Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the construction industry [6]. Core Insights - The construction industry showed a month-on-month improvement in November, with the business activity index rising to 49.6%, an increase of 0.5 percentage points from the previous month. The business activity expectation index reached 57.9%, up by 1.9 percentage points [1][17]. - The government has allocated 700 billion yuan and 800 billion yuan in special bonds for hard investment projects in the past two years, supporting significant infrastructure developments [2][18]. - The "14th Five-Year Plan" emphasizes expanding domestic demand, with infrastructure investment expected to play a stabilizing role in economic operations [3][19]. - The report suggests focusing on high-prosperity sectors such as overseas construction, western region development, and cleanroom engineering, which are expected to maintain strong demand and performance [3][11]. Summary by Sections Industry Dynamics - The construction industry's business activity index improved to 49.6% in November, indicating a recovery in the sector. The overall economic climate remains stable, with the manufacturing PMI at 49.2% [1][17]. - Significant investments in infrastructure are being driven by government initiatives, including the construction of urban underground pipelines and major transportation projects along the Yangtze River [2][18]. Market Performance - The construction industry saw a weekly increase of 2.81%, with the decoration and renovation sector performing particularly well [20][22]. - The report highlights that 82.32% of companies in the construction sector experienced stock price increases, with notable performers including Guo Sheng Technology and Shenghui Integration [22][23]. Key Investment Targets - Recommended companies include China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from improved fundamentals and government support [11][13]. - The cleanroom engineering sector is highlighted for its continued high demand, with companies like Yaxiang Integration and Shenghui Integration poised for growth due to increased orders and overseas business expansion [12][13]. Valuation Metrics - The construction and decoration industry has a current P/E ratio of 12.41 and a P/B ratio of 0.82, indicating relatively low valuations compared to other sectors [25]. - The report identifies several companies with low P/E ratios, such as Shandong Road and Bridge (4.08) and China State Construction (4.81), suggesting potential investment opportunities [25][29].

2025 年 11 月 30 日 唐猛 A0230523080003 tanqmeng@swsresearch.com 相关研究 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 联系人 商业不动产 REITS 推行，盘活 并化解风险 -申万宏源建筑周报（20251124-20251128） 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+2.81%，沪深 300 指 O 数+1.64%，相对收益为+1.17pct。周涨幅最大的三个子行业分别为生态 园林 (+9.04%)、基建民企 (+7.21%)、设计咨询 (+6.23%)，对应行 业内三个公司：国晟科技（+57.69%）、汇通集团（+20.00%）、招标股 份 (+24.71%); 年涨幅最大的三个子行业分别是基建民企 (+71.33%)、生态园林 (+53.39%)、装饰 ...

行 业 及 产 业 建筑装饰 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 A0230523080003 tangmeng@swsresearch.com 2025 年 11 月 30 日 商业不动产 REITS 推行，盘活存量 并化解风险 看好 ——申万宏源建筑周报（20251124-20251128） 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 - ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数+2.81%，沪深 300 指 数+1.64%，相对收益为+1.17pct。周涨幅最大的三个子行业分别为生态 园林（+9.04%）、基建民企（+7.21%）、设计咨询（+6.23%），对应行 业内三个公司：国晟科技（+57.69%）、汇通 ...

Core Insights - The 2025 Guangdong Construction Industry Modernization Development Conference and Guangdong International Construction Industry Expo opened in Guangzhou, focusing on "Digital Intelligence Empowerment, New Quality Development, Building the Future of Guangdong" [1] - The event attracted over 200 participating units from the construction industry, showcasing advancements in technology and resources aimed at modernizing the construction sector [1][3] Group 1: Industry Trends - The construction industry is transitioning from high-speed growth to high-quality development, emphasizing quality over quantity [4] - Guangdong is leading the way in integrating new construction technologies and industrialization, particularly in smart construction and modular buildings [3][4] - The conference highlighted the importance of urban renewal and resource revitalization in enhancing city vitality [4] Group 2: Key Initiatives - The "Hundred Million Project" aims to achieve significant results within three years, with over 11,000 projects initiated and an investment of nearly 170 billion yuan by October [7] - Central enterprises like China State Construction and China Railway are playing a pivotal role in supporting local construction efforts and demonstrating leadership in rural development [7][8] - The conference facilitated cooperation agreements among construction enterprises to enhance resource integration and promote the "Hundred Million Project" [7] Group 3: Future Directions - The event included discussions on cultivating new productive forces in the construction industry and promoting the construction of quality housing [8] - Various activities, such as the Guangdong Provincial Construction Culture Promotion Week and exchanges among young architects, were organized to explore modernization pathways [8]

