Core Viewpoint - The professional engineering sector experienced a slight decline of 0.38% on November 26, with Yongfu Co., Ltd. leading the losses. The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index rose by 1.02% to 12907.83 [1][2]. Group 1: Market Performance - The professional engineering sector's stocks showed mixed performance, with notable gainers including Tianwo Technology, which rose by 2.70% to a closing price of 9.12, and Beifang International, which increased by 2.68% to 13.04 [1]. - Yongfu Co., Ltd. saw the largest decline, dropping 4.56% to a closing price of 27.39, with a trading volume of 67,200 shares and a transaction value of 187 million [2]. Group 2: Trading Volume and Value - The trading volume for Tianwo Technology was 346,900 shares, resulting in a transaction value of 315 million [1]. - Beifang International had a trading volume of 970,700 shares, leading to a transaction value of 1.282 billion [1]. Group 3: Capital Flow - The professional engineering sector experienced a net outflow of 220 million from main funds, while retail investors contributed a net inflow of 207 million [2][3]. - Among individual stocks, Zhonggang International had a main fund net inflow of 65.28 million, while Tianwo Technology saw a net outflow of 26.25 million from speculative funds [3].

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant daily and year-to-date gains along with dividend yields [1]. Group 1: Stock Performance - The top stock, Dai Mei Co., Ltd. (603730 SH), experienced a daily increase of 9.99% and a year-to-date increase of 21.56%, with a dividend yield of 3.68% [1]. - Siwei Liekong (603508 SH) saw a daily rise of 6.14% and a year-to-date rise of 31.38%, boasting a high dividend yield of 13.33% [1]. - Other notable performers include Jia Fei Ya (002572 SZ) with a daily increase of 4.19% but a year-to-date decline of 11.70%, and Xin Ao Co., Ltd. (603888 SH) with a daily rise of 3.92% and a year-to-date increase of 11.45% [1]. Group 2: Dividend Yields - The article lists several companies with attractive dividend yields, such as Siwei Liekong (13.33%), Jia Fei Ya (7.35%), and Yutong Bus (600066 SH) with a yield of 6.54% [1]. - Companies like Zhongyang Media (000719 SZ) and Yilian Network (300628 SZ) also show competitive dividend yields of 5.10% and 5.41%, respectively [1]. Group 3: Market Trends - The formation of a MACD golden cross signal indicates a positive market trend, suggesting that stocks in this index may continue to perform well [3].

Core Viewpoint - The Shanghai Composite Index rose by 0.05% on November 24, with 19 sectors experiencing gains, particularly the defense and media sectors, which increased by 4.31% and 3.49% respectively [1] Market Performance - The construction and decoration sector saw an increase of 1.36%, with a net inflow of 627 million yuan in main funds. Out of 156 stocks in this sector, 132 rose, with 7 hitting the daily limit, while 18 fell, including 4 that hit the lower limit [2] - The defense and military industry led the net inflow of main funds, attracting 5.466 billion yuan, followed by the media sector with a net inflow of 2.542 billion yuan [1] Fund Flow Analysis - The electronic sector experienced the largest net outflow of main funds, totaling 6.708 billion yuan, followed by the power equipment sector with a net outflow of 2.087 billion yuan. Other sectors with significant outflows included basic chemicals, communications, and non-ferrous metals [1] - In the construction and decoration sector, the top three stocks with the highest net inflow were Huajian Group (322.74 million yuan), Guosheng Technology (170.42 million yuan), and Tender Shares (132.31 million yuan) [2] - The stocks with the largest net outflow in the construction and decoration sector included Hainan Development (-73.80 million yuan), China Power Construction (-47.37 million yuan), and China Steel International (-37.56 million yuan) [3]

11月24日，中钢国际涨5.1%，截至发稿，报6.59元/股，成交3.32亿元，换手率3.55%，总市值94.54亿 元。 从中钢国际十大流通股东角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，华夏基金旗下1只基金位居中钢国际十大流通股东。华夏中证1000ETF（159845）三季度新 进十大流通股东，持有股数467.72万股，占流通股的比例为0.33%。根据测算，今日浮盈赚取约149.67 万元。 责任编辑：小浪快报 华夏中证1000ETF（159845）成立日期2021年3月18日，最新规模454.69亿。今年以来收益20%，同类排 名2071/4209；近一年收益14.26%，同类排名2451/3982；成立以来收益20.74%。 华夏中证1000ETF（159845）基金经理为赵宗庭。 资料显示，中钢国际工程技术股份有限公司位于北京市海淀区海淀大街8号中钢国际广场26层,吉林省吉 林市昌邑区江湾路2号世贸万锦10层，成立日期1999年4月15日，上 ...

