| 证券代码：600970 | 证券简称：中材国际 | 公告编号：临2026-012 | | --- | --- | --- | | 债券代码：241560 | 债券简称：24国工K1 | | 中国中材国际工程股份有限公司 关于回购注销部分限制性股票减资暨通知债权人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、通知债权人的原因 中国中材国际工程股份有限公司（以下简称"公司"）于2026年2月27日召 开2026年第一次临时股东会，审议通过了《关于回购注销部分限制性股票及调 整回购价格的议案》、《关于变更公司名称、注册资本并修订<公司章程>的议 案》。 根据《上市公司股权激励管理办法》《中国中材国际工程股份有限公 司2021年限制性股票激励计划（草案修订稿）》（以下简称"《激励计划》" ）的相关规定： 预留授予的1名激励对象辞职，不再符合激励条件，需回购注销第二期限制 性股票6,600股。 此外，鉴于公司实施2022年度权益分派方案、2023年度权益分派方案、 2024年度权益分派方案，根据《上市公司股权激励管理办 ...

2026年，旗帜鲜明，看多建筑！——建筑股配置价值的五点思考 一、强安全垫和政策弹性的好底仓。 八大建筑央企占据板块市值近半，市值大（平均市值1000亿+）、估值低（pb均破净），且为源 头 信 息加 微 ss62897沪深300成分股。 尤其是基建、房建主导的【中国建筑】、【中国铁建】、【中国中铁】、【中国交建】，当前低位、强安全边际 同时，政策弹性较大。 为什么2026年增配建筑？ 伴随市场交易活跃、成交额放大，风格切换与资金轮动加快。 建筑板块作为显著滞涨（2025年上涨7.4%，排名25/32）与机构低配（Q4板块基金重仓比例0.37%，低配1.23%）板 块，叠加2026年作为十五五开局之年，政策加码与基本面企稳预期渐强，板块整体可以增配，具备绝佳的轮动配 置价值，且 2026年，旗帜鲜明，看多建筑！——建筑股配置价值的五点思考 为什么2026年增配建筑？ 伴随市场交易活跃、成交额放大，风格切换与资金轮动加快。 建筑板块作为显著滞涨（2025年上涨7.4%，排名25/32）与机构低配（Q4板块基金重仓比例0.37%，低配1.23%）板 块，叠加2026年作为十五五开局之年，政策加码与基本面企稳预期渐 ...

Group 1: Construction and Building Materials - The report emphasizes the importance of monitoring the resumption of work after the holiday, with expectations for a strong start in Q1 2026, driven by the release of projects and investment growth [2][7] - Historical analysis of previous five-year plans indicates that infrastructure investment typically shows a pattern of "high at the beginning, stable later," with the first half of the "14th Five-Year Plan" demonstrating this clearly [2][7] - In Q4 2025, Honglu Steel Construction achieved a production volume of 1.41 million tons, a year-on-year increase of 11.94%, indicating a significant return on the past three years of investment in automation [8] Group 2: Non-Banking Financial Institutions - China Life Insurance reported a 54.8% year-on-year increase in revenue and a 91.5% increase in net profit for Q3, reaching 298.7 billion yuan and 126.9 billion yuan respectively [12][13] - The company’s new business value (NBV) grew by 41.8% year-on-year, reflecting strong sales performance and improved sales capabilities [14][15] - The total investment return rate increased by 104 basis points to 6.42%, attributed to a rise in equity investments and successful participation in market opportunities [15] Group 3: Hong Kong Stock Exchange - The Hong Kong Stock Exchange reported a 37% year-on-year increase in revenue and a 45% increase in net profit for the first three quarters of 2025, reaching 21.9 billion HKD and 13.4 billion HKD respectively [19][20] - The average daily trading amount (ADT) for stock securities products increased by 150% year-on-year, indicating strong market activity [20] - The exchange continues to implement strategic measures to enhance market vitality, including the introduction of new trading facilities and adjustments to trading fees [21][22] Group 4: Basic Chemicals - Sanyou Chemical is expected to achieve a net profit of approximately 0.91 billion yuan in 2025, a decline of 82% year-on-year due to falling prices of soda ash, caustic soda, and organic silicon [26][27] - The report highlights the potential recovery in the viscose staple fiber industry, with no new capacity added in recent years and a significant increase in profitability expected from price increases [27][28] - The report suggests that the profitability of soda ash and caustic soda may have bottomed out, with market dynamics indicating a potential recovery in the future [29][30] Group 5: Transportation and Logistics - Hongchuan Wisdom is expected to report a net loss of 4.4 to 4.7 billion yuan in 2025, reflecting challenges in the chemical storage business due to decreased demand [31][32] - The chemical industry is showing signs of recovery, with increased production activity and improved demand expected to enhance profitability in the future [33] - The company is positioned as a leader in chemical storage, with ongoing capacity expansion through self-built and acquired facilities [34]

