今年以来，兰世立带领的"武汉二厂"先是在4月底推出橙子、菠萝和香蕉口味三个老汽水，两个月后的7 月又推出了车厘子、草莓、蓝莓口味布局中高端市场，在10月10日推出了1.99元易拉罐产品。 | RafflesInterior | | --- | 值得注意的是，武汉二厂并非单独IPO，而是被一家港股上市公司并购。兰世立告诉《每日经济新闻》 记者："Raffles Interior Limited是上市公司的主体，武汉二厂从今天（10月19日）开始是上市公司的一部 分。" 公开资料显示，港股01376简称RAFFLESINTERIOR，其主体是一家名为Raffles Interior Limited的新加坡 室内装修服务供应商。10月18日RAFFLESINTERIOR发布公告表示，董事会于2023年9月12日收到香港 联交所有关就收购事项及转换股份的上市批准。同时，RAFFLESINTERIOR委任向颖为执行董事，任期 自2023年10月18日起为期3年，委任彭尚凤为非执行董事，任期与向颖相同。两位新任董事会成员将获 指派于收购事项完成后监督目标公司的营运及发挥彼等各自于中国市场的专业精神及专业知识，为武汉 二厂 ...

最新一期业绩显示，2025年一季报，公司实现营业收入42.03亿元，同比2.87%；净利润1.44亿元，同 比-20.53%，销售毛利率15.03%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)3江河集团11.6610.980.9370.02亿行业平均 43.8383.055.2734.58亿行业中值42.4658.283.0927.46亿1聚力文化9.9810.503.6522.89亿2建霖家居 10.3210.331.4649.77亿4亚翔集成12.2111.553.8373.42亿5金螳螂17.0917.430.6994.80亿6亚厦股份 17.1217.220.6452.13亿7惠达卫浴21.1418.470.6825.66亿8方大集团35.8631.290.7445.32亿9志特新材 42.4667.033.0949.40亿10梦天家居43.6445.581.5627.93亿11名雕股份50.4849.532.9920.15亿12矩阵股份 89.7390.701.7330.56亿 来源：金融界 截至2025年一季报，共有12家机构持仓江河集团，其中基金8家、其他4家，合计持股数54503 ...

天眼查App显示，上海隧道工程股份有限公司，成立于1993年，位于上海市，是一家以从事建筑装饰、 装修和其他建筑业为主的企业。企业注册资本314409.6094万人民币，实缴资本73352.1347万人民币。 通过天眼查大数据分析，上海隧道工程股份有限公司共对外投资了35家企业，参与招投标项目801次， 知识产权方面有商标信息8条，专利信息266条，此外企业还拥有行政许可140个。 7月3日，截至现券市场收盘，25隧道股份SCP003成交净价99.99元，上涨1.0个BP，交易量13.2亿元，最 新收益率1.6399%。 资料显示，25隧道股份SCP003债券全上海隧道工程股份有限公司2025年度第三期超短期融资券（代码 012581371），发行人为上海隧道工程股份有限公司，于2025年6月13日发行，到期兑付日2025年9月17 日，实际发行量20亿元。 债券简称25隧道股份SCP003债券代码012581371债券类型超短期融资券发行人上海隧道工程股份有限公 司债券发行日2025-06-13到期兑付日2025-09-17债券期限93日面值(元)100.00发行价格(元)100.0000计划 发行量(亿) ...

天眼查App显示，近日，米开朗智能装饰工程（山东）有限公司成立，法定代表人为李珂，注册资本 300万人民币，由中水华东规划设计有限公司全资持股。 序号股东名称持股比例1中水华东规划设计有限公司100% 经营范围含许可项目：住宅室内装饰装修；建设工程施工；施工专业作业；舞台工程施工；文物保护工 程施工；建筑智能化系统设计。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经 营项目以相关部门批准文件或许可证件为准）家具安装和维修服务；家用电器安装服务；金属门窗工程 施工；土石方工程施工；建筑材料销售；建筑装饰材料销售；轻质建筑材料销售；建筑用金属配件销 售；建筑陶瓷制品销售；建筑装饰、水暖管道零件及其他建筑用金属制品制造；住宅水电安装维护服 务；工程管理服务；体育场地设施工程施工；装卸搬运；工业工程设计服务；会议及展览服务；住房租 赁；劳务服务（不含劳务派遣）；图文设计制作；专业设计服务；规划设计管理；平面设计；集成电路 设计；工业设计服务；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；租赁服务 （不含许可类租赁服务）；机械设备租赁；非居住房地产租赁；小微型客车租赁经营服务；建筑工程机 ...

