Market Overview - The infrastructure sector increased by 1.1% on November 28, with Jiaojian Co. leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Key Stocks Performance - Jiaojian Co. (603815) closed at 12.16, up 10.05% with a trading volume of 200,200 shares and a transaction value of 2.35 billion [1] - Garden Co. (605303) closed at 23.16, up 10.02% with a trading volume of 100,900 shares and a transaction value of 224 million [1] - Guosheng Technology (603778) closed at 11.59, up 9.96% with a trading volume of 1,131,500 shares and a transaction value of 12.80 billion [1] - Beixin Road and Bridge (002307) closed at 5.86, up 9.94% with a trading volume of 1,927,200 shares and a transaction value of 206 million [1] - Other notable performers include Guanzhong Ecological (300948) up 7.19% and Hongrun Construction (002062) up 6.07% [1] Capital Flow Analysis - The infrastructure sector saw a net inflow of 72.28 million from institutional investors, while retail investors contributed a net inflow of 132 million [2] - Speculative funds experienced a net outflow of 204 million [2] Individual Stock Capital Flow - Beixin Road and Bridge (002307) had a net inflow of 1.48 billion from institutional investors, but saw outflows from speculative and retail investors [3] - Hongrun Construction (002062) recorded a net inflow of 76.68 million from institutional investors, with outflows from speculative and retail investors [3] - Jiaojian Co. (603815) had a net inflow of 36.54 million from institutional investors, while speculative and retail investors withdrew funds [3] - Garden Co. (605303) also experienced a net inflow from institutional investors but faced outflows from other investor types [3]

近日，宏润建设（002062）接受国泰基金、国海基金、广发基金等10家机构调研。活动交流中，公司对 外表示，基建业务是宏润立足、发展和壮大的根基，公司将利用自身技术积累和品牌影响力，持续加大 科技创新。2025年下半年以来，长三角优势区域的项目释放和落地情况有所改善。特别是三季度，公司 新承接业务量有所上升。此外，公司新能源业务表现亮眼，呈现从前端实业制造、中端总承包施工到终 端电站运营的产业链良性运作。 宏润建设在保持传统基建业务稳盘、新能源业务增量的基础上，重点培育机器人业务作为第二增长曲 线，并且已经先后布局了镜识科技、宏思未来、矩阵超智三家定位不同领域的机器人厂商。 宏思未来是以"机器人+教学场景"双驱动为核心，通过提供教育智能机器人及相关课程内容支持，服务 于中小学、国际学校和各类青少年科技项目。产品与解决方案紧密贴合全人教育方针，推动从知识灌输 向能力构建的转变，打造助力人工智能在教育场景落地的机器人厂商。 宏润建设与矩阵超智合资成立的宁波星际动力科技有限公司于11月3日正式入驻宁波前湾新区。星际动 力主打产品是全栈式人形机器人，目标实现全场景的商业落地。除双足人形机器人外，还将针对不同场 景需求 ...

格隆汇11月26日丨宏润建设(002062.SZ)在投资者互动平台表示，公司参股上海矩阵超智系统集成有限 公司。 ...

Core Insights - The infrastructure sector saw a rise of 0.75% on November 24, with Guosheng Technology leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Infrastructure Sector Performance - Guosheng Technology (603778) closed at 60.8, with a gain of 10.07% and a trading volume of 1.2687 million shares, totaling a transaction value of 1 billion [1] - Beixin Road and Bridge (002307) closed at 5.73, up 9.98%, with a trading volume of 2.8782 million shares and a transaction value of 1.593 billion [1] - Other notable performers included Meili Ecology (000010) with a 4.97% increase, and Aoya Co., Ltd. (300949) with a 4.27% increase [1] Capital Flow Analysis - The infrastructure sector experienced a net inflow of 246 million in main funds, while retail funds saw a net outflow of 34.5751 million [2] - Guosheng Technology had a main fund net inflow of 1.59 billion, but retail funds experienced a net outflow of 78.8728 million [3] - China Nuclear Engineering (601611) reported a main fund net inflow of 43.1344 million, with retail funds seeing a net outflow of 38.4155 million [3]

Core Viewpoint - Hongrun Construction's stock price has shown significant volatility, with a year-to-date increase of 89.18%, but recent declines in the short term raise concerns about its performance [1][2]. Financial Performance - For the period from January to September 2025, Hongrun Construction reported a revenue of 4.262 billion yuan, a year-on-year decrease of 0.47%, and a net profit attributable to shareholders of 244 million yuan, down 2.41% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.293 billion yuan, with 342 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 24, Hongrun Construction's stock price was 9.48 yuan per share, with a market capitalization of 11.729 billion yuan [1]. - The stock has experienced a 5.11% decline over the last five trading days and a 14.98% decline over the last 20 days, despite a 39.41% increase over the past 60 days [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on November 3, where it recorded a net buy of -140 million yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Hongrun Construction was 35,200, an increase of 2.55% from the previous period, with an average of 31,972 circulating shares per shareholder, a decrease of 2.48% [2]. - Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 16.576 million shares as a new shareholder [3]. Business Overview - Hongrun Construction, established on December 29, 1994, and listed on August 16, 2006, primarily engages in municipal public works, building construction, urban rail transit engineering, and real estate development [2]. - The company's revenue composition includes 76.18% from construction and municipal infrastructure investment, 20.80% from renewable energy development, 5.53% from real estate development, and 0.69% from other businesses [2].

