丨证券研究报告丨 行业研究丨点评报告丨建筑与工程 [Table_Title] 两会前后建筑板块买什么 报告要点 [Table_Summary] 2021-2025 年两会前后建筑板块行情阶段性分化，两会前 2 个交易日，除 2022 年和 2025 年 外均实现上涨，两会期间 2021-2023 年均下跌，两会后 5 个交易日多数年份迎来修复。 分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SFC：BUT917 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 建筑与工程 cjzqdt11111 [Table_Title2] 两会前后建筑板块买什么 [Table_Summary2] 事件描述 2021-2025 年两会前后建筑板块行情阶段性分化，两会前 2 个交易日，除 2022 年和 2025 年 外均实现上涨，两会期间 2021-2023 年均下跌，两会后 5 个交易日多数年份迎来修复。 事件评论 风险提示 1、区域基建投资力 ...

关于完成工商变更登记并换发营业执照的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、基本情况 安徽鸿路钢结构（集团）股份有限公司（以下简称"公司"）于 2026 年 2 月 10 日召 开公司第六届董事会第三十四次会议，审议通过了《关于聘任公司总经理的议案》，董事 会同意聘任刘斌先生为公司总经理，任期自本次董事会决议通过之日起至第六届董事会任 期届满止，内容详见 2026 年 2 月 11 日披露于《中国证券报》、《证券时报》、《证券日报》、 《上海证券报》和巨潮资讯网（http://www.cninfo.com.cn）的公告（公告编号：2026-016 号）。 | 证券代码:002541 | 证券简称:鸿路钢构 | 公告编号:2026-021 | | --- | --- | --- | | 债券代码:128134 | 债券简称:鸿路转债 | | 安徽鸿路钢结构（集团）股份有限公司 类型：股份有限公司（上市、自然人投资或控股） 住所：安徽省合肥市双凤工业区 二、工商变更登记情况 根据《公司章程》的有关规定，公司总经理为公司法定代表人，据此，公司法定代 ...

Investment Performance - The gold stock portfolio for February achieved a return of +2.07%, with a cumulative annual return of +17.8% as of February 28, 2026, outperforming the Shanghai Composite Index and CSI 300 Index by 1.98 percentage points and 1.48 percentage points respectively [1] - The top-performing sectors in the Shenwan first-level industry classification were comprehensive (+18%), steel (+10%), and building materials (+8%) [1] March Investment Strategy Outlook - The A-share market is expected to remain volatile due to valuation levels in certain sectors and external geopolitical influences, with a notable focus on value assets represented by free cash flow indices [2] - The upcoming National People's Congress is anticipated to increase thematic investment opportunities, making macro narratives a key driver for market direction [2] - It is recommended to select stocks with solid fundamentals and low implied expectations in their current valuations, while maintaining a balanced portfolio to avoid overexposure to any single sector [2] Recommended Gold Stocks for March - Utilities: Guiguan Electric Power (600236.SH), Power Equipment: Dongfang Electric (600875.SH) [3] - Electronics: Helin Micro-Nano (688661.SH), Media: Kaiying Network (002517.SZ) [3] - Chemicals: Sanyou Chemical (600409.SH), Xin Fengming (603225.SH) [3] - New Materials: Huafeng Aluminum (601702.SH), Building Materials: China Jushi (600176.SH) [3] - Construction: Honglu Steel Structure (002541.SZ), Transportation: China Merchants Energy Shipping (601872.SH) [3] Company-Specific Insights Guiguan Electric Power (600236.SH) - Plans to acquire a group company in Tibet for 2 billion yuan at 1.1 times PB, gaining access to hydropower resources expected to be operational by 2026-2027 [4] - The company is positioned to support the group's mission in Tibet and is expected to benefit from the national clean energy demonstration base [4] Dongfang Electric (600875.SH) - Increased global electricity demand driven by AI capital investment is expected to boost demand for gas turbines and other power equipment [5] - The company is well-positioned in nuclear power, pumped storage, solar thermal, and hydrogen energy sectors, with leading technology capabilities [5] Helin Micro-Nano (688661.SH) - The chip testing industry is entering a "volume and price rise" cycle due to increased complexity and testing duration [7] - The company is expected to gain market share as supply chain constraints affect competitors, leading to improved performance [8] Kaiying Network (002517.SZ) - The company has secured exclusive licensing for popular games, with a daily active user count nearing 500,000, indicating strong community engagement [10] - AI initiatives are progressing, with new interactive applications expected to launch in early 2026 [10] Sanyou Chemical (600409.SH) - Cotton price increases are expected to drive up demand and prices for viscose, with significant reductions in cotton planting area impacting supply [12] - The company is currently trading at a historical low PB of 1.2 times, indicating a high safety margin [13] Xin Fengming (603225.SH) - The polyester filament market is entering an upcycle, with low inventory levels and expected demand recovery post-holiday [15] - Anticipated profitability improvements in the PTA sector due to limited new capacity and stable downstream demand [15] Huafeng Aluminum (601702.SH) - The company is positioned to benefit from the growing demand for aluminum thermal materials in the electric vehicle sector [18] - The trend of "aluminum replacing copper" is expected to accelerate, opening new market opportunities [18] China Jushi (600176.SH) - The company is at a potential market turning point for electronic fabrics, with prices expected to rise significantly [19] - High-end electronic fabric certifications are progressing faster than anticipated, indicating strong future demand [19] Honglu Steel Structure (002541.SZ) - The company is expected to achieve a production volume of 5.021 million tons in 2025, with a utilization rate of approximately 96.55% [20] - The integration of advanced automation and project management systems is expected to enhance production efficiency [20] China Merchants Energy Shipping (601872.SH) - The oil shipping market is expected to perform strongly due to favorable fundamentals and geopolitical factors [21] - The company is the world's largest owner of VLCCs, positioning it well to benefit from the improving oil and dry bulk shipping markets [21]

