广发证券 资深宏观分析师 贺骁束 hexiaoshu@ gf.com.cn 广发宏观郭磊团队 摘要 第一， 工业部门开工率同比涨跌互现，其中钢铁、焦化等内需链仍偏强，纺服产业链相关的江浙织机开工率 有一定放缓迹象，有待后续继续观察确认。截至4月第三周，全国247家高炉开工率（期末值，下同）同比增 长3.0pct；焦化企业开工率同比增长6.8pct。苯乙烯开工率同比增长0.6pct；PTA江浙织机负荷率同比回落 8.1pct，环比回落5.0pct；涤纶长丝江浙织机开工率同比回落16.4pct，环比回落7.7pct；山东地炼开工率 同比回落6.3pct；PVC开工率同比增长0.5pct。汽车半钢胎开工率同比回落2.6pct，全钢胎开工率同比增长 1.9pct。 第二， 中电联口径，截至4月10日纳入统计的发电集团燃煤电厂本月累计发电量同比下降6.4%。这一数据和 3月大致相当，今年3月1-27日同一口径燃煤发电量同比回落6.7%。近年来新能源发电占比迅速提升，火电 对经济的代表性下降，如一季度统计局口径火电、风电、太阳能发电同比增长分别为-4.7%、9.3%、 19.5%，所以燃煤发电数据只有同口径对比的意义。 ...

2024年度营收净利双增的同时，龙建路桥股份有限公司（600853.SH，以下简称"龙建股份"）却因2000 万元合同款陷入诉讼纠纷。 日前，龙建股份发布公告称，公司近日通过电子方式收到相关诉讼文书，涉及中泰路安交通工程有限公 司（以下简称"中泰路安"）起诉公司、二秦高速公路张家口管理处建设工程分包合同纠纷案件。 相应纠纷中，中泰路安主张龙建股份向其支付逾期工程款及质保金超2000万元，其中工程款应于2019年 4月支付，质保金应于2021年4月支付。照此计算，相应款项均已拖欠多年。 "此次诉讼涉及金额包括质保金，相应质保金还未到支付期限，我记得（期限）应该是在2025年4月23 日。"日前，龙建股份证券部工作人员向《中国经营报》记者表示，按规定质保金不是在工程完工后就 向对方支付，此次诉讼所涉质保金还未到支付期限。 不过，面对记者追问为何质保金支付期限与诉讼信息不一致及相应工程具体完工时间等问题，上述人士 表示相应工程细节问题需由专人回复。"我和他们沟通下，很快（会回复）。"上述人士表示。但截至发 稿，未获对方进一步回复。 因2000万元合同款陷诉讼纠纷 龙建股份此次诉讼纠纷涉及多年前一项道路工程分包事项。 ...

Group 1 - The Hang Seng Index fell by 1.91% to close at 21,056.98 points on April 16 [1] - China New Holdings (08125.HK) closed at HKD 0.305 per share, up 32.61%, with a trading volume of 1.4784 million shares and a turnover of HKD 412,700, showing a volatility of 37.39% [1] - Over the past month, China New Holdings has seen a cumulative decline of 35.21%, and a year-to-date decline of 17.56%, underperforming the Hang Seng Index which has risen by 7.01% [1] Group 2 - As of September 30, 2024, China New Holdings reported total revenue of HKD 27.1295 million, a year-on-year increase of 2.6%, and a net profit attributable to shareholders of HKD -4.9454 million, a year-on-year increase of 10.97% [1] - The gross profit margin stands at 10.51%, and the debt-to-asset ratio is 26.34% [1] - Currently, there are no institutional investment ratings for the stock [1] Group 3 - The average price-to-earnings (P/E) ratio for the construction industry (TTM) is 6.52 times, with a median of 2.19 times [1] - China New Holdings has a P/E ratio of -4.56 times, ranking 165th in the industry [1] - Comparatively, other companies in the industry have P/E ratios such as Pujiang International (02060.HK) at 1.01 times, China Pipe Industry (00380.HK) at 1.5 times, and others ranging from 1.56 to 2.19 times [1][2]

Group 1 - The CEO of Sika stated that the optimism in the U.S. construction industry is being affected by trade uncertainties related to Trump [1] - The construction sector is experiencing mixed sentiments due to ongoing trade discussions and potential tariffs [1] - Sika's performance may be influenced by these external factors, impacting their market outlook [1] Group 2 - The overall sentiment in the construction industry remains cautious amid the trade policy changes [1] - Companies in the construction sector are closely monitoring developments in trade negotiations [1] - The uncertainty surrounding tariffs could lead to fluctuations in material costs and project timelines [1]

