证券研究报告 中钢国际 (000928 CH) 海外占比持续提升，盈利能力再优化 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 26 日│中国内地 | 建筑施工 | 目标价(人民币): | 9.80 | 公司发布半年报：25H1 实现营收 67.45 亿元（yoy-25.66%），归母净利 4.24 亿元（yoy+1.11%），扣非净利 4.22 亿元（yoy+13.01%）。其中 Q2 实现营收 32.26 亿元（yoy-22.67%，qoq-8.31%），归母净利 1.93 亿元 （yoy-5.88%，qoq-16.74%），国内钢铁行业景气承压导致收入下行，基本 符合我们的预期（2.0 亿元），我们认为海外业务景气较好，国内钢铁行业 或受益"反内卷"迎来转机，公司有望保持稳健增长，维持"买入"评级。 海外业务占比大幅提升至 74%，综合毛利率继续提升 收现比下降付现比提升，经营性现金流同比承压 25H1 公司经营性现金流净额-29.12 亿元，同比多流出 13.55 ...

近日，因未落实市容和环境卫生责任，且经责令整改后逾期未改，深圳市龙岗区园山街道一施工企业被 依法处以2000元罚款。 据介绍，园山街道执法队员在日常巡查时发现，某施工项目进出口与市政道路连接处存在大面积路面破 损、泥水淤积等问题，严重影响周边交通环境和市容面貌。 现场可见，沥青路面被车辆碾压得坑洼不平，碎石和黄泥块四处散落，环境杂乱。执法人员立即进行拍 照取证，并告知现场负责人未落实"6个100%"扬尘治理措施中"施工现场路面100%硬化"和"出入车辆 100%冲洗"的规定。执法人员当场签发协助通知书，要求限期整改。 然而，到期复查时，该施工点出入口仍未硬化，余泥渣土清理不到位，整改要求未得到落实。执法队员 拍照留存证据，向现场负责人依法开具责令整改通知书，并按照《深圳经济特区市容和环境卫生管理条 例》第13条规定：综合执法部门责令限期改正，逾期未改正的，处以二千元罚款。 ...

产经新闻爆料电话：0531-85196566 近日，无锡市锡山区住房和城乡建设局对中天建设集团有限公司作出行政处罚，罚款金额15万元。该处罚决定书（苏锡锡住建罚决 〔2025〕33号）已于2025年8月25日正式公布。 据处罚信息显示，2025年6月，中天建设集团作为XDG-2022-48号地块(二期)项目的施工单位，在施工过程中未按规定对进场的建筑材料进 行检验，也未对涉及结构安全的试件进行取样检测，违反了《建设工程质量管理条例》第二十九条和第三十一条的规定。 无锡市锡山区住房和城乡建设局依据《建设工程质量管理条例》第六十五条，对该公司处以罚款15万元。处罚决定日期为2025年8月25 日，企业需在2025年9月9日前履行处罚义务。 公开资料显示，中天建设集团有限公司成立于1998-04-03，法定代表人为吴海涛，注册资本为325300万元，统一社会信用代码为 91330783147520019P，企业注册地址位于浙江省东阳市吴宁东路65号，是中天控股集团有限公司的核心产业公司，以房屋建筑、基础设施 建设、工程服务为主要经营业务。 ...

新闻爆料电话：0531-85193242 爱企查显示，中铁二十一局集团有限公司隶属于国务院国资委中国铁建股份有限公司，是集工程建设、 科研开发、房地产开发、矿产资源开发、商贸经营等于一体的国有特大型建筑施工企业集团。 另外，记者于国家企业信用信息公示系统查询到，中铁二十一局集团有限公司成立于2001年，注册资本 203800万元人民币，法定代表人为庄纪栋，由中国铁建股份有限公司100%持股。中国铁建股份有限公 司则成立于2007年，注册资本1357954.15万人民币，法定代表人为戴和根。 记者于信用中国获悉，8月12日，中铁二十一局集团有限公司被罚5万元，行政处罚决定书文号为津水质 安罚字﹝2025﹞003号。 违法事实显示，中铁二十一局集团有限公司在潮白新河宝宁交界-乐善橡胶坝段治理工程3标中未采取措 施消除事故隐患。天津市水务局依据《中华人民共和国安全生产法》第一百零二条，对其作出处罚决 定。 ...

Group 1 - The construction of the underground space for the subway lines is progressing, with the completion of two tunnel openings for Line 4 and the initiation of the shield tunnel openings for Line 11 [1] - The core structure of the underground space has been completed, and the installation of half-ring steel structures is underway, which will support the future subway operations [1] - The construction site is equipped with air circulation systems and water mist to improve working conditions for the laborers [1] Group 2 - The completed steel ring openings for Line 4 are designed to facilitate cross traffic with Line 11, making the business district station a transfer hub [2] - The underground space is being constructed in phases, with significant progress on the surrounding buildings, including the completion of eight towers forming the Jiangyin skyline [2] - The Yangtze River Financial Center is a key project in Jiangsu's financial cluster, focusing on new financial services, with over 90% of the curtain wall installation completed and expected to finish by the end of September [2]

