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申万宏源建筑周报:PPP新规推行,存量项目回款有望改善-20250824
建筑装饰 2025 年 08 月 24 日 业 研 究 / 行 业 点 评 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 PPP 新规推行,存量项目回款有望改善 看好 ——申万宏源建筑周报(20250818-20250822) 本期投资提示: 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 - 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 一周板块回顾:板块表现方面,SW 建筑装饰指数+1.61%,沪深 300 指数+3.49%,相对收益为-1.88pct。周涨幅最大的三个子行业分别为 生态园林( +7.53% )、基建民企( +3.85% ) 、 基 建 国 企 (+3.13%),对应行业内三个公司:园林股份(+61.09%) ...
申万宏源建筑周报:固定资产投资持续走弱,刺激政策亟待发力-20250622
Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [2][22]. Core Insights - The report highlights a continued weakness in fixed asset investment, with a need for stimulus policies to take effect [2]. - The overall industry performance shows a weekly decline of 2.24%, underperforming against major indices [3][4]. - Key statistics from January to May 2025 indicate a year-on-year increase in total fixed asset investment of 3.7%, with manufacturing investment up by 8.5% and infrastructure investment (including all sectors) up by 10.4% [10][11]. Summary by Sections Industry Performance - The construction industry experienced a weekly decline of 2.24%, lagging behind the Shanghai Composite Index which fell by 0.51% [3]. - The best-performing sub-sectors for the week were state-owned enterprises in infrastructure, with declines of 1.54% [4]. Key Company Developments - 中工国际 signed a business contract for a 500,000-ton soda ash plant project in Kazakhstan, valued at $337 million, representing 19.8% of its 2024 revenue [12]. - 中国化学 reported a total of 150.8 billion yuan in new contracts signed from January to May 2025, a decrease of 9.92% year-on-year [13]. Investment Analysis - The report suggests that the overall industry remains weak, but regional investments may gain momentum as national strategic layouts deepen. Recommended low-valuation state-owned enterprises include 中国化学, 中国中铁, and 中国铁建, while private enterprises like 志特新材 and 鸿路钢构 are also highlighted [2][10].