本文源自：金融界 作者：行情君 行业估值方面，建筑行业市盈率（TTM）平均值为6.77倍，行业中值2.25倍。巨匠建设市盈率36.41倍， 行业排名第94位；其他浦江国际（02060.HK）为1.01倍、中国管业（00380.HK）为1.51倍、进升集团控 股（01581.HK）为1.56倍、靛蓝星（08373.HK）为1.58倍、艾硕控股（08341.HK）为2.25倍。 资料显示，巨匠建设集团股份有限公司(简称"巨匠建设"),始建于1965年,2016年在香港H股主板上市(股 票代码1459.HK),是浙江巨匠控股集团有限公司旗下以建筑工程施工总承包为主营业务的民营集团企业 和国家高新技术企业。巨匠建设具有建筑工程施工总承包特级、建筑设计行业甲级、市政公用工程总承 包贰级、机电工程施工总承包贰级、地基基础工程专业承包壹级、古建筑工程专业承包壹级、消防设施 工程专业承包壹级、建筑装修装饰工程专业承包壹级、钢结构工程专业承包贰级、电子与智能化工程专 业承包贰级、特种工程(建筑物纠偏和平移)专业承包不分等级、特种工程(结构补强)专业承包不分等级 和境外工程承包等资格。巨匠建设自2001年改制以来,取得了中国建筑 ...

Company Overview - China Laika New Energy Group Limited is a Hong Kong investment holding company primarily engaged in providing construction and structural engineering consulting services [2] - The company also offers licensing consulting services, renovation and extension engineering, small-scale engineering consulting services, inspection and certification services, and other construction-related consulting services [2] - Subsidiaries include Energetic Tree Limited and Qijie Construction Consulting Limited [2] Financial Performance - As of September 30, 2024, the company achieved total operating revenue of 13.9868 million yuan, representing a year-on-year increase of 16.69% [1] - The net profit attributable to the parent company was -253,400 yuan, a decrease of 3.69% year-on-year [1] - The gross profit margin stood at 26.96%, while the asset-liability ratio was 107.62% [1] Market Performance - As of April 14, the stock price closed at 0.114 HKD per share, an increase of 18.75% with a trading volume of 48,000 shares and a turnover of 5,520 HKD [1] - Over the past month, the stock has seen a cumulative decline of 11.11%, and a year-to-date decline of 28.89%, underperforming the Hang Seng Index by 4.26% [1] Valuation Metrics - The company's price-to-earnings (P/E) ratio is -9.73, ranking 147th in the industry [1] - The average P/E ratio for the construction industry (TTM) is 6.63, with a median of 2.25 [1] - Comparatively, other companies in the industry have P/E ratios such as Other Pujiang International at 1.01, China Pipe Industry at 1.47, and others ranging from 1.56 to 2.25 [1]

□ 本报记者韩雷 近日，常熟召开建筑业高质量发展暨新型建筑工业化推进大会，发布《常熟建筑业高质量发展暨新型工 业化三年行动方案》，方案重点聚焦人工智能、智能建造、建筑产业互联网平台发展等5个细分领域。 会上，常熟市智能建造产业创新中心和常熟市新型建筑工业化产学研校地合作基地揭牌。推动建筑业数 字化转型、绿色化发展、智能化升级，常熟力争到2027年底，全市建筑产业总产值突破千亿元。 就在此次会议的三天前，常熟举行"人工智能+"创新发展大会，投用智算未来城，中国移动 （600941）、华为、科大讯飞（002230）等知名企业总投资超150亿元的28个人工智能产业重点项目同 步签约入驻，涵盖工业质检、智能网联车、具身智能等多个前沿细分领域。 接连两场会议，显示常熟抢抓"人工智能+"风口、全力推进数实融合的决心。"人工智能成为引领新一轮 科技革命和产业变革的重要驱动力量，是培育和发展新质生产力的重要引擎。"常熟市委书记虞伟说， 常熟把发展人工智能作为优先战略选择，推进新一轮"智改数转网联"，加快"人工智能+"和"数据要素 ×"融合发展，打造"人工智能+"城市。 使用人工智能提升生产力已经成为常熟企业的发展共识。截至去 ...

