◎记者 杨烨 2025年，在政策推动下，建筑装饰行业告别规模扩张的粗放式发展阶段，迈入高质量发展的深度转型周 期。 作为连续19年稳居"中国建筑装饰百强企业第二名"的行业标杆，亚厦股份在2025年前三季度交出了一份 亮眼答卷：一方面，公司在营收阶段性调整的背景下，毛利率实现持续改善，净利润增幅显著跑赢行业 平均水平；另一方面，市场拓展多点开花，不仅斩获15项行业重磅大奖，更在多个标杆项目中彰显了全 产业链综合竞争优势。 周期更迭之中，企业的抗风险能力来自何处？"创新，是亚厦穿越行业周期的核心密码。"亚厦股份董事 长丁泽成在接受上海证券报记者采访时表示。 创新驱动筑牢护城河 2025年前三季度，公司实现营业总收入68.73亿元；归母净利润达2.65亿元，同比增长4.78%，显著跑赢 行业平均水平。报告期内，公司销售毛利率攀升至14.63%，较2025年上半年的12.55%明显提升。 "毛利率的持续优化，离不开装配式技术的规模化应用与高附加值项目结构占比的稳步提升。"亚厦股份 副总裁、董秘戴轶钧表示，行业洗牌期的竞争逻辑已非"大鱼吃小鱼"，而是"强鱼吃弱鱼"，创新正是亚 厦抵御风险、抢占先机的"硬鳞甲"。 技术创 ...

Core Insights - The recent housing technology exhibition in Beijing showcased innovations in green and smart building technologies, emphasizing the theme of "Technology Empowering Good Housing and Industrial Upgrading Promoting New Development" [1] Group 1: Innovations in Cooling Technology - A notable exhibit was the high-efficiency prefabricated cooling machine room model from the Boao Zero Carbon Demonstration Zone, which utilizes magnetic levitation chillers and heat recovery technologies, improving energy efficiency by 15% [1] - This cooling technology aims to enhance the efficiency and quiet operation of building cooling systems, reducing energy waste and noise pollution [1] - The model has already been implemented in public building projects such as Chongqing East Station and the Archives Museum in Shijingshan District, Beijing [1] Group 2: Advanced Insulation Materials - A demonstration of aerogel coating applications showed significant insulation benefits, with models using aerogel and roof membranes exhibiting superior thermal performance [2] - The aerogel coating can block external heat in summer and retain indoor warmth in winter, leading to reduced air conditioning and heating costs without major renovations [2] - This technology contributes to a more comfortable living environment while decreasing energy consumption [2] Group 3: Smart Home Technologies - The "Full Cycle Renewal Smart Home" exhibited by China Resources Land attracted considerable attention, featuring smart devices like smoke detectors that automatically open windows when smoke levels exceed safety thresholds [2] - Additional smart features include temperature control and human-sensing lighting, which adjust based on user habits, enhancing comfort and safety [2]

Core Viewpoint - The strategic cooperation agreement between Quanzhu Co., Ltd. and CGI Holdings Ltd. aims to integrate China's 40 years of experience in the construction industry into Saudi Arabia's Vision 2030, focusing on smart building development [1] Group 1: Strategic Cooperation - Quanzhu Co., Ltd. and CGI Holdings Ltd. have signed a strategic cooperation agreement to establish a broad partnership in the smart building industry chain [1] - The collaboration will involve the establishment of a joint venture, joint education initiatives, and physical operations to advance specific projects [1] Group 2: Goals and Plans - The partnership aims to promote "Saudi manufacturing" in the smart building sector by leveraging China's advantages in product standards, industrial manufacturing, and technological innovation [1] - Over the next five years, the plan includes gradually introducing outstanding Chinese construction industry enterprises to facilitate "Saudi manufacturing" and "technology transfer" [1]

