Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage of the stock [4][6]. Core Insights - The company is a leading Taiwanese semiconductor cleanroom provider, with significant advantages in the packaging sector. It has established a strong position in cleanroom system integration, serving key clients in the semiconductor and precision manufacturing industries [1][14]. - The company has seen steady revenue growth, with a compound annual growth rate (CAGR) of 14% from 2018 to 2024, reaching a revenue of 2 billion yuan in 2024. The first three quarters of 2025 continued this trend with a revenue of 2.1 billion yuan, a year-on-year increase of 46% [1][4]. - The establishment of a subsidiary in the United States is expected to significantly contribute to the company's revenue, with potential orders from major clients like TSMC estimated to bring in 17.5 billion yuan in total contracts [3][4]. Company Overview - The company was founded in 2003 as a subsidiary of Taiwan's Shenghui and specializes in cleanroom system integration, covering the entire EPCO (Engineering, Procurement, Construction, and Operation) value chain [14]. - The business structure is primarily focused on cleanroom system integration, with downstream sectors including semiconductors (59%), precision manufacturing (31%), and others [1][14]. Financial Analysis - The company experienced a decline in net profit in 2024 due to fluctuations in gross margin, but it is expected to recover in 2025 with a projected net profit of 144 million yuan, a year-on-year increase of 26% [4][28]. - The gross margin has been under pressure, decreasing from 16% in 2020 to 13% in 2024, but is anticipated to improve as project structures optimize [28][35]. - The company has maintained a strong order backlog, with orders reaching 2.54 billion yuan by the end of Q4 2025, a 46% increase year-on-year, which is expected to drive revenue growth [4][47]. Industry Insights - The U.S. semiconductor capital expenditure is robust, with significant investments from major players like TSMC and Samsung, leading to a mismatch in cleanroom supply and demand [2][3]. - The Southeast Asian market is experiencing high demand for cleanroom services, driven by the expansion of semiconductor-related industries, with the company seeing substantial revenue growth from this region [3][4].

Group 1 - The report highlights an increase in risk disturbances and potential market volatility due to the nomination of Kevin Warsh as the next Federal Reserve Chairman, which may trigger new tightening expectations [2][15][16] - The report indicates a slight contraction in micro liquidity, with domestic public fund equity positions estimated to decline, and seasonal demand for funds increasing as the Spring Festival approaches [3][24] - The report notes that while export performance remains strong, domestic demand continues to face challenges, with January exports expected to grow by 4.5% year-on-year, while CPI and PPI are projected at 0.3% and -1.9% respectively [25][33] Group 2 - The report suggests a shift in industry allocation towards stability and certainty, reducing exposure to elastic assets and focusing on sectors with predictable performance [4][39] - The first main investment theme is the seasonal opportunity in infrastructure construction, emphasizing ten high-odds and high-win-rate sub-sectors, with a focus on an 18-stock portfolio of advantageous infrastructure companies [4][41] - The second main theme involves sectors with medium to long-term price increase trends, particularly storage, chemicals, and machinery, which are expected to benefit from improving demand and supply dynamics [6][40] - The AI industry chain remains a core long-term focus for 2026, although it may enter a phase of healthy adjustment in the short term, with potential cooling in previously overheated sectors like non-ferrous metals and military industry [6][40]

Investment Rating - The report maintains a positive outlook on the coal chemical engineering sector, particularly highlighting China Chemical as a representative company [1]. Core Insights - New coal chemical technology is seen as a beneficial supplement to petroleum chemistry, especially in the context of high dependence on foreign oil and gas in China. The importance of ensuring energy and supply chain security is emphasized [1]. - The report notes that China's coal chemical technology and scale are globally leading, with potential for high-quality exports to countries along the Belt and Road Initiative [1]. - Specific technologies such as methanol-to-olefins (MTO) are highlighted, with advancements leading to significant reductions in methanol consumption and promoting large-scale, low-carbon coal chemical industry development [1]. - The report provides a detailed analysis of key companies in the sector, including their price-to-book (PB) and price-to-earnings (PE) ratios, along with expected profit growth rates for 2025 [1]. Market Overview - As of January 30, 2026, the issuance of new local government special bonds reached 193.069 billion yuan, a week-on-week increase of 199.70%. The total issuance for the month was 367.679 billion yuan, reflecting a year-on-year increase of 79.53% [2]. - The national cement market price saw a week-on-week decline of 0.8%, with an average ex-factory price of 259.2 yuan per ton, down 0.6% from the previous week and down 19.8% year-on-year [2][35]. - The construction index fell by 1.44% during the week, while the building materials index rose by 0.73%. Year-to-date, the construction index has increased by 6.44%, ranking 11th among 30 industries [2][9]. Company Recommendations - The report recommends focusing on companies with low growth, low valuation, and low holdings in the construction and building materials sector, specifically China Chemical, Sinopec Engineering, and others [3]. - It also highlights real estate chain leaders such as Oriental Yuhong and Honglu Steel Structure, which are expected to benefit from market share increases [3]. - In the cement sector, companies like Conch Cement and Tianshan Cement are recommended, with a focus on regional cooperation in cement production [3].