Group 1 - Longyuan Construction plans to raise 1.846 billion yuan through a private placement, with the controlling shareholder changing to Hangzhou Transportation Investment Group after the completion of the issuance [1] - The company aims to use the raised funds to replenish working capital and repay bank loans, which will help optimize its capital structure and reduce the debt ratio [1] - As of September 30, 2024, Longyuan Construction reported total assets of 55.525 billion yuan and total liabilities of 43.970 billion yuan, resulting in a debt ratio of 79.19% [1] Group 2 - Hangzhou Transportation Investment Group, a state-owned enterprise under the management of Hangzhou State-owned Assets Supervision and Administration Commission, specializes in comprehensive transportation infrastructure investment and operations [2] - The partnership with Hangzhou Transportation Investment Group is expected to provide Longyuan Construction with access to more major infrastructure projects in Hangzhou and Zhejiang Province [2] - The collaboration is anticipated to enhance Longyuan Construction's project financing and credit rating capabilities, thereby reducing financing costs and increasing market competitiveness [2]

作 者丨特约记者庞华玮 编 辑丨巫燕玲 此外，4月7日晚间， 宁德时代 公告，公司拟使用不低于4 0亿元且不超过 8 0亿元 自有或自筹 资金以集中竞价交易方式回购部分股份，并在未来适宜时机用于股权激励计划或员工持股计 划。 4月7日晚， 中国电科 发布公告称，基于对我国经济长期向好的坚定信心，积极履行对资本市 场承诺， 已完成增持回购旗下上市公司股票超过2 0亿元。 4月7日，清明假期后第一个交易日，亚太股市跟跌，日经2 2 5指数和韩国综合指数均一度触发 熔断。A股三大指数也集体回调。市场全天成交额约1 . 6 2万亿元，较上一交易日增加0 . 4 6万亿 元。 对此，中信证券政策研究首席分析师于翔认为， A股的调整更多是受到海外悲观情绪的带 动 ，实际上并没有那么悲观。 美国的宽松政策可能在今年年底到明年上半年出现，与中国宽松 周期重叠。其认为，当前的调整是一个布局的时间点。尽管避险情绪仍然存在，但从股票投资 的角度来看，估值是核心因素，他建议投资者关注股票资产配置。 此前， 中央汇金、中国诚通、中国国新 先后发布公告称出手增持中国股票资产，坚决维护资 本市场平稳运行，并表示坚决当好长期资本、耐心资本、 ...

Group 1: REITs and Data Centers - The first data center REIT, Southern Runze Technology Data Center REIT, has been accepted for review on the Shenzhen Stock Exchange, attracting significant investor attention due to its business model and asset characteristics [4]. Group 2: Defense and AI - Kosi Technology (688788.SH) is positioned as a leader in AI and unmanned equipment for military applications, with a strong focus on AI command and control systems, having accumulated over 20 years of core data and experience [5][6]. - The company has invested over 1 billion yuan in R&D, with a team of over 400 people dedicated to AI and military applications, indicating significant growth potential in both military and civilian sectors [6]. Group 3: Healthcare - Meinian Health (002044.SZ) is leveraging AI to enhance efficiency and reduce costs in the health checkup industry, with over 600 branches and a leading position in the number of annual health checkups [7][8]. - The company is expected to achieve revenues of 10.826 billion yuan, 12.099 billion yuan, and 13.098 billion yuan from 2024 to 2026, with corresponding net profits of 326 million yuan, 617 million yuan, and 813 million yuan [8]. Group 4: Banking - Chongqing Rural Commercial Bank (601077.SH) is expected to benefit from the Chengdu-Chongqing economic circle, with projected net profit growth rates of 5.72%, 5.99%, and 6.53% from 2025 to 2027 [9]. - China Merchants Bank (600036.SH) has shown resilience with a return to profit growth in 2024, maintaining a leading position in the industry [10]. Group 5: Carbon Market and Construction - The national carbon market is expanding, with significant implications for the steel, cement, and aluminum industries, as companies adapt to new carbon pricing mechanisms [11]. - Key players in these sectors, such as Baosteel and China Aluminum, are expected to benefit from the transition to greener production methods [11]. Group 6: Coal Industry - China Shenhua Energy (H) has seen an increase in long-term investment interest, with a recent stake acquisition by Swiss Life Insurance, reflecting a reevaluation of the coal sector's value [14][15]. - The company has a low debt ratio of 23.4% and plans to distribute 44.9 billion yuan in cash dividends in 2024, indicating strong cash flow and dividend capacity [15][16]. Group 7: Chemicals and Materials - Sanwei Chemical (002469.SZ) reported a significant acceleration in Q4 performance, with a high dividend payout ratio of 99%, making it an attractive investment [21]. - China Jushi (600176.SH) achieved a revenue of 15.856 billion yuan in 2024, with a strong performance in Q4, indicating resilience in the fiberglass market [22][23]. Group 8: Consumer Goods - Nongfu Spring (09633.HK) reported stable growth with a revenue of 42.896 billion yuan in 2024, driven by strong brand value and product innovation [30]. - The company is expected to see net profits grow by 15.6%, 15.0%, and 16.0% from 2025 to 2027, maintaining its market leadership [30]. Group 9: Textile and Apparel - Shenzhou International (02313.HK) reported a revenue of 28.66 billion yuan in 2024, with a net profit increase of 37%, indicating strong demand and operational efficiency [31].