证券研究报告 | 策略报告 gszqdatemark 2025 05 19 年 月 日 投资策略专题 【行业联合推荐】重回价值投资 A 股市场定价逻辑正经历从短期估值博弈向长期价值投资的系统性切换。 伴随中长期资金占比提升与短期投机资金退潮，市场波动率显著收敛，企 业盈利质量（ROE）对股价的驱动作用持续强化。当前，资金面阶段性收 紧与公募新规的长周期考核要求，进一步抑制题材炒作惯性，引导资金流 向盈利稳定、估值合理的价值型资产。市场逐步回归基本面定价，具备可 持续竞争优势的企业将赢得长期资本青睐。 一、为什么当下重提价值投资？ A 股波动缩小、资金面缩紧、及公募新规的推出下，更多资金将为价值投 票。过往 A 股波动大，PE 变化是主导回报率的核心因素，但近年来 A 股 波动性持续缩小，市场逐渐转向 ROE 主导，价值相关的指数，在收益率表 现上明显占优。近来公募新规的推出，也倒逼资金从短期博弈重回长期价 值投资，未来更多资金将为价值投票。 二、价值投资定义-主要回报率来源于企业 ROE 和股东回报的投资策略 价值投资主要依靠企业盈利持续增长（ROE）或股东回报获取投资收益。 根据股市回报率公式，回报率来源可 ...

建筑装饰/ 行业投资策略周报/ 2025.05.18 金属价格上涨利好哪些建筑企业 投资评级:看好(维持) 最近 12 月市场表现 -22% -15% -7% 0% 8% 15% 建筑装饰 沪深300 上证指数 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 相关报告 1. 《当前时点如何看"一带一路"板块》 2025-05-11 2. 《国内经营依旧承压，Q4 经营现金 流同比改善》 2025-05-05 3. 《己二腈需求稳步增长，国产替代或 进一步加快》 2025-04-21 核心观点 请阅读最后一页的重要声明！ ❖ 关税缓和下宏观情绪修复，有色金属价格迎来普涨。5 月 12 日中美两国 发布《中美日内瓦经贸会谈联合声明》，中国将在 90 天内将美国商品加征关税 从 125%降至 10%，美国将在 90 天内将对中国商品加征关税从 145%降至 30%， 双方降幅同为 91%，在中美关系阶段性缓和背景下，宏观情绪改善带动部分有 色金属价格上涨。此外，部分小金属受供需变动及地缘博弈等影响，价格也实 现较大涨幅。截至 5 月 16 日，铜、铝、铅、镍、锌、钴、钼 ...

