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 Points - The new Demerara River Bridge in Georgetown, Guyana, constructed by China Railway International Group, is seen as a vital infrastructure project that will significantly enhance transportation capacity and alleviate traffic pressure in the region [2][3] - The bridge, which spans 2,900 meters and features a dual four-lane design, is expected to reduce crossing time by 75% and accommodate vessels up to 50,000 tons, thereby improving both traffic efficiency and shipping conditions [3][4] Infrastructure Development - The bridge's construction began in January 2023 after a contract was signed in 2022, marking the start of a series of infrastructure transformations in Guyana [3] - The project has created over 2,000 jobs, with local engineers and technicians gaining valuable experience through hands-on involvement [5] Economic Impact - The bridge is anticipated to reshape Georgetown's traffic patterns and stimulate regional economic activity, as noted by the Minister of Public Works [3][5] - The construction of the bridge is part of a broader strategy to modernize transportation in Guyana, with additional projects like the Mackenzie-Wismar Bridge underway, which will further enhance connectivity and reduce travel times [6] Environmental Considerations - The project incorporated eco-friendly practices, such as minimizing disruption to local ecosystems and conducting regular environmental monitoring [5][6] - The design of the bridge avoided the most densely populated mangrove areas to protect local wildlife and habitats [5] Bilateral Cooperation - The bridge symbolizes the tangible outcomes of cooperation between China and Latin American countries, highlighting the benefits of the Belt and Road Initiative [5][6] - The Chinese ambassador to Guyana emphasized the strong partnership between the two nations, which has flourished over 53 years of diplomatic relations [6]

Core Points - The transition station building at the northernmost first-class station in China, the Gagdaqi Station, has officially opened, with all passenger services now moved to the new facility [1][2] - The new transition station building has a total area of approximately 1,654 square meters and can accommodate over 300 passengers simultaneously, meeting the travel needs during the transition period [2] Infrastructure and Services - The transition station is equipped with security checks, ticket sales, waiting areas, ticket checking, accessible passages, and restrooms [2] - To assist passengers, the Harbin Railway Bureau has set up guiding signs and staff to help with boarding and alighting at the platform and entrance [2] Climate Considerations - The construction team has implemented enhanced insulation and cold-proof measures in response to the cold and snowy climate of the Daxing'anling region [2] - The roof uses rock wool insulation, while the walls are made of light steel frame and gypsum board filled with rock wool, creating a thick insulation system [2] - The entrance and exit areas feature double-layer hollow glass doors and windows, along with an efficient heating system, ensuring a warm and comfortable waiting environment for passengers [2] Future Developments - Following the opening of the transition station, the original Gagdaqi Station will enter the preparatory phase for demolition [2]

Core Viewpoint - China Railway Construction Corporation (CRCC) is set to hold a Q3 2025 earnings presentation on November 3, 2025, to discuss its operational results and financial status with investors [2][3]. Group 1: Event Details - The earnings presentation will take place on November 3, 2025, from 14:00 to 15:00 [6][7]. - The event will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [3][6]. - Participants will include the Chairman, independent non-executive directors, Chief Accountant, and the Secretary of the Board [4]. Group 2: Investor Participation - Investors can participate online through the Shanghai Stock Exchange Roadshow Center [5][6]. - Questions can be submitted from October 27 to October 31, 2025, via the Roadshow Center or the company's investor relations email [5][6]. - The company will address commonly asked questions during the presentation [2][5]. Group 3: Contact Information - For inquiries, investors can contact the Board Office at 010-52688600 or via email at ir@crcc.cn [8]. - After the presentation, the event details and main content will be available on the Roadshow Center [8].

证券代码：601186 证券简称：中国铁建 公告编号：临 2025—041 中国铁建股份有限公司 关于召开 2025 年第三季度业绩说明会的 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。 重要内容提示： ● 会议召开时间：2025年11月3日（星期一）14:00-15:00 ● 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心网络互动 ● 投资者可于2025年10月27日（星期一）至10月31日（星期 五）16:00前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司投资者关系邮箱ir@crcc.cn进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 中国铁建股份有限公司（以下简称公司）将于2025年10月31日发 布公司2025年第三季度报告，为便于广大投资者更全面深入地了解公 司2025年第三季度经营成果、财务状况，公司计划于2025年11月3日 （星期一）14:00-15:00举行2025年第三季度业 ...