近日，记者从信用中国获悉，北京住总第四开发建设有限公司承建的金花企业（集团）股份有限公司制药厂搬迁扩建项目二标段（门卫1、 门卫2、中试车间、连廊4、综合制剂车间、连廊1、连廊 3、试剂库、转移因子提取车间、连廊2、仓库）项目未按照要求存储农民工工资 支付保证金，被西安市人力资源和社会保障局罚款8万元。 | 数据来源 | 西安市人力资源和社会保障局 | | --- | --- | | 数据来源单位统一社会信 | 116101000133540868 | | 用代码 | | 同日，该公司承建的金花企业（集团）股份有限公司制药厂搬迁扩建项目一标段中药原料药及综合提取车间、动力站项目未按照要求存储 农民工工资支付保证金，承建的金花企业（集团）股份有限公司制药厂搬迁扩建项目二标段（办公楼、综合辅助楼）项目未按照要求存储 农民工工资支付保证金，分别被罚款8万元。 | 行政处罚决定书文号 | 市人社罚字《2025》7号 | 下载修复申请材料 | 在线申请修复 | | --- | --- | --- | --- | | 处罚类别 | 罚款 | | | | 处罚决定日期 | 2025-08-11 | | | | 处罚内容 | ...

Core Insights - The company reported a significant decline in performance for the first half of 2025, with a revenue of 14.361 billion and a net loss of 249 million due to industry adjustments and project delays [2] - The company signed 325 engineering contracts totaling 24.271 billion, with a notable focus on both local and external projects [2] - The company aims to enhance market competitiveness through strategic partnerships and marketing transformation, particularly in key growth areas [2][3] Financial Performance - Revenue for the first half of 2025 was 14.361 billion, with a net profit of -249 million [2] - The company recorded credit and asset impairment losses totaling 96.2531 million, impacting net profit by approximately 81.4359 million [2] Contractual Developments - A total of 325 engineering contracts were signed, amounting to 24.271 billion, with 47.41% from local projects and 52.59% from external projects [2] - Government-funded projects accounted for 70.20% of the total contract value [2] Strategic Initiatives - The company is focusing on project management and cost control through the "Excellence Control Platform" to ensure efficient project execution [3] - Ongoing reforms include reducing the number of legal entities and optimizing resource allocation to enhance operational efficiency [3] Recognition and Competitive Position - The company was listed in the Fortune China 500 and achieved an A-level ESG rating, reinforcing its competitive advantage in government projects [3] - The company has received over 100 national awards, including the Luban Award, highlighting its industry recognition [3]

Core Viewpoint - The accident involving the construction of the Qianzhai Yellow River Bridge by China Railway's subsidiary resulted in 12 fatalities and 4 missing persons, but it is not expected to significantly impact the company's operations or financial performance [1][2][4]. Group 1 - The accident occurred on August 22, 2025, at approximately 3:10 AM, when a cable on the tower supporting auxiliary steel beams suddenly broke [1][4]. - The bridge spans 1,596.2 meters and has a contract value of approximately 436 million yuan [2][4]. - The company has initiated an emergency response plan and is cooperating with government authorities for rescue and investigation efforts [2][4]. Group 2 - The company expressed deep condolences for the victims and their families, committing to learn from the incident and fulfill its corporate responsibilities [2][4]. - Ongoing emergency and rescue operations are being conducted in an orderly manner, with the cause of the accident under investigation [2][4].

Group 1 - The stock price of Zhejiang Construction Investment (002761) closed at 9.90 yuan on August 22, 2025, down by 0.22 yuan, representing a decline of 2.17% [1] - The trading volume on that day was 427,788 hands, with a total transaction value of 423 million yuan [1] - Zhejiang Construction Investment operates in the engineering construction sector, covering areas such as building construction and infrastructure investment, and is a significant construction enterprise in Zhejiang Province [1] Group 2 - On August 22, Zhejiang Construction Investment held its 52nd meeting of the 4th Board of Directors, where it reviewed the proposal for the re-election of members of the Audit Committee [1] - On the same day, there was a net outflow of 17.0166 million yuan in main funds, but over the past five days, the overall main funds showed a net inflow of 44.5985 million yuan [1]

当天，应急管理部派工作组抵达现场指导事故救援处置工作。 吴晓军、罗东川就做好下一步工作提出明确要求，强调要把抢救人的生命放在第一位，争分夺秒开展救 援，尽一切可能减少伤亡，全力做好医疗救治，不惜一切代价抢救伤员。要协助企业细致做好家属安抚 工作，全力提供必要保障，推动善后工作有序进行。要以此次事故为警醒，在全省范围内开展安全生产 大排查大整治，特别是针对建筑施工、央企项目等重点领域，杜绝此类事故再次发生。 据青海日报消息，8月22日凌晨3时10分许，川青铁路尖扎黄河特大桥在施工中钢绞线断裂，造成人员伤 亡。事故发生后，青海省委书记、省人大常委会主任吴晓军，省委副书记、省长罗东川第一时间视频连 线研究部署救援工作，随即赶赴现场实地指挥一线应急处置工作。截至18时，已造成12人死亡，4人失 联，救援和应急处置各项工作正在紧张进行中。 ...