Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [4] Core Views - Infrastructure investment is experiencing a short-term bottoming out, with cumulative year-on-year growth turning negative for the first time since 2004. In 2025, narrow infrastructure (excluding electricity) completed 18.08 trillion yuan, down 2.20% year-on-year, while broad infrastructure totaled 24.50 trillion yuan, down 1.48% year-on-year. December saw significant declines, with narrow and broad infrastructure down 12.22% and 15.95% year-on-year, respectively. Despite this, major strategic projects are expected to continue, and infrastructure investment is anticipated to stabilize and recover gradually [5][12][22]. Summary by Sections Infrastructure Investment - In 2025, narrow infrastructure investment completed 18.08 trillion yuan, down 2.20% year-on-year, while broad infrastructure totaled 24.50 trillion yuan, down 1.48% year-on-year. December saw a year-on-year decline of 12.22% for narrow infrastructure and 15.95% for broad infrastructure, with significant drops in water conservancy and public facilities management [5][12]. New Orders - New orders in 2025 showed a pattern of stability among central enterprises, with China State Construction, China Railway, China Electric Power, and China Energy achieving new orders of 4.15 trillion yuan, 2.75 trillion yuan, 1.33 trillion yuan, and 1.45 trillion yuan, respectively. Local state-owned enterprises exhibited more significant differentiation, with Shanghai Construction, Shaanxi Construction, and Pudong Construction seeing declines of 35%, 25%, and 23% year-on-year, while Sichuan Road and Bridge saw a substantial increase of 47% year-on-year [6][17]. Market Performance - The construction and decoration index rose by 1.88% during the week, with chemical engineering, steel structure, and international engineering leading the gains at 10.70%, 7.71%, and 4.49%, respectively. A total of 123 stocks in the construction sector rose, with the top five performers being Huawi Design (+51.92%), Zhite New Materials (+49.21%), and others [8][28]. Company Dynamics - Several companies reported significant changes in their financial performance for 2025. For instance, China Metallurgical Group expects a net profit decline of 76.28% to 80.73% due to ongoing losses in the real estate sector and substantial asset impairment provisions. In contrast, companies like Xinjiang Jiaojian anticipate a net profit increase of 50.14% to 125.22% [24][25].

建筑建材投资机会解读 20260125 摘要 今年建筑板块的核心关注方向有哪些？ 我们建议关注四个方向：首先，从区域投资景气度来看，中西部地区特别是四 川省的基建投资前景较好。其次，在化债、国企改革及地方三资改革背景下， 建筑央企估值修复空间较大，如中国建筑、中国建筑国际等龙头企业。第三， 从专业工程角度看，今年制造业投资有望企稳回升，我们推荐成本优势明显、 智能化布局领先的鸿路钢构。最后，从海外订单角度看，中材国际和精工钢构 在海外订单增长方面表现突出。 对于基建投资，今年有哪些具体预期？ 我们预计 2026 年的基建投资增速约为 4.5%。基建投资将呈现区域化和结构 化特征。区域化方面，中西部地区如四川、西藏、新疆等省份的基建景气度将 延续并显著上行，例如雅砻江工程、川藏铁路等重点项目进展顺利。结构化方 面，将重点关注水利、电力、市政工程等以真实需求主导的高景气赛道。这些 项目落地节奏较快，因此我们建议重点关注四川省的基建投资弹性。 四川省在固定资产投资方面有哪些优势？ 专项债发行提速，尤其在 2025 年四季度，但资金转化为实物投资预计 在 2026 年一季度集中体现。基建类订单中标金额同比增长 23% ...

Investment Rating - The report maintains an "Outperform" rating for the commercial aerospace sector, indicating a positive outlook for investment opportunities in this area [3]. Core Insights - The report highlights that fixed asset investment (FAI) in 2025 is under pressure, with a total of 485,186 billion yuan, representing a year-on-year decline of 3.8%, which is a worsening of 1.2 percentage points compared to the previous 11 months [15]. - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) decreased by 2.2% year-on-year, with a similar trend observed in real estate development investment, which fell by 17.2% to 82,788 billion yuan [15]. - The report emphasizes the potential for a rebound in the construction and real estate markets driven by macroeconomic policies, particularly in urban renewal initiatives [16]. - Key companies such as China State Construction and China Energy Engineering reported year-on-year increases in new orders for Q4, indicating a positive trend in capital expenditure among leading industrial firms [16]. Summary by Sections Industry Outlook and Investment Recommendations - The report suggests focusing on the cyclical recovery of the construction sector, particularly in light of supportive policies aimed at urban renewal and infrastructure development [16]. - It recommends investing in high-quality cyclical stocks and companies involved in commercial aerospace and low-altitude economy sectors, such as Roman Holdings and Honglu Steel Structure [26]. Market Performance Review - The construction decoration index rose by 1.88%, outperforming the overall A-share index, which increased by 0.83% [14]. - Notable performers in the sector included chemical engineering (+10.70%) and steel structure (+7.71%) [14]. Key Company Dynamics - Roman Holdings is projected to achieve a profit of 1.8-2 billion yuan in 2025, indicating a turnaround from previous losses, driven by strong demand for computing power in major cities [19]. - China Energy Engineering reported a new contract amount of 1.45 trillion yuan for 2025, reflecting a year-on-year increase of 2.9% [19].

