Investment Rating - The report suggests a positive outlook for the construction and building materials industry, with specific recommendations for companies like Honglu Steel Structure, China Jushi, Puyang Refractories, Hainan Huatie, Beixin Building Materials, China Chemical, China State Construction, Shanghai Port, and China National Materials [3]. Core Insights - The cement industry shows signs of improvement in the fundamentals from Q4 2024 to Q1 2025, with a focus on corporate discipline and peak production implementation, as well as cement price trends [3][10]. - The glass industry experienced widespread losses in Q4 2024, but there was a significant improvement in Q1 2025, driven by the price of photovoltaic glass [3][15]. - The fiberglass sector saw a general improvement in profitability from Q4 2024 to Q1 2025, with all sample companies achieving profitability due to stable price increases and effective industry self-discipline [3][16]. - The consumer building materials sector continues to face declining revenues and profits, with expectations of sustained pressure on downstream demand from construction completions [3][20]. - The construction industry is experiencing a decline in revenue and profits among major companies, indicating weak operational data [3][24]. Summary by Sections Cement Industry - The cement industry's fundamentals improved from Q4 2024 to Q1 2025, with a narrowing decline in production growth rates and a recovery in net profits for leading companies [10]. - The national average cement price in early May 2025 was slightly lower than the same period last year, indicating a need to monitor price trends closely [10]. Glass Industry - The glass sector faced significant losses in Q4 2024, but Q1 2025 showed marked improvement, particularly in photovoltaic glass pricing [15]. - Key variables to watch include glass price trends and downstream demand changes [15]. Fiberglass Industry - Fiberglass companies reported improved profitability in Q1 2025, attributed to stable price increases and effective supply-side management [16]. - The inventory levels remained stable, indicating a weak balance in supply and demand [16]. Consumer Building Materials - The consumer building materials sector is experiencing a downward trend in revenue and profits, with expectations of continued pressure on demand from construction completions [20]. - The report highlights the correlation between construction completions and downstream demand [20]. Construction Industry - The construction sector is seeing a decline in revenue and profits among major companies, with many reporting weak operational data [24]. - The report notes that most central construction enterprises experienced a decline in orders, revenue, and profits in Q1 2025 [24].

在这一政策背景下，中交一航局积极响应、迅速推进，高效完成科技创新债券发行，体现了资本市场对 企业科技创新核心优势的高度认可，为建筑行业科技型企业提供了更为便捷高效的融资路径。中交一航 局相关负责人表示，本期债券募集资金将专项用于科技创新，加速企业科技转型，推动智能化、数字 化、绿色化发展，助力企业提升核心竞争力、培育新质生产力，推动建筑行业高质量发展。 据悉，中交一航局系中国交通建设集团有限公司核心子公司，拥有国家级企业技术中心，在港口航道、 跨海通道、海洋工程等领域形成了一批核心技术优势，具备大型沉管隧道、深水码头、海上风电等复杂 工程施工能力，高质量参与完成港珠澳大桥、深中通道、大连湾海底隧道等工程建设。 13日，记者从中交第一航务工程局有限公司（以下简称"中交一航局"）获悉，日前，其在中国银行间市 场成功发行全国首批科技创新债券，发行规模5亿元，期限180天，票面利率低至1.70%。这是5月7日中 国人民银行、中国证监会联合发布关于支持发行科技创新债券有关事宜的公告（以下简称《公告》） 后，中央企业发行的首单科技创新债券。 《公告》从丰富科技创新债券产品体系和完善科技创新债券配套支持机制等方面，对支持科 ...

