Investment Rating - The report indicates a positive investment outlook for the construction state-owned enterprises (SOEs) in the ESG context, highlighting strong performance in green development and social responsibility [5][11]. Core Insights - The overall ESG scores for the 19 construction SOEs are good, with 8 companies scoring above 80 and 10 between 60-79, while only 1 company scored below 60. Climate governance and governance improvements are identified as key weaknesses [11][21]. - The importance assessment is well-disclosed among the companies, with 19 companies reporting their assessments, and 17 completing dual importance assessments. However, third-party verification is lacking, with only 3 companies engaging external validation [13][18]. - Environmental disclosures are mature, but climate disclosures need improvement. The total score for "environment + climate change response" ranges from 0 to 32 out of a maximum of 34, indicating a need for better climate-related disclosures [21][22]. - Social responsibility is a strong focus, with all 19 companies disclosing relevant information, particularly in rural revitalization and social welfare, showcasing their commitment to social responsibility [50][53]. - Governance structures are generally robust, with most companies having established boards and supervisory committees, although transparency in performance evaluation and ESG integration remains an area for improvement [60][65]. Summary by Sections Overall Performance - The ESG performance of the 19 construction SOEs is generally good, with strengths in green development and social responsibility, while climate governance remains a critical shortcoming [11][21]. Importance Assessment - All 19 companies have disclosed their importance assessments, with a high level of completeness. However, third-party verification is limited, indicating a need for greater transparency [13][18]. Environmental & Climate - Environmental disclosures are well-developed, but climate-related disclosures are lagging. The overall score for environmental and climate issues indicates a need for enhanced climate strategy integration [21][22]. Social Responsibility - Social issues are prominently featured in disclosures, with a focus on rural revitalization and community welfare, reflecting a strong commitment to social responsibility among the companies [50][53]. Governance - Governance frameworks are well-established, with most companies having comprehensive governance structures. However, the integration of ESG metrics into performance evaluations is not uniformly transparent [60][65].

Investment Rating - The report rates the industry as "Positive" for A-share central enterprises in the construction sector, indicating an expectation of outperforming the overall market [3]. Core Insights - The ESG performance of 19 central enterprises in the construction industry is generally good, with strengths in green development and social responsibility, while climate governance and governance enhancement remain key weaknesses [5][13]. - The overall ESG scores show that 8 companies scored above 80, 10 companies scored between 60-79, and 1 company scored below 60, with a maximum score of 100 [13]. - Importance assessments are disclosed by all 19 companies, with 17 completing dual importance assessments, although third-party verification is lacking, with only 3 companies engaging third-party validation [16][18]. Summary by Sections 1. Overall Scores and Areas for Improvement - The ESG scores of the 19 central enterprises are generally good, with green development and social responsibility as strong areas, while climate governance and governance improvements are identified as critical weaknesses [5][13]. 2. Importance Assessment - All 19 companies disclosed importance assessments, with 17 completing dual assessments. However, third-party verification is limited, with only 3 companies providing such validation [16][18]. 3. Environmental & Climate - The total score for "Environment + Climate Change" among the 19 companies ranges from 0 to 32 points (out of 34). Two companies scored between 30-34, indicating strong performance in both environmental and climate disclosures. Twelve companies scored between 20-29, primarily focusing on environmental disclosures, while five companies scored between 10-19, showing limited engagement with climate issues [24][25]. 4. Social Responsibility - All 19 companies disclosed social responsibility initiatives, with a focus on rural revitalization and social welfare, reflecting a strong commitment to social responsibility. However, some disclosures lack quantitative performance indicators [57][60]. 5. Governance - The governance scores are primarily in the mid to high range, with most companies having established governance structures. However, the integration of ESG performance indicators into governance mechanisms remains unclear for many companies [68][73].

Market Overview - The infrastructure sector increased by 0.83% on November 5, with Palm Holdings leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Top Gainers in Infrastructure Sector - Palm Holdings (002431) closed at 3.10, up 9.93% with a trading volume of 1.2 million shares and a turnover of 361 million yuan [1] - China Nuclear Engineering (601611) closed at 13.73, up 5.86% with a trading volume of 2.2 million shares and a turnover of 2.967 billion yuan [1] - Yansheng Technology (603778) closed at 5.05, up 5.21% with a trading volume of 1.1559 million shares and a turnover of 565 million yuan [1] Top Losers in Infrastructure Sector - ST Yuancheng (603388) closed at 0.67, down 4.29% with a trading volume of 33,200 shares and a turnover of 2.222 million yuan [2] - Hongrun Construction (002062) closed at 10.36, down 3.27% with a trading volume of 411,300 shares and a turnover of 427 million yuan [2] - ST Lingnan (002717) closed at 1.87, down 3.11% with a trading volume of 1.0579 million shares and a turnover of 2,667 yuan [2] Capital Flow Analysis - The infrastructure sector saw a net inflow of 475 million yuan from main funds, while retail funds experienced a net outflow of 150 million yuan [2][3] - Major stocks like China Nuclear Engineering had a net inflow of 294 million yuan, while Palm Holdings saw a net outflow of 473 million yuan from retail investors [3]

证券研究报告 建筑装饰 | 基础建设 非金融|公司点评报告 hyzqdatemark 2025 年 11 月 04 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 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com | 基本数据 | | | | 年 | 11 | 月 | | | | 2025 | 日 | 03 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | | | | 5.62 | | / | | | | | | | 7.20/5.16 | | | | | | | | （元） | | ...