Investment Rating - The industry investment rating is "Buy" [4] Core Insights - The report indicates that the construction industry continues to experience a low allocation in public funds, with a slight increase in heavy positions in Q4 2025. The total market value of the SW construction decoration sector rose to 1,845.9 billion CNY, a 2% increase quarter-on-quarter, accounting for 1.50% of the A-share market value [15][19] - The report highlights a shift in public fund allocations towards the decoration and other specialized engineering sectors, with significant increases in heavy positions for these sub-sectors [19][31] - Key companies in the sector include China State Construction, Honglu Steel Structure, Shanghai Port, Jianghe Group, and Yaxiang Integration, with notable changes in their heavy positions [44] Summary by Sections Section 1: Q4 2025 Construction Industry Allocation - The heavy stock allocation in the construction industry increased quarter-on-quarter, with the total market value of SW construction decoration reaching 1,845.9 billion CNY, a 2% increase [15][19] - The heavy stock allocation ratio for public funds in the construction decoration sector was 0.37%, up by 0.01 percentage points from the previous quarter [15][19] Section 2: Sub-sector Analysis - The report notes an increase in public fund heavy positions in the decoration and other specialized engineering sectors, while the housing construction and municipal engineering sectors saw a decrease [19][30] - The decoration sector's heavy position ratio rose to 0.029%, an increase of 0.017 percentage points, primarily due to increased holdings in Jianghe Group [31][40] Section 3: Individual Company Analysis - The top five companies by heavy stock value are China State Construction (19.64 billion CNY), Honglu Steel Structure (12.17 billion CNY), Shanghai Port (8.86 billion CNY), Jianghe Group (5.59 billion CNY), and Yaxiang Integration (4.25 billion CNY) [44] - Significant changes in heavy positions include a 485.4% increase for Shanghai Port and a 134.3% increase for Jianghe Group [44] Section 4: Investment Recommendations - The report recommends focusing on four key areas: technology (cleanroom sector), safety (industrial and nuclear power module manufacturers), overseas expansion (China National Materials and China Steel International), and undervalued state-owned enterprises in favorable regions [46]

证券日报网1月22日讯，鸿路钢构（002541）在接受调研者提问时表示，公司的产品销售定价方式是"材 料价+加工费"，公司按每个订单不同情况进行不同的报价。公司目前更加注重于提高公司的产品质量 及项目服务履约能力，增强客户满意度。 ...

证券日报网1月22日讯，鸿路钢构（002541）在接受调研者提问时表示，公司目前生产经营正常，订单 饱和。 ...

证券日报网1月22日讯，鸿路钢构（002541）在接受调研者提问时表示，公司一直在积极推进智能化改 造，近年来公司研发或引进了包括智能高功率平面激光切割设备、智能三维五轴激光切割机、智能型钢 二次加工线、BOX生产线、楼梯和预埋件智能焊接生产线、聚氨酯生产线、智能箱型生产线、智能工 业焊接机器人、便携式轻巧焊接机器人、八机智焊机器人工作站、箱形柱焊接机器人、鸿路铆大师检测 机器人及智能喷涂生产线等先进设备。 ...

证券日报网1月22日讯，鸿路钢构（002541）在接受调研者提问时表示，公司将结合公司现阶段的基本 情况、宏观环境、股价走势等诸多因素进行决策，公司也将严格按照相关法律法规及时履行信息披露义 务。公司会做好自身经营管理，增强盈利能力，不断拓宽融资渠道，提高偿债能力和抗风险能力。请继 续关注公司公告。 ...

证券日报网1月22日讯，鸿路钢构（002541）在接受调研者提问时表示，公司在建及已经完成建设的共 有十大生产基地，2025年，公司钢结构产品产能已达到520万吨。公司目前主要专注于将每个环节的管 控得到进一步的优化，增强公司的核心竞争力。 ...

南财智讯1月22日电，鸿路钢构在投资者关系活动中表示，公司持续推进钢结构智能制造技术应用，已 研发或引进智能激光切割设备、智能型钢加工线、工业焊接机器人等先进装备。其中，自主研发和集成 的焊接机器人工作站已在十大生产基地规模化应用，累计投用约3000台，有效提升产能和产品质量；鸿 路铆大师检测机器人也已逐步投入生产使用，目前降低成本尚不明显，但已实现对外销售，销量有限。 ...