证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究成功费 唐猛 A0230523080003 tangmeng@swsresearch.com 2026年02月08日 相关研究 联系人 唐猛 A0230523080003 tangmeng@swsresearch.com 系统谋划重点领域重大项目投资,发挥央国企 扩投资作用 ──申万宏源建筑周报（20260202-20260206） 本期投资后了 请务必仔细阅读正文之后的各项信息披露与声明 一周板块回顾：板块表现方面，SW 建筑装饰指数-1.81%，沪深 300 指 0 数-1.33%，相对收益为-0.48pct。周涨幅最大的三个子行业分别为装饰 幕墙 (+2.17%)、钢结构 (+2.05%)、生态园林 (+0.55%)，对应行业 内三个公司：名雕股份 (+31.83%)、杭萧钢构 (+9.62%)、国晟科技 (+25.29%)；年涨幅最大的三个子行业分别是钢结构（+23.50%）、专 业工程（+19.18%）、装饰幕墙（+ ...

行 业 及 产 业 建筑装饰 行 业 研 究 / 行 业 点 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 A0230523080003 tangmeng@swsresearch.com 2026 年 02 月 08 日 系统谋划重点领域重大项目投资，发挥央国企 扩投资作用 看好 ——申万宏源建筑周报（20260202-20260206） 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 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 评 - ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数-1.81%，沪深 300 指 数-1.33%，相对收益为-0.48pct。周涨幅最大的三个子行业分别为装饰 幕墙（+2.17%）、钢结构（+2.05%）、生态 ...

Core Viewpoint - The company has been awarded the first section of the high-standard farmland construction project in Shuyang District, Shangqiu City, with an estimated contract value of approximately 228 million yuan [1]. Group 1: Project Details - The project involves the construction of 90,900 acres of farmland, including the establishment of 30,900 acres of new high-standard farmland and the renovation of 60,000 acres [1]. - Key construction activities include land leveling, irrigation and drainage, field roads, soil improvement, agricultural power distribution, and ecological environment protection [1]. - The project has a total duration of 360 calendar days, which includes a design period of 60 calendar days [1]. Group 2: Financial Aspects - The funding for the project will come from long-term special government bonds and fiscal funds, with a 100% contribution ratio [1]. - The final order amount will be determined based on the actual signed agreement [1].

Core Viewpoint - The company has approved a resolution to provide a financial guarantee for a project company, ensuring the repayment of a trust loan principal of approximately 282.77 million yuan and its interest, as part of a strategy to mitigate risks associated with a public-private partnership (PPP) project [1][2][24]. Group 1: Board Meeting and Resolution - The company's board meeting was held on February 5, 2026, with all nine directors present, and the resolution to provide the financial guarantee was passed unanimously [1][9]. - The resolution includes the authorization for the company's legal representative to sign relevant agreements related to the guarantee [2][24]. Group 2: Guarantee Details - The company will assume the obligation to cover the difference for the trust loan principal of 282,771,306.71 yuan and the associated interest for the project company, Jishou Zongji Engineering Construction Project Management Co., Ltd. [2][8]. - The project company will provide all rights and receivables from the Jishou PPP project as a second-ranking pledge guarantee [2][24]. Group 3: Project Company Information - Jishou Zongji is a limited liability company in which the company holds a 90% stake, and it is responsible for implementing the "Jishou City National and Provincial Garden City Landscaping Construction Phase II PPP Project" [8][12]. - The project company has been operational since the completion of the project in July 2019, but has faced challenges in timely repayment of loans due to delays in government payments [17][24]. Group 4: Financial Context - The company has a total external guarantee obligation of 156,770.81 million yuan, which represents 94.53% of its audited net assets as of December 31, 2024 [6][25]. - The project company has not been classified as a dishonest executor, indicating a stable credit status [14].

截至本公告披露日，含本次担保本金，公司累计负有担保义务的、实际发 生的对外担保余额为 156,770.81 万元（均为上市公司对联营、合营企业的担保， 不包括对关联方的反担保余额），占公司 2024 年 12 月 31 日经审计净资产的 94.53%；控股子公司无对外担保情况。 证券代码：002431 证券简称：棕榈股份 公告编号：2026-018 本次对吉首市棕吉工程建设项目管理有限公司提供差额补足责任，被担保 对象吉首棕吉最近一期的资产负债率超过 70%。 请投资者注意担保风险。 一、提供担保情况概述 （一）担保基本情况 棕榈生态城镇发展股份有限公司 关于对项目公司提供差额补足的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 风险提示： 本事项经董事会审议通过后，尚需提交公司股东会审议。 （三）本次担保不涉及关联交易，不构成《上市公司重大资产重组管理办 法》规定的重大资产重组。 二、被担保对象基本情况 1、基本情况 企业名称：吉首市棕吉工程建设项目管理有限公司 统一社会信用代码：91433101MA4L6D9Q1E 棕榈生态城镇发展股份有限公司（以下 ...

证券代码：002431 证券简称：棕榈股份 公告编号：2026-017 棕榈生态城镇发展股份有限公司 第七届董事会第二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 2026 年 2 月 5 日 棕榈生态城镇发展股份有限公司（以下简称"公司"）第七届董事会第二 次会议，会议通知于 2026 年 2 月 3 日以书面、微信、电子邮件相结合的形式发 出，会议于 2026 年 2 月 5 日以通讯表决方式召开，应参会董事 9 人，实际参会 董事 9 人。会议的通知、召集、召开和表决程序符合《公司法》及《公司章程》 的规定。会议由刘江华董事长主持，经与会董事表决通过如下决议： 审议通过《关于对项目公司提供差额补足的议案》 表决情况：赞成 9 票，反对 0 票，弃权 0 票。 公司同意为吉首市棕吉工程建设项目管理有限公司（以下简称"吉首棕吉"） 在上海国际信托有限公司的信托贷款本息承担差额补足义务，提供差额补足的 额度为项目融资本金 282,771,306.71 元及项下利息，并同意授权公司法定代表 人（或授权代表）签署担保或差额补足协议等相关文件，同时 ...