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分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。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 中 國 鐵 建 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 刊 登 的「中 國鐵建股份有限公司關於召開2025年第三季度業績說明會的公告」，僅 供 參 閱。 承董事會命 中國鐵建股份有限公司 董事長 戴和根 中 國 • 北 京 2025年10月18日 重 要 內 容 提 示： 中 國 鐵 建 股 份 有 限 公 司（以 下 簡 稱 公 司）將 於2025年10月31日發佈公司 2025年 第 三 季 度 報 告，為 便 於 廣 大 投 資 者 更 全 面 深 入 地 了 解 公 司2025 年 第 三 季 度 經 營 成 果、財 務 狀 況，公 司 計 劃 於2025年11月3日（星 期 一） 14:00-1 ...

Core Points - The company has approved the temporary use of idle raised funds to supplement working capital, not exceeding RMB 80 million, for a period of up to 12 months [1] - The company has utilized RMB 55 million of the idle raised funds for temporary working capital, ensuring that the investment projects remain unaffected [1] - The company has fully repaid the utilized idle raised funds amounting to RMB 55 million back to the designated account by the announcement date [2] Summary by Sections - **Use of Idle Funds** - The company convened meetings on October 30, 2024, to approve the temporary use of idle raised funds for working capital [1] - The approved amount for temporary use is capped at RMB 80 million [1] - **Utilization and Repayment** - The company has utilized RMB 55 million of the approved amount for temporary working capital [1] - The company has repaid RMB 10 million on January 2, 2025, another RMB 10 million on June 13, 2025, and RMB 35 million on October 16, 2025 [2] - As of the announcement date, the total amount of RMB 55 million has been fully repaid to the designated account [2]

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]

Market Overview - On October 16, the infrastructure sector declined by 1.18%, with China Nuclear Engineering leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - Notable gainers in the infrastructure sector included: - Guosheng Technology (603778) with a closing price of 4.33, up 9.90% [1] - ST Huawang (603007) with a closing price of 6.33, up 4.98% [1] - ST Zhengping (603843) with a closing price of 5.70, up 4.97% [1] - Major decliners included: - China Nuclear Engineering (601611) with a closing price of 11.44, down 7.59% [2] - Xinjiang Communications Construction (002941) with a closing price of 19.32, down 6.17% [2] - ST Yuancheng (603388) with a closing price of 1.35, down 4.93% [2] Capital Flow - The infrastructure sector experienced a net outflow of 9.82 billion yuan from institutional investors, while retail investors saw a net inflow of 7.59 billion yuan [2][3] - Key stocks with significant capital flow included: - Guosheng Technology (603778) with a net inflow of 33.33 million yuan from institutional investors [3] - Hongrun Construction (002062) with a net inflow of 29.68 million yuan from institutional investors [3] - ST Lingnan (002717) with a net inflow of 15.89 million yuan from institutional investors [3]

近日，信用中国公示了中铁建设集团有限公司的行政处罚决定。行政处罚决定书文号松江区建管第 220250118号显示，该施工单位未取得施工许可证已开工、现场存在安全隐患。上海市松江区建设和管 理委员会依据《建筑工程施工许可管理办法》第十二条，《上海市建设工程施工安全监督管理办法》第 二十四条第二款第（三）项，对其作出罚款8万元处罚。 其官网显示，中铁建设集团有限公司是世界500强中国铁建股份有限公司的房建旗舰企业。中铁建设集 团具有建筑、市政施工总承包特级资质，房地产开发一级资质等11项行业最高等级资质。设有工程研究 院和中国铁建绿色低碳产业技术研究院。企业注册资本金35亿元。在建项目600余个，在施面积超7000 万平方米，员工1万余人。 新闻热线电话0531-85193242 ...