建筑装饰行业周报 市场调整之际，板块内哪些确定性机会 值得把握 2026 年 03 月 22 日 【投资要点】 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 证书编号：S1160524100004 证券分析师：闫广 证书编号：S1160526010004 联系人：陈怡洁 相对指数表现 -20% -10% 0% 10% 20% 30% 2025/3 2025/9 2026/3 建筑装饰 沪深300 相关研究 《继续推荐大建筑股：低位新基建，全球 中特估》 2026.03.15 《两会及"十五五"规划定调积极，继续 推荐央企及新兴支柱产业标的》 2026.03.08 《两会政府工作报告学习：中央定调积极， 关注未来产业和智能建造》 2026.03.06 《上海放松地产限购政策，关注两会可能 的稳增长及新质生产力政策》 2026.03.01 《节后关注机器人、低空、AI 算力等未来 产业及建筑央企低位修复机会》 2026.02.23 行 业 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 板块行情回顾：本周建筑装饰（S ...

证券代码：002062 证券简称：宏润建设 公告编号：2026-006 宏润建设集团股份有限公司 关于股东所持公司部分股份质押的公告 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。 宏润建设集团股份有限公司（以下简称"公司"）近日接到公司控股股东浙江 宏润控股有限公司（以下简称"宏润控股"）函告，获悉上述股东所持公司部分 股份被质押，具体事项如下： | 一、股东所持股份被质押的基本情况 | | --- | | | 是否为控股 | | | | 是否为限 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 本次质押 | 占其所 | 占公司 | 售股（如 | | | | | | | 股东 | 股东或第一 | | | | | 为补 | 质押 | 质押 | | | | | | 股数 | 持股份 | 总股本 | 是，注明 | | | | 质权人 | 用途 | | 名称 | 大股东及其 | （万股） | 比例% | 比例% | 限售类 | 充质 | ...

Investment Rating - The report maintains a "stronger than the market" investment rating for the construction sector, particularly focusing on central enterprises and emerging pillar industries [2]. Core Insights - The report emphasizes a positive outlook from the recent Two Sessions and the "14th Five-Year Plan," suggesting that central enterprises will benefit from accelerated key projects supported by national fiscal policies [20][21]. - It identifies three categories of companies likely to benefit from these policies: 1. Central construction enterprises, which are expected to see improved cash flow and valuation recovery due to local government debt resolution efforts [20]. 2. Companies involved in underground utility tunnel construction and assessment, which will benefit from urban renewal and increased demand for property transactions [21]. 3. Participants in canal construction and high-standard farmland projects, which are expected to accelerate under the new safety and energy production capacity indicators [21]. Summary by Sections Industry Outlook and Investment Recommendations - The report highlights the positive macroeconomic targets for 2026, including an expected economic growth of 4.5%-5% and a budget deficit of approximately 5.89 trillion yuan, which is an increase of 230 billion yuan from the previous year [20]. - It notes that the central government plans to issue 1.3 trillion yuan in long-term special bonds to support key construction projects [20]. Market Performance - The construction decoration index decreased by 0.70%, while the overall A-share index fell by 0.93%, indicating a relative outperformance of the construction sector [19][36]. - Specific sectors such as landscaping engineering (+7.88%) and international engineering (+1.60%) showed better performance compared to others [19]. Company Dynamics - The report tracks significant company movements, including China Energy Construction, which saw a 13.78% increase in stock price, and Huajian Group, which rose by 8.00% [36]. - It also notes that the issuance of special bonds has accelerated, with a cumulative net financing of 832.4 billion yuan as of March 6, 2026, surpassing the levels of the previous two years [26]. Valuation and Investment Lines - The report recommends focusing on three main investment lines for 2026: 1. Central and state-owned enterprises that are positioned for recovery and transformation [30]. 2. Companies in high-demand sectors such as excavation, civil explosives, and geotechnical engineering [31]. 3. New economy sectors including commercial aerospace, low-altitude economy, computing power, and AI [31].

Investment Rating - The report maintains a "Strong Buy" rating for the construction decoration industry, indicating a positive outlook for investment opportunities in this sector [3]. Core Insights - The report highlights the relaxation of real estate purchase restrictions in Shanghai, which is expected to boost housing demand and benefit leading cyclical companies [15][16]. - It emphasizes the importance of the upcoming Two Sessions in March 2026, which may introduce supportive policies for strategic engineering projects and new productivity sectors [16]. - The report suggests focusing on construction state-owned enterprises for recovery opportunities and transformation into new business lines [15][16]. Summary by Sections Industry Viewpoints and Investment Recommendations - The construction decoration index increased by 4.97%, outperforming the overall A-share index by 3.86 percentage points [14]. - The report recommends three main investment lines: 1. Focus on state-owned enterprises for recovery and transformation opportunities [22]. 2. Invest in high-demand sectors such as tunneling, civil explosives, and geotechnical engineering [22]. 3. Explore new economic directions like commercial aerospace, low-altitude economy, computing power, and AI [22]. Market Performance - The construction decoration sector showed significant gains, with individual stocks like Roman Shares rising by 37.70% and China Railway by 14.55% [28]. - The report notes that the issuance of special bonds has accelerated, with a cumulative net financing of 7,461 billion yuan as of February 27, 2026, which is higher than the same period in the previous two years [17][18]. Company Dynamics - Key company updates include: - China Railway Construction reported a revenue of 100.5 billion yuan for 2025, a slight decrease of 0.01% year-on-year [36]. - Donghua Technology achieved a revenue of 100.2 billion yuan, marking a 13.12% increase year-on-year [36]. - Honglu Steel Structure announced a reduction in the conversion price of its convertible bonds from 32.08 yuan to 21.99 yuan per share [36]. Industry Valuation - As of February 27, 2026, the price-to-earnings ratios (PE) for various construction sub-sectors are as follows: - Housing construction: 6.41x - Decoration: -28.12x - Municipal engineering: 8.35x - Garden engineering: -12.39x - Steel structure: 39.78x - Chemical engineering: 13.14x - International engineering: 13.49x - Other professional engineering: 67.05x - Engineering consulting services: 51.44x [37].

