证券研究报告 | 行业周报 gszqdatemark 2026 02 08 年 月 日 建筑装饰 地产链预期改善，哪些公司值得重点关注？ 2026 开年来地产行业持续迎积极政策催化，促行业预期企稳。2026 年开年 以来，我国地产政策整体以"稳预期、降成本、强保障、促转型"为核心基 调，连续出台多维度协同的组合政策，核心政策包括：1）稳预期，《求是》 刊文肯定房地产在国民经济中举足轻重的地位，强调要改善和稳定房地产市 场预期。2）降成本，自今年初开始实施满 2 年住房对外销售免征增值税政 策，直接降低居民交易成本，激活改善型需求。3）融资与部分监管松绑，公 积金贷款利率下调（5 年以上首套降至 2.6%），商办首付比例降至 30%，降 低居民购房门槛；同时"三条红线"指标淡出，"白名单"项目贷款可展期 5 年，持续缓解房企资金压力。4）住房品质引导升级，住建部发布关于提升住 房品质的意见，提出八项重点任务，推动住房品质提升。5）存量去化优化， 专项债可收购存量商品房作保障房，本周上海部分区已启动收购二手房用于 保障房试点，同时国务院鼓励存量地产结合旅居项目用地，在去库存的同时 拓展消费新场景。 地产销售及价格 ...

证券之星消息，2月3日工程咨询服务板块较上一交易日上涨1.91%，深圳瑞捷领涨。当日上证指数报收 于4067.74，上涨1.29%。深证成指报收于14127.1，上涨2.19%。工程咨询服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300977 | 深圳瑞捷 | 25.20 | 6.92% | 3.99万 | 9739.13万 | | | 300989 | | 16.47 | 3.98% | 6.09万 | 9906.49万 | | | 300492 | 华图山鼎 | 81.60 | 3.80% | 3.08万 | | 2.49亿 | | 300778 | 新城市 | 14.24 | 3.64% | 7.43万 | | 1.05亿 | | 301136 | 招标股份 | 17.72 | 3.63% | 8.12万 | | 1.43亿 | | 920892 | 广咨国际 | 18.19 | 3.59% | 4.10万 | 7501.99万 | | | 3 ...

Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The cleanroom market is expanding due to increased investment in high-tech industries, benefiting companies like Yaxiang Integration, with related companies including Shenghui Integration and Bocheng Co., Ltd. [3][4] - The real estate market is showing signs of marginal improvement, with significant potential for transformation and development [5] Summary by Sections Cleanroom Industry - The growth in high-tech industry investments is driving the expansion of the cleanroom market, with Micron Technology planning to invest $24 billion in a NAND factory in Singapore over the next decade, which will include 700,000 square feet of cleanroom space [4] - The World Semiconductor Trade Statistics (WSTS) predicts a 26.3% increase in the global semiconductor market by 2026, reaching $975 billion, further supporting the cleanroom industry's growth [4] - Yaxiang Integration's parent company reported a consolidated revenue of NT$9.5 billion (approximately RMB 2.1 billion) in December, a year-on-year increase of 165.2% [4] Real Estate Market - The Central Economic Work Conference in December 2025 emphasized stabilizing the real estate market through targeted policies, including controlling inventory and encouraging the acquisition of existing properties for affordable housing [5] - An article published on January 2, 2026, highlighted the importance of managing expectations in the real estate market, which has significant financial asset attributes and broad social implications [5] Recommended Companies - The report recommends Yaxiang Integration for the cleanroom sector, with related companies including Bocheng Co., Ltd. and Shenghui Integration [7] - Other sectors recommended include commercial aerospace, controllable nuclear fusion, and renewable energy, with specific companies highlighted for each sector [7]

