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天风证券:建筑板块积极把握反内卷投资主线 重视四川路桥投资机会
Zhi Tong Cai Jing· 2025-09-15 03:17
天风证券(601162)发布研报称,近期反内卷关注度提升,可以从"价格弹性"角度、下游盈利改善及资 本开支角度、报表改善&"转型升级"角度和新能源材料及工程的相关品种四个角度把握建筑板块反内卷 投资机遇。抓项目促投资工作调度会指出,要紧盯国省"十四五"重大工程、省重点项目、中省预算内投 资项目、地方政府专项债券项目。伴随省内的重点项目加速推进,下半年基本面有望呈现加速改善的趋 势。近期石油沥青开工率回升明显,进入9月随着天气转凉,看好后续实物工作量的转化。 天风证券主要观点如下: 反内卷关注度再提升,重视建筑板块投资机遇 近期反内卷关注度提升,该行认为可以从四个角度把握反内卷投资机遇,1)"价格弹性"角度,关注受益 上游大宗涨价品种,重视"建筑+矿产"、"建筑+化工"等资源生产和贸易标的,同时重视资源加工板块的 鸿路钢构(002541)(002541.SZ)等; 2)下游盈利改善及资本开支角度,在"反内卷"推动下,钢铁行业自律性显著增强,供给端出现明显改 善,中钢国际(000928)25H1新签国内订单24.44亿,同比+53.81%,国内订单边际恢复,中材国际 (600970)25H1境内新签订单同比-2% ...
天风证券:建筑板块积极把握反内卷投资主线 重视四川路桥(600039.SH)投资机会
智通财经网· 2025-09-15 03:07
天风证券主要观点如下: 智通财经APP获悉,天风证券发布研报称,近期反内卷关注度提升,可以从"价格弹性"角度、下游盈利 改善及资本开支角度、报表改善&"转型升级"角度和新能源材料及工程的相关品种四个角度把握建筑板 块反内卷投资机遇。抓项目促投资工作调度会指出,要紧盯国省"十四五"重大工程、省重点项目、中省 预算内投资项目、地方政府专项债券项目。伴随省内的重点项目加速推进,下半年基本面有望呈现加速 改善的趋势。近期石油沥青开工率回升明显,进入9月随着天气转凉,看好后续实物工作量的转化。 反内卷关注度再提升,重视建筑板块投资机遇 1)9月10日四川路桥(600039.SH)公告,为引入认可公司内在价值和看好未来发展的价值投资者、优化公 司股权结构,蜀道集团计划通过大宗交易方式减持公司股份不超过173,911,812股,即不超过公司总股本 的2%; 2)25H1四川路桥累计新增中标项目218个,金额约722亿元,同比增长22.20%,其中,基建订单增速高 达25.88%,新开工项目受土地组卷报批、项目红线用地征拆等前期工作影响,未能实现大面积动工, 项目接续不足,公司上半年收入有所承压,8月28日,抓项目促投资工作 ...
西部证券晨会纪要-20250915
Western Securities· 2025-09-15 02:57
Group 1: Company Analysis - Dongfang Tieta (002545.SZ) - The company is expected to achieve net profits of 1.12 billion, 1.31 billion, and 1.60 billion yuan for the years 2025-2027, representing year-on-year growth of +98.43%, +17.16%, and +21.99% respectively [10][12] - The production of potassium chloride and phosphate projects is anticipated to drive significant revenue growth, with a target price of 17.1 yuan based on a 19x PE valuation for 2025 [10][11] - Concerns about potential oversupply in the potassium chloride and phosphate markets are mitigated by projections indicating a supply gap until 2028, suggesting sustained industry high profitability [10][11] Group 2: Company Analysis - Jinkong Coal Industry (601001.SH) - The company is projected to achieve net profits of 2.06 billion, 2.39 billion, and 2.80 billion yuan for 2025-2027, with EPS of 1.23, 1.43, and 1.68 yuan, reflecting a year-on-year growth of -26.58%, +15.81%, and +17.43% respectively [14][15] - The target price is set at 15.23 yuan per share, based on a combination of absolute and relative valuation methods [14][15] - The company is expected to maintain stable coal prices in the range of 700-800 yuan per ton, supported by a balanced supply-demand scenario [14][15] Group 3: Industry Analysis - Financial Data - The financial data for August indicates a decline in loan growth, with new loans amounting to 590 billion yuan, down from 900 billion yuan year-on-year [17][18] - The total social financing (TSF) increased by 2.57 trillion yuan, lower than the previous year's 3 trillion yuan, reflecting weak credit demand [17][18] - M2 growth remained steady at 8.8%, while M1 growth accelerated to 6%, indicating a shift in deposit behavior towards equity markets [17][18] Group 4: Industry Analysis - Public Fund Market - The public fund market saw a significant increase in the total scale of non-monetary funds, reaching 10.2 trillion yuan, up 6.9% from the previous half [20][21] - Equity fund holdings increased by 5.9% to 5.14 trillion yuan, with stock index funds growing by 14.6% to 1.95 trillion yuan [20][21] - The market share of banks, brokers, and third-party institutions in equity funds was 26.2%, 17.2%, and 19.3% respectively, indicating a slight decline in market share for banks and brokers [20][21]
上海建工涨停走出2连板
Mei Ri Jing Ji Xin Wen· 2025-09-15 01:55
每经AI快讯,9月15日,上海建工涨停走出2连板,2天累计涨幅达21.16%。 (文章来源:每日经济新闻) ...