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights the potential for increased demand in the construction materials sector, driven by various factors including government projects and rising prices in carbon fiber [1][6] - The report emphasizes the importance of companies with strong operational resilience and high dividends, particularly in the consumer building materials segment [6] - The report suggests that domestic investment expectations are strengthening, with a focus on infrastructure and construction companies benefiting from increased demand [6][9] Summary by Sections Construction Materials - Beneficiaries include companies like Guangdong Hongda, Xuefeng Technology, and Guotai Group due to high demand in civil explosives and major projects like the Yarlung project entering the construction phase [1] - Carbon fiber price increases are noted, with companies such as Zhongfu Shenying and Jilin Chemical Fiber expected to benefit from emerging demand [1] - Companies with strong operational resilience and high dividends, such as Dongfang Yuhong and Weixing New Materials, are recommended for their potential to benefit from domestic consumption stimulus [1][6] Cement Market - The national average cement price is reported at 378.67 RMB/ton, with a decline of 1.1% week-on-week, particularly in regions like North China and East China [3][27] - Cement demand has shown slight recovery but remains 6-7% lower year-on-year, with supply pressures continuing to affect pricing [3][27] - Recommendations include leading cement companies like Conch Cement and Huaxin Cement, which are expected to benefit from domestic demand and industry self-discipline measures [6] Real Estate Market - The report indicates a short-term low overall market sentiment in the new and second-hand housing markets, with new housing transaction area down 12% year-on-year [2][22] - The report tracks transaction data across major cities, highlighting a mixed performance in the real estate sector [2][22] Emerging Opportunities - The report identifies opportunities in the domestic ship coating market, with companies like Maijia Xincai and Songji Co. expected to benefit from rising demand and domestic substitution trends [6][9] - The "Belt and Road" initiative is seen as a catalyst for international engineering projects, with companies like China State Construction and China Metallurgical Group recommended for potential benefits [6][9]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The strategic importance of the central region has been further emphasized, particularly regarding the infrastructure boom in the Midwest, especially in Sichuan province. The central economic work conference at the end of 2023 highlighted the need to optimize major productivity layouts and strengthen the construction of national strategic hinterlands [2][13]. - The issuance of special bonds in the Midwest has significantly accelerated, with a total of 1.19 trillion yuan in new special bonds issued from January to April 2025, a year-on-year increase of 65%. This indicates a clear recovery in fixed asset investment sentiment in the region [3][14]. - The construction sector is expected to see a rebound in physical work volume, with cement shipment rates and asphalt plant operating rates showing positive trends. The cement shipment rate reached 49%, up 0.93 percentage points week-on-week, indicating optimism for Q2 [18]. Summary by Sections Strategic Importance of the Central Region - The central region's development opportunities, particularly in Sichuan, have been recognized at the highest levels of government, with strategic initiatives aimed at enhancing regional development and optimizing economic layouts [2][13][17]. Special Bond Issuance - The issuance of special bonds in the Midwest has accelerated, with Sichuan province alone issuing 800.17 billion yuan in new special bonds, a 162% increase year-on-year. This trend is expected to support infrastructure investment and economic recovery in the region [3][14]. Market Performance - The construction index rose by 1.10% during the week of May 12-16, 2025, with significant gains in the housing and construction decoration sectors. Notable stocks included Dongzhu Ecology (+22%) and Zhengzhong Design (+20%) [4][22]. Investment Recommendations - Focus on cyclical opportunities arising from improved infrastructure work volumes, particularly in water conservancy, railways, and aviation sectors. Recommended stocks include Sichuan Road and Bridge, Zhejiang Communications, and major state-owned enterprises like China Communications Construction [28][29]. - Emphasis on the transformation of the construction sector and emerging business directions, such as AI-driven computing power facilities and cleanroom technology, with recommendations for companies like Hainan Huatie and Baicheng Co [30][31].

华源证券近日发布建筑装饰行业专题报告：2024年，申万建筑板块实现营收8.73万亿 元，同比-3.95%；归母净利润1715亿元，同比-14.22%。尽管整体盈利水平承压，但行业毛 利率小幅回升至10.90%，显示成本控制与项目优化有所见效。展望2025年，地方专项债额 度增至4.4万亿元，同比增加5,000亿元，叠加稳投资政策支持，建筑板块盈利修复动力逐步 增强。 一季度受季节因素扰动，全年节奏有望逐步回稳。2025年一季度，受春节错位与重点项 目开工延后影响，建筑板块整体营收19,385亿元，同比下降6.35%；归母净利润460.39亿 元，同比下降8.40%。从板块结构看，仅化学工程与钢结构实现营收同比正增长，分别为 +6.37%和+5.20%；在归母净利润方面，仅装修装饰、设计咨询和化学工程板块实现了同比 上升。随着特别国债、专项债项目加快落地，各地交通投资计划稳步推进，行业工作量有望 逐季改善。 投资建议：国内基建在"一带一路"倡议深化与海外订单快速增长的推动下，央企在国际 市场拓展优势明显，重点推荐中国建筑、中国中铁，建议关注中国铁建、中国电建、中国中 冶、中国化学、中国能建和中国交建；专项债支持 ...

Group 1: Quantum Technology - Chengdu has launched the world's first gallium nitride quantum light source chip, marking a significant breakthrough in quantum technology for China [1][3] - The quantum light source chip is described as the "heart" of the quantum internet, essential for generating and transmitting quantum information, akin to servers and fiber optics in the traditional internet [3] - This technology offers a physical encryption method that fundamentally addresses security issues, ensuring any attempts to eavesdrop or tamper with information transmission are immediately detected [3] Group 2: Low-altitude Economy - Sichuan has announced the launch of eight low-altitude transportation routes, aiming to develop the low-altitude economy and enhance industrial ecology [4][6] - The AE200 flying car, developed by Wofei Chang Kong, is expected to undergo manned verification flights this year, with plans for commercial operation by 2026 [4][6] - The new low-altitude routes will significantly reduce travel time, such as the route from Chengdu to the ancient town of Langzhong, which will take approximately 60 minutes [6] Group 3: Industrial Development - The 2025 China Industrial Transfer Development Matching Event in Sichuan aims to deepen industrial cooperation with eastern regions and attract more enterprises to the province [7] - The event includes various activities focusing on key industrial chains such as artificial intelligence, aerospace, and new energy, promoting collaboration and project implementation [7] Group 4: Infrastructure Development - The G8513 line from Jiuzhaigou to Mianyang has achieved significant construction milestones, with the completion of the last tunnel, paving the way for a new highway that will reduce travel time from Chengdu to Jiuzhaigou from 8 hours to 4 hours [17] - The Chongqing section of the Yuxia high-speed railway has entered the operational testing phase, which will enhance connectivity and economic development along the route [18] Group 5: Housing Policy - Chengdu's new housing provident fund policy proposes an increase in loan limits for purchasing affordable housing, with the maximum loan amount rising by 50% [19] Group 6: Brain-Computer Interface Industry - Sichuan has introduced a plan to develop the brain-computer interface and human-computer interaction industry, supporting hospitals to conduct implantable brain-machine interface surgeries [20] Group 7: Sports Achievement - The Chengdu men's table tennis team has advanced to the finals of the National Games, marking a historic achievement as the first city unit to compete in the event [21]

