25Q1 综合毛利率 11.6%，同比-0.35pct，期间费用率同比-0.05pct 至 6.3%， 其中销售 /管 理 /研 发 /财 务 费 用 率 0.45%/2.45%/2.75%/0.69% ， 同 比 +0.04/-0.04/+0.10/-0.15pct。25Q1 减值冲回 5.21 亿，同比多冲回 4.0 亿， 主要系个别项目实现回款实现转回。综合影响下，25Q1 归母净利润率同比 +0.07pct 至 3.54%。 证券研究报告 中国交建 (1800 HK/601800 CH) 港股通 Q1 新签订单开门红，奠定增长基础 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地/中国香港 | 建筑施工 | 公司发布一季报：25Q1 实现营收 1546 亿，同比-12.6%，归母净利 54.7 亿，同比-11.0%。我们认为 Q1 收入利润受季节性和高基数因素影响，短期 承压，但新签订单同比+9.0%，已显示出良好态势，随着稳增长、化债等政 策逐步见效，Q2 有望迎来改善。公司 25 年新签合同额/收入目标 ...

截至2025年4月28日 13:27，国企共赢ETF(159719)上涨0.54%，最新价报1.49元。拉长时间看，截至2025 年4月25日，国企共赢ETF近2周累计上涨1.58%。 流动性方面，国企共赢ETF盘中换手1.98%。拉长时间看，截至4月25日，国企共赢ETF近1年日均成交 1798.18万元。回撤方面，截至2025年4月25日，国企共赢ETF今年以来相对基准回撤0.13%，在可比基 金中回撤最小。 费率方面，国企共赢ETF管理费率为0.25%，托管费率为0.05%，费率在可比基金中最低。消息面上，4 月25日，国务院国资委举办第七期"国资大讲堂"。会上相关负责人表示，当前全球经济治理体系加速重 构。经济发展的核心动力在于技术创新与产业升级，国资国企以科技创新加快发展新质生产力，高质量 发展动能强劲。国有企业在我国经济中具有重要作用，迫切需要加强理论研究，更好回答国有经济重大 实践问题。 华福证此前认为2025 年央国企在政策端或可受益于化债和并购重组两大主线，资金端或可受益于险资 入市，估值端或可受益于估值重塑，此外还有 AH 折价的港股投资机会，行业端落脚低估值 + 高股息 的消费板块。 截 ...

午评：创业板指半日跌0.55% 地产股集体大跌 智通财经4月28日电，市场早盘震荡分化，沪指偏强，创业板指领跌。沪深两市半日成交额7158亿，较上个交易日缩量31.7亿。盘面上热点较为杂乱，个股 跌多涨少，全市场超3900只个股下跌。从板块来看，银行股维持强势，工商银行续创历史新高。PEEK材料概念股再度大涨，新瀚新材涨超10%。算力概念 股展开反弹，大位科技涨停。下跌方面，地产股集体调整，渝开发等多股跌停。板块方面，PEEK材料、游戏、银行、算力等板块涨幅居前，房地产、旅 游、食品、化债概念等板块跌幅居前。截至收盘，沪指跌0.03%，深成指跌0.43%，创业板指跌0.55%。 封板率 64.00% 封板 32 触及 18 昨涨停今表现 -0.56% | 上证指数 | | 深证成指 | | 创业板指 | | --- | --- | --- | --- | --- | | -3294.02 | | -9874.41 | | · 1936.40 | | -1.04 | -0.03% | -42.65 | -0.43% | -10.78 -0.55 | | 100 | | | | 711 | IJNIJ 25-20 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The current debt resolution cycle marks the final stage of the long - term debt resolution process. Compared with previous cycles, it shows continuity and index characteristics in debt resolution resources, and local governments are more willing to resolve debts. High - coupon bonds issued in previous years are the focus of replacement, and more issuers choose to negotiate early redemption of outstanding bonds with investors [3]. - As of April 25, 2025, there are 70 urban investment bonds planned for early redemption this year, with a total scale of 25.4 billion yuan. In terms of regional distribution, Hunan, Chongqing, and Sichuan rank top three in the number of redemptions. In terms of rating distribution, 41 out of 70 bonds have a subject rating of AA, accounting for 59%, and the number of bonds with an implied rating of AA - is also 41 [3]. - Investors may face interest losses or the inability to realize potential capital gains during the early redemption process. The way and price of redemption determine the potential losses. Most cases choose face - value redemption, and only a small number of bonds provide compensation or are redeemed at net value. The proportion of bonds with a redemption price lower than the pre - announcement net value has increased to 56% in 2025, up about 7 percentage points from 2024 [4]. - Although the discount rate and proportion are rising, the passing rate of discount redemption plans has not decreased significantly. High - discount redemption cases are not rare. The difference in investor structure may be the main reason for the high passing rate of high - discount redemption plans [5][6]. - As of April 25, 2025, there are still more than 5,000 high - premium urban investment bonds in existence. Among them, 444 bonds' issuers have redeemed other bonds at face value since 2024, involving a scale of 334.3 billion yuan. Attention should be paid to the discount redemption risk of high - premium bonds, especially for regions or entities with high premiums but a