2025 年 05 月 19 日 建筑 专项债发行持续高位，行业基本面有望 改善 本周投资建议： 行业周报 证券研究报告 投资评级 领先大市-B 维持评级 | | 目标价（元） | 评级 | | --- | --- | --- | | 首选股票 | | | 行业表现 资料来源：Wind 资讯 升幅% 1M 3M 12M 相对收益 0.4 0.4 -2.6 绝对收益 3.4 -0.8 4.2 董文静 分析师 SAC 执业证书编号：S1450522030004 dongwj@essence.com.cn 陈依凡 分析师 SAC 执业证书编号：S1450524080001 chenyf4@essence.com.cn 相关报告 -20% -10% 0% 10% 20% 30% 40% 2024-05 2024-09 2025-01 2025-05 建筑 沪深300 央行发布 4 月金融统计数据，4 月末，广义货币(M2)余额 325.17 万 亿元（yoy+8%）；狭义货币(M1)余额 109.14 万亿元（yoy+1.5%）； 社会融资规模存量为 424.0 万亿元（yoy+8.7%）。1-4 月社会融资规 模增 ...

Group 1: Event Overview - The "5·15-5·19 Investor Protection Publicity Week" event was held in Beijing, Shanghai, and Shenzhen, focusing on promoting investment knowledge and advocating rational, value, and long-term investment principles [1] - The event featured discussions with chief analysts, public lawyers, and representatives from listed companies to enhance investors' risk awareness and self-protection capabilities [1] Group 2: Company Profile and Strategy - China Railway Group Limited, managed by the State-owned Assets Supervision and Administration Commission, is a comprehensive construction industry group that went public in 2007 [2] - The company integrates traditional and new infrastructure, leveraging emerging technologies like artificial intelligence to enhance the entire construction industry chain [2] - China Railway is focusing on smart construction solutions and aims to expand investment in water conservancy, rural revitalization, ecological protection, and urban renewal during the 14th and 15th Five-Year Plans [2] Group 3: Resource Development and Market Position - The company is actively involved in the development of mineral resources, holding stakes in major copper-cobalt mines and significant molybdenum mines, contributing to national resource stability and enhancing corporate profitability [3] - China Railway plans to optimize its industrial structure and strengthen core technologies while continuing to support national strategic initiatives and public demand [3] Group 4: Market Value Management - China Railway has been implementing a market value management strategy since 2005, evolving from vague concepts to systematic approaches with clear metrics [4] - The company emphasizes investor relations and transparency, establishing long-term communication mechanisms with institutional investors and enhancing voluntary information disclosure [4][5] - In response to new market value management policies, China Railway has developed a management system and valuation enhancement plan, including share buybacks and shareholder increase plans for its subsidiaries [5]

丨证券研究报告丨 报告要点 [Table_Summary] 新华社日内瓦 5 月 12 日电，中美日内瓦经贸会谈发表联合声明。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 行业研究丨点评报告丨建筑与工程 [Table_Title] 中美关税下调，重视鸿路钢构需求与盈利双击 张弛 张智杰 袁志芃 [Table_Title2] 中美关税下调，重视鸿路钢构需求与盈利双击 [Table_Summary2] 事件描述 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 建筑与工程 cjzqdt11111 新华社日内瓦 5 月 12 日电，中美日内瓦经贸会谈发表联合声明。 事件评论 短期看，公司一季度迎来了吨盈利触底、产销量高增，经营拐点进一步确认。α层面，公 司通过积极经营调整，将多年积累的制造端优势转化成销售端的改善，厚积薄发正在兑 现，α逐步显现，公司经营已经出现拐点；β层面，随着中美日内瓦经贸会谈发表联合声 明，大幅降低关税水平，或有利于缓解出口压力，从而带动相关行业制造 ...

