证券代码：002541 证券简称：鸿路钢构 回答：公司自主研发的焊接工业机器人已经少量对外销售，目前主要以自用 为主，未来将根据集团公司的业务发展情况以及机器人的应用情况进行规划。 三、公司新签订单类型主要是哪些领域？ 回答：公司产品广泛应用于业厂房、大型场馆、机场、火车站、石化管廊、 设备装置、高层建筑、桥梁等诸多钢结构制造领域。公司近期新签订单中以 工业厂房类的订单为主。 安徽鸿路钢结构（集团）股份有限公司 2025 年 7 月 17 日、22 日投资者关系活动记录表 编号：T2025-006 | | 特定对象调研 □分析师会议  | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活 动类别 | □新闻发布会 □路演活动 | | |  现场参观 电话调研 | | | □其他 2025年7月17日上午13：30—17：30 | | | 长江证券 高长星；华泰铂瑞陈东；大名实业张添翼、邵琦；天风证券鲍荣福、 | | 调研时间/参 | 王悦宜 | | 与单位名称及 | 2025年7月22日上午14：00—16：00 | | 人员姓名 | 信达证券 高升、刘波、张驰；上银基 ...

工信部在 7 月 18 日提出的反内卷政策对建筑行业有着深远的影响。首先，反 内卷政策旨在取消低价无序竞争，引导企业推出最新产品，这对于长期以来存 在过度竞争和同质化竞争问题的建筑行业尤为重要。建筑行业中普遍存在拼规 模、盲目扩张、高度负债等问题，导致盈利能力低下。例如，许多大型建筑央 企尽管收入高达数万亿，但利润仅有几百亿，有些地方国企甚至只有 1%或 0.5%的利润率。 其次，反内卷政策还涉及到钢铁行业，这对建筑行业也有直 接影响。钢铁价格上涨将带动相关投资机会，例如红路钢构。此外，整个建筑 板块可能会因为经营质量改善和估值修复而受益。 建筑行业目前面临哪些主要挑战？ 建筑行业目前面临的主要挑战包括过度竞争、同质化竞争以及由此带来的拼规 模、盲目扩张和高度负债等问题。这些问题导致了企业盈利能力低下，并且在 工程项目中普遍存在围标、串标、违规分包、违法转包等乱象。此外，2024 年是建筑行业一个重要拐点，全行业总收入首次下降 4.3%，业绩下降 14%。 这表明过去依靠拼规模和订单增长的模式已经难以为继，需要进行深刻反思和 调整。 反内卷升温，建筑行业如何受益？20250720 摘要 建筑行业面临过度竞争、 ...

丨证券研究报告丨 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 行业研究丨点评报告丨建筑与工程 [Table_Title] 钢铁反内卷升温+推广钢结构建筑，重视鸿路钢 构业绩弹性 报告要点 [Table_Summary] 7 月 15 日，中国钢铁工业协会在成都组织召开钢铁工业规划部长会，提出坚持严控增量与畅通 退出等行业规划建议。 分析师及联系人 [Table_Summary2] 事件描述 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 建筑与工程 cjzqdt11111 [Table_Title 钢铁反内卷升温2] +推广钢结构建筑，重视鸿路钢 构业绩弹性 7 月 15 日，中国钢铁工业协会在成都组织召开钢铁工业规划部长会，提出坚持严控增量与畅 通退出、加快推广钢结构建筑产业链协同发展等行业规划建议。 事件评论 风险提示 1、原材料价格大幅波动；2、市场需求大幅下降。 请阅读最后评级说明和重要声明 丨证券研究报告丨 2025-07-20 行业研究丨 ...

证券代码：002541 证券简称：鸿路钢构 公告编号：2025-046 债券代码：128134 债券简称：鸿路转债 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 安徽鸿路钢结构（集团）股份有限公司（以下简称"公司"）第六届董事会第二十二 次会议于 2025 年 7 月 11 日以送达方式发出，并于 2025 年 7 月 18 日在公司会议室以现场 的方式召开。会议应出席董事 5 人，实际出席董事 5 人，符合召开董事会会议的法定人数。 会议由董事长万胜平先生主持，公司全体监事、高级管理人员列席了会议。本次会议的召 集、召开符合《公司法》和《公司章程》的有关规定，出席会议的董事以书面表决的方式 通过了以下决议，决议合法有效。 《关于不向下修正"鸿路转债"转股价格的公告》（公告编号：2025-045 ），详见公司 指定信息披露媒体《证券时报》、《中国证券报》、《上海证券报》、《证券日报》和巨潮资讯 （http://www.cninfo.com.cn）。 安徽鸿路钢结构（集团）股份有限公司 第六届董事会第二十二次会议决议公告 二、董事会会议 ...

