证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 建筑装饰 基金经理薪酬与基准强挂钩下，建筑板块哪些标的有望获增配？ 本周核心观点：本周证监会发布《推动公募基金高质量发展行动方案》，着 力推动基金公司从"重规模"向"重回报"转变，其中规定公募基金经理 薪酬与基准强挂钩，预计主动权益类基金经理为了避免产品业绩低于基准 过多而对绩效薪酬产生较大负面影响，将尽可能让持仓结构贴近基准，持 仓结构变化有望带来市场结构性投资机会。基于基金 2024 年报数据，有 4020 个主动权益基金基准中包含沪深 300 指数，这些基金的基准中沪深 300 指数平均权重 61%。我们假设主动权益类基金按照规模的 90%去配 置基准（假设后续基准不变），则合计将配置沪深 300 指数 1.65 万亿元， 而主动权益类基金合计持有沪深 300 成份股市值 1.34 万亿元，因此可测 算后续主动权益类基金需增配沪深 300 指数 3036 亿元。主动权益类基 金对建筑板块持股比例为 0.71%，显著欠配，如后续主动权益基金规模的 90%按照基准及沪深 300 中建筑板块权重来配置，合计带来建筑板块资金 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, indicating a positive outlook for their stock performance relative to the benchmark index [7][26]. Core Insights - The China Securities Regulatory Commission (CSRC) has released a plan to promote high-quality development of public funds, which includes linking fund manager compensation to performance benchmarks. This is expected to drive fund managers to align their portfolios more closely with benchmarks, creating structural investment opportunities in the market [2][20]. - Based on 2024 annual report data, it is estimated that active equity funds will need to increase their allocation to the CSI 300 index by 303.6 billion yuan. The construction sector is currently underrepresented in these funds, with a holding ratio of only 0.71% [3][6]. - The report identifies a potential increase in funding for the construction sector amounting to 21.8 billion yuan, which represents approximately 6.5% of the free float market capitalization of construction stocks in the CSI 300 index [6][26]. Summary by Sections Investment Recommendations - Key companies recommended for significant capital allocation include: - China State Construction Engineering Corporation: 6.6 billion yuan - China Railway Group: 3.3 billion yuan - China Power Construction Group: 2.3 billion yuan - China Railway Construction Corporation: 2.1 billion yuan - China Communications Construction Company: 1.8 billion yuan - China Energy Engineering Corporation: 1.6 billion yuan - China National Chemical Corporation: 1.6 billion yuan - Sichuan Road and Bridge Group: 1.3 billion yuan - China Metallurgical Group Corporation: 1.2 billion yuan [7][26]. Industry Dynamics - The construction and decoration sector has shown a weekly increase of 1.99%, ranking 16th among 31 A-share industries. The sector's performance is compared to the Shanghai Composite Index and CSI 300 Index, which saw minimal changes [14][20]. - The report highlights the potential for structural changes in fund holdings due to the new compensation policies, which may lead to increased investment in the construction sector [2][20]. Market Analysis - Active equity funds are categorized into four types, with a total of 8,141 funds managing 5.95 trillion yuan. Among these, 4,020 funds include the CSI 300 index in their benchmarks, with an average weight of 61% [3][21]. - The report provides detailed calculations on how the allocation adjustments will impact the construction sector, estimating a total of 218 billion yuan in additional funding [6][25].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][33]. Core Insights - The report highlights a recovery in infrastructure investment for 2025, emphasizing the cyclical investment value in high elasticity sectors. Key recommendations include focusing on companies in steel structures, coal chemical, urban renewal, and low-altitude economy [3][17]. - Recent financial policies include a 10 basis point reduction in LPR, which is expected to facilitate project advancement and support private enterprises in participating in major national projects [3][17]. Industry Performance - The construction industry index increased by 1.99%, outperforming the Shanghai Composite Index which rose by 1.92% [4][6]. - The best-performing sub-industries for the week were decorative curtain walls (+7.25%), ecological landscaping (+5.94%), and infrastructure private enterprises (+4.84%) [3][6]. Key Company Developments - Tianyu Biological reported a sales revenue of 59.33 million yuan in April 2025, a year-on-year increase of 25.66% [19]. - Mengcao Ecological won a major project worth 252 million yuan, accounting for 11.74% of its 2024 revenue [20]. - Jiaojian Co. secured a significant project totaling 704 million yuan, representing 16.87% of its 2024 revenue [21]. Market Trends - The report notes that the number of major engineering projects exceeding 1 billion yuan has increased by 41.8% year-on-year, indicating a robust project pipeline [15]. - The National Development and Reform Commission is accelerating mechanisms for private enterprises to participate in significant national projects, with an estimated investment scale of approximately 3 trillion yuan in key areas such as transportation and energy [17].

