分红方面，宏润建设A股上市后累计派现12.93亿元。近三年，累计派现3.42亿元。 1月8日，宏润建设盘中上涨2.21%，截至10:56，报9.25元/股，成交1.58亿元，换手率1.54%，总市值 114.45亿元。 宏润建设所属申万行业为：建筑装饰-基础建设-基建市政工程。所属概念板块包括：新型城镇化、地下 管廊、PPP概念、海绵城市、储能等。 资金流向方面，主力资金净流出1894.96万元，特大单买入535.71万元，占比3.39%，卖出1756.24万元， 占比11.11%；大单买入3585.40万元，占比22.67%，卖出4259.83万元，占比26.94%。 资料显示，宏润建设集团股份有限公司位于上海市龙漕路200弄28号宏润大厦，成立日期1994年12月29 日，上市日期2006年8月16日，公司主营业务涉及市政公用工程、房屋建筑工程、城市轨道交通工程施 工和房地产开发。主营业务收入构成为：建筑施工及市政基础设施投资业务76.18%，新能源开发业务 20.80%，房地产开发业务5.53%，其他业务0.69%。 宏润建设今年以来股价涨0.00%，近5个交易日跌0.43%，近20日跌4.15%，近6 ...

12月30日，四川路桥盘中上涨2.04%，截至13:12，报10.00元/股，成交1.05亿元，换手率0.12%，总市值 869.56亿元。 资金流向方面，主力资金净流入953.41万元，特大单买入0.00元，占比0.00%，卖出255.82万元，占比 2.43%；大单买入2017.29万元，占比19.14%，卖出808.05万元，占比7.67%。 分红方面，四川路桥A股上市后累计派现188.55亿元。近三年，累计派现140.54亿元。 机构持仓方面，截止2025年9月30日，四川路桥十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股9611.71万股，相比上期减少1846.92万股。红利低波（512890）位居第六大流通股东，持 股6244.74万股，相比上期增加719.01万股。华泰柏瑞沪深300ETF（510300）位居第七大流通股东，持 股4442.24万股，相比上期减少239.71万股。 责任编辑：小浪快报 四川路桥今年以来股价涨45.54%，近5个交易日涨1.63%，近20日涨5.93%，近60日涨21.83%。 资料显示，四川路桥建设集团股份有限公司位于四川省成都市高新区九兴大道12 ...

四川路桥所属申万行业为：建筑装饰-基础建设-基建市政工程。所属概念板块包括：成渝城市群、大 盘、增持回购、融资融券、太阳能等。 四川路桥今年以来股价涨40.88%，近5个交易日跌4.35%，近20日涨5.10%，近60日涨12.98%。 资料显示，四川路桥建设集团股份有限公司位于四川省成都市高新区九兴大道12号，成立日期1999年12 月28日，上市日期2003年3月25日，公司主营业务涉及基础设施建设、投资运营业务。主营业务收入构 成为：工程施工89.20%，贸易销售7.35%，公路投资运营3.09%，其他(补充)0.19%，其他0.16%。 12月22日，四川路桥盘中下跌2.02%，截至09:40，报9.68元/股，成交3180.74万元，换手率0.04%，总市 值841.73亿元。 资金流向方面，主力资金净流出221.90万元，大单买入261.59万元，占比8.22%，卖出483.48万元，占比 15.20%。 截至9月30日，四川路桥股东户数6.05万，较上期增加20.10%；人均流通股110993股，较上期减少 16.59%。2025年1月-9月，四川路桥实现营业收入732.81亿元，同比增长1.9 ...