中国建筑前8月新签合同总额2.88万亿 业务结构持续优化总资产3.4万亿创新高
Chang Jiang Shang Bao· 2025-09-14 23:23
Core Viewpoint - China State Construction Engineering Corporation (CSCEC) continues to show steady growth in its core construction business while experiencing a contraction in its real estate segment, with a focus on optimizing its business structure and enhancing operational efficiency [2][4][5]. Group 1: Contract Performance - From January to August 2025, CSCEC signed new contracts totaling 2.88 trillion yuan, representing a year-on-year increase of 1% [2][3]. - The new contracts signed in the construction business amounted to 2.66 trillion yuan, a year-on-year increase of 1.8%, accounting for 92.51% of the total new contracts [2][3]. - The real estate segment saw a contract sales amount of 215.5 billion yuan, reflecting a year-on-year decline of 7.9% [2][3]. Group 2: Financial Performance - In the first half of 2025, CSCEC reported a net profit of 30.4 billion yuan, an increase of 3.24% year-on-year, despite a revenue decline of 3.17% to 1.11 trillion yuan [5]. - The company's total assets reached 3.4 trillion yuan by mid-2025, marking a year-on-year increase of 6.31%, setting a historical high [5][10]. Group 3: Business Structure and Innovation - CSCEC is undergoing significant business structure adjustments, focusing on high-tech industrial plants, municipal engineering, energy projects, and water conservancy works, which has led to improved operational efficiency [5][10]. - The company has invested heavily in research and development, with total R&D expenses exceeding 400 billion yuan annually since 2021, amounting to 1.987 trillion yuan over four and a half years [9][10]. - As of mid-2025, CSCEC holds 255 high-tech enterprises and has 70,900 effective patents, including 12,000 invention patents, indicating a strong emphasis on innovation [10]. Group 4: Market Position and Recognition - CSCEC ranks 16th on the 2025 Fortune Global 500 list and 4th on the China 500 list, showcasing its significant market position [8]. - The company has been consistently included in major indices such as the CSI 50, SSE 50, and FTSE China A50, reflecting its strong brand value and market influence [8].
“紫金外衣”亮相服贸会,金属屋面关键技术达到国际领先
Sou Hu Cai Jing· 2025-09-14 08:07
Core Insights - The "Shunyi New National Exhibition Phase II," known as the "Purple Gold Ribbon," features advanced construction technologies that ensure waterproofing and can withstand typhoon-level winds [2] - The project showcases the "Key Technologies for Metal Roof Construction Research and Application," achieving international advanced standards, with specific systems reaching leading global levels [2] Group 1: Technology and Innovation - The project employs the "Metal Roof Full Lifecycle System," integrating classic design elements into the architectural texture [2] - The construction process utilizes BIM for detailed design, creating a 3D model for precise assembly simulation [2] - The roof structure consists of eight layers, including supporting systems that meet waterproofing and insulation requirements while resisting winds up to level 12 [2] Group 2: Project Efficiency - The new system significantly reduces human error compared to traditional methods, enhancing quality and efficiency [2] - The implementation of these technologies is expected to shorten construction timelines and promote smart building practices [2]
002775,突陷官司!事起许家印高中母校
证券时报· 2025-09-13 10:01
Core Viewpoint - The article discusses a legal dispute involving Wenkew Co., Ltd. and Hebei Changqing Ecological Environment Development Co., Ltd. regarding construction payments related to the projects of Jiayin High School, which was invested by Evergrande's founder Xu Jiayin [1][4]. Group 1: Legal Dispute - Wenkew Co., Ltd. disclosed a lawsuit filed by Hebei Changqing Ecological Environment Development Co., Ltd. for unpaid construction fees amounting to approximately 23.73 million yuan [1]. - The projects in question include the construction of the new campus of Jiayin High School (Taikang No. 1 High School) and its expansion [1][2]. Group 2: Background on Jiayin High School - Jiayin High School, originally named Taikang Chengguan Middle School, has undergone several name changes since its establishment, with the current name adopted in 1994 [2]. - The school is notable as it is the alma mater of Xu Jiayin, the founder of Evergrande [3]. Group 3: Evergrande's Financial Issues - The article highlights that the lawsuit appears to be a dispute between contractors and subcontractors, without direct involvement from Evergrande or Xu Jiayin [4]. - Evergrande has faced significant financial difficulties, including a liquidity crisis that began in 2021, leading to a court-ordered liquidation in January 2024 [4].