Core Viewpoint - The construction of major engineering projects in China is accelerating, with significant growth in investment and project numbers, indicating a positive trend in infrastructure development and economic activity [4][5][6]. Investment Trends - In the first quarter of 2025, the number of engineering projects reported for work injury insurance increased by 9.4% year-on-year, with total project costs rising by 4.8% [4]. - The number of major projects with a total cost exceeding 1 billion yuan grew by 41.8%, totaling approximately 340 billion yuan, reflecting a 39.1% increase year-on-year [6]. Project Distribution - The highest proportion of major projects is in transportation, with significant projects underway in various provinces, such as the Weifang to Suqian high-speed railway in Shandong and road reconstruction in Jiangxi [7]. - Urban renewal projects are also a focus, with Guangzhou reporting 890,000 square meters of new urban renewal projects started in the first quarter [8]. Focus on New and Green Projects - Investment is shifting towards high-tech and clean energy projects, such as the 2 billion yuan organic light-emitting diode production line in Anhui and various technology parks in Zhejiang and Fujian [9]. - Clean energy projects like the Jiangshan pumped storage power station and the Tianwan Nuclear Power Plant are also progressing, with expected operational dates in 2026 and 2027 [9]. Regional Development - The Chengdu-Chongqing area reported over 5,000 engineering projects in the first quarter, with a total cost of approximately 250 billion yuan, indicating a 14.6% year-on-year increase [10]. - The Beijing-Tianjin-Hebei region saw 750 engineering projects reported, with a total cost of about 440 billion yuan, reflecting a 21.2% increase [10]. Infrastructure Investment Growth - National infrastructure investment grew by 5.8% year-on-year in the first quarter, driven by the accelerated issuance of special bonds and the commencement of major projects [12]. - The focus on "small but beautiful" projects has also emerged, with 17,000 projects costing less than 5 million yuan reported, marking a 4.8% increase [13]. Social Welfare Projects - Many projects are aimed at improving social welfare, including upgrades to educational facilities and the construction of community parks in urban areas [14][15]. - Efforts to enhance elderly care services and improve agricultural infrastructure are also being prioritized, with significant investments in high-standard farmland projects [16][17].

证券研究报告 核心观点 请务必参阅正文之后的重要声明 1 周专题：建筑建材行业年报一季报表现如何？ ——建材、建筑及基建公募REITs周报（5月6日-5月9日） 2025年5月13日 孙伟风，光大建筑建材首席分析师，执业证书编号：S0930516110003 陈奇凡，光大建筑建材分析师，执业证书编号：S0930523050002 5、高频数据跟踪 6、风险提示 2、主要覆盖公司盈利预测与估值 3、周行情回顾 4、总量数据跟踪 周专题：建筑建材行业年报一季报表现如何？水泥行业：24Q4-25Q1，行业基本面出现好转；后续重点关注企业自 律及错峰生产落地情况、水泥价格走势。玻璃行业：24Q4普遍亏损，25Q1环比改善，光伏玻璃价格是核心变量。玻 纤行业：24Q4-25Q1，玻纤企业盈利普遍环比改善。消费建材：24Q4-25Q1，消费建材企业收入利润仍在下行；预 计未来1年竣工端企业下游需求将持续承压，新开工企业下游需求或仍下滑，但降幅有望收窄。建筑企业：24Q4- 25Q1，建筑行业主要领域龙头公司收入利润下滑家数仍然较多，经营数据较为疲软。 本周热点：中美双方发布《中美日内瓦经贸会谈联合声明》，本次中美经贸高层 ...

Core Insights - The report from LinkedIn indicates that Generation Z is shifting towards rapidly growing skilled trades industries, suggesting that recent college graduates may need to abandon traditional office jobs for roles in construction and other blue-collar sectors [1][2]. Group 1: Employment Trends - The construction, utilities, oil, gas, and mining industries are identified as the most promising sectors for recent graduates to start their careers [1]. - Over half of Generation Z is considering entering skilled trades due to changing job market demands [2]. Group 2: Fastest Growing Industries and Roles - The top ten industries with the fastest job growth for recent graduates include: - Construction - Utilities - Oil, Gas, and Mining - Financial Services - Wholesale - Entertainment Providers - Administrative and Support Services - Real Estate - Professional Services - Education [4]. - The fastest growing job roles for recent graduates include: - Artificial Intelligence Engineer - Legal Assistant - Data Center Technician - Systems Engineer - Financial Planning and Analysis Specialist - Business Development Representative - Administrative Analyst - Product Assistant - Service Desk Specialist - Clinical Doctor [4][7]. Group 3: Employment Challenges - The unemployment rate for college graduates aged 22 to 27 rose by 1 percentage point to 5.8% in the first three months of 2025, marking the highest level since the pandemic [5]. - Approximately 4 million young individuals are categorized as "three-no youth" (not in school, not employed, not in training), with this number expected to rise as unemployed graduates may have to move back in with their parents [5]. Group 4: Education and Job Market - Business leaders, including Meta CEO Mark Zuckerberg, express concerns that universities may not be adequately preparing students for current job market demands, exacerbating the student loan crisis [6]. - Some career paths in artificial intelligence offer high returns on investment, with salaries exceeding $500,000 for those with a bachelor's degree and a few years of experience [6].

