来源：环球网 2025年6月8日下午，全球网友通过环球网在国内外的直播间，目睹了湖北燕矶长江大桥世界最长猫道上 的精彩一幕：中国人形机器人在横跨长江的猫道上冒着风雨阔步前行，中国机器狗跨越障碍稳健迈步， 它们与这座超级工程遥相呼应，一同见证了中国科技与大国基建的实力双秀。 这场《中国人形机器人挑战全球最长猫道！百米高空"飞越"长江》为主题的超级工程全球直播，由环球 网策划发起，与中国交建、中交二航局紧密联动，创新的实现了中国最先进机器人技术和"基建狂魔"的 跨界联动，首次创新地发起了中国人形机器人猫道挑战赛。直播中，环球网主持人在猫道上完成"高空 寻宝""云端'缆'运"等系列挑战，并与国产机器人、机器狗展开趣味互动，中交集团的专家们现场科普世 界最大跨径四主缆悬索桥的建设创意和科技创新，揭秘背后蕴藏的大国基建智慧，深度呈现"中国桥"建 造传奇。 在多机位多角度拍摄、无人机航拍、机器狗第一视角直播等技术的支持下，网友身临其境感受到高空挑 战的震撼和惊险。 从实验室到全球最长猫道，中国机器人技术经历"高考" 湖北燕矶长江大桥猫道是全球最长、高差复杂的"空中生命线"，此次直播中两款国产机器狗和搭载了飞 阔科技控制算 ...

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 家庭消费仍有潜力，期待服务消费刺激 2025 年 06 月 08 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 房大磊 执业证书：S0600522100001 fangdl@dwzq.com.cn 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 行业走势 -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 2024/6/11 2024/10/9 2025/2/6 2025/6/6 建筑材料 沪深300 相关研究 《建筑业 PMI 底部区间波动，推荐消 费建材》 2025-06-03 《继续推荐消费建材》 2025-05-25 东吴证券研究所 1 / 20 请务必阅读正文之后的免责声明部分 ◼ 本周（2025.6.3–2025.6.6，下同）：本周建筑材料板块（SW）涨跌幅 0.63%， 同期沪深 300、万得全 A 指数 ...

建筑装饰 三峡水运新通道项目启动，哪些标的有望受益？ 证券研究报告 | 行业周报 gszqdatemark 2025 06 08 年 月 日 三峡水运新通道项目启动设计招标，项目建设有望加快推进。本周中国三 峡电子采购平台发布《三峡水运新通道项目勘察设计招标公告》，项目位 于湖北省宜昌市，招标人为中国三峡建工（集团）有限公司。三峡水运新 通道项目可研阶段静态总投资约 766 亿元、总工期 100 个月（不含筹建期 12 个月），项目建设内容包含三峡枢纽新通道工程和葛洲坝航运扩能工程 两部分：1）三峡枢纽新通道：位于现有三峡船闸北侧，采用双线五级船闸 方案，线路总长 6680 米，通航吨级 10000 吨；2）葛洲坝航运扩能：拆除 既有三号船闸，新建两线船闸，闸室尺寸 280m×40m×8m，通航吨级 10000 吨。项目勘察设计已由项目审批机关批准，资金来源已落实。建设 三峡水运新通道是落实国家重大战略的政治任务，为区域经济发展提供重 要支撑，4 月交通运输部综合规划司在例行新闻发布会上表示项目力争年 内开工建设，后续建设有望加快推进。 三峡水运新通道项目将带动施工、民爆、水泥等需求释放，相关产业链龙 头及区 ...

Investment Rating - The report maintains an "Overweight" rating for the construction decoration industry [1] Core Viewpoints - Significant attention is being given to major infrastructure projects, with recommendations for sectors such as water conservancy and cleanroom engineering, which are experiencing structural prosperity [1] - In the first four months of 2025, China's infrastructure investment increased by 5.8% year-on-year, with water management investment growing by 30.7%, water transport investment by 26.9%, and air transport investment by 13.9% [10][11] - The report highlights the potential for overseas engineering demand to remain robust, particularly in countries involved in the Belt and Road Initiative, with new contracts signed amounting to USD 64.54 billion, a year-on-year increase of 17.4% [11] - The report suggests focusing on companies with transformation layouts in high-demand sectors such as energy conservation, carbon reduction, and new energy-related infrastructure [11] Summary by Sections Industry Dynamics - The central government plans to support urban renewal actions in 20 cities, with a budget exceeding 20 billion yuan, which is expected to boost demand for related engineering and materials [13][14] - The Ministry of Housing and Urban-Rural Development will enhance supervision to implement new residential project standards, promoting the application of new construction technologies and materials [15] Market Performance - The construction decoration sector saw a weekly increase of 1.25%, outperforming the CSI 300 and Wind All A indices, which increased by 0.88% and 1.61%, respectively [18] - Notable stock performances include Zhongheng Design and Chongqing Construction, which saw significant weekly gains of 26.5% and 26.1%, respectively [19] Recommendations - The report recommends focusing on leading state-owned enterprises and local state-owned enterprises in the infrastructure sector, which are expected to see valuation recovery opportunities [10] - Specific stock recommendations include China Communications Construction, China Electric Power Construction, and China Railway [10]

