数据显示，2025年上半年，建筑板块上市公司营业收入、归母净利润分别同比减少5.66%和8.89%，行 业上半年业绩整体有所回落。但从券商近期披露的研报看，不少机构看好建筑行业下半年盈利修复的机 会。近期，多家建筑类上市公司获机构调研，调研内容主要围绕业绩如何改善、如何更好地回馈股东、 海外业务最新发展等方面。 行业上半年业绩回落 进一步梳理看，2025年上半年，建筑板块所属的157家上市公司中，55家上市公司营业收入实现同比增 长，70家上市公司归母净利润实现同比增长。 2025年上半年，一共有8家建筑行业上市公司营业收入突破千亿元。"千亿俱乐部"里，仅中国电建 （601669）、中国能建（601868）两家上市公司营业收入实现同比增长。 中国电建2025年上半年共实现营业收入2927.57亿元，同比增长2.66%；归属于上市公司股东的净利润 54.26亿元，同比下降13.81%。2025年上半年，新能源、储能等相关业务保持稳健增长。报告期内，公 司新签风电业务合同金额1429.02亿元，同比增长68.78%；新签水电业务合同金额1004.56亿元，同比增 长66.67%。 中国能建2025年上半年共实现营 ...

● 本报记者 董添 天风证券研报认为，2025年上半年，建筑板块营收、业绩承压下滑，看好下半年盈利修复。上半年建筑 板块毛利率、净利率同比小幅下降，资产负债率小幅提升；子板块业绩表现分化，化工工程、钢结构业 绩实现稳步增长。从建筑板块个股的半年报来看，央企韧性凸显，重点关注高股息标的及高景气细分赛 道。 Wind数据显示，2025年上半年，Wind建筑板块上市公司营业收入、归母净利润分别同比减少5.66%和 8.89%，行业上半年业绩整体有所回落。但从券商近期披露的研报看，不少机构看好建筑行业下半年盈 利修复的机会。近期，多家建筑类上市公司获机构调研，调研内容主要围绕业绩如何改善、如何更好地 回馈股东、海外业务最新发展等方面。 行业上半年业绩回落 进一步梳理看，2025年上半年，Wind建筑板块所属的157家上市公司中，55家上市公司营业收入实现同 比增长，70家上市公司归母净利润实现同比增长。 2025年上半年，一共有8家建筑行业上市公司营业收入突破千亿元。"千亿俱乐部"里，仅中国电建、中 国能建两家上市公司营业收入实现同比增长。 中国电建2025年上半年共实现营业收入2927.57亿元，同比增长2.66% ...

Group 1 - Junsheng Electronics' subsidiary has recently secured a global automotive intelligence project with a total order value of approximately 15 billion yuan, expected to start mass production in 2027 [2] - Purun Co. is planning to acquire controlling stakes in Noah Changtian Storage Technology Co., which will enhance its market competitiveness and operational scale [3] - Longpan Technology's subsidiary has signed a procurement cooperation agreement with CATL, with an estimated total sales amount exceeding 6 billion yuan for lithium iron phosphate cathode materials from 2026 to 2031 [4] Group 2 - Shanghai Construction's gold business revenue is relatively low, accounting for less than 0.5% of total revenue, and recent reports about increased gold reserves are based on previously disclosed information [5][6] - Yinglian Co. plans to raise up to 1.5 billion yuan through a private placement to enhance its business layout and service capabilities [8] - Aoyang Health's major shareholder is transferring 20% of its shares, which will change the controlling shareholder to Yuesheng Technology [10]

Mergers and Acquisitions - Jingchen Co., Ltd. plans to acquire 100% equity of ChipMinds Semiconductor for a total consideration of 316 million yuan, which will make ChipMinds a wholly-owned subsidiary and included in the consolidated financial statements [1] - Shangluo Electronics intends to issue convertible bonds to raise up to 1 billion yuan, with 700 million yuan allocated for acquiring 88.79% equity of Ligong Technology, aiming for actual control over the company [2] - Longjian Co., Ltd. proposes to acquire 100% equity of Guangdong Zhimiao Construction Engineering Co., Ltd. for 40,000 yuan, which will also be included in the consolidated financial statements [3] - Xindazheng is planning to purchase at least 51% of Jiaxin Liheng Facility Management (Shanghai) Co., Ltd. through a combination of shares and cash, with the transaction expected to constitute a major asset restructuring [4] Shareholding Changes - Delinhai's director Sun Yang plans to reduce his stake by up to 0.4474% of the company's total shares due to personal financial needs, with the reduction to occur within three months after a 15-day notice period [5] - Wuzhou Transportation's controlling shareholder plans to increase their stake in the company by investing between 85 million and 170 million yuan, reflecting confidence in the company's future development [6] - Beiwai Technology's director Xu Jianguo intends to reduce his stake by up to 0.91% of the total shares for personal financial reasons [7] - Qilu Bank's directors and senior management plan to voluntarily increase their holdings by at least 3.5 million yuan, demonstrating confidence in the company's value and future strategic planning [8] Investment Agreements - Xinlaifu has signed an investment agreement to invest 150 million yuan in a project to produce 30,000 sets of medical radiation lead protection products and new materials, with at least 105 million yuan allocated for fixed asset investment [9] - Sileke has entered into a 230 million yuan investment cooperation agreement for a new energy precision structural components project, aimed at enhancing the company's production capacity for new energy battery shells [10]

