业 及 产 业 建筑装饰 2025 年 10 月 19 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 (8621)23297818× tangmeng@swsresearch.com 推进新基建打造韧性城市，强调智能化布局 看好 ——申万宏源建筑周报（20251013-20251017） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 - ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数-1.67%，沪深 300 指 数-2.22%，相对收益为+0.55pct。周涨幅最大的三个子行业分别为装饰 幕墙（+3.44%）、钢结构（+2.32%）、设计咨询（+0.47%），对应行 业内三个公司：东易日盛（+26.23%）、精工钢构（+10 ...

Core Viewpoint - China Railway (00390.HK) announced that it will hold a board meeting on October 30, 2025, to approve the quarterly performance for the nine months ending September 30, 2025, and to consider the distribution of an interim dividend [1] Summary by Categories - **Company Announcement** - The board meeting is scheduled for October 30, 2025 [1] - The meeting will focus on approving the quarterly results for the nine months ending September 30, 2025 [1] - The board will also consider the distribution of an interim dividend [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 董事會會議召開日期 中國中鐵股份有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於二零二五年十月 三十日（星期四）舉行董事會會議，藉以（其中包括）批准宣佈本公司及其附屬公司截至二 零二五年九月三十日止九個月的季度業績及考慮派發中期股息。 承董事會命 中國中鐵股份有限公司 陳文健 董事長 中國•北京 2025年10月17日 於本公告日期，本公司的執行董事為陳文健先生（董事長）及王士奇先生；本公司的非執 行董事為文利民先生及房小兵先生；本公司的獨立非執行董事為修龍先生、孫力實女士 及屠海鳴先生。 ...

Core Viewpoint - Tian Su Measurement has successfully passed the IPO review by the Shenzhen Stock Exchange, marking a significant milestone for the company in its growth trajectory [1] Company Overview - Established in 2009, Tian Su Measurement is a national, comprehensive independent third-party measurement and testing service provider, specializing in calibration, testing, and certification services [3] - The company has achieved recognition as a national high-tech enterprise and has been designated as a "service-oriented manufacturing demonstration platform" and "public service platform for industrial technology foundation" by the Ministry of Industry and Information Technology [3] - As of June 2025, Tian Su Measurement has developed calibration services across ten fields, including geometric, thermal, mechanical, electromagnetic, radio, time and frequency, acoustics, optics, chemistry, and ionizing radiation, totaling 1,417 calibration services [3] Market Position and Client Relationships - The company has established long-term cooperative relationships with notable enterprises such as Shougang Group, China Railway, China National Nuclear Corporation, State Grid, and China Railway Construction, resulting in a high customer retention rate and stable client base [3] Technological Advancements - Tian Su Measurement focuses on the development of strategic emerging industries through independent research and development, enhancing its technical capabilities and service quality [4] - The company has developed twelve core technologies, including smart measurement laboratory technology and automatic calibration technology for flow meters, which support innovation in downstream strategic emerging industries [4] Financial Performance - For the years 2023 to the first half of 2025, Tian Su Measurement reported revenues of 726 million, 800 million, and 409 million respectively, with net profits of 101 million, 111 million, and 55.576 million [4] - The company has demonstrated a positive growth trend in both revenue and net profit [4] IPO Fundraising Plans - Tian Su Measurement plans to raise 424 million through its IPO, which will be allocated to projects aimed at enhancing measurement capabilities, establishing regional laboratories, building a digital center, and supplementing working capital [4] - The company believes these projects will enhance its production capacity, improve profitability, and facilitate rapid expansion of its market share [4]

Core Viewpoint - In September, A-share listed companies continued to implement share buybacks, with 22 companies announcing buyback plans, reflecting their recognition of self-value and commitment to shareholder rights and market confidence [1][2]. Group 1: Buyback Plans and Amounts - A total of 22 companies announced new buyback plans in September, a decrease of 37.14% from 35 in August, with a proposed maximum buyback amount of approximately 3.969 billion yuan, down from 10.007 billion yuan in August [1][2]. - Among the companies, China Jushi announced the highest proposed buyback amount of 880 million yuan, followed by Shougang Co. at 520 million yuan and China International Marine Containers at 500 million yuan [2]. - The buyback amount for Midea Group and CATL exceeded 2 billion yuan each in September, leading the buyback efforts for the month [1][5]. Group 2: Company-Specific Insights - China Jushi's stock price has been on an upward trend since June, with a maximum increase of over 60%, raising questions about the timing of its buyback announcement [2]. - The company stated that the buyback is a response to confidence in future stock prices and a commitment to shareholder interests, with the buyback amount representing about 6% of its liquid funds [2]. - Jian Sheng Group, a leading player in the knitted sportswear industry, announced a second buyback plan for the year, aiming to use 150 million to 300 million yuan for share cancellation [3]. Group 3: Market Reactions and Future Plans - Newpoint Software announced a buyback plan of 30 million to 50 million yuan for employee stock ownership plans, while also changing the purpose of a previous buyback to share cancellation [4]. - Despite a decrease in the number of companies announcing buybacks, the commitment to returning value to investors is evident, with companies like Midea and CATL showing significant buyback amounts [1][5]. - As of the end of September, approximately 379 companies had announced buyback progress, with 137 companies having met or exceeded their minimum buyback amounts [5][11].

