行业报告 | 行业研究周报 建筑装饰 证券研究报告 反内卷关注度再提升，重视建筑板块投资机遇 核心观点 本周 CS 建筑板块下跌 1.13%，沪深 300 板块下跌 0.37%，建筑板块跑输大盘 0.76pct。本周中小园林标的、转型标的以及洁净室板块涨幅靠前。近期反 内卷关注度提升，重申建筑板块反内卷投资机遇。当前时点，我们继续维 持此前观点，建议关注反内卷行情及中西部基建景气向上，固投产业链重 点关注中西部基建（建筑，水泥，民爆）和重点产业投资（水电站、煤化 工、核电等）带来的产业链相关机会，同时关注中小市值建筑转型品种。 反内卷关注度再提升，重视建筑板块投资机遇 近期反内卷关注度提升，24 年下半年以来中央层面对于整治"内卷式"竞 争的定调逐步明确，"反内卷"逐步从政策定调向落地转化，25 年 7 月， 中建一局、中国核建等 33 家建筑类央企、国企和民企发布《倡议书》，共 同抵制"内卷式"竞争。我们认为可以从四个角度把握反内卷投资机遇， 1）"价格弹性"角度，关注受益上游大宗涨价品种，重视"建筑+矿产"、 "建筑+化工"等资源生产和贸易标的，同时重视资源加工板块的鸿路钢构 等； 5）供需格局，关注央国 ...

格隆汇9月5日丨中钢国际(000928.SZ)于近期投资者关系活动表示，目前公司俄罗斯业务占公司营收规 模较小，对整体经营影响较小且可控。 ...

证券代码：000928 证券简称：中钢国际 中钢国际工程技术股份有限公司投资者关系活动记录表 编号：2025-7 投资者关系活动 类别 □ 特定对象调研 □ 分析师会议 □ 媒体采访 ☑ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他（） 参与单位名称及 人员姓名 线上参与公司 2025 年半年度业绩说明会的投资者 时间 2025 年 9 月 5 日 15:00-16:30 地点 值在线（https://www.ir-online.cn/）网络互动 上市公司接待 人员姓名 副董事长、总经理 赵恕昆 独立董事、董事会审计与风险管理委员会召集人 王天翼 常务副总经理、总工程师 化光林 副总经理、财务总监、董事会秘书 袁陆生 投资者关系活动 主要内容介绍 公司半年报相关情况，主要交流内容附后。 交流内容未涉及公司内幕信息。 附件清单 投资者关系活动记录（2025 年 9 月 5 日） 中钢国际工程技术股份有限公司 投资者关系活动记录 （2025 年 9 月 5 日） 答：中钢安环院是国家级专精特新"小巨人"企业，为政府和企业提供高质 量的智慧安全、智慧环保系统解决方案，在安全生产风险管控技术服务方 ...

证券时报·数据宝统计，截至今日上午10:30，上证综指3767.69点，收于半年线之上，涨跌幅-1.20%，A 股总成交额为11488.12亿元。到目前为止，今日有217只A股价格突破了半年线，其中乖离率较大的个股 有艾布鲁、润普食品、友好集团等，乖离率分别为13.25%、13.23%、9.75%；中钢国际、日辰股份、永 顺泰等个股乖离率较小，刚刚站上半年线。 9月4日突破半年线个股乖离率排名 | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 半年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 301259 | 艾布鲁 | 14.87 | 15.26 | 43.58 | 49.35 | 13.25 | | 836422 | 润普食 品 | 13.63 | 9.23 | 14.43 | 16.34 | 13.23 | | 600778 | 友好集 团 | 9.95 | 9.82 | 6.54 | 7.18 | 9.75 | | 831627 | 力 ...

Core Viewpoint - As of September 3, a total of 129 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Longest Net Inflows - The stocks with the longest consecutive net inflows are Meishuo Technology and China Steel International, both having recorded net inflows for 16 consecutive trading days [1] - Other stocks with significant consecutive net inflows include Yanjinpuzi, Sanwei Co., Eastern Airlines Logistics, Lante Optics, Lude Environment, Hualan Biological Engineering, Yunnan Energy Investment, and Information Development [1]

Group 1 - The construction industry faced overall pressure in the first half of 2025, with a slight improvement in cash flow in Q2 [6][10][12] - The industry's revenue and profit both declined year-on-year, with total revenue of 3.92 trillion yuan, down 5.63%, and net profit of 936.2 billion yuan, down 5.33% [12][26] - The gross profit margin for construction companies was 10.14%, a slight decrease of 0.12 percentage points year-on-year, while the net profit margin increased marginally to 2.39% [6][10][20] Group 2 - The construction industry saw an increase in cash collection efficiency, with the cash collection ratio rising by 6.29 percentage points to 95.11% [6][31] - The industry's asset-liability ratio increased to 77.52%, up 0.57 percentage points from the beginning of the year, indicating a rise in financial leverage [6][34] - The total amount of funds occupied by downstream owners increased, with accounts receivable and inventory reaching 10.03 trillion yuan, a year-on-year increase of 8.57% [27][30] Group 3 - The chemical engineering and petroleum engineering sectors showed resilience, with positive revenue growth, while the steel structure sector also saw profit recovery due to overseas expansion [11][39][40] - In the first half of 2025, only two sub-sectors, steel structure and chemical engineering, achieved positive revenue growth of 2.81% and 1.33% respectively [39][41] - The gross profit margin for the international engineering and petroleum engineering sectors improved, with international engineering at 15.14%, up 3.26 percentage points [43][44]