Cement Industry - The short-term peak-shifting coordination strength in the cement industry is expected to remain high, supporting continuous price improvement [1] - The average price of cement per ton in April-May 2025 was 390 yuan, showing a year-on-year increase of 24 yuan (+6%) compared to the previous quarter [1] - Medium to long-term policies regarding carbon trading and capacity replacement are expected to drive the elimination of outdated capacity, optimizing the competitive landscape [1] - High dividend returns from some cement companies highlight their long-term investment value [1] Traditional Building Materials - The traditional building materials sector is experiencing continued pressure on downstream demand, leading to intensified market competition [2] - The glass fiber sector is seeing structural price increases due to strong demand from wind power and thermoplastics, although overall demand remains weak [2] - The demand for conventional electronic yarn is at historical low price levels, presenting potential opportunities for improvement [2] High-end Electronic Fabrics - The demand for Low Dk electronic fabrics is expected to remain high due to the surge in AI computing power, driving continuous growth in high-layer CPB demand [3] - Domestic companies are gradually breaking the overseas monopoly in Low Dk electronic fabrics, with some achieving small-scale production of second-generation products [3] - The demand for Low CTE electronic fabrics is also high, benefiting from innovations in advanced packaging technology [3] Mergers and Acquisitions - The new restructuring regulations released by the CSRC on May 16, 2025, are expected to stimulate market-driven mergers and acquisitions in the traditional building materials sector [4] - Companies are actively pursuing asset integration to drive transformation in a challenging demand environment [4] - The optimization mechanisms in the new regulations may accelerate industry consolidation [4] Overall Investment Opportunities - The cement sector is highlighted for its value recovery and long-term investment potential, particularly in regional cement leaders [5] - The high-end electronic fabric sector is recommended for investment, focusing on companies with strong expansion momentum [5] - The transformation prospects driven by asset integration in traditional building materials are also emphasized [5]

中期策略：内生外延，红利成长 20250702 摘要 2025 年一季度建筑业上市公司营收和利润同比下降，但专业工程、国 际工程和化学工程等细分领域表现亮眼，扣非净利润增长超过 20%，装 修装饰板块触底回升，央企基建板块保持稳健。 建筑企业面临资金压力，受地方政府回款难、农民工工资支付及中小企 业欠款偿还等多重因素影响，经营性现金流承压，导致建筑板块整体表 现不佳，其中基建板块跌幅较大。 城市更新行动持续推进，中央政策支持力度加大，预算内投资、超长期 特别国债及地方专项债均可用于老旧小区改造，城市更新范围扩大至 35 个城市，PSL 重启有望进一步拓宽资金来源。 房地产市场投资和销售持续承压，但销售降幅收窄，个人按揭贷款下降 表明居民购房信心尚未完全恢复，但百强房企拿地金额同比增长，政策 稳楼市及下调公积金贷款利率或促进市场回稳。 水利建设投资增速较快，抽水蓄能景气度持续上行，预计到 2035 年装 机规模将显著增长，三峡水运新航道等重大项目投资巨大，为相关企业 带来发展机遇。 Q&A 2025 年建筑行业的整体业绩表现如何？ 从 2024 年到 2025 年一季度，建筑板块的业绩有所承压。2024 年 1 ...

来源：金融界 经营范围含许可项目：建设工程设计；住宅室内装饰装修；建设工程监理；建设工程勘察；电气安装服 务；建设工程施工；污水处理及其再生利用；建筑智能化系统设计。（依法须经批准的项目，经相关部 门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）保温材料销售；建筑 物清洁服务；土石方工程施工；工程管理服务；园林绿化工程施工；城市绿化管理；规划设计管理；发 电技术服务；环保咨询服务；金属结构制造；金属结构销售；消防技术服务；建设工程消防验收现场评 定技术服务；普通机械设备安装服务；安防设备销售；水质污染物监测及检测仪器仪表销售；广告制 作；广告发布；数字广告制作；广告设计、代理；平面设计；建筑材料销售；建筑装饰材料销售；家用 电器销售；电器辅件销售；制冷、空调设备销售；非电力家用器具销售；五金产品批发；五金产品零 售；广播影视设备销售；电气设备销售；电工仪器仪表销售；灯具销售；照明器具销售；阀门和旋塞销 售；电子产品销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 企业名称高密市城嘉铂瑞装饰工程有限公司法定代表人刘伟军注册资本1000万人民币国标行业建筑业> 建筑装饰、装 ...

