上周（4月27日-30日）BHI新收录中企新签约/中标/公告海外项目20个，受假期影响较前一周进一步下 降。其中中国能建4个项目。2025年新收录项目已超540个。近一年每周新收录项目数量趋势统计详见下 图。 中水电中标菲律宾流域防洪项目 当地时间4月14日，中国能建湖南院与联合体方中标赞比亚卡富埃西至姆祖玛330千伏输变电线路项目。 这是继2024年中标赞比亚潘苏鲁至曼萨330千伏输变电项目后，湖南院在赞比亚市场的又一重要突破。 该项目是曼巴发电站二期工程的配套送出项目，也是赞比亚国家电网南部主网架优化工程的关键组成部 分。项目线路全长约189公里，主要施工内容包括新建330千伏双回输电线路，以及对Kafue West和 Muzuma两座变电站进行扩建，内容涉及线路间隔扩建、电抗器安装及相关二次系统升级改造等工程。 项目建成后，将进一步优化赞比亚国家电网结构，提升电力输送效率，保障区域电力稳定供应，将显著 提升赞比亚南部电源向北部负荷中心的输电能力，有效缓解南部非洲地区电力供应紧张的局面，促进当 地经济发展。 中国交建 附项目详情（部分）： 中国能建 中国能建湖南院中标赞比亚卡富埃西至姆祖玛330千伏输变电 ...

Core Viewpoint - The integration of Building-Integrated Photovoltaics (BIPV) technology is transforming buildings from energy consumers to energy producers, significantly contributing to sustainable development and reducing carbon emissions in the construction industry [2][3]. Group 1: BIPV Technology Overview - BIPV technology integrates photovoltaic materials into building design from the planning stage, allowing buildings to generate energy while enhancing aesthetic appeal and environmental value [2]. - The construction and building industry accounts for 44.8% of national energy consumption and 48.3% of carbon emissions in China, with BIPV technology expected to significantly reduce these figures [2]. Group 2: Policy and Market Development - Cities like Shenzhen, Suzhou, and Zhuhai are recognizing the potential of BIPV technology and are implementing policies to encourage green renovations of existing buildings, promoting large-scale BIPV development [3]. - A strategic cooperation framework agreement was signed between Kunshan Municipal Government and China State Construction International to promote BIPV projects with a total scale of no less than 10 billion yuan over the next five years [3]. Group 3: Company Innovations and Achievements - China State Construction International is at the forefront of BIPV technology, with its LIGHT series of lightweight photovoltaic materials achieving significant breakthroughs in building-integrated photovoltaics [4]. - The LIGHT series features a multi-layer composite structure weighing only 15.7 kg/m², which is 68% lighter than traditional double-glass products, while maintaining high strength and efficiency [4]. - The LIGHT series has received multiple international certifications and awards, including the "Green Technology Award" at the ESG Awards in Hong Kong, recognizing its technological advancements in the BIPV field [4]. Group 4: Demonstration Projects - China State Construction International's BIPV projects are widespread across various sectors, including commercial buildings, industrial parks, public buildings, and residential areas, showcasing significant social benefits [5]. - The Far East Photovoltaic Low-Carbon Lighthouse Factory project, utilizing LIGHT A photovoltaic components, has a total installed capacity of 2.08 MW, generating 2 million kWh annually, which meets over 30% of its electricity needs [5]. - In Shenzhen, the China National Institute of Metrology's technology innovation research building, equipped with LIGHT series products, generates approximately 185,000 kWh of electricity annually, equivalent to planting 7,955 trees [5].