丨证券研究报告丨 行业研究丨点评报告丨建筑与工程 [Table_Title] 公募新规出台，重视建筑板块权重股配置价值 报告要点 [Table_Author] 张弛 张智杰 SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary] 5 月 7 日，证监会发布《推动公募基金高质量发展行动方案》（以下简称《行动方案》），提出强 化业绩比较基准的约束作用，明确基金业绩比较基准的设定、修改、披露、持续评估及纠偏机 制，并对基金公司选用基准的行为实施严格监管。 分析师及联系人 建筑与工程 cjzqdt11111 [Table_Title2] 公募新规出台，重视建筑板块权重股配置价值 [Table_Summary2] 事件描述 5 月 7 日，证监会发布《推动公募基金高质量发展行动方案》（以下简称《行动方案》）。 事件评论 风险提示 1、政策推进不及预期；2、公募基金投资者投资风格变化。 请阅读最后评级说明和重要声明 丨证券研究报告丨 2025-05-13 ...

证券研究报告 工业/基础材料 重点工程积极推进，关注淡季价格支撑 华泰研究 2025 年 5 月 11 日│中国内地 行业周报（第十九周） 本周观点：基建重点工程积极推进，关注建材淡季价格回落幅度 上周"一揽子金融政策支持稳市场稳预期"新闻发布会召开，公布实施降准 降息、公积金贷款和结构性货币政策工具利率下调、房地产融资制度改革等， 有望助力地产需求"止跌回稳"趋势。超长期特别国债和新型政策性金融工 具有望加快基建重点工程建设，今年 1-4 月全国铁路投资同比+5.3%，4 月 单月同比+5.7%，铁路、水利、核电等重点领域基建投资延续高景气。上周 公募基金改革方案发布，中长期有望提升低配的建筑建材龙头配置比例。我 们持续推荐估值尚处于低位的基建链及地产链龙头，短期重点推荐四川路 桥、中材国际、海南华铁、三联虹普、中国建筑国际、华新水泥、上峰水泥、 中材科技、兔宝宝、中国联塑。 上周细分行业回顾 截至 5.9，上周全国水泥价格周环比-1.2%；水泥出货率 48.1%，周环比/同 比-1.5%/-6.1pct；上周国内浮法玻璃均价 71 元/重量箱，周环比/同比 -0.3%/-21.3%，重点样本企业库存 58 ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [13] Core Viewpoints - The report emphasizes the high dividend investment opportunities in the construction sector, particularly focusing on state-owned enterprises, local state-owned enterprises, international engineering firms, and quality private enterprises [2][8] Summary by Relevant Sections Central State-Owned Enterprises - The report highlights China State Construction as a top pick due to its complete qualifications and stable operations, benefiting from steady growth. The company plans to increase its dividend payout ratio from around 20% to over 24%, with a projected new contract amount of 1,414.9 billion yuan for 2024, representing a year-on-year growth of 21.1% [8][9] - Other notable mentions include China Communications Construction and China Railway Construction, with dividend yields of over 5% and 6% respectively [8] Local State-Owned Enterprises - Sichuan Road and Bridge is identified as a key player, with a projected dividend yield of around 6% for 2025. The company plans to repurchase shares worth 100-200 million yuan, reflecting confidence in future growth [8][9] - Other local state-owned enterprises with attractive valuations and high dividend yields include Anhui Construction and Tunnel Engineering [8] International Engineering - The report stresses the investment opportunities presented by the "Belt and Road" initiative, recommending companies like China Steel International and China National Materials, which have high overseas order growth and dividend yields around 5% [8][10] Quality Private Enterprises - Jianghe Group is highlighted for its robust fundamentals and high dividend payout ratio, with a projected payout exceeding 95% for 2024. The company has expanded its overseas business significantly, with new orders growing by 57% year-on-year [8][11]

