Investment Rating - The industry investment rating is "Positive" [2][3] Core Viewpoints - The report highlights that the construction PMI has improved, indicating a potential recovery in the industry, driven by government policies aimed at enhancing product quality and regulating competition [3][11] - The report suggests that while the overall industry remains weak, regional investments may gain traction as national strategic layouts deepen, presenting opportunities for growth [3][11] Industry Performance - The construction sector saw a weekly increase of +0.63%, underperforming compared to the Shanghai Composite Index (+1.40%) and the Shenzhen Component Index (+1.25%) [4][5] - The best-performing sub-industries for the week were infrastructure private enterprises (+3.19%), steel structures (+2.85%), and ecological landscaping (+2.46%) [5][9] - Year-to-date, the top three performing sub-industries are ecological landscaping (+21.25%), infrastructure private enterprises (+16.54%), and decorative curtain walls (+13.15%) [5][9] Key Company Developments - China Railway won a contract for the China-Kyrgyzstan-Uzbekistan railway project, with a total contract value of approximately RMB 5.343 billion, accounting for 0.462% of its 2024 revenue [13][14] - China Railway Construction also secured a contract for the same railway project, valued at approximately RMB 3.781 billion, representing 0.354% of its 2024 revenue [13][14] - Other notable companies include Sichuan Road and Bridge, which signed a contract worth approximately RMB 11.596 billion, accounting for 16.25% of its 2024 revenue [14][15] Stock Performance - The top five stocks by weekly increase were Chengbang Co. (+42.23%), Hangzhou Landscaping (+31.16%), Hopson Development (+21.35%), Hui Green Ecology (+15.65%), and New City (+10.98%) [9][10] - Conversely, the five stocks with the largest declines were Zhengping Co. (-18.28%), ST Yuancheng (-9.82%), ST Nongshang (-6.22%), Northern International (-5.71%), and Hanjia Design (-5.46%) [9][10] Economic Indicators - The manufacturing PMI for June was reported at 49.7%, a 0.2 percentage point increase from the previous month, indicating continued improvement in manufacturing sentiment [11][12] - The non-manufacturing PMI was at 50.5%, also up by 0.2 percentage points, while the construction business activity index rose to 52.8%, an increase of 1.8 percentage points [11][12]

建筑装饰 唐猛 (8621)23297818× tangmeng@swsresearch.com 本期投资提示： 2025 年 06 月 22 日 行 业 研 究 / 行 业 点 评 相关研究 - 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 ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数-2.24%，沪深 300 指数-0.45%，相对收益为-1.79pct。周涨幅最大的三个子行业分别为基 建央企（-1.54 %）、基建国企（-1.68 %）、基建民企（-2.07 %），对 应行业内三个公司：中国能建（-0.90%）、ST 交投（+7.10 %）、成都 路桥（ +6.51 % ）； 年 涨 幅 最 大 的 三 个 子 行 业 分 别 是 生 态 园 林 （+10.84 %）、装饰幕墙（+7.86 %）、专业工程（+3.82 %），对应行 业内三个公司：大千生态（+71 ...