9月15日，中国企业联合会、中国企业家协会连续第24次向社会发布了"中国企业500强"（以下简称"企业500强"）榜单。这份榜单以2024年企 业营业收入作为入围标准，呈现出以下主要特点。 规模总量保持增长。企业500强营业收入达110.15万亿元，较上年500强有所增加。入围门槛实现23连升，达479.60亿元，提升5.79亿元。资产 总额为460.85万亿元，增长7.46%。榜单中，千亿规模企业数量增至267家，有15家企业的营业收入超过万亿元。其中，国家电网营业收入超过 3万亿元，即将突破4万亿元；中国石油、中国石化、中国建筑的营业收入超过2万亿元。 经济效益继续改善。企业500强实现归属母公司所有者净利润总额为4.71万亿元，增长4.39%，收入净利润率为4.27%，提高0.17个百分点。 创新活力更加充沛。研发强度创新高。企业500强共投入研发费用1.73万亿元；研发强度创下1.95%的新高，连续8年提升。创新成果产出质量 继续提升，企业500强持有有效专利总数224.37万件，比上年增加21.40万件，增长10.54%。其中持有发明专利103.96万件，较上年企业500强增 加15万件，增长了16 ...

Major Announcements - New Dazheng plans to acquire at least 51% stake in Jiaxin Liheng Facility Management (Shanghai) Co., Ltd, leading to a significant asset restructuring [4] - Longjian Co. intends to purchase 100% equity of Guangdong Zhimiao Construction Engineering Co., Ltd for a cash consideration of 40,000 yuan, which will be consolidated into its financial statements [5] - Junsheng Electronics has received project designations from two leading OEM clients, with an estimated total order value of approximately 15 billion yuan over the product lifecycle, set to begin mass production in 2027 [6][7] - Nanfeng Co.'s subsidiary, Nanfang Additive, is in the early stages of its 3D printing service business, with a planned investment of 50 million yuan, but it is not expected to significantly impact revenue or profits this year [8] - Guorui Technology's general manager Yang Feng has resigned due to work adjustments, with the deputy general manager Zhao Huizhang temporarily taking over [9] - Zhenghai Magnetic Materials' convertible bonds will cease trading after September 16, with a forced redemption price of 100.50 yuan per bond if not converted [10] - ST Suwu's stock price closed at 0.95 yuan, below the 1 yuan threshold, which may lead to delisting if it remains below this level for 20 consecutive trading days [11] - Ciweng Media received a subsidy of 2 million yuan for its micro-short drama project, which has had a positive social impact [12] Performance Metrics - Overseas Chinese Town A reported a contract sales amount of 990 million yuan in August, a 57% year-on-year decrease, with cumulative sales from January to August down 15% [18] - China Eastern Airlines saw an 8.72% year-on-year increase in passenger turnover in August, with a seat occupancy rate of 88.34% [19] - Shanghai Pharmaceuticals' controlling shareholder plans to increase its stake by acquiring 55 million to 74 million H-shares over the next 12 months [20] - ST Fanli's shareholder Changjiu Group intends to reduce its stake by up to 1% [21] Share Buybacks - Huaxia Airlines plans to repurchase shares worth between 80 million and 160 million yuan, with a maximum price of 13.54 yuan per share [22] - Xindian Software's chairman proposed a share buyback of 30 million to 50 million yuan for employee stock ownership plans [23] Major Contracts - Hongrun Construction has been awarded a contract worth 126 million yuan for the Shanghai Metro Line 21 station renovation and installation project [24]

