随着雅鲁藏布江下游水电工程正式启动，7月21日上午，水利、水泥等板块集体飙涨。 在ETF市场，建材ETF易方达（159787）半日涨幅高达8.23%，而建材ETF（159745）半日成交金额则达到2.34亿元，交投十分活跃。 | | | | | | | | BD 数据 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 建材行业相关ETF一览 | | | | | | 代码 | 名称 | 涨幅% | 现价 ~ | 换手% | 规模(亿份) | 成交额(万元) | 基金公司 | | 159787 | 建材ETF易方达 | 8.23 | 0.697 | 42.83 | 0.91 | 2673.62 | 易方达基金 | | 516750 | 建材ETF | 7.88 | 0.698 | 184.39 | 0.76 | 9692.5 | 富国基金 | | 159745 ETF规模截止日: 7.18 | 建材ETF | 7.6 | 0.637 | 35.38 | 10.53 | 23441.36 | 国泰基金 | ETF份额变化方面，今年以来，建材类ET ...

没有股票账户的投资者可关注国泰中证基建ETF发起联接C（016837），国泰中证基建ETF发起联 接A（016836）。 天风证券指出，建筑装饰和基础建设行业二季度订单呈现回暖趋势，央企如中国中铁、中国核建等 订单同比增速转正或保持较高增长，地方国企中西部基建景气度较高，四川路桥、北新路桥等订单增速 显著。能源类基建及水利投资保持强度，交通类基建有所回暖。行业估值处于历史底部，SW建筑PE为 11.12倍，PB为0.76倍，具备较大提升空间。化债措施推动下政府付款加速，央企回款改善，实物工作 量有望加速回暖，中西部基建投资机会值得关注。 基建ETF（159619）跟踪的是中证基建指数（930608），该指数从A股市场中选取涉及基础设施建 设、房屋建筑等领域的建筑与工程行业代表性上市公司证券作为指数样本，以反映基建行业相关上市公 司证券的整体表现。该指数由专业机构编制，具有鲜明的行业特征，能有效捕捉基建板块的市场走势。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请 ...

证券研究报告 | 2025 年 07 月 21 日 晨会集萃 制作：产品中心 请务必阅读正文之后的信息披露和免责申明 1 重点推荐 《策略|A 股策略周思考——"反内卷"的宏观背景》 1、国内：25Q2 的 GDP 实际增速超预期，与名义 GDP 增速裂口加大。2025 年 Q2 的 GDP 当季同比 5.2%，预期 5.17%，前值 5.4%；分项来看，第一、 三产业增速上升，第二产业增速下滑。一产、二产、三产 25Q2 当季同比 增速为 3.8%、4.8%、5.7%，环比变化 0.3、-1.1、0.4 个百分点。2、国际： 6 月美国核心 CPI 增速不及预期。6 月 CPI 同比增长 2.7%，前值 2.4%，预 期 2.7%，核心 CPI 同比 2.9%，前值 2.8%，预期 3.0%。据 CME"美联储观 察"，截至 2025/7/19，美联储 2025 年 7 月降息 25 基点的概率为 4.1%， 维持现有利率的概率为 95.9%。3、行业配置建议：赛点 2.0 第三阶段攻坚 不易，波折难免，重视恒生互联网。7 月，以稳应变，谨防过热。根据经 济复苏与市场流动性，可以把投资主线降维为三个方向：1 ...

建筑装饰 2025 年 07 月 20 日 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 (8621)23297818× tangmeng@swsresearch.com 看好 ——申万宏源建筑周报（20250714-20250718） 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 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 及 产 业 行 业 研 究 / 行 业 深 度 6 月固投边际走弱，雅下电站工程开工 - ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数-0.71%，沪深 300 指数+1.09%，相对收益为-1.80pct。周涨幅最大的三个子行业分别为 专业工程（ +1.12% ）、基建央企（ +0.73% ） 、 装 饰 幕 墙 （+0.18%），对应行业内三个公司：时空科技（+17.83%）、 ...

