证券研究报告 晨会 hyzqdatemark 2025 年 07 月 09 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年07月09日 华源晨会精粹 20250709 固定收益 美降息预期回落，国内债基久期继续上升——利率周报：中观高频数据： 经济修复呈现"弱复苏中的结构性亮点"的格局。消费市场复苏动能分化；货运量 保持韧性，出口指标承压；基建相关行业扩张，化工链阶段性调整；商品房成交量 分化；大宗商品价格承压。机构行为：截至 7 月 6 日，理财公司公募理财产品破净 率约为 0.86%，较年初下降 1.11pct，当前破净率的年内百分位已低于 10%。截至 7 月 4 日，本周债基久期继续上升，我们估算利率债中长期债基久期平均数自 4 月初 以来快速走高，7 月 4 日测算约 5.2 年，信用债中长期债基久期平均数自 5 月中旬以 来持续窄幅震荡，7 月 4 日测算约 2.2 年。三季度利率债预计窄幅震荡，继续看多收 益率 2%以上的长久期城投债及资本债。7 月理财规模预计大幅增长，看多长久期下 沉的城投及资本债，看多城投点心债及美元债，力推民生、渤海、恒丰银行永续债， 关注保险次级债机会。 ...

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [4] Core Viewpoints - The construction sector is currently focusing on two main lines: dividends and "Construction+" strategies. The macro liquidity is abundant, and interest rates remain low, leading to a preference for low-volatility, high-dividend, and low-valuation assets. The value of dividend asset allocation continues to rise. Additionally, policies are continuously supporting construction companies to explore new growth avenues through mergers, restructuring, and transformation into new business areas such as new energy, smart manufacturing, digitalization, and operation services [4][12] Summary by Sections Key Recommendations - Recommended companies include Sichuan Road and Bridge, which is deeply involved in infrastructure construction in the Sichuan-Chongqing region, benefiting from a strong order backlog and high profitability. The company’s order scale is expected to reach 291.3 billion yuan by the end of 2024, providing solid growth assurance for the next three years. The dividend policy is continuously optimized, with a commitment to a dividend payout ratio of no less than 60% over the next three years, and a current dividend yield at a relatively high level in the industry [5][11][14] - Attention is also drawn to Jianghe Group, which has maintained its leading position in the industry despite the overall downturn. The company has a strong order expansion capability and is actively returning profits to shareholders, with a projected dividend payout ratio of nearly 98% in 2024, resulting in a dividend yield of approximately 9% [5][18][24] Market Performance - The construction decoration index increased by 0.63% during the week, with sub-sectors such as landscaping, steel structures, and decoration showing significant gains of 4.01%, 3.33%, and 2.13% respectively. A total of 96 stocks in the construction sector rose, with the top five performers being Chengbang Co. (+42.23%), Hangzhou Landscaping (+31.16%), Hopu Co. (+21.35%), Huilv Ecology (+15.65%), and Baijia Technology (+12.50%) [7][37] Structural Investment Opportunities - The report suggests three main lines for structural investment opportunities in the construction sector: 1. Continued investment in regional infrastructure, particularly in the central and western regions and along the "Belt and Road" initiative [7] 2. Valuation recovery of central and state-owned enterprises benefiting from stable dividends and governance improvements [7] 3. Growth potential through transformation and upgrading into new business areas such as smart manufacturing and digitalization [7][12]

证券研究报告 建筑装饰 行业定期报告 hyzqdatemark 2025 年 06 月 05 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 三条选股思路 投资评级： 看好（维持） ——建筑装饰行业周报（20250526-20250601） 投资要点： 本周观点： 结构性行情显现，建筑板块配置价值重估。2025 年以来，建筑板块整体仍处于基本 面弱复苏阶段，市场情绪偏谨慎，估值与交易热度维持低位。然而，随着宏观政策 持续托底、专项资金加快落地、企业分化趋势加剧，板块内部正逐步显现结构性行 情，配置价值有望重估。我们建议从"区域方向""相对收益配置组合"与"产业 外延转型升级"三条主线出发，精选具备政策优势、盈利修复能力或成长弹性的优 质标的，把握阶段性布局窗口。 联系人 板块表现： 线路一：区域方向明确，中西部基建、"一带一路"与水利建设成为 ...

Group 1 - The company announced a share buyback plan with a total fund of between 150 million to 300 million yuan to enhance investor confidence and stabilize company value [1] - The buyback shares will primarily be used for employee stock ownership plans or equity incentives, and if not utilized within 36 months, they will be legally canceled [1] - The company has a strong confidence in its future development and emphasizes the long-term interests of shareholders, which helps stabilize market sentiment [1] Group 2 - The company has implemented a "construction + new energy" dual-driven development strategy, aiming to create an integrated industrial chain [2] - The company signed an EPC contract for a 170MW photovoltaic power generation project, with a contract value of 653 million yuan and a project duration of 365 days [2] - This collaboration marks significant progress in the company's distributed photovoltaic power station EPC contracting business, reinforcing its market position and facilitating the strategic transition towards "construction + new energy" [3] Group 3 - The share buyback enhances investor confidence, while participation in large photovoltaic projects deepens the company's dual-driven development strategy [3] - The company's continuous expansion in the new energy sector positions it as a significant player in the industry, potentially leading new trends in development [3]