Investment Rating - The industry investment rating is "Leading the Market - A" and the rating is maintained [5]. Core Viewpoints - The State Council emphasizes strengthening counter-cyclical adjustments, and new urban construction is expected to accelerate. Effective investment is to be expanded, enhancing market vitality and increasing quality supply [16][17]. - Infrastructure investment has maintained steady growth since the beginning of the year, but the growth rate has slightly declined. Q4 is typically a peak construction season for the industry, and with counter-cyclical adjustments, infrastructure investment is expected to accelerate in Q4 [16]. - The report suggests focusing on undervalued construction companies, especially as the fundamentals are expected to improve with policy catalysts and marginal improvements in the economic environment [16][10]. Summary by Sections Industry Dynamics Analysis - The State Council's meeting on October 14 highlighted the need for effective investment expansion and the promotion of new urban infrastructure construction, which is expected to drive growth in the construction sector [16][17]. Market Performance - The construction industry experienced a decline of 1.67%, underperforming the Shanghai Composite Index, but the decoration and renovation sector showed strong performance with a 2.88% increase [18][19]. - The overall industry P/E ratio is 11.88, and the P/B ratio is 0.85, indicating a relatively low valuation compared to other sectors [21]. Key Investment Targets - Recommended stocks include major state-owned enterprises such as China Railway, China Communications Construction, and China State Construction, which are expected to benefit from improved fundamentals and valuation recovery [10][12]. - The report also highlights the potential of companies involved in smart construction and infrastructure, such as those utilizing BIM technology [17][11]. Company Announcements - Recent major contract announcements include significant projects won by companies like Zhongyan Dadi and Shaanxi Construction, indicating ongoing demand in the sector [29][30].

业 及 产 业 建筑装饰 2025 年 10 月 19 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 (8621)23297818× tangmeng@swsresearch.com 推进新基建打造韧性城市，强调智能化布局 看好 ——申万宏源建筑周报（20251013-20251017） 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 - ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数-1.67%，沪深 300 指 数-2.22%，相对收益为+0.55pct。周涨幅最大的三个子行业分别为装饰 幕墙（+3.44%）、钢结构（+2.32%）、设计咨询（+0.47%），对应行 业内三个公司：东易日盛（+26.23%）、精工钢构（+10 ...

《行动方案》明确，探索推动新一代信息技术与城市基础设施建设深度融合，进一步夯实城市治理数字底座，筑牢城市安全新防线，创新城市 民生服务新模式，培育经济发展新动能，推动城市安全发展，助力宜居、韧性、智慧城市建设。到2027年年底前，新型城市基础设施建设各项 重点任务取得明显进展，形成一批可复制可推广的经验做法。其中，行动方案细化了各部门落实举措，梳理9大类、32项具体任务。 清华大学土木水利学院院长吴璟介绍，此次《行动方案》的最大亮点在于可落地和系统化，针对过往重建设轻治理带来的问题，精细拆解为9 大类、32项具体任务。这种从目标到任务的系统规划，让新型城市基础设施建设和打造韧性城市各个步骤都有章可循。此次的方案还重点突出 了不同部门和不同领域间的协同治理、系统施策，让韧性城市建设形成共建共享的良好局面。 央视网消息：记者从住房城乡建设部获悉，住房城乡建设部、国家发展改革委等9部门近日联合印发《贯彻落实〈中共中央办公厅、国务院办 公厅关于推进新型城市基础设施建设打造韧性城市的意见〉行动方案（2025—2027年）》（以下简称《行动方案》）。要求各地大力推进数字 化、网络化、智能化新型城市基础设施建设，增强城市风 ...

