2026年5月9日至10日，格拉斯哥的SEC展览中心将迎来一场盛大的家居建设与翻新展会——英国苏格兰格拉斯哥国际建筑、房产展览会Homebuilding & Renovating Show。（您所期待的报道，由【盈拓展览】为您整理）这场展会自创立以来已有超过30年的历史，一直致力于为家庭建设者、翻新者和家居改 进者提供灵感、知识和专业建议。每年有超过7万名参观者参加展会，平均每个项目的支出高达15.1万英镑，这充分展示了展会的巨大影响力和吸引力。 此次展会不仅为参展商提供了展示产品和服务的机会，还为他们带来了大量的潜在客户。（【盈拓展览】为您汇总了相关报道 ）据统计，79%的参观者正 在执行实际项目，而82%的参观者在参观后会受到参展商的影响并选择购买他们的产品或服务。此外，面对面交流的重要性也在这次展会上得到了充分的体 现。参展商可以通过现场展示让客户亲身体验产品的质量，从而提高销售效率。 展会还特别强调了品牌效应的重要性。通过与市场领先的品牌以及Homebuilding & Renovating Show品牌的合作，参展商可以提升自己的品牌信誉和认可 度。（内容由【盈拓展览】为您整理报道）展会的成功也得到 ...

格隆汇9月2日｜开源证券研报指出，中国交建上半年收入利润有所下降，主要业务毛利率下滑，受建筑 行业竞争加剧影响，下调盈利预测。公司新签合同额保持增长，境外业务表现稳健，维持"买入"评级。 公司2025上半年实现营收3370.5亿元，同比-5.7%，收入下滑主要由于建筑行业增速放缓所致，利润下 降主要由于主要业务毛利率下降，同时公允价值变动收益减少，信用减值损失扩大。 ...

Investment Rating - The report maintains a "Buy" rating for the construction and decoration industry, highlighting specific companies as key investment targets [4][7]. Core Insights - The construction sector has experienced significant fluctuations over the past sixteen years, with eight winning phases (40% of the time) and seven losing phases (60% of the time) [1][12]. - The current market environment is characterized by a gradual easing of policies since late 2021, which has historically correlated with better performance in the construction sector [1][3]. - The report emphasizes the importance of thematic influences, such as the "Belt and Road Initiative" and "PPP" projects, which have driven substantial short-term excess returns in the sector [2][3]. Summary by Sections 1. Historical Review of the Construction Sector - The report divides the historical performance of the construction sector from June 2008 to December 2024 into fifteen phases based on excess returns relative to the CSI 300 index [11]. - Winning phases include significant periods of policy easing and economic recovery, while losing phases often coincide with tighter monetary policies [1][12]. 2. Policy Cycle and Market Trends - The report identifies four major policy cycles since 2008, with the current phase being a gradual easing that began in late 2021 [1][3]. - The correlation between excess returns and macroeconomic indicators is noted to be weak, with expectations of policy changes being more influential [1][3]. 3. Thematic Characteristics and Valuation - The construction sector's valuation is currently low, with a price-to-book ratio (PB) of 0.8, which is below historical averages and indicates potential for rebound [2][3]. - The report highlights that the sector's performance is sensitive to thematic catalysts, suggesting that upcoming regional initiatives could provide investment opportunities [3][4]. 4. Comparison with Banking Sector - The construction sector is compared to the banking sector, noting similarities in business models and sensitivity to credit environment changes [3]. - The current price-to-book ratio of the construction sector relative to banks is at a critical point, suggesting potential for significant excess returns if historical patterns hold [3]. 5. Investment Recommendations - Key investment targets include leading companies benefiting from strategic infrastructure projects, such as Sichuan Road and Bridge, China Metallurgical Group, and China Communications Construction [4][7]. - The report also suggests monitoring local leaders in Xinjiang and companies involved in coal chemical projects as potential high-return investments [4].