Core Viewpoint - The company announced its commitment to provide a financial guarantee for a trust loan related to a PPP project, indicating a strategic move to support its subsidiary's financing needs [1] Group 1: Company Actions - The company holds a 90% stake in Jishou Pangji, which is seeking financing from Shanghai Trust for a PPP project [1] - The company agreed to assume the obligation to cover any shortfall in the principal and interest of the trust loan, amounting to 283 million yuan [1] - The board of directors approved this proposal on February 5, pending shareholder meeting approval [1] Group 2: Financial Implications - Jishou Pangji will provide project receivables as a second-ranking pledge guarantee for the loan [1] - As of the disclosure date, the company's total external guarantees amounted to 1.568 billion yuan, representing 94.53% of the net assets projected for the end of 2024 [1]

Group 1 - The company Palm Holdings announced that its seventh second board meeting was held on February 5, 2026, via telecommunication voting [1] - The meeting reviewed documents including a proposal regarding the provision of gap funding to project companies [1] Group 2 - The article highlights the significant number of elderly individuals living alone in the country, estimated to be in the tens of millions [1] - It discusses the concept of intended guardianship, which has been present in the country for 14 years but still faces challenges in full implementation [1]

Key Points - JinkoSolar has not reported any revenue from "space photovoltaic" orders [1] - Shuangliang Energy has not yet engaged in any space photovoltaic-related business [1] - CITIC Bank has increased its investment in CITIC Financial Leasing Co., Ltd. by 2 billion yuan [1] - Palm Holdings has won a bid for the construction project of high-standard farmland in Shuyang District, Shangqiu City for 2025 [1] - Shanghai Pharmaceuticals plans to transfer its 30% stake in Amgen [1] - Huanxu Electronics expects a net profit of 1.853 billion yuan for 2025, a year-on-year increase of 12.16% [1] - Changan Automobile plans to repurchase shares worth 1 billion to 2 billion yuan [1] - Jinpu Garden plans to reduce its shareholding by no more than 2% [1] - Sileck's subsidiary has received a project confirmation letter from a client [1] - Zhongwen Online intends to collaborate with Tencent on the authorization of animated micro-short dramas [1] Performance - Qilu Bank reported a net profit of 5.713 billion yuan for 2025, a year-on-year increase of 14.58% [2] - Guomai Heavy Industry achieved a net profit of 479 million yuan for 2025, a year-on-year increase of 10.89% [2] - Huanxu Electronics reported a net profit of 1.853 billion yuan for 2025, a year-on-year increase of 12.16% [2] Equity Acquisition - Shengxin Lithium Energy's subsidiary plans to acquire a 13.93% stake in Huirong Mining [2] - Hongchang Technology intends to acquire a 21% stake in Liangzhi Joint [2] - Shanghai Pharmaceuticals plans to transfer its 30% stake in Amgen [2] Share Buyback - Changan Automobile plans to repurchase shares worth 1 billion to 2 billion yuan [2] Shareholding Changes - Pulite's shareholder Zhou Wu plans to reduce his holdings by no more than 5.985 million shares [2] - Fuchuang Precision's shareholder Guotou Venture Capital plans to reduce its holdings by no more than 3% [2] - Changhong Huayi's directors and senior management plan to increase their holdings by no less than 3.3583 million yuan [2] - Jinpu Garden's shareholders plan to reduce their holdings by no more than 2% [2] - Kangst's shareholders plan to reduce their holdings by no more than 3.3799% [2] Other Developments - Sileck's subsidiary has received a project confirmation letter, with an expected total procurement of approximately 360 million cylindrical battery shells [2] - Zhongwen Online intends to collaborate with Tencent on the authorization of animated micro-short dramas [2]

【头条要闻】 详讯 | 习近平同美国总统特朗普通电话 习近平指出，过去一年，我们保持着良好沟通，在釜山成功会晤，为中美关系领航把舵，受到两国人民 和国际社会欢迎。我高度重视中美关系。新的一年，我愿同你继续引领中美关系这艘大船穿越风浪、平 稳前行，多办一些大事、好事。美方有美方的关切，中方有中方的关切。中方言必信，行必果，说到做 到。只要双方秉持平等、尊重、互惠的态度相向而行，就可以找到解决彼此关切的办法。今年中美两国 各自都有不少重要议程，中国"十五五"开局起步，美国将迎来建国250周年，两国将分别主办亚太经合 组织领导人非正式会议、二十国集团领导人峰会。双方要按照我们达成的共识，加强对话沟通，妥善管 控分歧，拓展务实合作，不以善小而不为，不以恶小而为之，一件事一件事去做，不断积累互信，走出 一条正确相处之道，让2026年成为中美两个大国迈向相互尊重、和平共处、合作共赢的一年。 习近平强调，台湾问题是中美关系中最重要的问题。台湾是中国的领土，中方必须捍卫国家主权和领土 完整，永远不可能让台湾分裂出去。美方务必慎重处理对台军售问题。 2026年信贷资源重点流向哪里？央行这场重磅会议明确 近日，中国人民银行召开2 ...