Core Viewpoint - The Ministry of Housing and Urban-Rural Development, along with eight other departments, has issued an action plan to promote the construction of new urban infrastructure from 2025 to 2027, focusing on digitalization, networking, and intelligence to enhance urban risk prevention and governance capabilities [1][3]. Group 1: Action Plan Details - The action plan aims to explore the deep integration of new-generation information technology with urban infrastructure, solidifying the digital foundation for urban governance and innovating urban public service models [3][5]. - By the end of 2027, significant progress is expected in key tasks related to new urban infrastructure construction, with a focus on creating replicable and scalable experiences [3][5]. - The plan details specific measures for implementation across various departments, outlining nine categories and 32 specific tasks [3][5]. Group 2: Emphasis on Resilience and Safety - The concept of a resilient city is defined as one that can effectively withstand external shocks and internal risks, quickly initiate emergency responses, and restore core functions [6]. - The action plan prioritizes the construction of urban lifeline safety projects, addressing the need for deeper urban construction improvements [6][7]. - The plan highlights the importance of enhancing urban governance efficiency and strengthening urban safety defenses, particularly as many urban infrastructures are aging and in need of repair [7][9]. Group 3: Technological Integration and Collaboration - The action plan emphasizes multi-field collaboration, leveraging digital, networked, and intelligent technologies to break down barriers between different sectors [9][11]. - Key areas such as risk monitoring, emergency response coordination, and information sharing will benefit from advanced technologies, enhancing urban governance effectiveness [9][11]. - The plan includes the development of urban information modeling platforms and management service platforms to conduct comprehensive risk assessments and improve urban management [11].

Group 1: Sustainable Reporting - A total of 1869 listed companies have disclosed their 2024 sustainability reports, achieving an overall disclosure rate of 34.7%, which is an increase of approximately 10 percentage points compared to the previous two years [1][2] - By the end of last year, one-third of companies in the Shanghai and Shenzhen stock markets had improved their MSCI ESG ratings [2] - Although the number of companies required to disclose is not large, their market capitalization accounts for over half of the entire market [2] - Companies mandated to disclose will start doing so in 2026, with 95% of them having already disclosed sustainability or social responsibility reports ahead of schedule [2] Group 2: Service Consumption Expansion - The Ministry of Commerce plans to focus on three areas to continuously promote the steady expansion of service consumption [2] - The first area is to cultivate new growth points for service consumption by improving support policies and addressing bottlenecks [2] - The second area involves innovating diverse consumption scenarios, promoting pilot projects, and integrating various sectors such as commerce, tourism, and culture [2] - The third area is to optimize service supply, emphasizing quality improvements in services for the elderly and children, and enhancing urban convenience [2] Group 3: Company Performance - Shijia Photon reported a net profit of 299 million yuan for the first three quarters, representing a year-on-year increase of 727.74%, driven by the rapid growth of the data communication market and increased customer recognition [5] - Rongzhi Rixin expects a net profit of 26.4 million to 27.4 million yuan for the first three quarters, reflecting a year-on-year increase of 871.3% to 908.09% [6] - Guangku Technology anticipates a net profit of 109.72 million to 120.89 million yuan for the first three quarters, indicating a year-on-year growth of 97% to 117% [7] Group 4: Corporate Transactions - Good Products announced the termination of the transfer of control to Changjiang Guomao, with the controlling shareholder remaining Ningbo Hanyi [8] - Zhongjin Company received approval from the China Securities Regulatory Commission to publicly issue technology innovation corporate bonds totaling no more than 10 billion yuan [7] - Huada Technology plans to acquire 100% of Huayi Microelectronics through a combination of stock issuance and cash payment, with no change in control expected [7]

Core Viewpoint - The Ministry of Housing and Urban-Rural Development, along with nine other departments, has issued an action plan to implement the opinions on promoting new urban infrastructure construction and building resilient cities, aiming for significant progress by the end of 2027 [1] Group 1: Smart Infrastructure Development - The action plan emphasizes the construction of intelligent sensing systems for road infrastructure and urban cloud platforms, focusing on the integration of smart city infrastructure with intelligent connected vehicles [2] - It aims to enhance logistics distribution and emergency material support capabilities by improving smart logistics facilities and emergency logistics systems [2] - The plan promotes the intelligent transformation of urban parking facilities, encouraging the development of smart parking management platforms to improve resource utilization [2] Group 2: Community and Service Facilities - The action plan supports the smart construction of residential areas, advocating for the digital, networked, and intelligent transformation of public facilities [3] - It highlights the need for embedded service facilities in urban communities, focusing on services for the elderly and children, and enhancing community service accessibility [3] - The plan encourages the smart transformation of urban commercial areas, promoting diverse and integrated business development within residential neighborhoods [3] Group 3: Smart Construction Technologies - The action plan aims to cultivate smart construction industry clusters and encourages cities to establish smart construction industrial bases [4] - It promotes the application of Building Information Modeling (BIM) technology across major infrastructure projects, enhancing collaboration in design, construction, and maintenance [4] - The plan seeks to establish an internet platform for the construction industry to optimize resource allocation and reduce costs [4]

