Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [2] Core Viewpoints - The ongoing diplomatic efforts surrounding the Russia-Ukraine situation are creating opportunities for the infrastructure sector, particularly in post-war reconstruction in Ukraine, which is projected to require $486.2 billion over the next decade [4][13] - Chinese companies, particularly those with established operations in Ukraine, are well-positioned to participate in reconstruction efforts due to their competitive advantages in execution efficiency, cost control, and comprehensive industry chain support [4][13] Summary by Sections Market Performance - The Shanghai Composite Index rose by 1.40%, the Shenzhen Component Index by 3.56%, and the ChiNext Index by 4.54% during the week. The Shenwan Construction Decoration Index increased by 2.81%, with all sub-sectors except housing construction showing gains, particularly landscape engineering, engineering consulting, and other specialized engineering [5][23] Infrastructure Data Tracking - Special bonds issued this week amounted to CNY 273.83 billion, with a cumulative issuance of CNY 7,505.01 billion as of November 30, 2025, reflecting a year-on-year increase of 11.99% [6][28] - Urban investment bonds issued this week totaled CNY 55.05 billion, with a cumulative net financing of -CNY 545.48 billion as of November 30, 2025 [6][28] Company Dynamics - Notable project announcements include: - Tongji Technology won a bid for a project in Xi'an worth approximately CNY 866 million [18] - China Construction secured three major projects totaling CNY 10.67 billion [18] - China Aluminum International won a bid for a project valued at approximately CNY 2.909 billion [18] Industry News - Hunan Province reported significant achievements in transportation construction during the 14th Five-Year Plan, with a total investment of CNY 538.6 billion, a 54% increase compared to the previous five years [15] - Beijing's 15th Five-Year Plan emphasizes housing supply and the development of a new real estate model, focusing on a "market + guarantee" housing supply system [15]

A 股代码：601390 A 股简称：中国中铁 公告编号：临 2025-063 H 股代码：00390 H 股简称：中国中铁 中国中铁股份有限公司 关于股份回购进展公告 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。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管 指引第 7 号——回购股份》等法律法规及规范性文件的规定，现将公司截 至上月末回购股份的进展情况公告如下： 截至 2025 年 11 月 30 日，公司通过上海证券交易所系统以集中竞价 交易方式累计回购股份 10,501,500 股，已回购股份占公司总股本的比例 为 0.0425%，成交最高价为 5.75 元/股，成交最低价为 5.63 元/股，成交 总金额为 59,999,080.00 元（不含交易费用）。 上述股份回购符合法律法规的规定及公司回购方案的要求。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公 司自律监管指引第 7 号——回购股份》等相关规定，在回购期限内根据市 场情况择机做出回购决策并予以实施，同时根据回 ...

经营现金流显著改善，推进资产盘活工作 中国交建(601800) 中国交建 2025 三季报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： 增持 | | --- | --- | --- | --- | --- | | 韩其成(分析师) | 021-38676162 | hanqicheng@gtht.com | S0880516030004 | | | 郭浩然(分析师) | 010-83939793 | guohaoran@gtht.com | S0880524020002 | [Table_Target] 目标价格(元): 13.64 | | 曹有成(分析师) | 021-23185701 | caoyoucheng@gtht.com | S0880525040079 | | 本报告导读： Q3 归母净利润下降 16.3%，扣非归母增长 24.1%，经营净现金流显著改善，新签合 同额稳健增长。预分红比例为 2025H1 利润的 20%，全面推进做实资产专项工作。 投资要点： [维持增持。 Table_Summary] 受基建行业整体需求 ...

