Investment Rating - The report maintains an investment rating of "Outperform" for the construction and decoration industry [3]. Core Viewpoints - The report highlights a continued decline in fixed asset investment in October, with a focus on the positive impact of moderately loose monetary policy and the acceleration of strategic project implementation [14][20]. - It emphasizes the increase in net financing of special bonds and rapid deployment of special government bonds, indicating a supportive funding environment for infrastructure projects [21][19]. Summary by Sections Industry Perspective and Investment Recommendations - The construction and decoration index rose by 0.35%, outperforming the overall A-share index by 0.53 percentage points, with notable performances in landscaping engineering and decoration sectors [13][30]. - Fixed asset investment from January to October 2025 reached CNY 408,914 billion, down 1.7% year-on-year, with infrastructure investment at CNY 203,809 billion, growing by 1.5% [14][16]. Key Company Dynamics - China Construction reported a new contract total of CNY 33,194 billion from January to October 2025, up 2.0% year-on-year [37]. - China Metallurgical Group announced a new contract amount of CNY 8,451 billion, down 11.8% year-on-year [37]. Valuation Status - As of November 14, 2025, the price-to-earnings (PE) ratios for various construction sub-sectors were as follows: housing construction at 6.64x, decoration at -24.37x, and municipal engineering at 8.14x [40].

Core Viewpoint - The company has signed a subcontract for the Zhejiang Jin Qimen Nuclear Power Plant, which is expected to positively impact future performance [1] Group 1: Contract Details - The contract is with China Nuclear Industry Second Construction Company and involves the land intake and drainage engineering for units 1 and 2 of the nuclear power plant [1] - The total contract value is approximately 77 million yuan, including tax [1] - The project duration is set for 140 days [1] Group 2: Business Implications - This contract falls within the company's main business scope, providing ongoing support for its development [1] - Successful execution of the project is anticipated to have a positive effect on the company's future performance [1] Group 3: Potential Risks - The execution of the project may be influenced by climatic factors, indicating some level of risk [1]

证券代码：003001 证券简称：中岩大地 公告编号：2025-101 北京中岩大地科技股份有限公司 关于中标项目签订合同的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 1、工程名称：浙江金七门核电厂 1、2 号机组陆域取排水工程 GE 隧道明挖 部分、CC 井桩基工程 2、专业分包作业范围及内容:桩基工程专业分包相关工作内容，包括但不限 于泥浆护壁成孔灌注桩、截桩头、钢筋笼等专业分包内容。 3、含税合同价暂定为(人民币)：77,000,329.92 元。 4、合同工期：工期总日历天数:140 天。 北京中岩大地科技股份有限公司（以下简称"公司"）于 2025 年 10 月 14 日披露了《关于收到中标通知书的公告》（公告编号：2025-089）。近日，公司 与中国核工业第二二建设有限公司签署了《浙江金七门核电厂 1、2 号机组陆域 取排水工程 GE 隧道明挖部分、CC 井桩基工程专业分包合同》，现将有关情况公 告如下： 一、合同的主要内容 （一）合同签订主体 发包人（甲方）：中国核工业第二二建设有限公司 专业分包人（乙方）：北京中岩大地科技股份有 ...

Core Insights - The professional engineering sector saw an increase of 0.99% on November 13, with Sanwei Chemical leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Summary of Key Points Performance of Leading Stocks - Sanwei Chemical (002469) closed at 9.26, up 6.81%, with a trading volume of 635,000 shares and a transaction value of 587 million yuan [1] - Aiman Co. (605289) closed at 69.93, up 6.16%, with a trading volume of 46,200 shares and a transaction value of 318 million yuan [1] - Yongfu Co. (300712) closed at 31.58, up 4.29%, with a trading volume of 152,900 shares and a transaction value of 477 million yuan [1] - Donghua Technology (002140) closed at 12.97, up 3.93%, with a trading volume of 305,000 shares and a transaction value of 395 million yuan [1] - Baili Technology (6568209) closed at 7.50, up 3.02%, with a trading volume of 274,900 shares and a transaction value of 205 million yuan [1] Performance of Declining Stocks - Nenghui Technology (301046) closed at 29.01, down 3.04%, with a trading volume of 62,400 shares and a transaction value of 183 million yuan [2] - China Haicheng (002116) closed at 11.48, down 2.63%, with a trading volume of 621,400 shares and a transaction value of 705 million yuan [2] - Jinggong Steel Structure (600496) closed at 4.45, down 1.33%, with a trading volume of 567,700 shares and a transaction value of 252 million yuan [2] Capital Flow Analysis - The professional engineering sector experienced a net outflow of 418 million yuan from main funds, while retail funds saw a net inflow of 128 million yuan [2]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [9] Core Views - The construction sector exhibits characteristics such as low valuation, low institutional holdings, large market capitalization, and stable outlook for quality targets. The report identifies four key investment directions within the construction industry: 1) Companies with strong Q3 performance and short-term earnings certainty 2) High dividend yield stocks providing a safety cushion 3) Strong long-term growth potential 4) Large-cap stocks with low absolute valuations [5][6][7] Summary by Sections Valuation Metrics - As of the latest closing, the Jiangsu Construction Index has a PE ratio of 12.83, ranking 28th across all industries, with a 10-year percentile of 68.5%. The PB ratio stands at 0.84, ranking 31st, with a 10-year percentile of 16.22%. Notably, the construction sector and the banking sector are the only indices within the Jiangsu framework that are trading below book value [5][6] Institutional Holdings - The construction sector has historically low institutional holdings, which may reflect a weak outlook for the industry and a lack of attention from investors. This could lead to undervaluation of high-quality construction stocks [6] Market Capitalization - The construction sector has a limited number of listed companies, with eight major state-owned enterprises collectively valued at 941.19 billion, accounting for 47% of the Jiangsu Construction Index's market capitalization. These enterprises play a crucial role in stabilizing economic growth and are likely to be favored in a market shift towards undervalued sectors [6][7] Investment Directions - **Direction One**: Focus on companies with strong Q3 earnings, such as Sichuan Road and Bridge, China Chemical, and others, which show robust growth and sufficient order backlogs [7] - **Direction Two**: Invest in high dividend yield stocks like Jianghe Group (6.2%), Sichuan Road and Bridge (5.6%), and others, which provide a strong holding safety net [7] - **Direction Three**: Target companies with strong long-term growth potential, such as Honglu Steel Structure and others benefiting from semiconductor capital expenditure [7] - **Direction Four**: Invest in large-cap stocks with low absolute valuations, including eight major state-owned enterprises that are all trading below book value [7]

