证券研究报告 工业/基础材料 重点工程积极推进，关注淡季价格支撑 华泰研究 2025 年 5 月 11 日│中国内地 行业周报（第十九周） 本周观点：基建重点工程积极推进，关注建材淡季价格回落幅度 上周"一揽子金融政策支持稳市场稳预期"新闻发布会召开，公布实施降准 降息、公积金贷款和结构性货币政策工具利率下调、房地产融资制度改革等， 有望助力地产需求"止跌回稳"趋势。超长期特别国债和新型政策性金融工 具有望加快基建重点工程建设，今年 1-4 月全国铁路投资同比+5.3%，4 月 单月同比+5.7%，铁路、水利、核电等重点领域基建投资延续高景气。上周 公募基金改革方案发布，中长期有望提升低配的建筑建材龙头配置比例。我 们持续推荐估值尚处于低位的基建链及地产链龙头，短期重点推荐四川路 桥、中材国际、海南华铁、三联虹普、中国建筑国际、华新水泥、上峰水泥、 中材科技、兔宝宝、中国联塑。 上周细分行业回顾 截至 5.9，上周全国水泥价格周环比-1.2%；水泥出货率 48.1%，周环比/同 比-1.5%/-6.1pct；上周国内浮法玻璃均价 71 元/重量箱，周环比/同比 -0.3%/-21.3%，重点样本企业库存 58 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Viewpoints - The construction sector has outperformed the market recently, with a 2.23% increase compared to the 2.09% rise in the CSI 300 index, indicating a positive trend in the industry [1] - Significant price increases in cellulose-related products have been observed, highlighting the potential for domestic substitution to drive performance and valuation catalysts, with a strong recommendation for Sanwei Chemical [1][24] - The issuance of special bonds remains high, suggesting a focus on the conversion rhythm of physical construction work in the future [4] Summary by Sections 1. Progress of Domestic Substitution for Cellulose Products - Acetic cellulose (CA) is primarily used in tobacco filters, with China consuming approximately 300,000 tons annually, and Sichuan Pushi, holding a 67% stake by Yibin Paper, has a leading position in the production of diacetate and triacetate [2] - The prices of CAB (cellulose acetate butyrate) and CAP (cellulose acetate propionate) have significantly increased, with imported CAB prices ranging from 188,000 to 200,000 yuan/ton, while domestic prices are between 90,000 and 115,000 yuan/ton, a notable rise from 58,000 yuan/ton in March 2025 [2][24] - Domestic production capabilities for CAB and CAP have been historically monopolized by foreign companies, but local firms like Wuxi Chemical Research Institute and Fujian Hongyan Chemical are developing their production capabilities [3] 2. High-Level Special Bond Issuance and Focus on Infrastructure Work - In April 2025, new local special bonds totaled 230.144 billion yuan, with a cumulative issuance of 1.1904 trillion yuan from January to April, marking a year-on-year increase of 467.9 billion yuan [4][29] - The cement shipment rate was reported at 48.07%, with a slight decrease, while the asphalt plant operating rate was 28.8%, indicating a gradual recovery in construction activity [4][29] 3. Market Review - The construction index rose by 2.23% during the week of May 5-9, outperforming the CSI 300 index, with notable gains in construction decoration and design sectors [5][36] - Key stocks that performed well included Shanshui Bide (+28.1%), ST Saiwei (+21.7%), and ST Chuangxing (+21.5%) [5][36] 4. Investment Recommendations - The report suggests focusing on traditional construction blue-chip stocks, particularly in infrastructure sectors like water conservancy, railways, and aviation, with a recommendation for companies like Sichuan Road and Bridge, Zhejiang Jiaoke, and Anhui Construction [41] - It also highlights opportunities in cyclical engineering stocks, particularly in coal chemical projects, recommending companies like Sanwei Chemical and China Chemical for their strong technical capabilities [42]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Viewpoints - The construction sector has outperformed the market recently, with a 2.23% increase compared to the 2.09% rise in the CSI 300 index, indicating a positive trend in the industry [1] - Significant price increases in cellulose-related products have been observed, highlighting the potential for domestic substitution to drive performance and valuation catalysts, with a strong recommendation for Sanwei Chemical [1][24] - The issuance of special bonds remains high, suggesting a focus on the conversion rhythm of physical construction work in the future [4] - The year 2025 is anticipated to be a pivotal year for coal chemical projects, likely receiving additional policy support [1] Summary by Sections 1. Progress of Domestic Substitution for Cellulose Products - Acetate cellulose (CA) is