5月13日，A股市场整体涨跌互现。 截至收盘，上证指数收报3374.87点，上涨0.17%，深证成指收报10288.08点，下跌0.13%，创业板指数收报2062.26 点，下跌0.12%，北证50指数下跌0.94%。A股市场合计成交13261.79亿元，较上一交易日减少148.22亿元。 1.A股市场全天主力资金净流出309.13亿元 今日A股市场主力资金开盘净流出103.11亿元，尾盘净流出1879.87亿元，A股市场全天主力资金净流出309.13亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | | 尾盘净流入 超大单净买入 | | 2025-5-13 | -309. 13 | -103.11 | -1879. 87 | -170. 36 | | 2025-5-12 | 135. 56 | 26. 58 | -1583. 26 | 112. 58 | | 2025-5-9 | -365.63 | -168. 41 | -1863. 46 | -173. 71 | | 2025 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The weekly economic index declined, with the China Weekly Economic Index (WEI) at 5.2%, down 0.2 percentage points from the previous value. The production sub - index decreased while the demand sub - index increased, and the supply - demand gap widened [1]. - Production showed a downward trend, with a decline in the 4 - week moving average year - on - year of rebar production and a significant drop in the automobile semi - steel tire operating rate [1]. - Infrastructure high - frequency indicators remained flat, with a slight decline in cement shipping and grinding rates and a slight increase in the petroleum asphalt plant operating rate [1]. - The growth rate of commercial housing sales slowed down, and the floor area of land transactions in 100 large and medium - sized cities decreased significantly [2]. - Consumption increased, with improvements in movie box office and domestic flight execution numbers, but a slight decline in the subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen [2]. - Exports decreased, as indicated by the sharp decline in South Korea's export year - on - year in early May and the drop in shipping freight rate indices [2]. - The price of pork increased, while the overall agricultural product wholesale price index decreased slightly. Industrial product prices generally declined [3]. 3. Summary by Directory 3.1 Weekly Economic Index - The WEI was 5.2%, down 0.2 percentage points from the previous value. The production sub - index was 5.0%, down 0.6 percentage points, and the demand sub - index was 5.8%, up 0.3 percentage points. The supply - demand gap was 0.8%, up 0.9 percentage points [1]. 3.2 Production - The 4 - week moving average year - on - year of rebar production was 2.4%, down 3.4 percentage points. The blast furnace operating rate was 84.6%, up 0.2 percentage points. The automobile semi - steel tire operating rate was 58.4%, down 14.0 percentage points. The 4 - week moving average year - on - year of the average daily coal consumption of coastal power plants was 1.1%, down 0.9 percentage points [1]. 3.3 Infrastructure - The cement shipping rate was 39.3%, down 1.2 percentage points. The cement mill operating rate was 41.7%, down 1.8 percentage points. The petroleum asphalt plant operating rate was 28.8%, up 0.5 percentage points [1]. 3.4 Real Estate - The 4 - week moving average year - on - year of the commercial housing sales area in 30 large and medium - sized cities was - 8.1%, up 4.3 percentage points. The 4 - week moving average year - on - year of the floor area of land transactions in 100 large and medium - sized cities was - 17.4%, down 15.8 percentage points [2]. 3.5 Consumption - The 4 - week moving average year - on - year of movie box office was - 43.0%, up 0.8 percentage points. The 4 - week moving average year - on - year of domestic flight execution numbers was 4.2%, up 1.0 percentage points. The 4 - week moving average year - on - year of subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen was 2.6%, down 0.2 percentage points [2]. 3.6 Exports - South Korea's export year - on - year in early May was - 23.8%, down 43.1 percentage points from late April. The 4 - week moving average year - on - year of the Shanghai Export Containerized Freight Index (SCFI) was - 33.6%, down 5.5 percentage points. The 4 - week moving average year - on - year of the Baltic Dry Index (BDI) was - 28.9%, down 4.6 percentage points [2]. 3.7 CPI - The 4 - week moving average year - on - year of the agricultural product wholesale price 200 index was - 2.6%, down 0.3 percentage points. The 4 - week moving average year - on - year of the average wholesale price of pork was 1.5%, up 0.3 percentage points. The 4 - week moving average year - on - year of the average wholesale price of 28 key monitored vegetables was - 5.9%, down 2.3 percentage points [3]. 3.8 PPI - The 4 - week moving average year - on - year of the Nanhua Composite Index was - 9.4%, down 0.3 percentage points. The 4 - week moving average year - on - year of the Brent crude oil spot price was - 24.8%, up 1.1 percentage points. The 4 - week moving average year - on - year of the rebar price was - 12.7%, down 0.9 percentage points. The 4 - week moving average year - on - year of the Qinhuangdao Port steam coal closing price was - 21.3%, down 2.0 percentage points. The 4 - week moving average year - on - year of the cement price index was 15.8%, down 1.9 percentage points [3].