复工积极性显著好转,3月固投有望改善 键第一篇 ■ 证券研究报告 因 投资评级:看好(维持) 最近 12 月市场表现 分析师 十字 SAC 证书编号: S0160526020003 wangtao01@ctsec.com 相关报告 1. 《厚积固根本,乘新拓远疆》 2025- 11-28 2. 《"十五五"规划出台，建筑板块哪些方 向值得关注 》 3. 《"高切低"风格转换下建筑板块如何布 局》 2025-10-20 请阅读最后一页的重要声明! 建筑板块大幅跑赢大盘,专业工程及园林工程领涨。本周建筑指数上涨 � 6.08%，沪深 300 板块上涨 2.67%，建筑板块跑赢大盘 3.41pct。专业工 程、园林工程板块涨幅靠前。我们认为，部分区域基建存在回暖预期，结合股 息率,推荐高分红地方国企品种,同时重点挖掘高景气赛道的建筑相关品种, 如洁净室、化工工程、矿产等方向。重点关注中小建企转型及重组预期。此 外，国际地缘冲突下能源安全战略诉求强化，重点关注煤化工板块。 ❖ 复工数据同比好转,资金到位改善或显拐点。据百年建筑调研,截至２月 25 日(农历正月初九)，全国 10692 个工地开复工率为 8.9%，农历 ...

Investment Rating - The report maintains an "Overweight" rating for the construction and infrastructure sector, highlighting the potential for recovery driven by increased special bond issuance and infrastructure investment [4][5][7]. Core Insights - The issuance of special bonds accelerated in early 2026, reaching 824.2 billion yuan, a year-on-year increase of 38.1%, which is expected to boost the construction sector's recovery [4][5]. - Infrastructure investment saw a decline of 2.2% in 2025, with private investment decreasing by 6.4%, although there was a slight increase of 1.7% in private infrastructure investment [5]. - The construction sector's recovery is supported by improved work resumption rates and funding availability, with 8.9% of construction sites resuming work by February 25, 2026, an increase of 1.5 percentage points year-on-year [5]. Summary by Sections Recent Key Reports - The report discusses various sectors including AI, clean rooms, and renewable energy, recommending companies with high demand and strong competitive advantages [11][12][13]. - It emphasizes the importance of state-owned enterprises in the construction sector, particularly those with high dividend yields and stable growth prospects [21][29]. Recommended Companies - Companies such as China State Construction, China Railway, and China Communications Construction are highlighted for their strong dividend yields and potential for stable growth [7][29]. - Specific recommendations include China Electric Power Construction and China Nuclear Engineering for their roles in energy and infrastructure projects [12][18]. Macro/Meso/Micro Data - The report notes a significant increase in special bond issuance and infrastructure investment, with a projected growth of 10.9% in broad infrastructure investment in early 2025 [23][32]. - It also highlights the expected increase in self-financing for infrastructure projects, driven by local government financing and special bond issuance [33].

钢结构行业近况及开工展望专家电话会 20260228 摘要 2026 年 1-2 月产量预计同比增长 10%-15%，2025 年同期产量约为 50 多万吨。春节后复工顺利，但全面恢复满负荷生产预计在 3 月初。 截至目前，公司未加工完成的有效在手订单约 70 多万吨，足以覆盖 3 月份的生产需求。预计 2026 年 3 月产量保底约为 55 万吨。 公司市占率提升得益于规模化产能、交付进度优势、制造质量提升以及 量大带来的价格优势，在同等价格条件下，质量、进度与价格维度均具 备竞争力。 当前订单中，工业厂房建设占比超过 70%，主要为门式钢架结合框架体 系的常规产品形态。电池厂订单占比虽小，但单体项目规模较大。 公司通过多基地布局扩大辐射半径，降低运输约束。目前已布局约 7 个 基地，覆盖中国大部分区域。 自主研发焊接机器人通过数据积累提升效率，降低人工费用，单吨加工 成本较此前下降了几十元，增强了报价竞争力。 2026 年内部产量目标为突破 600 万吨，为保障交付，订单目标需达到 700 多万吨。海外订单占比计划提升至 10%左右，但需关注质量风险与 售后成本。 Q&A 2026 年 1—2 月产量分别 ...

