转股期限：2021 年 4 月 15 日至 2026 年 10 月 8 日 | 证券代码:002541 | 证券简称:鸿路钢构 | 公告编号:2026-001 | | --- | --- | --- | | 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 2025 年第四季度可转换公司债券转股情况的公告 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。 特别提示： 证券代码：002541 证券简称：鸿路钢构 债券代码：128134 债券简称：鸿路转债 转股价格：人民币 32.08 元/股 2023 年 6 月 7 日，公司实施 2022 年度权益分派，同时，公司可转债鸿路转 债的转股价格将由原来的每股人民币 33.22 元调整为每股人民币 32.96 元，调整 后的转股价格自 2023 年 6 月 14 日起生效。详见公司《关于"鸿路转债"转股价 格调整的公告》（2023-044）。 根据《深圳证券交易所股票上市规则》、《深圳证券交易所可转换公司债券 业务实施细则》的有关规定，安徽鸿路钢结构（集团）股份有限公司（以下简 ...

Group 1: Metal Sector - Yun Aluminum Co. (000807.SZ) is projected to achieve a net profit of CNY 44.12 billion in 2024, increasing to CNY 75.75 billion by 2026, with a PE ratio decreasing from 25.82 to 15.04[9] - The company has a comprehensive production capacity of 305,000 tons of green aluminum and 140,000 tons of alumina, positioning it as a leader in the green aluminum sector[18] - The company's debt-to-asset ratio is expected to decrease to 23% by 2024, maintaining a strong ROE of 15.6%[24] Group 2: Construction Materials - Huaxin Cement (600801.SH) is forecasted to have a net profit of CNY 24.16 billion in 2024, growing to CNY 36.58 billion by 2026, with a PE ratio dropping from 18.60 to 12.29[9] - China National Materials (002080.SZ) is expected to see its net profit rise from CNY 8.92 billion in 2024 to CNY 25.87 billion in 2026, with a PE ratio decreasing from 68.38 to 23.57[9] Group 3: Transportation Sector - SF Holding (002352.SZ) is projected to achieve a net profit of CNY 101.70 billion in 2024, increasing to CNY 124.78 billion by 2026, with a PE ratio declining from 18.82 to 15.34[9] - The Beijing-Shanghai High-Speed Railway (601816.SH) is expected to see a slight increase in profit, with a PE ratio of 1973.38 in 2024, dropping to 1758.94 by 2026[9] Group 4: Chemical Sector - Senqcia (002984.SZ) is forecasted to have a net profit of CNY 21.86 billion in 2024, with a PE ratio of 10.03, expected to rise to CNY 21.26 billion by 2026[9] - Yara International (000893.SZ) is projected to achieve a net profit of CNY 9.50 billion in 2024, increasing to CNY 39.34 billion by 2026, with a PE ratio decreasing from 46.64 to 11.27[9]

Core Viewpoint - The construction industry is expected to experience a shift in investment dynamics due to policy stimuli and emerging themes, with private enterprises showing significant returns compared to state-owned and central enterprises [1][2]. Group 1: Market Performance - As of November 30, 2025, the SW Construction Decoration Index increased by 8.88%, while the CSI 300 Index rose by 18.19%, indicating that the overall performance of the construction sector lagged behind the broader market [2]. - Private enterprises achieved a return of 35.6%, while local state-owned enterprises had a return of 14.96%, closely aligning with the CSI 300 Index. In contrast, central state-owned enterprises faced a significant decline with a return of -4.51% [2]. Group 2: Future Investment Outlook - The first year of the 14th Five-Year Plan is anticipated to open an investment uptrend, as historical patterns suggest that the initial years of a five-year plan typically see heightened investment intensity [2]. - Major planning and project packages are expected to be implemented in 2026, potentially leading to a new cycle characterized by "high initial growth followed by stabilization" [2]. Group 3: Value Investment Themes - Three main value investment themes are identified: 1. Key projects such as the Pinglu/Zhejiang-Jiangxi-Guangdong Canal (total investment approximately 621.1 billion), the Tibet Railway (expected total investment over 700 billion), and the Yaxi Hydropower Project (total investment around 1.2 trillion) are projected to generate long-term orders [3]. 2. High dividend yields are emphasized as regulatory measures strengthen dividend constraints, enhancing the investment appeal of low-valuation, high-dividend construction firms [3]. 3. Growth transformation opportunities in new sectors like clean rooms, AI computing infrastructure, and low-altitude economy are expected to surge, with cash-rich private enterprises likely to pursue mergers and acquisitions for rapid entry [3]. Group 4: Stock Recommendations - Specific stocks to watch include Sichuan Road and Bridge (600039), Jianghe Group (601886), Honglu Steel Structure (002541), Jinggong Steel Structure (600496), and Pudong Construction (600284) [3].

