丨证券研究报告丨 行业研究丨点评报告丨建筑与工程 [Table_Title] 如何看待 7 月基建投资增速转负？ SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 报告要点 [Table_Summary] 统计局发布 1-7 月经济数据，1-7 月狭义基建投资为 10.5 万亿，同比增加 3.2%，广义基建投 资为 14.3 万亿元，同比增加 7.4%。 分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 龚子逸 建筑与工程 cjzqdt11111 [Table_Title2] 如何看待 7 月基建投资增速转负？ [Table_Summary2] 事件描述 统计局发布 1-7 月经济数据，1-7 月狭义基建投资为 10.5 万亿，同比增加 3.2%，广义基建投 资为 14.3 万亿元，同比增加 7.4%。 事件评论 风险提示 1、项目转化不及预期；2、实物工作量推进不及预期。 ...

丨证券研究报告丨 SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 行业研究丨点评报告丨建筑与工程 [Table_Title] 新疆西藏之外，还有哪些重点区域值得关注？ 报告要点 [Table_Summary] 近期，西藏区域雅鲁藏布江下游水电工程、新疆区域新藏铁路工程推进加速，重大基建项目及 重点基建区域进一步引发市场关注，除新疆、西藏之外，我们梳理了部分值得关注的重点区域， 详见报告正文。 分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 建筑与工程 cjzqdt11111 [Table_Title2] 新疆西藏之外，还有哪些重点区域值得关注？ [Table_Summary2] 事件描述 近期，西藏区域雅鲁藏布江下游水电工程、新疆区域新藏铁路工程推进加速，重大基建项目及 重点基建区域进一步引发市场关注，除新疆、西藏之外，我们梳理了部分值得关注的重点区域， 详情梳理 ...

Investment Rating - The report maintains an "Overweight" rating for the construction and building materials sectors [9] Core Insights - Investment in infrastructure, real estate, and manufacturing continues to slow down, with infrastructure investment growing by 3.2%, real estate declining by 12.0%, and manufacturing increasing by 6.2% year-on-year from January to July 2025 [12][14] - The report highlights a significant drop in new real estate construction area, down 19.4% year-on-year, although the rate of decline has been narrowing [12][17] - Recent demand-side policies are expected to accelerate implementation, potentially boosting construction material opportunities [12][14] - The cement and fiberglass sectors show a clear structural differentiation, with traditional yarn prices stabilizing after declines, while specialized electronic yarns and fabrics maintain a positive outlook [12][19] Summary by Sections Investment Trends - From January to July 2025, cumulative investment in infrastructure (excluding electricity, heat, water, and gas) increased by 3.2%, while real estate investment decreased by 12.0% [14] - The report notes that the decline in new real estate construction has been less severe compared to earlier months, indicating a potential recovery trend [12][17] Key Companies and Performance - Major companies such as Weixing New Materials reported a revenue of 2.078 billion yuan, down 11.33% year-on-year, while Sankeshu achieved a revenue of 5.816 billion yuan, up 0.97% year-on-year with a net profit increase of 107.53% [3] - The report recommends focusing on companies with significant year-on-year growth in their mid-year reports, particularly in the cement and fiberglass sectors [12][37] Market Dynamics - The national average price of cement increased by 0.2% week-on-week, with a shipment rate of 45.8% [2][28] - The average price of float glass decreased by 2.8% week-on-week, with a significant year-on-year decline of 16.2% [2][29] - The report emphasizes the importance of monitoring the demand recovery in the construction materials sector, particularly in waterproofing and other construction-related materials [12][17] Recommendations - The report recommends several companies for investment, including Yaxiang Integration, China Metallurgical Group, and Huaxin Cement, all of which are expected to perform well in the current market environment [9][37] - It suggests that companies with strong technological capabilities and high-end product structures are likely to benefit from ongoing market trends [12][24]

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector and the building materials sector [6]. Core Insights - Infrastructure investment growth is expected to continue, with a focus on key projects in the western region, such as the Yajiang Group and Xinjiang Tibet Railway Company, which are likely to enhance growth stability [1]. - The real estate sector is experiencing a decline in sales and new starts, but recent policy support may improve retail consumption and new construction starts [2]. - Cement production has seen a decline in both volume and price, but there are signs of price stabilization in certain regions as of mid-August [3]. - The flat glass market has shown fluctuations in prices, with a rebound in photovoltaic glass prices due to inventory reduction [4]. Summary by Sections Infrastructure Investment - From January to July 2025, infrastructure investment (excluding electricity, heat, gas, and water supply) grew by 3.2% year-on-year, while real estate and manufacturing investments declined by 12.0% and increased by 6.2%, respectively [1]. - Key projects in the western region are expected to bolster growth, with recommendations for companies like Tunnel Co., China National Materials, and others [1]. Real Estate Market - Real estate sales, new starts, and completion areas saw declines of 4.0%, 19.4%, and 16.5% year-on-year, respectively, but new policies may help improve these figures [2]. - Retail sales of building and decoration materials reached 96 billion yuan, up 2.2% year-on-year, indicating some recovery in the sector [2]. Cement Industry - Cement production from January to July 2025 totaled 958 million tons, down 4.5% year-on-year, with a significant price drop of 11.4% in July [3]. - As of mid-August, cement prices in the Yangtze River Delta region began to rise, suggesting potential stabilization in the market [3]. Glass Industry - The production of flat glass decreased by 5.0% year-on-year, with prices showing a significant drop in July but rebounding in early August due to inventory adjustments in photovoltaic glass [4]. Stock Recommendations - The report recommends buying stocks such as Tunnel Co. (600820 CH), China National Materials (600970 CH), and others, with target prices set for each [8][30].

