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]

要闻 美国 4 月 ISM 服务业指数 51.6 每日晨报 2025年5月6日 银河观点集萃 责任编辑 周颖 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ● 宏观:黄金进入震荡期,等待美联储降息。黄金突破区间可能需等待美联储降 息或实物黄金需求爆发。未来需要进一步观察美国经济情况,是滞胀还是衰退, 如果出现滞胀并且美联储并未降息,那么黄金大概率呈现震荡向上。如果进入 衰退,黄金会跟随其他大宗商品回调,直至美联储启动降息。黄金的震荡区间 已经被系统性的提升到 3150 美元至 3550 美元,美联储降息后黄金有望上行 至 3700 美元以上。另外,实物黄金需求旺盛或使得下半年黄金再次上行。 宏观:美国滥施关税影响初步显现——2025年4月 PMI 分析。我们认为政府 ● 债的发行使用将加快,对科技、消费和外贸三个方向重点支持。映射到投资上, 短期经济结构性的特征依旧明显,新质生产力相关行业表现更好,政策支持 ...

Core Viewpoint - The construction projects in various sectors in China are progressing smoothly in the first quarter of 2025, with significant growth in project numbers and investment amounts [1] Group 1: Project Data - In the first quarter of 2025, the number of engineering projects reported for work injury insurance through project-based applications reached 39,000, representing a year-on-year increase of 9.4% [1] - The total construction cost of these projects amounted to 1.9 trillion yuan, showing a year-on-year growth of 4.8% [1] - In March 2025 alone, 18,000 engineering projects were reported, accounting for 46.5% of the total for the quarter [1] Group 2: Investment Trends - The total reported construction cost in March was 800 billion yuan, which constituted 43.9% of the total construction cost for the first quarter [1] - There is a noticeable acceleration in project construction activities, particularly after March, indicating a positive investment momentum [1]

Core Viewpoint - The construction of major projects in Sichuan during the "May Day" holiday is crucial for stabilizing economic growth and promoting high-quality development, with significant investments and progress reported across various sectors [1][4]. Group 1: Major Projects and Investments - The China (Mianyang) Science and Technology City Nuclear Medical Health Industry Park has a total investment of approximately 18.6 billion yuan, with an expected annual output value exceeding 50 billion yuan upon completion [1]. - In the first quarter of this year, Sichuan completed investments of 245.53 billion yuan in 810 provincial key projects, achieving an annual investment completion rate of 31% [4]. Group 2: Infrastructure Development - The Yukun High-speed Railway's key project, the Ma'anshan Tunnel, successfully passed through during the holiday, with strict safety measures in place to ensure zero accidents [1]. - The Xiyu High-speed Railway's Xiangyang No. 1 Tunnel has reached its designed length of 12.766 kilometers, with over 150 workers dedicating their holiday to advance the project [3]. Group 3: Renewable Energy Initiatives - The first grid-connected energy storage power station in Sichuan, the Aba Hongyuan Anqu Phase I Photovoltaic Project, is on track to achieve full capacity grid connection by May 15, with an expected annual power generation of 450 million kilowatt-hours [3].

伍绕了好几个弯。 占地3509平方米的中国馆，是大阪世博会最大的外国自建馆之一，建筑主体钢结构构件超3700件。从 2024年2月开工，到2025年3月底完成全部施工任务，再到上个月正式开馆，中国馆率先通过各项许可验 收，建出了"中国速度"、展现了"中国质量"。 据了解，中国馆将开放至10月13日。这座"中华书简"如何建成？背后有哪些故事？记者专访了大阪世博 会中国馆全过程咨询及参建团队。 "绿"，提供中国方案 选用竹简板等环保建材，建筑更加节能实用 中国馆外观如绵延展开的中华书简。 馆内展出的三星堆文物复制品等展品。 馆内大屏用汉、日、英三种语言欢迎各国游客。 以上图片均为中国建筑科学研究院有限公司提供 走进日本大阪梦洲世博园区，中国馆如一卷绵延展开的中华书简，静静矗立其中。由于中国"五一"假期 与日本黄金周部分日期重叠，来馆游客最近明显增多，中国馆开启满负荷接待模式，排队入馆的游客队 "大阪世博会中国馆围绕的主题是'共同构建人与自然生命共同体——绿色发展的未来社会'，项目从设 计选材到施工运营，都坚持全生命周期绿色低碳的原则，推进废弃物减量和资源回收利用。"中国建筑 科学研究院有限公司建筑设计院院长、大阪 ...

