Investment Rating - The report maintains an "Increase" rating for the construction decoration industry, indicating a potential for allocation in the fourth quarter [6][9]. Core Viewpoints - The construction sector is expected to benefit from a "high-cut-low" market style in the fourth quarter, driven by factors such as the need for institutional portfolio adjustments and a shift in market risk preferences due to rising trade tensions [1][11]. - The construction sector has significantly lagged behind other sectors, with a year-to-date increase of only 10.1%, ranking 19th among 30 industries, compared to the Shanghai Composite Index's 16.3% and the ChiNext Index's 45.4% [1][11]. - The current price-to-book (PB) ratio for the construction sector is 0.84, placing it in the 18th percentile over the past decade, indicating historical low valuations [1][11]. Summary by Sections Market Performance - The construction sector has underperformed this year, with a cumulative increase of 10.1%, significantly lower than major indices [1][11]. - The sector's PB ratio is currently at 0.84, which is historically low [1][11]. Earnings Outlook - The performance of major construction state-owned enterprises (SOEs) is showing signs of marginal improvement, with a total new order signing of 77,859 billion yuan in the first half of 2025, a year-on-year increase of 0.2% [2][17]. - The second quarter of 2025 saw new orders of 38,900 billion yuan, reflecting a 2% increase year-on-year and a 4 percentage point acceleration from the first quarter [2][17]. Dividend Yield and Valuation - Several leading construction SOEs have attractive dividend yields, with expected yields exceeding 3% for companies like China State Construction (4.9%) and China Railway Construction (3.6%) [3][24]. - The report highlights low valuations for key companies, recommending investments in those with strong dividend yields and potential for revaluation [4][25]. Investment Recommendations - The report recommends focusing on undervalued SOEs such as China Metallurgical Group and China Railway Group, which have significant revaluation potential [4][25]. - Other recommended stocks include China State Construction, China Communications Construction, and China Railway Construction, all of which exhibit low PB ratios [4][25].

Group 1 - The report highlights the long-term allocation value of Hong Kong-listed central state-owned enterprises (SOEs) dividend assets, which have shown stable performance amid global economic uncertainties and recent tariff conflicts [1][7][19] - As of October 10, 2025, the returns of major indices over the past two years are as follows: Hang Seng Index at 45.85%, Hang Seng Tech at 54.03%, Hang Seng High Dividend at 51.35%, and the National New Hong Kong Stock Connect SOE Dividend Index at 31.15% [8][9][19] - The report indicates that dividend assets have lower volatility and stronger stability compared to other indices during market fluctuations, particularly during the recent tariff shocks [11][19] Group 2 - The trading congestion of Hong Kong SOE dividend assets has increased, yet they remain relatively undervalued, offering high investment value [19][45] - The dividend yield of the National New Hong Kong Stock Connect SOE Dividend Index is 6.07%, which is significantly higher than the 10-year government bond yield by 4.22 percentage points [25][27] - The report notes that the relative attractiveness of dividend assets has improved due to declining bond yields, with the yield ratio of the National New Hong Kong Stock Connect SOE Dividend Index to the 10-year government bond yield reaching 3.29 as of October 10, 2025 [26][27] Group 3 - As of October 10, 2025, the total market capitalization of Hong Kong-listed SOEs is 13.5 trillion HKD, accounting for 17% of the overall market [35][36] - The report details that the H-share SOE PE (TTM) averages are 4.93, with a market-weighted average of 9.38, indicating a relatively low valuation compared to the overall Hong Kong market [45][51] - The report also highlights that the dividend yield of Hong Kong SOEs is generally higher than that of A-shares, with a significant contribution from state-owned enterprises [8][9][69]

