology is exploring integrated projects in renewable energy and hydrogen production, with significant contracts signed for green hydrogen projects [15][26]

Investment Rating - The report maintains a rating of "Buy" for the company [7] Core Views - The company aims to become a world-class metallurgical engineering technology company under the strategic guidance of Baowu during the 14th Five-Year Plan period, providing specialized industrial engineering technology services for the green and low-carbon development of the steel industry [3][2] - The company is expected to achieve EPS of 0.51, 0.56, and 0.60 yuan for the years 2025-2027, reflecting growth rates of -12.8%, 9.4%, and 8.1% respectively [3] - The target price is set at 9.14 yuan, corresponding to a PE ratio of 16.3 times for 2026 [3] Financial Summary - Total revenue for 2023 is projected at 26,377 million yuan, with a significant decrease of 33.1% in 2024, followed by a gradual recovery to 16,103 million yuan by 2027 [5] - Net profit attributable to the parent company is expected to be 761 million yuan in 2023, increasing to 861 million yuan by 2027, with a net profit growth rate of 20.6% in 2023 and 9.7% in 2024 [5] - The company has a dividend yield (TTM) of 4.34% [3] Industry Context - The Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission jointly issued a notice on March 16 to promote hydrogen energy applications, which will support the steel industry's transition from high-carbon to low-carbon processes [3][2] - The company has successfully implemented the HyCROF technology in commercial projects, demonstrating the feasibility of hydrogen metallurgy [4] - The company has undertaken significant projects in the DRI field, including the world's largest production lines and the first million-ton hydrogen-based vertical furnace in China [4]

Investment Rating - The report maintains a rating of "Buy" for the company [7] Core Views - The company aims to become a world-class metallurgical engineering technology company under the strategic guidance of Baowu during the 14th Five-Year Plan period, providing specialized industrial engineering technology services for the green and low-carbon development of the steel industry [3][2] - The company is expected to achieve EPS of 0.51, 0.56, and 0.60 yuan for the years 2025-2027, reflecting growth rates of -12.8%, 9.4%, and 8.1% respectively [3] - The target price is set at 9.14 yuan, corresponding to a PE ratio of 16.3 times for 2026 [3] Financial Summary - Total revenue for 2023 is projected at 26,377 million yuan, with a significant decrease of 33.1% in 2024, followed by a gradual recovery to 16,103 million yuan by 2027 [5] - Net profit attributable to the parent company is expected to be 761 million yuan in 2023, with a forecasted decline to 729 million yuan in 2025, before increasing to 861 million yuan by 2027 [5] - The company has a dividend yield (TTM) of 4.34% [3] Industry Context - The report highlights the government's support for hydrogen energy applications, including financial incentives for urban clusters and the establishment of a national low-carbon transition fund to foster new growth points in hydrogen energy and green fuels [3][2] - The company has successfully implemented the HyCROF technology in commercial projects, demonstrating the feasibility of hydrogen-based metallurgy processes [4]

Investment Rating - The report assigns an "Accumulate" rating for the industry [1] Core Insights - The report highlights the government's initiative to promote hydrogen energy applications, aiming for large-scale implementation in urban areas by 2030, with hydrogen prices expected to drop below 25 RMB per kilogram [4] - Key companies such as China Energy Engineering, Huadian Heavy Industries, and China Steel International are positioned to benefit from the hydrogen energy market [3][5][6] Summary by Relevant Sections Key Company Recommendations - China Energy Engineering is expected to maintain an EPS of 0.21 RMB in 2025, increasing to 0.24 RMB by 2027, with a target price of 3.86 RMB based on a PE of 17.5 for 2026 [14] - Huadian Heavy Industries has seen significant growth in major contracts, with a projected EPS increase from 0.17 RMB in 2025 to 0.28 RMB in 2027, and a target price of 15 RMB based on a PE of 60 for 2026 [18] - China Steel International is also recommended for accumulation, with a focus on its innovative hydrogen-based furnace technology [5][6]

Investment Rating - The report assigns an "Accumulate" rating for the industry [1]. Core Insights - The report highlights the government's initiative to promote hydrogen energy applications, aiming for large-scale implementation in urban areas by 2030, with hydrogen prices expected to drop below 25 RMB/kg [4]. - Key companies such as Huadian Technology, China Steel International, and China Energy Engineering are positioned to benefit from the hydrogen energy market [3][6]. Summary by Sections Key Company Recommendations - China Energy Engineering is expected to leverage its strengths in new energy and hydrogen production, with projected EPS growth of 3.7% in 2025 and 7.2% in 2026, targeting a price of 3.86 RMB, corresponding to a PE of 17.5 for 2026 [14]. - Huadian Technology has seen significant growth in major contracts, with a projected EPS increase of 75% in 2025, and a target price of 15 RMB, reflecting a PE of 60 for 2026 [18]. Investment Highlights - The report notes that the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission have issued a notice to promote hydrogen energy applications, with financial incentives for cities participating in pilot projects [4]. - Huadian Technology is actively developing integrated projects in hydrogen production and storage, including a 45 MW wind power hydrogen production project in Liaoning [5]. - China Steel International has successfully implemented hydrogen-based smelting technology, marking a significant step towards achieving carbon neutrality in the steel industry [5]. Market Opportunities - The report emphasizes the potential for hydrogen energy and green fuels as new growth points, with various projects in the pipeline, including the world's largest integrated green hydrogen and ammonia project in Jilin [6]. - The overall market for hydrogen energy is expected to expand significantly, with the government supporting initiatives through funding and policy measures [4].