Core Viewpoint - The macroeconomic outlook for 2026 suggests a positive start for China's economy, with a focus on technological self-reliance and new productivity cultivation, supported by resilient external demand and domestic fiscal policies aimed at boosting consumption and investment [3][5][6]. Economic Outlook - The GDP growth rate for 2026 is projected to be around 4.8%, with expectations of a strong start to the "15th Five-Year Plan" [6][7]. - Industrial growth is expected to remain stable, with a focus on high-tech industries and a supportive policy environment [7][8]. - The service sector is anticipated to benefit from improved industrial production and consumer spending recovery [8]. Consumption - The nominal growth rate of retail sales is expected to be 4.1% in 2026, driven by policies promoting consumption upgrades and the gradual lifting of restrictive measures [10][12]. - The "old-for-new" consumption policy is likely to continue, focusing on sectors such as elderly care and health [12][13]. - The easing of restrictions in the automotive and housing sectors is expected to support consumer demand [13][15]. Investment - Fixed asset investment growth is projected at 2.5% for 2026, with manufacturing and broad infrastructure investments expected to drive growth [17][18]. - Manufacturing investment is anticipated to grow by 6.5%, supported by large-scale equipment updates and favorable export conditions [18][19]. - Broad infrastructure investment is also expected to grow by 6.5%, driven by new policy financial tools and local government initiatives [21][22]. Trade and Exports - Export growth is projected at 4.7% for 2026, supported by global fiscal expansion and China's efforts to penetrate non-US markets [29][30]. - The trade surplus is expected to maintain a high level, with a growth rate of 13.1% [29][30]. - China's exports to non-US markets are likely to continue to grow, aided by investments and trade cycles [33][34].

盈利巨人竟是市场矮子？21万散户抄底反陷泥潭，央企股的底在何方 股民朋友们有没有发现一个怪现象？2025年的央企股堪称"矛盾综合体"——一边是不少央企赚得盆满钵满，净利润动辄数十亿甚至上百亿，一边是股价 跌跌不休，估值跌到地板上还在磨底；一边是政策频频释放利好，喊出"加强市值管理""提高股东回报"，一边是21万散户扎堆抄底，却硬生生陷入"越补 仓越被套"的泥潭。 据中证指数公司11月28日最新数据，中证央企指数（000926）2025年以来累计下跌7.3%，同期有32家市值超500亿的央企股股价创近3年新低，其中17家 更是处于"破净"状态（市净率低于1）。 而中国证券登记结算公司披露的持仓数据显示，仅三季度就有21.4万散户涌入这类"低估值央企股"，但截至11月底，超七成散户浮亏幅度在15%以上，不 少人感叹"以为抄到了价值洼地，没想到是万丈深渊" 。一边是盈利硬实力，一边是市场冷待遇，央企股的"底"到底在何方？ 按理说，盈利是股价的"定海神针"，但2025年的央企股偏要打破这个规律。先看一组实打实的业绩数据：据华源证券2025年11月19日研报，九大建筑央 企前三季度营收和归母净利润分别占申万建筑板块的8 ...

智通财经APP获悉，2025年12月1日，港股上市公司投资日志如下： | 类别 | | 公司 | | --- | --- | --- | | | 卓越睿新 | | | | (招股中) | | | | 纳芯微 | | | | (招股中) | | | | 天域半导体 | | | 新股活动 | (招股中) | | | | 遇见小面 | | | | (招股中) | | | | 乐摩科技 | | | | (定价日) | | | 业绩公布日 | 港通控股 | | | | 瀛晟科学 | | | | HSSP INTL | | | | 辽港股份 | | | | 细叶榕科技 | | | | 城市酷选 | | | 股东大会召开日 | 中国环境资源 | | | | 北海康成-B | | | | 高鑫零售 | | | | PALADIN | | | | 铁建装备 | | | | 亨得利 | | | 停复牌 | （复牌） | | | 分红派息 | 雅各臣科研制药 | | | | （除净日） | | | | 敏华控股 | | | | （除净日） | | | | 中国交通建设 | | | | （除净日） | | | | 百胜中国 | | ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the construction industry [6]. Core Insights - The construction industry showed a month-on-month improvement in November, with the business activity index rising to 49.6%, an increase of 0.5 percentage points from the previous month. The business activity expectation index reached 57.9%, up by 1.9 percentage points [1][17]. - The government has allocated 700 billion yuan and 800 billion yuan in special bonds for hard investment projects in the past two years, supporting significant infrastructure developments [2][18]. - The "14th Five-Year Plan" emphasizes expanding domestic demand, with infrastructure investment expected to play a stabilizing role in economic operations [3][19]. - The report suggests focusing on high-prosperity sectors such as overseas construction, western region development, and cleanroom engineering, which are expected to maintain strong demand and performance [3][11]. Summary by Sections Industry Dynamics - The construction industry's business activity index improved to 49.6% in November, indicating a recovery in the sector. The overall economic climate remains stable, with the manufacturing PMI at 49.2% [1][17]. - Significant investments in infrastructure are being driven by government initiatives, including the construction of urban underground pipelines and major transportation projects along the Yangtze River [2][18]. Market Performance - The construction industry saw a weekly increase of 2.81%, with the decoration and renovation sector performing particularly well [20][22]. - The report highlights that 82.32% of companies in the construction sector experienced stock price increases, with notable performers including Guo Sheng Technology and Shenghui Integration [22][23]. Key Investment Targets - Recommended companies include China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from improved fundamentals and government support [11][13]. - The cleanroom engineering sector is highlighted for its continued high demand, with companies like Yaxiang Integration and Shenghui Integration poised for growth due to increased orders and overseas business expansion [12][13]. Valuation Metrics - The construction and decoration industry has a current P/E ratio of 12.41 and a P/B ratio of 0.82, indicating relatively low valuations compared to other sectors [25]. - The report identifies several companies with low P/E ratios, such as Shandong Road and Bridge (4.08) and China State Construction (4.81), suggesting potential investment opportunities [25][29].