precedent of face - value discount redemption [7]. - Recently, the credit bond market has been fluctuating narrowly, and the credit spread has widened slightly. The necessity of risk prevention has increased in the short term. It is recommended to appropriately allocate anti - risk assets, such as high - grade assets with good liquidity or medium - and low - grade medium - duration assets with sufficient spread protection and relatively stable valuations [8]. Group 3: Summary According to Relevant Catalogs 1. Analysis of Urban Investment Bond Early Redemption - As of April 25, 2025, 70 urban investment bonds are planned for early redemption this year, with a total scale of 25.4 billion yuan. 19 provinces have cases of early redemption of urban investment bonds. Hunan, Chongqing, and Sichuan rank top three in the number of redemptions, with 10, 8, and 8 respectively [3]. - In terms of rating distribution, 41 out of 70 early - redeemed urban investment bonds have a subject rating of AA, accounting for 59%. In terms of implied rating, the number of AA - bonds is also 41, followed by 22 AA(2) bonds [3]. 2. Analysis of Redemption Methods and Losses - In terms of redemption methods, 41 bonds choose to be redeemed at face value in advance, accounting for 59%, 12 bonds are redeemed at face value plus compensation, 13 bonds are compensated at the net price of ChinaBond valuation, and 5 bonds have not announced the specific redemption plan [4]. - In 2025, 39 out of 70 cases have a redemption price lower than the pre - announcement bond net value, accounting for 56%, up about 7 percentage points from 2024. The median unit redemption price is 0.97 yuan lower than the pre - announcement net value, showing an upward trend in recent years [4]. 3. Analysis of the Passing Rate of Discount Redemption Plans - Since reaching the peak in 2020 (90.3%), the passing rate of discount redemption plans has decreased slightly year by year, remaining at around 80% and dropping to about 76.9% this year [5][6]. - Since 2024, there have been 182 discount redemption cases, and 60 cases have a discount of more than 2 yuan compared with the pre - announcement net price, accounting for 33.0%. Among them, 49 early - repayment plans passed the vote of the bondholders' meeting, with a passing rate of 81.7%, higher than the overall passing rate of discount redemption plans (78.6%) and the passing rate of all early - redemption plans (80.7%) [6]. 4. Analysis of High - Premium Urban Investment Bonds - As of April 25, 2025, there are more than 5,000 high - premium urban investment bonds in existence. 444 bonds' issuers have redeemed other bonds at face value since 2024, involving a scale of 334.3 billion yuan [7]. - In terms of grade, AA(2) and AA - bonds account for a relatively large proportion, with 146 and 132 respectively. In terms of term, 1 - 2 years and more than 3 years are the main distribution terms, with 155 and 144 respectively. In terms of region, Henan, Chongqing, and Sichuan have relatively more sample bonds, with 57.6 billion yuan (48 bonds), 5.1 billion yuan (74 bonds), and 46.1 billion yuan (63 bonds) respectively [7]. 5. Market Outlook and Investment Suggestions - Recently, the credit bond market has been fluctuating narrowly, and the credit spread has widened slightly. The necessity of risk prevention has increased in the short term [8]. - It is recommended to appropriately allocate anti - risk assets, such as high - grade assets with good liquidity or medium - and low - grade medium - duration assets with sufficient spread protection and relatively stable valuations [8].