建筑装饰 2025 年 06 月 08 日 三峡水运新通道开工，关注大型水利工程事件催化 看好 ——申万宏源建筑周报（20250603-20250606） 联系人 唐猛 (8621)23297818× tangmeng@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 产 业 本期投资提示： 业 研 究 / 行 业 点 评 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 行 证 券 研 究 报 告 相关研究 - ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数+1.25%，沪深 300 指数+0.88%，相对收益为+0.37pct。周涨幅最大的三个子行业分别为 基建国企（+3.22%）、家装（+2.85%）、专业工程（+2.34%），对应 行业内三个公司：重庆建工（+26.12%）、名雕股份（+7 ...

A 股股份代码：601800 H 股股份代码：1800 2024 年年度股东会 会议材料 中国交通建设股份有限公司 2025 年 6 月 16 日 股东会会议材料 会议须知 为维护全体股东的合法权益，确保股东会的正常秩序和 议事效率，保证会议顺利进行，本公司根据《公司法》《上 市公司股东会规则》以及《公司章程》的规定，特制定本须 知。 一、参会股东及股东代表须携带身份证明（股票账户卡、 身份证、法人股东的营业执照等）及相关授权文件办理会议 登记手续及有关事宜。 二、出席本次年度股东会的股东及股东代表应于 2025 年 6 月 13 日 8:30-11:30，13:30-16:30 之间办理会议登记。 三、会议按照法律、法规、有关规定和《公司章程》的 规定进行，请参会人员自觉维护会议秩序，防止不当行为影 响其他股东合法权益。 四、谢绝个人进行录音、拍照及录像。 五、股东要求在股东会上发言的，应在发言议程进行前 到会议登记处进行登记。会议主持人根据会议登记处提供的 名单和顺序安排发言。股东提问应举手示意，并按照主持人 的安排进行。 六、股东发言、质询的总时间控制在 30 分钟之内。股 东发言或提问应围绕本次会议议 ...

- The report focuses on the analysis of accounts receivable securitization products, highlighting their dominant position in the market in 2024, with a total issuance of 571 deals and a scale of 4,385.82 billion yuan, accounting for 25.53% of the enterprise ABS and ABN market share[2][3][5] - The products are primarily issued by central state-owned enterprises (SOEs), which accounted for 54.31% of the issuance scale in 2024, with the construction industry being the main sector, contributing 29.88% of the issuance scale[7][8] - The innovation in 2024 includes the issuance of the first engineering machinery accounts receivable ABS, the first separated guarantee asset transfer ABS, and the first foreign currency-denominated overseas asset ABN, showcasing advancements in structure design, policy alignment, and internationalization[16][17][18][20] - The first engineering machinery accounts receivable ABS, issued by Guangxi Liugong Machinery Co., Ltd., embedded advanced manufacturing assets into insurance ABS, aligning with the "Made in China" strategy and supporting high-end manufacturing[17] - The first separated guarantee asset transfer ABS, issued in December 2024, introduced a design that enhances asset liquidity through guarantee credit enhancement and asset isolation, addressing cash flow issues for SMEs and enabling banks to reduce capital occupation[18] - The first foreign currency-denominated overseas asset ABN, issued by XCMG Group, represents a significant step in the internationalization of Chinese enterprises, with a total issuance scale of 39.26 billion yuan and priority asset ratings of AAAsf[20] - The accounts receivable securitization products in 2024 maintained a low weighted average issuance rate of 2.45%, with the lowest rate at 1.79% and the highest at 4.79%, reflecting the overall loose interest rate environment and policy support for supply chain finance[6][9][10] - The products were predominantly short-term, with 62.04% of the issuance scale having a maturity of one year or less, which aligns with the market preference for high-rated, short-term products[10][11] - The secondary market for accounts receivable securitization products was active, with a total transaction volume of 2,884.26 billion yuan and 7,356 transactions, making it the most traded asset class in the ABS market[12][15]