同壁财经讯，企查查数据显示，根据《[佛山禅城奇槎项目施工图设计] 中标结果公示》，深圳市华阳国 际工程设计股份有限公司于2026年1月30日公告中标佛山和茂房地产开发有限公司采购项目，中标金额 为135.15万元。 相关上市公司：华阳国际(002949.SZ) 同壁财经小贴士： 华阳国际（002949.SZ）2024年营业收入为11.67亿元，营业收入增长率为-22.55%，归属母公司净利润 为1.25亿元，归属母公司净利润增长率为-22.33%，净资产收益率为8.09%。 2025年上半年公司营业收入为6.01亿元，营业收入增长率为15.60%，归属母公司净利润为0.35亿元，归 属母公司净利润增长率为-40.93%。 目前公司属于工业行业，主要产品类型为专业咨询服务，2024年报主营构成为公建项目:35.35%;住 宅:32.94%;造价咨询:13.18%;商业综合体:13.13%;全过程咨询:2.6%;其他业务:1.07%;工程总承包:1.01%;数 字文化业务:0.72%。 同壁财经讯，企查查数据显示，根据《[佛山禅城奇槎项目施工图设计] 中标结果公示》，深圳市华阳国 际工程设计股份有限公司于2026 ...

Core Insights - The engineering consulting services sector experienced a rise of 0.71% on January 16, with Tai Chi Industrial leading the gains [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Sector Performance - Tai Chi Industrial (600667) closed at 9.30, up 8.14%, with a trading volume of 3.33 million shares and a transaction value of 30.51 billion [1] - Other notable gainers included: - Mountain Water Bide (300844) at 43.80, up 7.86% [1] - Huayang International (002949) at 16.25, up 3.44% [1] - The overall trading volume and transaction values for the sector were significant, indicating active market participation [1] Fund Flow Analysis - The engineering consulting services sector saw a net inflow of 574 million from institutional investors, while retail investors experienced a net outflow of 377 million [2][3] - Major stocks with significant net inflows included: - Tai Chi Industrial with a net inflow of 569 million [3] - Huatu Shanding (300492) with a net inflow of 40.60 million [3] - Conversely, stocks like Shenzhen Ruijie (300977) and Jian Design (300668) faced notable net outflows of 6.30% and 4.15% respectively [2]

| 证券代码：002949 | 证券简称：华阳国际 | 公告编号：2026-001 | | --- | --- | --- | | 债券代码：128125 | 债券简称：华阳转债 | | 深圳市华阳国际工程设计股份有限公司 2025 年第四季度可转债转股情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、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：002949 | | | | | | | 证券简称：华阳国际 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券代码：128125 | | | | | | | 债券简称：华阳转债 | | | 转股价格：人民币 | 14.39 | | 元/股 | | | | | | | 转股期限：2021 年 | 2 | 月 5 | 日至 | 2026 | 年 | 7 | 月 | 29 日 | 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交 易实施细则》的有关规定，深圳市华阳国际工程设计股份有限公司（以下简称 "公司"）现将 2025 年第四季度可 ...

Group 1 - The Shanghai Composite Index closed at 3958.00 points, above the annual line, with a change of 0.43% [1] - The total trading volume of A-shares reached 1552.045 billion yuan [1] - A total of 131 A-shares have surpassed the annual line, with notable stocks including Xusheng Group, Chongqing Port, and *ST Zhisheng showing significant deviation rates of 8.27%, 8.15%, and 4.95% respectively [1] Group 2 - Stocks with the highest deviation rates from the annual line include: - Xusheng Group (10.01% increase, 8.74% turnover rate, latest price 15.38 yuan, deviation rate 8.27%) - Chongqing Port (10.02% increase, 2.26% turnover rate, latest price 5.82 yuan, deviation rate 8.15%) - *ST Zhisheng (4.98% increase, 3.86% turnover rate, latest price 11.60 yuan, deviation rate 4.95%) [1] - Other stocks with smaller deviation rates that have just crossed the annual line include Hu塑股份, Hu鑫股份, and Heng申新材 [1]