证券研究报告 | 行业周报 gszqdatemark 2025 04 27 年 月 日 增持（维持） 行业走势 -30% -20% -10% 0% 10% 20% 2024-04 2024-08 2024-12 2025-04 建筑材料 沪深300 作者 分析师 沈猛 执业证书编号：S0680522050001 邮箱：shenmeng@gszq.com 分析师 陈冠宇 执业证书编号：S0680522120005 邮箱：chenguanyu@gszq.com 分析师 张润 建筑材料 持续关注二手房对建材需求的影响 2025 年 4 月 21 日至 4 月 25 日建筑材料板块（SW）上涨 1.27%，其中 水泥（SW）下跌 0.94%，玻璃制造（SW）上涨 1.36%，玻纤制造（SW） 上涨 3.70%，装修建材（SW）上涨 2.48%，本周建材板块相对沪深 300 超额收益 0.90%。本期建筑材料板块（SW）资金净流入额为-2.36 亿元。 【周数据总结和观点】 本周政治局会议指出"要加紧实施更加积极有为的宏观政策，用好用足更 加积极的财政政策和适度宽松的货币政策。加快地方政府专项债券、超长 期特别国债等发 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the infrastructure investment and financing (hereinafter referred to as "base investment") industry policies continue the overall idea of "controlling new debts and resolving existing debts" of the "package debt - resolution" policy in 2024, and pay more attention to the balance between debt resolution and development [3][5]. - The "package debt - resolution" policy has achieved phased results, with many regions achieving zero implicit debts. The industry adheres to resolving debts while developing and vice versa, strengthens special - bond support, and guides the standardized development of government investment funds to assist the transformation of base - investment enterprises [5][7][8]. - Under the influence of policies, the short - term debt - repayment pressure of base - investment enterprises has been relieved, the financing channels are continuously adjusted, the marginal liquidity is improved, and the bond financing cost is reduced. However, the non - standard debt situation in some provinces still needs attention [14]. - In 2025, the base - investment industry policies are expected to continue the main tone of "controlling new debts and resolving existing debts", and the industry's debt risk is generally controllable. New investment space may be opened, but issues such as the tightening of financing channels, non - standard debt replacement progress, and changes in the government - enterprise relationship after enterprise transformation need to be concerned [23][25]. 3. Summary by Relevant Catalogs 3.1 Policy Review - **Policy Continuity and New Requirements**: In 2025, the base - investment industry policies continue the "controlling new debts and resolving existing debts" idea of 2024, and the 2025 national government work report puts forward new requirements such as dynamically adjusting the list of high - risk debt regions and opening up new investment space [3][5]. - **Phased Results of Debt Resolution**: In the first quarter of 2025, many regions announced that they had achieved zero implicit debts in 2024, involving 10 provinces and 23 cities. For example, Xuzhou in Jiangsu Province used 11.881 billion yuan of special bonds to replace implicit debts and completed the task of zero implicit debts [5]. - **Debt Resolution in Development**: The 2025 national government work report proposes to dynamically adjust the list of high - risk debt regions. Some regions may be planning to withdraw from the list of key provinces. The central bank also guides the resolution of financial debt risks of financing platforms and supports their market - oriented transformation [7]. - **Support for Enterprise Transformation**: Special bonds are strengthened to support infrastructure construction, rural revitalization, and consumption - related fields. The State Council General Office issues a guiding opinion on promoting the high - quality development of government investment funds, and the Shanghai Stock Exchange revises relevant rules to guide the transformation of base - investment enterprises [8][9][11]. 3.2 Policy Main Impacts - **Relieved Short - term Debt - Repayment Pressure**: Since November 2024, the government has increased the local government debt limit to replace existing implicit debts. In the first quarter of 2025, 1.34 trillion yuan of special bonds were issued for this purpose, exceeding half of the annual quota, and the short - term debt - repayment pressure of base - investment enterprises has been relieved [14][15]. - **Adjusted Financing Channels**: In the first quarter of 2025, the issuance scale and net financing of base - investment bonds decreased compared with the same period last year. The non - standard debt scale decreased, and the proportion of bank loans in the debt of base - investment enterprises may increase [16]. - **Improved Liquidity and Reduced Financing Cost**: The liquidity of base - investment enterprises has been continuously improved, and the weighted average issuance interest rate of base - investment bonds in