Core Viewpoint - The action plan aims to promote the construction of new urban infrastructure that is digital, networked, and intelligent, enhancing urban risk prevention and governance capabilities by 2027 [1][4][6]. Group 1: Financing Mechanisms - Establish a diversified financing system led by government investment and supported by enterprise investment, encouraging local governments to strengthen policy guidance through reward and subsidy mechanisms [2][30]. - Support eligible projects to issue Real Estate Investment Trusts (REITs) in the infrastructure sector, while promoting market-oriented credit allocation by financial institutions without increasing local government hidden debts [2][30]. Group 2: Smart Urban Infrastructure - Implement action plans for the construction and renovation of smart municipal infrastructure, focusing on safety management and the integration of information technology [2][7]. - Promote the development of smart city infrastructure in conjunction with intelligent connected vehicles, enhancing urban travel environments and digital governance [2][8]. Group 3: Smart Residential Areas - Advance the construction of smart residential areas and community embedded service facilities, improving safety and management systems for residential buildings [3][10]. - Support the digital transformation of urban commercial areas and enhance the management of residential properties through smart technologies [3][10]. Group 4: Digital Home Development - Strengthen the construction of residential information infrastructure, promoting the installation of high-speed fiber networks and smart home products in both new and existing homes [3][11]. - Encourage the interconnectivity of digital home product platforms to enhance user experience and data security [3][11]. Group 5: Intelligent Construction and Industrialization - Foster the development of intelligent construction industry bases in cities, promoting the application of Building Information Modeling (BIM) technology across various infrastructure projects [3][12][18]. - Encourage the intelligent production and upgrading of construction components, integrating automation and innovative technologies [3][12][20]. Group 6: Urban Information Model (CIM) Platform - Build a comprehensive data resource system to enhance information sharing across urban planning, construction, and management sectors [3][13][22]. - Develop the CIM platform as a digital foundation for urban governance, facilitating multi-domain applications and risk assessments [3][13][24]. Group 7: Urban Operation Management - Promote a unified urban operation management service platform to enhance real-time monitoring and coordination of urban services [3][14][25]. - Establish a three-tiered platform system for urban operation management, ensuring data sharing and collaborative governance [3][14][26]. Group 8: Support Measures - Drive technological empowerment and talent cultivation in the new urban infrastructure sector, enhancing research and development capabilities [3][15][29]. - Strengthen data sharing and security measures to ensure the safe and efficient operation of urban infrastructure [3][15][31].

Core Viewpoint - The article discusses the implementation of the "Action Plan for Promoting New Urban Infrastructure Construction to Build Resilient Cities (2025-2027)" issued by nine departments, aiming to enhance urban risk prevention and governance capabilities through digital, networked, and intelligent urban infrastructure construction [1][6]. Summary by Sections 1. Financing Mechanism - Establish a diversified financing system led by government investment and primarily supported by enterprise investment, encouraging local governments to strengthen policy guidance through reward and subsidy mechanisms [2][30]. - Support eligible projects to issue Real Estate Investment Trusts (REITs) in the infrastructure sector and promote market-oriented credit provision by banks without increasing local government hidden debt [2][30]. 2. Intelligent Municipal Infrastructure - Implement action plans for the construction and renovation of intelligent municipal infrastructure, focusing on safety management and dynamic information updates for urban lifelines [2][8]. - Enhance safety operation management in key areas and establish real-time monitoring platforms for critical infrastructure [2][9]. 3. Smart Community Development - Promote the construction of smart residential areas and community embedded service facilities, focusing on safety hazard prevention and the digital transformation of urban commerce [3][10]. - Establish a comprehensive management platform for residential buildings, ensuring safety throughout the entire lifecycle of housing [3][10]. 4. Digital Home Construction - Strengthen residential information infrastructure and promote the construction of gigabit fiber networks, enhancing connectivity for electricity and information networks [4][15]. - Encourage the integration of smart products in existing homes and the electrification and digitalization of traditional home products [4][15]. 5. Intelligent Construction and Industrialization - Encourage cities to build intelligent construction industry bases and promote the application of Building Information Modeling (BIM) technology across major infrastructure projects [4][11]. - Support the intelligent production and upgrading of building components, fostering innovation in automated construction technologies [4][11]. 6. Urban Information Model (CIM) Platform - Construct a data resource system that integrates various urban management data, enhancing the sharing and utilization of information across departments [12][23]. - Develop the CIM platform to support urban governance and risk assessment, facilitating the integration of various urban management functions [12][23]. 7. Urban Operation Management Service Platform - Promote a unified urban operation management service platform to enhance real-time monitoring and dynamic analysis of urban management [12][25]. - Establish a three-tier platform system at the national, provincial, and city levels to improve data sharing and operational coordination [12][26]. 8. Strengthening Coordination - The Ministry of Housing and Urban-Rural Development will coordinate with relevant departments to develop annual work priorities and evaluate progress [13].