新华社北京10月11日电 题：为经济社会发展作贡献 为民生改善办实事——"十四五"时期住房城乡建设高质量发展成效显著 新华社记者王优玲 国务院新闻办公室11日举行"高质量完成'十四五'规划"系列主题新闻发布会。住房城乡建设部部长倪虹介绍，"十四五"以来，全国住房城乡 建设系统深入贯彻落实党中央、国务院关于住房城乡建设工作的决策部署，坚持人民立场，深化改革、攻坚克难，着力稳增长、惠民生、防风 险、促转型，努力为经济社会发展作贡献，为民生改善办实事。 10月11日，国务院新闻办公室在北京举行"高质量完成'十四五'规划"系列主题新闻发布会，住房城乡建设部部长倪虹、住房城乡建设部副部 长董建国、住房城乡建设部副部长秦海翔、住房城乡建设部副部长李晓龙介绍"十四五"时期住房城乡建设高质量发展成就，并答记者问。新华社 记者 李鑫 摄 多点发力提高人民群众居住水平 这是记者在现场提问。新华社记者 李鑫 摄 进一步提升城市人居环境质量 全力保障城市供水、供气、供热，全面开展城市体检，大力实施城市更新……"十四五"期间，我国城市人居环境质量进一步提升，人民群众 在城市生活得更方便、更舒心、更美好。 五年来，建设筹集各类保障性住房 ...

Group 1 - Yuxi Zhongsen Jianlin Wood Processing Co., Ltd. has been established with a registered capital of 2 million RMB [1] - The legal representative of the company is Li Guibin [1] - The business scope includes licensed projects such as tourism, construction engineering, and livestock breeding [1] Group 2 - General projects include wood processing, wood sales, labor services, forestry product sales, and landscaping engineering [1] - The company is also involved in the sale of metal materials, building materials, and metal ores [1] - Additional services include unloading and handling, as well as rental of construction machinery and equipment [1]

10月10日至11日，"首届山东省建筑企业诚信建设峰会"在烟台召开。来自全省建筑行业60多家企业参会。会议围绕"共筑诚信之基、共谋发展之策"主题进 行了交流发言。 本次峰会由山东省诚信建设促进会联合省建筑业协会组织开展，旨在进一步加强企业自身诚信建设，切实为全省建筑企业诚信建设发挥示范与引领作用， 引导本地建筑业企业加强诚信建设，营造诚实守信的良好行业氛围，积极建设诚信企业，创建诚信品牌，争当诚信企业家，不断提升企业的诚信水平和核 心竞争力，为推动山东省建筑业诚信体系建设和高质量发展作出更大贡献。 山东省诚信建设促进会会长王继新作了《携手诚信.合作共赢》主旨讲话，与会企业共同签署了诚信建筑企业融合发展战略合作意向书。会议还为山东三 箭建设工程股份有限公司等37家首届建筑业山东省优秀诚信企业和中建八局第一建设有限公司党委书记、董事长牛化宪等26位企业家为"山东省优秀诚信 企业家"颁发了匾牌和证书。 D in 4 LIL SEVERT INI 2017 of and and ...

2025.10. 11 当前，各地正从标准、政策、示范、监管等多个方面加快开展"好房子"相关实践探索。 9月26日，上海规划与自然资源局发布关于印发《关于进一步促进本市住宅品质提升的规划资源若干意见》的通知， 从建筑高度、外立面要求、阳台设计与计容规则等多方面入手，为住宅品质提升指出了新方向，让上海市的"好房 子"更有规范可依。 本文字数：1500，阅读时长大约2分钟 作者 | 第一财经 祝嫣然 今年，"好房子"首次写入政府工作报告。加快推进安全、舒适、绿色、智慧的"好房子"建设，是今年住房和城乡建设工 作的重点之一。 10月11日，国务院新闻办举行高质量完成"十四五"规划系列主题新闻发布会。住房和城乡建设部部长倪虹在回答第一 财经记者提问时表示，"好房子"承载着千家万户对美好生活的向往。住房和城乡建设部重点抓五个方面工作：好标 准、好设计、好材料、好建造、好运维。通过推动这五项工作，在"十五五"期间，"好房子"会展现在消费者面前。 《住宅项目规范》已于今年5月1日正式实施，明确住宅项目建设应以安全、舒适、绿色、智慧为目标，对层高、隔音 等作出强制规定。比如，规定了新建住宅建筑层高不低于3米，4层及以上住宅设 ...

美银证券将霍顿房屋的目标价从175美元下调至165美元，将莱纳建筑的目标价从133美元下调至125美 元，均维持"中性"评级。(格隆汇) ...