12月18日，中国核建盘中下跌2.02%，截至13:50，报12.14元/股，成交5.99亿元，换手率1.62%，总市值 365.88亿元。 中国核建所属申万行业为：建筑装饰-基础建设-基建市政工程。所属概念板块包括：核电、长三角一体 化、核聚变、央企改革、一带一路等。 截至9月30日，中国核建股东户数9.10万，较上期增加0.69%；人均流通股33130股，较上期减少0.69%。 2025年1月-9月，中国核建实现营业收入739.38亿元，同比减少6.32%；归母净利润11.06亿元，同比减少 23.96%。 分红方面，中国核建A股上市后累计派现17.87亿元。近三年，累计派现8.14亿元。 机构持仓方面，截止2025年9月30日，中国核建十大流通股东中，南方中证500ETF（510500）位居第六 大流通股东，持股1757.75万股，相比上期减少43.25万股。 资金流向方面，主力资金净流出2967.43万元，特大单买入2753.11万元，占比4.59%，卖出6146.97万 元，占比10.26%；大单买入1.14亿元，占比18.96%，卖出1.09亿元，占比18.25%。 中国核建今年以来股价涨35.8 ...

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [2] Core Viewpoints - The focus is on the start of the "15th Five-Year Plan" in 2026, with the construction sector expected to experience a "spring rally." Overall infrastructure investment in 2025 remains weak, with growth rates at low levels. However, conditions for marginal improvement in investment rhythm may arise in the first quarter of 2026, catalyzing sentiment and orders for the sector [2][10]. Summary by Sections 1. Five-Year Plan Impact - The five-year plan significantly influences infrastructure investment rhythms, showing a clear "high at the front, stable at the back" pattern in recent cycles. Historically, infrastructure investment growth in China has exhibited stable phase characteristics, with the first half of the plan often seeing concentrated project launches and relatively high growth rates, while the latter half tends to stabilize [3][10]. 2. Investment Recovery Patterns - Historical data indicates a "low base - next year recovery" pattern for first-quarter infrastructure growth. For instance, in 2025, the broad infrastructure fixed asset investment growth rates for January-February and March are 9.95% and 12.59%, respectively. However, excluding the impact of power investment, the narrow infrastructure growth rates are only 5.60% and 5.94%, marking the lowest in five years. The expectation for 2026 is that the first quarter may naturally recover due to the low growth base in 2025 [4][12]. 3. Provincial Project Disclosures - In the first quarter of the "14th Five-Year Plan," multiple provinces are expected to disclose significant plans for communication, comprehensive transportation, water conservancy, and major infrastructure projects, which will significantly catalyze the infrastructure industry chain. For example, provinces like Sichuan and Chongqing have set ambitious investment targets for the "14th Five-Year Plan," which will lay the groundwork for the upcoming "15th Five-Year Plan" [5][10]. 4. Market Performance - The Shanghai Composite Index fell by 0.34%, while the Shenzhen Component Index rose by 0.84%, and the ChiNext Index increased by 2.74%. The construction decoration index dropped by 1.59%, with sectors like landscaping engineering and municipal engineering showing positive growth [6][25]. 5. Company Announcements - Several companies in the construction sector have reported significant project wins, including major overseas contracts and domestic infrastructure projects, indicating a robust pipeline of work that supports future revenue growth [19][20].

Core Viewpoint - Hongrun Construction's stock price has shown significant volatility, with a year-to-date increase of 89.18%, but recent declines in the short term raise concerns about its performance [1][2]. Financial Performance - For the period from January to September 2025, Hongrun Construction reported a revenue of 4.262 billion yuan, a year-on-year decrease of 0.47%, and a net profit attributable to shareholders of 244 million yuan, down 2.41% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.293 billion yuan, with 342 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 24, Hongrun Construction's stock price was 9.48 yuan per share, with a market capitalization of 11.729 billion yuan [1]. - The stock has experienced a 5.11% decline over the last five trading days and a 14.98% decline over the last 20 days, despite a 39.41% increase over the past 60 days [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on November 3, where it recorded a net buy of -140 million yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Hongrun Construction was 35,200, an increase of 2.55% from the previous period, with an average of 31,972 circulating shares per shareholder, a decrease of 2.48% [2]. - Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 16.576 million shares as a new shareholder [3]. Business Overview - Hongrun Construction, established on December 29, 1994, and listed on August 16, 2006, primarily engages in municipal public works, building construction, urban rail transit engineering, and real estate development [2]. - The company's revenue composition includes 76.18% from construction and municipal infrastructure investment, 20.80% from renewable energy development, 5.53% from real estate development, and 0.69% from other businesses [2].