Group 1 - The overall performance of the construction sector in 2025 was weaker than the CSI 300 index, with the SW construction decoration index increasing by 8.88% compared to the CSI 300's 18.19% [4][7] - Private enterprises in the construction sector showed significant advantages, achieving a return rate of 35.6%, while state-owned enterprises faced pressure with a return rate of -4.51% [4][7] - The report anticipates that the "14th Five-Year Plan" will open an investment upturn, with major projects expected to be launched in 2026, leading to a new cycle of investment growth [4][24] Group 2 - The report identifies three main value lines for future investment: major engineering projects, high dividends, and growth transformation [4][32] - Major engineering projects include significant investments in waterway construction, the Tibet railway, and hydropower projects, with total investments estimated at approximately 6,211 billion yuan for waterway projects alone [4][36][39] - The report suggests focusing on companies with high dividend yields and low valuations, as regulatory measures are enhancing the importance of shareholder returns [4][49] Group 3 - The construction sector is expected to benefit from the AI investment wave, with the cleanroom market projected to grow significantly due to increased demand from the semiconductor industry [4][55] - The cleanroom investment is estimated to account for 10-20% of the total capital expenditure in the semiconductor industry, indicating a strong growth potential in this area [4][55] - Companies such as Deep Sanda A, Yaxin Integration, and others are recommended for investment due to their involvement in the cleanroom sector [4][61]

Group 1 - The professional engineering sector increased by 0.41% on December 31, with Zhitex New Materials leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] - Zhitex New Materials saw a closing price of 11.18, with a rise of 8.97%, and a trading volume of 238,800 shares, amounting to a transaction value of 258 million yuan [1] Group 2 - The professional engineering sector experienced a net outflow of 4.46 million yuan from institutional funds, while retail investors saw a net inflow of 17.18 million yuan [2] - The stock with the highest net inflow from institutional funds was Zhitex New Materials, with 51.47 million yuan, representing 19.94% of its trading volume [3] - Hangxiao Steel Structure had a significant net outflow of 96.36 million yuan from institutional funds, accounting for 14.13% of its trading volume [3]

Core Viewpoint - Honglu Steel Structure's stock performance shows a slight increase, with significant financing activities indicating high investor interest despite a decrease in net profit year-on-year [1][2]. Financing and Trading Activity - On December 29, Honglu Steel Structure's stock rose by 0.06%, with a trading volume of 64.82 million yuan. The financing buy-in amounted to 3.54 million yuan, while financing repayment was 4.60 million yuan, resulting in a net financing outflow of 1.06 million yuan [1]. - As of December 29, the total balance of margin trading for Honglu Steel Structure was 73.22 million yuan, with the financing balance at 71.49 million yuan, accounting for 0.64% of the circulating market value, which is above the 80th percentile of the past year [1]. - In terms of securities lending, on the same day, 6,200 shares were repaid, and 3,500 shares were sold, with a selling amount of 56,400 yuan. The remaining securities lending volume was 107,900 shares, with a balance of 1.74 million yuan, also above the 80th percentile of the past year [1]. Company Financial Performance - For the period from January to September 2025, Honglu Steel Structure reported a revenue of 15.92 billion yuan, reflecting a year-on-year growth of 0.19%. However, the net profit attributable to shareholders decreased by 24.29% to 496 million yuan [2]. - Since its A-share listing, the company has distributed a total of 1.365 billion yuan in dividends, with 784 million yuan distributed over the past three years [3]. Shareholder Structure - As of November 28, the number of shareholders for Honglu Steel Structure reached 16,400, an increase of 5.80% from the previous period. The average circulating shares per person decreased by 5.48% to 30,303 shares [2]. - Among the top ten circulating shareholders, notable changes include a decrease of 3.28 million shares held by Zhonggeng Value Pioneer Stock, while Zhonggeng Value Leading Mixed Fund increased its holdings by 100 shares [3].

登录新浪财经APP 搜索【信披】查看更多考评等级 二、募集资金专户存储及管理情况 为了规范募集资金的管理和使用，提高资金使用效率和效益，保护投资者合法权益，本公司按照《上市 公司募集资金监管规则》、《深圳证券交易所股票上市规则》和《深圳证券交易所上市公司自律监管指 引第1号一一主板上市公司规范运作》等有关法律、法规和规范性文件的规定，结合公司实际情况，制 定并修订了《安徽鸿路钢结构(集团)股份有限公司募集资金管理制度》，对募集资金的存储、审批、使 用、管理等事项作出了明确的规定。 证券代码:002541 证券简称:鸿路钢构公告编号：2025-108 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 关于募集资金使用完毕并注销募集资金专户的公告 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。 一、募集资金基本情况 安徽鸿路钢结构（集团）股份有限公司（以下简称"公司"或"本公司"）经中国证券监督管理委员会证监 许可【（2020）1983】号文核准，并经深圳证券交易所同意，由主承销商国元证券股份有限公司（以下 简称"国元证券公司"）以公 ...