Core Viewpoint - Chengdu Road and Bridge has elected Lin Xiaoqing as the chairman of its eighth board of directors for a three-year term, making her the youngest chairman among A-share companies in Sichuan [1][2][4]. Company Overview - Chengdu Road and Bridge, established in 1988 and listed on the Shenzhen Stock Exchange in 2011, is the only privately-owned listed company in Sichuan focused on infrastructure construction, including roads, bridges, tunnels, and building decoration [7]. - The company is controlled by Dongjun Taida, which holds 20.56% of the voting rights, with Liu Jiangdong as the actual controller [7]. Leadership Changes - Lin Xiaoqing was appointed as the vice general manager in August 2023 and will succeed Wang Peili, who resigned for personal reasons in May 2024 [2]. - Lin Xiaoqing, born in 1996, holds a master's degree and has held various positions in other companies, including vice president of the Shenzhen Entrepreneurs Association [4]. Shareholding and Compensation - Lin Xiaoqing currently holds 420,000 shares of the listed company and received a salary of 925,700 yuan last year [4]. - She is the only "post-95" chairman among A-share companies in Sichuan, with the next youngest chairmen born in 1990 [4]. Market Performance - As of November 4, 2023, Chengdu Road and Bridge's stock price was 4.50 yuan per share, down 0.66%, with a total market capitalization of 3.407 billion yuan [7][8].

Core Points - Chengdu Road and Bridge (002628) held its first meeting of the eighth board of directors on November 3, where Lin Xiaoqing was elected as the chairman for a three-year term [1] - Lin Xiaoqing, born in June 1996, is the youngest chairman among A-share companies in Sichuan and has been serving as the deputy general manager since August 2023 [3][10] - The company faces significant performance challenges, reporting a revenue of 810 million yuan in 2024, a decrease of 30.53%, and a net loss of 92.17 million yuan, marking its first annual net loss since its listing in 2011 [6][7] Company Overview - Chengdu Road and Bridge, established in 1988 and listed in 2011, is the only privately-owned infrastructure company in Sichuan, focusing on transportation infrastructure construction and building decoration [6] - As of November 4, 2025, the company's stock price was 4.5 yuan per share, with a total market capitalization of 3.407 billion yuan [9] Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 541 million yuan, a slight increase of 0.88%, but reported a net loss of 28.36 million yuan, a decline of 36.96% year-on-year [7][9] - The third quarter saw a revenue of 207 million yuan, up 24.62%, but a significant net loss of 57.21 million yuan, a drastic decline of 179.75% [7][9] Leadership and Market Trends - Lin Xiaoqing's election reflects a trend of younger leadership in the A-share market, with 14 "post-95" chairpersons currently in A-share companies [10][15] - The emergence of young leaders like Lin Xiaoqing in key industries such as infrastructure indicates a generational shift in corporate governance, which is crucial for adapting to new economic challenges [15]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company experienced a decline in revenue and profit in the first three quarters of 2025, with revenue of 45.026 billion yuan, down 16.56% year-on-year, and a net profit of 0.809 billion yuan, down 15.94% year-on-year. The third quarter alone saw a revenue of 14.841 billion yuan, a decrease of 27.61% year-on-year, and a net profit of 0.256 billion yuan, down 26.71% year-on-year [1][2] - Despite the short-term pressure on revenue and performance, the company is expected to maintain a high level of investment in Anhui Province, and the integration of business segments may create a second growth curve [1] - New signed contracts showed steady growth, with a total of 371.2 billion yuan in new contracts in Q3 2025, up 15.09% year-on-year, and a cumulative total of 1,122.06 billion yuan for the first three quarters, up 6.48% year-on-year [2] - The company’s cash flow significantly improved, with a net cash outflow of 1.967 billion yuan in the first three quarters, which is 3.288 billion yuan less than the previous year [3] Financial Performance Summary - For the first three quarters of 2025, the company's gross margin was 13.1%, up 0.89 percentage points year-on-year, while the net profit margin was 2.55%, up 0.13 percentage points year-on-year [3] - The company’s revenue forecast for 2025-2027 is adjusted to 1.25 billion, 1.41 billion, and 1.57 billion yuan respectively, slightly down from previous estimates [1] - The company’s financial data shows a projected revenue of 89.688 billion yuan for 2025, with a growth rate of -7.06% [4] Order and Project Insights - The company’s new signed orders in infrastructure and municipal projects are rapidly increasing, with significant growth in specific sectors such as highway and bridge projects, which saw a 32% increase in Q3 [2] - The report indicates a positive outlook for project advancement into Q4, suggesting continued momentum in order execution [2]

