免责 声 明 近日，由申万宏源主承销的"中国中铁股份有限公司2025年面向专业投资者公开发 行科技创新可续期公司债券(第二期)"成功发行，品种一和品种二发行规模分别为12.5 亿元、12.5亿元，期限为3+N、5+N年期，票面利率为2.10%、2.16%。本期债券品种 一和品种二均创中国中铁同期限永续债券票面利率历史新低。 本内容最终解释权归申万宏源证券有限公司所有。 作为科技部、国务院国资委和中华全国总工会授予的全国首批"创新型企业"，中国 中铁在从事铁路、公路、城市轨道交通等领域专用施工机械的制造与研发方面处于国内 乃至世界领先地位，在科技创新实力、核心技术优势、生产制造水平、品牌知名度等方 面竞争力突出。中国中铁是全球领先的盾构机/TBM研发制造商，是全球领先的道岔和 桥梁钢结构制造商、国内领先的铁路专用施工设备制造商、世界领先的基础设施建设服 务型装备制造商。中国中铁研发制造的隧道掘进机、隧道机械化专用设备、工程施工机 械、道岔、钢桥梁等产品市场需求充盈稳定，相关产品市占率持续保持行业领先。旗下 控股子公司中铁工业（股票代码600528.SH）是我国铁路基建装备领域产品最全、A股 主板唯一主营轨道交通 ...

证券研究报告 工业/基础材料 Q1 境外工程高景气，加力城市更新 华泰研究 2025 年 4 月 27 日│中国内地 行业周报（第十七周） 本周观点：25Q1 海外工程订单景气，加力城市更新稳定消费建材需求 上周中共中央政治局会议提出"加强超常规逆周期调节"、"加力实施城市更 新行动"、"加强对企业'走出去'的服务"等，我们认为有利于内需基建投 资链、城市更新类建材、一带一路等细分板块。25Q1 我国对外承包工程新 签合同额/完成营业额 586.7/341.8 亿美元, 同比+26.0%/+5.5%，海外工程 保持较高景气。加大高品质住房供给，有利于稳定一线消费建材品牌龙头需 求；老旧小区改造和城中村改造有望从小 b 和大 b 不同渠道提供消费建材 增量需求。我们短期继续推荐内需逆周期及供给端约束较强的品种，重点推 荐四川路桥、中材国际、中国交建、中国核建、中国建筑国际、海螺水泥、 上峰水泥、中材科技、兔宝宝、中国联塑。 上周细分行业回顾 截至 4.25，上周全国水泥价格周环比-0.7%；水泥出货率 47.4%，周环比/ 同比-1.3%/-2.5pct；上周国内浮法玻璃均价 71 元/重量箱，周环比/同比持 ...

证券研究报告 工业/基础材料 从顺周期到逆周期，配置内需投资链 上周高层北京调研和国常会，均提出促进或持续推动"房地产市场平稳健康 发展"，市场对增量政策期待较高，我们相对推荐估值处于低位、经营业绩 有望稳健增长的石膏板龙头和板材龙头。二手房成交持续高景气，推荐涂料 和管材。3 月基建投资环比继续改善，外需扰动下有望继续发力，短期重点 推荐水利管网机会。光伏玻璃、玻纤等顺周期品种复价后，短期供给有所增 加。我们短期继续推荐内需逆周期及供给端约束较强的品种，重点推荐四川 路桥、中材国际、中国交建、中国核建、三联虹普、海螺水泥、华新水泥 H、 北新建材、兔宝宝、三棵树。 上周细分行业回顾 截至 4.17，上周全国水泥价格周环比-0.9%；水泥出货率 48.7%，周环比/ 同比+0.4%/-1.7pct；上周国内浮法玻璃均价 71 元/重量箱，周环比/同比 +0.7%/-23.3%，重点样本企业库存 5624 万重箱，周环比基本持平，年同比 +3.8%，库存天数约 28.93 天，环比增加 0.01 天。截至 4.17，3.2mm/2.0mm 光伏玻璃主流订单价格 22.3/14.3 元/平米，周环比基本持平，行业 ...