Industry Overview - On October 11, the Strategic Mineral Market Regulatory Bureau of the Democratic Republic of the Congo (ARECOMS) announced details of cobalt export quotas, effective from October 16, 2023, calculated based on mining companies' export situations until the end of 2024 [1]. Commentary - The export quotas are primarily allocated to mining companies and the Congolese government platform, with no quotas for smelters. For the remainder of this year, the cobalt export quota is set at 18,100 tons; for 2026/27, the total export is 96,600 tons, of which 87,000 tons are basic quotas and 9,600 tons are strategic quotas from ARECOMS. Major companies like Luoyang Molybdenum, Glencore, and Eurasian Resources have received significant quotas, accounting for 62% of the total [2]. - The tightening supply is expected to drive up cobalt prices, with a strategic re-evaluation of cobalt's value occurring at this time. The total export quota for 2026/27 represents only 44% of the DRC's cobalt production in 2024, with the basic quota accounting for just 40%. The demand for cobalt is anticipated to increase due to the advantages of ternary batteries in high-end, long-lasting markets and the advancement of solid-state battery technology [2]. - The DRC's export ban aims to boost cobalt prices and prevent the low-cost outflow of strategic resources while enhancing international influence through resource control [2]. Supply Dynamics - A significant reduction in supply is expected to lead to larger price increases for raw materials. The DRC's cobalt production is projected to account for 76% of global supply in 2024, with a reduction of over 50% impacting global availability. As of October 11, cobalt intermediate products, MB cobalt, and metal cobalt prices have increased by 185%, 107%, and 123% respectively since February 24 [3]. - The pricing of cobalt products may be dominated by platforms that control spot cobalt raw materials, with a few platforms holding pricing power, potentially increasing price volatility. Glencore, the DRC government platform, and Eurasian Resources hold quotas of 20%, 17%, and 11% respectively [3]. Company Quotas - The following companies have been allocated export quotas for October to December 2025, with their respective basic quota shares and estimated quotas for 2026: - Luoyang Molybdenum: 1,300 tons in October, 2,600 tons in November, 2,600 tons in December, with a 35.9% share [5]. - Glencore: 785 tons in October, 1,570 tons in November, 1,570 tons in December, with a 21.7% share [5]. - Eurasian Resources: 425 tons in October, 850 tons in November, 850 tons in December, with an 11.7% share [5]. - The total quotas for all listed companies sum up to 18,125 tons for Q4 2025, with an estimated total of 87,000 tons for 2026 [6].

Core Insights - The article discusses the current state and future prospects of the Chinese railway locomotive industry, highlighting significant production changes and market analysis [1]. Industry Overview - According to the National Bureau of Statistics, the production of railway locomotives in China reached 49 units in April 2025, representing a year-on-year increase of 172.2% [1]. - From January to April 2025, the cumulative production of railway locomotives was 143 units, showing a cumulative decline of 6.5% compared to the previous year [1]. Companies Mentioned - Listed companies in the railway locomotive sector include China CNR Corporation (601766), China Railway Group (601390), China Railway Construction Corporation (601186), Jinxi Axle (600495), Taiyuan Heavy Industry (600169), Times New Material (600458), Shenzhou High-speed Railway (000008), Kanni Electromechanical (603111), Huihong Technology (002296), and Jin Yi Industrial (601002) [1]. Reports and Research - The article references a report by Zhiyan Consulting titled "Analysis of the Current Market Situation and Future Prospects of the Chinese Railway Locomotive Industry from 2025 to 2031," which provides in-depth industry research and insights [1].

Core Insights - The meeting between China Railway and the Land Transport Authority of Singapore focused on deepening strategic cooperation and advancing key projects, with a consensus on enhancing digital and intelligent applications in transportation systems [1][3]. Group 1: Strategic Cooperation - China Railway expressed its willingness to leverage its full industry chain advantages to expand cooperation in urban rail transit construction, operation maintenance, innovative technology research, and high-end equipment applications [3]. - The Singapore Land Transport Authority acknowledged China Railway's comprehensive strength and professional solutions in infrastructure, expressing hope for deeper involvement in rail infrastructure construction and digital innovation [3]. Group 2: Technological Advancements - During the meeting, China Railway showcased its advanced technologies and system solutions in areas such as intelligent tunnel construction, metro rail engineering, and integrated maintenance of rail transportation systems [3]. - The Singapore delegation visited China Railway's exhibition of intelligent electrification equipment, observing various self-developed smart tools and models, which highlighted the company's achievements in intelligent construction and operations [5].

