二、本次回购注销完成后的股本结构变动情况 公司本次回购注销限制性股票后，公司总股本将由 24,741,008,919 股变更为 24,686,285,629 股。公司股本结构变动情况如下： | 股份类型 | 本次变动前（股） | | 本次变动（股） | 本次变动后（股） | | | --- | --- | --- | --- | --- | --- | | | 股份数量 | 比例 | （＋/-） | 股份数量 | 比例 | | 有限售条件股份 | 58,760,978 | 0.24% | -54,723,290 | 4,037,688 | 0.02% | | 无限售条件股份 | 24,682,247,941 | 99.76% | 0 | 24,682,247,941 | 99.98% | | 股份总数 | 24,741,008,919 | 100% | -54,723,290 | 24,686,285,629 | 100% | 特此公告。 | H | A | | --- | --- | | 股代码：00390 | 股代码：601390 | | 股简称：中国中铁 H | 股简称：中国中铁 公告编号：临 A 20 ...

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [2] Core Viewpoints - The overall market has weakened, with the Shanghai Composite Index down 3.9% and the ChiNext Index down 6.15%. This adjustment is likely influenced by multiple factors, including delayed expectations for US interest rate cuts, increased volatility in US stocks, and rising geopolitical uncertainties. As the year-end approaches, a "high-cut low" tendency may emerge in the market, where technology sectors may see profit-taking while the construction sector, with its counter-cyclical attributes and low valuations, becomes more attractive for allocation [3][10] - The report suggests focusing on construction companies with stable dividends and low valuations, regional construction firms with project advantages, and companies in the decoration sector that may benefit from policy improvements [4][11] Summary by Sections Market Performance - The Shanghai Composite Index fell 3.90%, the Shenzhen Component Index fell 5.13%, and the ChiNext Index fell 6.15%. The construction decoration index dropped 6.11%, with all sub-sectors declining. Among individual stocks, 8 stocks in the construction sector rose, with the top five performers being Zhengzhong Design (+14.14%), Shanghai Port (+11.83%), and others [5][16] Infrastructure Data Tracking - Special bonds issued this week amounted to 1176.39 billion, with a cumulative issuance of 72,311.75 billion, up 25.14% year-on-year. City investment bonds issued this week totaled 618.90 billion, with a net financing amount of 129.13 billion, resulting in a cumulative net financing amount of -5,407.40 billion [6][20][21] Company Dynamics - Notable new contracts signed by major companies include China Power Construction with new orders of 9579.79 billion, China Nuclear Engineering with new contracts of 1238.40 billion, and China Chemical with new orders of 3126.70 billion. Other companies also reported significant contract wins [14]

Core Viewpoint - The investigation into the "12·4" major collapse accident of the Shenzhen-Jiangmen Railway revealed that the accident was caused by violations in construction practices and inadequate emergency response measures, leading to significant casualties and economic losses [2][3]. Group 1: Accident Details - The collapse occurred on December 4, 2024, resulting in 13 fatalities and direct economic losses of approximately 72.61 million yuan [2]. - The direct cause of the accident was identified as the failure to halt excavation when encountering a high-risk geological area, leading to a partial collapse of the tunnel face [2][3]. Group 2: Responsibility and Management Issues - The investigation found that multiple parties, including China Railway Fourth Engineering Group Co., Ltd. (中铁四局), Xiamen-Shenzhen Railway Guangdong Co., Ltd. (厦深公司), and others, failed in their management and risk control responsibilities [3][4]. - The supervising unit, Guangzhou Supervision Station, and the industry regulatory body, Guangzhou Railway Supervision Administration, were also found lacking in their oversight duties [3][4]. Group 3: Lessons Learned and Recommendations - Six major lessons were identified, including failures in risk prevention, monitoring, and emergency response systems, as well as the dangers of proceeding with construction before design changes [5]. - Six recommendations were proposed to improve safety, including enhancing risk prevention measures, strengthening construction safety protocols, and improving emergency response capabilities [5].

Core Insights - The infrastructure sector saw a rise of 0.75% on November 24, with Guosheng Technology leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Infrastructure Sector Performance - Guosheng Technology (603778) closed at 60.8, with a gain of 10.07% and a trading volume of 1.2687 million shares, totaling a transaction value of 1 billion [1] - Beixin Road and Bridge (002307) closed at 5.73, up 9.98%, with a trading volume of 2.8782 million shares and a transaction value of 1.593 billion [1] - Other notable performers included Meili Ecology (000010) with a 4.97% increase, and Aoya Co., Ltd. (300949) with a 4.27% increase [1] Capital Flow Analysis - The infrastructure sector experienced a net inflow of 246 million in main funds, while retail funds saw a net outflow of 34.5751 million [2] - Guosheng Technology had a main fund net inflow of 1.59 billion, but retail funds experienced a net outflow of 78.8728 million [3] - China Nuclear Engineering (601611) reported a main fund net inflow of 43.1344 million, with retail funds seeing a net outflow of 38.4155 million [3]