丨证券研究报告丨 联合研究丨公司点评丨中国建筑（601668.SH） [Table_Title] 需求整体承压，分红率大幅提升 报告要点 [Table_Summary] 公司全年实现营业收入 21871.48 亿元，同比减少 3.5%；归属净利润 461.87 亿元，同比减少 14.9%；扣非后归属净利润 415.81 亿元，同比减少 14.3%。 分析师及联系人 [Table_Author] 张弛 刘义 宋子逸 张智杰 袁志芃 SAC：S0490520080022 SAC：S0490520040001 SAC：S0490522080002 SAC：S0490522060005 SFC：BUT917 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中国建筑（601668.SH） cjzqdt11111 [Table_Title2] 需求整体承压，分红率大幅提升 [Table_Summary2] 事件描述 公司全年实现营业收入 21871.48 亿元，同比减少 3.5%；归属净利润 461.87 亿元，同比减少 14.9%；扣非后归属净利润 ...

Core Viewpoint - Stock buybacks and increases have become important measures for listed companies in managing market value, especially during periods of market volatility, providing additional funds to effectively respond to short-term shocks and stabilize investor confidence [1] Group 1: Buyback and Increase Loan Overview - Since the announcement of the stock buyback and increase loan policy on October 18, 2022, listed companies and major shareholders have actively responded, with the total amount of buyback and increase loans reaching 102.14 billion yuan as of April 17, 2023 [2] - Among the companies utilizing buyback loans, Muyuan Foods has the highest amount at 2.5 billion yuan, followed by Haier Smart Home, Hikvision, China Railway, and Wens Foodstuffs with amounts of 1.8 billion yuan, 1.75 billion yuan, 1.6 billion yuan, and 1 billion yuan respectively [2] - The number of companies obtaining large increase loans is higher, with Dongfang Shenghong's increase loan amount reaching 2.8 billion yuan, and six other companies exceeding 1 billion yuan [2] Group 2: Bank Participation in Loans - Seven large state-owned banks and twelve commercial banks are involved in providing these loans, with the "Big Four" state-owned banks contributing over 10 billion yuan each, totaling 66.25 billion yuan, which accounts for 64.86% of the total loan amount [3] - CITIC Bank leads among commercial banks with a total of 8.8 billion yuan in loans [3] Group 3: Corporate Nature and Loan Distribution - Private enterprises have the highest total loan amount at 54.61 billion yuan, followed by local state-owned enterprises and central state-owned enterprises at 19.93 billion yuan and 18.05 billion yuan respectively [4] - Central state-owned enterprises show a stronger inclination towards buybacks, with 51.5% of their loans used for this purpose compared to 30.68% for private enterprises [4] - The enthusiasm of central state-owned enterprises for buybacks is closely linked to supportive policies from the State-owned Assets Supervision and Administration Commission [4] Group 4: Recent Trends in Buyback and Increase Loans - In April 2023, the number of announcements regarding buyback and increase loans surged, with 67 companies reporting a total loan amount of 19.33 billion yuan, a month-on-month increase of 67.71% [5] - The People's Bank of China has been actively promoting the stock buyback and increase loan business through various initiatives, encouraging state-owned listed companies to take the lead [6]

Group 1 - The A-share market saw a strong performance in the afternoon, particularly among companies with "China" in their names [1] - Chalco International (中铝国际) surged to a trading limit, indicating significant investor interest [1] - China Shipbuilding Emergency Response (中船应急) experienced a nearly 5% increase, reflecting positive market sentiment [1] Group 2 - Other companies in the China Shipbuilding sector, such as China Shipbuilding (中国船舶) and Jiuzhiyang (久之洋), also showed active trading performance [1]

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - In March, narrow infrastructure investment reached 1.9 trillion yuan, a year-on-year increase of 5.9%, with a month-on-month increase of 0.3 percentage points. Broad infrastructure investment was 2.6 trillion yuan, a year-on-year increase of 10.7%, with a month-on-month increase of 1.0 percentage points. For the first three months, narrow infrastructure investment totaled 3.2 trillion yuan, a year-on-year increase of 5.8%, and broad infrastructure investment was 4.3 trillion yuan, a year-on-year increase of 10.3% [2][8] Summary by Sections Investment Performance - In March, narrow infrastructure investment increased, with notable growth in transportation, storage, and postal services, which accounted for 0.8 trillion yuan, a year-on-year increase of 4.7%. Water conservancy, environment, and public facilities management saw an investment of 1.0 trillion yuan, a year-on-year increase of 10.7% [14] Broad Infrastructure Insights - Broad infrastructure investment in March was 2.6 trillion yuan, with a year-on-year increase of 10.7%. The electricity, heat, gas, and water production and supply sector contributed 0.7 trillion yuan, a year-on-year increase of 26.4% [14] Physical Workload Analysis - Cement production in the first three months saw a year-on-year decline of 1.4%, but March showed a recovery with a 2.3% increase. Excavator sales increased by 28.5% year-on-year, indicating strong demand in water conservancy projects [14] Debt Issuance and Future Outlook - Special bond issuance accelerated compared to the previous year, with a total of 1.0183 trillion yuan issued by April 12, 2023. The government plans to issue 4.4 trillion yuan in special bonds for infrastructure investment, which is expected to support steady growth in infrastructure investment throughout the year [14]

