证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 建筑装饰 建筑板块哪些标的受益涨价？ 需求平稳+供给受限，有色/化工/钢铁/煤炭等行业有望迎来涨价。需求 端看：2 月 27 日政治局会议表态要"实施更加积极有为的宏观政策"、"持 续扩大内需、优化供给"、"继续实施更加积极的财政政策和适度宽松的货 币政策"；此前中央经济工作会议表态要"推动投资止跌回稳"；叠加近期 上海等城市地产政策优化，进一步稳固地产行业预期。在系列政策呵护下 预计我国 2026 年总需求有望平稳。供给端看：各行业积极推动反内卷政 策落地，以及高耗能行业积极落实控制碳排放，整体供给端受限。在需求 平稳、供给受限背景下，预计有色/化工/钢铁/煤炭等行业有望迎来涨价。 有色：宏观流动性、地缘贸易变局与产业基本面硬约束三重共振驱动价格 上涨。宏观流动性方面，2026 年美联储降息周期的演进为大宗商品提供 了流动性基础。地缘贸易方面，以铜为例，由于近期美国铜关税政策调整 预期，导致美国市场以溢价持续囤积库存，在此类关税政策多变背景下， 全球资金更愿意把部分金属当作战略资源/硬资产来配置，从而推高阶段 性波动。产 ...

Investment Rating - The report maintains a "Strong Buy" rating for the construction decoration industry, indicating a positive outlook for investment opportunities in this sector [3]. Core Insights - The report highlights the relaxation of real estate purchase restrictions in Shanghai, which is expected to boost housing demand and benefit leading cyclical companies [15][16]. - It emphasizes the importance of the upcoming Two Sessions in March 2026, which may introduce supportive policies for strategic engineering projects and new productivity sectors [16]. - The report suggests focusing on construction state-owned enterprises for recovery opportunities and transformation into new business lines [15][16]. Summary by Sections Industry Viewpoints and Investment Recommendations - The construction decoration index increased by 4.97%, outperforming the overall A-share index by 3.86 percentage points [14]. - The report recommends three main investment lines: 1. Focus on state-owned enterprises for recovery and transformation opportunities [22]. 2. Invest in high-demand sectors such as tunneling, civil explosives, and geotechnical engineering [22]. 3. Explore new economic directions like commercial aerospace, low-altitude economy, computing power, and AI [22]. Market Performance - The construction decoration sector showed significant gains, with individual stocks like Roman Shares rising by 37.70% and China Railway by 14.55% [28]. - The report notes that the issuance of special bonds has accelerated, with a cumulative net financing of 7,461 billion yuan as of February 27, 2026, which is higher than the same period in the previous two years [17][18]. Company Dynamics - Key company updates include: - China Railway Construction reported a revenue of 100.5 billion yuan for 2025, a slight decrease of 0.01% year-on-year [36]. - Donghua Technology achieved a revenue of 100.2 billion yuan, marking a 13.12% increase year-on-year [36]. - Honglu Steel Structure announced a reduction in the conversion price of its convertible bonds from 32.08 yuan to 21.99 yuan per share [36]. Industry Valuation - As of February 27, 2026, the price-to-earnings ratios (PE) for various construction sub-sectors are as follows: - Housing construction: 6.41x - Decoration: -28.12x - Municipal engineering: 8.35x - Garden engineering: -12.39x - Steel structure: 39.78x - Chemical engineering: 13.14x - International engineering: 13.49x - Other professional engineering: 67.05x - Engineering consulting services: 51.44x [37].

债 券 周 评 相关研究 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 王明路 A0230525060003 wangml@swsresearch.com 徐亚 A0230524060002 xuya@swsresearch.com 联系人 徐亚 A0230524060002 xuya@swsresearch.com 2026 年 02 月 28 日 如何理解高平价转债主动压估值？ ——转债周度跟踪 20260227 ⚫ 1. 周观点及展望 ⚫ 开年 A 股市场迎来开门红，但转债以微跌收场，转债表现远逊于对应正股，主要是由高 平价转债大幅压估值导致。140 元以上平价区间中，估值压缩幅度的较大主要有两类，一 是由强赎进度导致的估值压缩，比如汇成、睿创、恒帅、微导、中宠转 2、振华、永 02 等，压缩幅度也相对偏大，但即使全部归于强赎预期，扰动幅度也明显大于此前；二是新 券和次新券估值主动压缩，比如鼎龙、路维、华辰、甬矽等。此外其他 140 元以上平价 转债估值同样普遍压缩，仅个别超预期不强赎转债估值回升。因此本轮高平价转债估值压 缩具有普遍性，强赎进度转债、 ...