行业报告 | 行业研究周报 建筑装饰 证券研究报告 宏微观验证基建景气回升，重点关注低估值央国企 核心观点 本周建筑指数上涨 0.32%，沪深 300 板块上涨 1.07%，建筑板块跑输大盘 0.75pct，专业工程、建筑设计、基建板块涨幅靠前。近期投资数据和建筑 企业二季度订单陆续披露，宏微观层面验证基建景气度仍可持续，而央国 企当前估值仍处于较低水平，需重点关注。 6 月基建投资延续托底，能源类基建及水利投资仍保持强度，交通类基建 有所回暖。25 年 1-6 月地产开发投资/狭义基建/广义基建/制造业同比分别 -11.2%/+4.6%/+8.9%/+7.5%，6 月单月地产开发投资/狭义基建/广义基建/制 造业同比分别-12.4%/+2%/+5.3%/+5.1%（增速环比-0.01/-3.1/-3.9/-2.7pct）。 6 月基建投资增速放缓或与 5 月基建类财政支出下滑以及天气扰动因素相 关，其中，交运数据回升明显，水电燃热投资增速仍在高位，基建投资仍 然在经济稳增长中发挥重要作用。 近期建筑央国企陆续披露二季度订单情况：1）从央企的订单情况来看，目 前披露二季度订单情况的有中国中铁、中国能建、中国化 ...

证券研究报告 | 2025年07月20日 转债市场周报 资金配置转债需求依旧较强 核心观点 固定收益周报 上周市场焦点（7 月 14 日-7 月 18 日） 股市方面，上周权益市场延续上涨，英伟达 H20 芯片恢复对华供应、光 模块龙头企业业绩预告表现亮眼等催化下，通信板块表现靠前，创新药、 机器人相关行情带动生物医药、汽车、机械板块表现较好。 债市方面，上周债市窄幅震荡，尽管央行实行大额公开市场投放及买断 式逆回购，但受税期影响资金面仍有所收紧，6 月金融数据改善、权益 市场延续强势也对债市情绪形成压制；而 6 月经济数据显示内需依旧偏 弱则利好债市；周五 10 年期国债利率收于 1.67%，和前周基本持平。 转债市场方面，上周转债个券多数收涨，中证转债指数全周+0.67%，价 格中位数+0.91%，我们计算的算术平均平价全周+1.43%，全市场转股溢 价率与上周相比-0.91%。个券层面，博瑞（创新药）、博汇（算力）、 聚隆（机器人）、亿田（算力）、宏丰（合金材料）转债涨幅靠前；塞 力（创新药&业绩预亏）、广大（特种合金&已公告强赎）、华辰（变压 器）、濮耐（耐火材料）、联得（显示模组设备&已公告强赎）转 ...

企业名称曲阜新正和劳务分包有限公司法定代表人孔涛注册资本1000万人民币国标行业建筑业>建筑装 饰、装修和其他建筑业>建筑装饰和装修业地址山东省济宁市曲阜市小雪街道如意花园小区如意楼107 室企业类型有限责任公司（非自然人投资或控股的法人独资）营业期限2025-7-18至无固定期限登记机 关曲阜市市场监督管理局 来源：金融界 序号股东名称持股比例1山东恒基开发区运营有限公司100% 经营范围含劳务服务（不含劳务派遣）；装卸搬运；土石方工程施工；机械设备租赁；市政设施管理； 园林绿化工程施工；家政服务；住宅水电安装维护服务；家具安装和维修服务；工程管理服务；建筑物 清洁服务；信息咨询服务（不含许可类信息咨询服务）；建筑材料销售；建筑装饰、水暖管道零件及其 他建筑用金属制品制造；专用设备修理；日用杂品制造；建筑工程机械与设备租赁；对外承包工程；建 筑用木料及木材组件加工；金属门窗工程施工；水泥制品销售。（除依法须经批准的项目外，凭营业执 照依法自主开展经营活动）许可项目：职业中介活动；建筑劳务分包。（依法须经批准的项目，经相关 部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准） 天眼查Ap ...