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector, as well as for building materials [6]. Core Insights - Traditional infrastructure investment is expected to show stable growth, while emerging industries and strategic regional investments are anticipated to have high elasticity [1][3]. - The report emphasizes the importance of urban renewal as a key area for improving living standards and highlights the robust demand for investment in emerging industries [1][3]. - The report identifies that the economic provinces are expected to play a significant role in driving investment, with regions like Xinjiang, Tibet, and Hainan showing considerable investment elasticity [4][10]. Summary by Sections Overview of Infrastructure Investment - Traditional infrastructure investment is projected to improve slightly, with energy sectors like nuclear power, wind power, and power grids experiencing high demand [1][3]. - Urban renewal projects are highlighted as critical for addressing social needs, with a focus on upgrading old urban areas and improving public housing [3]. Regional Investment Dynamics - Economic provinces are expected to lead investment efforts, with strong fiscal capabilities observed in regions like Zhejiang [4][10]. - High-risk areas are showing signs of recovery, with investment plans for 2025 indicating a positive trend after two years of risk management [4][10]. Sector-Specific Insights - The construction sector is expected to maintain a stable demand, with leading state-owned enterprises and quality local state-owned enterprises likely to benefit from valuation recovery [5]. - The report identifies two main investment directions: the dividend value of leading construction companies and the growth opportunities driven by industrial services in data centers and cleanroom engineering [5]. Energy and Transportation Investment - Energy construction is expected to see high growth in nuclear power and wind power, while solar energy installations may decline [3][48]. - Transportation infrastructure, particularly railways, is projected to remain robust, while road investments are under pressure due to policy constraints [32][42].

Investment Rating - The report maintains an "Overweight" rating for the construction and building materials sectors [9]. Core Insights - The low-altitude and data infrastructure sectors continue to show high prosperity, with January building materials and home furnishings sales increasing year-on-year [12][20]. - The construction activity post-Spring Festival is recovering slowly due to various factors, including local investment directions and weather conditions, necessitating close monitoring of cement and steel shipments [12][13]. - The building materials home furnishings index (BHI) for January was 110.35, reflecting a month-on-month increase of 1.53 points and a year-on-year increase of 8.46 points [20]. - The report emphasizes the positive effects of the "old-for-new" policy on sales, with January sales reaching 1095.27 billion yuan, a year-on-year increase of 3.09% [20]. - Short-term recommendations focus on domestic cyclical demand and supply-constrained varieties, highlighting companies such as Shenzhen Urban Transport, Tunnel Co., China Nuclear Engineering, and others [12][20]. Summary by Sections Industry Overview - The report notes that the low-altitude economy and data infrastructure policies are being actively promoted, with significant investment expected in underground pipelines and existing infrastructure upgrades [12][13]. - The construction material sales recovery is expected to be gradual, influenced by local government investment shifts towards technology and consumption [13][20]. Market Dynamics - As of February 14, the national cement shipment rate was 11.5%, with a week-on-week increase of 5.9 percentage points [12]. - The average price of float glass was 75 yuan per weight box, showing a week-on-week increase of 0.8% but a year-on-year decrease of 30.6% [2][32]. - The report highlights a significant increase in inventory levels for float glass, with a total of 55.27 million weight boxes, a week-on-week increase of 3.9% [2][34]. Company Recommendations - The report recommends several companies for investment, including Shenzhen Urban Transport (301091 CH), Tunnel Co. (600820 CH), and China Nuclear Engineering (601611 CH), among others, with target prices and buy ratings [10][20]. - The report also identifies companies with strong performance in the past week, such as Lifan Technology and Hainan Huatie, which saw significant stock price increases [10][11]. Future Outlook - The report anticipates that the construction and building materials sectors will benefit from improved domestic investment demand in 2025, with a focus on large construction and cement as foundational investments [12][20]. - The potential for growth in the fiberglass and consumer building materials sectors is highlighted, with expectations for continued demand recovery in the coming years [12][20].