Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook compared to the overall market performance [22]. Core Insights - The construction industry is experiencing weak fixed asset investment, with infrastructure investment under pressure. However, regional investments may gain elasticity as national strategic layouts deepen [1][12]. - The overall fixed asset investment in China from January to August 2025 showed a year-on-year increase of 0.5%, while infrastructure investment (including all categories) rose by 5.4% [9][10]. - The report highlights significant stock performance, with the infrastructure private sector showing the highest weekly increase of 6.19% and annual growth of 53.51% [5][6]. Summary by Sections 1. Market Performance - The construction sector's weekly increase was 0.44%, outperforming the Shanghai Composite Index which decreased by 1.30% [3][4]. - The top three sub-sectors for weekly performance were private infrastructure (+6.19%), state-owned infrastructure (+1.17%), and professional engineering (+0.16%) [5][6]. 2. Industry Changes - National statistics indicate that from January to August 2025, fixed asset investment increased by 0.5% year-on-year, manufacturing investment rose by 5.1%, and infrastructure investment (excluding electricity) grew by 2.0% [9][10]. - Real estate investment saw a significant decline of 12.9% year-on-year during the same period [9][10]. 3. Key Company Developments - Notable contracts include a feasibility study for the Ho Chi Minh City urban rail project valued at 0.46 billion yuan, and a mining engineering project contract worth 5.04 billion yuan signed by Beixin Road and Bridge [12][13]. - The report also mentions significant stock movements, with Shanghai Construction and Time Space Technology showing substantial weekly gains of 31.7% and 29.14%, respectively [9][10]. 4. Profit Forecasts and Valuation Levels - The report provides a detailed valuation table for key companies in the construction sector, indicating projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024 to 2026 [17][18].

建筑装饰 2025 年 09 月 14 日 行 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 26 年地方债务额度提前下发，化债持续推进 看好 ——申万宏源建筑周报（20250908-20250912） 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 - ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数+2.42%，沪深 300 指数+1.38%，相对收益为+1.03pct。周涨幅最大的三个子行业分别为 生态园林（ +6.46% ）、基建民企（ +4.64% ） 、 装 饰 幕 墙 （+3.45%），对应行业内三个公司：东珠生态（+33.05 ...

建筑装饰 2025 年 09 月 07 日 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 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 本期投资提示： ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数-1.37%，沪深 300 指数-0.81%，相对收益为-0.56pct。周涨幅最大的三个子行业分别为基 建民企（+8.49%）、装饰幕墙（+1.73%）、生态园林（+0.57%）， 对 应 行 业 内 三 个 公 司 ： 交 建 股 份 （ +27.67% ） 、 中 天 精 装 （+13.64%）、棕榈股份（+8.73%）；年涨幅最大的三个子行业分别 是基建民企（+39.07% ）、生态园林（+33.94%）、专业工程 （+24.66%），对应行业内三个公司：交 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][23]. Core Insights - The report highlights that the implementation of new PPP regulations is expected to improve the repayment of existing projects [1]. - The construction sector has shown a week-on-week increase of 1.61%, underperforming compared to the Shanghai Composite Index which increased by 3.49% [3][4]. - The report identifies ecological landscaping as the best-performing sub-industry with a weekly increase of 7.53% and an annual increase of 40.00% [6][9]. Industry Performance - The construction industry experienced a weekly increase of 1.61%, lagging behind major indices such as the Shanghai Composite Index (+3.49%) and the Shenzhen Component Index (+4.57%) [3][4]. - The top three sub-industries for weekly performance were ecological landscaping (+7.53%), infrastructure private enterprises (+3.85%), and infrastructure state-owned enterprises (+3.13%) [6][9]. - Year-to-date, ecological landscaping leads with a 40.00% increase, followed by design consulting (+26.66%) and infrastructure private enterprises (+25.15%) [6][9]. Key Company Updates - Jianfa Heceng reported a 7.67% year-on-year increase in revenue for the first half of 2025, with a net profit increase of 32.33% [14]. - China Chemical signed new business contracts worth 224.845 billion yuan from January to July 2025, reflecting a year-on-year growth of 4.38% [14][15]. - The report notes significant revenue changes among various companies, with some experiencing substantial growth while others faced declines [15][16]. Market Trends - The report emphasizes the importance of government support for ongoing projects and the need for policy reinforcement to ensure smooth operations of existing projects [11]. - The construction sector is expected to gain momentum as regional investments align with national strategic layouts, providing potential for significant growth [3][11]. Stock Performance - The report lists the top-performing stocks, with Yuanlin Co. leading with a weekly increase of 61.09%, followed by Pudong Construction (+19.89%) and Gaoxin Development (+18.58%) [10][12]. - Conversely, stocks such as Suzhou Planning and Daqian Ecology saw declines of 12.35% and 9.15%, respectively [10][12]. Valuation and Earnings Forecast - The report provides a detailed valuation table for key companies in the construction sector, indicating projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024 to 2026 [18]. - Companies like China Railway and China Chemical are highlighted with specific EPS and PE metrics, showcasing their expected financial performance [18].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector relative to the overall market performance [21]. Core Insights - The construction industry has shown a weekly increase of 5.62%, outperforming major indices such as the Shanghai Composite Index and the Shenzhen Component Index [4][6]. - The infrastructure investment in the first half of the year has grown by 4.6% year-on-year, which is 1.8 percentage points higher than the overall investment growth rate, indicating a positive trend in the sector [10][12]. - Key companies such as China Electric Power Construction and Chengbang Co. have secured significant contracts, enhancing their revenue outlook for 2024 [12]. Summary by Sections Industry Performance - The construction sector's weekly performance was +5.62%, with the best-performing sub-industry being state-owned infrastructure enterprises, which rose by 9.66% [3][4]. - The top three sub-industries for weekly gains were state-owned infrastructure enterprises (+9.66%), design consulting (+6.50%), and private infrastructure enterprises (+6.13%) [6][9]. Key Changes in the Industry - The State Council has introduced the "Housing Rental Regulations" to encourage the use of private housing for rental purposes, aiming to increase the supply of rental housing [10][11]. - The Ministry of Transport has completed the issuance of the 800 billion yuan "two重" construction project list, which is expected to stimulate further growth in infrastructure investment [10][12]. Company Updates - China Electric Power Construction has won a contract for the Sun Gou Pumped Storage Power Station with a total value of approximately 5.752 billion yuan, representing 0.91% of its projected revenue for 2024 [12][13]. - Chengbang Co. has secured a new construction project worth 77.3152 million yuan, which accounts for 22.22% of its expected revenue for 2024 [12][13]. - The company 亚翔集成 reported a significant decline in revenue for the first half of 2025, down 40.95% year-on-year [12][13].

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]

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].