Investment Rating - The industry investment rating is "Overweight" [2][26]. Core Viewpoints - Fixed asset investment has continued to weaken, with a cumulative year-on-year increase of only 0.5% for January to August 2025, a decrease of 1.1 percentage points compared to July 2025. Manufacturing investment also saw a year-on-year increase of 5.1%, reflecting a similar decline [4][12]. - Infrastructure investment is under pressure, with transportation, water conservancy, and public utility investments all showing declining growth rates. Infrastructure investment (including all categories) increased by 5.4% year-on-year, down 1.9 percentage points from July 2025. Excluding electricity, the growth rate was only 2.0% [5][12]. - Real estate investment remains low, with a year-on-year decrease of 12.9% for January to August 2025, and construction starts down by 19.5% [12][18]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is 0.5%, down 1.1 percentage points from the previous month. Manufacturing investment growth is also down to 5.1% [4][12]. Infrastructure Investment - Infrastructure investment (all categories) shows a year-on-year increase of 5.4%, with a decline of 1.9 percentage points from the previous month. Excluding electricity, the growth rate is only 2.0% [5][12]. - Specific sectors like transportation and public utilities are experiencing significant pressure, with transportation investment growing by only 2.7% year-on-year [5][12]. Real Estate Investment - Real estate investment has decreased by 12.9% year-on-year, with construction starts down by 19.5% and completions down by 17.0% [12][18]. - The current cycle is characterized by excessive supply clearance and difficulties in inventory replenishment, leading to a slow recovery in investment [12][18]. Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain flexibility as national strategic layouts deepen. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction among state-owned enterprises, and Zhi Te New Materials and Honglu Steel Structure among private enterprises [18].

| 证券代码：002541 | 证券简称：鸿路钢构 | 公告编号：2025-056 | | --- | --- | --- | | 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 关于为子公司担保事项的进展公告 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、对外担保情况概述 安徽鸿路钢结构（集团）股份有限公司（以下简称：公司或本公司）分别于 2024 年 11 月 20 日召开第六届董事会第十五次会议、2024 年 12 月 9 日召开 2024 年第二次临时股东大会，会议审议通过了《关于 2025 年度公司对子公司提供担 保额度的议案》；分别于 2025 年 4 月 17 日召开第六届董事会第二十次会议、2025 年 5 月 9 日召开 2024 年度股东大会，会议审议通过了《关于 2025 年度公司对子 公司增加担保额度的议案》，同意公司为安徽鸿翔建材有限公司等 17 家子公司 银行融资提供担保总额度 159.43 亿元，具体担保额度明细如下表： | | | 单位：人民币 | 万元 | | --- | -- ...

9月9日，鸿路钢构涨1.40%，成交额2.33亿元。两融数据显示，当日鸿路钢构获融资买入额1302.11万 元，融资偿还2155.19万元，融资净买入-853.08万元。截至9月9日，鸿路钢构融资融券余额合计6544.81 万元。 融资方面，鸿路钢构当日融资买入1302.11万元。当前融资余额6347.91万元，占流通市值的0.49%，融 资余额超过近一年60%分位水平，处于较高位。 融券方面，鸿路钢构9月9日融券偿还4400.00股，融券卖出2.50万股，按当日收盘价计算，卖出金额 47.15万元；融券余量10.44万股，融券余额196.90万元，超过近一年90%分位水平，处于高位。 资料显示，安徽鸿路钢结构(集团)股份有限公司位于安徽省合肥市双凤工业区鸿路大厦，成立日期2002 年9月19日，上市日期2011年1月18日，公司主营业务涉及钢结构制造销售业务、绿色建材生产销售业务 及钢结构装配式建筑工程总承包业务。主营业务收入构成为：H型钢结构55.06%，箱型十字型结构 18.89%，次结构12.85%，管型结构6.25%，桁架结构3.86%，其他3.08%。 截至6月30日，鸿路钢构股东户数1.69万， ...

| 证券代码：002541 | 证券简称：鸿路钢构 | 公告编号：2025-055 | | --- | --- | --- | | 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 关于参加 2025 年安徽辖区上市公司投资者 网上集体接待日活动的公告 安徽鸿路钢结构（集团）股份有限公司 董事会 二〇二五年九月十日 为进一步加强与投资者的互动交流，安徽鸿路钢结构（集团）股份有限公司（以下简 称"公司"）将参加由安徽证监局指导，安徽上市公司协会与深圳市全景网络有限公司联 合举办的"2025 年安徽上市公司投资者网上集体接待日"，现将相关事项公告如下： 本 次 活 动 将 采 用 网 络 远 程 的 方 式 举 行 ， 投 资 者 可 登 录 " 全 景 路 演 " 网 站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP,参与本 次互动交流，活动时间为 2025 年 9 月 15 日（周一）15:00-17:00。届时公司高管将在线 就公司业绩、公司治理、发展战略、经营状况、融资计划、股权激励和可持续发展等投资 者关心的问题， ...