2025 年 11 月 24 日 建筑 证券研究报告 投资评级 领先大市-A 维持评级 | | | 行业表现 chenyf4@essence.com.cn 低估值基建央企具备稳健防御属性，出 海/洁净室工程延续高景气度 本周投资建议： 受大盘调整影响，本周建筑板块下跌 6.11%，传统建筑央企板块下跌 3.63%。年初以来，受下游基建投资增速放缓及房地产投资持续下滑 等因素影响，传统建筑央企经营承压，年初至今股价下跌 10.70%， 目前建筑板块及传统建筑央企估值位居低位，截至目前，SW 建筑装 饰板块市盈率（TTM）为 9.0 倍，传统建筑央企板块市盈率（TTM） 为 5.4 倍。基建央企板块营收业绩成长仍承压，但关键性经营指标有 所改善，且多家企业提升分红比例，财政政策维持积极基调，化债效 果或于 2026 年逐步体现，板块整体具备稳健防御属性，建议关注 Q4 低估值传统建筑央企板块投资机会。此外，西部区域建设及洁净室板 块维持高景气，需求持续上行驱动龙头企业成长。 2023 年以来，八大建筑央企海外新签订单维持两位数快速增长，2023 年、2024 年、2025Q1-Q3 合计海外新签订单增速分别为 1 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, particularly focusing on international engineering leaders such as China National Materials (中材国际), China Steel International (中钢国际), and others [9][24]. Core Viewpoints - The expectation of a ceasefire in the Russia-Ukraine conflict has increased, which could lead to significant reconstruction investments in Ukraine, estimated at $523.6 billion over the next decade, creating substantial demand for construction projects and building materials [2][18]. - Chinese construction companies are well-positioned to benefit from overseas projects, especially in post-war reconstruction efforts in Ukraine, as they possess competitive advantages in technology, efficiency, and cost [3][20]. - The trend of urbanization and industrialization in emerging markets, combined with the relocation of some manufacturing capacities from China, indicates a long-term trend of Chinese construction companies expanding overseas [7][24]. Summary by Sections Industry Dynamics - The report highlights the potential for large-scale reconstruction in Ukraine if the conflict ends, with significant investment needs in housing (16% of total needs) and infrastructure (32.4% of total needs) [2][18]. - The demand for basic construction materials like cement and steel is expected to rise significantly due to reconstruction efforts [18][19]. Investment Recommendations - Key companies recommended for investment include: - China National Materials (中材国际) with a PE of 7.2X and a dividend yield of 5.5% - China Steel International (中钢国际) with a PE of 9.6X and a dividend yield of 5.3% - Northern International (北方国际) with a PE of 11X - China Chemical Engineering (中国化学) with a PE of 6.3X and a PB of 0.70X - Jianghe Group (江河集团) with a PE of 12X and a dividend yield of 6.5% - Precision Steel Structure (精工钢构) with a PE of 10X and a dividend yield of 6.9% [8][24][26]. Market Trends - The report notes that overseas construction demand remains robust, driven by urbanization and industrialization in emerging markets, such as Saudi Arabia's Vision 2030 and various infrastructure initiatives in Southeast Asia [7][22][23]. - The report cites that 68% of A-share listed companies have disclosed overseas business income, indicating a growing trend of Chinese companies expanding internationally [7][24].