Investment Rating - The investment rating for the construction and engineering sector is "Positive" and is maintained [10] Core Viewpoints - The report highlights the optimistic outlook for the construction sector following the release of a comprehensive financial policy aimed at stabilizing the market and expectations [8][10] - The People's Bank of China is expected to enhance macroeconomic control with a moderately loose monetary policy, which includes measures such as lowering the reserve requirement ratio and interest rates [14] - The report emphasizes the importance of stabilizing the real estate and stock markets, with significant support measures announced for both sectors [14] Summary by Sections Event Description - A press conference was held by the State Council on May 7, where officials discussed the "comprehensive financial policy to support market stability and expectations" [2][8] Event Commentary - The report discusses the key points from the press conference, including the expansion of the real estate financing coordination mechanism and the increase in loans approved for residential construction [14] - It also mentions the role of insurance funds in stabilizing the stock market and the introduction of specific measures to encourage long-term investments [14] Related Research - The report references other studies, including one on URI's revenue growth and another on the construction industry's performance in 2024 and Q1 2025 [12]

Group 1: Financial Performance - The company achieved an operating revenue of 2.65 billion yuan in 2024, representing a year-on-year growth of 9.84% [1] - The net profit attributable to the parent company was 234 million yuan, an increase of 7.34% compared to the previous year [1] - The company has a stable profit distribution policy and aims to maintain a steady cash dividend ratio to enhance shareholder returns [15] Group 2: Research and Development - The company emphasizes R&D investment as a core driver for growth, with plans to increase R&D spending to enhance overall competitiveness [2] - As of the end of 2024, the company has obtained 685 patents, with 580 being valid patents, and has established 183 national and industry standards [13] Group 3: International Business Expansion - International business revenues from 2022 to 2024 were 67 million yuan, 139 million yuan, and 214 million yuan, accounting for 2.50%, 5.78%, and 8.08% of total revenue, respectively [4] - The company is actively expanding into markets along the "Belt and Road" initiative, with a focus on establishing a unified management system for international operations [4] Group 4: Market Position and Strategy - The company recognizes the seasonal nature of its business, with the fourth quarter typically seeing higher revenue due to project acceptance and settlement [3] - The company is committed to digital transformation and innovation to strengthen its core business and improve operational efficiency [1][10] Group 5: Industry Outlook - The grain storage and logistics industry is expected to see increased demand due to national policies promoting modernization and technological advancements [6] - The company plans to integrate smart technologies into grain storage and logistics to enhance efficiency and sustainability [20]

大家早上壕！ 先看海外要闻： 美股集体收涨，道指涨0.7%、纳指涨0.27%、标普500收涨0.43%；英伟达涨3.1%、亚马逊涨2%、Meta Platforms涨1.62%、特斯拉和微软至多涨 0.32%、苹果则收跌1.14%、谷歌A跌7.26%。 美联储按兵不动，维持联邦基金利率目标区间在4.25%-4.5%不变，符合市场预期。 媒体称特朗普拟废除拜登任内AI芯片限制。 据路透，德国国防部长寻求从2025年开始将年度国防开支增加到600亿欧元以上。 据英国金融时报，OpenAI计划将"星际之门"项目扩大至美国以外的地区。 苹果酝酿Safari大改版，瞄准AI搜索，谷歌一度跌超9%、地位面临严峻挑战。 据媒体报道，OpenAI与美国食品药品管理局（FDA）洽谈在医药评估中采用人工智能（AI）。 Uber重仓文远知行，承诺向文远知行追加1亿美元股权投资。 国内重大事件汇总： 1、外交部回应中美经贸高层会谈：这次会谈是应美方请求举行的。 2、中国证监会印发《推动公募基金高质量发展行动方案》：绑定投资者利益！基金经理薪酬与收益挂钩、费率调降……公募业重大改革方案落 地。 3、国家金融监督管理总局：强化住宿、餐饮 ...

中铁工业（600528）公告，控股股东中国中铁（601390）计划自公告披露之日起12个月内，通过上海证 券交易所交易系统以集中竞价交易方式增持公司股份，增持资金下限为不低于1.6亿元人民币(含)，上限 不超过3亿元人民币(含)，增持股份数量不超过公司总股本的2%。截至公告日，中国中铁持有公司10.91 亿股股份，约占公司总股本的49.13%。本次增持资金来源为中国中铁自有资金和股票增持专项贷款。 ...