primarily used in tobacco filters, with China consuming approximately 300,000 tons annually, and Sichuan Pushi holding a leading position in production [2] - The prices of CAB (cellulose acetate butyrate) and CAP (cellulose acetate propionate) have significantly increased, with domestic CAB prices rising to 90,000-115,000 RMB/ton from 58,000 RMB/ton earlier in the year [2][24] - Sanwei Chemical is enhancing its production capacity for cellulose and its derivatives, with a projected annual capacity of 15,000 tons expected to be operational by December 2025 [3][24] 2. Special Bond Issuance and Infrastructure Work - In April 2025, new local special bonds totaled 230.144 billion RMB, with a cumulative issuance of 1.1904 trillion RMB from January to April, marking a year-on-year increase of 467.9 billion RMB [4][29] - The cement shipment rate was reported at 48.07%, indicating a slight decrease, while the asphalt plant operating rate was 28.8%, showing a slight increase [4][29] 3. Market Review - The construction index rose by 2.23% during the week of May 5-9, with notable gains in the building decoration and design sectors, which increased by 5.91% and 4.43% respectively [5][36] - Top-performing stocks included Shanshui Bide (+28.1%) and ST Saiwei (+21.7%) [5][36] 4. Investment Recommendations - Focus on traditional construction blue-chip stocks, particularly in infrastructure sectors such as water conservancy, railways, and aviation, with recommendations for companies like Sichuan Road and Bridge, Zhejiang Communications, and Anhui Construction [41] - Emphasis on cyclical opportunities in the construction sector, with a positive outlook for companies involved in coal chemical projects, particularly Sanwei Chemical and China Chemical [42]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [13] Core Viewpoints - The report emphasizes the high dividend investment opportunities in the construction sector, particularly focusing on state-owned enterprises, local state-owned enterprises, international engineering firms, and quality private enterprises [2][8] Summary by Relevant Sections Central State-Owned Enterprises - The report highlights China State Construction as a top pick due to its complete qualifications and stable operations, benefiting from steady growth. The company plans to increase its dividend payout ratio from around 20% to over 24%, with a projected new contract amount of 1,414.9 billion yuan for 2024, representing a year-on-year growth of 21.1% [8][9] - Other notable mentions include China Communications Construction and China Railway Construction, with dividend yields of over 5% and 6% respectively [8] Local State-Owned Enterprises - Sichuan Road and Bridge is identified as a key player, with a projected dividend yield of around 6% for 2025. The company plans to repurchase shares worth 100-200 million yuan, reflecting confidence in future growth [8][9] - Other local state-owned enterprises with attractive valuations and high dividend yields include Anhui Construction and Tunnel Engineering [8] International Engineering - The report stresses the investment opportunities presented by the "Belt and Road" initiative, recommending companies like China Steel International and China National Materials, which have high overseas order growth and dividend yields around 5% [8][10] Quality Private Enterprises - Jianghe Group is highlighted for its robust fundamentals and high dividend payout ratio, with a projected payout exceeding 95% for 2024. The company has expanded its overseas business significantly, with new orders growing by 57% year-on-year [8][11]

证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 建筑装饰 基金经理薪酬与基准强挂钩下，建筑板块哪些标的有望获增配？ 本周核心观点：本周证监会发布《推动公募基金高质量发展行动方案》，着 力推动基金公司从"重规模"向"重回报"转变，其中规定公募基金经理 薪酬与基准强挂钩，预计主动权益类基金经理为了避免产品业绩低于基准 过多而对绩效薪酬产生较大负面影响，将尽可能让持仓结构贴近基准，持 仓结构变化有望带来市场结构性投资机会。基于基金 2024 年报数据，有 4020 个主动权益基金基准中包含沪深 300 指数，这些基金的基准中沪深 300 指数平均权重 61%。我们假设主动权益类基金按照规模的 90%去配 置基准（假设后续基准不变），则合计将配置沪深 300 指数 1.65 万亿元， 而主动权益类基金合计持有沪深 300 成份股市值 1.34 万亿元，因此可测 算后续主动权益类基金需增配沪深 300 指数 3036 亿元。主动权益类基 金对建筑板块持股比例为 0.71%，显著欠配，如后续主动权益基金规模的 90%按照基准及沪深 300 中建筑板块权重来配置，合计带来建筑板块资金 ...