Core Points - China Nuclear Engineering Corporation's stock price increased by 2.05% on November 24, reaching 11.43 CNY per share, with a total market capitalization of 34.448 billion CNY [1] - The company has experienced a year-to-date stock price increase of 27.91%, but has seen a decline of 5.77% over the last five trading days and 17.89% over the last twenty days [1] - The company reported a revenue of 73.938 billion CNY for the first nine months of 2025, a year-on-year decrease of 6.32%, and a net profit of 1.106 billion CNY, down 23.96% year-on-year [2] Financial Performance - The company has distributed a total of 1.787 billion CNY in dividends since its A-share listing, with 814 million CNY distributed over the last three years [3] - As of September 30, 2025, the number of shareholders increased to 91,000, with an average of 33,130 circulating shares per shareholder, a decrease of 0.69% [2][3] Market Activity - The company has appeared on the trading leaderboard four times this year, with the most recent instance on October 31, where it recorded a net buy of -521 million CNY [1] - Major shareholders include the Southern CSI 500 ETF, which holds 17.5775 million shares, a decrease of 432,500 shares from the previous period [3]

Group 1 - EVE Energy signed a procurement framework agreement with its affiliate, Smoore International, for continuous procurement of battery cells starting from January 1, 2026 [1] - Zhaoyi Information plans to issue H-shares and list on the Hong Kong Stock Exchange [1] - Fuke Environmental announced a change in its stock abbreviation to "Fuke Technology" effective November 26 [1] Group 2 - Dajia Weikang's shareholder and director terminated a share reduction plan ahead of schedule, having reduced 1% of total shares [2] - Aohong Electronics received approval from the China Securities Regulatory Commission for the issuance of convertible bonds [2] - Yingfeng Environment's controlling shareholder plans to issue exchangeable bonds not exceeding 1 billion yuan [2] Group 3 - Longshen Rongfa's subsidiary obtained a renewed drug production license covering various pharmaceutical products [4] - Xinhua News' subsidiary invested 15 million yuan in a fund with a total commitment of 221 million yuan [5] - Guang'an Aizhong appointed two new deputy general managers [6] Group 4 - Fosun Pharma's subsidiary's drug for gastric cancer treatment was included in the breakthrough therapy program by the National Medical Products Administration [7] - Nanjiao Foods reported a significant decline in October net profit due to rising raw material costs [8] - Nanfeng Co. won two nuclear power project bids totaling 928.7 million yuan [10] Group 5 - Puluo Pharmaceutical received a drug registration certificate for its Cefdinir capsules [11] - Liming Co.'s subsidiary received environmental approval for a new pesticide raw material project [12] - Longhua New Materials' expansion project for polyether polyols has commenced trial production [13] Group 6 - Pumen Technology's products received IVDR CE certification from TÜV Rheinland [15] - China Chemical reported new contracts worth 312.67 billion yuan from January to October [18] - China Nuclear Construction achieved new contracts totaling 123.84 billion yuan as of October [19] Group 7 - Changshu Bank's executives plan to purchase at least 550,000 shares of the bank [20] - Shandong Steel's subsidiary is applying for bankruptcy liquidation to focus on core business [21] - Huakang Clean is expected to win a bid for a purification system project worth 176 million yuan [23] Group 8 - Huawu Co. plans to internally transfer subsidiary equity [24] - Tianen Kang's subsidiary received clinical trial acceptance for a new drug [26] - Tianyi Medical's subsidiary obtained a medical device registration certificate for a blood dialysis product [27] Group 9 - Xuelang Environment is facing a pre-restructuring application from creditors [27] - Chitianhua's subsidiary resumed production after passing safety inspections [28] - Huaping Co.'s director plans to reduce 0.03% of company shares [30] Group 10 - Xizhuang Co. plans to establish a wholly-owned subsidiary in Singapore [31] - Ruisheng Intelligent's subsidiary won a 60.23 million yuan ICT project bid [32] - Junyi Digital plans to invest 120 million yuan in Guanghong Precision [33] Group 11 - Fuguang Co.'s controlling shareholder plans to increase holdings between 80 million to 150 million yuan [34] - Ganyue Express reported a 13.68% increase in logistics revenue in October [39] - Jiangsu Sop terminated its 2025 private placement plan [41] Group 12 - Langke Intelligent's shareholders plan to reduce a total of 1.68% of company shares [42] - Yuantong Express reported an 8.97% increase in express product revenue in October [45] - Jinbei Automotive plans to invest 158 million yuan to acquire 52% of Zhongtuo Technology [46]

