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 ...

来源：环球网 在第54个世界环境日到来之际，中国交建汉源九安公路项目举办了一场别开生面的驻地环境清理整洁活 动。此次活动不仅吸引了项目员工的热情参与，还吸引了"端午节"假期众多探亲家属及子女的踊跃加 入，"中交蓝"志愿者精神在孩子们幼小的心灵中生根发芽。 活动前夕，中国交建汉源九安公路项目党团员志愿者们精心筹备，为参与活动的家属和孩子们准备了醒 目的"中交蓝"志愿者马甲。这些马甲不仅象征着中交人强烈的责任担当和生态环保使命，更开启了孩子 们勇当地球家园守护者的人生特殊旅程。 活动当天，烈日炎炎，但"中交蓝"志愿者们热情不减。他们手持垃圾袋、垃圾钳等清洁工具，在项目驻 地周边道路、绿化带等区域迅速行动起来。员工们充分展现了中交人吃苦耐劳的精神，不怕脏、不怕 累，认真清理着路边、草丛中的各类垃圾。家属们也不甘示弱，积极协助，用实际行动为孩子们树立榜 样。 孩子们身着"中交蓝"马甲，在绿树花丛间穿梭，专注地寻找着地上的垃圾。哪怕是一片小小的纸屑，也 不放过他们的眼睛。项目员工还借此机会向孩子们详细讲解了垃圾分类知识，使他们在实践中接受环保 理念教育。 经过一个多小时的奋战，志愿者们共清理各类垃圾30多公斤，原本杂乱 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1] Core Viewpoints - The construction materials sector is experiencing fluctuations at the bottom of the PMI index, with expectations for a gradual recovery in demand driven by government policies and market dynamics [4][16] - The report emphasizes the potential for recovery in the home decoration materials segment, particularly with the implementation of "old-for-new" subsidies and service consumption stimulus policies [4][16] Summary by Sections 1. Sector Overview - The construction materials sector has shown a slight increase of 0.18% in the past week, outperforming the Shanghai Composite Index and the Wind All A Index, which decreased by -1.08% and -0.02% respectively [4] - The report highlights that the cement market price is currently at 367.8 RMB/ton, down by 3.0 RMB/ton from the previous week and down by 6.3 RMB/ton compared to the same period last year [20][21] 2. Cement Market - The average cement inventory ratio is reported at 65.7%, an increase of 0.4 percentage points from the previous week, but down by 2.5 percentage points year-on-year [25] - The average daily cement shipment rate is 47.8%, up by 1.4 percentage points from the previous week but down by 5.3 percentage points compared to last year [25] - The report notes that the cement price is expected to stabilize or slightly rebound in the coming months due to supply-side adjustments and demand recovery [12][19] 3. Glass Fiber Market - The report indicates that the profitability of the glass fiber sector remains low, with many second and third-tier companies operating at breakeven or loss [13] - The demand for high-end products in wind power and thermoplastics is expected to continue growing, which may support profitability for leading companies [13] - The report recommends companies like China Jushi and suggests monitoring others such as Zhongcai Technology and Shandong Fiberglass [13] 4. Glass Market - The glass sector is facing weak terminal demand, with inventory levels remaining high and price pressures expected to increase as the market enters a seasonal downturn [14][15] - The report recommends Qibin Group as a leading player in the glass market, with a focus on its cost advantages and growth potential in photovoltaic glass [14] 5. Home Decoration Materials - The report highlights the positive impact of government policies aimed at boosting domestic demand and stabilizing the real estate market, which is expected to enhance the demand for home decoration materials [16] - Companies such as Beixin Building Materials and Arrow Home are recommended for their strong growth potential and market positioning [16]