Investment Rating - The report indicates a positive outlook for the construction and decoration industry, with specific recommendations for state-owned enterprises and private companies [1][2]. Core Insights - The construction industry experienced a weekly increase of 1.85%, outperforming major indices such as the Shanghai Composite Index and Shenzhen Component Index [2][4]. - The best-performing sub-industries for the week included decorative curtain walls (+5.31%), professional engineering (+4.28%), and infrastructure private enterprises (+2.59%) [4][7]. - Year-to-date, the top-performing sub-industries were infrastructure private enterprises (+71.38%), decorative curtain walls (+52.94%), and professional engineering (+49.27%) [4][7]. - Key companies showing significant weekly gains included Dongyi Yisheng (+27.68%), Hainan Development (+27.41%), and Chongqing Construction (+25.24%) [7][8]. Industry Changes - The State Council approved the "Chengdu-Chongqing Twin City Economic Circle Land Space Planning (2021-2035)", aiming to enhance regional competitiveness and support the construction of the new western land-sea corridor [8][9]. - The Ministry of Transport announced plans for significant infrastructure improvements, including the renovation of 100 old bridges in Shaanxi and the completion of rural road investments in Inner Mongolia [9][10]. Key Company Developments - Zhongyan Dadi won a bid for a project in Beijing with a total amount of 0.74 billion yuan, representing 9.4% of its 2024 revenue [10]. - Chongqing Construction secured contracts for the Huangmianping Yangtze River Bridge project, totaling 18.39 billion yuan, which accounts for 6.7% of its 2024 revenue [11].

Core Viewpoint - Beijing Zhongyan Dadi Technology Co., Ltd. has signed a strategic cooperation agreement with Shandong Tiexin Construction Group Co., Ltd. on November 5 [1] Company Summary - The strategic cooperation agreement was signed at the headquarters of Tiexin Construction Group [1]

Key Points - Antai Group's stock price deviates from its fundamentals, indicating risks of market sentiment overheating and irrational speculation [1] - Huatai plans to invest in a carbon dioxide comprehensive utilization project with an annual production capacity of 120,000 tons of amino resin [1] - Guizhou Moutai intends to repurchase shares worth between 1.5 billion to 3 billion yuan [2] - Jindi Group's cumulative signed amount from January to October is 26.1 billion yuan, a year-on-year decrease of 55.33% [2] - Ningbo Port expects to complete a cargo throughput of 99.6 million tons in October, a year-on-year increase of 5.3% [2] - Kaimeite Gas plans to reduce its shareholding by no more than 3% [3] - Hualan Co., Ltd. intends to increase its stock holdings by 30 million to 60 million yuan [3] - Haoneng Co., Ltd. plans to issue convertible bonds to raise no more than 1.8 billion yuan for core components of intelligent manufacturing projects [3]

Group 1 - The company signed a construction contract with Beijing Pengpai Xingyao Sports Industry Development Co., Ltd. for a project in Beijing's urban sub-center, with a total contract value of approximately RMB 74.03 million [1][2] - The project involves deepening design for support and drainage, including all content in the engineering quantity list [1][2] - The total duration of the project is 131 calendar days, with a quality standard of "qualified" [2][3] Group 2 - The contract is within the company's main business scope and is expected to positively impact future performance without creating dependency on the client [4] - The contract does not require approval from the board of directors or shareholders as it is a routine operational contract [5] Group 3 - The company completed the cancellation of repurchased shares, totaling 2,317,465 shares, which is 1.31% of the total share capital before cancellation [8][13] - Following the cancellation, the total share capital will decrease from 176,665,939 shares to 174,348,474 shares [8][14] - The cancellation is expected to enhance earnings per share and improve shareholder returns without adversely affecting the company's financial status [15]

Core Points - The company announced the cancellation of 2,317,465 shares, which represents 1.31% of the total shares before cancellation [1] - After the cancellation, the total share capital will decrease from 176,665,939 shares to 174,348,474 shares [1] - The cancellation process was confirmed by the China Securities Depository and Clearing Corporation Limited Shenzhen Branch and was completed on November 4, 2025 [1]