（文章来源：证券日报） 证券日报网讯 9月8日晚间，鸿路钢构发布公告称，根据《公司章程》的有关规定，总经理为公司法定 代表人，公司法定代表人相应由王军民先生变更为商晓波先生。公司于近日完成了法定代表人的变更登 记手续，公司法定代表人变更为商晓波先生，并取得合肥市市场监督管理局换发的《营业执照》。 ...

一、基本情况 安徽鸿路钢结构（集团）股份有限公司（以下简称"公司"）于 2025 年 9 月 2 日召开 公司第六届董事会第二十四次会议，审议通过了《关于聘任公司总经理的议案》，董事会 同意聘任商晓波先生为公司总经理，任期自本次董事会决议之日起至第六届董事会任期届 满止，内容详见 2025 年 9 月 3 日披露于《中国证券报》、《证券时报》、《证券日报》、《上 海证券报》和巨潮资讯网（http://www.cninfo.com.cn）的公告（公告编号：2025-053 号）。 二、工商变更登记情况 | 证券代码：002541 | 证券简称：鸿路钢构 | 公告编号：2025-054 | | --- | --- | --- | | 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 关于完成工商变更登记并换发营业执照的公告 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。 统一社会信用代码：91340100743065219J 类型：股份有限公司（上市、自然人投资或控股） 住所：安徽省合肥市双凤工业区 法定代表人：商晓波 注 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - Recent focus on "anti-involution" has increased, with a clear policy direction from the central government to address "involution-style" competition. A joint initiative was launched by 33 construction-related state-owned and private enterprises to resist such competition [2][13] - The report emphasizes investment opportunities in the construction sector, particularly in the context of rising infrastructure demand in central and western regions, and the potential benefits from the "anti-involution" trend [2][31] Summary by Sections 1. Anti-Involution Investment Opportunities - Four angles to capture investment opportunities: 1) Price elasticity: Focus on resource-related sectors benefiting from rising commodity prices, such as "construction + minerals" and "construction + chemicals" [2][14] 2) Downstream profit improvement and capital expenditure: The steel industry is seeing enhanced self-discipline, leading to improved supply conditions. Notable companies include China Steel International and China National Materials [2][14] 3) Financial statement improvement and transformation: Companies with stronger technological attributes are expected to benefit from structural demand in technology-driven infrastructure [15] 4) New energy materials and engineering: The photovoltaic sector is highlighted as a key area for investment [2][15] 2. Market Review - The construction index fell by 1.13% this week, underperforming the CSI 300 index by 0.76 percentage points. Notable gainers included companies like Jiangsu Transportation and Hongrun Construction [4][25] 3. Investment Recommendations - Focus on infrastructure recovery and anti-involution investment themes. Key recommendations include: - High-quality local state-owned enterprises such as Sichuan Road and Bridge, and Zhejiang Communications [31][32] - Central state-owned enterprises like China Communications Construction and China Railway Construction [31][32] - Emphasis on regions with high infrastructure demand, particularly in water conservancy, railways, and aviation [31][32]

Group 1 - The core viewpoint of the news is that Aishida has entered into a strategic partnership with Anhui Honglu Steel Structure Group through a procurement framework agreement, which is expected to enhance both companies' competitive edge in the robotics and steel structure manufacturing sectors [1][2] - Aishida's subsidiary, Zhejiang Qianjiang Robot Co., Ltd., will serve as the long-term manufacturing base for Honglu Steel Structure's robotic equipment, ensuring priority procurement and price discounts [1] - The agreement includes the procurement of 1,888 robotic products primarily for welding and spraying processes in steel structure manufacturing, indicating a significant order volume [1] Group 2 - The signing of the cooperation agreement signifies Aishida's recognition in the market for its intelligent welding and spraying robots, showcasing its strong capabilities in customized research, production, and service [2] - The execution of this agreement is expected to help Aishida expand its customer resources in related industries, solidify its market position in industrial robotics, and enhance its industry influence [2] - The partnership is anticipated to have a positive impact on Aishida's operational performance [2]

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].