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [4] Core Viewpoints - The report emphasizes the importance of monitoring the resumption of work after the holiday, with Q1 2026 expected to see a "good start." Historical analysis of previous five-year planning cycles shows that infrastructure investment typically exhibits a "high start and stable finish" characteristic. The first half of the "13th Five-Year" and "14th Five-Year" plans demonstrated this pattern clearly. As 2026 marks the beginning of the "15th Five-Year" plan, with a backdrop of intensive project launches and the release of project reserves, the investment pace is anticipated to enter a rising phase again. Additionally, there are two low base supports: the base for the same period in 2025 is relatively low, with last year's Q1 narrow infrastructure growth rate at only 5%-6%, near a five-year low; and broad infrastructure investment in Q4 2025 saw a year-on-year decline of over 10%. Given the cyclical shift and the resonance of low base recovery, Q1 2026 infrastructure investment is expected to have year-on-year elasticity, making the post-holiday resumption of work a key focus [5][12] Summary by Sections Industry Performance - The report suggests focusing on structural opportunities in Honglu Steel Structure and China National Materials. Honglu Steel Structure's Q4 2025 output reached 1.41 million tons, up 11.94% year-on-year, indicating that the past three years of intelligent investment are entering a concentrated payoff period. The annual output for 2025 was 5.021 million tons, up 11.3%, with a capacity utilization rate of approximately 96.55%. With nearly 2,500 welding robots and intelligent production lines being deployed, production efficiency and effective capacity are expected to improve, with Q4 2025 already reflecting this, and further amplification expected in 2026. If manufacturing demand remains stable, the company is likely to achieve revenue growth through market share gains due to cost and scale advantages. If demand recovers, the combined effect of beta and alpha could open up valuation space. China National Materials, on the other hand, has attributes of "high overseas prosperity + high dividends," maintaining the world's number one market share in cement technology equipment and engineering services for 17 consecutive years. The business is primarily overseas, with new overseas orders in 2025 amounting to 45.024 billion yuan, up 24.37% year-on-year, providing strong support for performance [6][15] Infrastructure Data Tracking - New special bonds issued this week amounted to 195.014 billion yuan, with a cumulative issuance of 711.469 billion yuan as of February 15, 2026, representing a year-on-year increase of 164.33%. The issuance of urban investment bonds this week was 39.298 billion yuan, with a net financing amount of 13.838 billion yuan, bringing the cumulative net financing amount to 52.568 billion yuan as of February 15, 2026 [7][34] Market Review - The Shanghai Composite Index rose by 0.41%, the Shenzhen Component Index by 1.39%, and the ChiNext Index by 1.22% during the week. The Shenwan Construction Decoration Index increased by 0.37%, with the landscaping, other professional engineering, and decoration sectors leading the gains at +4.40%, +2.57%, and +2.30%, respectively. Among individual stocks, 66 stocks in the construction sector rose, with the top five gainers being Yabo Co., Ltd. (+32.58%), Decai Co., Ltd. (+31.75%), Roman Co., Ltd. (+27.27%), Shenghui Integration (+26.85%), and Huilv Ecology (+21.40%) [8][28]

