证券研究报告·行业跟踪周报·建筑装饰 建筑装饰行业跟踪周报 基建重大项目关注提升，推荐水利、洁净 室工程等结构景气领域 增持（维持） [Table_Tag] [投资要点 Table_Summary] （2）出海方向：2025 年前 4 个月我国对外承包工程完成营业额同比增 长 6.8%，新签合同额同比增长 22.4%；其中在共建"一带一路"国家 新签合同额 645.4 亿美元，同比增长 17.4%；美国关税摩擦和全球贸易 摩擦升级，后续外交博弈、贸易摩擦或加剧，一带一路战略推进或加 码，预期未来中欧合作、东盟地区合作有望更加密切，基建合作仍是 重要形式，海外工程需求景气度有望保持，海外工程业务有望受益， 后续预计逐渐兑现到订单和业绩层面。建议关注国际工程板块，个股 推荐中材国际、上海港湾，建议关注中工国际、北方国际、中钢国际 等。 （3）需求结构有亮点，新业务增量开拓下的投资机会：部分专业制造 工程细分领域、节能降碳以及新能源相关的基建细分领域景气度较 高，有相关转型布局的企业有望受益，建议关注鸿路钢构、华阳国际 等；半导体洁净室景气度有望延续，关注亚翔集成、柏诚股份等。 ◼ 风险提示：地产信用风险失控、政策 ...

上海张园至今已有140多年历史，是上海现存规模最大、保存最完整、种类最多的石库门建筑群。2018年，张园开启保护性修缮工作，为了保护张园石库门 建筑群不受到地下空间建设施工的影响，当地将部分石库门建筑群进行了"搬家"。今天（6月7日），上海张园7500吨石库门建筑群"华严里"整体归位已经完 成，这是目前国内体量最大的组团式石库门建筑群归位工程。 总台记者宁婉婷：一走进张园东区，最醒目的连片石库门就是我身后的"华严里"。通过一段延时画面可以看到整个建筑归位的过程，从5月19日启动归位以 来，"华严里"以日均10米的速度"行走"，现在，整体归位已经完成。 432个机器人 助力石库门建筑"回家" "华严里"是由三栋石库门建筑组成，总面积约4000平方米。给这样一个庞然大物整体搬家归位，一共分几步呢？ 首先把老建筑临时固定在地基基础上，可以简单理解为给老建筑底部加一个托盘，用千斤顶将整栋建筑顶起，安装上这些步履移位机器人，也就是我们看到 的这些"脚"。这里一共安装了432个小型步履移位机器人，不到10平方米就有一个，每一个机器人由竖着的液压千斤顶，以及横着的水平液压装置组成，既 可以承重，也可以前后移动；两个机器人为 ...

从1978年的17.92%到2023年的66.16%，我国常住人口城镇化率大幅提升。如今，中国加速迈向存量更 新时代，城市更新成为城市建设与发展的主要方向，其引发的物质消耗和生产生活方式变化，成为影响 中国"双碳"目标进程的重要因素。 "尽管新建建筑已全面执行绿色标准，但存量建筑改造在能源效率、运营成本等方面仍存在巨大提升空 间。"吕玫表示，行业正面临投资成本高、决策链条复杂、数据标准缺失等多重挑战，这要求以系统化 视角重构改造流程，而科技正是打通全链条的核心抓手。 以"走向碳中和之路"为主题的2025上海国际碳中和技术、产品与成果博览会(以下简称"碳博会")6月5日 至6月7日举行。碳博会期间，主题是"激活城市绿色动能"的城市更新绿色引力论坛举行。上海市国际展 览(集团)有限公司副总裁、上海国际展览管理有限公司总经理蒋岚在致辞时表示，上海作为全球超大城 市标杆，正积极探索"存量焕新"与"低碳发展"的协同路径。然而，城市更新面临技术应用成本高、资金 回报周期长等挑战，需凝聚"科创引力"突破技术瓶颈。绿色技术作为激活城市更新的关键驱动力，将为 城市空间重塑、功能升级提供有力支撑，推动城市向更绿色、更低碳、更宜居 ...

齐鲁晚报·齐鲁壹点记者 王瑞超 实习生 卫换利 在"双碳"目标背景下，建筑业作为我国能源消耗与碳排放的"大户"，肩负着破解高能耗困局、实现"双碳"目标的时代重 任，也是建筑行业转型发展的关键方向。6月6日，中建八局举办建筑绿色低碳技术实验室专家咨询会暨实验室启用仪式， 标志着国内首个灵活可变公共建筑节能对比验证平台进入实质运营阶段。 实验室位于济南市章丘区中建绿色产业园（济南）内，建筑面积528㎡。中建八局在设计建造过程中采用高性能和可变围 护体系、多种可再生能源耦合的高效机电系统、光储直柔AIoT智慧微电网，通过"围护-设备-能源"三级协同，构建"自发 电、自调节、自优化"的智慧零碳建筑。设计能耗水平较国家《公共建筑节能设计标准》GB50189-2015降幅达65%，是一 座零能耗、零碳建筑。 实验室由光储直柔系统实验室、建筑智慧柔性用能实验室、高效冷热源系统实验室、高性能围护结构实验室、健康舒适节 能对比验证实验室五大核心单元组成。一支20多人、博士占比达60%的科研团队在此攻关。 该实验室集"技术研发、全周期验证、全产业链推广"功能于一体，立足于研发"基础实测数据、能效优化模型、低碳建造技 术、节能运维 ...