the first quarter of 2025 decreased by 11BP compared with the fourth quarter of 2024. The financing cost of base - investment enterprises in key provinces has decreased significantly [17]. - **Converged Non - standard and Bill Public Opinions**: The negative public opinions of base - investment non - standard risks have converged. In the first quarter of 2025, the total number of non - standard risk events decreased by about 41% compared with the fourth quarter of 2024 and about 51% compared with the first quarter of 2024. However, the non - standard risk situation in some regions still needs attention [18]. - **Released Liquidity by Special Bonds**: Special bonds support project investment and land asset recovery. In the first quarter of 2025, the new quota of government special bonds for infrastructure construction increased significantly, and some special bonds were used for land reserve projects, which helped base - investment enterprises dispose of idle and inefficient land assets and release liquidity [19][20]. - **Enterprise Transformation and High - quality Development**: Policy guidance promotes the transformation and high - quality development of base - investment enterprises. The proportion of market - oriented entities among bond - issuing enterprises has increased, and the transformation is expected to accelerate [21][22]. 3.3 Industry Development Expectations - **Controllable Debt Risk**: In 2025, the base - investment industry policies will continue the main tone of "controlling new debts and resolving existing debts". The debt risk of the industry is generally controllable, but the implementation of financial debt - resolution policies and the adjustment of financing channels need to be concerned [23][25]. - **New Investment Space and Enterprise Transformation**: The current debt - resolution work emphasizes the balance between debt resolution and development. New investment space may be opened, and base - investment enterprises are expected to focus on key investment fields and industrial investment. The process of enterprises withdrawing from the platform and industrial transformation is expected to accelerate [25]. - **Challenges and Concerns**: The fundamental improvement of base - investment enterprises is still under pressure, and the progress of non - standard debt replacement is uncertain, which may affect the public opinion trend. The changes in the government - enterprise relationship after enterprise transformation also need continuous attention [25][33][34].

Investment Rating - The industry investment rating is "Positive" and is maintained [11]. Core Insights - The environmental sector's public fund holdings have slightly decreased, with a current allocation ratio of 0.23%, down by 0.02 percentage points from the previous quarter [6][18]. - The environmental industry is currently in a low allocation state, with a benchmark ratio of 1.04% [6][18]. - The report highlights a market shift towards high-performing stocks, particularly in waste incineration, which are favored by public funds due to their stable growth and strong performance [8][35]. Summary by Sections Fund Holdings Overview - As of Q1 2025, the total market value of the top ten holdings in the environmental sector is approximately 7.108 billion yuan, accounting for 0.23% of all disclosed fund products [2][6]. - A total of 316 fund products are heavily invested in 152 environmental companies, representing 4.18% of all disclosed fund products [6][18]. Key Companies and Performance - The leading companies by heavy fund holdings include: - Weiming Environmental: 1.313 billion yuan - Huace Testing: 1.015 billion yuan - Hanlan Environment: 950 million yuan - Longjing Environmental: 813 million yuan - Juguang Technology: 749 million yuan - Xingrong Environment: 456 million yuan [7][28]. - The companies with the highest proportion of fund holdings relative to their total market value include Juguang Technology (10.1%), Dadi Ocean (8.0%), Longjing Environmental (5.1%), Hanlan Environment (4.9%), and Huace Testing (4.7%) [30]. Investment Strategy - The report suggests a moderately optimistic outlook for 2025, particularly for waste incineration and water assets, emphasizing the importance of companies like Hanlan Environment, Xingrong Environment, Weiming Environmental, and others [8][35][36]. - The report identifies multiple catalysts for growth, including advancements in waste management, testing services, and renewable resources, recommending a focus on companies like Guodian Measurement and Zhuoyue New Energy [9][38][39].