中国二十二冶坚持服务和融入新发展格局，顺应城市发展规律，为城市更新、安置搬迁提供了"二 十二冶方案"，在全国各地打造了诸多标杆民生工程，不断改善人民群众的住房条件和生活环境，助力 城市更新发展。 原标题：以"三住、三化、三链"建设"好房子" 书写城市更新时代样本 "适应人民群众高品质居住需要，完善标准规范，推动建设安全、舒适、绿色、智慧的'好房子'"。 加快建设推广"好房子"，是社会进步与需求的变迁，是适应人民群众高品质居住的需要。中国二十二冶 将建设"好房子"化作一砖一瓦的现实图景——从京津冀的百年厂区到江南水乡的千年古镇，从华北平原 的棚户区到云贵高原的移民新村，以国资央企的担当为城市更新擘画蓝图、明确标准，为"好房子"赋予 了超越建筑本身的民生重量。 中国二十二冶一直走在城市更新的前列，坚持品质为先，迭代产品、升级服务，先后在数十个城 市，承建了上百项旧城改造工程，让"老房子"变"好房子"，助力逾1.5万户家庭点亮生活质感、实现"安 居梦"，呈现人居环境改善、城市空间焕新的新样本。 "在陕西西安雁塔区，当77栋老楼的外立面披上米黄、雅白、棕灰的三色新装时，设计师特意保留 了墙角那棵老槐树的枝桠——这抹绿 ...

行业报告 | 行业专题研究 建筑装饰 证券研究报告 24 年业绩承压下滑，25 年板块基本面有望迎来修复 24 年营收、利润承压下滑，净利率及周转率拖累 ROE 提升 24 年 CS 建筑板块实现营收 86997 亿元，同比-4.1%，实现归母净利润 1689 亿元，同比-14.4%，营收增速同比下降 11.8pct，业绩增速同比下降 21.4pct。 利润增速慢于营收增速主要系费用率上升、减值损失增加、周转率均小幅下 滑。24 年 ROE（摊薄）6.5%，同比下降 1.49pct。25Q1 建筑板块营收/归母 同比-6%/-8.4%。25Q1 建筑板块或受一季度开复工慢于去年农历同期，项目 落地进度放缓影响，展望 Q2 以及下半年，新增专项债发行提速、资金到位 加快，考虑到关税态势下外需面临的较大压力，内需刺激政策有望进一步发 力，加速推动实物工作量落地，建筑公司基本面或将迎来修复。 毛利率小幅改善，费用率&减值损失同比增长，全年 CFO 净流入大幅减少 24 年 CS 建筑板块整体毛利率 10.96%，同比改善 0.05pct，净利率 2.44%，同 比下降 0.29pct，一方面反映出建筑行业整体提质增 ...

每经编辑：张益铭 点评：东方金诚首席宏观分析师王青认为，人民币适度升值本身就是"稳市场"的一个重要方面，这能有 效控制金融风险。另外，人民币适度升值还能有效稳定国内资本市场信心，对稳股市有积极作用。 NO.4"五一"假期银联、网联共处理支付交易234.39亿笔 丨2025年5月7日 星期三丨 NO.1蓝佛安：中方将采取更加积极有为的宏观政策 近日，亚洲开发银行理事会第58届年会在意大利米兰举行。财政部部长、亚行中国理事蓝佛安与会并发 言。蓝佛安指出，中国是经济全球化的受益者也是贡献者，近年来对全球经济增长的贡献率保持在30% 左右。今年一季度GDP同比增长5.4%，实现良好开局。中方将采取更加积极有为的宏观政策，有信心 实现2025年的5%左右增长目标。 点评：这一积极态势对市场影响正面，市场信心将得到提振，尤其是与宏观经济关联度高的板块，如金 融、基建、消费等有望迎来增长预期提升。中方积极宏观政策的推进，为市场注入确定性，增强投资者 对2025年5%左右增长目标的信心，推动市场整体向好发展。 NO.2央行、证监会等部门将介绍"一揽子金融政策支持稳市场稳预期"有关情况 国务院新闻办公室5月6日消息，国务院新闻 ...