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on performance commitments and related party transactions, and has provided detailed responses to the inquiries raised [1][2]. Group 1: Performance Commitments - The company acquired 100% of the shares of Xiangyuan Construction for 195 million yuan, with performance commitments of net profits of 40.68 million yuan, 34.48 million yuan, and 60.53 million yuan, achieving a cumulative completion rate of 113% [1]. - The controlling shareholder, Xiangyuan Holdings, pledged to compensate for any impairment losses incurred during the disposal of 82 properties used to offset construction payments totaling 132 million yuan [1][2]. Group 2: Related Party Revenue - Revenue from related parties during the performance commitment period (2021-2023) showed a decreasing trend, with related sales revenue of 86.81 million yuan in 2021, 66.97 million yuan in 2022, and 46.82 million yuan in 2023, representing 95.07%, 82.57%, and 50.23% of total revenue respectively [2][3]. - The company has actively expanded its external business, resulting in a significant reduction in revenue from related parties [2][3]. Group 3: Accounts Receivable and Bad Debt Provisions - The accounts receivable from related parties at the end of 2023 amounted to 7.08 billion yuan, with a bad debt provision rate of 1.27%, significantly lower than the 6.83% for non-related parties [10][12]. - The company reported that the accounts receivable from the top ten related parties showed normal repayment status, with no significant under-provisioning of bad debts during the performance commitment period [6][9]. Group 4: Asset Disposal and Impairment - As of now, the company has completed the disposal of assets totaling 107.38 million yuan, accounting for 81.31% of the total 132.05 million yuan of assets used for debt offset [6][7]. - There were no impairment losses reported for the properties held for debt offset as of the reporting period [6][8]. Group 5: 2024 Performance and Future Outlook - The company expects to achieve operating revenue of 69.14 million yuan and net profit of 14.57 million yuan in 2024, with a notable decrease in related sales revenue to 21.23 million yuan [7][8]. - The company has successfully reduced the proportion of related transactions in its construction business to 30.71% by actively pursuing external business opportunities [7][8].

浙江建投剩余物资处置与交易平台（咸渔台）自2023年9月正式上线运行以来，平台已覆盖集团14家二级单位，服务项目562个次，累计成交8500余万元，平 均处置溢价率约14%，单场次最高溢价达11余万元，成为集团数字经济发展、工程物资绿色低碳循环利用、深化企业清廉建设的有力抓手。 上证报中国证券网讯（记者 谭镕）近日，由浙江建投旗下浙江建投工程物资设备有限公司（简称物资设备公司）和浙江浙建云采科技有限公司（简称浙建 云采）联合新组建的浙江云渔科技发展有限公司（简称浙江云渔科技公司）举行揭牌仪式。据介绍，该公司的成立，是浙江建投深入贯彻落实国家《关于加 快经济社会发展全面绿色转型的意见》，大力发展资源循环利用产业，畅通资源循环利用链条，谋划创新发展"新赛道"，打造建筑行业剩余物资线上线下联 动处置的重要举措。 浙江建投剩余物资处置与交易平台（咸渔台）自2023年9月正式上线运行以来，平台已覆盖集团14家二级单位，服务项目562个次，累 计成交8500余万元，平均处置溢价率约14%，单场次最高溢价达11余万元，成为集团数字经济发展、工程物资绿色低碳循环利用、深化企业清廉建设的有力 抓手。 据悉，浙江云渔科技公司的成 ...

Group 1 - The article emphasizes the ongoing efforts to combat corruption among officials, particularly focusing on the misuse of power for personal gain through family and close associates [2][10][12] - Various local governments, including those in Jiangsu, Hunan, and Zhejiang, are intensifying investigations into new forms of corruption, such as "shadow companies" and "shadow shareholders" [1][3][12] - The article highlights specific cases of officials, such as Liu Tieqiang and Li Xilin, who exploited their positions for personal profit, leading to significant legal consequences [4][6][10] Group 2 - The article discusses the systemic nature of corruption, where officials often form alliances with business interests, complicating the detection and prosecution of corrupt activities [5][11][12] - It notes that corruption is prevalent in sectors like finance, engineering, and project bidding, where the complexity of relationships makes it difficult to identify wrongdoing [5][12] - The article outlines measures taken by various disciplinary bodies to enhance oversight and accountability, including the establishment of long-term mechanisms to prevent the misuse of influence [10][12]