公 司 点 建筑行业 增持（维持） 中国建筑（601668）2025 年中报点评 经营及业绩维持稳健 2025 年 09 月 02 日 投资要点： S0340513040001 电话：0769-22177163 邮箱：hmy@dgzq.com.cn | 分析师：何敏仪 | | | --- | --- | | SAC 执业证书编号： S0340513040001 | | | 电话：0769-22177163 | 公 | | 邮箱：hmy@dgzq.com.cn | 司 研 | | 主要数据 2025 年 09 月 01 | 究 日 | | 收盘价(元) | 5.56 | | 总市值（亿元） | 2,297.41 | | 总股本(亿股) | 413.20 | | 流通股本(亿股) | 413.20 | | ROE（TTM） | 9.94% | | 12 月最高价(元) | 6.79 | | 12 月最低价(元) 4.72 | | | 股价走势 | 证 券 | | 资料来源：东莞证券研究所，Wind | 研 究 报 | 研 究 资料来源：东莞证券研究所，Wind 本报告的风险等级为中风险。 本报告的信息均来自已公开 ...

Group 1 - The construction and decoration industry is facing pressure on revenue and profit in H1 2025, with a focus on cash flow improvement and cost control [1] - Major listed companies in the construction sector achieved operating revenue of 3.75 trillion, a year-on-year decrease of 5.7%, and a net profit of 87.5 billion, down 6.5% year-on-year [1] - The operating revenue for Q1 and Q2 of 2025 was 1.84 trillion and 1.91 trillion respectively, with year-on-year declines of 6.2% and 5.2% [1] Group 2 - The industry gross margin in H1 2025 was 9.9%, a decrease of 0.2 percentage points year-on-year, while the net profit margin was 2.33%, down 0.02 percentage points year-on-year [2] - Quarterly gross margins for Q1 and Q2 were 9.1% and 10.7%, with year-on-year changes of -0.1 percentage points and -0.3 percentage points respectively [2] Group 3 - The operating cash flow in H1 2025 showed improvement, with a net outflow of 477.4 billion, which is 15.1 billion less than the previous year [3] - The cash collection ratios for Q1 and Q2 were 103% and 87%, with year-on-year changes of +0.85 percentage points and +11.65 percentage points respectively [3] Group 4 - The overall return on equity (ROE) for the industry in H1 2025 was 2.50%, a decrease of 0.31 percentage points year-on-year [4] - The decline in industry investment and increased pressure on company receivables have led to a rise in expenses and impairments, impacting the ROE [4]

证券研究报告 | 公司动态点评 2025 年 09 月 02 日 三维化学（002469.SZ） 业绩及新签订单同比高增，高分红持续回馈股东 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,657 | 2,554 | 3,231 | 3,842 | 4,581 | | 增长率 yoy（%） | 1.8 | -3.9 | 26.5 | 18.9 | 19.2 | | 归母净利润（百万元） | 282 | 263 | 343 | 431 | 537 | | 增长率 yoy（%） | 3.1 | -6.9 | 30.7 | 25.6 | 24.6 | | ROE（%） | 10.1 | 9.2 | 11.5 | 13.4 | 15.0 | | EPS 最新摊薄（元） | 0.43 | 0.40 | 0.53 | 0.66 | 0.83 | | P/E（倍） | 20.3 | 21.9 | 16.7 | 13.3 | 10.7 | | P/B（倍） | 2.1 ...

Group 1 - Recent reports indicate that some employers are misusing "apprenticeship training" to have job seekers perform regular labor without signing labor contracts or providing social security [1] - This issue is particularly prevalent in labor-intensive industries such as construction, sales, and beauty services, where there is a demand for skill transfer [1] - In judicial practice, if an apprentice effectively assumes the responsibilities of an employee, the apprentice status is merely a facade for the employer to evade legal responsibilities, and a labor relationship still exists [1] Group 2 - The distinction between a labor relationship and an apprenticeship relationship hinges on the existence of a management-subordinate relationship and economic dependency [1] - Workers are advised to retain communication records with employers, as well as recruitment information, attendance records, wage payment information, and identification badges as evidence [1] - If employers fail to fulfill their legal obligations regarding employment, workers can seek legal recourse [1]

