Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - The fiscal policy increase in 2025 is expected to support infrastructure investment growth of over 5% [2][3] - The report emphasizes the importance of monitoring the conversion pace of physical workloads in the infrastructure industry chain and investment opportunities in high-prosperity regions, such as Sichuan Road and Bridge [1][3] - The report suggests focusing on cyclical trends in infrastructure and real estate, with particular attention to leading companies in steel structures and chemical engineering [1] Summary by Sections Fiscal Policy and Infrastructure Investment - The government work report indicates a continued implementation of proactive fiscal policies, with a fiscal deficit target of 5.66 trillion yuan for 2025, an increase of 1.6 trillion yuan year-on-year [13] - The total public budget expenditure is projected to be 29.7 trillion yuan, with a year-on-year increase of 1.2 trillion yuan [13] - The report estimates that the increase in fiscal deficit will contribute approximately 3,000 billion yuan to infrastructure funding [20][21] Market Performance Review - The construction index rose by 0.37% during the week of March 3-7, with the Shanghai and Shenzhen 300 index increasing by 0.10% [28] - Notable stock performances included Hainan Huatie (+28.4%), Zhenghe Ecology (+23.6%), and Saiwei Intelligent (+18.9%) [28] Investment Recommendations - Focus on the conversion pace of physical workloads in infrastructure, particularly in high-demand sectors such as water conservancy, railways, and aviation [33] - Recommended stocks include Sichuan Road and Bridge, China Communications Construction, and China Railway Construction, among others [33][34] - Attention should also be given to cyclical engineering sectors, particularly in steel structures and coal chemical projects [34] - The report highlights potential investment opportunities in low-altitude economy, overseas expansion, and small-cap transformation themes [35]

Group 1: Education Industry - The government work report emphasizes the importance of education and aims to enhance educational inclusivity through a three-year action plan for building a strong education system [30][31] - Key initiatives include gradually implementing free preschool education, expanding high school enrollment, and promoting vocational education integration [31] - Recommended stocks in the education sector include Xueda Education, Action Education, New Oriental, and others, which are expected to benefit from the government's focus on educational inclusivity [30] Group 2: Home Appliance Industry - The government plans to issue 1.3 trillion yuan in long-term special bonds to support consumer goods replacement programs, with 300 billion yuan allocated specifically for appliance upgrades [33][34] - The expected increase in subsidies for appliance replacement is anticipated to drive stable growth in demand for home appliances, benefiting companies with strong digital capabilities and mature channel layouts [34] - Recommended companies in the home appliance sector include Midea Group, Boss Electric, and Hisense, which are expected to gain from the favorable policies [35] Group 3: Construction Industry - The government aims to implement a more proactive fiscal policy, with a deficit rate set at 4% and plans to issue 1.3 trillion yuan in long-term special bonds to support infrastructure projects [38][39] - The construction sector is expected to benefit from improved liquidity and increased funding sources due to the government's monetary policy adjustments [37] - Recommended low-valuation state-owned enterprises in the construction sector include China Communications Construction and China State Construction Engineering [40] Group 4: Pharmaceutical Industry - The report highlights the integration of AI in healthcare, significantly enhancing service efficiency and quality across various medical applications [42][43] - Companies like Aier Eye Hospital and Meinian Health are expected to benefit from advancements in AI technology that streamline clinical processes and improve patient care [42] - The focus on AI-driven healthcare solutions is anticipated to lead to cost reductions and improved operational efficiency for healthcare providers [42] Group 5: Agricultural Industry - The government emphasizes food security and the importance of maintaining arable land quality, with a focus on increasing crop yields through technology [46][47] - Leading seed companies are expected to benefit from the government's push for agricultural innovation and technology application [46] - The report outlines plans to stabilize grain planting areas while enhancing productivity through advanced agricultural practices [47]

