登录新浪财经APP 搜索【信披】查看更多考评等级 专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股CFO数据报告》显示，2024年A股上市公司财务总监 CFO群体薪酬规模合计达42.70亿元，平均年薪为81.48万元。 分行业来看，A股共有149家建筑装饰上市公司公开披露了CFO信息。受上游房地产行业疲软影响，2024年建筑装饰上市公司整体实现营收87347.82亿元，同 比下降3.9%；归母净利润录得1714.72亿元，较2023年下滑16.0%，不到三成公司营收、净利双增。 责任编辑：公司观察 半数以上的CFO身兼数职。报告期内，约17.6%的CFO兼任董事会秘书职位，接近三成CFO兼任总经理或副总经理职位，约10.8%的CFO同时担任审计委员会 成员、战略委员会成员或薪酬与考核委员会成员等董事会专门委员会职能。 隧道股份CFO葛以衡以246.12万元稳坐第一，约比第二名上海建科财务总监沈新根年薪略高不到3万元。值得关注的是，葛以衡也是公司的党委书记、董事 长，自201 ...

Investment Rating - The report maintains a "Buy" recommendation for the construction industry [1] Core Viewpoints - Infrastructure investment growth remains robust, with a broad infrastructure investment growth rate of 8.9% in the first half of 2025, despite a slight decline from previous values [3][30] - Real estate investment continues to face pressure, with a 11.2% year-on-year decline in real estate development investment in the first half of 2025 [44] - The construction sector is experiencing a slight increase in fund holdings, with a fund holding market value ratio of 0.43% in Q2 2025, which is still below the standard allocation ratio of 1.77% [65][66] Summary by Sections Special Debt Issuance - The pace of special debt issuance has accelerated, with a total of 2.16 trillion yuan issued in the first half of 2025, a year-on-year increase of 45% [6][3] - The government plans to issue 4.4 trillion yuan in new local government special bonds in 2025, focusing on investment construction and land acquisition [6] Infrastructure Investment - Fixed asset investment growth has slowed, with a total of 248,654 billion yuan in the first half of 2025, reflecting a 2.8% year-on-year increase [27] - Infrastructure investment remains resilient, with significant growth in the electricity, heat, gas, and water supply sectors, which saw a 22.8% year-on-year increase [35][30] Real Estate Market - Real estate investment and sales continue to decline, with a 3.5% decrease in commodity housing sales area in the first half of 2025 [44] - New construction and completion areas have seen a narrowing decline, with new construction down 20.0% year-on-year but improving from previous months [46] Fund Holdings in Construction - Fund holdings in the construction sector have slightly increased, with a market value of 132.95 billion yuan in Q2 2025, reflecting a 9.24% increase from Q1 2025 [65] - The construction sector remains underweight compared to the standard allocation, indicating potential for growth [65][66] Recommendations - The report recommends focusing on stable growth, high dividends, overseas expansion, and regional construction projects, highlighting companies such as China State Construction, China Railway, and others [3][1]

Group 1 - The core viewpoint of the article highlights the operational performance of China Steel International in the second quarter of 2025, specifically regarding its engineering business [1] - In the second quarter, the company signed new project contracts amounting to 2.329 billion yuan, with domestic projects accounting for 377 million yuan and international projects for 1.952 billion yuan [1] - As of the end of June 2025, the total amount of signed but uncompleted orders reached 38.926 billion yuan [1]

智通财经APP讯，中钢国际(000928.SZ)披露2025年第二季度工程业务经营情况，该公司第二季度新签项 目合同金额达23.29亿元，其中，国内项目3.77亿元，国外项目19.52亿元。截至2025年6月末累计已签约 未完工订单金额达389.26亿元。 ...

证券代码：000928 证券简称：中钢国际 公告编号：2025-29 中钢国际工程技术股份有限公司 关于2025年第二季度工程业务经营情况的自愿性信息披露公告 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。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 3 号——行业信息披露（2025 年修订）》等相关规定，中钢国际工程技 术股份有限公司（以下简称"公司"）现将 2025 年第二季度工程总承包业务经 营情况简报如下： 注：已生效正在执行项目金额为未完工部分预期收入。 截至报告期末，公司无重大已中标尚未签约订单。 二、未完工重大项目情况 报告期内未完工重大项目进展情况如下： 一、2025 年第二季度（4-6 月）订单情况 数量（个） 金额（亿元） 2025 年第二季度新签项目合同 31 23.29 其中：国内项目 17 3.77 国外项目 14 19.52 截至 2025 年 6 月末累计已签约未完工订单 298 389.26 其中：已生效正在执行项目 267 218.66 已签约尚未生效项目 31 170.60 单位：万元 项目名 ...

Core Insights - The company, China Steel International (000928), announced the signing of 31 new project contracts in Q2 2025, amounting to 2.329 billion yuan [1] - Among these contracts, 17 are domestic contracts worth 377 million yuan, while 14 are international contracts valued at 1.952 billion yuan [1] - As of the end of June 2025, the company has a total of 298 signed but uncompleted orders, amounting to 38.926 billion yuan, with 267 of these orders already in effect and worth 21.866 billion yuan, and 31 orders signed but not yet effective, totaling 17.06 billion yuan [1] - The report highlights significant project progress, including the MMK 2.5 million tons coking EPC and the Xishangzhuang supercritical low calorific value coal thermal power EPC [1]