建筑巨头Multiplex因布里斯班皇后码头项目减记近两亿澳元，去年巨亏2.2亿 Queen's Wharf一度被视为宏大愿景的开发项目，由赌场运营商Star Entertainment主导，总成本从最初的 26亿澳元激增至36亿澳元，令项目所有方背负14亿澳元债务。Multiplex因未收账款产生大额亏损，并与 Star主导的财团在2023年将纠纷闹上昆州高等法院，后于年底庭外和解。 尽管已在财务账目中列明巨额减值，Multiplex强调这是基于会计准则所要求、因客户信用质量下降所作 的审慎处理，公司仍在索偿中，一旦收回该笔款项，将计入未来收益。 Multiplex发言人向《澳洲金融评论》表示："我们在布里斯班Queen's Wharf项目上承受了COVID疫情、 高通胀、极端天气、工业关系挑战以及超过1000项客户变更设计要求等多重冲击。这是一个在经济环境 较温和时期中标的大型复杂项目。" "尽管如此，我们展现出强大韧性，并自豪地完成并交付了一个改变城市面貌的工程。Queen's Wharf的 亏损已被隔离并计入账目，项目已无遗留成本。" 由于客户Star Entertainment集团财务状况恶化，建筑 ...

本报讯 （记者向炎涛）日前，中国建筑股份有限公司（以下简称"中国建筑"）发布2025年第一季度报 告，公司各项核心经营数据亮眼。报告期内，公司实现新签合同额12702亿元，同比增长6.9%；实现营 业收入5553亿元，同比增长1.1%；实现归属于上市公司股东的净利润150.1亿元，同比增长0.6%。 公司控股股东中国建筑集团有限公司（以下简称"中建集团"）基于对公司未来发展前景的信心及中长期 投资价值的认可，持续对公司进行增持。截至2025年4月8日，中建集团已累计增持公司1.1亿股A股股 份，占公司总股本比例约为0.27%，对应增持总金额约6.1亿元（不含税费）。 同时，中国建筑披露了《关于"提质增效重回报"行动方案执行情况的评估报告》，展示了公司在提高发 展质量、增强回报投资者能力等方面的高效落实情况。 基于中国建筑第一季度业绩的稳健增长，多家券商机构给予积极评价。其中，天风证券研究报告显示， 从中长期看公司作为建筑领域龙头央企，市占率有望逐步提升，建议关注公司中长期投资价值，维 持"买入"评级。 （文章来源：证券日报） 地产业务方面，报告期内公司新增土地储备195万平方米，全部位于一线、强二线及省会城市 ...

行业报告 | 行业研究周报 建筑装饰 证券研究报告 风险提示：基建&地产投资超预期下行；央企、国企改革提效进度不及预期； 关税影响超预期。 本周 CS 建筑下跌 1.46%，跑赢沪深 300 板块 0.71pct，AI、机器人、算力相 关概念标的涨幅居前。从刚刚过去的财报季来看，25Q1 建筑板块营收、归 母净利润继续承压下滑，但专业工程领域钢结构板块收入实现 7.3%的正增 长、化工工程板块归母净利润增速为+7.4%，Q1 专业工程板块经营较为稳 健。近期资金面、基建高频数据和建筑公司新签订单均印证基建景气度在 持续修复，考虑到关税态势下财政政策有望进一步发力，加速推动实物工 作量落地。建议重点关注中西部基建及顺周期专业工程板块的投资机会， 新兴业务板块关注与算力、AI、洁净室等相关的投资标的，主题层面建议 继续关注西南水电相关品种。 24FY&25Q1 营收/归母承压，静待后续财政发力推动板块业绩修复 从刚刚过去的财报季来看，24 年 CS 建筑板块实现营收同比-4.1%，归母净 利润同比-14.4%，受地产行业下行和地方财政偏紧影响营收、归母均承压下 滑。25Q1 建筑板块营收同比-6%、归母净利润同比 ...