Key Insights on Infrastructure Investment Opportunities - A seasonal infrastructure construction boom occurs from the end of the Spring Festival to the conclusion of the National People's Congress, lasting approximately 1-1.5 months, presenting significant investment opportunities[2] - The report identifies 10 strong sub-sectors with high odds and win rates, including engineering consulting services, environmental equipment, environmental governance, general equipment, specialized engineering, non-metallic materials, new metallic materials, specialized equipment, decoration, and plastics, with average returns of 12-15% and excess returns of 4-8% over the past decade[2][10] Selected Stocks from Strong Sub-sectors - The report highlights a portfolio of 18 stocks selected from the 10 strong sub-sectors based on a scoring model, which includes: - Engineering consulting: Qidi Design (average excess return 22.7%, win rate 100%) and Jian Ke Yuan (average excess return 16.4%, win rate 100%)[3][19] - Environmental equipment: Xianhe Environmental (average excess return 11.7%, win rate 90%) and Senyuan Co. (average excess return 12.2%, win rate 80%)[3][20] - Environmental governance: Shanghai Washba (average excess return 36.0%, win rate 100%) and Dechuang Environmental (average excess return 19.1%, win rate 89%)[3][23] - General equipment: Jialitu (average excess return 35.3%, win rate 100%) and Jinyang Sun (average excess return 28.8%, win rate 100%)[3][26] Performance and Risk Considerations - The selected 10 strong sub-sectors have consistently shown high absolute and excess return probabilities, with a stable performance track record over the past decade[10][13] - Risks include limitations of comparative studies, market learning effects leading to volatility, unexpected market downturns, and individual stock risks impacting the overall portfolio[4]

2026 年 02 月 01 日 相关研究 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究成功费 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 A0230523080003 tanqmeng@swsresearch.com 1 月制造业、建筑业 PMI 双降，天气叠加节日 因素投资景气度有所下降 ──申万宏源建筑周报（20260126-20260130） 本期投资后了 请务必仔细阅读正文之后的各项信息披露与声明 一周板块回顾：板块表现方面，SW 建筑装饰指数-1.44%，沪深 300 指 0 数+0.08%，相对收益为-1.52pct。周涨幅最大的三个子行业分别为国际 工程 (+0.50%)、专业工程 (+0.11%)、钢结构 (-0.69%)，对应行业 内三个公司：中材国际 (+6.04%)、罗曼股份 (+18.60%)、鸿路钢构 (+5.11%); 年涨幅最大的三个子行业分别是专业工程 (+22.53%)、 钢结构 ...

Investment Rating - The report maintains a "Positive" outlook on the construction industry, indicating a favorable investment environment for 2026 as it marks the beginning of the "14th Five-Year Plan" [1]. Core Insights - The manufacturing PMI for January 2026 is reported at 49.3%, a decrease of 0.8 percentage points from the previous month, while the construction PMI stands at 48.8%, down 4.0 percentage points, reflecting a decline in investment sentiment due to weather and holiday factors [3][11]. - The report highlights the government's initiative to foster new growth points in service consumption, encouraging local governments to utilize financial resources and industry funds to enhance infrastructure in tourism and residential areas [11]. - The report identifies key companies with significant profit growth expectations, such as Zhite New Materials, which anticipates a net profit of 160-200 million yuan for 2025, representing a year-on-year increase of 117.11%-171.39% [13][14]. Industry Performance - The SW Construction Decoration Index decreased by 1.44%, underperforming compared to the Shanghai Composite Index, which increased by 0.08% [3][4]. - The best-performing sub-industries for the week included International Engineering (+0.50%) and Professional Engineering (+0.11%), while the Steel Structure sub-industry saw a decline of 0.69% [5][9]. - Year-to-date, the Professional Engineering sub-industry has increased by 22.53%, and the Steel Structure sub-industry by 21.12%, with notable companies like Zhite New Materials showing a staggering increase of 234.08% [5][9]. Key Company Developments - China Aluminum International signed 4,891 contracts in 2025, with a total contract value of 46.836 billion yuan, marking a year-on-year growth of 51.94% [13][16]. - Other companies such as Shanghai Construction and Zhengzhong Design are projected to experience varying profit changes, with Shanghai Construction expecting a significant decline in net profit for 2025 [14][15]. - The report emphasizes the importance of monitoring new contract signings and order volumes for key companies to gauge future performance [19].

