Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 511.09 billion yuan for the first half of 2025, a decrease of 5.93% year-on-year, and a net profit attributable to shareholders of 11.83 billion yuan, down 17.17% year-on-year [7][8] - The company is expected to achieve net profits of 26.36 billion yuan, 27.96 billion yuan, and 30.04 billion yuan for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 5.3, 5.0, and 4.6 [7][8] Financial Performance Summary - Revenue for 2023 was 1,260.84 billion yuan, with a growth rate of 9.5%. For 2024, revenue is projected to decline by 8.2% to 1,157.44 billion yuan, and further decrease by 3.5% in 2025 to 1,117.34 billion yuan [6][9] - The net profit for 2023 was 33.48 billion yuan, with a growth rate of 7.1%. The net profit is expected to decline by 16.7% in 2024 to 27.89 billion yuan and by 5.5% in 2025 to 26.36 billion yuan [6][9] - The company's gross margin for the first half of 2025 was 8.53%, a decrease of 0.3 percentage points year-on-year [8] Business Segment Performance - The company’s revenue from infrastructure, design consulting, equipment manufacturing, and real estate development for the first half of 2025 was 436.25 billion yuan, 8.91 billion yuan, 13.75 billion yuan, and 15.61 billion yuan respectively, with year-on-year changes of -7.78%, -0.60%, +14.39%, and +7.83% [7][8] - The gross margins for these segments were 7.37%, 24.80%, 18.16%, and 9.15% respectively, with slight declines in margins for infrastructure and design consulting [7][8] Regional Performance - Domestic revenue was 475.53 billion yuan, down 6.83% year-on-year, while overseas revenue was 36.97 billion yuan, up 8.34% year-on-year [7][8] New Contracts - The company secured new contracts worth 1,108.69 billion yuan in the first half of 2025, an increase of 2.8% year-on-year, with domestic and overseas new contracts at 983.82 billion yuan and 124.87 billion yuan respectively [7][8]

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 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 09 月 02 日 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入（百万元） | 115,042 | 107,238 | 116,654 | 128,453 | 138,946 | | 同比增长率（%） | -14.88% | -6.78% | 8.78% | 10.11% | 8.17% | | 归母净利润（百万元） | 9,004 | 7,210 | 8,063 | 9,060 | 10,129 | | 同比增长率（%） ...

每经AI快讯，有投资者在投资者互动平台提问：请介绍子公司中新数字科技在人工智能及大模型应用 方面的工作情况，及其商业推广价值。 新疆交建（002941.SZ）9月1日在投资者互动平台表示，尊敬的投资者，公司子公司中新数字科技公司 主要围绕智慧建造、智慧监测、智能应急、智能装备四个方面开展经营活动，人工智能和大模型目前主 要为相应产品提供辅助支撑作用。 （文章来源：每日经济新闻） ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002431 | 棕櫚股份 | 2.52 | 10.04% | 143.93万 | 3.47亿 | | 001267 | 汇绿生态 | 15.90 | 10.03% | 52.28万 | 8.13亿 | | 002062 | 宏润建设 | 8.56 | 10.03% | 120.61万 | 10.12亿 | | 000010 | 美丽生态 | 4.87 | 9.93% | 1 50.68万 | 2.39亿 | | 300197 | 节能铁汉 | 2.30 | 9.00% | 233.34万 | 5.43亿 | | 000498 | 山东路桥 | 6.31 | 4.82% | 60.02万 | 3.74亿 | | 002663 | 普邦股份 | 1.94 | 4.30% | 70.70万 | 1.36亿 | | 300536 | 农尚环境 | 10.63 | 4.11% | 18.05万 | 1.92亿 | | 603815 | 交建股份 | 10. ...

公司报告 | 半年报点评 四川路桥（600039） 证券研究报告 收入和利润阶段性承压，订单保持亮眼增速 受阶段性业务衔接影响，收入和利润有所承压 公司发布 25 年半年报，25H1 公司实现营业收入 435.36 亿元，同比-4.91%， 实现归母净利润 27.80 亿元，同比-13.00%，扣非归母净利润 27.20 亿元， 同比-13.72%。单季度看，25Q2 公司收入、归母净利润分别为 205.50、10.05 亿元，同比分别-13.21%、-30.10%，上半年公司收入和利润有所承压，主 要系：1）新开工项目受土地组卷报批、项目红线用地征拆等前期工作影响， 未能实现大面积动工，项目接续不足，在建项目规模总量有所下降；2）公 司在建及新开工项目多位于盆周山区，地质条件复杂，环境敏感度高，安 全、环保要求高，叠加 2025 年汛期防汛形势严峻，项目建设进度有所放缓； 3）公司战略调整，蜀道矿业集团及蜀道清洁能源集团已于 2024 年末完成 出表，受此影响，营业收入较去年同期呈现同比下降趋势。 工程板块收入承压，新签订单保持较快增长 25H1 公司工程建设板块实现营业收入 388.36 亿元，同比下降 ...