Group 1 - The report maintains a positive outlook on the construction and decoration industry, emphasizing the sustained growth policies and the favorable economic environment in the western regions of China, particularly in Xinjiang and Sichuan [5][12][22] - The "14th Five-Year Plan" is expected to drive high-quality development in domestic infrastructure investment, with significant projects like the Yarlung Tsangpo River downstream hydropower project and the Duku Highway in Xinjiang set to commence construction [10][11][15] - The report highlights the importance of new infrastructure needs, including the construction of a modern energy system and the development of smart transportation systems, which are anticipated to create new investment opportunities for companies in the sector [25][26] Group 2 - The report identifies key companies that are likely to benefit from the infrastructure boom in Xinjiang, such as Xinjiang Communications Construction, Qingsong Construction, and China Chemical Engineering, due to their involvement in major projects [14][16][19] - The coal chemical industry in Xinjiang is entering a phase of accelerated investment, with numerous projects planned or under construction, which is expected to enhance the operational performance of companies like China Metallurgical Group and China Railway Group [17][19][20] - The report notes that the Belt and Road Initiative continues to present overseas construction opportunities, with significant growth in new orders for major state-owned enterprises in both domestic and international markets [5][19][22] Group 3 - The report emphasizes the potential for companies involved in the new energy sector, as the government aims to construct a new energy system and achieve carbon peak goals, creating opportunities for firms engaged in renewable energy projects [25][26] - Companies like Suzhou Transportation Science and Technology and Huase Group are highlighted for their roles in the emerging low-altitude economy, which is expected to see accelerated development in infrastructure and operational capabilities [5][25] - The report discusses the rising prices of key minerals such as gold, copper, and cobalt, suggesting that companies involved in mineral resource development, like China Metallurgical Group and China Railway Group, may see increased value from their operations [17][19][22]

Group 1 - The core viewpoint of the articles highlights the increasing concentration of the land market in major cities, with significant changes in land transaction amounts and rankings among cities since 2025 [1][2][12] - As of November 27, 2025, the total land transaction amount in Hangzhou reached 152.84 billion yuan, ranking second in the country, only behind Shanghai, which had a total of 235.99 billion yuan [1][4] - The top five cities in land transaction amounts since 2025 include Shanghai, Hangzhou, Beijing, Chengdu, and Nanjing, while traditional leaders like Guangzhou and Shenzhen have dropped out of the top five [2][12] Group 2 - The land market has seen a decline in transaction amounts compared to 2024, but six cities have exceeded 50 billion yuan in transactions, indicating a high concentration of land deals [2][4] - In Beijing, nine residential land plots have been sold with a premium rate exceeding 10%, showcasing strong competition among major enterprises for quality land [5][6] - The overall land supply in Guangzhou has decreased significantly, with a 20% drop in supply area compared to 2024, reflecting a shift in the market dynamics [14][15] Group 3 - The land market's concentration is increasing, with major cities experiencing intensified competition for prime land, particularly in core urban areas [17] - The investment strategy among real estate companies has shifted towards a "better to be selective" approach, focusing on high-quality land in first and second-tier cities [17] - The upcoming land supply in cities like Hangzhou and Beijing is expected to influence the market dynamics, with potential implications for maintaining their respective rankings [11][12]

Core Viewpoint - The Guangdong Construction Industry Conference aims to showcase achievements and promote digital and intelligent development in the construction sector, emphasizing modernization and high-quality growth [2][3][12]. Group 1: Conference Overview - The 2025 Guangdong Construction Industry Modernization Development Conference and Guangdong International Construction Industry Expo opened in Guangzhou [2][10]. - The theme of the conference is "Digital Intelligence Empowerment, New Quality Development, Building the Future of Guangdong" [3][11]. - The event attracted over 200 units from the construction industry's upstream and downstream supply chains [4]. Group 2: Industry Trends and Goals - The construction industry is transitioning towards industrialization, digitalization, and greening, with Guangdong leading in integrating new construction technologies and industrialization [13][14]. - The focus is on enhancing the competitiveness and influence of "Chinese Construction" through technological innovation and building a collaborative industrial ecosystem [16][18]. - The conference emphasizes the importance of modernizing the construction industry to achieve high-quality development [17][27]. Group 3: Achievements and Initiatives - As of October this year, over 11,000 construction projects have been initiated under the "Hundred-Thousand-Ten Thousand Project," with a total investment of nearly 1700 billion [37][40]. - Major state-owned enterprises are actively participating in rural construction, enhancing infrastructure quality and optimizing public services [41][46]. - The conference includes signing ceremonies for cooperation in the "Hundred-Thousand-Ten Thousand Project," aiming to integrate resources across technology, management, and finance [49][52]. Group 4: Future Directions - The conference will host various activities, including discussions on cultivating new productive forces in the construction industry and promoting high-quality housing [53][58]. - The goal is to explore pathways for modernization and transformation in the construction sector, fostering innovation and cooperation across the entire industry chain [59].