证券代码：002062 证券简称：宏润建设 公告编号：2025-037 宏润建设集团股份有限公司 关于向特定对象发行股票限售股份解除限售 并上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 公司 2023 年度向特定对象发行股票的限售流通股，数量为 134,770,889 股，占 公司总股本的 10.89%。 一、本次解除限售股份发行情况和公司股本变动情况 根据中国证券监督管理委员会《关于同意宏润建设集团股份有限公司向特定 （证监许可〔2023〕2854 号），公司 2023 年度向特定 对象发行股票注册的批复》 对象发行人民币普通股 A 股 134,770,889 股，每股面值 1 元，发行价格 3.71 元/ 股，于 2024 年 12 月 10 日在深圳证券交易所上市，股份限售期为自前述新增股 份上市之日起 6 个月。 本次向特定对象发行股票完成后，公司总股本由 1,102,500,000 股增加至 送股、资本公积金转增股本等事项，公司总股本未发生变化，仍为 1,237,270,889 股，其中有限售条件的股份数量为 24 ...

Core Insights - The 2025 Shaoxing Top 100 Private Enterprises list has been released, showcasing the achievements of the local private economy and aiming to leverage exemplary companies for further development [2] - The threshold for inclusion in this year's list was an annual revenue of 2.143 billion yuan, reflecting a 6.35% increase from the previous year [2] - The total revenue of the listed companies reached 1.3 trillion yuan, marking a 2.7% growth [2] - There are 26 companies with revenues exceeding 10 billion yuan, maintaining the same number as last year, with Hailiang Group leading at 260.2 billion yuan [2] Regional Distribution - The companies on the list are distributed across various regions, with 29 from Keqiao District, 21 from Shangyu District, 20 from Zhuji City, 10 from Xinchang County, 8 from Yuecheng District, 7 from Binhai New District, and 5 from Shengzhou City [4] Industry Distribution - The industries represented in the list are diverse, with significant representation from construction, manufacturing, and services [4] - Notably, emerging industries such as integrated circuits, biomedicine, and new materials have a higher proportion of representation among manufacturing companies, aligning with the city's industrial development direction [4][11] Innovation and R&D - The total R&D investment of the top 100 private enterprises reached 22.409 billion yuan, a 6.13% increase from the previous year, indicating a continuous increase in innovation capabilities [4][8] - Hailiang Group has significantly invested in innovation, developing a fifth-generation intelligent casting and rolling production line, which has set a leading international standard [8][10] - New and emerging companies, such as Jingsheng Electromechanical, have made strides in semiconductor materials, achieving breakthroughs in self-developed technologies [12] Economic Contribution - From January to April this year, the added value of large-scale private industrial enterprises in Shaoxing grew by 11.8%, contributing 90.8% to the overall industrial added value [5] - The local government is committed to promoting the healthy development of the private economy and enhancing the business environment through various supportive measures [5][19] Core Competitiveness - Many enterprises have focused on deepening their core business areas, leading to the establishment of strong competitive advantages [15] - Companies like Zhejiang Baoye Construction Group and Supor have successfully expanded their business segments while maintaining a focus on their primary industries [15][16] Government Support - The local government has implemented upgraded policies to support private enterprises, including the "1+9+X" policy framework and various initiatives aimed at enhancing the innovation environment [19][21] - A total of 29 comprehensive service centers have been established to facilitate business operations, ensuring a supportive ecosystem for enterprise growth [21]

Core Viewpoint - Central Huijin has heavily invested in five low-priced stocks, indicating a potential new wave of market growth, with expectations of significant returns similar to past investments [1][3]. Group 1: Central Huijin's Investment Strategy - Central Huijin has a history of successful investments, such as in Luzhou Laojiao in 2015, Northern Huachuang in 2018, and Changchun Gaoxin in 2019, each achieving tenfold increases [3]. - The current focus is on five low-priced stocks that are expected to experience substantial growth, potentially creating the next tenfold bull stock [3]. Group 2: Specific Stocks Identified - The first stock is Shanghai Construction, a leader in the construction industry, with Central Huijin holding 52.8 million shares [4]. - The second stock is Wenfeng Shares, a leading retail company in Shanghai, with Central Huijin holding 21.95 million shares [5]. - The third stock is Shoukai Shares, which has first-class real estate development qualifications, with Central Huijin holding 38.41 million shares [6]. - The fourth stock is Zhongheng Group, a top profit-generating company in the traditional Chinese medicine industry, with Central Huijin holding 49.78 million shares [7]. - The fifth stock is a global leader in nuclear power engineering, with orders amounting to 44 billion yuan, and has seen significant increases in holdings from both Central Huijin and foreign investors [7].