2025 年 11 月 30 日 唐猛 A0230523080003 tanqmeng@swsresearch.com 相关研究 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究成功费 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 商业不动产 REITS 推行，盘活 并化解风险 -申万宏源建筑周报（20251124-20251128） 本期投资后了 请务必仔细阅读正文之后的各项信息披露与声明 一周板块回顾：板块表现方面，SW建筑装饰指数+2.81%，沪深 300 指 O 数+1.64%，相对收益为+1.17pct。周涨幅最大的三个子行业分别为生态 园林 (+9.04%)、基建民企 (+7.21%)、设计咨询 (+6.23%)，对应行 业内三个公司：国晟科技（+57.69%）、汇通集团（+20.00%）、招标股 份 (+24.71%); 年涨幅最大的三个子行业分别是基建民企 (+71.33%)、生态园林 (+53.39%)、装饰 ...

行 业 及 产 业 建筑装饰 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 A0230523080003 tangmeng@swsresearch.com 2025 年 11 月 30 日 商业不动产 REITS 推行，盘活存量 并化解风险 看好 ——申万宏源建筑周报（20251124-20251128） 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 - ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数+2.81%，沪深 300 指 数+1.64%，相对收益为+1.17pct。周涨幅最大的三个子行业分别为生态 园林（+9.04%）、基建民企（+7.21%）、设计咨询（+6.23%），对应行 业内三个公司：国晟科技（+57.69%）、汇通 ...

Core Insights - The 2025 Guangdong Construction Industry Modernization Development Conference and Guangdong International Construction Industry Expo opened in Guangzhou, focusing on "Digital Intelligence Empowerment, New Quality Development, Building the Future of Guangdong" [1] - The event attracted over 200 participating units from the construction industry, showcasing advancements in technology and resources aimed at modernizing the construction sector [1][3] Group 1: Industry Trends - The construction industry is transitioning from high-speed growth to high-quality development, emphasizing quality over quantity [4] - Guangdong is leading the way in integrating new construction technologies and industrialization, particularly in smart construction and modular buildings [3][4] - The conference highlighted the importance of urban renewal and resource revitalization in enhancing city vitality [4] Group 2: Key Initiatives - The "Hundred Million Project" aims to achieve significant results within three years, with over 11,000 projects initiated and an investment of nearly 170 billion yuan by October [7] - Central enterprises like China State Construction and China Railway are playing a pivotal role in supporting local construction efforts and demonstrating leadership in rural development [7][8] - The conference facilitated cooperation agreements among construction enterprises to enhance resource integration and promote the "Hundred Million Project" [7] Group 3: Future Directions - The event included discussions on cultivating new productive forces in the construction industry and promoting the construction of quality housing [8] - Various activities, such as the Guangdong Provincial Construction Culture Promotion Week and exchanges among young architects, were organized to explore modernization pathways [8]