债券代码:128134 债券简称:鸿路转债 为了规范募集资金的管理和使用，提高资金使用效率和效益，保护投资者合 法权益，本公司按照《上市公司募集资金监管规则》、《深圳证券交易所股票上 市规则》和《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规 范运作》等有关法律、法规和规范性文件的规定，结合公司实际情况，制定并修 订了《安徽鸿路钢结构(集团)股份有限公司募集资金管理制度》，对募集资金的 存储、审批、使用、管理等事项作出了明确的规定。 根据《募集资金管理制度》，公司对募集资金实行专户存储，本公司会同国 元证券公司于 2020 年 10 月 29 日分别与安徽长丰科源村镇银行股份有限公司、 中国民生银行股份有限公司合肥分行等银行分支机构签订了《募集资金专户存储 三方监管协议》（公告编号：2020-111）；公司及募投项目实施主体全资子公司 与中国建设银行股份有限公司合肥濉溪路支行、中国银行股份有限公司长丰支 行、合肥科技农村商业银行股份有限公司黄山路支行、交通银行股份有限公司安 徽省分行、中国工商银行股份有限公司合肥分行等银行分支机构签订了《募集资 金专户存储四方监管协议》（公告编号：2020-1 ...

Core Insights - The report highlights a significant decline in fixed asset investment (FAI) in 2025, with infrastructure investment becoming a drag on the economy, prompting the economic work conference to emphasize "investment stabilization" [2][9] - Looking ahead to 2026, the report suggests that "active fiscal policies" will drive investment stabilization, with a focus on structural opportunities in the construction sector, including western infrastructure, overseas engineering, and new infrastructure [2][9] Group 1: Economic Overview - In 2025, FAI experienced a comprehensive decline, with infrastructure investment significantly dropping, particularly in the third quarter, where narrow infrastructure investment turned negative, declining by 8.7% in October [23][28] - The report notes that the actual situation of infrastructure investment may have deteriorated earlier than expected in 2024, despite apparent growth in infrastructure investment [30][34] Group 2: Structural Opportunities - The report emphasizes the importance of structural opportunities in the construction sector, particularly in western infrastructure projects, overseas engineering, and new infrastructure driven by technological advancements [45][46] - Specific recommendations include focusing on high-dividend leading companies in western regions, such as Sichuan Road and Bridge, and exploring opportunities in Xinjiang and Tibet [9][10] Group 3: Overseas Engineering - The report indicates that overseas engineering demand remains strong, driven by favorable client structures and business models of central enterprises, as well as private enterprises expanding into international markets [10][11] - Key recommendations for overseas engineering include companies like China National Materials, Jianghe Group, and Jinggong Steel Structure, which are expected to perform well in terms of earnings and dividends [10][11] Group 4: New Infrastructure - The report identifies several sectors within new infrastructure that are expected to see growth, including clean rooms, commercial aerospace, nuclear power, and low-altitude economy, driven by technological advancements and safety demands [10][11] - Specific companies recommended in these sectors include Yaxiang Integration for clean rooms and China Nuclear Engineering for nuclear power projects [10][11] Group 5: Traditional Demand - The report notes that traditional demand, particularly in real estate, remains under pressure, with new and second-hand housing demand still facing challenges [11] - It highlights the potential turning point for companies like Honglu Steel Structure, which may benefit from improved cyclical sentiment and operational efficiency [11] Group 6: Reform and Restructuring - The report discusses the need for deep reforms in the construction sector to enhance global competitiveness, focusing on identifying quality assets and new business opportunities for central enterprises [12][12] - It also emphasizes the importance of market value management and the potential for mergers and acquisitions in the construction industry [12][12]

Core Viewpoint - The central economic work conference in December 2025 emphasizes the need to "promote investment stabilization" in 2026, leading to an optimistic outlook on fiscal policy for the upcoming year, particularly in infrastructure investment, which is expected to grow by 4.5% in 2026 [1][3][18]. Fiscal Policy Outlook - The fiscal measures for 2026 are anticipated to be more proactive, with a focus on stabilizing investment and stimulating private sector investment [3][4]. - The trend of "central government increasing leverage while local governments reduce leverage" is expected to continue, with the central government taking a more significant role in driving investment due to limited local government borrowing capacity [4][18]. Infrastructure Investment - Infrastructure investment is projected to be a crucial growth stabilizer in 2026, with a forecasted growth rate of 4.5% [18]. - The central government is expected to play a vital role in supporting infrastructure investment, particularly in the western regions, where there is significant potential for growth [18][32]. Construction Sector Insights - The construction state-owned enterprises (SOEs) are expected to benefit from debt reduction initiatives, leading to improved asset quality and valuation recovery [2][22]. - The share of receivables in total assets for major construction SOEs has been rising, indicating a need for financial improvement and valuation recovery as local government funding stabilizes [22][26]. Regional Investment Opportunities - The western provinces, particularly Sichuan, are highlighted as having high potential for infrastructure investment due to favorable central government funding and strategic positioning [32][39]. - The central transfer payment to western provinces is projected to be 4 trillion yuan, accounting for 42.2% of total central transfer payments, indicating strong financial support for infrastructure projects [32][36]. Manufacturing Sector Outlook - Manufacturing investment is expected to stabilize with a growth rate of around 5% in 2026, driven by a recovery in semiconductor capital expenditures [14][46]. - The cleanroom engineering sector is anticipated to benefit significantly from the upturn in semiconductor investments [46]. International Market Growth - The overseas market is projected to become a second growth curve for construction companies, with expectations of continued growth in new contracts and revenue from international projects [2][18].