【申万建筑】鸿路钢构：顺周期弹性标的，看好转债转股价下修催化股价弹性 2025年公司新签同比+2.84%，钢结构加工量502万吨，同比+11.3%。 近两年通过应用焊接机器人等扩张实际有效产能，在行业承压的情况下，公司钢结构加工量2024年同比 +0.5%，2025年同比+11.3%，反映出公司在市场开拓以及内部管理角度的较强优势。 ●2、智能化产线改造有序推进，机器人协同效果加深 公司积极推进钢结构加工产线智能化改造，近年来研发或引入平面激光切割设备、智能工业焊接机器人等多种先 进设备，我们认为公司通过智能化产线改造升级，有望推动经营效益的改善，同时减轻对焊工依赖，提高产品质 量标准。 ●3、2026年钢结构市场内外需求共振，公司经营有望迎来拐点 钢结构下游需求以工业为主，具备高强度和轻质特点，较预制混凝土结构轻约30%-50%，能够满足大跨度空间设 计要求，当前国内经济企稳复苏，制造业投资有望回暖，同时东南亚等地区工业化进程加快，2026年钢结构市场 内外需求共振，鸿路钢构作为我国最大的钢结构加工企业，钢结构产能520万吨，充分受益行业复苏。 ●1、公司经营改善，机器人带来的协同效果在有序释放 2025年 ...

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]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002541 证券简称：鸿路钢构 公告编号：2026-018 债券代码：128134 债券简称：鸿路转债 安徽鸿路钢结构（集团）股份有限公司 第六届董事会第三十五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、董事会会议召开情况 安徽鸿路钢结构（集团）股份有限公司（以下简称"公司"）第六届董事会第三十五次会议于2026年2月 11日以送达方式发出，并于2026年2月25日在公司会议室以现场的方式召开。会议应出席董事5人，实际 出席董事5人，符合召开董事会会议的法定人数。会议由董事长万胜平先生主持，公司高级管理人员列 席了会议。本次会议的召集、召开符合《公司法》和《公司章程》的有关规定，出席会议的董事以书面 表决的方式通过了以下决议，决议合法有效。 二、董事会会议审议情况 会议经过审议并表决，形成决议如下： （一）、会议以5票同意，0票反对，0票弃权，审议通过了《关于向下修正"鸿路转债"转股价格的议 案》。 《关于向下修正"鸿路转债"转股价格的公告》（公告编号：2026-019），详 ...

（记者 张明双） 每经AI快讯，鸿路钢构2月25日晚间发布公告称，公司第六届第三十五次董事会会议于2026年2月25日 在公司会议室以现场的方式召开。会议审议了《关于向下修正"鸿路转债"转股价格的议案》等文件。 每经头条（nbdtoutiao）——伤亡180万人！俄乌冲突四周年，陷入谈判死局、战场僵局、经济困局！谁 为战争买单 ...

| 证券代码:002541 | 证券简称:鸿路钢构 | 公告编号:2026-019 | | --- | --- | --- | | 债券代码:128134 | 债券简称:鸿路转债 | | 安徽鸿路钢结构(集团)股份有限公司 关于向下修正"鸿路转债"转股价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示 1、证券代码：002541 证券简称：鸿路钢构 2、债券代码：128134 债券简称：鸿路转债 3、修正前转股价格：人民币 32.08 元/股 4、修正后转股价格：人民币 21.99 元/股 5、修正后转股价格生效日期：2026 年 2 月 26 日 6、转股期限：2021 年 4 月 15 日至 2026 年 10 月 8 日 安徽鸿路钢结构(集团)股份有限公司（以下简称"公司"）于 2026 年 2 月 25 日召开第六届董事会第三十五次会议，审议通过了《关于向下修正"鸿路转 债"转股价格的议案》，现将相关事项公告如下： 2021 年 6 月 2 日，公司实施 2020 年度权益分派，同时，公司可转债鸿路转 债的转股价格将由原来的每股人民币 ...

法律意见书 安徽天禾律师事务所关于 安徽鸿路钢结构（集团）股份有限公司 2026 年第一次临时股东会之法律意见书 安徽天禾律师事务所 ANHUI TIANHE LAW OFFICE 地址：安徽省合肥市怀宁路 288 号置地广场 A 座 34-35F 电话：（0551）62642792 传真：（0551）62620450 网址：http://www.tianhelaw.cn 法律意见书 安徽天禾律师事务所关于 安徽鸿路钢结构（集团）股份有限公司 2026 年第一次临时股东会之法律意见书 天律意 2026 第 00435 号 致：安徽鸿路钢结构（集团）股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》等有关 法律、法规、规范性文件以及《安徽鸿路钢结构（集团）股份有限公司章程》（以 下简称"《公司章程》"）的有关规定，安徽天禾律师事务所（以下简称"本所"） 接受安徽鸿路钢结构（集团）股份有限公司（以下简称"鸿路钢构"或"公司"） 的委托，指派卢贤榕律师、熊丽蓉律师（以下简称"本所律师"）出席见证于 2026 年 2 月 ...