Investment Rating - The report highlights a positive outlook on Chinese companies deeply engaged in Africa, suggesting potential revaluation opportunities for these firms [13]. Core Insights - Africa is emerging as a popular region for overseas expansion, with significant growth potential in East African countries such as Tanzania, Kenya, Rwanda, and Zambia, which are expected to see GDP growth rates of 5.44%, 4.51%, 8.89%, and 4.04% respectively in 2024 [13][14]. - The report emphasizes the importance of local integration and operational capabilities for companies looking to expand in Africa, distinguishing between "going abroad" and "exporting" [13]. - The approval of Han Gao Group's IPO is noted, with projected revenue growth of 17.04% to 26.77% for the first half of 2025, indicating a strong market position in the home hardware and outdoor furniture sector [14]. Summary by Sections Weekly Discussion - East Africa is gaining attention for its economic stability and growth potential, with several Chinese companies actively establishing operations in the region [13]. - Key sectors for investment include infrastructure, building materials, mining, and consumer goods, with specific examples of companies like Keda Manufacturing and China National Materials [13]. Cyclical Linkage - The report provides insights into the construction materials market, noting a 27 CNY/t year-on-year increase in cement prices, while glass prices have seen a slight decline [15]. - It suggests a cautious outlook for the steel market due to weak demand compared to the previous year [15]. National Subsidy Tracking - The Chinese government has allocated 810 billion CNY in special bonds to support consumer goods, with local subsidy programs being implemented to stimulate demand in home renovation and construction materials [16]. Important Changes - Notable management share purchases were reported for Huaxin Cement, indicating confidence in the company's future performance [17]. - North New Building Materials announced a stock incentive plan, reflecting strategic growth initiatives [17].

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, indicating a positive outlook for their stock performance relative to the benchmark index [7][26]. Core Insights - The China Securities Regulatory Commission (CSRC) has released a plan to promote high-quality development of public funds, which includes linking fund manager compensation to performance benchmarks. This is expected to drive fund managers to align their portfolios more closely with benchmarks, creating structural investment opportunities in the market [2][20]. - Based on 2024 annual report data, it is estimated that active equity funds will need to increase their allocation to the CSI 300 index by 303.6 billion yuan. The construction sector is currently underrepresented in these funds, with a holding ratio of only 0.71% [3][6]. - The report identifies a potential increase in funding for the construction sector amounting to 21.8 billion yuan, which represents approximately 6.5% of the free float market capitalization of construction stocks in the CSI 300 index [6][26]. Summary by Sections Investment Recommendations - Key companies recommended for significant capital allocation include: - China State Construction Engineering Corporation: 6.6 billion yuan - China Railway Group: 3.3 billion yuan - China Power Construction Group: 2.3 billion yuan - China Railway Construction Corporation: 2.1 billion yuan - China Communications Construction Company: 1.8 billion yuan - China Energy Engineering Corporation: 1.6 billion yuan - China National Chemical Corporation: 1.6 billion yuan - Sichuan Road and Bridge Group: 1.3 billion yuan - China