天风证券:25H1建筑板块业绩承压 重视高股息及细分高景气赛道
智通财经网· 2025-09-13 10:00
Core Viewpoint - The construction sector experienced revenue and profit declines in the first half of 2025, but there is optimism for a marginal recovery in the second half due to accelerated issuance of special bonds supporting infrastructure investment [1][2]. Group 1: Financial Performance - In H1 2025, the construction sector achieved revenue of 39,639 billion yuan, a year-on-year decline of 5.5%, and a net profit of 913 billion yuan, down 6.03% year-on-year [2]. - The gross profit margin decreased by 0.15 percentage points, while the expense ratio increased by 0.23 percentage points to 5.76% [3]. - The overall net profit margin stood at 2.87%, slightly down by 0.04 percentage points year-on-year [3]. Group 2: Subsector Performance - Subsector performance varied, with design consulting, steel structure, and chemical engineering showing better revenue growth than the overall sector, with growth rates of +3.06%, +2.84%, and -1.54% respectively [4]. - The chemical engineering sector saw positive net profit growth, with companies like Donghua Technology and China Chemical reporting increases of 14.6% and 9.3% respectively [4]. Group 3: Resilience of State-Owned Enterprises - Major state-owned enterprises in the construction sector demonstrated resilience, with companies like China State Construction, China Chemical, and China Energy achieving positive net profit growth in H1 2025 [5]. - The market share of new signed orders for the nine major state-owned enterprises increased from 35% in 2019 to 55.5% in H1 2025, indicating a potential for further market share growth [4][5].
稀缺!破净股仅剩293只!国家队持有+绩优+高股息+低价全名单来了!
私募排排网· 2025-09-13 07:00
Core Viewpoint - The article highlights the significant recovery in the stock market since the "924" rally last year, with an average increase of 83.81% across 5429 stocks, and a notable reduction in the number of stocks trading below their net asset value (from 836 to 293) [2][3]. Group 1: Performance of Underperforming Stocks - Among the 293 underperforming stocks, only 13 have shown positive revenue growth and a net profit increase of over 50% in the first half of the year, indicating that performance-supported underperforming stocks are favored by the market [3][4]. - The average increase for the 293 underperforming stocks this year is 3.52%, while the 13 performance-supported underperforming stocks have an average increase of 16.32% [3][4]. Group 2: Stock Buybacks - A total of 58 underperforming stocks have actively engaged in buyback programs, suggesting that management believes their stock prices are undervalued [5][6]. - The top three companies by buyback amount this year are China State Construction, Baosteel, and Ji'an Medical, with buyback amounts of 0.887 billion, 0.543 billion, and 0.500 billion respectively [5][6]. Group 3: High Dividend Yield Stocks - There are 21 underperforming stocks with a dividend yield of over 5%, enhancing their investment appeal due to potential capital appreciation and stable dividend income [7][8]. - Bailong Oriental has a net asset ratio of 0.87 and a dividend yield of 7.48%, with a net profit increase of 67.53% in the first half of the year [7][8]. Group 4: National Team Holdings - The "national team" holds 71 underperforming stocks, with significant holdings in major banks such as China Construction Bank, Bank of China, and Agricultural Bank of China, indicating a focus on stabilizing these sectors [9][10]. - The national team increased its holdings in only three underperforming stocks in the second quarter, with the highest increase in Runtong Co., Ltd. [9][10]. Group 5: Low-Priced Underperforming Stocks - There are 28 underperforming stocks priced below 3 yuan, many of which have poor performance, suggesting that their real net asset values may not be as high as reported [10][12]. - Huachao City A has a net asset ratio of 0.41 and reported a significant revenue decline of 50.82% in the first half of the year [10][12].
上海建工集团股份有限公司关于董事长、法定代表人离任的公告
Group 1 - The chairman of Shanghai Construction Group, Mr. Hang Yingwei, has submitted his resignation due to job relocation, effective immediately upon delivery to the board [1] - Mr. Hang's resignation will not reduce the board members below the legal minimum, ensuring the normal operation of the board [1] - The company will promptly complete the election of a new director and chairman in accordance with relevant regulations [1] Group 2 - Mr. Hang has made significant contributions during his tenure, promoting high-quality sustainable development and compliance governance [1] - The board expresses heartfelt gratitude for Mr. Hang's dedication and leadership in guiding the company towards becoming a world-class construction lifecycle service provider [1]