国泰海通证券发布研报称，中国联塑管道业务销售转型较好，非地产+非华南拓展迅速。非地产业务的 拓展和华南外市场的拓展迅速，农业领域发展领先。公司前期地产业务应收账款，高风险房企的应收或 充分计提75%以上，抵房进行中整体风险消较好。公司目前动态PE已经下降到4x左右，主要受到出身港 股影响；而且在目前产能利用率不足的背景下，公司向新能源转型的增加其实也难以明显增加capex， 经营风险相对可控。 消息面上，国家发展改革委党组书记、主任郑栅洁此前指出，"十五五"时期将建设改造地下管网超过70 万公里，新增投资需求突破5万亿元。国盛证券（002670）发布研报称，化债政策加码下政府财政压力 有望减轻，企业资产负债表也存在修复的空间，市政工程类项目有望加快推进，市政管网及减隔震实物 工作量有望加快落地。 中国联塑(02128)早盘涨超7%，截至发稿，涨6.53%，报4.73港元，成交额2907.56万港元。 ...

格隆汇10月27日丨中化岩土(002542.SZ)在投资者互动平台表示，公司近年已参与多个地下管网项目， 如桃浦污水处理厂初期雨水调蓄工程、中煤岱山鱼山电厂取排水工程、南京望江-莫愁220千伏电缆线路 工程-隧道工程、南京秋藤-望江220千伏线路工程盾构掘进工程、三门路-国顺东路电力隧道工程、北京 新机场临空经济区市政交通配套工程青礼路旧线（场北联络线-大礼路）道路及综合管廊工程等，项目 涉及水利、电力、机场综合管廊等细分领域。针对公司营业收入情况，请关注公司定期报告。公司将坚 持高质量发展导向，以工程服务为主业，运用内生和外延的发展模式，延伸岩土工程产业链，全面提升 工程承包能力和项目管理能力。整合公司资源，发挥细分市场的专业特长和整体方案提供能力，持续巩 固化工、能源、机场场道、市政基础、地铁隧道、港口航道、铁路、公路等领域的工程服务市场。 ...

Core Viewpoint - The company has actively participated in various underground pipeline projects, indicating a strong focus on infrastructure development and engineering services [1] Project Involvement - The company has engaged in multiple projects including: - Taopu Wastewater Treatment Plant initial rainwater storage project - China Coal Daisan Yushan Power Plant water intake and drainage project - Nanjing Wangjiang-Mochou 220kV cable line tunnel project - Nanjing Qiuteng-Wangjiang 220kV line shield tunneling project - Sanmen Road-Guoshun East Road power tunnel project - Beijing New Airport economic zone municipal traffic supporting project [1] Business Strategy - The company aims to maintain a high-quality development direction, focusing on engineering services as its core business [1] - It plans to utilize both endogenous and exogenous growth models to extend the geotechnical engineering industry chain [1] - The company intends to enhance its engineering contracting capabilities and project management skills [1] Market Positioning - The company seeks to integrate resources and leverage its expertise in niche markets to provide comprehensive solutions [1] - It aims to solidify its market presence in various sectors including chemical, energy, airport infrastructure, municipal infrastructure, subway tunnels, port channels, railways, and highways [1]