Macro News - The Ministry of Transport held a meeting to deploy key tasks for 2025, emphasizing the need to deepen reforms in the comprehensive transportation system, focusing on railways, highways, waterways, civil aviation, and postal services [1][8] - As of May 31, 2025, the sales generated from the five major categories of consumer goods through the old-for-new policy reached 1.1 trillion yuan, with approximately 175 million subsidies issued to consumers [3] - The manufacturing PMI for May was reported at 49.5%, a 0.5 percentage point increase from the previous month, indicating a slight expansion in economic output [3] Industry Developments - The People's Bank of China announced a new cybersecurity reporting management method effective from August 1, which requires financial institutions to report incidents affecting their operations [4] - The National Energy Group issued a statement warning the public about fraudulent activities impersonating the group, clarifying that it has not established any "expansion centers" or engaged in investment activities [2][5] - The Ministry of Industry and Information Technology released an action plan for computing power interconnectivity, aiming for standardized interconnectivity by 2028 [7] Market Trends - Recent data shows that the average price of new residential properties in 100 major cities rose by 0.30% month-on-month in May, while second-hand residential prices fell by 0.71% [15] - Fund distribution data indicates that 2,875 funds have announced or implemented dividends this year, with a total dividend amount increasing by 39.44% compared to the same period last year [13] - The ETF market saw significant inflows into blue-chip and growth-style ETFs, with notable net subscriptions reported for several funds [14] Company News - NIO's legal department refuted false information regarding stock changes of its co-founder, emphasizing that no changes occurred [20] - Xiaomi announced the opening of 29 new stores in May, with plans for 37 more in June, expanding its presence across multiple cities [20] - JD.com reported that its full-time delivery rider count has surpassed 100,000, with plans to increase to 150,000 [18]

Market Overview - US stock market opened lower but closed higher, with Dow Jones up 0.08%, Nasdaq up 0.67%, and S&P 500 up 0.41% [1] - Notable stock movements include Meta up 3.62%, Nvidia up 1.67%, Amazon up 0.80%, Apple up 0.42%, and Microsoft up 0.35%, while Tesla fell 1.09% and Google A dropped 1.58% [1] Economic Indicators - The US ISM Manufacturing Index for May has contracted for three consecutive months, with import indicators hitting a 16-year low [4] - The 20-year US Treasury yield has fallen below the 30-year yield, marking the largest spread since 2021 [8] Industry Developments - Neuralink, a company owned by Elon Musk, raised $650 million in Series E funding [6] - Musk's xAI initiated a $300 million stock sale based on a $113 billion valuation, with Morgan Stanley starting a $5 billion debt sale for the company [7] Commodity Insights - The price of silver surged by 5.0%, reaching $34.61 per ounce [15] - The price of rare earth materials has seen a week-on-week increase, with mixed carbonate rare earth ore prices rising by 4.17% [13][14] Corporate Announcements - Xiaomi is preparing for mass production of its YU7 model [10] - Various companies are undergoing significant changes, including渤海汽车 planning to acquire stakes in multiple firms and安奈儿 planning a change in control [20] New Stock Offerings - Haiyang Technology is offering a new stock for subscription at a price of 11.50 yuan per share, requiring a minimum market value of 145,000 yuan for top-tier subscriptions [19]

Core Viewpoint - China Communications Construction Company (CCCC) is actively managing its market value through share buybacks and shareholder returns, aiming to enhance investor confidence and stabilize its stock price [2][3][4]. Group 1: Share Buyback and Capital Management - On May 30, CCCC announced a plan to repurchase A-shares with a budget between 5 billion and 10 billion yuan, with a maximum buyback price of 13.58 yuan per share, potentially acquiring 45.45 million to 90.91 million shares, representing 0.28% to 0.56% of total shares [3][4]. - The buyback is part of a broader strategy to improve company valuation and manage market perception, as indicated by the chairman's proposal [4]. - CCCC's controlling shareholder, China Communications Construction Group, also plans to increase its holdings in H-shares by investing between 2.25 billion and 5 billion yuan [2][4]. Group 2: Financial Performance and Dividends - In Q1, CCCC reported revenues of approximately 154.6 billion yuan and a net profit attributable to shareholders of about 5.4 billion yuan, showing some adjustments compared to the previous year [2]. - The company has a strong history of returning value to shareholders, having distributed a total of 487.35 billion yuan in cash dividends since its IPO in 2012, with a dividend payout ratio averaging 19.62% [6][8]. Group 3: Contracting and Revenue Growth - CCCC signed new contracts worth 553.03 billion yuan in the first three months of the year, a year-on-year increase of 9.02%, with significant growth in energy engineering projects, which saw a 185.36% increase [2]. - The company is focusing on expanding its international business, achieving new contracts worth 359.73 billion yuan overseas, a 12.50% increase, particularly in Belt and Road Initiative countries [9]. Group 4: Research and Development - CCCC has invested over 1 trillion yuan in R&D over the past five years, with a focus on overcoming critical technological challenges [10]. - By the end of 2024, the company will have approximately 34,000 R&D personnel, accounting for 25% of its total workforce, and has received numerous national awards for its technological advancements [11].