Metallurgical Group Corporation: 1.2 billion yuan [7][26]. Industry Dynamics - The construction and decoration sector has shown a weekly increase of 1.99%, ranking 16th among 31 A-share industries. The sector's performance is compared to the Shanghai Composite Index and CSI 300 Index, which saw minimal changes [14][20]. - The report highlights the potential for structural changes in fund holdings due to the new compensation policies, which may lead to increased investment in the construction sector [2][20]. Market Analysis - Active equity funds are categorized into four types, with a total of 8,141 funds managing 5.95 trillion yuan. Among these, 4,020 funds include the CSI 300 index in their benchmarks, with an average weight of 61% [3][21]. - The report provides detailed calculations on how the allocation adjustments will impact the construction sector, estimating a total of 218 billion yuan in additional funding [6][25].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][33]. Core Insights - The report highlights a recovery in infrastructure investment for 2025, emphasizing the cyclical investment value in high elasticity sectors. Key recommendations include focusing on companies in steel structures, coal chemical, urban renewal, and low-altitude economy [3][17]. - Recent financial policies include a 10 basis point reduction in LPR, which is expected to facilitate project advancement and support private enterprises in participating in major national projects [3][17]. Industry Performance - The construction industry index increased by 1.99%, outperforming the Shanghai Composite Index which rose by 1.92% [4][6]. - The best-performing sub-industries for the week were decorative curtain walls (+7.25%), ecological landscaping (+5.94%), and infrastructure private enterprises (+4.84%) [3][6]. Key Company Developments - Tianyu Biological reported a sales revenue of 59.33 million yuan in April 2025, a year-on-year increase of 25.66% [19]. - Mengcao Ecological won a major project worth 252 million yuan, accounting for 11.74% of its 2024 revenue [20]. - Jiaojian Co. secured a significant project totaling 704 million yuan, representing 16.87% of its 2024 revenue [21]. Market Trends - The report notes that the number of major engineering projects exceeding 1 billion yuan has increased by 41.8% year-on-year, indicating a robust project pipeline [15]. - The National Development and Reform Commission is accelerating mechanisms for private enterprises to participate in significant national projects, with an estimated investment scale of approximately 3 trillion yuan in key areas such as transportation and energy [17].

每经AI快讯，四川路桥5月9日晚间发布公告称，四川路桥建设集团股份有限公司于2025年4月29日召开 第八届董事会第五十五次会议，审议通过了《关于以集中竞价交易方式回购公司股份的议案》。现将公 司2025年4月29日前十大无限售条件股东披露如下：蜀道投资集团有限责任公司持约40.49亿股，占比 60.39%；蜀道投资集团有限责任公司－2025年面向专业投资者非公开发行可交换公司债券（第一期） 质押专户持5亿股，占比7.46%；蜀道投资集团有限责任公司－2024年面向专业投资者非公开发行可交 换公司债券（第一期）质押专户持约4.06亿股，占比6.05%；香港中央结算有限公司持约1.1亿股，占比 1.64%；中邮人寿保险股份有限公司－传统保险持约5778万股，占比0.86%；中国工商银行股份有限公 司－华泰柏瑞沪深300交易型开放式指数证券投资基金持约4878万股，占比0.73%；中国建设银行股份 有限公司－华泰柏瑞中证红利低波动交易型开放式指数证券投资基金持约4861万股，占比0.73%；中国 太平洋人寿保险股份有限公司－中国太平洋人寿股票红利型产品（寿自营）委托投资（长江养老）持约 4249万股，占比0.63 ...

申万宏源证券承销保荐有限责任公司 的持续督导意见 财务顾问 二〇二五年五月 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、 "本 关于 财务顾问"）接受委托，担任蜀道投资集团有限责任公司（以下简称"蜀道集团"、 "收购人"）豁免要约收购四川路桥建设集团股份有限公司（以下简称"四川路 桥"、"上市公司"）的财务顾问。 蜀道投资集团有限责任公司 根据《上市公司收购管理办法》第七十一条，"自收购人公告上市公司收购 报告书至收购完成后 12 个月内，财务顾问应当通过日常沟通、定期回访等方式， 关注上市公司的经营情况，结合被收购公司定期报告和临时公告的披露事宜，对 收购人及被收购公司履行持续督导职责"。本财务顾问持续督导期为自 2021 年 免于发出要约收购四川路桥建设集团股份有限公司 本次收购系经政府批准的国有股权无偿划转，符合《上市公司收购管理办法》 第六十三条第一款第（一）项规定之情形，收购人可以免于以要约方式增持股份。 （二）本次收购实施过程中履行报告、公告义务情况 网站刊发了《四川路桥关于控股股东铁投集团与四川省交通投资集团有限责任公 司筹划战略重组的提示性公告》。 东四川省铁路产业投资集团 ...