2024年12月4日23时18分，深圳市宝安区航城街道洲石路新建深圳至江门铁路5标段施工现场发生地面坍 塌，造成13人死亡，直接经济损失约7261万元。经调查，事故直接原因是：隧道施工至高环境风险地段 时，围岩由原勘察设计的Ⅲ级变为稳定性差的Ⅳ级，未停止掘进，未变更为可靠的开挖和支护方式，致 使掌子面上前方拱顶产生局部塌方；险情发生后，未能及时采取有效的工程处理措施，掌子面上方发生 多次塌方，地面塌陷；地面应急处置不当，地面作业人员随塌陷坠亡。 调查查明，施工单位中铁四局集团有限公司（以下简称"中铁四局"）组织管理不到位，过程风险管控不 力，应急体系不完善，现场抢险处置不当；代建单位厦深铁路广东有限公司（以下简称"厦深公司"）变 更设计不规范，现场抢险处置不当，应急体系不健全，安全生产工作协调管理不到位；勘察、设计单位 中铁第四勘察设计院集团有限公司（以下简称"铁四院"）工程风险提示不足，未及时发起变更设计建 议，未按规定程序开展变更设计，未按高风险环境措施要求开展变更设计；监理单位北京现代通号工程 咨询有限公司（以下简称"北京通号公司"）项目组织管理不到位，履行监理职责不到位，压实安全生产 主体责任不到位。 ...

Core Insights - The Guangdong provincial government approved the investigation report on the major collapse incident at the Shenzhen-Jiangmen Railway, which occurred on December 4, 2024, resulting in 13 fatalities and direct economic losses of approximately 72.61 million yuan [1][2] Group 1: Incident Overview - The collapse was caused by non-compliant construction practices by the participating units, leading to a partial collapse of the tunnel face and subsequent ground subsidence [1] - The investigation identified that the surrounding rock stability changed from level III to level IV, which was not addressed by halting excavation or modifying support methods [1][2] Group 2: Responsibility and Accountability - Multiple entities were found responsible for the incident, including China Railway Fourth Engineering Group, Xiamen-Shenzhen Railway Guangdong Co., and others, with recommendations for administrative penalties and written accountability checks [2][3] - The investigation revealed deficiencies in management, risk control, emergency response, and supervision across the involved organizations [2][3] Group 3: Lessons Learned and Recommendations - Six major lessons were identified, including failures in risk prevention, monitoring, and emergency response systems, as well as inadequate management practices [4] - Six recommendations were proposed to enhance safety, including improving risk prevention measures, strengthening construction safety protocols, and enhancing emergency response capabilities [4]

Core Viewpoint - The construction sector is experiencing a significant surge in investment, driven by local governments' accelerated project launches to meet annual targets amid the ongoing recovery from the pandemic [1][14]. Group 1: Market Performance - On the first trading day of March, the Shanghai and Shenzhen stock markets saw strong gains, particularly in the infrastructure sector, which experienced a wave of limit-up stocks [1]. - Among the 28 Shenwan first-level industry indices, cyclical industries such as construction materials and construction decoration rose over 8%, with major state-owned enterprises like China State Construction and China Railway Construction performing exceptionally well [1]. Group 2: Investment Plans - A total of 15 regions have announced clear plans for major projects in 2020, with a combined planned investment exceeding 6 trillion yuan, and nine provinces reporting total project investments over 24 trillion yuan [1][2]. - Six provinces, including Henan, Guangdong, Sichuan, Jiangsu, Fujian, and Shaanxi, have annual investment plans exceeding 500 billion yuan [2][4]. Group 3: Project Details - The investment plans include significant infrastructure projects across various sectors such as highways, high-speed rail, and energy, with Yunnan Province planning a total investment of approximately 3.6 trillion yuan for major infrastructure projects [1][8]. - In addition to traditional infrastructure, there is a notable emphasis on healthcare and elderly care facilities, reflecting a shift in investment focus [1][8]. Group 4: Regional Highlights - Sichuan Province has identified 700 key projects with an expected annual investment of over 600 billion yuan, while Fujian Province has 1,567 key projects with a total investment of 3.84 trillion yuan [5][4]. - Yunnan plans to launch 525 key projects with a total investment of around 5 trillion yuan, emphasizing large-scale projects [8][9]. - Chongqing's investment in infrastructure is projected at approximately 1.45 trillion yuan, focusing on various public health emergency service projects [9][8]. Group 5: Future Directions - Analysts suggest that the new round of infrastructure investment will not only focus on traditional sectors but also expand into healthcare and other public service areas, addressing long-standing deficiencies [14]. - The emphasis on increasing public investment in healthcare infrastructure is seen as a strategy to mitigate economic downturns while improving regional healthcare conditions [14].