Market Overview - On November 4, the infrastructure sector declined by 0.55% compared to the previous trading day, with *ST Yuancheng leading the decline [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Notable gainers in the infrastructure sector included: - Mongcao Ecological (300355) with a closing price of 4.52, up 7.62% on a trading volume of 2.18 million shares and a transaction value of 98.86 million [1] - Palm Shares (002431) closed at 2.82, up 2.17% with a trading volume of 3.06 million shares and a transaction value of 882 million [1] - Major decliners included: - *ST Yuancheng (603388) closed at 0.70, down 5.41% with a trading volume of 33,000 shares and a transaction value of 2.31 million [2] - Beautiful Ecology (000010) closed at 3.89, down 3.95% with a trading volume of 296,900 shares and a transaction value of 116 million [2] Capital Flow - The infrastructure sector experienced a net outflow of 434 million from institutional investors, while retail investors saw a net inflow of 295 million [2] - The capital flow for specific stocks showed: - Mongcao Ecological had a net inflow of 104 million from institutional investors, but a net outflow of 9.39 million from retail investors [3] - Huylv Ecological (001267) had a net inflow of 61.45 million from institutional investors, with a net outflow of 41.03 million from retail investors [3]

Market Overview - The infrastructure sector increased by 0.43% compared to the previous trading day, with Palm Holdings leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Top Gainers in Infrastructure Sector - Palm Holdings (002431) closed at 2.76, up 9.96%, with a trading volume of 1,000,800 shares and a transaction value of 275 million [1] - Guosheng Technology (603778) closed at 4.98, up 9.93%, with a trading volume of 939,600 shares and a transaction value of 447 million [1] - Beautiful Ecology (000010) closed at 4.05, up 5.74%, with a trading volume of 540,400 shares and a transaction value of 215 million [1] - Other notable gainers include Pubang Holdings (002663) and Chengbang Holdings (603316), with increases of 4.68% and 4.59% respectively [1] Top Losers in Infrastructure Sector - Hongrun Construction (002062) closed at 11.02, down 9.97%, with a trading volume of 923,300 shares and a transaction value of 1.056 billion [2] - ST Yuancheng (603388) closed at 0.74, down 5.13%, with a trading volume of 96,410 shares and a transaction value of 713,400 [2] - Other significant decliners include Guanzhong Ecology (300948) and ST Lingnan (002717), with decreases of 4.15% and 2.93% respectively [2] Capital Flow Analysis - The infrastructure sector experienced a net outflow of 333 million from major funds, while retail investors saw a net inflow of 415 million [2][3] - Major funds showed a net inflow in Palm Holdings (8630.47 million) and Guosheng Technology (7226.10 million), while experiencing outflows in other stocks [3] - Retail investors had a net inflow in several stocks, including Palm Holdings and Beautiful Ecology, indicating a mixed sentiment in the market [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Insights - The company reported a significant improvement in profitability, with a Q3 net profit increase of 59.72% year-on-year, reaching 25.2 billion yuan [1]. - New signed orders for the first three quarters of 2025 totaled 971.73 billion yuan, reflecting a year-on-year growth of 25.16%, indicating strong demand and project development [2]. - The company's net profit margin improved to 7.27% for the first three quarters, up 0.47 percentage points year-on-year, with a notable Q3 margin of 8.53% [3]. Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 732.81 billion yuan, a year-on-year increase of 1.95%, and a net profit of 53 billion yuan, up 11.04% [1]. - The gross margin for the first three quarters was 15.12%, a slight decrease of 0.64 percentage points year-on-year, while the expense ratio improved to 5.92%, down 0.98 percentage points [3]. - The company expects to distribute cash dividends of 2.78 billion yuan in mid-2025, demonstrating strong dividend capability [4]. Order and Project Development - The company secured 826.70 billion yuan in new infrastructure orders in the first three quarters, marking a 26% increase year-on-year, with significant projects in both domestic and international markets [2]. - Key projects include the Jiangsu Zhangjingao Yangtze River Bridge and the Chengdu to Qionglai Highway expansion, enhancing the company's market presence [2]. Future Projections - The company forecasts net profits of 78 billion yuan, 86 billion yuan, and 95 billion yuan for 2025, 2026, and 2027 respectively, suggesting a positive outlook for growth [4]. - Revenue projections indicate a recovery trend, with expected growth rates of 8.07%, 10.56%, and 10.83% for the years 2025 to 2027 [5].