Market Performance - The engineering consulting services sector increased by 1.21% compared to the previous trading day, with Huayang International leading the gains [1] - The Shanghai Composite Index closed at 3940.95, up 0.53%, while the Shenzhen Component Index closed at 13486.42, up 0.88% [1] Individual Stock Performance - Huayang International (002949) closed at 14.68, up 7.55% with a trading volume of 116,800 shares and a transaction value of 170 million yuan [1] - Jian Design (300668) closed at 22.17, up 6.74% with a trading volume of 68,000 shares and a transaction value of 146 million yuan [1] - Zhibiao Co. (301136) closed at 20.67, up 5.46% with a trading volume of 322,400 shares and a transaction value of 654 million yuan [1] - Other notable performers include Kuan She Co. (603458) up 4.83% and Zhongjie Design (603017) up 2.99% [1] Capital Flow - The engineering consulting services sector saw a net inflow of 163 million yuan from institutional investors, while retail investors experienced a net outflow of 1.72 billion yuan [2][3] - The main stocks with significant net inflows include Zhaobiao Co. (301136) with 52.35 million yuan and Xu Ao Planning (300989) with 51.99 million yuan [3] - Conversely, notable net outflows were observed in stocks like Zhaobiao Co. and Kuan She Co., indicating a shift in investor sentiment [3]

Investment Rating - The report rates the industry as "Overweight" [7] Core Insights - The potential for investment growth in new infrastructure remains significant, with a focus on expanding effective investment space and enhancing private investment vitality [2][3] - Central enterprises are encouraged to identify new growth areas, particularly in renewable energy, aerospace, and low-altitude economy sectors [4] - The government is increasing support for capital in key infrastructure projects, including railways and smart construction initiatives [5] Summary by Relevant Sections Recent Key Reports - The report highlights the importance of strategically expanding investment in new infrastructure and emphasizes the need for a coordinated approach to urbanization and rural revitalization [3][4] Key Company Recommendations - Recommended companies include China Railway, China Communications Construction, and China State Construction, all of which are expected to benefit from high dividend yields and stable growth [8][11] - Specific sectors such as clean rooms, commercial aerospace, and controlled nuclear fusion are highlighted for their growth potential, with recommended stocks including Yaxiang Integration and Shanghai Port [6][10] Macro/Meso/Micro Data - The report indicates a projected increase in broad infrastructure funding by 7.3% in 2025, driven by enhanced fiscal policies and the issuance of special bonds [31][32] - It also notes that the construction industry is experiencing a decline in net profit margins, with a 10% year-on-year decrease in net profit reported [14][15]

Investment Rating - The investment rating for the company is "Accumulate" [2][4]. Core Views - The report indicates a significant decline in net profit attributable to the parent company, which decreased by 36.9% year-on-year for Q1 to Q3 of 2025. The company is actively seeking investment opportunities in new productive forces and hard technology sectors to secure long-term returns [3][4]. - The company has initiated the construction of the AIAgent platform for the construction industry, aiming to provide intelligent solutions for the entire architectural design process [3][6]. Financial Performance Summary - For Q1 to Q3 of 2025, the company's revenue reached 889 million yuan, reflecting a year-on-year growth of 10.1%. However, the net profit attributable to the parent company was 70 million yuan, down 36.9% year-on-year [4]. - The gross profit margin decreased by 3.1 percentage points to 25.9%, while the net profit margin fell by 5.9 percentage points to 7.9% [4]. - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 0.54, 0.61, and 0.64 yuan, representing changes of -15.2%, 12.6%, and 4.7% respectively [4][7]. Investment Opportunities - The company is focusing on expanding its international business along the "Belt and Road" initiative while consolidating its domestic market presence [5]. - It has made investments in Shenzhen's Zhongtou Xinyao No.1 Technology Investment Partnership to leverage resources and advantages in equity investment for long-term returns [5]. Digital Transformation Initiatives - The company is advancing its digital transformation by exploring data value and applying artificial intelligence in architectural design and engineering cost consulting [6]. - The AIAgent platform, which integrates large model technology, aims to reshape the architectural design process and provide intelligent solutions throughout the design workflow [6].