Core Viewpoint - The company, Rishang Group (002593.SZ), focuses on two main businesses: automotive wheels and steel structures, and does not engage in bamboo scaffolding or related businesses [1] Group 1 - The company emphasizes its specialization in automotive wheels and steel structures [1] - There is a clear distinction made regarding the absence of involvement in bamboo scaffolding-related activities [1]

Investment Rating - The report maintains an "Outperform" rating for the commercial aerospace sector, indicating a positive outlook for investment opportunities in this area [3]. Core Insights - The report highlights that fixed asset investment (FAI) in 2025 is under pressure, with a total of 485,186 billion yuan, representing a year-on-year decline of 3.8%, which is a worsening of 1.2 percentage points compared to the previous 11 months [15]. - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) decreased by 2.2% year-on-year, with a similar trend observed in real estate development investment, which fell by 17.2% to 82,788 billion yuan [15]. - The report emphasizes the potential for a rebound in the construction and real estate markets driven by macroeconomic policies, particularly in urban renewal initiatives [16]. - Key companies such as China State Construction and China Energy Engineering reported year-on-year increases in new orders for Q4, indicating a positive trend in capital expenditure among leading industrial firms [16]. Summary by Sections Industry Outlook and Investment Recommendations - The report suggests focusing on the cyclical recovery of the construction sector, particularly in light of supportive policies aimed at urban renewal and infrastructure development [16]. - It recommends investing in high-quality cyclical stocks and companies involved in commercial aerospace and low-altitude economy sectors, such as Roman Holdings and Honglu Steel Structure [26]. Market Performance Review - The construction decoration index rose by 1.88%, outperforming the overall A-share index, which increased by 0.83% [14]. - Notable performers in the sector included chemical engineering (+10.70%) and steel structure (+7.71%) [14]. Key Company Dynamics - Roman Holdings is projected to achieve a profit of 1.8-2 billion yuan in 2025, indicating a turnaround from previous losses, driven by strong demand for computing power in major cities [19]. - China Energy Engineering reported a new contract amount of 1.45 trillion yuan for 2025, reflecting a year-on-year increase of 2.9% [19].

证券日报网讯 1月25日，杭萧钢构发布公告称，公司将于2026年1月26日注销回购专用账户中全部9， 997，714股已回购股份，占总股本0.42%，注销后总股本由2，368，966，150股减至2，358，968，436 股，注册资本同步减少。该批股份源自2022年4月启动的不超6030万元自有资金回购计划，已于当年12 月完成，均价3.65元/股，累计支出36，477，557.24元。 （编辑 丛可心） ...

Group 1 - The report highlights a significant increase in the State Grid's capital expenditure during the "14th Five-Year Plan" period, with a projected investment of approximately 4 trillion yuan during the "15th Five-Year Plan," representing a 40% increase compared to the previous plan [15][18][21] - The report recommends focusing on power engineering companies, specifically China Electric Power Construction, China Huadian Engineering, and China Energy Engineering, which are well-positioned to benefit from the increased capital expenditure [21][22] - The report emphasizes the importance of selecting companies with strong fundamentals and low valuations based on ROE and valuation percentiles, recommending firms such as China Chemical, China National Materials, and Donghua Technology [23][24] Group 2 - Weekly tracking indicates steady progress in coal chemical projects, with significant contract awards for the coal-to-natural gas project in Xinjiang, totaling over 15 billion yuan [28][29] - The hydrogen energy sector is gaining momentum, with government initiatives promoting zero-carbon factory construction and the launch of major projects like the Baowu Green Hydrogen Industrial Park, which has a total investment of 110.9 billion yuan [31][32] - The report notes a slight decline in steel prices, with average prices for medium-thick plates and rebar decreasing by 0.5% and 0.8% respectively, indicating a stable but low price environment [31]

2026 年 01 月 25 日 站院/行业 相关研究 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 册分歧式行 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 A0230523080003 tangmeng@swsresearch.com 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 T 一周板块回顾：板块表现方面，SW 建筑装饰指数+1.88%，沪深 300 指 数-0.62%，相对收益为+2.00pct。周涨幅最大的三个子行业分别为钢结 构 (+6.80%)、基建民企 (+6.61%)、专业工程 (+5.88%)，对应行业 内三个公司：东南网架（+10.79%）、成都路桥（+15.65%）、志特新材 (+49.21%)；年涨幅最大的三个子行业分别是钢结构（+22.00%）、专 业工程（+21.74%）、装饰幕墙（+10.85%），对应行业内三个公司：杭 萧钢构 (+30.98%)、志特新材 (+256.3 ...