Summary of Conference Call Records Industry Overview - The real estate market is expected to benefit from policy stimulus and the traditional sales peak in the short term, but faces challenges in Q4 due to high base effects. Attention is needed on whether sales data can remain stable, while investment data shows a trend of stabilization despite a decrease, and new home prices still face downward pressure [1][3][4]. Key Points and Arguments Real Estate Sector - The investment success rate in the real estate sector is improving, with a better competitive landscape among leading companies. Gross margins are expected to improve significantly by Q2 next year. Recommended companies include Shenzhen Investment, China Resources, and China Overseas, as well as diversified targets like Zhangjiang Hi-Tech and Quzhou Development [1][7]. - As of August 2025, real estate sales data showed a year-on-year decline of approximately 7%, an improvement from a 14% decline the previous year. This decline is attributed to a significant reduction in land purchases and falling prices of existing assets [3]. - The second-hand housing market is currently more reflective of consumption rather than investment attributes, with price fluctuations primarily influenced by depreciation logic until new housing stabilizes [6]. Construction Industry - The construction industry has been under pressure recently, with cautious performance noted over the past two months. However, there is optimism for Q4 due to expected policy support for stable growth [8][9]. - Investment opportunities in the construction sector are suggested to be focused on high-dividend assets, metal asset revaluation, and companies benefiting from debt resolution policies, such as China Railway Construction [11][12]. Building Materials Sector - August data for the building materials sector was weak, with cement sales down approximately 8% year-on-year. However, expectations for fiscal stimulus are increasing, and companies focused on domestic demand have shown improved fundamentals [10][12]. - The waterproofing sector is highlighted as a key area for investment, with companies like Dongfang Yuhong recommended due to their strong fundamentals and potential benefits from policy planning [1][12]. Additional Important Insights - The global context of interest rate cuts is creating more certainty in external markets, particularly in overseas cement, fiberglass, and photovoltaic glass sectors. Companies like Huaxin Cement, China Jushi, and Xinyi Solar are noted as potential investment opportunities [13]. - The 2025 anti-involution policy is expected to have a profound impact on the supply side, with a focus on sectors like cement and photovoltaic glass, and companies with independent growth logic such as Henkel Group and Puyang Huicheng [14][15]. - Strategies for addressing poor performance in August include focusing on domestic demand, overseas demand, and anti-dumping measures, with specific recommendations for companies like China Jushi, Huaxin Cement, and Xinyi Solar [16].

| | | 9月15日重要公告精选 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 热点 | 上海处工 | 黄金业务收入占公司营业收入比例较低,历年均不超过营业收入0.5% | | 项目投资 | 斯莱克 | 拟2.3亿元投建新能源电池壳生产线、极柱生产线等 | | 合同中标 | 宏润建设 | 中标1.26亿元工程施工项目 | | 股权收购 | 品展股份 | 拟3.16亿元收购芯边微100%股权 | | 回购 | 如瑞科技 | 拟斥资2000万元全4000万元回购股份 | | 经营数据 | 华侨城A | 8月合同销售金额9.9亿元 同比减少57% | | | 南方航空 | 8月客运运力投入同比上升6.37% | | 增减持 | 災仕达 | 控股股东一致行动人拟减持不超过3%股份 | | | 五洲交通 | 控股股东交投集团拟增持0.85亿元至1.7亿元股份 | | | 中源家居 | 董事长、总经理曹勇拟合计减持不超3%股份 | | 其他 | 英联股份 | 拟定增募资不超过15亿元用于复合集流体项目等 | | | 商络电子 | 拟发行可转债募资不超过10亿元用于收购立功科技股权 ...

上海建工(600170)今日涨停，全天换手率2.12%，成交额5.51亿元。龙虎榜数据显示，机构净卖出 2241.89万元，沪股通净卖出830.19万元，营业部席位合计净买入1.04亿元。 上交所公开信息显示，当日该股因日涨幅偏离值达10.45%上榜，机构专用席位净卖出2241.89万元，沪 股通净卖出830.19万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交3.29亿元，其中，买入成交额为2.01亿 元，卖出成交额为1.28亿元，合计净买入7281.88万元。 上海建工9月15日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 华鑫证券有限责任公司上海光复路证券营业部 | 9275.58 | | | 买二 | 信达证券股份有限公司上海黄浦区南京西路证券营业部 | 3651.87 | | | 买三 | 国泰海通证券股份有限公司上海松江区中山东路证券营 业部 | 2955.54 | | | 买四 | 东亚前海证券有限责任公司上海分公司 | 2728.13 | ...

Core Viewpoint - The A-share market is experiencing an upward trend, with the average stock price approaching previous highs, while the number of low-priced stocks continues to decline, indicating a shift towards higher-priced stocks in the market [2][12][13]. Group 1: Market Overview - As of September 15, the average stock price in the A-share market reached 26.13 yuan, nearing the previous high of 26.27 yuan recorded on September 1 [2]. - The number of stocks priced below 2 yuan has decreased to 24, a significant drop of nearly 27% compared to the end of last year [12]. - The number of stocks priced below 5 yuan has also reduced to 525, reflecting a decline of approximately 30% since the end of last year [2]. Group 2: Low-Priced Stocks Analysis - Among the stocks priced below 2 yuan, the real estate and steel sectors have the highest proportions, accounting for 21% and 13% respectively [4]. - Compared to the end of last year, the steel and real estate sectors still dominate the low-priced stock category, with respective proportions of 18% and 15% [7]. - A total of 21 stocks have successfully risen above the 2 yuan mark since the end of last year, with notable increases in stocks like Jishi Media and ST Xintong, which saw price increases of 228.34% and 233.52% respectively [11]. Group 3: High-Priced Stocks Expansion - The number of stocks priced above 50 yuan has increased to 570, a growth of nearly 78.7% from 324 stocks at the end of last year [13]. - The number of stocks priced over 100 yuan has reached 142, marking a growth of approximately 97.2% [13]. - The electronics sector has the highest average stock price among the 31 major sectors, with an average exceeding 50 yuan, while sectors like real estate and steel have lower average prices, failing to reach 10 yuan [13].