Core Insights - The Xi'an China-Europe Railway Express is leading the nation, with Shaanxi aiming to establish an economic circle based on this railway service [1][2] - The railway has shown significant growth, with a total of 5,063 trains operated from January to October 2025, marking a 16.2% increase year-on-year [1] - The total value of goods imported and exported through the Xi'an railway reached 35.25 billion yuan, reflecting a 10.8% growth [1] Group 1 - The Xi'an China-Europe Railway Express has maintained a leading position in the country, with plans to enhance cost efficiency, service quality, and safety [1][2] - The railway has cumulatively operated over 30,000 trains, accounting for more than a quarter of the national total, with key performance indicators consistently leading [2] - The focus is shifting from merely increasing train numbers to enhancing the service capabilities for cities and supply chains [2] Group 2 - The Xi'an collection center is accelerating its construction, with 18 international trunk lines and 26 "+Western Europe" collection routes established, covering 45 countries and regions in Eurasia [2][3] - Future efforts will concentrate on strengthening hubs, optimizing routes, improving services, and integrating industries [2][3] - A "channel + platform + industry" linkage mechanism will be established to attract investment in key industries such as automotive and information technology [3]

11月27日10时58分，随着一声汽笛长鸣，满载3200吨大豆的集装箱班列缓缓驶出邯郸国际陆港园区，标 志着邯郸国际陆港铁路专用线正式投入运营，彻底打通了铁路物流进入园区的"最后一公里"，邯郸"向 海发展"再添战略通道。 铁路专用线直接接轨京广、邯黄、邯长、邯济四大干线，实现整列集装箱、散杂货、汽车整装作业，设 计年运量500万吨、集装箱处理能力30万标箱，居冀南地区首位。邯郸国际陆港铁路专用线的开通，不 仅显著提升了物流效率，更在区域协调发展和对外开放格局中扮演着关键角色，将为邯郸市打造便 捷"出海口"与对外开放新高地注入新动能，助力区域经济高质量发展。 该项目是国家交通运输部等九部委"公转铁"重点建设项目，也是河北省现代物流体系建设的重要枢纽节 点，包括铁路专用线、配套厂房、综合配套货场三项工程，总投资约7.6亿元。2024年6月开工以来，由 中铁六局承建的铁路专用线，累计完成铺轨8.9公里，新建4条整列到发线、5条装卸线，一次性通过国 铁集团开通条件验收。 转自：北京日报客户端 作为邯郸生产服务型国家物流枢纽的主体运营企业，邯郸国际陆港铁路专用线的开通运营，将为冀中南 地区开辟直达黄骅港的物流新通道。随 ...

大咖云集，共话智慧市政高质量发展 今年7月，中央城市工作会议在北京举行。这是时隔十年，党中央再次召开的城市工作会议。回顾过去 十年，我国城镇化进程迈出历史性步伐，城市道路里程从36.5万公里增加到57.2万公里，城市桥梁由 6.54万座增加到9万余座，轨道交通建成里程由3069公里增加到1.1万公里，城市综合承载能力得到了显 著增强。 11月27日，以"智建未来·绿色赋能·共享发展"为主题的2025市政工程建设产业博览会在苏州国际博览中 心开幕。本届博览会由中国市政工程协会主办，江苏省市政工程协会、苏州市市政工程协会、中亿丰控 股集团有限公司协办，亚展国际会展（湖南）有限公司承办，汇聚了全国各省市的市政工程协会负责 人、专家学者、行业龙头企业、科研院所等代表，共绘智慧城市发展新蓝图。 全国政协常委、第十三届全国政协原副秘书长赖明，住房和城乡建设部城市建设司副司长王凯峰，中国 市政工程协会会长卢英方，江苏省住房和城乡建设厅一级巡视员陈浩东，苏州市人民政府副秘书长刘锋 等嘉宾出席开幕式。 开幕式由中国市政工程协会副会长兼秘书长刘春生主持。卢英方致欢迎辞表示，本届博览会紧紧围 绕"十五五"城市更新发展规划，践行人民 ...