Supply and Demand - Construction activity remains at a seasonal low, with cement dispatch volumes declining again, indicating weak demand[15] - Industrial production is at a historically high level but has marginally decreased compared to the previous two weeks[24] - Construction demand has turned negative year-on-year, with rebar and building materials demand falling to historical lows[31] Prices - Domestic industrial prices are fluctuating weakly due to limited demand-side support, with the Nanhua Composite Index declining[45] - International commodity prices are volatile, with gold prices showing a strong upward trend amid expectations of future interest rate cuts by the Federal Reserve[42] Real Estate - New housing transactions have seen a narrowing year-on-year decline, with a 33% increase in transaction area compared to the previous two weeks[63] - Second-hand housing transactions are showing marginal improvement, with Beijing, Shanghai, and Shenzhen experiencing year-on-year changes of -3%, +17%, and +19% respectively[68] Exports - August exports are expected to grow by approximately 5% to 7%, with a model indicating a 5.5% increase[71] Liquidity - Recent weeks have seen a rise in funding rates, with the R007 and DR007 both at 1.52% as of August 31[76] - The central bank has implemented a net withdrawal of 13,759 billion yuan through reverse repos in the last two weeks[78]

理性投资，风险自担 宏观：短期来看，9月国内外重要宏观变量再度来袭，海外关注美联储议息会议释放的指引，是否一次性降息还是进入 降息周期令市场瞩目，此外，俄乌问题的进展将对市场风险偏好带来较大影响，国内阅兵结束后将进入新的宏观预期阶 段，关注经济弱现实背景下政策层面释放的十五五规划和四季度经济政策指引，总体来看短期宏观对市场的扰动会再度 加大，但中长期的政策指引仍然偏向利多。 中观：地产销售新房和二手房都回到低位，总体淡季更淡，刚需支撑下限，关注金九银十的表现，服务业结构分化且高 位有韧性，反内卷政策背景下企业盈利端向好，消费国补重启，社会福利政策刺激生育，制造业出口在关税政策扰动落 地后再平衡，国内经济总体维持弱现实阶段，关注反内卷和促内需政策提振下的弱复苏机会。 资金：国内流动性总体宽松，海外流动性在美联储9月降息预期下趋于宽松，金融条件延续改善，国内股市在赚钱效应下 获得杠杆资金和居民存款搬家资金,但解禁压力边际增大，市场分歧开始出现，上升至高位后进一步推升难度加大。 估值：各指数短期大幅上涨后估值近入历史偏高水平，国内外股债溢价率偏低，配置资金吸引力一般。 策略：综合来看，当前宽基指数市场估值偏高，尤其 ...

智通财经APP获悉，东吴证券发布研报称，8月建筑PMI较上月下降，基建投资端增速有所放缓，稳增 长政策仍有加力的潜在空间，继续关注财政政策的加力节奏。基建合作仍是中外合作的重要形式，海外 工程需求景气度有望保持，海外工程业务有望受益，近期建议关注俄乌局势进展及重建预期变化。部分 专业制造工程细分领域、节能降碳以及新能源相关的基建细分领域景气度较高，有相关转型布局的企业 有望受益。建议关注中国核建(601611.SH)、中国化学(601117.SH)、鸿路钢构(002541.SZ)、华阳国际 (002949.SZ)等。 东吴证券主要观点如下： (1)8月建筑业商务活动指数较上月下降了1.5pct，商务活动指数下降至收缩区间，建筑业施工有所放 缓，业务活动预期指数相对平稳，但新订单指数仍然低迷，结合上半年和7月数据来看，基建投资端增 速有所放缓，稳增长政策仍有加力的潜在空间，继续关注财政政策的加力节奏。 近期城市更新、重大基建投资项目进展的关注度持续提升，中央财政发力和资金支持的落地有望加快重 点工程实施进度和实物工作量形成，对城市更新推动和区域需求拉动值得关注，建议关注新疆、西藏、 川渝等中西部区域的重大项目进 ...