文 ｜ 明明 李晗 徐烨烽 俞柯帆 来正杰 化债资金前置发行的背景下，一季度地方债发行规模创新高，合计发行2 . 8 4万亿元，其中化债资金1 . 4万亿元，包括1 . 3万亿元 置换隐债专项债和11 7 2亿元特殊新增专项债。但从新增地方债的角度看，一季度发行新增一般债2 7 9 1亿元，新增专项债9 6 0 2亿 元，节奏同比有所加快，但相对其余年份而言仍有差距。展望二季度，当前已公布发行地方债合计规模约2 . 2 3万亿元，在"自审 自发"试点落地后，新增债发行有望加速，也可期待土储专项债的增量发行和化债资金的继续落地。配置角度，当前地方债利差 相对较高，流动性虽有改善，但仍低于市场平均水平，适合负债端稳定的配置机构进行参与。 ▍ 2 0 2 5年一季度地方债发行规模创新高，结构分化凸显政策导向。 2 0 2 5年一季度地方债合计发行2 . 8 4万亿元，同比增长8 1%，超越历年来一季度发行水平。从结构看，一季度专项债发行占比显 著提升，合计发行2 . 4 3万亿元，其中再融资专项债1 . 4万亿元，占发行总量高达5 2%，主要源于地方政府化债资金加速落地需 求。一般债券发行4 1 0 2亿元，占比1 ...

文 ｜ 明明 李晗 徐烨烽 俞柯帆 来正杰 化债资金前置发行的背景下，一季度地方债发行规模创新高，合计发行2 . 8 4万亿元，其中化债资金 1 . 4万亿元，包括1 . 3万亿元置换隐债专项债和11 7 2亿元特殊新增专项债。但从新增地方债的角度 看，一季度发行新增一般债2 7 9 1亿元，新增专项债9 6 0 2亿元，节奏同比有所加快，但相对其余年 份而言仍有差距。展望二季度，当前已公布发行地方债合计规模约2 . 2 3万亿元，在"自审自发"试点 落地后，新增债发行有望加速，也可期待土储专项债的增量发行和化债资金的继续落地。配置角 度，当前地方债利差相对较高，流动性虽有改善，但仍低于市场平均水平，适合负债端稳定的配置 机构进行参与。 ▍ 2 0 2 5年一季度地方债发行规模创新高，结构分化凸显政策导向。 2 0 2 5年一季度地方债合计发行2 . 8 4万亿元，同比增长8 1%，超越历年来一季度发行水平。从结构 看，一季度专项债发行占比显著提升，合计发行2 . 4 3万亿元，其中再融资专项债1 . 4万亿元，占发 行总量高达5 2%，主要源于地方政府化债资金加速落地需求。一般债券发行4 1 0 2亿元，占 ...

www.ccxi.com.cn · 特别评论 2025 年 4 月 目录 | 要点 | 1 | | --- | --- | | 债务成因分析 | 2 | | 主要化债举措及进展 | 6 | | 发债城投基本面观察 | 8 | | 总结 | 12 | 联络人 作者 政府公共评级部 芦婷婷 ttlu@ccxi.com.cn 中诚信国际 苏中区域债务浅析及发债城投观察 要点 1 行业研究 依托优越的区位优势和国家级战略叠加效应，苏中区域经济快速发展，其经 济总量增速已连续多年位居江苏省前列。值得注意的是，在固定资产投资持 续发力推动产业转型升级的背景下，苏中区域产业布局仍偏传统，第三产业 特别是生产性服务业发展相比于苏南地区来说相对缓慢，导致税源培育能力 与苏南发达地区存在一定差距。同时，在房地产市场深度调整背景下，土地 出让收入缩减导致政府性基金预算收入持续承压。在既往债务驱动型增长模 式下已形成双重债务压力。 在省级统筹与地市差异化政策实施的债务管控体系下，苏中三市在在融资平 台转型及数量压降、债务规模管控、债务融资成本压降、融资结构优化等维 度取得显著进展，债务风险防控能力系统性提升。 苏中三市发债城投层级下 ...