Group 1 - The Hong Kong delegation, consisting of 40 members, visited Hainan to explore cooperation opportunities in various fields, particularly in urban planning, ecological protection, and cultural heritage revitalization [2][3] - A cooperation memorandum was signed during the Boao Forum, focusing on five key areas, including talent exchange, to enhance collaboration between Hainan and Hong Kong [2] - The delegation expressed a strong interest in the application of new technologies, talent training, energy conservation, and ecological management in the construction and environmental protection sectors [2][3] Group 2 - Suggestions were made to establish a joint expert committee for ecological cities and a cross-border green technology incubation fund to support collaborative research and development in construction technologies [3] - The delegation proposed a mechanism for civil servant exchanges to enhance efficiency in project management and engineering supervision, leveraging Hong Kong's mature experience [3] - The "Hong Kong Certification Recognition" policy in Hainan currently covers 45 professional qualifications from Hong Kong, with recommendations to expand this to attract more talent for the Hainan Free Trade Port development [3]

报告导读： 五一消费量增价稳，出行人次与收入同比正增，但客单价仍待改善；地产销售 同比转正，但建筑链资源品需求与价格仍磨底，制造业活动环比降温。 五一消费量增价稳，新房销售增速回正。 上周（04.28-05.04）中观景气表现分化，值得关注：1）五一 假期旅游出行景气同比显著增长，但旅游客单价不及19年同期，演出、电影景气同比下滑，显示居民消费 能力仍待进一步改善。2）新房销售增速显著改善，国内建筑链资源品需求与价格仍偏弱，基建房建需求 仍待释放；3）乘用车销量延续增长，国补政策拉动效果仍在延续，但日均销量低于乘联会预期，且经销 商库存压力有所增大，耐用品景气持续性仍待观察。 本文摘自：2025年5月11日发布的 五一消费量增价稳，新房销售增速转正——中观景气观察5月第1期 方 奕 ，资格证书编号： S0880520120005 张逸飞 ，资格证书编号： S0880524080008 更多国泰海通研究和服务 亦可联系对口销售获取 五一假期：文旅景气分化，客流同比显著增长。 2025年五一假期（05.01-05.05，下同）文旅消费景气 表现分化，客流运输需求同比显著提升。具体来看：1）旅游：五一国内出游人次和 ...

投资策略报告/ 2025.05.12 中美关税谈判超预期,红五月进行时 分析师 李美岑 SAC 证书编号: S0160521120002 limc(a)ctsec.com 徐陈堂 分析师 SAC 证书编号:S0160523030003 xucy(a)ctsec.com 3. 《三大风格组合&5 月最新标的》 2025-05-07 核心观点 美国将(一)修改 2025年4月2日第14257号行政令中规定的对中国商品(包 括香港特别行政区和澳门特别行政区商品)加征的从价关税,其中,24%的关 税在初始的 90天内暂停实施,同时保留按该行政令的规定对这些商品加征剩 余 10%的关税;(二)取消根据 2025年4月8日第 14259号行政令和 2025年 4月9日第14266号行政令对这些商品的加征关税。 中国将(一) 相应修改税委会公告 2025年第 4 号规定的对美国商品加征的从 价关税,其中,24%的关税在初始的 90天内暂停实施,同时保留对这些商品 媒、旅游)三个方面。 相关报告 1.《红利、消费、科技三轮动- -"美" 周市场复盘(5月第2周)》 2025-05-11 2. 《业绩基准对市场风格的影响》 2 ...