Investment Rating - The industry investment rating is "Positive" indicating a relative performance stronger than the market benchmark index by over 5% [21]. Core Viewpoints - The central government emphasizes stabilizing the real estate market as a key objective in the 2025 work report, recognizing its importance for economic stability and growth [2][10]. - The report highlights that stabilizing the real estate market is crucial to prevent negative economic cycles and to support domestic demand, especially in light of external uncertainties [2][3]. - The government plans to increase local government special bond issuance to 4.4 trillion yuan, which is a 12.82% year-on-year increase, aimed at investment in construction and land acquisition, directly benefiting the real estate market [3]. - Monetary policy is also set to be optimized to support the real estate sector, with measures such as lowering mortgage rates, which are expected to have a significant positive impact on the market [4][10]. Summary by Sections Government Policies - The government is implementing targeted measures to stabilize the real estate market, including reducing purchasing restrictions and enhancing local government autonomy in managing housing supply [10]. - The focus on risk prevention and the establishment of a new development model for real estate is aimed at ensuring long-term health in the sector [10]. Financial Measures - The report indicates that the dual approach of fiscal and monetary policies will transition from quantitative to qualitative improvements, with expectations for the real estate market to stabilize and return to a healthy growth trajectory [4][11]. - The report also notes that the construction and building materials industry, closely linked to real estate, has faced significant challenges but is expected to benefit from the recovery of the real estate market [11]. Market Outlook - The report suggests that as the real estate market stabilizes, the building materials industry will experience a valuation recovery, with leading companies expected to show better resilience and performance [11].

行业周报 | 建筑装饰 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 03 月 02 日 | 相关研究 【兴证建筑】周观点：俄乌冲突缓和信 号不断，利好国际工程企业（2025.2.15- 2025.2.21）-2025.02.23 【兴证建筑】周观点：化债节奏加快、 专项债发行前置，开复工节奏有望提速 （2025.2.8-2025.2.14）-2025.02.16 【兴证建筑】周观点：节后建筑开复工 节奏偏慢，静待财政发力效果显现 （2025.2.1-2025.2.7）-2025.02.09 分析师：黄杨 S0190518070004 huangyang@xyzq.com.cn 分析师：李明 S0190524060003 liming22@xyzq.com.cn 周观点："化债"再融资专项债"行行万亿 ，债目专金 到位率持续改善（2025.2.22-2025.2.28） 投专要点： ⚫ 投资策略： 主线一：化债有望驱动建筑央企经营质量改善。1）新一轮化债的驱动力度和作用方式， 可以类比于 2014 年"一带一路"行情和 2016 年的 PPP 行 ...

证券研究报告 | 行业周报 gszqdatemark 2025 03 02 年 月 日 建筑装饰 新疆煤化工蓬勃起势，重视产业链龙头投资机会。新疆对外是"一带一路" 桥头堡，对内是西部大开发等重大战略核心区域，持续受各类政策资源倾 行业走势 -20% -10% 0% 10% 20% 30% 2024-03 2024-07 2024-10 2025-02 建筑装饰 沪深300 作者 分析师 何亚轩 执业证书编号：S0680518030004 邮箱：heyaxuan@gszq.com 分析师 程龙戈 执业证书编号：S0680518010003 邮箱：chenglongge@gszq.com 分析师 廖文强 持续推荐国际工程与新疆煤化工，关注下周两会增量政策 本周核心观点：当前我们持续推荐国际工程与新疆煤化工投资机会：1） 国际工程：本周美乌领导人会面虽有波折，但俄乌停战大趋势明确。乌克 兰战后重建需求巨大（未来十年资金需求预计 5240 亿美元），乌方也表 示需要中国帮助重建，我国国际工程龙头竞争优势突出，且在当地已有业 务布局，有望重点受益；另一方面"一带一路"战略在中美博弈加剧背景 下有望加力推进，今年可能召 ...