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and energy sectors, emphasizing the potential benefits from the energy self-sufficiency strategy and rising energy prices [12][27]. Core Insights - The current market focus is on energy self-sufficiency, driven by geopolitical tensions in the Middle East and rising oil prices, which have reached $103.68 per barrel [1][15]. - China's reliance on imported oil and gas is projected to increase, with dependency rates expected to reach 73% for oil and 41% for gas by 2025, highlighting the urgency for energy security [1][15]. - The construction sector is seen as undervalued, with state-owned enterprises showing low price-to-book ratios, indicating strong potential for recovery and investment opportunities [9][24]. Summary by Sections 1. Coal Chemical Industry - The coal chemical sector is expected to benefit from both energy self-sufficiency and rising chemical prices, with policies likely to support the development of coal-to-oil and coal-to-gas projects [2][18]. - Key companies recommended include China Chemical, Sanwei Chemical, and Donghua Technology, which are positioned to capitalize on these trends [2][18]. 2. New Power Systems - The report highlights significant investment opportunities in new power systems, with government policies promoting smart grid construction and renewable energy applications [3][11]. - Recommended companies include China Energy Engineering, China Power Construction, and Ankerui, which are well-positioned to benefit from these developments [3][11]. 3. Green Fuels - The green hydrogen and ammonia sector is identified as a growth area, with government support for hydrogen energy projects expected to drive industrial-scale adoption [7][22]. - China Energy Engineering is noted for its proactive investments in hydrogen projects, while China Railway Construction is involved in green methanol initiatives [7][22]. 4. Rising Energy Prices - Companies like Northern International are expected to benefit from rising coal and electricity prices, with projections indicating improved profitability as energy prices increase [8][23]. - The report emphasizes the potential for these companies to leverage their existing projects in regions with high energy demand [8][23]. 5. Market Dynamics - The report discusses the potential for a "high-cut low" market strategy, where undervalued sectors like construction may offer defensive investment opportunities amid rising inflation risks [9][24]. - The construction sector's low valuation and the anticipated acceleration of infrastructure investments are expected to support revenue and profit recovery for state-owned enterprises [9][24].

Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The report highlights the integration of computing and electricity as a key theme in the government's work report, emphasizing the importance of "computing power collaboration" in the construction of new infrastructure [3][16] - It notes that the construction of computing power hubs in the "East Data West Computing" initiative is a significant opportunity for companies like China Energy Engineering and China Power Construction [5][17] - The report indicates that the industry is expected to benefit from policies promoting green energy and computing power integration, with substantial growth potential in the coming years [21][22] Summary by Sections Recent Key Reports - The report discusses several recent reports focusing on hydrogen energy and green fuels, as well as the investment opportunities in the computing power collaboration industry [11][16] Key Company Recommendations - China Energy Engineering is noted for its proactive approach in leveraging computing power collaboration to build integrated data centers, with significant investments planned [5][17] - China Power Construction is recognized for enhancing its foundational computing power and public service capabilities, with contracts exceeding 10 billion yuan in 2024 [6][18] - The report also highlights the strategic moves of Huadian Science and Technology in exploring integrated energy solutions involving hydrogen and ammonia [13][24] Industry Trends - The report emphasizes the increasing importance of AI and energy integration, with companies actively participating in the construction of smart energy systems and data centers [17][23] - It mentions the expected growth in renewable energy installations, with China Energy Engineering projected to achieve over 76 million kilowatts of new energy indicators by mid-2025 [5][23] - The report outlines the anticipated investment of 7 trillion yuan in new infrastructure, focusing on energy storage and green hydrogen as key growth areas [21][22]

Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The concept of "computing power and electricity synergy" has been included in the government work report for the first time, indicating a significant policy shift towards new infrastructure projects [3][21] - The report highlights the potential for substantial growth in the construction and energy sectors, particularly in areas related to AI and renewable energy [5][12] - The report emphasizes the importance of integrating computing power with energy systems to enhance efficiency and reduce costs [16][18] Summary by Sections Investment Highlights - The report notes that the growth rates for China Energy Construction and China Power Construction are lower than historical themes, with significant past increases observed in related sectors [4] - Key projects include a 42 billion yuan investment in a smart carbon-neutral data center in Gansu and a focus on AI and energy integration [5][17] - China Power Construction has signed contracts exceeding 10 billion yuan for data center projects, indicating strong demand in the sector [6][18] Company-Specific Developments - China Energy Construction has completed over 90% of domestic thermal power designs and holds a significant share in hydropower and nuclear power projects [5] - China Power Construction is enhancing its capabilities in data center construction, with over 65% of large and medium-sized hydropower projects under its management [6][18] - Both companies are actively involved in the development of green hydrogen and renewable energy projects, positioning themselves as leaders in the transition to sustainable energy [12][24] Market Trends - The report identifies a growing trend towards integrating renewable energy sources with advanced computing technologies, which is expected to drive future growth in the industry [16][21] - The government is expected to invest heavily in new energy infrastructure, with a focus on green hydrogen and smart grid technologies [21] - The anticipated demand for hydrogen is projected to increase significantly by 2030, creating new opportunities for companies in the sector [26]