Core Viewpoint - The company plans to cancel 9,997,714 shares that were repurchased but not used, which will reduce its total share capital and registered capital without affecting its listing status or harming investor interests [1] Group 1: Share Cancellation Details - The shares to be canceled were repurchased in 2022 at a total cost of 36.4776 million yuan [1] - The cancellation will reduce the total share capital from 2,368,966,150 shares to 2,358,968,436 shares [1] - The registered capital will decrease from 2,368,966,150 yuan to 2,358,968,436 yuan following the cancellation [1] Group 2: Approval Process - The board of directors, supervisory board, and shareholders' meeting approved the change of purpose and cancellation on October 30 and November 18, 2025 [1]

Summary of Conference Call on Building Materials Sector Industry Overview - The building materials sector has recently experienced price increases driven by multiple factors, including seasonal construction expectations, a narrowing decline in new construction area, and supportive real estate policies in cities like Beijing, leading to market anticipation for further relaxation of purchase restrictions [1][3]. Key Points and Arguments - **Price Increases**: The price hikes in the building materials sector are primarily driven by pre-Spring Festival expectations, macroeconomic changes, and real estate policy anticipations. For instance, new construction area in December decreased by 19% year-on-year, but the decline was 8 percentage points less than in November, indicating signs of market stabilization [3]. - **Strong Performance in Sub-sectors**: Waterproof materials and fiberglass have shown particularly strong performance. China Jushi has excelled in the fiberglass sector, while Oriental Yuhong, a leader in waterproof materials, reported positive revenue growth in Q3 [1][4]. - **Future Predictions**: It is anticipated that new construction area and housing prices may stabilize in the second half of 2026 or 2027, suggesting a focus on new construction-related sectors. The completion of local government debts before 2027 may limit the contribution of special bond funds to project growth [6][7]. - **Cost-Push Pricing**: Recent price increases in waterproof products are primarily cost-driven, with companies like Keshun implementing price hikes of 5% to 10%. Although these increases have limited impact on fundamentals during the off-season, they are aimed at maintaining higher price points post-Spring Festival [9]. - **Credit Risk Management**: The credit impairment risk in the consumer building materials sector is manageable, with adequate provisions for individual collective impairments. Companies like Vanke are gradually improving their debt extension plans, and the impact of supply chain debts on the building materials sector is limited [12]. Additional Important Insights - **Market Dynamics**: The waterproof industry has seen a reduction in scale, with market size decreasing from 3.5 billion square meters to around 2.5 billion square meters, and revenue dropping from 120 billion to 80-90 billion yuan. Leading companies have increased their market share due to faster supply reductions compared to demand [10]. - **Investment Opportunities**: The building materials sector, particularly in new construction chains, waterproof materials, and aluminum formwork, continues to attract attention. Infrastructure projects are expected to benefit from positive investment forecasts due to government support [6][21]. - **Consumer Building Materials**: The sector faces asset impairment risks related to a large number of properties held as collateral. However, if the decline in second-hand housing prices stabilizes, the impairment risks may significantly decrease [13]. - **Trends in Fiberglass and Glass Industries**: The fiberglass sector is expected to perform well due to stable downstream demand, particularly in the electronic cloth market. The glass industry may experience price increases driven by favorable real estate policies [19]. Conclusion The building materials sector is poised for potential growth, driven by macroeconomic stabilization and supportive policies. Key sub-sectors like waterproof materials and fiberglass are expected to continue performing well, while credit risks appear manageable. Investors should focus on new construction-related sectors and monitor the evolving market dynamics for opportunities.

Group 1 - The stock price of Dongfang Tower increased by 5.04%, reaching 28.57 CNY per share, with a trading volume of 400 million CNY and a turnover rate of 1.29%, resulting in a total market capitalization of 35.543 billion CNY [1] - Dongfang Tower, established on August 1, 1996, and listed on February 11, 2011, specializes in the research, design, production, sales, and installation of steel structures and tower products, with a significant revenue contribution from potassium chloride at 65.07% [1] - The revenue composition of Dongfang Tower includes: potassium chloride 65.07%, angle steel towers 16.09%, steel structures 11.72%, steel pipe towers 4.63%, sodium bromide 1.73%, others 0.52%, construction installation 0.14%, and power generation 0.10% [1] Group 2 - According to data, the fund "Chuangjin Hexin Xinrui Mixed A" holds 5,000 shares of Dongfang Tower, representing 0.24% of the fund's net value, making it the ninth largest holding [2] - The fund "Chuangjin Hexin Xinrui Mixed A" was established on April 26, 2021, with a latest scale of 12.0622 million CNY, and has achieved a year-to-date return of 0.62% [2] - The fund's one-year return is 5.53%, ranking 7208 out of 8099 in its category, while its cumulative return since inception is 14.24% [2] Group 3 - The fund manager of "Chuangjin Hexin Xinrui Mixed A" is Wang Yibing, who has a tenure of 10 years and 257 days, with the fund's total asset scale at 4.1 billion CNY and a best return of 23.13% during his tenure [3] - The co-manager, Huang Haodong, has a tenure of 6 years and 40 days, managing assets of 329 million CNY, with a best return of 20.31% during his tenure [3]

证券日报网1月22日讯，鸿路钢构（002541）在接受调研者提问时表示，公司目前生产经营正常，订单 饱和。 ...

Core Viewpoint - Honglu Steel Structure (002541) emphasizes the importance of making decisions based on the company's current situation, macroeconomic environment, and stock price trends while adhering to legal disclosure obligations [1] Group 1 - The company plans to enhance its operational management and profitability [1] - It aims to continuously expand financing channels to improve debt repayment capacity and risk resistance [1] - The company encourages stakeholders to pay attention to its announcements [1]