Investment Rating - Industry rating is "Outperform" (maintained rating) [5] Core Viewpoints - Increased focus on cyclical infrastructure and international engineering sectors, with significant improvement in funding sources such as special bonds. The physical volume of infrastructure is expected to accelerate, particularly after the Two Sessions, which may catalyze market performance in these sectors [1][14] - The construction industry is showing signs of recovery, with a construction PMI of 52.7%, indicating expansion. The physical workload in infrastructure is improving, supported by favorable weather and project commencement post-Spring Festival [14][20] - The report suggests a focus on three main investment themes: 1) Infrastructure + debt reduction + value enhancement; 2) Potential high elasticity in cyclical engineering; 3) Thematic investment opportunities in low-altitude economy, Belt and Road Initiative, and construction transformation [20][24] Summary by Sections Section 1: Current Market Conditions - As of February 27, 2025, the funding availability rate for 13,532 construction sites is 49.1%, showing a year-on-year increase. The construction activity index has risen, indicating a recovery in the construction sector [2][13] - The issuance of new special bonds has accelerated, with a total of 589.11 billion yuan issued, a year-on-year increase of over 180 billion yuan. Infrastructure remains the primary focus, accounting for over 50% of the funding allocation [2][14] Section 2: Market Performance - The construction index rose by 1.25% during the week of February 24-28, while the Shanghai and Shenzhen 300 index fell by 1.89%. Notable stock performances included HanJia Design (+32.74%) and Chengbang Co. (+22.71%) [3][17] Section 3: Investment Recommendations - The report emphasizes the importance of infrastructure investment driven by real demand in water conservancy, railways, and urban infrastructure, with expected growth rates of 7.0% and 2.0% for broad and narrow definitions of infrastructure, respectively [20][24] - Recommendations include focusing on companies benefiting from debt reduction policies and those with high exposure to cyclical engineering opportunities, such as Sichuan Road and Bridge, and China Communications Construction [20][24]

Summary of the Conference Call for China Communications Construction Company (CCCC) Industry and Company Overview - The conference call pertains to China Communications Construction Company (CCCC), a major player in the construction and infrastructure industry in China, particularly involved in urban construction, housing engineering, and infrastructure development. Key Points and Arguments 1. **2025 Contract and Revenue Goals** - CCCC aims for a new contract signing target of 7.1% year-on-year growth and a revenue growth rate of no less than 5% for 2025, reflecting confidence in future market expansion. However, revenue growth is constrained by the availability of funding, as projects without secured funding will not commence [2][4]. 2. **State-Owned Enterprise Reform Initiatives** - The company is actively pursuing state-owned enterprise reforms, including market value management, valuation enhancement, and the establishment of long-term dividend and buyback mechanisms, which will be disclosed in the annual report [2][5]. 3. **Asset Management and Return on Equity (ROE)** - CCCC is focused on revitalizing existing assets and improving asset turnover to enhance ROE. The company is also planning to increase share buybacks and aims to provide more predictable returns to investors, with mid-term dividends being contingent on cash flow and profit realization [2][5]. 4. **Water Conservancy Business Growth** - The company is consolidating its water conservancy qualifications and capabilities to create a CCCC Water Conservancy platform, with new orders in this sector seeing over 100% year-on-year growth [2][8]. 5. **Cash Flow Improvement** - Cash flow showed significant improvement in Q4 2024, although the overall situation remains in a phase of accumulation. The State-owned Assets Supervision and Administration Commission (SASAC) has adjusted performance indicators to focus more on actual cash received rather than merely reducing accounts receivable [2][9]. 6. **Investment Business Strategy** - CCCC is reducing investment-related businesses and enhancing project pre-audit and management, leading to a decrease in period expenses and an increase in gross and net profit margins [2][15]. 7. **International Business and Belt and Road Initiative** - CCCC's overseas business is primarily in urban construction, housing engineering, and infrastructure projects, with significant participation in the Belt and Road Initiative [3][19]. 8. **Market Recovery and Order Growth** - The company anticipates good development in new orders and Q1 2025 orders due to proactive market expansion efforts post-Spring Festival [10]. 9. **Debt Management** - CCCC does not face repayment pressure regarding short-term and perpetual debts, but it plans to reduce the scale of perpetual debts as part of its overall strategy [16]. 10. **Future Cash Flow Prospects** - The improvement in cash flow is attributed to a strategic reduction in investment projects, which has led to a significant enhancement in free cash flow. The company expects continued improvement in cash flow as investment-related business optimizes [15]. 11. **Response to PPP Project Buyouts** - CCCC has encountered situations where governments buy back PPP projects that did not meet expectations, although the specific impact varies by project and region [20]. 12. **Asset Restructuring Plans** - The company is considering asset restructuring and mergers, particularly in areas like aviation and low-altitude economy, with plans for integration when the timing is right [21]. 13. **Participation in Disaster Recovery** - CCCC is actively involved in ongoing projects in regions affected by disasters, such as the Russia-Ukraine area, and is prepared to engage in reconstruction efforts [22]. Additional Important Insights - The company emphasizes the importance of cash flow management and has adjusted its performance metrics to align with market expectations, focusing on actual cash receipts [9][12]. - CCCC's strategic focus on water conservancy and energy sectors is expected to yield significant growth, with plans to enhance capabilities and participate in major national projects [8][17]. - The management's optimistic outlook for 2025 is based on a combination of market conditions, policy support, and internal operational improvements [23].