Group 1 - The stock price of China Aluminum International (601068) closed at 6.07 yuan on January 30, 2026, down 0.65% from 6.11 yuan the previous week. The stock reached a nearly one-year high of 7.11 yuan on January 29, 2026, with a low of 5.85 yuan on January 30, 2026. The company had one limit-up closing and no limit-down closing during the week. The current market capitalization is 18.136 billion yuan, ranking 6th out of 39 in the professional engineering sector and 1176th out of 5184 in the A-share market [1] Group 2 - The company announced that the total new contracts signed in Q4 2025 amounted to 46.836 billion yuan, representing a year-on-year increase of 51.94%. Industrial contracts accounted for 45.771 billion yuan, or 97.73% of the total. The EPC engineering and construction contracts reached 42.975 billion yuan, up 66.61% year-on-year. Overseas new contracts were 22.148 billion yuan, showing a significant increase of 263.38% [2][3] - As of December 31, 2025, the total backlog of contracts was 54.120 billion yuan, reflecting a year-on-year growth of 10.40%. The foreign backlog of contracts was 22.454 billion yuan, which is a year-on-year increase of 162.68% [2][3] - The company's board of directors approved a capital expenditure plan for 2026 totaling 223.57 million yuan, which includes fixed asset investments, digital projects, and technology innovation capital expenditures. The plan was authorized for execution by the management team [2]

Core Viewpoint - Shenghui Integration (603163.SH) announced a plan to issue convertible bonds to unspecified objects, with a total fundraising amount not exceeding 550 million yuan, which will be used for high-tech industry special project construction [1] Group 1: Fundraising Details - The total amount of funds raised from the issuance of convertible bonds will not exceed 550 million yuan, including 550 million yuan [1] - The net amount of funds raised, after deducting issuance costs, will be allocated to high-tech industry special project construction [1] Group 2: Project Breakdown - The special project includes multiple sub-projects, specifically: - Clean electromechanical engineering (Project Code: 543/250100026) - Cleanroom engineering (Project Code: 331/250200031) - Electromechanical package (Project Code: 298/250400039) - Electromechanical engineering (Project Code: 019/T251200002) [1]

Core Viewpoint - The company expects a significant decline in net profit for the fiscal year 2025, projecting a loss between 148 million to 88 million yuan, representing a year-on-year decrease of 47.53% to 68.80% [1] Financial Performance - The net profit attributable to shareholders is forecasted to be between -148 million to -88 million yuan, indicating a substantial decline compared to the previous year [1] - The net profit after excluding non-recurring gains and losses is anticipated to be between -158 million to -98 million yuan, reflecting a year-on-year decrease of 18.85% to 49.67% [1] Business Strategy - The company is actively optimizing its business structure and enhancing resource integration capabilities, focusing on core business areas [1] - Management is implementing cost reduction and efficiency improvement measures, resulting in noticeable decreases in labor costs and office expenses during the reporting period [1] - The operational efficiency of the main business has shown improvement compared to the previous period [1]

Core Viewpoint - China Chemical Engineering Corporation's stock has experienced fluctuations, with a recent decline of 2.02% and a year-to-date increase of 17.36% [1] Financial Performance - For the period from January to September 2025, China Chemical achieved a revenue of 135.845 billion yuan, representing a year-on-year growth of 1.26% [2] - The net profit attributable to shareholders for the same period was 4.232 billion yuan, reflecting a year-on-year increase of 10.28% [2] Stock Market Activity - As of January 30, the stock price was 8.72 yuan per share, with a total market capitalization of 53.25 billion yuan [1] - The trading volume on January 30 was 550 million yuan, with a turnover rate of 1.02% [1] - The stock has seen a net outflow of 30.8308 million yuan from main funds, with significant buying and selling activity from large orders [1] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 111,200, a rise of 19.23% from the previous period [2] - The average number of circulating shares per shareholder decreased by 15.74% to 54,562 shares [2] Dividend Distribution - Since its A-share listing, China Chemical has distributed a total of 10.569 billion yuan in dividends, with 3.915 billion yuan distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 182 million shares, a decrease of 112 million shares from the previous period [3] - China Securities Finance Corporation remained stable with 98.6542 million shares, while other major ETFs also saw reductions in their holdings [3]