Core Viewpoint - In April, A-shares experienced a significant repurchase wave, with over 240 listed companies announcing repurchase plans totaling approximately 73.5 billion yuan, marking an explosive growth in both the number of companies and the amount proposed compared to March [1][2][3] Group 1: Repurchase Activity - A total of 241 companies announced share repurchase plans in April, a more than fourfold increase from 44 in March, with a proposed repurchase amount of approximately 735.25 billion yuan, up 257.14% from March's 205.87 billion yuan [2][3] - Notable companies leading the repurchase include Ningde Times (80 billion yuan), Xugong Machinery (36 billion yuan), and Midea Group (30 billion yuan) [2][3] - The repurchase activity was spurred by market volatility and a call from the State-owned Assets Supervision and Administration Commission to support central enterprises and listed companies [3][4] Group 2: Market Impact - The repurchase wave positively impacted the capital market, with the Shanghai Composite Index rebounding after a drop of 7.34% on April 7, recording a cumulative increase of 7.93% from April 8 to May 9 [8] - The total repurchase transaction amount in April exceeded 26 billion yuan, a 73% increase from March [9] Group 3: Financing and Policy Support - Approximately 105 of the 241 companies obtained loan commitment letters for repurchase financing, with the total loan amount capped at about 19.956 billion yuan, an increase of 68.35% from March [5] - The People's Bank of China extended the maximum loan term for repurchase financing from one year to three years, reducing the self-funding requirement from 30% to 10% [5] Group 4: Individual Company Actions - Xugong Machinery led the repurchase with a total of 21.42 billion yuan completed by May 7, showcasing a strong commitment to shareholder returns [10][11] - Zijin Mining completed its repurchase plan in just three trading days, reflecting confidence in its future prospects, with a total repurchase amount of 10 billion yuan [11]

Core Viewpoint - The construction and development of Xiong'an New Area is progressing with a focus on high-quality construction, high-level management, and effective relocation of non-capital functions from Beijing, aiming to create a modern city that serves as a hub for the Beijing-Tianjin-Hebei coordinated development strategy [1] Group 1: Urban Development and Infrastructure - Xiong'an New Area is undergoing large-scale construction, with significant projects like the Financial Island, which has a total investment of approximately 9.7 billion, aimed at becoming a transportation hub and attracting international financial institutions [6][10] - The Xiong'an Sports Center, as the first near-zero energy consumption venue in China, utilizes over 40% renewable energy and features a sponge city system for 100% rainwater reuse, showcasing the "Xiong'an quality" [4][8] - The area has seen the construction of over 4,963 buildings, covering more than 203 square kilometers, with a total building area of 53.95 million square meters [10] Group 2: Relocation and Economic Development - Xiong'an is actively attracting central enterprises, universities, and hospitals, with over 300 branches of central enterprises established in the area, and plans for additional headquarters and educational institutions [15][17] - The construction of the Beijing Forestry University campus, which will house 32,000 students, is part of a broader strategy to enhance educational resources in the region [14] - The area is developing a comprehensive transportation network, including the Beijing-Xiong'an Expressway and the Xiong'an High-Speed Railway, significantly improving connectivity with Beijing [9] Group 3: Policy and Service Improvements - Xiong'an has implemented a series of "免申即享" (no application required) policies, which now account for 36% of all industrial policies, aimed at reducing the burden on enterprises and stimulating economic activity [23][24] - The "Xiong'an One Card" system facilitates seamless access to services across both Xiong'an and Beijing, enhancing the living experience for relocated personnel [25] - The local government is focused on creating a favorable business environment through streamlined processes and improved public services, aiming to attract and retain talent and businesses [21][24]

Group 1 - Over 120 A-share companies announced share repurchase and increase plans on May 7, with 370 companies launching repurchase plans in the past month [1] - A total of 252 companies announced share repurchase plans with a combined upper limit of 68.194 billion yuan, while 118 companies' major shareholders planned to increase their holdings with a total upper limit of approximately 45.610 billion yuan [1] - 18 listed companies launched large-scale repurchase plans exceeding 1 billion yuan, with CATL leading the way, planning to use no less than 4 billion yuan and no more than 8 billion yuan for repurchasing shares [3] Group 2 - XCMG announced a repurchase plan using no less than 1.8 billion yuan and no more than 3.6 billion yuan, with a repurchase price not exceeding 13.00 yuan per share, having already repurchased 223 million shares, accounting for 1.89% of its total share capital [3] - In addition to XCMG, other notable companies such as China Railway, COSCO Shipping, and State Grid NARI also launched repurchase plans exceeding 1 billion yuan [3] - Major shareholders of several listed companies, including Sinopec, announced plans to increase their holdings, with Sinopec Group planning to invest no less than 2 billion yuan and no more than 3 billion yuan in A-shares and H-shares [4] Group 3 - Company executives and management also played a significant role in the increase plans, with Haide shares announcing that its executives plan to increase their holdings by no less than 20.73 million yuan [4] - Among the executives, 11 non-independent directors and senior management plan to increase their holdings by no less than 14.60 million yuan, while 11 other management members plan to increase by no less than 6.13 million yuan [4]