Policy Level: Continuous Easing and Strong Support - Major cities like Beijing, Shanghai, and Shenzhen are leading the policy changes in the real estate sector, with significant adjustments to housing purchase restrictions and support for low-income housing [2][3][4] - Beijing's policy changes, such as lifting purchase limits outside the Fifth Ring, have resulted in increased market activity and improved market expectations [2] - Shanghai's new measures focus on affordable housing and optimizing housing credit, reducing the financial burden on homebuyers [2][4] Central Government's Direction - The Central Urban Work Conference has set a clear direction for the future of the real estate market, emphasizing the need for a new development model [4][5] - The focus is on a dual-track system of "market + guarantee" to address housing needs across different income groups, with reforms in pre-sale systems, land use, and tax regulations [4][5] Market Level: Stabilization and Divergence - After September, some cities have shown signs of market stabilization, particularly in first and second-tier cities, driven by policies like reduced down payments and lower mortgage rates [8][11] - In Beijing, new home transaction volumes have increased, with a notable rise in both new and second-hand home sales [8][11] - However, significant market divergence remains, with first and second-tier cities recovering faster than third and fourth-tier cities, which face higher inventory pressures [12][13] Industry Level: Active Transformation and New Paths - Real estate companies are actively seeking transformation, moving towards diversified and sustainable business models beyond traditional property development [13][14] - Companies are increasingly involved in affordable housing projects, long-term rental housing, and urban renewal initiatives, which align with social responsibilities and policy support [14][16] - The focus on green and smart building practices is growing, with companies adopting energy-efficient designs and advanced technologies to enhance living experiences [16] Future Outlook - The real estate market is entering a new development phase following the central government's policy adjustments and local implementations [17][18] - Continuous collaboration among government, enterprises, and society is essential to ensure healthy market development, with an emphasis on balanced policies to prevent market volatility [17][18]

Core Insights - The construction agency industry is experiencing new dynamics in the first half of 2025, with a notable decrease in land acquisition by local investment companies, which now account for 45% of total land acquisition, down 5 percentage points from the same period last year [1][6] - The government is actively promoting the construction agency system, with 14 provinces and cities implementing management measures to encourage this model, reflecting a maturation of the construction agency market [2][18] - Strategic partnerships among construction agencies are diversifying, with seven agencies collaborating with various clients across multiple regions, indicating a trend towards national expansion [1][10] Group 1: Land Acquisition Trends - Local investment companies' land acquisition has shown a slight increase in total area but a decrease in market share, indicating a shift towards a more diversified market with increased participation from private enterprises [6][7] - The land acquisition area by local investment companies exceeded 22 million square meters in the first half of 2025, a 4% increase compared to the same period in 2024, but their market share has decreased significantly [6][7] Group 2: Government Policies and Regulations - The government construction agency policy is being implemented across various regions, with a total of 14 provinces and cities adopting new regulations in the first half of 2025, which is an increase from the previous year [2][3] - Different regions are establishing their own standards for the scope of construction agency projects, with specific financial thresholds set for mandatory implementation [3][4] Group 3: Strategic Collaborations - Construction agencies are increasingly forming strategic partnerships to enhance resource integration and cross-industry collaboration, focusing on areas such as urban development, public services, and cultural tourism [10][11] - The partnerships are characterized by a focus on government collaboration, resource sharing between state-owned and private enterprises, and technological integration to enhance project efficiency and innovation [11][12] Group 4: Future Outlook - The construction agency industry is expected to continue evolving, with a trend towards stronger collaboration between agencies and government entities, as well as between state-owned and private companies [13][18] - The competitive landscape is likely to undergo significant changes, with leading firms leveraging strategic partnerships to secure quality government resources while smaller firms may face challenges due to market consolidation [18]

Core Viewpoint - The article discusses the transformation of Midea's Building Technology Division into a comprehensive solution provider for smart buildings, leveraging AI and advanced technologies to create sustainable and intelligent spaces [1][2][22]. Group 1: Business Transformation - Midea's Building Technology Division has evolved from a central air conditioning business to a comprehensive service provider covering HVAC, elevators, smart building control systems, and energy management [1][2]. - The division's revenue reached approximately 30 billion yuan, with overseas business accounting for 45%, highlighting its role in Midea's international strategy [2][20]. - The strategic shift focuses on providing integrated solutions rather than just equipment sales, aiming to create sustainable smart spaces [8][9]. Group 2: Technological Innovation - The Shanghai Midea Global Innovation Park exemplifies the integration of technology and nature, showcasing Midea's capabilities in creating smart buildings [6][10]. - Midea's iBUILDING digital platform connects over 680 million devices, enabling real-time monitoring and intelligent control of building systems [18][19]. - Recent product innovations, such as the MDV9 multi-split air conditioning system, demonstrate Midea's commitment to enhancing performance and reliability [16]. Group 3: Ecosystem Development - Midea's approach has shifted from simple device interconnectivity to comprehensive ecosystem collaboration, integrating logistics, information flow, energy flow, and user experience [17]. - The company has established a global presence with over 30 R&D centers and significant investments in innovation, totaling over 60 billion yuan in the past five years [20]. - Midea's recent acquisitions in Europe and successful projects in Singapore and Australia illustrate its rapid growth and commitment to local market adaptation [21].