Core Viewpoint - The A-share market shows a slight decline with the Shanghai Composite Index at 3863.17 points, down by 1.73%, while the total trading volume reaches 953.346 billion yuan, indicating a mixed performance among individual stocks breaking through the annual line [1] Group 1: Market Performance - As of 10:35 AM, the Shanghai Composite Index is at 3863.17 points, with a decrease of 1.73% [1] - The total trading volume in the A-share market is 9533.46 million yuan [1] Group 2: Stocks Breaking Through Annual Line - Six A-shares have surpassed the annual line today, with notable stocks including Qiule Agricultural, Zhangyue Technology, and Century Tianhong, showing significant deviation rates of 5.27%, 4.37%, and 1.57% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Zhonggang International, ST Tongmai, and Tianlong Group, with deviation rates of 0.29%, 0.82%, and 1.27% respectively [1] Group 3: Individual Stock Data - Qiule Agricultural (920087) has a price increase of 9.29% and a deviation rate of 5.27% [1] - Zhangyue Technology (603533) shows a price increase of 4.61% with a deviation rate of 4.37% [1] - Century Tianhong (300654) has a price increase of 1.76% and a deviation rate of 1.57% [1] - Tianlong Group (300063) has a price increase of 4.86% and a deviation rate of 1.27% [1] - ST Tongmai (603559) shows a price increase of 4.94% with a deviation rate of 0.82% [1] - Zhonggang International (000928) has a slight price increase of 0.31% and a deviation rate of 0.29% [1]

Investment Rating - The report maintains an investment rating of "Outperform" for the construction and decoration industry [3]. Core Viewpoints - The report highlights a continued decline in fixed asset investment in October, with a focus on the positive impact of moderately loose monetary policy and the acceleration of strategic project implementation [14][20]. - It emphasizes the increase in net financing of special bonds and rapid deployment of special government bonds, indicating a supportive funding environment for infrastructure projects [21][19]. Summary by Sections Industry Perspective and Investment Recommendations - The construction and decoration index rose by 0.35%, outperforming the overall A-share index by 0.53 percentage points, with notable performances in landscaping engineering and decoration sectors [13][30]. - Fixed asset investment from January to October 2025 reached CNY 408,914 billion, down 1.7% year-on-year, with infrastructure investment at CNY 203,809 billion, growing by 1.5% [14][16]. Key Company Dynamics - China Construction reported a new contract total of CNY 33,194 billion from January to October 2025, up 2.0% year-on-year [37]. - China Metallurgical Group announced a new contract amount of CNY 8,451 billion, down 11.8% year-on-year [37]. Valuation Status - As of November 14, 2025, the price-to-earnings (PE) ratios for various construction sub-sectors were as follows: housing construction at 6.64x, decoration at -24.37x, and municipal engineering at 8.14x [40].

Group 1 - The company, China Steel International, stated on November 19 that it discloses the number of shareholders at the end of the reporting periods in its annual, semi-annual, and quarterly reports [2]

Core Viewpoint - The company reported a 13.2% decline in net profit attributable to shareholders in the first three quarters, while gross margin improved significantly year-on-year, and operating cash flow showed improvement alongside a substantial decrease in accounts receivable [1][3]. Financial Performance - In the first three quarters of 2025, revenue was 9.175 billion yuan, a decrease of 27.2% year-on-year, with quarterly comparisons showing declines of 28.2%, 22.67%, and 31.14% respectively [3]. - The net profit attributable to shareholders for the same period was 556 million yuan, down 13.2%, with quarterly changes of +7.8%, -5.88%, and -40.5% [3]. - Gross margin for the first three quarters was 15.26%, an increase of 2.87 percentage points, while the expense ratio was 6.33%, up 1.05 percentage points [3]. - The net profit margin was 6.06%, an increase of 0.98 percentage points, and the weighted ROE was 6.47%, down 1.43 percentage points [3]. - The debt-to-asset ratio stood at 66.04%, a decrease of 0.93 percentage points [3]. Cash Flow and Accounts Receivable - Operating cash flow for the first three quarters was -1.211 billion yuan, an improvement from -3.985 billion yuan in the same period of 2024 [4]. - Accounts receivable at the end of the third quarter were 3.193 billion yuan, a decrease of 35.7%, with accounts receivable to revenue ratio at 34.8%, down 4.6 percentage points [4]. Order Intake and International Strategy - New orders signed in the first three quarters totaled 10.7 billion yuan, a decline of 29.3%, with domestic orders increasing by 46% to 4.1 billion yuan, while international orders decreased by 46.5% to 6.6 billion yuan [4]. - The company had a backlog of orders amounting to 41.68 billion yuan, with expected revenue from ongoing projects around 29.455 billion yuan, laying a solid foundation for stable development [4]. - The company is actively leveraging its international operational advantages to support Baowu's internationalization strategy, focusing on maintaining relationships with high-quality clients and pursuing low-carbon green projects [4][5].