特别提示 4、转股期限：2021 年 4 月 15 日至 2026 年 10 月 8 日 5、自 2025 年 6 月 30 日至 2025 年 7 月 18 日期间，公司股票已有十五个交 易日的收盘价低于当期转股价格（即 32.08 元/股）的 85%（即 27.27 元/股）的 情形，已触发"鸿路转债"转股价格的向下修正条款。 6、2025 年 7 月 18 日，公司召开第六届董事会第二十二次会议，审议通过 了《关于不向下修正"鸿路转债"转股价格的议案》，公司董事会决定本次不向 下修正"鸿路转债"转股价格；自本次董事会审议通过后的首个交易日起的两个 月内（即 2025 年 7 月 19 日至 2025 年 9 月 18 日），如再次触发"鸿路转债"转 股价格向下修正条款，亦不提出向下修正方案。敬请广大投资者注意投资风险。 一、可转换公司债券发行上市概况 | 证券代码:002541 | 证券简称:鸿路钢构 | 公告编号:2025-045 | | --- | --- | --- | | 债券代码:128134 | 债券简称:鸿路转债 | | 安徽鸿路钢结构(集团)股份有限公司 关于不向下修正"鸿路转债"转股价 ...

公司研究丨深度报告丨鸿路钢构（002541.SZ） [Table_Title] 读懂鸿路系列一：深度解读鸿路钢构智能制造 research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司智能研发起步较早，成立专门智能制造研发团队，目前在激光切割、智能拼装、智能焊接、 智能喷涂等领域均取得相应研发进展。2024 年公司钢结构年产量为 451 万吨，经测算单吨焊 工成本或为 319 元。若未来逐步使用机器人替代人工，测算得到当机器人替代率达到 50%时， 焊接环节人工成本可下降超 100 元/吨，若机器人替代率进一步提升，则该环节降本空间将进一 步扩大。 分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 龚子逸 请阅读最后评级说明和重要声明 2 / 23 %% %% %% %% %% %% %% %% research.95579.com 2 鸿路钢构（002541.SZ） cjzqdt11111 [Table_Title2] 读懂鸿路系列一：深度解读鸿路钢 ...

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - Infrastructure investment continues to support economic stability, with expectations for increased fiscal efforts in the second half of the year to drive high growth in infrastructure investment [1] - Real estate development investment has shown a decline of 11.2% year-on-year for the first half of 2025, while narrow and broad infrastructure investments have increased by 4.6% and 8.9% respectively [1] - Cement demand is stabilizing, with a production decline of 4.3% year-on-year in the first half of 2025, but a potential price rebound is anticipated due to local price increases in certain regions [3] - Flat glass production has decreased by 4.3% year-on-year in the first half of 2025, with market demand remaining stable despite seasonal impacts [4] Summary by Sections Infrastructure Investment - In June, infrastructure investment growth slowed, attributed to reduced fiscal spending and weather disruptions, but remains crucial for economic stability [1] - The issuance of long-term special government bonds is expected to further support infrastructure investment [1] Real Estate Market - Real estate sales area decreased by 3.5% year-on-year in the first half of 2025, with new construction area down by 20% [2] - Construction area saw a decline of 9.1% year-on-year, while completion area dropped by 14.8% [2] Cement Industry - Cement production in the first half of 2025 was 815 million tons, down 4.3% year-on-year, with a slight recovery in shipment rates observed in July [3] - The average cement price as of July 11 was 352 RMB per ton, down 43 RMB year-on-year [3] Glass Industry - Flat glass production in the first half of 2025 was 48.497 million weight cases, a decrease of 4.3% year-on-year, with inventory levels remaining high [4] - The price of 5mm float glass was 63.2 RMB per weight case as of July 10, showing a slight increase [4]

Investment Rating - The industry investment rating is "Overweight" [2][22]. Core Viewpoints - The economy showed stable growth in the first half of 2025, with GDP increasing by 5.3% year-on-year. However, fixed asset investment growth weakened, with a cumulative year-on-year increase of 2.8%, down 0.9 percentage points from January to May [3][4]. - Infrastructure investment growth also weakened, with total infrastructure investment (including all categories) increasing by 8.9% year-on-year, a decrease of 1.5 percentage points compared to January to May. Notably, investment in transportation, warehousing, and postal services rose by 5.6% year-on-year, while investment in water conservancy, environment, and public facilities management increased by 3.5% [4][7]. - Real estate investment remained low, with a year-on-year decrease of 11.2% in the first half of 2025. The decline in construction starts and completions narrowed, with starts down 20.0% and completions down 14.8% year-on-year [7][8]. Summary by Sections Economic Overview - The first half of 2025 saw a GDP growth of 5.3%, with quarterly growth rates of 5.4% in Q1 and 5.2% in Q2. Fixed asset investment growth was at 2.8%, with manufacturing investment increasing by 7.5% [3][4]. Infrastructure Investment - Infrastructure investment (all categories) grew by 8.9% year-on-year, while investment excluding electricity increased by 4.6%. Transportation and postal services saw a 5.6% increase, while water and environmental management investment rose by 3.5% [4][5]. Real Estate Investment - Real estate investment decreased by 11.2% year-on-year, with construction starts down 20.0% and completions down 14.8%. The pace of investment recovery is expected to be slower than in previous cycles, highlighting the need for more supportive policies [7][8]. Investment Recommendations - The report suggests that the overall industry is currently weak, but regional investments may gain momentum due to national strategic initiatives. Recommended companies include state-owned enterprises like China Chemical, China Energy Construction, and China Railway Construction, as well as private firms like Zhi Te New Materials and Honglu Steel Structure [15].