Investment Rating - Investment rating: Positive (maintained) [5] Core Viewpoints - Structural market conditions are emerging, leading to a reassessment of the investment value in the construction sector. Since 2025, the construction sector has been in a phase of weak recovery, with cautious market sentiment and low valuation and trading activity. However, with ongoing macro policies supporting the market, accelerated special fund disbursement, and increasing differentiation among enterprises, structural investment opportunities are gradually appearing within the sector. It is recommended to select quality stocks with policy advantages, profit recovery capabilities, or growth elasticity based on three main lines: "regional direction," "relative return configuration," and "industrial extension and upgrading" [5][11][20]. Summary by Sections Section 1: Market Performance - The construction sector is experiencing a weak recovery, with fixed asset investments in the western and central regions growing by 6.2% and 5.5% year-on-year, respectively, significantly above the national average of 4.2% [6][12]. - Water conservancy investments reached 294.36 billion yuan in the first four months of 2025, indicating steady progress in infrastructure construction [13]. - The "Belt and Road" initiative continues to see trade recovery, with a total trade volume of 2.14 trillion USD in 2024, up 5.16% year-on-year [15][16]. Section 2: Stock Selection Strategies - Three main lines for stock selection are proposed: 1. Focus on regions with clear policy support, particularly in the central and western regions and water conservancy projects [6][12]. 2. Central state-owned enterprises (SOEs) are characterized by stable dividends and low valuations, making them attractive for defensive investment [7][16]. 3. Companies exploring diversified transformation paths, such as "construction+" models, are expected to create new growth curves in emerging fields like smart manufacturing and digital economy [20]. Section 3: Market Review - The construction sector index rose by 1.12% during the week, while the Shanghai Composite Index fell by 0.03% [31]. - Among the stocks, Hopu Co. saw a significant increase of 44.63%, while the overall market had 127 stocks in the construction sector rise [31].

Group 1 - The core viewpoint of the article highlights the ongoing trend of share buybacks among listed companies, driven by supportive policies and market conditions [1][2][3] - In May, over 60 A-share companies disclosed buyback plans, with nearly 150 companies completing buybacks, including major players like Yili and Heng Rui [1][2] - The buyback wave began in early April, influenced by market stabilization efforts, with significant funds entering the A-share market [1][2] Group 2 - Companies are rapidly fulfilling their buyback commitments, with some completing the process in less than a month [1][3] - Financial institutions are providing special loans to support these buybacks, with some companies sourcing over 80% of their buyback funds from these loans [1][8] - The "buyback and increase loan" policy tool has been instrumental, with over 210 related announcements and a total loan cap exceeding 436 billion yuan since April [8][9] Group 3 - The trend of buybacks is expected to continue, with over 70 A-share companies announcing new buyback plans since May [6][7] - Notable recent buyback announcements include Baofeng Energy planning to allocate 1 billion to 2 billion yuan for buybacks [6][7] - The low interest rates of special loans make them attractive for companies, allowing them to enhance earnings per share through cost-effective financing [9]

证 券 研 究 报 告 战略引领，挖掘区域投资弹性 2025年建筑装饰中期投资策略 证券分析师：袁豪 A0230520120001 唐猛 A0230523080003 研究支持： 唐猛 A0230523080003 联系人： 唐猛 A0230523080003 2025.6.4 要点：战略引领，挖掘区域投资弹性 www.swsresearch.com 证券研究报告 2 ◼ 年初至今固定资产投资增速放缓，制造业、地产均呈现压力，总量偏弱背景下，基建投资保 持相对稳定，公用事业、水利形成支撑。 ◼ 区域投资有望随国家战略布局而获得弹性。2025年作为"十四五"收官、"十五五"谋划 之年，承上启下作用凸显，结合当前市场经济环境，中西部产业转移、西部大开发、城市更 新、低空经济、"一带一路"倡议等均有望在"十五五"期间迈入新的发展阶段。 ◼ 低估值破净央国企估值修复。建筑企业资产主要为应收账款类，长期现金流和资产可变现能 力遭遇质疑，市场估值折价，近两年国资委强调央企资产质量考核，聚焦价值创造能力，企 业端收入、利润承压背景下依旧保持分红政策稳定。展望未来，随着证监会市值管理办法、 公募新规等政策出台，同时企业经营受 ...