Group 1 - The core point of the announcement is the addition of temporary proposals for the 2024 annual shareholders' meeting of China Communications Construction Company Limited, scheduled for June 16, 2025 [1] - The temporary proposals include discussions on the 2025 comprehensive budget plan and the A-share repurchase plan, which have been approved by the company's board and supervisory board [2] - The shareholders' meeting will take place at the company's headquarters in Beijing, with provisions for both on-site and online voting [2][3] Group 2 - The stock registration date for the shareholders' meeting remains unchanged, ensuring that eligible shareholders can participate [3] - The meeting will include various non-cumulative voting proposals, such as the review of the 2024 profit distribution plan and the 2025 pre-dividend proposal [5][6] - The company has outlined the procedures for proxy voting, allowing shareholders to delegate their voting rights for the meeting [8][9]

一、 股东会有关情况 （一）股东会的类型和届次： 证券代码：601800 证券简称：中国交建 公告编号：临 2025-025 中国交通建设股份有限公司 关于2024年年度股东会增加临时提案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2024年年度股东会 （二）股东会召开日期：2025 年 6 月 16 日 （三）股权登记日 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 601800 | 中国交建 | 2025/6/9 | 二、 增加临时提案的情况说明 （一）提案人：中国交通建设集团有限公司 （二）提案程序说明 公司已于2025 年 5 月 17 日公告了股东会召开通知。现根据公司回购 A 股股 份等相关事项最新进展，按照《公司法》、公司《章程》相关要求，公司提请由 单独或者合计持有59.42%股份的股东中国交通建设集团有限公司（简称中交集团） 提议增加临时提案。中交集团于2025 年 5 月 30 日临时提案书面提交股东会召集 人。股 ...

Group 1: Share Buybacks and Investments - China Communications Construction Company plans to repurchase shares worth between 500 million to 1 billion yuan, with a maximum repurchase price of 13.58 yuan per share [6] - Yingtan Technology intends to adjust the upper limit of its share repurchase price from 38 yuan to 65.04 yuan per share due to recent stock price increases [3] - Zhongjian Technology is set to invest 1.402 billion yuan in a high-performance carbon fiber product project, aiming for an annual production capacity of 2,000 tons [13] Group 2: Mergers and Acquisitions - Zhejiang Longsheng plans to acquire a 37.57% stake in its subsidiary, Desida, for 697 million USD, aiming to resolve litigation issues and consolidate ownership [9] - Bohai Automotive intends to purchase equity stakes in several companies, with its stock set to be suspended from trading starting June 3, 2025, for up to 10 trading days [4] Group 3: Regulatory and Compliance Issues - Aerospace Morningstar has been suspended from participating in military procurement activities due to reported violations [2] - ST Baili received an administrative penalty notice from the Hunan Securities Regulatory Bureau for failing to disclose non-operating fund occupation matters, facing fines totaling 4 million yuan [8] - Jinfu Technology has also received an administrative penalty notice for falsely reporting revenue, with proposed fines totaling 7.5 million yuan [12] Group 4: New Listings and Stock Changes - Jiewate has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, pending regulatory approvals [4] - ST Gengxing will change its stock name to ST Haiqin starting June 6, 2025, while maintaining its stock code [5]

Group 1 - China Communications Construction Company (CCCC) plans to repurchase A-shares between 500 million and 1 billion yuan, with a maximum price of 13.58 yuan per share, within 12 months after shareholder approval [2] - The repurchased shares will be used to reduce registered capital, and there are no plans for major shareholders or executives to sell shares in the next six months [2] Group 2 - Aerospace Chengtong has been suspended from participating in military procurement activities due to violations, effective until May 29, 2025, impacting its logistics support equipment business [3] - The company is currently investigating the reasons for the violation and preparing an appeal, while existing contracts remain unaffected [3] Group 3 - Bohai Automotive is planning to acquire stakes in several companies, including Beijing Beiqi Moulding Technology Co., through a combination of share issuance and cash payment, leading to a stock suspension starting June 3, 2025 [3] Group 4 - *ST Jinglan has received a notice from the China Securities Regulatory Commission regarding an investigation for suspected information disclosure violations, but it claims this will not significantly impact its operations [4] Group 5 - *ST Weidi will resume trading on June 4, 2025, after a one-day suspension, with the removal of the delisting risk warning and a change in stock name to Weidi Co., while the price fluctuation limit increases from 5% to 10% [5] Group 6 - Jiahua Technology has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, with the application materials being subject to updates [6][7] Group 7 - Various companies are involved in significant asset restructuring, equity transfers, and investment collaborations, including Zhejiang Longsheng's plan to acquire a 37.57% stake in a foreign company for 697 million USD [11]