Investment Rating - The report rates the construction and decoration industry as "Overweight" [2][8] Core Viewpoints - The overall investment growth rate is weak, with infrastructure investment providing relative stability amidst pressures in manufacturing and real estate. Infrastructure investment (excluding electricity) grew by 5.6% year-on-year from January to May 2025, while total infrastructure investment increased by 10.4% [2] - The report predicts that corporate profits will face pressure in the first half of 2025 due to slowing fixed asset investment growth and a focus on project quality. The expected net profit growth rates for key companies are categorized into various ranges, with some companies projected to see declines [2][3] - The report suggests that low valuations of state-owned enterprises in the construction sector may recover due to ongoing economic stimulus policies and management's market value management methods. The current PE and PB ratios for the construction industry are at 11.2X and 0.76X, respectively, indicating a bottom position [2] - Investment recommendations include state-owned enterprises such as China Chemical, China Railway, and China Railway Construction, as well as private companies like Zhi Te New Materials and Shenzhen Ruijie [2] Summary by Relevant Sections Profit Growth Predictions - Companies with a net profit growth rate below -10%: China Railway, China Railway Construction, China Metallurgical Group, China Power Construction, Shanghai Construction, Honglu Steel Structure, Southeast Network Framework [3] - Companies with a net profit growth rate between -10% and 0%: China Communications Construction, Sichuan Road and Bridge [3] - Companies with a net profit growth rate between 0% and 10%: China Energy Engineering, China Steel International, Anhui Construction, Donghua Technology [3] - Companies with a net profit growth rate between 10% and 20%: China Chemical [3] - Companies with a net profit growth rate above 20%: Zhi Te New Materials, Shenzhen Ruijie [3] Valuation Table - The report includes a valuation table for key companies in the construction industry, detailing their stock prices, EPS, PE ratios, and projected net profit growth rates for 2024A, 2025E, and 2026E [3]

Investment Rating - The industry rating is maintained as "Outperform the Market" [5] Core Insights - The construction sector has seen a significant increase in attention towards urban renewal, with undervalued large-cap stocks showing signs of stabilization. The sector's performance is driven by improved demand-side policy expectations and a shift away from excessive competition, benefiting both large and small-cap stocks. The report suggests focusing on high-growth segments such as urban renewal, coal chemical, nuclear power, and steel structures, while also considering the beta opportunities in large-cap stocks [1][13][14]. Summary by Sections Urban Renewal - Urban renewal is accelerating, with policies from the central government outlining goals and support measures. The focus includes the renovation of old residential areas, establishing safety management systems for buildings, and creating resilient and smart cities. The report identifies four key categories for investment: design and testing, construction and decoration, urban infrastructure renovation, and resilient/smart city initiatives, highlighting specific companies in each category [2][15][17]. Market Performance - The construction index rose by 2.77% in the week of July 7-11, outperforming the Shanghai and Shenzhen 300 index by 1.76 percentage points. Notable performers included Guosheng Technology (+42.98%), New City (+34.73%), and Beautiful Ecology (+34.46%) [4][21][26]. Investment Recommendations - The report emphasizes the cyclical opportunities arising from improved physical work volume in infrastructure. It suggests focusing on high-demand areas such as water conservancy, railways, and aviation, particularly in regions like Sichuan, Zhejiang, Anhui, and Jiangsu. Recommended companies include Sichuan Road and Bridge, Zhejiang Communications, and major state-owned enterprises like China Communications Construction and China Railway Construction [27][28]. Emerging Business Directions - The report highlights the growing demand for computing power driven by AI applications, recommending companies like Hainan Huatie for their transition into computing power leasing. It also notes the potential in cleanroom sectors due to the ongoing domestic replacement in the semiconductor industry, suggesting companies like Baicheng and Shenghui Integration [29][30]. Major Projects and Themes - The report identifies significant investment opportunities in major hydropower projects, deep-sea economy, and low-altitude economy, recommending companies involved in these sectors, such as China Power Construction and China Energy Engineering [32][30].