行业专题报告 | 建筑装饰 建筑央企有望受益于国资央企战略性/专业化重组 证券研究报告 2026 年 01 月 28 日 核心结论 行业评级 超配 政策层面：导向明确，加强国资央企战略性、专业化重组。2024 年 12 月， 国务院国资委召开中央企业负责人会议便已经提出"加大力度推进战略性重 组和专业化整合"。2025 年下半年国资委表述开始频繁，比如 2025 年 9 月， 国务院国资委副主任李镇在国新办举行的新闻发布会上表示，下一步"大力 推动国资央企战略性专业化重组整合"；2025 年 12 月，国务院国资委主任 张玉卓在《充分激发各类经营主体活力》一文中强调，要"加强战略性、专 业化重组，加大力度合并'同类项'，避免重复建设和无序竞争"；2025 年 12 月国务院国资委召开中央企业负责人会议，以及 2026 年 1 月国新办举行 新闻发布会介绍 2025 年国资央企高质量发展情况，均表明 2026 年国资央 企要"大力推进战略性、专业化重组整合和高质量并购"。 行业层面：需求承压，专业化重组或助力建筑央企提升综合竞争力。大建筑 央企市占率相对较低：2024 年八大建筑央企合计市占率达到 21.4%， ...

胜利石油工程公司管具技术服务中心扎实推进制修业务专业化重组，在改革攻坚中交出了一份亮眼答 卷：通过整合资源、优化流程，有力推动外委业务向自主运营转化，全年节约外委成本超千万元，索具 加工效率提升22%，套管头产能提升34%，紧急任务响应时间平均缩短50%以上，业务运行模式实现了 从"各自为战"到"协同作战"的深刻转变。 "重组不是简单的资源叠加，而是通过机制创新实现效能倍增。"管具技术服务中心代表、党委书记马国 良表示，下一步，管具技术服务中心将继续深化内部协同、完善协作流程、拓展业务范围，在巩固现有 成果的基础上，进一步加强技术研发与人才培养，积极开拓高附加值技术服务市场，持续提升自主保障 能力和市场竞争力。(大众新闻记者 顾松 通讯员 杨冬玲) 从材料准备到精密加工，各环节无缝衔接，仅用一天时间就高质量完成首批6根大梁加工，产品全部合 格，圆满完成保供任务。"这不仅是效率的提升，更是团队战斗力的体现。"精密加工制修中心党支部书 记于笑冬感慨道。 在核心部件维修方面，管具技术服务中心也实现了关键突破。以长期依赖外部采购的井控装置试压泵保 压阀为例，中心整合精密加工与现场维修力量，组建攻关小组开展技术攻坚。通 ...

Core Viewpoint - The report from CITIC Construction Investment indicates that the reform of central state-owned enterprises (SOEs) will deepen from late 2025 to early 2026, focusing on professional restructuring, strategic upgrades, and industrial synergy [1] Group 1: Restructuring and Integration - The vertical integration of Sinopec and China Aviation Oil serves as a benchmark, creating a comprehensive "refining-storage-distribution" system [1] - This integration not only aligns with the policy direction of SOE reform but also addresses the industry's pain points regarding insufficient collaboration in aviation fuel [1] Group 2: Competitive Advantage and Supply Security - The restructuring enhances international competitiveness and supply security capabilities [1] - The establishment of a Sustainable Aviation Fuel (SAF) industrial ecosystem supports the low-carbon transition of the aviation industry [1] Group 3: Focus Areas for Future Development - Central SOEs are concentrating on intelligent, green, and integrated transformations, leveraging the "14th Five-Year Plan" to expand into emerging industries [1] - Key focus areas include new energy, 6G technology, and biobreeding [1]

Core Viewpoint - The article emphasizes the importance of deepening state-owned enterprise (SOE) reforms and optimizing the layout and structure of state-owned capital during the "14th Five-Year Plan" period, as outlined by Zhang Yuzhuo, the Director of the State-owned Assets Supervision and Administration Commission (SASAC) [1]. Group 1: SOE Reform - The need to establish a market-oriented operating mechanism and deepen internal reforms within enterprises, including the implementation of a term system and contractual management for managerial members [3]. - The focus on optimizing enterprise management and operational systems, promoting a flat organizational structure in large enterprises, and accelerating digital transformation and intelligent upgrades [3]. - The importance of improving the state-owned asset supervision system, ensuring separation of government and enterprise, and enhancing the professionalism and efficiency of regulatory oversight [3]. Group 2: Optimization of State-Owned Capital - The strategy of focusing on key investment areas and directions for state-owned capital, particularly in sectors related to national security, public services, and emerging strategic industries [5]. - The emphasis on strategic and professional restructuring to enhance functional missions and scale efficiency, while avoiding redundant construction and disorderly competition [5]. - The promotion of rational and orderly flow of state-owned capital to optimize allocation, enhance value, and increase returns, thereby creating more social wealth [5].

Group 1 - The article emphasizes the need to optimize the layout and structure of state-owned enterprises, focusing on strategic security, industrial leadership, public service, and emergency capabilities [1] - It highlights the importance of directing state capital towards key industries related to national security and public welfare, as well as emerging strategic industries [1] - The article calls for strengthening strategic and specialized restructuring to enhance scale efficiency and avoid redundant construction and disorderly competition [1] Group 2 - It advocates for the rational and orderly flow of state capital, enhancing the functionality of investment and operation companies, and creating a professional and market-oriented platform for state capital operations [2] - The article stresses the need to accelerate the disposal of inefficient assets and revitalize existing assets to optimize allocation and increase value [2] - It aims to create more social wealth through improved returns from state capital [2]