Group 1 - The core viewpoint is that making money is becoming increasingly difficult due to various economic factors [3][5] - The ongoing US-China trade war has led to a significant reduction in orders for domestic export companies, resulting in layoffs and salary cuts [3] - The real estate market remains sluggish, with a notable decline in housing demand affecting 56 related industries, including construction materials, decoration, furniture, and home appliances [3] Group 2 - Since 2022, housing prices across the country have entered a long-term adjustment phase, with an average decline of 30% [7] - Major cities like Shanghai and Shenzhen are now experiencing price drops, which were previously limited to lower-tier cities [7] - It is expected that housing prices will continue to show a trend of "steady decline" in the second half of the year, with a potential correction in high-price cities [7] Group 3 - Bank deposit interest rates have been continuously decreasing, with a drop from 3.15% to 1.8% for three-year deposits, representing a decline of over 40% [9] - The groups most affected by this trend are middle-aged and elderly individuals with significant bank deposits and families relying on interest income [9] - There is an expectation of further reductions in deposit rates, pushing those who previously relied on interest income to seek employment [9] Group 4 - The government plans to accelerate the construction of affordable housing, with a target of 6 million units over the next five years, averaging 1.2 million units annually [12] - The pricing of affordable housing will be significantly lower than that of surrounding market-rate homes, reducing the purchasing cost for low-income families [12] - The influx of affordable housing is expected to divert demand from the market housing sector, increasing downward pressure on housing prices [12] Group 5 - The era of artificial intelligence is already underway, with various industries adopting AI technologies to replace traditional labor [13] - High-end restaurants are using robots for food delivery, and service companies are implementing AI customer service solutions [13] - The trend indicates a gradual reduction in labor-intensive job opportunities as more manufacturing companies adopt industrial robots [13]

Core Viewpoint - Jianghe Group's stock closed at 5.59 yuan, up 1.64%, with a rolling PE ratio of 10.55, marking a new low in 20 days, and a total market capitalization of 6.333 billion yuan [1] Company Summary - Jianghe Group's main business segments are construction decoration and healthcare, with key products including building curtain walls, photovoltaic buildings, interior decoration, interior design, and ophthalmic medical services [1] - As of the first quarter of 2025, the company reported operating revenue of 4.203 billion yuan, a year-on-year increase of 2.87%, and a net profit of 144 million yuan, a year-on-year decrease of 20.53%, with a gross profit margin of 15.03% [1] Industry Summary - The average PE ratio for the construction decoration industry is 44.61, with a median of 41.90, placing Jianghe Group at the 21st position in the industry ranking [1] - As of the first quarter of 2025, 12 institutions held shares in Jianghe Group, including 8 funds, with a total holding of 545.0388 million shares valued at 3.341 billion yuan [1]

公司报告 | 公司点评 江河集团（601886） 证券研究报告 中标多个沙特地标项目，"出海"铸就增长新引擎 中标多个沙特幕墙订单，海外市场拓展扎实推进 6 月 26 日公司公告，全资子公司沙特江河本次签署的 JEDDAH TOWER（"吉 达塔"或"沙特王国塔"）工程项目的分包合同，金额沙特里亚尔 10.52 亿 元，约折合人民币为 20.12 亿元，约占公司 2024 年度营业收入的 8.98%， 合同工期预计 3 年。合作方 SBG 是一家总部位于沙特阿拉伯吉达的超大型 综合性建筑与房地产开发集团，为沙特阿拉伯乃至中东地区历史最悠久、 规模最大、最具影响力的建筑承包商之一。此前，4 月 7 日，公司公告在 沙特阿拉伯中标了综合体育场馆的幕墙工程，幕墙总面积约 3.6 万平方米， 合同金额为沙特里亚尔 1.38 亿元（折合人民币约 2.65 亿元）。我们认为公 司中标多个沙特地标性项目，有望进一步提升公司在该区域的市场影响力， 海外市场拓展扎实推进。 全面"出海"铸就增长新引擎 2024 年初公司全力深化和实施"出海"战略，公司在海外构建了海外事业 部、亚太大区、印太大区的幕墙与光伏建筑业务组织架构，并在 ...