海外业务海外从建设基建板块里面他的海外的新签合同的同比增长是在16.7%的一个水平整体的就是说除了就是说我的基建建设还有设计啊数据整个的这个大的海外业务主力增长是在12%所以从整体来看呢我们的海外业务是增长的还是很 很不错的很好海外业务呢从这个业务的细分的区域来看我们还是就是说非洲亚洲和大洋洲这三个板块是增长的还是占比也比较大增长的也是比较突出的所以从 这是整个我们在24年的一个生产经营情况在就是说1月份的时候我们管理层也是把我们25年的一个就是新签合同和收入的一个目标也就是核定出来整个25年我的新签合同是在上年的基础上低于7.1%的一个增长 收入呢是在上年的基础上在不低于5%的一个增长是这个情况因为二五年呢是十四五的最后一个收官年所以公司也是有信心在做一个努力把我们的不管是新签合同还是收入是在做到一个更好的一个 朝着一个更好的目标去努力和发展我先给大家是先介绍这么多看看咱们还有什么具体的咱们再再再交流好的感谢赵总的介绍咱们进入交流环节进入评论端网络端可以通过文字评论我看到这个会带回去电话端可以直接评论我先请教一下赵总就是刚才您提到这个2024年的新鲜订单大概增长了730万因为在行业下行的情况下这个也难能可贵 ...

各位投资人大家早上好我是开源证券地产建筑设计师胡耀文今天我们非常荣幸的邀请到了中国交建的正代余总然后和我们分享一下公司2024年四季度以及全年的一个经营情况那首先请余总先给我们更新一下公司情况然后我们再进行直播环节余总 各位上午好欢迎大家参加投资的这个会议情况来看的话呢因为也是刚刚这个过完春节大家也是反共后这个来关注我们建筑行业公司发展整体情况我们在这个春节前也是及时的公布了我们的这个2024年度的新鲜订单的情况啊 这个订单情况反映出我们的过去一年经营的整体的增长面貌订单同比增长了7.3%这个增幅还是相对不错的因为在国内市场一到三季度整体相对低迷的情况下尤其是在这个交通基础市场业投资方面比较低迷的情况下还能出现一定的增长我觉得可能来之不易那这个来之不易的话我觉得体现出 在整体的市场经营开拓过程中的优势首先是得益于海外业务的贡献那么海外项目的话呢这个占整个新鲜活动额的占比是将近百分之二十增长达到了百分之十二点五一到三这个时候这个增速比这个还要更快一些所以整体上来看还是非常的满意的那另一方面我们也关注到一些变化啊就是 我们在这次的经营数据的披露过程中也披露了我们的新产业的订单的增速情况也披露了我们开拓新市场的订单 ...

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 或任何部份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。 中國交通建設股份有限公司 CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代號：1800） 公 告 沒收未領取的股息 根據中國交通建設股份有限公司（「本公司」）公司章程規定，在遵守中國有關法律、 法 規 的 前 提 下，對 於 無 人 認 領 的 股 息，本 公 司 可 在 適 用 的 有 關 時 效 期 限 屆 滿 後 行 使 沒 收 權 力。據 此，本 公 司 董 事 會 宣 佈，下 列 於2025年2月17日仍未領取的股 息將予沒收及撥歸本公司所有： | 股息類別 | 宣派股息日期 | 每股股息 | | --- | --- | --- | | 2017年末期股息 | 2018年3月29日 | 人民幣0.24190元 | | | | （相當於0.30106港元） | 凡 有 權 收 取 但 仍 未 ...