Group 1 - The legal opinion letter confirms that the convening and holding of the 2025 Fifth Extraordinary General Meeting of Shenzhen Jianyi Decoration Group Co., Ltd. complies with the Company Law, the Rules of General Meetings of Shareholders, and the company's articles of association [1][4][5] - The meeting was announced on July 3, 2025, detailing the meeting's time, location, and voting procedures, ensuring shareholders' rights to attend and vote [1][2] - A total of 82 participants attended the meeting, representing 51,557,123 shares, which is 32.2992% of the total voting shares [2][3] Group 2 - The meeting utilized a combination of on-site and online voting, with specific time slots for online voting on July 18, 2025 [2] - The board of directors of the company was qualified to convene the meeting, and the attendance of shareholders and their proxies met the legal requirements [2][4] - The voting results showed that 3,687,700 shares were in favor of the proposal, with 26,800 shares abstaining, indicating a valid and effective voting process [4][5] Group 3 - The voting results from minority shareholders indicated that 98.0632% supported the proposal, while 1.0352% opposed it, demonstrating strong approval among minority shareholders [5] - The legal opinion concludes that all procedures and results of the meeting are legitimate and valid, allowing the legal opinion to be disclosed alongside other meeting information [5]

Group 1: Company Performance and Growth - The company has seen steady progress in its operations during the first half of the year, with significant revenue growth needed to meet the 2025 performance targets [3] - The company aims to enhance its operational performance through domestic and international market expansion and continuous technological innovation [3] - The gross profit margin is expected to improve due to the rail transit business, with ongoing efforts to increase market share and profitability [3][4] Group 2: Business Segments and Strategies - The decline in revenue from the building decoration business is attributed to external environmental factors, with plans to innovate and upgrade equipment to meet customer needs [4] - The company is focusing on the development of sandwich lightweight composite materials, which align with national carbon neutrality strategies and are gaining traction in the rail transit and construction sectors [4] - Future overseas revenue and orders are projected to grow, with plans to strengthen the overseas marketing network and increase new product development [4] Group 3: Future Outlook and Strategic Initiatives - The company plans to concentrate on its core business of sandwich lightweight composite materials, aiming for multi-field applications and enhanced market presence [5] - There is a commitment to digital and intelligent transformation to improve management efficiency and promote sustainable high-quality development [5] - The company is cautious about expanding into a second core business or pursuing acquisitions, focusing on steady and sustainable growth while evaluating risks and opportunities [5]

Core Viewpoint - The article discusses the historical context of the A-share market, highlighting that every time the index breaks through the 3500-3600 point range, it is often followed by a strong bull market. The current situation suggests a potential new bull market, but the presence of over 300 stocks trading below their book value indicates challenges ahead for a comprehensive bull market [1][2]. Group 1: Historical Bull Markets - In 2007 and 2015, the A-share market experienced comprehensive bull markets, characterized by a significant reduction in the number of stocks trading below their book value, known as "破净股" [1]. - The ultimate goal of a comprehensive bull market is to eliminate these "破净股," which serve as an important reference indicator for market health [1]. - During the 2007 bull market, the number of "破净股" dropped significantly, with reports indicating that by March 2007, there were virtually no such stocks left in the market [1]. Group 2: Current Market Conditions - As of now, despite the Shanghai Composite Index surpassing 3500 points, there are still over 300 stocks with a price-to-book ratio below 1, indicating a lack of upward momentum for these stocks [2]. - The sectors most affected by "破净股" include real estate, steel, and construction, with banks also showing significant numbers of such stocks, including Minsheng Bank and Huaxia Bank, which have price-to-book ratios below 0.5 [2]. Group 3: Market Dynamics and Challenges - The difficulty of making profits in the current market environment is increasing, with over 1400 stocks in decline despite a median increase of approximately 11.6% among A-shares this year [3]. - The market ecosystem has changed significantly compared to over a decade ago, with the introduction of the registration system and a substantial increase in the number of listed companies, now exceeding 5400 [3]. - The rise of quantitative trading, high-frequency trading, and algorithmic trading has created challenges for retail investors, who are at a disadvantage in terms of information and speed [3]. Group 4: Investment Strategies - In this context, ETFs have emerged as a viable option for retail investors, with total ETF assets reaching 4.3 trillion yuan, and individual investors increasingly participating in ETF trading [4]. - ETFs offer the advantage of diversifying individual stock risks and avoiding the pitfalls of high-frequency trading, thereby enhancing the probability of successful investments through passive and low-frequency strategies [4].