Core Viewpoint - Hongrun Construction's stock price has experienced significant fluctuations, with an overall increase of 88.19% this year, but a recent decline in the last five and twenty trading days [1] Group 1: Stock Performance - As of November 20, Hongrun Construction's stock price was 9.43 CNY per share, with a market capitalization of 11.667 billion CNY [1] - The stock has seen a decline of 2.08% during the trading session on November 20, with a trading volume of 78.048 million CNY and a turnover rate of 0.73% [1] - Year-to-date, the stock has risen by 88.19%, but it has dropped by 7.37% in the last five trading days and 16.25% in the last twenty trading days [1] Group 2: Financial Metrics - For the period from January to September 2025, Hongrun Construction reported a revenue of 4.262 billion CNY, a year-on-year decrease of 0.47%, and a net profit attributable to shareholders of 244 million CNY, down 2.41% year-on-year [2] - The company has distributed a total of 1.293 billion CNY in dividends since its A-share listing, with 342 million CNY distributed in the last three years [2] Group 3: Business Overview - Hongrun Construction, established in December 1994 and listed in August 2006, is primarily engaged in municipal public works, building construction, urban rail transit engineering, and real estate development [2] - The company's revenue composition includes 76.18% from construction and municipal infrastructure investment, 20.80% from new energy development, 5.53% from real estate development, and 0.69% from other businesses [2] - Hongrun Construction is categorized under the construction decoration and municipal engineering sectors, with involvement in concepts such as shield machines, robotics, and railway infrastructure [2] Group 4: Shareholder Information - As of September 30, 2025, Hongrun Construction had 35,200 shareholders, an increase of 2.55% from the previous period, with an average of 31,972 circulating shares per shareholder, a decrease of 2.48% [2] - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 16.576 million shares as a new shareholder [2]

Core Viewpoint - China Nuclear Engineering Corporation (CNEC) experienced a decline in stock price by 2.07% on November 20, with a trading price of 11.81 CNY per share and a total market capitalization of 35.593 billion CNY [1] Group 1: Stock Performance - CNEC's stock price has increased by 32.16% year-to-date, but it has decreased by 10.53% in the last five trading days and by 4.83% in the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on October 31, where it recorded a net buy of -521 million CNY [1] Group 2: Financial Performance - For the period from January to September 2025, CNEC reported operating revenue of 73.938 billion CNY, a year-on-year decrease of 6.32%, and a net profit attributable to shareholders of 1.106 billion CNY, down 23.96% year-on-year [2] - CNEC has distributed a total of 1.787 billion CNY in dividends since its A-share listing, with 814 million CNY distributed over the last three years [3] Group 3: Shareholder Information - As of September 30, 2025, CNEC had 91,000 shareholders, an increase of 0.69% from the previous period, with an average of 33,130 circulating shares per shareholder, a decrease of 0.69% [2] - The sixth largest circulating shareholder is the Southern CSI 500 ETF, holding 17.5775 million shares, which is a decrease of 432,500 shares compared to the previous period [3]