2025 年 11 月 24 日 建筑 证券研究报告 投资评级 领先大市-A 维持评级 | | | 行业表现 chenyf4@essence.com.cn 低估值基建央企具备稳健防御属性，出 海/洁净室工程延续高景气度 本周投资建议： 受大盘调整影响，本周建筑板块下跌 6.11%，传统建筑央企板块下跌 3.63%。年初以来，受下游基建投资增速放缓及房地产投资持续下滑 等因素影响，传统建筑央企经营承压，年初至今股价下跌 10.70%， 目前建筑板块及传统建筑央企估值位居低位，截至目前，SW 建筑装 饰板块市盈率（TTM）为 9.0 倍，传统建筑央企板块市盈率（TTM） 为 5.4 倍。基建央企板块营收业绩成长仍承压，但关键性经营指标有 所改善，且多家企业提升分红比例，财政政策维持积极基调，化债效 果或于 2026 年逐步体现，板块整体具备稳健防御属性，建议关注 Q4 低估值传统建筑央企板块投资机会。此外，西部区域建设及洁净室板 块维持高景气，需求持续上行驱动龙头企业成长。 2023 年以来，八大建筑央企海外新签订单维持两位数快速增长，2023 年、2024 年、2025Q1-Q3 合计海外新签订单增速分别为 1 ...

Summary of Key Points from Conference Call Records Industry Overview: Real Estate Market - The real estate market continues to face pressure, with cumulative sales and amounts from January to October down 7% and 10% year-on-year respectively [1][2] - New construction and land acquisition areas have dropped approximately 70% from peak levels, with housing prices down over 35% [1][2] - The market is in a rapid bottom-seeking phase, particularly in core cities where price adjustments have significant impacts on residents' asset values [1][3] Core Insights and Arguments - Core city housing prices are unlikely to continue their rapid decline; the current situation is seen as an emotional clearance phase [3] - Policy measures are expected to increase in response to weakening housing prices, including potential new personal housing loan interest subsidies and adjustments to transaction taxes [1][3] - The building materials industry should focus on supportive policies, with leading companies likely to recover before the industry as a whole [1][5] Company-Specific Insights Sanhe Tree (三棵树) - Achieved relatively good performance in 2025, but its growth structure has not reached optimal status, relying on two beta strategies and one alpha strategy [6] - The "immediate residence" business and the art paint market are key growth drivers, but the rural revitalization project has not fully realized its potential [6] Rabbit Baby (兔宝宝) - Performed well in 2025, driven by strategic changes and industry trends, particularly through particle board business expansion [7] - Future performance may depend on the stability of the real estate market [7] Challenges in the Building Materials Sector - The consumer building materials industry faces challenges from fluctuations in the real estate market, which is a significant demand driver [8] - A potential second downturn in the real estate market could have a disruptive impact on company performance [8] Investment Recommendations - Focus on leading companies in the consumer building materials sector, such as Sanhe Tree, Rabbit Baby, and others, which have advantages in market concentration [10] - In the construction industry, state-owned enterprises and companies related to the real estate chain, such as China State Construction, are expected to benefit from real estate stimulus policies [11] Future Outlook - The building materials sector is anticipated to see a positive shift as supportive policies are implemented, potentially leading to a market recovery [5] - The overall market environment remains challenging, but leading companies are expected to outperform the industry average [1][4] Additional Considerations - The investment strategy for the home appliance industry should adjust to include companies related to the real estate chain, as demand for kitchen appliances is significantly driven by new housing completions [15][16] - Opportunities exist in sectors like smart projectors and robotic vacuums, where market consolidation may benefit leading companies [17]

内容概况：超疏水材料是一种具有独特性质的新型材料，其灵感源于荷叶效应。这种材料在接触到水滴 时，能够使其迅速滑落，展现出优异的自清洁能力。从科技前沿到日常生活，超疏水材料在多个领域展 现出广阔的应用前景。它不仅能够为建筑玻璃、室外设施提供免清洗的洁净表面，还可覆盖于金属材料 表面形成高效防腐蚀屏障，显著延长构件使用寿命；基于对水生昆虫的仿生学研究，该材料为研制水上 行走设备乃至实现水上飞行提供了技术可能；在船舶制造领域，通过在船体覆盖超疏水薄膜，可有效降 低航行阻力，实现显著的节能效益。近年来，随着纳米制备技术的突破与应用场景的持续拓展，中国超 疏水材料行业实现了跨越式发展。数据显示，中国超疏水材料行业市场规模从2017年的16.8亿元增长至 2024年的158.04亿元，年复合增长率为37.74%，预计2025年中国超疏水材料行业市场规模将增长至 212.52亿元。未来，随着材料耐久性持续提升、生产成本逐步优化，以及在新能源、海洋工程与柔性电 子等新兴领域融合深化，中国超疏水材料行业有望延续高增长态势，成为推动新材料产业创新与实现绿 色可持续发展的重要力量。 相关上市企业：瑞华泰（688323）、国风新材（ ...