建筑装饰/基础建设 中国能建（601868.SH） 营收利润同比增长，新签订单保持增长 2025 年 09 月 01 日 投资评级：买入（维持） | 日期 | 2025/8/29 | | --- | --- | | 当前股价(元) | 2.45 | | 一年最高最低(元) | 3.09/2.01 | | 总市值(亿元) | 1,021.43 | | 流通市值(亿元) | 794.50 | | 总股本(亿股) | 416.91 | | 流通股本(亿股) | 324.29 | | 近 3 个月换手率(%) | 86.74 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 2024-08 2024-12 2025-04 2025-08 中国能建 沪深300 相关研究报告 新签订单保持增长，新能源业务开展顺利 2025 年上半年，公司实现新签合同额 7753.57 亿，同比增长 4.98%。其中，能源 电力、水利核心主业新签合同额、营业收入分别同比增长 3.12%和 18.58%，分 别占公司全部新签合同、营业收入的 69.02%、74.49%；国内火电、电网业务签 约合同保持高速增长，分别同比 ...

公司报告 | 半年报点评 中国电建（601669） 证券研究报告 Q2 收入仍显韧性，有望受益于雅下水电工程建设 Q2 收入仍显韧性，维持"买入"评级 公司发布 2025 年中报，25H1 公司实现营收 2927.57 亿，同比+2.66%，归 母、扣非净利润为 54.26、48.21 亿，同比-13.81%、-22.66%。其中，25Q2 单季实现营收 1501.97 亿，同比+3.57%，归母、扣非净利润为 27.91、22.23 亿，同比分别-14.17%、-30.8%。公司作为水电建设龙头企业，作为主要参 建方，有望充分受益于雅下水电工程项目建设。考虑到上半年经营情况， 我们下调公司 25-27 年归母净利润 120.5/130.5/141.3 亿（前值分别为 128/140/157 亿），维持"买入"评级。 工程和电力投运业务稳健增长，新能源开发建设稳步推进 分业务来看，25H1 工程承包与勘测设计/电力投资与运营/其他业务分别收 入 2659.31/123.91/135.61 亿，同比分别+3.19%/+1.73%/-5.42%，其中，新 能源投资运营收入 54.78 亿，同比+0.89%。主营业 ...

Core Insights - Shandong Road and Bridge reported a decrease in the number of shareholders to 45,629 as of June 30, 2025, down by 2,373 or 4.94% from March 31, 2025 [1][2] - The average number of shares held per shareholder increased from 32,500 to 34,200, with an average market value of 201,200 yuan per shareholder [1][2] - Compared to the industry average, Shandong Road and Bridge has a lower number of shareholders and average market value per shareholder [1] Financial Performance - The stock price of Shandong Road and Bridge increased by 1.03% from March 31, 2025, to June 30, 2025, despite the reduction in the number of shareholders [1][2] - Over the same period, the company experienced a net outflow of 47.89 million yuan from institutional investors, while retail investors contributed a net inflow of 34.38 million yuan [2] - The average market value of shareholders in the infrastructure sector is 247,000 yuan, which is higher than that of Shandong Road and Bridge [1]

Group 1 - The core point of the news is that the number of shareholders of Garden Co. decreased significantly by 31.76% from March 31, 2025, to June 30, 2025, while the average shareholding value per shareholder was lower than the industry average [1][2] - As of June 30, 2025, Garden Co. had 9,637 shareholders, a decrease of 4,486 from the previous quarter, with an average shareholding of 16,700 shares and an average market value of 217,000 yuan [1][2] - In the same period, the stock price of Garden Co. increased by 40.67%, despite the significant reduction in the number of shareholders [1][2] Group 2 - The average number of shareholders in the infrastructure industry was 54,900 as of June 30, 2025, indicating that Garden Co.'s shareholder count is below the industry average [1] - The average market value of shares held by shareholders in the infrastructure industry was 247,000 yuan, which is higher than that of Garden Co. [1] - From March 31, 2025, to June 30, 2025, the net inflow of main funds into Garden Co. was 64.44 million yuan, while retail investors experienced a net outflow of 36.18 million yuan [2]

证券之星消息，近日*ST元成披露，截至2025年6月30日公司股东户数为1.02万户，较3月31日减少371.0 户，减幅为3.53%。户均持股数量由上期的3.1万股增加至3.21万股，户均持股市值为11.26万元。 | | | | 统计截止日 区间股价涨跌幅 股东户数 增减 增减比例 户均持股市值 (元) 户均持股数（股) | | | | --- | --- | --- | --- | --- | --- | | 2025-06-30 | -5.14% | 10153 -371 | -3.53% | 11.26万 | 3.21万 | | 2025-03-31 | 39.62% | 10524 -777 | -6.88% | 11.45万 | 3.10万 | | 2024-12-31 | 35.20% | 11301 -2831 | -20.03% | 7.64万 | 2.88万 | | 2024-09-30 | 3.16% | 14132 -568 | -3.86% | 4.52万 | 2.30万 | | 2024-08-30 | 14.46% | 14700 -1271 | -7.96% | 4.21万 ...