此外，近期，海关总署发布数据，2025年，中国对共建"一带一路"国家进出口总值达到23.6万亿元人民 币，同比增长6.3%，显著高于我国外贸整体增速。尤为关键的是，共建国家占中国外贸总值的比重， 在2024年历史性突破50%的基础上，2025年进一步提升至51.9%。这意味着，每10元中国外贸额中，就 有超过5元来自"一带一路"合作伙伴，其作为中国外贸"压舱石"和"主航道"的地位无可动摇。 一带一路ETF易方达（515110）布局一带一路国家战略投资机遇。 ETF方面，一带一路ETF易方达（515110）涨1.05%，成分股盐湖股份（000792.SZ）、东方电气 （600875.SH）、烽火通信（600498.SH）、安迪苏（600299.SH）、招商轮船（601872.SH）、驰宏锌 锗（600497.SH）涨超5%，厦门钨业（600549.SH）、金风科技（002202.SZ）、中国巨石 （600176.SH）、中材国际（600970.SH）等上涨。 消息方面，据中国进出口银行消息，2025年，进出口银行新发放"一带一路"贷款6400亿元，资金重点投 向贸易进出口、基础设施互联互通、境外投资和产能合作、 ...

国投证券指出，2026年基建需求端仍较为充足，财政部门将继续实施更加积极的财政政策，推动投资止 跌回稳。2025年八大建筑央企新签订单实现同比正向增长，建筑企业经营有望迎边际改善。Q1通常为 全国及各省份基建/投资政策密集发布期，或驱动建筑行业估值提升。建筑企业出海战略略显成效，境 外新签订单同比快速增长，为2026年海外创收奠定基础。2025年，已披露的七大建筑央企海外新签订单 同比增长13%，国际工程板块龙头中材国际海外新签合同额同比高增24%。在全球AI技术加速迭代背景 下，半导体及泛半导体全产业链各细分领域均呈现需求增长态势，洁净室建设需求有望持续释放，洁净 室工程龙头受益下游景气度提升。 （文章来源：每日经济新闻） 上海发布楼市"沪七条"，2月25日，基建ETF（159619）盘中涨超2%，关注传统板块边际改善机会。 基建ETF（159619）跟踪的是中证基建指数（930608），该指数从A股市场中选取涉及机械制造、建筑 施工等基础设施建设的上市公司证券作为指数样本，以反映基建相关上市公司证券的整体表现。指数成 分股覆盖传统基建与部分先进制造业，具有较高的行业代表性。 消息面，上海市住房城乡建设管理 ...

摘要 建筑业新签合同总额去年同比下降 6.6%至 31.5 万亿元，但八大央企市 占率逆势提升约 10 个百分点，达到 51%，上游材料商市占率提升可能 更为显著，行业正经历供给出清和业务重组。 尽管建筑总需求大幅增加难度大，但结构上"两栋"项目比例上升，利 好头部央国企及其合作的头部材料商。今年作为"十五"开局之年，重 大项目资金倾斜，专项债提前下达，施工工作量有望由负转正。 有色金属方面，春节期间海外金属价格普遍上涨，带动国内有色金属股 票走强。尽管美联储鹰派会议纪要压制贵金属价格，但伊朗局势紧张提 供上涨催化，有色板块短期调整后具备基本面支撑，能源金属标的值得 关注。 煤炭行业，印尼减产计划仍在落实，国内春节后淡季可能继续推进减产。 春节前价格倒挂导致海外进口煤减少，国内供应量下降。港口库存低于 去年同期，电厂、钢厂、焦化厂或面临补库行情，看好节后国内煤炭价 格上涨。 春节期间，多地试点国企收购存量商品房用于保障性租赁住房，新房市 场开发商推出优惠活动。重点城市二手房成交稳中有升，但需观察元宵 周期板块节后开工及行情展望 20260223 节后数据。地产板块总体仍需摸底，看好现金流稳健的商管类公司及基 ...