Core Viewpoint - Shenzhen Tian Su Measurement and Testing Co., Ltd. is preparing for its IPO after a challenging review process, with significant involvement from its controlling shareholder, Gong Tianbao, who holds 69.31% of the shares [1][2]. Company Overview - Tian Su Measurement was established in June 2009 and is headquartered in Longgang District, Shenzhen. It is a national, comprehensive independent third-party measurement and testing service provider, focusing on calibration, testing, and certification services [2]. - The company serves various industries, including biomedicine, automotive, new energy, rail transit, energy and electricity, light industry, and equipment manufacturing [3]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was reported as 597 million, 726 million, 800 million, and 409 million respectively, with net profits of 84.39 million, 101 million, 111 million, and 55.58 million [3]. - For the first nine months of 2025, the expected revenue is projected to be between 635 million and 650 million, indicating a year-on-year growth of approximately 9.89% to 12.49% [4]. Business Segmentation - In 2024, calibration services are expected to account for over 85% of the company's main business, while testing services, particularly in new energy battery testing, will make up less than 15% [3]. - The gross profit margins for the main business during the reporting periods were 52.67%, 53.86%, 53.40%, and 51.56%, indicating a relatively high level but with some risk of decline [4]. Industry Context - The measurement and testing industry in China has seen its market size grow from 206.5 billion in 2016 to 487.6 billion in 2024, with a compound annual growth rate of 11.34% [7]. - The revenue of calibration institutions has increased from 5.668 billion in 2016 to 11.604 billion in 2024, with a compound growth rate of 9.37% [8]. - The industry is experiencing a trend towards concentration, with larger institutions benefiting from branding and internationalization opportunities [9]. Competitive Landscape - Tian Su Measurement's main competitors include Guangdian Measurement and the China National Institute of Metrology. In 2024, the company achieved a market share of approximately 5.91% in the calibration segment, slightly lower than the leading competitor [10]. - The company faces challenges such as high sales expense ratios compared to R&D expenses, which raises concerns about its focus on marketing over research and development [10].

Core Viewpoint - Shenzhen Tian Su Measurement Testing Co., Ltd. (Tian Su Measurement) is preparing for its IPO after a challenging review process, with significant involvement from major clients across various industries [1][12]. Company Overview - Tian Su Measurement was established in June 2009 and is headquartered in Longgang District, Shenzhen. It was listed on the New Third Board in October 2015 and delisted in February 2019 [2]. - The company is primarily engaged in measurement calibration, testing, and certification services, serving sectors such as biomedicine, automotive, new energy, rail transportation, and power energy [2][3]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was CNY 597 million, CNY 726 million, CNY 800 million, and CNY 409 million, respectively. Net profits for the same periods were CNY 84.39 million, CNY 101 million, CNY 111 million, and CNY 55.58 million [5]. - The projected revenue for the first nine months of 2025 is estimated to be between CNY 635 million and CNY 650 million, reflecting a year-on-year growth of approximately 9.89% to 12.49% [5]. Revenue Composition - In 2024, the revenue composition was as follows: measurement calibration services accounted for over 85%, testing services (primarily for new energy batteries) made up less than 15%, and certification services contributed a minimal 0.13% [3][4]. Financial Ratios - The company's total assets as of June 30, 2025, were CNY 729.19 million, with equity attributable to the parent company at CNY 576.12 million. The asset-liability ratio was 18.45% for the parent company and 20.99% for the consolidated entity [6]. - The gross profit margins for the main business during the reporting periods were 52.67%, 53.86%, 53.40%, and 51.56%, indicating a relatively stable but slightly declining trend [6][7]. Industry Context - The measurement and testing industry in China has seen a market size increase from CNY 206.5 billion in 2016 to CNY 487.6 billion in 2024, with a compound annual growth rate (CAGR) of 11.34%. However, the growth rate has slowed down recently, with a year-on-year increase of only 4.41% expected in 2024 [9][10]. - The revenue of calibration institutions has grown from CNY 5.668 billion in 2016 to CNY 11.604 billion in 2024, with a CAGR of 9.37% [10]. Competitive Landscape - Tian Su Measurement's main competitors include Guodian Measurement and the China National Institute of Metrology. In 2024, Tian Su Measurement achieved a market share of approximately 5.91% in the calibration segment, slightly below Guodian Measurement's revenue of CNY 7.45 billion [12]. - The industry is experiencing a trend towards consolidation, with larger institutions gaining market share and revenue [11].