Investment Rating - The report maintains an investment rating of "Outperform the Market-A" [4] Core Viewpoints - The ongoing urban renewal and the commencement of major projects are expected to accelerate infrastructure investment in the second half of the year [1][20] - The central government has emphasized the importance of urban village renovations and has set ambitious targets for the renovation of old urban residential areas, with 58,000 new projects planned for 2024 and 25,000 for the first half of 2025 [1][17] - The report suggests focusing on low-valuation state-owned enterprises in the infrastructure sector, as their fundamentals and operational metrics are expected to improve due to ongoing reforms and market conditions [9][11] Summary by Sections Industry Dynamics - The State-owned Assets Supervision and Administration Commission (SASAC) has called for state-owned enterprises to actively participate in urban development and infrastructure projects, emphasizing the need for safety and reliability in infrastructure [1][16] - The National Development and Reform Commission (NDRC) has allocated 735 billion yuan for central budget investments, focusing on modern infrastructure and urbanization projects [2][18] - Infrastructure investment growth rates for the first half of 2023 were reported at 4.60% for narrow definitions and 8.90% for broader definitions, with expectations for acceleration in the latter half of the year [9][20] Market Performance - The construction industry saw a weekly increase of 5.62%, outperforming major indices such as the Shenzhen Composite Index and the Shanghai Composite Index [21] - The municipal engineering sector experienced the highest growth within the construction industry, with a weekly increase of 14.33% [21] Company Announcements - Major contracts were awarded, including China Power Construction winning contracts worth approximately 57.52 billion yuan for a pumped storage power station [32] - China State Construction reported new contracts totaling 2.5 trillion yuan for the first half of 2025, reflecting a year-on-year increase of 0.9% [32] Valuation - As of July 25, the construction and decoration industry had a price-to-earnings (P/E) ratio of 11.65 and a price-to-book (P/B) ratio of 0.85, indicating a slight increase from the previous week [24] - The report highlights that the construction industry ranks 27th in P/E valuation among major sectors, suggesting potential for valuation improvement [24][25] Key Focus Stocks - The report recommends focusing on low-valuation state-owned enterprises such as China State Construction, China Railway, and China Communications Construction, which are expected to benefit from improved operational metrics and market conditions [11][12][28]

Investment Rating - The industry rating is maintained as "Outperform" [5] Core Viewpoints - The construction sector has seen a significant increase of 7.1% this week, outperforming the Shanghai and Shenzhen 300 index by 5.9 percentage points, driven by infrastructure projects and the rise in specialized engineering and civil explosives sectors [1][29] - The report emphasizes the ongoing trend of "anti-involution" in the industry, suggesting investment opportunities in construction blue chips and steel structure sectors, particularly in the central and western regions of China [1][2][36] Summary by Sections Investment Logic - Four angles to capture investment opportunities in the construction sector: 1. **Price Elasticity**: Companies involved in resource development or trade, such as Northern International and China Railway, are recommended due to expected price increases in resources [2][15] 2. **Supply-Demand Optimization**: Focus on construction blue chips as the anti-involution movement may alleviate price pressures in the industry, with recommendations for quality local state-owned enterprises like Sichuan Road and Bridge [2][17] 3. **Transformation and Upgrading**: Companies with stronger technological attributes are expected to benefit from structural high prosperity in technology-driven infrastructure demands, with recommendations for Tunnel Corporation and China State Construction International [2][21] 4. **Downstream Profit Improvement**: If anti-involution policies improve profitability in steel and cement industries, there will be a rebound in capital expenditure needs, recommending companies like China National Materials and China Steel International [2][23] Market Performance - The report notes a slight decline in the operating rates of petroleum asphalt and cement shipment rates, with the cement shipment rate at 43.07%, down by 2.8 percentage points [3][26] - Central state-owned enterprises showed a positive trend in order data for Q2, with notable growth in orders for companies like China Railway and China Nuclear Engineering [3][26] Key Recommendations - The report suggests focusing on high-growth local state-owned enterprises in regions with strong infrastructure investment, such as Sichuan, Zhejiang, and Anhui, as well as major central state-owned enterprises like China Communications Construction and China Railway [36][37] - Emphasis is placed on the potential of nuclear power and emerging business directions within the construction sector, highlighting the high prosperity of nuclear power investments [38]

Core Viewpoint - The company has completed the cancellation of stock options under its 2022 stock option incentive plan due to unmet performance conditions for the year 2024 and the resignation of certain incentive recipients [1][2]. Group 1: Stock Option Cancellation - The company’s board and supervisory board approved the cancellation of stock options that did not meet the exercise conditions for the year 2024 [1]. - A total of 3.782 million stock options have been canceled, consisting of 3.26 million from the initial grant and 522,000 from reserved grants [2]. - The cancellation complies with relevant regulations and will not adversely affect the company's financial status or operational results [2]. Group 2: Impact on Incentive Plan - The cancellation of stock options will not hinder the normal operation of the incentive plan [2]. - The management team’s diligence and commitment are expected to remain unaffected by this cancellation [2].

Core Viewpoint - The company, China Steel International, is focusing on its core business of engineering procurement and construction (EPC) while expanding into diversified areas such as energy conservation, environmental protection, and intelligent manufacturing, aiming to leverage opportunities in the steel industry for sustainable development [1][3]. Group 1: Business Operations - The company primarily engages in EPC business and does not manufacture equipment, relying on external procurement for project-required equipment [1]. - The company has successfully completed significant milestones in various international projects, including the Simfer project in Australia and the Tosyali steel plant in Algeria, showcasing its capability in managing large-scale projects efficiently [2]. - The company emphasizes the importance of accounts receivable management to enhance cash flow and has set a gross profit margin target of 13.61% for its engineering projects in 2024, reflecting a 6.06% increase from the previous year [3]. Group 2: Market Strategy - The company plans to maintain its internationalization strategy while strengthening risk management, focusing on existing markets and exploring new opportunities in the Middle East and Africa [4]. - The execution cycle for overseas projects is generally longer than domestic ones due to various factors, including differing pre-execution requirements, lower construction efficiency, and longer logistics periods [4].