2026年基建需求端仍较为充足，2月24日，基建ETF（159619）涨超3%。 基建ETF（159619）跟踪的是中证基建指数（930608），该指数从沪深市场中选取涉及基础设施建设、 专业工程、工程机械及房屋建设等领域的上市公司证券作为指数样本，以反映基建相关领域上市公司的 整体表现。该指数侧重于工业行业，覆盖了建筑与工程等多个细分领域，具有较高的行业集中度。 国投证券指出，2026年基建需求端仍较为充足，财政部门将继续实施更加积极的财政政策，推动投资止 跌回稳。2025年八大建筑央企新签订单实现同比正向增长，建筑企业经营有望迎边际改善。此外，Q1 通常为全国及各省份基建/投资政策密集发布期，或驱动建筑行业估值提升，部分建筑央国企低估值、 高股息，配置价值凸显。建筑企业出海战略略显成效，境外新签订单同比快速增长，为2026年海外创收 奠定基础。2025年，已披露的七大建筑央企海外新签订单同比增长13%，国际工程板块龙头中材国际海 外新签合同额同比高增24%。在基建和专业工程板块，龙头企业出海策略实施有效，全球降息背景下， 海外新签订单有望加速转化为海外创收。 风险提示：提及个股仅用于行业事件分析，不构成任 ...

Core Viewpoint - The announcement details the issuance of shares and cash payment for asset acquisition by China National Materials International Engineering Co., Ltd., including the listing of restricted shares for trading. Group 1: Share Issuance and Listing - The type of stock listing is a non-public offering, with a total of 366,878,106 shares to be listed [2][3] - The listing date for the restricted shares is set for March 2, 2026 [4] Group 2: Asset Acquisition and Lock-up Period - In February 2023, the company received approval from the China Securities Regulatory Commission to issue shares to acquire assets from the China Building Materials Academy, resulting in the issuance of 366,878,106 shares [5] - The shares acquired by the China Building Materials Academy will be subject to a lock-up period of 36 months, with potential extensions based on stock performance [5] Group 3: Changes in Share Capital - As of April 10, 2023, the company completed the registration of 9,807,253 shares from its 2021 restricted stock incentive plan, increasing total shares to 2,642,317,423 [7] - The company has undergone several share buybacks, reducing total shares to 2,621,819,524 as of the announcement date [8][9] Group 4: Compliance and Verification - The shareholders of the restricted shares have fulfilled their commitments regarding the listing of these shares [9] - The independent financial advisor, Huatai United Securities, confirmed compliance with relevant regulations regarding the release of restricted shares [11]

华泰联合证券有限责任公司 本次限售股上市类型为上市公司发行股份购买资产相关非公开发行股份，具体情况 如下： 关于 中国中材国际工程股份有限公司 发行股份及支付现金购买资产暨关联交易 之 限售股解禁并上市流通的核查意见 独立财务顾问 二〇二六年二月 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"独立财务顾问"）作 为中国中材国际工程股份有限公司（以下简称"中材国际"或"上市公司"）发行股份 及支付现金购买资产暨关联交易（以下简称"本次交易"）的独立财务顾问，根据《上 市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理办法》《上海证 券交易所股票上市规则》等相关法律法规和规范性文件的要求，对中材国际本次交易相 关限售股解禁并上市流通事项进行了核查，具体核查情况如下： 一、本次限售股上市类型 （一）股票发行核准情况 2023 年 2 月，经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准 中国中材国际工程股份有限公司向中国建筑材料科学研究总院有限公司发行股份购买 资产申请的批复》（证监许可[2023]264 号）核准，中材国际向中国建筑材料科学研究总 院有限公司（以下简称"中国建材总院 ...