Core Insights - The report indicates that the Shanghai Composite Index broke through 3900 points but faced a pullback, leading to increased market volatility. The outlook remains optimistic for a systematic "slow bull" market, with potential adjustments viewed as opportunities for increased allocation [1][4][58] - The report suggests a strategic focus on large financials, real estate, and infrastructure sectors, while tactical operations should monitor the performance of the ChiNext Index and key moving averages [1][5][59] Market Overview - The major indices experienced fluctuations, with the Shanghai Composite Index showing a slight increase of 0.37% over the week, while the ChiNext Index and the STAR Market saw declines of 3.86% and 2.85% respectively [12][56] - The report highlights a significant rise in cyclical sectors, with non-ferrous metals up by 4.35%, and coal and electricity sectors also performing well. Conversely, technology sectors showed weakness, with declines in media, electronics, and communications [15][57] Market Sentiment and Capital Flow - The average daily trading volume in the Shanghai and Shenzhen markets increased to 2.59 trillion yuan, indicating heightened market activity. The margin trading balance also continued to rise, reaching 2.44 trillion yuan [24][29] - The report notes that the stock ETF saw a net inflow of 10.4 billion yuan, with the securities ETF leading in inflows, while the medical ETF experienced the largest outflow [31][39] Future Market Outlook - The report anticipates that if the ChiNext Index does not recover its upward trend in the short term, it may undergo a weekly level consolidation. The Shanghai Composite Index, having formed a five-wave structure, is expected to continue its upward trajectory unless external shocks disrupt this trend [4][58] - The report emphasizes the importance of monitoring the performance of key sectors, particularly large financials and cyclical stocks, as the market may shift focus away from technology [58][59]

新华财经北京10月11日电（记者高婷）"建筑业在我国现代化建设中不断发展壮大，是'中国建造'的力 量载体。"住房和城乡建设部副部长李晓龙11日在国新办举行的"高质量完成'十四五'规划"系列主题新闻 发布会上表示，"十四五"期间，我们以提高建筑品质为目标，以建筑业工业化、数字化、绿色化为路 径，完善工程建设标准体系，规范建筑市场秩序，不断推动建筑业转型升级，产业结构持续深化、建造 技术显著提高、整体实力明显增强。主要成效体现在以下三个方面。 第一，有力支撑经济社会发展。建筑业与国民经济发展、人民生活改善密切相关。2024年，建筑业产值 32.7万亿元，比2020年增加了6.3万亿元，增长24%。2021年至2024年，建筑业累计完成154亿平方米建 筑、7.9万公里市政道路、3429公里城市轨道交通、约1.6万公里铁路、约29万公里公路以及各类水利、 机场等基础设施。同时，建筑业还支撑了城中村改造、危旧房改造、老旧小区改造等一大批民生工程。 第三，"中国建造"品牌享誉海外。建筑企业积极参与高质量共建"一带一路"，"走出去"步伐加快，模式 更加丰富、领域更加多元。2021年至2024年，对外承包工程业务累计签订合 ...

"中国建造"享誉海外！"十四五"期间我国建筑业实力再升级 中新网10月11日电 国新办11日举行"高质量完成'十四五'规划"系列主题发布会。住房城乡建设部副部长 李晓龙在会上表示，"十四五"期间，我国建筑业产业结构持续深化、建造技术显著提高、整体实力明显 增强。 李晓龙表示，建筑业在我国现代化建设中不断发展壮大，是"中国建造"的力量载体。"十四五"期间，以 提高建筑品质为目标，以建筑业工业化、数字化、绿色化为路径，完善工程建设标准体系，规范建筑市 场秩序，不断推动建筑业转型升级，产业结构持续深化、建造技术显著提高、整体实力明显增强。 第一，有力支撑经济社会发展。建筑业与国民经济发展、人民生活改善密切相关。有这样一组数据， 2024年，建筑业产值32.7万亿元，比2020年增加了6.3万亿元，增长24%。2021年至2024年，建筑业累计 完成154亿平方米建筑、7.9万公里市政道路、3429公里城市轨道交通、约1.6万公里铁路、约29万公里公 路以及各类水利、机场等基础设施。同时，建筑业还支撑了城中村改造、危旧房改造、老旧小区改造等 一大批民生工程，显著改变了城乡面貌，改善了人民群众生活条件。 第二，新型建造 ...