Group 1 - The company approved a financial assistance proposal for its wholly-owned subsidiary to provide a loan of up to 320.86 million yuan to its controlling subsidiary [1] - The loan has a term of 3 years and an interest rate not exceeding the loan market quotation rate, with specific terms to be defined in the actual loan agreement [1] - The controlling subsidiary's shareholder, Shudao Investment Group, will also provide a loan under similar conditions [1] Group 2 - A loan agreement has been signed between the two parties, with the principal and interest to be repaid in a lump sum upon maturity [2] - The loan is intended to be used primarily for repaying shareholder loans [2] - In case of disputes, the parties will seek resolution through negotiation or mediation, and if unsuccessful, will resort to litigation in the local court [2]

网址/WEBSITE：www.kangdacdlawyers.com/ 北京康达（成都）律师事务所 关于四川路桥建设集团股份有限公司 2024 年 年度股东会的法律意见书 康达(成都)股会字 2025 第 0022 号 致：四川路桥建设集团股份有限公司 四川省成都市锦江区东御街 18 号百扬大厦 11 楼 邮编： 610000 法律意见书 电话/TEL：（028）87747485 传真/FAX： （028）86512848 北京康达（成都）律师事务所（以下简称"本所"）接受四川路桥建设集团股份 有限公司（以下简称"四川路桥"或"公司"）的委托，指派龚星铭、谷荷玲律师（以 下简称"本所律师"或者"经办律师"）列席了四川路桥在 2025 年 5 月 13 日召开的 司法》《中华人民共和国证券法》《上市公司股东会规则》等法律法规以及《四川路 桥建设集团股份有限公司章程》（以下简称"《公司章程》"）的有关规定，并按照 律师行业公认的业务标准、道德规范和勤勉尽责精神，就本次股东会的召集、召开、 出席人员资格、召集人资格、表决程序、表决结果等相关事宜出具本法律意见书。 一、本次股东会的召集和召开 （一）本次股东会的召集 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-056 四川路桥建设集团股份有限公司 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： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 5 月 13 日 (二)股东会召开的地点：成都市高新区九兴大道 12 号 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 份总数的比例（%） 81.2200 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 会议由公司董事会召集，董事长孙立成主持本次股东会。会议采取现场投票 及网络投票方式召开并表决。会议的召集和召开符合《公司法》《上市公司股东 会规则》及《公司章程》等有关规定。 (五)公司董事、监事和董事会秘书的出席情况 公务未能出席本次会议； 参会，监事赵帅因其他公务未能出席本次会议； 二、 议案审议情况 (一)非累积投票议案 审议结果：通过 表决情况： 股东类型 同意 反对 弃权 票数 比例 票数 比例 票数 比例 （% ...

该期中期票据于2025年5月10日到期。公司已于2025年5月10日按期兑付了该 中期票据本息，本息兑付总额为人民币1,032,200,000.00元。 特此公告。 四川路桥建设集团股份有限公司董事会 2025年5月13日 1 证券代码：600039 证券简称：四川路桥 公告编号：2025-055 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。 四川路桥建设集团股份有限公司(以下简称公司)2022年度第一期中期票据(22 四川路桥MTN001)，发行金额为人民币10亿元，票面利率为3.22%，期限3年，起 息日为2022年5月10日，兑付日为2025年5月10日(具体内容详见公司公告编号为 2022-075的《四川路桥建设集团股份有限公司2022年度第一期中期票据发行结果 公告》)。 ...