Group 1 - The core point of the article is that Hongrun Construction (002062.SZ) has completed a share reduction plan as notified by shareholder Zhou Meizhen [1] - Zhou Meizhen reduced her holdings by 1.501 million shares, which represents 0.12% of the total share capital after excluding the shares in the company's repurchase account [1]

Group 1 - The core point of the article is that Hongrun Construction (002062.SZ) has completed a share reduction plan initiated by shareholder Zhou Meizhen [1] - Zhou Meizhen reduced her holdings by 1.501 million shares, which represents 0.12% of the total share capital after excluding the shares in the company's repurchase account [1]

证券代码：002062 证券简称：宏润建设 公告编号：2026-003 宏润建设集团股份有限公司 关于股东减持股份计划实施完成的公告 公司股东周美珍女士保证向本公司提供的信息内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 宏润建设集团股份有限公司（以下简称"公司"）于 2026 年 1 月 9 日在巨潮 资讯网（http://www.cninfo.com.cn）披露了《关于股东减持股份计划的预披露公 告》，股东周美珍女士计划自该公告披露之日起十五个交易日之后的三个月内以 集中竞价交易方式减持公司股份数量不超过 1,501,025 股，占剔除公司回购专用账 户股份后总股本的 0.12%。 近日，公司收到周美珍女士出具的《股份减持计划实施完成告知函》，前述 减持计划已实施完成，现将有关情况公告如下： 一、股东的减持情况 | 股东名称 | 减持 方式 | | 减持期间 | | | 减持均价 （元/股） | 减持股数 （股） | 占剔除公司回购 专用账户后的总 股本比例（%） | | --- | --- | --- | --- | -- ...

Core Viewpoint - The company has decided to extend the duration of its 2022 employee stock ownership plan by 12 months, now set to expire on April 18, 2027, to support the interests of plan participants and reflect confidence in the company's future stability [1][4]. Group 1: Meeting Details - The company's 11th Board of Directors held its sixth meeting on February 4, 2026, with all 9 directors present, and the meeting complied with relevant laws and regulations [1][2]. - The resolution to extend the employee stock ownership plan was passed with 6 votes in favor, while 3 directors, who are also plan participants, abstained from voting [2]. Group 2: Employee Stock Ownership Plan Overview - The employee stock ownership plan was initially approved in 2022, with a lock-up period of 12 months, during which 55,187,637 shares were transferred to the plan, representing 5.01% of the company's total shares at that time [4][5]. - As of the announcement date, the plan still holds 37,608,299 shares, accounting for 3.04% of the company's total shares [5]. Group 3: Extension Rationale - The extension of the employee stock ownership plan was based on the confidence in the company's ongoing stable development and the need to protect the interests of the plan participants [4][5]. - A meeting of the plan participants was held on February 3, 2026, where the extension proposal was approved before being submitted to the Board for final approval [5].

Group 1 - The company Hongrun Construction announced the convening of its 11th sixth board meeting on February 4, 2026, at the Shanghai Hongrun Building [1] - The meeting reviewed the proposal regarding the extension of the 2022 employee stock ownership plan [1]

证券代码：002062 证券简称：宏润建设 公告编号：2026-005 宏润建设集团股份有限公司 关于 2022 年员工持股计划延期的公告 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。 宏润建设集团股份有限公司（以下简称"公司"）2022 年员工持股计划（以 下简称"本次员工持股计划"或"本计划"）的存续期将于 2026 年 4 月 18 日届 满，公司于 2026 年 2 月 4 日召开第十一届董事会第六次会议，审议通过了《关 于 2022 年员工持股计划延期的议案》，同意将本次员工持股计划存续期延长 12 个月，即延期至 2027 年 4 月 18 日，现将有关情况公告如下： 一、员工持股计划的基本情况 （修订稿）》及其摘要。2022年7月8日，根据本次员工持股计划与公司控股股东 浙江宏润控股有限公司签署的《股份转让协议》，浙江宏润控股有限公司以非交 易过户形式向本次员工持股计划协议转让其所持有的55,187,637股公司股票，占 当时公司总股本的5.01%。本计划的锁定期为12个月，即锁定至2023年7月7日。 具体内容详见2022年4月1日、2022 ...