行业报告 | 行业研究周报 建筑装饰 证券研究报告 反内卷关注度再提升，重视建筑板块投资机遇 核心观点 本周 CS 建筑板块下跌 1.13%，沪深 300 板块下跌 0.37%，建筑板块跑输大盘 0.76pct。本周中小园林标的、转型标的以及洁净室板块涨幅靠前。近期反 内卷关注度提升，重申建筑板块反内卷投资机遇。当前时点，我们继续维 持此前观点，建议关注反内卷行情及中西部基建景气向上，固投产业链重 点关注中西部基建（建筑，水泥，民爆）和重点产业投资（水电站、煤化 工、核电等）带来的产业链相关机会，同时关注中小市值建筑转型品种。 反内卷关注度再提升，重视建筑板块投资机遇 近期反内卷关注度提升，24 年下半年以来中央层面对于整治"内卷式"竞 争的定调逐步明确，"反内卷"逐步从政策定调向落地转化，25 年 7 月， 中建一局、中国核建等 33 家建筑类央企、国企和民企发布《倡议书》，共 同抵制"内卷式"竞争。我们认为可以从四个角度把握反内卷投资机遇， 1）"价格弹性"角度，关注受益上游大宗涨价品种，重视"建筑+矿产"、 "建筑+化工"等资源生产和贸易标的，同时重视资源加工板块的鸿路钢构 等； 5）供需格局，关注央国 ...

爱仕达（002403）4日开盘即"一字"涨停，截至发稿，该股报16.35元/股，涨停板上封单超40万手。 爱仕达3日晚间公告，近日，公司控股子公司浙江钱江机器人有限公司与安徽鸿路钢结构(集团)股份有 限公司双方经友好协商签署《设备采购框架合作协议》，结成战略合作伙伴关系，并进行设备采购合 作。 协议约定，鸿路钢构（002541）指定钱江机器人作为其长期合作的机器人等装备的制造基地，并在同等 条件下给予钱江机器人优先采购优惠。钱江机器人确保按质、按量、按期完成需方订单要求，并给予需 方采购装备、设备价格优惠、优先保证供货。双方承诺，将在机器人焊接、喷涂等装备领域的技术研发 等方面开展多方位合作，充分利用自身资源优势相互支持，并积极探索其他可能的合作领域，增强双方 的核心竞争力。 据了解，鸿路钢构此次向钱江机器人采购的机器人产品主要用于钢结构制造的焊接、喷涂等生产环节， 采购数量为1888台。资料显示，鸿路钢构是国内领先的钢结构制造企业，拥有合肥、武汉、洛阳、金 寨、重庆、涡阳、蚌埠、宣城、颍上等大型钢结构制造基地，承接了国内外众多大型项目钢结构制作。 爱仕达表示，此次合作协议的签署，标志着公司的中厚板智能焊接、 ...

Core Viewpoint - The strategic partnership between Aishida and Honglu Steel Structure aims to enhance collaboration in equipment procurement and technology development in the field of robotics, particularly in welding and spraying applications [1][2]. Group 1: Partnership Details - Aishida's subsidiary, Zhejiang Qianjiang Robot Co., Ltd., has signed a framework cooperation agreement with Honglu Steel Structure, establishing a long-term partnership for equipment procurement [1]. - Honglu Steel Structure, a leading steel structure manufacturer in China, has a production capacity exceeding 5 million tons and ranks 14th among the top 100 private manufacturing enterprises in Anhui for 2024 [1]. Group 2: Collaboration Scope - The agreement includes commitments for multi-faceted cooperation in technology research and development in the fields of robotic welding and spraying, leveraging each party's resource advantages [2]. - Both parties will jointly own the rights to related patents and improvements, as well as the rights to patent applications for similar products [2]. Group 3: Impact on Aishida - The signing of the cooperation agreement signifies recognition of Aishida's intelligent welding and spraying robots by major clients, enhancing its custom development, production, and service capabilities [2]. - This partnership is expected to help Aishida expand its customer base in related industries, strengthen its market position in industrial robotics, and positively impact its operational performance [2].