Core Viewpoint - The report highlights the positive momentum in China's key engineering projects and overall economic performance in the first quarter of 2025, driven by increased investment and innovation in various sectors [1][2][3]. Investment and Project Development - In the first quarter, the number of engineering projects reported for work injury insurance reached 39,000, a year-on-year increase of 9.4%, with a total project cost of 1.9 trillion yuan, up 4.8% year-on-year [1]. - March saw a significant acceleration in project construction, with 18,000 projects reported, accounting for 46.5% of the quarterly total, and a total cost of 800 billion yuan, representing 43.9% of the quarterly total [3]. Innovation and High-Technology Growth - High-tech industry sales revenue grew by 13.4% year-on-year in the first quarter, with digital product manufacturing and digital technology application sectors seeing increases of 12% and 11.6%, respectively [1]. - The report emphasizes the role of tax incentives in supporting technological innovation and the development of new productive forces [2]. Consumer Market Dynamics - The health consumption sector experienced significant growth, with sales revenue from elderly care services increasing by 65.5% and nursing institution services by 23.9% year-on-year [3]. - The "May Day" holiday period saw a 15.2% year-on-year increase in sales revenue across consumer-related industries, driven by policies promoting the replacement of old consumer goods [3]. Manufacturing Sector Performance - Manufacturing sales revenue rose by 4.8% year-on-year, accounting for 29.1% of total national sales, with equipment manufacturing growing by 9.7% [4]. - High-tech manufacturing and equipment manufacturing sales increased by 12.1% and 9.7%, respectively, indicating a shift towards high-end and digital transformation in the manufacturing sector [4][5]. Tax Policy and Support Measures - The tax authorities are committed to implementing tax and fee support policies to enhance service levels and promote high-quality economic development [4][5]. - The report indicates that the tax department will continue to optimize tax payment services and respond to the needs of manufacturing enterprises, facilitating their transition to high-end, intelligent, and green development [5].

Group 1 - The company reported a total operating revenue of 1.36 billion yuan in Q1 2025, with a net profit attributable to shareholders of 90.28 million yuan, and a positive net cash flow from operating activities of 145 million yuan [1] - In 2024, the company achieved an annual operating revenue of 5.923 billion yuan, a 115.38% increase since its listing in 2006, with new contracts in the construction industry amounting to 4.178 billion yuan and total assets reaching 15.2 billion yuan [1] - The company plans to distribute a cash dividend of 1 yuan per 10 shares (tax included), having cumulatively distributed cash dividends of 1.293 billion yuan (tax included) since its listing [1] Group 2 - The company has established a strong presence in municipal, rail transit, and building construction sectors, with comprehensive construction technology and qualifications, and has received numerous national awards for its projects [2] - As the first private enterprise in China to obtain "Double Special Double First-Class" qualifications, the company focuses on quality control and has built a reputable brand image in the Yangtze River Delta region [2] Group 3 - The company is actively responding to the "dual carbon" strategy by investing in and signing contracts for renewable energy projects, including a 200MW/400MWh energy storage project and a 150MW photovoltaic power generation project [3] - In 2024, the company's subsidiary operated a 80MW photovoltaic power station with a stable output of 133 million kWh [3] - National fixed asset investment in 2024 was 51.4374 trillion yuan, a 3.2% year-on-year increase, with the construction industry output value reaching 32.6501 trillion yuan, a 3.9% increase [3] Group 4 - The company secured new construction contracts worth 4.178 billion yuan in 2024, including significant infrastructure projects in Guangdong and Zhejiang [4] - The company has achieved notable milestones in construction technology, including the successful completion of long tunnels and non-excavation techniques, and has received multiple quality and safety awards [4] Group 5 - The company plans to continue focusing on the Yangtze River Delta infrastructure market and strengthen its traditional advantages in rail transit and municipal projects [5] - The company aims to deepen cooperation with state-owned enterprises and explore overseas business opportunities while leveraging its high-tech enterprise qualifications [5] - The company intends to integrate construction capabilities with renewable energy and technology to optimize its business structure and create new growth avenues [5]