Group 1: Metal Sector - Hongda Co. (600331.SH) is projected to have a net profit of 0.36 billion CNY in 2024, but is expected to incur a loss of 0.80 billion CNY in 2025, with a significant recovery to 4.00 billion CNY in 2026, resulting in a PE ratio of 131.36[17] - Zijin Mining (601899.SH) is forecasted to achieve a net profit of 320.51 billion CNY in 2024, increasing to 913.17 billion CNY by 2026, with a PE ratio dropping from 32.86 to 11.53[17] - Huaxi Nonferrous (600301.SH) is expected to see net profits rise from 6.58 billion CNY in 2024 to 12.69 billion CNY in 2026, with a PE ratio of 32.29[17] Group 2: Construction Materials - Oriental Yuhong (002271.SZ) is projected to have net profits of 1.08 billion CNY in 2024, increasing to 21.94 billion CNY by 2026, with a PE ratio of 19.60[17] - China Jushi (600176.SH) is expected to grow its net profit from 24.45 billion CNY in 2024 to 47.80 billion CNY in 2026, with a PE ratio of 22.65[17] - The construction materials sector is facing a significant supply exit, with 2024 commodity housing sales expected to decline by approximately 47% compared to 2021[44] Group 3: Transportation - YTO Express (600233.SH) is forecasted to achieve net profits of 40.12 billion CNY in 2024, increasing to 50.84 billion CNY by 2026, with a PE ratio of 13.20[17] - COSCO Shipping Energy (600026.SH) is expected to see net profits rise from 40.37 billion CNY in 2024 to 98.19 billion CNY in 2026, with a PE ratio of 10.94[17] Group 4: Chemical Sector - Boyuan Chemical (000683.SZ) is projected to have net profits of 18.11 billion CNY in 2024, decreasing to 23.43 billion CNY by 2026, with a PE ratio of 14.87[17] - Xingfa Group (600141.SH) is expected to see net profits rise from 16.01 billion CNY in 2024 to 24.54 billion CNY in 2026, with a PE ratio of 19.62[17] Group 5: Power and Coal - Longyuan Power (001289.SZ) is forecasted to achieve net profits of 63.45 billion CNY in 2024, with a slight decrease to 61.52 billion CNY by 2026, maintaining a PE ratio of 17.20[17] - Electric Power Investment (002128.SZ) is expected to see net profits rise from 53.42 billion CNY in 2024 to 68.98 billion CNY in 2026, with a PE ratio of 9.98[17]

袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 册 分歧行 2026年03月01日 站院/行业 相关研究 证券分析师 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 A0230523080003 tangmeng@swsresearch.com 统筹发展和安全,牢固树立和践行正确政绩观 电万宏源建筑周报（20260223-20260227） 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 == 一周板块回顾：板块表现方面，SW 建筑装饰指数+4.97%，沪深 300 指 数+1.08%，相对收益为+3.89pct。周涨幅最大的三个子行业分别为国际 工程 (+8.33%)、基建民企 (+6.10%)、专业工程 (+5.91%)，对应行 业内三个公司:中铝国际（+16.12%）、成都路桥（+15.07%）、罗曼股 份 (+37.70%)； 年 涨 幅 最 大 的 三 个 子 行 业 分 别 是 专 业 工 程 (+28.14%)、 ...

建筑装饰 2026 年 03 月 01 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 A0230523080003 tangmeng@swsresearch.com 统筹发展和安全，牢固树立和践行正确政绩观 看好 ——申万宏源建筑周报（20260223-20260227） 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 业 及 产 业 - ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数+4.97%，沪深 300 指 数+1.08%，相对收益为+3.89pct。周涨幅最大的三个子行业分别为国际 工程（+8.33%）、基建民企（+6.10%）、专业工程（+5.91%），对应行 业内三个公司：中铝国际（+16.12%）、成都路桥（+1 ...

证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 建筑装饰 建筑板块哪些标的受益涨价？ 需求平稳+供给受限，有色/化工/钢铁/煤炭等行业有望迎来涨价。需求 端看：2 月 27 日政治局会议表态要"实施更加积极有为的宏观政策"、"持 续扩大内需、优化供给"、"继续实施更加积极的财政政策和适度宽松的货 币政策"；此前中央经济工作会议表态要"推动投资止跌回稳"；叠加近期 上海等城市地产政策优化，进一步稳固地产行业预期。在系列政策呵护下 预计我国 2026 年总需求有望平稳。供给端看：各行业积极推动反内卷政 策落地，以及高耗能行业积极落实控制碳排放，整体供给端受限。在需求 平稳、供给受限背景下，预计有色/化工/钢铁/煤炭等行业有望迎来涨价。 有色：宏观流动性、地缘贸易变局与产业基本面硬约束三重共振驱动价格 上涨。宏观流动性方面，2026 年美联储降息周期的演进为大宗商品提供 了流动性基础。地缘贸易方面，以铜为例，由于近期美国铜关税政策调整 预期，导致美国市场以溢价持续囤积库存，在此类关税政策多变背景下， 全球资金更愿意把部分金属当作战略资源/硬资产来配置，从而推高阶段 性波动。产 ...