Core Viewpoint - The strategic partnership between Qianjiang Robot and Honglu Steel Structure aims to enhance collaboration in equipment procurement and technology development, leveraging each other's strengths in the industrial robotics sector [2][3][4]. Group 1: Partnership Details - Qianjiang Robot, a subsidiary of Aishida, has signed a framework cooperation agreement with Honglu Steel Structure for equipment procurement [2]. - Honglu Steel Structure is a leading steel structure manufacturer in China, with an annual production capacity exceeding 5 million tons [2]. - The agreement designates Qianjiang Robot as the preferred manufacturing base for robotic equipment used in steel structure manufacturing, ensuring priority procurement conditions for Honglu Steel Structure [2][3]. Group 2: Technological Collaboration - Both parties will engage in multi-faceted cooperation in the fields of robotic welding and spraying equipment, sharing resources and exploring additional collaboration areas [3]. - The agreement includes joint ownership of related patents and rights for subsequent technological improvements [3]. Group 3: Market Impact - The partnership is expected to enhance Aishida's market position in the industrial robotics sector and positively influence its operational performance [4]. - The framework agreement is not expected to have a significant immediate impact on the company's financial status or operating results for the current year [4].

Summary of Key Points Core Viewpoint - The signing of the equipment procurement framework cooperation agreement between Zhejiang Qianjiang Robot Co., Ltd. and Anhui Honglu Steel Structure (Group) Co., Ltd. is expected to positively impact the development of the company's industrial robot business and enhance its operational performance [1][3]. Agreement Overview - The agreement establishes a strategic partnership for equipment procurement, with Honglu Steel Structure designating Qianjiang Robot as its long-term manufacturing base for robots and related equipment, offering preferential procurement terms [2][3]. - Qianjiang Robot commits to fulfilling orders in terms of quality, quantity, and timeliness, while also providing price discounts and priority supply guarantees [2][3]. Cooperation Details - The cooperation will involve multi-faceted collaboration in technology research and development in areas such as robotic welding and spraying equipment, leveraging each party's resource advantages [2][3]. - The agreement does not constitute a related party transaction or a major asset restructuring, thus not requiring board or shareholder approval [2][3]. Company Profiles - Anhui Honglu Steel Structure is a leading steel structure manufacturing enterprise in China, with a registered capital of 690 million RMB and a production capacity exceeding 5 million tons [2][3]. - The company has been recognized as the 14th among the top 100 private manufacturing enterprises in Anhui province for 2024 [3]. Impact on the Company - The partnership is expected to enhance Qianjiang Robot's market position in the industrial robot sector, particularly in intelligent welding and spraying, by gaining recognition from major clients [3]. - The agreement is anticipated to help the company expand its customer base in related industries and strengthen its influence in the market, leading to a positive impact on operational performance [3].

Group 1 - The core point of the news is that Aishida's subsidiary, Zhejiang Qianjiang Robot Co., has signed a strategic cooperation agreement with Anhui Honglu Steel Structure Group for equipment procurement, marking a significant partnership in the industrial robotics sector [2][3] - The agreement designates Qianjiang Robot as the long-term manufacturing base for robots and equipment for Honglu Steel, ensuring preferential procurement terms and commitments to quality and timely delivery [2] - Honglu Steel will purchase 1,888 robotic units primarily for welding and spraying in steel structure manufacturing, indicating a substantial demand for Aishida's products [2] Group 2 - The signing of the cooperation agreement reflects Aishida's strong recognition in the market for its intelligent welding and spraying robots, enhancing its custom development and service capabilities [3] - The financial collaboration between Aishida and Honglu Steel has significantly increased, from 546,000 yuan in 2023 to 48.948 million yuan in 2024, showcasing the deepening relationship [3] - Aishida's industrial robot segment achieved revenue of 134 million yuan in the first half of the year, with a gross margin of 19.43%, indicating a year-on-year improvement [3][4] Group 3 - Aishida has expanded its robot applications beyond traditional sectors, achieving breakthroughs in various industries such as FPD panels, furniture, and special materials surface coating automation [4] - The company plans to continue focusing on sectors like hardware, 3C, photovoltaics, automotive, shipbuilding, and logistics, while also exploring opportunities in AI and embodied intelligence within industrial robotics [4] - Aishida is actively pursuing market opportunities in Southeast Asia, leveraging its future base in Vietnam to capitalize on the manufacturing industry's expansion [4]