11月21日，宏润建设集团股份有限公司（以下简称"公司"）在宏润大厦以现场会议形式接待了特定对象 调研，华泰证券分析师王玺杰、勤辰私募基金姜伟臣参与调研，公司董事会秘书薛锋、科技业务总监毛 正出席并就主营业务发展、新能源业务布局、人形机器人业务进展及股份回购计划等问题与机构进行了 深入交流。 投资者关系活动基本信息 本次投资者关系活动类别为"特定对象调研"，于2025年11月21日在宏润大厦现场举行。参与机构及人员 包括华泰证券王玺杰、勤辰私募基金姜伟臣，公司接待人员为董事会秘书薛锋、科技业务总监毛正。 主营业务及三季度业绩：新能源成重要利润增长点 据介绍，公司主营业务涵盖基建、房地产和新能源三大板块。2025年三季度报告显示，公司单季实现营 业收入13.92亿元，归母净利润1亿元。从业务趋势看，基建板块营收稳中有升；房地产板块处于存量去 化阶段，营收和净利润有所下降，业务占比持续降低；新能源板块表现亮眼，营收和净利润均大幅增 长，有效弥补了房地产业务收缩对整体营收的影响，已成为公司重要的利润增长点。 新能源业务：全产业链布局显效，全年组件产量预计超2GW 在新能源业务方面，公司已构建起"前端实业制造—中端总 ...

证券代码：002062 证券简称：宏润建设 宏润建设集团股份有限公司投资者关系活动记录表 编号：2025-07 | | 司已入驻宁波前湾新区，从研发到销售是否都放在前湾新区？ | | --- | --- | | | 宁波前湾新区为星际动力预留了产业用地和厂房，生产和 | | | 配套将落地前湾新区，主要研发将放在上海，宁波和上海将同 | | | 步配置销售。 | | | 5、星际动力人形机器人自发布会后有否开展升级研发？ | | | 针对运动能力和人机互动的研发工作持续推进，星际动力 | | | 正加紧招募更多自研设计团队，预计 2026 年团队人数规模将达 | | | 到 人，其中软件约占 60%，硬件约占 40%，力争明年尽 60-100 | | | 早产生一定规模的商业化收入。 | | | 6、人形机器人业务目前是否有意向客户？ | | | 端客户暂时不涉及，目前接洽的 鉴于隐私和安全考量，C | | | 主要还是以 端导览、展示和 端商用和工业场景使用为主。 G B | | | 年的战略规划是如何的？ 7、公司对星际动力未来 3-5 | | | 星际动力目标实现全场景商业落地，帮助公司实现第二增 | ...

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].

Core Viewpoint - Hongrun Construction's stock price has experienced significant fluctuations, with an overall increase of 88.19% this year, but a recent decline in the last five and twenty trading days [1] Group 1: Stock Performance - As of November 20, Hongrun Construction's stock price was 9.43 CNY per share, with a market capitalization of 11.667 billion CNY [1] - The stock has seen a decline of 2.08% during the trading session on November 20, with a trading volume of 78.048 million CNY and a turnover rate of 0.73% [1] - Year-to-date, the stock has risen by 88.19%, but it has dropped by 7.37% in the last five trading days and 16.25% in the last twenty trading days [1] Group 2: Financial Metrics - For the period from January to September 2025, Hongrun Construction reported a revenue of 4.262 billion CNY, a year-on-year decrease of 0.47%, and a net profit attributable to shareholders of 244 million CNY, down 2.41% year-on-year [2] - The company has distributed a total of 1.293 billion CNY in dividends since its A-share listing, with 342 million CNY distributed in the last three years [2] Group 3: Business Overview - Hongrun Construction, established in December 1994 and listed in August 2006, is primarily engaged in municipal public works, building construction, urban rail transit engineering, and real estate development [2] - The company's revenue composition includes 76.18% from construction and municipal infrastructure investment, 20.80% from new energy development, 5.53% from real estate development, and 0.69% from other businesses [2] - Hongrun Construction is categorized under the construction decoration and municipal engineering sectors, with involvement in concepts such as shield machines, robotics, and railway infrastructure [2] Group 4: Shareholder Information - As of September 30, 2025, Hongrun Construction had 35,200 shareholders, an increase of 2.55% from the previous period, with an average of 31,972 circulating shares per shareholder, a decrease of 2.48% [2] - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 16.576 million shares as a new shareholder [2]

证券代码：002062 证券简称：宏润建设 宏润建设集团股份有限公司投资者关系活动记录表 编号：2025-06 | 投资者关系 | ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 | 国泰基金经理—谢泓材、浙商证券首席分析师—刘巍、南土资 | | 及人员姓名 | 产—吴刚、招商基金—王晗、国海基金—龚泓月、广发基金— | | | 张毅、东财研究所—王翩翩、泰康资产—李金桃、友邦人寿— | | | 杨佳、通乾投资—朱灵 | | 时间 | 2025-11-18 | | 地点 | 宏润大厦现场会议； | | | 东方财富证券 2026 年度策略会 | | 上市公司接待 | 科技业务总监毛正；董事会秘书薛锋 | | 人员姓名 | | | | 1、公司感觉城市基建市场近况如何？ | | | 公司城市基建业务主要聚焦长三角优势区域，下半年以来， | | | 上述区域的项目释放和落地情况有所改善。特别是三季度，公 | | | 司新承接业务量有所上升。 ...