Core Viewpoint - The Ministry of Housing and Urban-Rural Development, along with nine other departments, has issued an action plan to implement the opinions on promoting new urban infrastructure construction and building resilient cities from 2025 to 2027, focusing on smart infrastructure and digital governance [1] Group 1: Overall Requirements - The plan emphasizes the integration of new information technology with urban infrastructure to enhance risk prevention and governance capabilities [1] - It aims to establish a digital foundation for urban governance and promote the development of livable, resilient, and smart cities by the end of 2027 [1] Group 2: Detailed Implementation Measures - The plan includes the development of smart municipal infrastructure, focusing on the digital transformation and intelligent management of essential services such as water supply, drainage, and electricity [2][3] - It promotes the construction of intelligent transportation systems to support smart connected vehicles and improve urban mobility [2][3] - The initiative also aims to enhance logistics and emergency material support capabilities through smart logistics infrastructure [3] Group 3: Development of Smart Communities - The plan encourages the construction of smart residential areas and community service facilities, focusing on improving accessibility and convenience for residents [3][4] - It emphasizes the importance of safety measures in residential areas, including fire safety and emergency response [4] Group 4: Enhancing Building Management - The action plan proposes establishing a safety management system for buildings throughout their lifecycle, including regular inspections and risk assessments [4] - It aims to create a comprehensive management platform for building safety data and enhance the sharing of information across departments [4] Group 5: Digital Family Construction - The plan outlines the need for digital infrastructure in residential buildings, promoting the integration of smart home technologies [4][5] - It encourages the development of standards for interoperability among smart home products and platforms [5] Group 6: Promoting Smart Construction - The initiative supports the establishment of smart construction industry clusters and the application of Building Information Modeling (BIM) technology in various infrastructure projects [5][6] - It aims to enhance the production and upgrade of construction components through automation and innovation [5][6] Group 7: Urban Information Model (CIM) Platform - The plan focuses on building a comprehensive data resource system to support urban governance and management [6] - It promotes the development of a CIM platform to facilitate data sharing and integration across various urban management sectors [6] Group 8: Urban Operation Management Service Platform - The action plan aims to enhance urban operation management through a unified service platform, improving real-time monitoring and coordination [6] - It emphasizes the need for a multi-level platform structure to facilitate data sharing and collaborative management [6] Group 9: Support Measures - The plan includes measures to foster technological innovation and talent development in the field of new urban infrastructure [6] - It encourages the establishment of a diversified financing mechanism to support infrastructure projects while ensuring financial sustainability [6]

Group 1 - The core viewpoint of the article emphasizes the need for high-quality urban development through improved infrastructure and optimized urban space utilization [1] - The article highlights the importance of enhancing urban infrastructure layout, structure, and functionality, as well as strengthening system integration [1] - It discusses the efficient use of underground space and the construction of comprehensive underground utility corridors tailored to local conditions [1] Group 2 - The article mentions the acceleration of urban underground pipeline network construction and renovation [1] - It emphasizes the need for robust coverage of fifth-generation mobile communication networks (5G) and gigabit optical networks, along with optimized computing power facility layouts [1] - The article outlines the necessity of modernizing the comprehensive transportation system to improve intercity and intra-city commuting efficiency [1] Group 3 - It calls for the enhancement of water resource allocation and supply management systems in urban areas [1] - The article stresses the importance of improving transportation hub transfer facilities and the construction of convenient amenities such as parking spaces and charging stations [1]