Core Viewpoint - The company experienced a significant decline in revenue in the first half of the year, but showed improvement in profitability and cash flow management, with expectations for future revenue recovery driven by domestic and international contracts [2][4]. Financial Performance - The company achieved a revenue of 6.745 billion yuan in the first half, a year-on-year decrease of 25.66% [1]. - In Q2, the revenue was 3.226 billion yuan, down 22.67% year-on-year [2]. - The net profit attributable to shareholders was 424 million yuan, a year-on-year increase of 1.11%, while the net profit after deducting non-recurring items was 422 million yuan, up 13.01% [1]. Profitability - The overall gross margin improved to 15.12% in the first half, an increase of 3.66 percentage points year-on-year, with Q2 gross margin at 16.62%, up 4.14 percentage points [2]. - The company effectively controlled its period expenses, with a period expense ratio of 5.95%, an increase of 1.19 percentage points year-on-year [2]. Cash Flow - The net cash outflow from operating activities in the first half was 2.912 billion yuan, an increase in outflow of 1.355 billion yuan year-on-year, with a cash collection ratio of 69.74%, down 13.88 percentage points [3]. - In Q2, the net cash outflow from operating activities was 1.276 billion yuan, with a cash collection ratio of 77.87%, down 57.76 percentage points year-on-year [3]. Contracting Activity - The company secured new contracts worth 6.31 billion yuan in the first half, a year-on-year decline of 35.0%, with domestic new contracts at 2.444 billion yuan, up 53.8%, and international new contracts at 3.864 billion yuan, down 52.4% [3]. - Domestic new contracts showed signs of stabilization, while international contracts faced challenges due to slow project execution [3]. Future Outlook - The company is expected to benefit from potential order increases due to geopolitical developments, particularly if a ceasefire occurs in the Russia-Ukraine conflict [4]. - The company has a healthy balance sheet with 6.86 billion yuan in cash and 1.05 billion yuan in interest-bearing debt, resulting in a net cash position of approximately 5.81 billion yuan [4]. - The company has maintained a high dividend payout ratio over the past three years, with expectations to continue this trend, projecting a dividend yield of about 4.7% for 2025 [4].

丨证券研究报告丨 公司研究丨点评报告丨中钢国际（000928.SZ） [Table_Title] 2025H 业绩小幅增长，下半年有望加速 报告要点 [Table_Summary] 公司上半年实现营业收入 67.45 亿元，同比减少 25.66%；归属净利润 4.24 亿元，同比增长 1.11%；扣非后归属净利润 4.22 亿元，同比增长 13.01%。 分析师及联系人 %% %% %% %% 张弛 张智杰 袁志芃 龚子逸 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 请阅读最后评级说明和重要声明 research.95579.com 1 中钢国际（000928.SZ） cjzqdt11111 [Table_Title2] 2025H 业绩小幅增长，下半年有望加速 [Table_Summary2] 事件描述 公司上半年实现营业收入 67.45 亿元，同比减少 25.66%；归属净利润 4.24 亿元，同比增长 1.11%；扣非后归属净利润 4.22 亿元 ...

Investment Rating - The report maintains an "Optimistic" rating for the construction industry [2][4]. Core Insights - The construction industry faced pressure on revenue and profit in H1 2025, with total revenue of 3.75 trillion, down 5.7% year-on-year, and net profit of 87.5 billion, down 6.5% year-on-year [2][7]. - The industry experienced a relative stability in gross margin and net margin, with a gross margin of 9.9% and a net margin of 2.33% in H1 2025 [8][19]. - Operating cash flow showed improvement, with a net cash flow of -477.4 billion, a reduction in outflow by 15.1 billion year-on-year [3][12]. - The industry’s return on equity (ROE) decreased by 0.31 percentage points to 2.50% in H1 2025, indicating pressure on profitability [16][27]. Summary by Sections Financial Overview - In H1 2025, major listed companies in the construction industry reported revenues of 3.75 trillion, a decrease of 5.7% year-on-year, and net profits of 87.5 billion, down 6.5% year-on-year [2][7]. - Quarterly revenues for Q1 and Q2 were 1.84 trillion and 1.91 trillion, respectively, with year-on-year declines of 6.2% and 5.2% [2][7]. Profitability Analysis - The industry maintained a gross margin of 9.9%, a slight decrease of 0.2 percentage points year-on-year, and a net margin of 2.33%, down 0.02 percentage points [8][19]. - The ROE for the industry decreased to 2.50%, reflecting the impact of reduced investment and increased costs [16][27]. Cash Flow Improvement - The operating cash flow net amount was -477.4 billion, showing an improvement with a reduction in cash outflow by 15.1 billion year-on-year [3][12]. - The cash collection ratio improved to 103% in Q1 and 87% in Q2, with year-on-year changes of +0.85 percentage points and +11.65 percentage points, respectively [3][12]. Market Dynamics - The report highlights a shift in focus from growth to quality improvement among state-owned enterprises, with an emphasis on cash flow management and cost control [4][19]. - The construction industry is expected to see a recovery in revenue and cash flow in the second half of 2025, driven by anticipated government investment stimulus [4][19].

Core Insights - As of September 1, a total of 178 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stock with the longest streak of net inflows is Qilu Bank, which has seen net buying for 18 consecutive trading days [1] - Other notable stocks with significant net inflow days include Kosen Technology, China Steel International, Huagong Technology, Aiwai Electronics, Meishuo Technology, Chengdi Xiangjiang, Changxin Bochuang, and Xinmei Shares [1]