Core Viewpoint - Longyuan Construction reported a revenue of 9.119 billion yuan for 2024, a year-on-year increase of 1.27%, but a net loss attributable to shareholders of 663 million yuan, an improvement from a loss of 1.311 billion yuan the previous year. In Q1 2025, the company achieved a revenue of 1.393 billion yuan, a year-on-year decrease of 49.4%, but a net profit of 193 million yuan, compared to a loss of approximately 3.68 million yuan in the same period last year [1][2]. Financial Performance - The company faced financial pressure due to funding shortages, but there are signs of marginal improvement in fundamentals, such as a continuous reduction in contract assets and a shift from credit impairment losses to gains. By the end of 2024, the company's PPP assets were approximately 34.1 billion yuan, and contract assets were 12.2 billion yuan in Q1 2025, showing a consistent decline [1]. - In Q1 2025, the company recorded asset disposal gains of 251 million yuan, primarily from government storage of its subsidiary, Dadi Steel Structure. The fiscal policy is expected to remain loose, potentially contributing to further non-operating gains in the coming quarters [2]. Strategic Developments - The successful completion of the private placement to Hangzhou Transportation Investment Group (HTIG) is anticipated to bring in new orders and reduce costs. HTIG will invest 1.846 billion yuan and become the largest shareholder with a 29.51% stake, which is expected to catalyze the company's fundamentals [2]. - The company signed new contracts worth 396 million yuan in Q1 2025, the lowest since 2018, primarily due to funding shortages. With HTIG as a major shareholder, the company is expected to gain a share in the key project construction market in Hangzhou, which is valued at approximately 200-300 billion yuan annually [2]. Cost Management - The company's financial expenses for 2024 were 1.521 billion yuan, with a financing cost of about 7.40%. It is anticipated that with HTIG's involvement, the financing cost may significantly decrease as state-owned enterprises typically have lower average financing costs [3]. Profit Forecast and Valuation - As a domestic infrastructure player, the company is less affected by export tariffs and fluctuations in household income. With the support of debt reduction policies, initial signs of fundamental improvement were observed in Q1 2025. The company is projected to achieve revenues of 11.0 billion yuan and 16.15 billion yuan in 2025 and 2026, respectively, maintaining a "strongly recommended" rating [3].

行业报告 | 行业专题研究 建筑装饰 证券研究报告 24 年业绩承压下滑，25 年板块基本面有望迎来修复 24 年营收、利润承压下滑，净利率及周转率拖累 ROE 提升 24 年 CS 建筑板块实现营收 86997 亿元，同比-4.1%，实现归母净利润 1689 亿元，同比-14.4%，营收增速同比下降 11.8pct，业绩增速同比下降 21.4pct。 利润增速慢于营收增速主要系费用率上升、减值损失增加、周转率均小幅下 滑。24 年 ROE（摊薄）6.5%，同比下降 1.49pct。25Q1 建筑板块营收/归母 同比-6%/-8.4%。25Q1 建筑板块或受一季度开复工慢于去年农历同期，项目 落地进度放缓影响，展望 Q2 以及下半年，新增专项债发行提速、资金到位 加快，考虑到关税态势下外需面临的较大压力，内需刺激政策有望进一步发 力，加速推动实物工作量落地，建筑公司基本面或将迎来修复。 毛利率小幅改善，费用率&减值损失同比增长，全年 CFO 净流入大幅减少 24 年 CS 建筑板块整体毛利率 10.96%，同比改善 0.05pct，净利率 2.44%，同 比下降 0.29pct，一方面反映出建筑行业整体提质增 ...

Core Viewpoint - UBS has lowered the target price for China Railway Group (00390.HK) to HKD 4.2, while maintaining the company's full-year guidance unchanged [1] Financial Performance - In the first quarter of this year, China Railway Group's revenue and net profit decreased by 6% and 23% year-on-year, respectively [1] - Overall new contracts fell by 10% year-on-year, primarily due to limited growth potential in traditional sectors and the real estate industry still being at a low point [1] Strategic Shift - The company is proactively changing its strategy to focus on quality over scale expansion [1] - A highlight for the company is the 33% year-on-year increase in overseas new contracts, benefiting from significant growth in the real estate and railway projects in Asia and Africa [1] Management Guidance - The management has not altered the full-year guidance, projecting a 3.1% year-on-year increase in new contracts and a 2.4% year-on-year decline in revenue [1] - Management believes that revenue recognition and order intake accelerated in April [1] Earnings Forecast - UBS has reduced its earnings per share forecast for the company by 12% to 15% for the years 2023 to 2027 [1] - The target price has been cut by 12% from HKD 4.8 to HKD 4.2, while maintaining a buy rating [1]