截至2025年5月9日 10:44，国企共赢ETF(159719)上涨0.13%，最新价报1.49元。 拉长时间看，截至2025年5月8日，国企共赢ETF近2周累计上涨0.61%，涨幅排名居同类第一。 截至2025年5月9日 10:45，中证粤港澳大湾区发展主题指数(931000)下跌0.59%。成分股方面涨跌互现， 稳健医疗(300888)领涨2.75%，信立泰(002294)上涨2.35%，海信家电(000921)上涨1.66%；广东宏大 (002683)领跌5.93%，深桑达A(000032)下跌4.33%，胜宏科技(300476)下跌3.81%。 大湾区ETF(512970)多空胶着，最新报价1.19元。拉长时间看，截至2025年5月8日，大湾区ETF近2周累 计上涨2.68%。 近日，国务院国资委发布首批央企高质量数据集优秀建设成果，第八届数字中国建设峰会期间，国务院 国资委集中发布了首批10余个行业30项央企人工智能行业高质量数据集优秀建设成果。 此外将进一步推动央企"AI+"专项行动走深走实，全面推进人工智能科技创新、产业发展和赋能应用。 以央企数据产业共同体为抓手，推动央企发挥自身海量数据积淀 ...

Group 1 - The first Guangzhou International Smart Construction and Industrialized Building Industry Expo opened on May 8, attracting over 1,300 overseas merchants from 90 countries and more than 500 domestic enterprises [1][2] - The expo focuses on the entire industry chain of "smart construction + industrialized building," with a total signing amount exceeding 82 billion yuan for several significant overseas projects [1] - The theme of the event is "Smart Construction Industry Navigation," aiming to create a comprehensive international exchange platform to promote the upgrade from "Chinese construction" to "Chinese intelligence" and support the development of the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 2 - The expo covers five major industry tracks: digital design, smart production, intelligent equipment, prefabricated decoration, and smart furniture, with an exhibition area exceeding 20,000 square meters [2] - Various enterprises showcased the latest industry achievements around themes such as smart construction technology and equipment, industrialized building and prefabricated technology, and green building materials [2] Group 3 - A demonstration area for "robotic construction" was set up at the expo, showcasing the application of smart construction technology in various construction processes [3] - The "Cloud Construction Factory" developed by China State Construction Fourth Engineering Division attracted significant attention, featuring automated and streamlined construction processes [3] - Modular construction (MiC) was highlighted, allowing for industrialized prefabrication and on-site assembly, exemplified by the first super high-rise concrete modular building in Hong Kong [3]

Group 1 - The company announced a share buyback plan during the sixth board meeting on April 29, 2025 [1] - The announcement includes details about the top ten shareholders and their respective shareholding percentages as of the day before the board meeting [1] - China Railway Engineering Group Co., Ltd. holds 11,623,119,890 shares in the company, with 11,458,725,890 shares being A-shares and 164,394,000 shares being H-shares [1][2] Group 2 - The announcement also covers the top ten unrestricted shareholders, although specific details were not provided in the document [3] - The board of directors guarantees the accuracy and completeness of the information disclosed in the announcement [1] - The announcement was officially released on May 9, 2025 [4]

Wind数据显示，近一个月内，370家A股公司推出回购增持计划。其中，252家公司推出回购股份计划， 回购金额上限合计达681.94亿元；118家公司的重要股东拟增持，增持金额上限合计约456.10亿元。 频现大额回购计划 顺丰控股发布回购进展公告，民丰特纸控股股东增持计划实施完毕，科大国创公告称取得金融机构股票 回购贷款承诺函……5月7日，超过120家A股公司发布回购增持相关公告。 基于对公司和市场发展的信心，多家上市公司的大股东推出增持公司股份计划，其中能源领域的央企表 现尤为突出。 近一个月，有18家上市公司相继推出超10亿元规模的"大手笔"回购方案，彰显出其对自身发展前景的坚 定信心。 在这一轮回购热潮中，宁德时代一马当先。公司发布公告，计划使用不低于40亿元且不超过80亿元的自 有或自筹资金，通过集中竞价交易方式回购部分普通股A股股份。这一回购金额在此轮回购热潮中位列 榜首。 徐工机械拟回购金额紧随其后。4月8日，公司公告称，拟使用不低于18亿元且不超过36亿元的自有资 金、自筹资金以集中竞价交易方式回购公司股份，回购价格不超过13.00元/股。截至4月30日，徐工机 械已累计回购公司股份2.23亿 ...