Core Insights - The global public domain AIoT market has experienced rapid growth, increasing from 754 billion yuan in 2018 to 1.65 trillion yuan in 2023, with a compound annual growth rate (CAGR) of 17.0% and projected to reach 2.664 trillion yuan by 2028 [1][4] - The Shanghai Midea Global Innovation Park, which opened on July 21, 2023, represents a significant investment of 7 billion yuan and aims to serve as a core R&D hub for Midea Group, focusing on smart technology and advanced research [1][4] Industry Overview - The smart building market in China is expected to reach 3 trillion yuan by 2030, indicating a strong growth trajectory in the sector [1] - The integration of AI and IoT in public spaces is enhancing operational efficiency and energy management, with Midea's iBUILDING platform exemplifying this trend [4][6] Company Developments - The Shanghai Midea Global Innovation Park features a total construction area of approximately 400,000 square meters, with facilities for both office and commercial use [1][4] - The park incorporates sustainable design elements, including photovoltaic panels that cover about 20,000 square meters, contributing to a 20% reduction in annual energy consumption [4] - Midea's iBUILDING platform enables smart management of various systems within the park, optimizing energy use and enhancing user experience through automated adjustments based on real-time data [6][9] Technological Advancements - The park utilizes Midea's LINVOL high-end smart elevator products and integrates various IoT devices for precise energy management [6] - Midea's transition from a single equipment supplier to a comprehensive building solutions provider reflects a strategic shift to meet both explicit and latent customer needs [6][9] - The iBUILDING platform's capabilities extend beyond the park, being applicable in diverse environments such as hospitals, schools, and airports, showcasing its versatility [9]

Core Insights - The Midea Group's TRUE Conference focused on smart building technology and innovation, attracting over 2,000 participants from various sectors, including top research institutions and leading companies [2][3] - The conference emphasized the importance of low-carbon solutions and digital transformation in the building industry, with discussions on practical applications and technological advancements [3] Group 1: Conference Highlights - The TRUE Conference featured over 30 events aimed at exploring cutting-edge technologies and presenting actionable solutions for the building industry [2] - Key speakers included representatives from Shanghai's Science and Technology Committee and Fudan University, highlighting the role of smart buildings as a critical engine for industry growth [3] Group 2: Product Launches - Midea Group unveiled five new product solutions during the conference, focusing on HVAC, smart elevators, building control, and energy management [4] - The MDV9 multi-connected unit was introduced, showcasing significant performance improvements, including a 32% increase in heat exchange area and a 3.5 times increase in heat flow density [4][5] Group 3: Strategic Developments - Midea's new "magnetic suspension + X" product strategy aims for substantial energy savings, with the new cooling system expected to save 470,000 kWh annually [5] - The company is expanding its European business unit, MBT Climate, to enhance its global market presence [4]

Group 1: Technology Development and Innovation - The company has successfully developed a non现场执法证据链主动识别 and 智慧溯源 system based on deepseek technology, enhancing customer relationship management through personalized services [2] - In the smart port and shipping sector, the company has established a strategic partnership with 湖州交通运输行政执法队 to create an innovative test base for smart waterways, focusing on projects like 智慧航道 and 船舶监管 [3] - The company has leveraged 3D laser scanning technology for applications in perimeter security and vessel supervision, resulting in unique innovations such as the 水上智能卡口 system and bridge safety warning system [4] Group 2: Financial Performance and R&D Investment - In 2024, the company's R&D investment reached 39.5273 million CNY, accounting for 7.89% of its revenue, showing a year-on-year growth trend [5] - The total expenses for the reporting period amounted to 101.6347 million CNY, reflecting a year-on-year increase of 15.92% [6] - The company has obtained a total of 417 patents and software copyrights, indicating a strong commitment to technological innovation [5] Group 3: Service Quality and Customer Satisfaction - The company has achieved several certifications, including ISO quality management and CMMI level 5, which enhance its service quality and customer satisfaction [4] - Future plans include expanding operational service offerings and improving customer satisfaction through efficient response to client needs [4] Group 4: Strategic Goals and Market Positioning - The company aims to become a leading provider of smart city solutions by focusing on technological innovation and expanding its market share [6] - The 3D laser sentinel product is being promoted across various sectors, including airports and nuclear power plants, indicating a broad application potential [7]