爱仕达（002403）9月3日晚公告，公司控股子公司浙江钱江机器人有限公司(简称"钱江机器人")与安徽 鸿路钢结构(集团)股份有限公司(简称"鸿路钢构（002541）")签署《设备采购框架合作协议》，结成战 略合作伙伴关系，并进行设备采购合作。 钱江机器人依托前瞻性的技术布局与全产业链整合能力，在智能焊接、打磨、压铸、喷涂、机床上下料 等领域保持稳定的产品质量和客户群体。鸿路钢构是中国领先的钢结构制造企业，拥有合肥、武汉、洛 阳、金寨、重庆、涡阳、蚌埠、宣城、颍上等大型钢结构制造基地，承接了国内外众多大型项目钢结构 制造，是公司的主要客户之一。 据了解，鸿路钢构的钢构产能达500万吨以上，2024年位列安徽民营制造业百强企业第14位，属于中国 民营制造业500强企业。经查询，鸿路钢构不属于失信被执行人，资信优良，具有较强的履约能力。 协议约定，鸿路钢构指定钱江机器人作为其长期合作的机器人等装备的制造基地，并在同等条件下给予 用于钢结构制造的焊接、喷涂等装备、设备招投标同等条件优先采购优惠。钱江机器人确保按质、按 量、按期完成需方订单要求，并给予鸿路钢构采购装备、设备价格优惠、优先保证供货。 双方承诺，将在机器 ...

爱仕达（002403）(002403.SZ)公告，公司控股子公司浙江钱江机器人有限公司(简称"钱江机器人")作为 供方与鸿路钢构（002541）(含其子公司)签署《设备采购框架合作协议》，结成战略合作伙伴关系，并 进行设备采购合作。 协议约定，鸿路钢构指定钱江机器人作为其长期合作的机器人等装备的制造基地，并在同等条件下给予 钱江机器人优先采购优惠。钱江机器人确保按质、按量、按期完成需方订单要求，并给予需方采购装 备、设备价格优惠、优先保证供货。双方承诺，将在机器人焊接、喷涂等装备领域的技术研发等方面开 展多方位合作，充分利用自身资源优势相互支持，并积极探索其他可能的合作领域，增强双方的核心竞 争力。 ...

爱仕达公告，近日，控股子公司浙江钱江机器人有限公司与安徽鸿路钢结构（集团）股份有限公司签署 《设备采购框架合作协议》，结成战略合作伙伴关系，并进行设备采购合作。根据协议，鸿路钢构指定 钱江机器人作为其长期合作的机器人等装备的制造基地，并在同等条件下给予钱江机器人优先采购优 惠。钱江机器人确保按质、按量、按期完成需方订单要求，并给予需方采购装备、设备价格优惠、优先 保证供货。双方承诺，将在机器人焊接、喷涂等装备领域的技术研发等方面开展多方位合作，充分利用 自身资源优势相互支持，并积极探索其他可能的合作领域，增强双方的核心竞争力。协议约定，鸿路钢 构将采购钱江机器人焊接机器人本体特定机型1888台，发货和安装时间按照具体合同执行。 ...

Group 1 - The construction industry faced overall pressure in the first half of 2025, with a slight improvement in cash flow in Q2 [6][10][12] - The industry's revenue and profit both declined year-on-year, with total revenue of 3.92 trillion yuan, down 5.63%, and net profit of 936.2 billion yuan, down 5.33% [12][26] - The gross profit margin for construction companies was 10.14%, a slight decrease of 0.12 percentage points year-on-year, while the net profit margin increased marginally to 2.39% [6][10][20] Group 2 - The construction industry saw an increase in cash collection efficiency, with the cash collection ratio rising by 6.29 percentage points to 95.11% [6][31] - The industry's asset-liability ratio increased to 77.52%, up 0.57 percentage points from the beginning of the year, indicating a rise in financial leverage [6][34] - The total amount of funds occupied by downstream owners increased, with accounts receivable and inventory reaching 10.03 trillion yuan, a year-on-year increase of 8.57% [27][30] Group 3 - The chemical engineering and petroleum engineering sectors showed resilience, with positive revenue growth, while the steel structure sector also saw profit recovery due to overseas expansion [11][39][40] - In the first half of 2025, only two sub-sectors, steel structure and chemical engineering, achieved positive revenue growth of 2.81% and 1.33% respectively [39][41] - The gross profit margin for the international engineering and petroleum engineering sectors improved, with international engineering at 15.14%, up 3.26 percentage points [43][44]