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [12] Core Insights - Xinjiang has significant development potential despite its poor infrastructure, with ongoing investments in major infrastructure projects such as transportation, water conservancy, and energy [2][5] - The region's GDP is projected to grow by 6.1% in 2024, with fixed asset investment expected to increase by around 10% by 2025 [5][27] - Major projects in Xinjiang, including coal chemical projects and significant transportation infrastructure, are expected to drive economic growth and create investment opportunities [7][10] Summary by Sections Economic Overview - Xinjiang's GDP for 2024 is estimated at 20,534.08 billion yuan, with a per capita GDP of 78,660 yuan, reflecting a growth of 6.1% and 5.4% respectively [5][21] - The region's infrastructure is lagging, with road and rail density significantly below national averages, which constrains economic development [24][26] Infrastructure Investment - The Xinjiang government plans to utilize various funding sources, including central budget investments and local government bonds, to support infrastructure development [27] - By 2025, Xinjiang aims for a GDP growth of around 6% and a fixed asset investment increase of approximately 10% [27] Major Projects - Significant projects include the Xinjiang coal chemical industry, with investments expected to accelerate, and major transportation projects like the China-Kyrgyzstan-Uzbekistan railway and the New Tibet Railway [7][10] - The total investment for the China-Kyrgyzstan-Uzbekistan railway is estimated at 8 billion USD, with construction expected to start by the end of 2024 [7] Strategic Positioning - Xinjiang is positioned as a key hub in the Belt and Road Initiative, with its foreign trade growth rate leading the nation [9] - The region's strategic location and resource advantages are expected to enhance its role in national economic development [44][45] Investment Recommendations - Companies such as China Chemical and China Railway Construction are highlighted as potential beneficiaries of the increasing infrastructure investments in Xinjiang [10] - The report suggests monitoring local engineering firms for order releases as infrastructure projects ramp up [10]

导读：智通财经8月12日投资避雷针，近日，A股及海外市场潜在风险事件如下。国内经济信息方面包括：1）7月汽车销售259.3万辆，同比增长14.7%，环 比下降10.7%；2）吕梁离石主流煤矿炼焦煤价格均下调50元/吨；公司方面重点关注包括：1）上海建科董事陈为涉嫌严重违纪违法，目前正接受上海市纪委 监委纪律审查和监察调查；2）3连板上海港湾提示，钙钛矿太阳能电池业务及商业航天业务占公司营收比例均规模较小；海外市场重点关注包括：1）美股 三大指数小幅收跌，大型科技股多数下跌；2）AI软件供应商C3.ai大跌超25%。 经济信息 1、中汽协发布数据，7月，汽车产销分别完成259.1万辆和259.3万辆，环比分别下降7.3%和10.7%，同比分别增长13.3%和14.7%。1-7月，汽车产销分别完成 1823.5万辆和1826.9万辆，同比分别增长12.7%和12%，产销增速较1-6月分别扩大0.2个和0.6个百分点。 2、8月11日吕梁离石主流煤矿炼焦煤价格均下调50元/吨，高硫瘦精煤A9.5、S2.5、V18、G68报价900元/吨；低硫主焦煤A11.5、S1.0、V22、G90报价1400 元/吨；高硫瘦精煤 ...

Report Summary - The report lists the top ten convertible bonds for August 2025, providing detailed information about each bond, including issuer profiles, financial data, and company highlights [16][25][37] Company Highlights 1. Zhongte Convertible Bond - The company is a globally leading specialized special steel material manufacturer with a production capacity of approximately 20 million tons of special steel materials per year. It has a comprehensive strategic layout along the coastal and riverside areas [16]. - In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent company was 5.126 billion yuan (YoY -10.41%). In Q1 2025, the operating income was 26.84 billion yuan (YoY -5.59%), and the net profit attributable to the parent company was 1.384 billion yuan (YoY +1.76%) [16]. - Company highlights include being one of the world's most comprehensive special steel enterprises in terms of variety and specifications, having a complete industrial chain, and actively seeking external expansion opportunities [17]. 2. Shanlu Convertible Bond - The company's main business is road and bridge engineering construction and maintenance, and it actively expands into other fields. It has a complete business and management system and can provide one - stop comprehensive services [25]. - In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent company was 2.322 billion yuan (YoY +1.47%). In Q1 2025, the operating income was 9.764 billion yuan (YoY +1.95%), and the net profit attributable to the parent company was 249 million yuan (YoY +1.89%) [25]. - Company highlights include having the concept of "China - Special Valuation," potential improvements in the balance sheet and order volume in the context of debt resolution, expected benefits from regional infrastructure plans, and seizing opportunities under the Belt and Road Initiative [26]. 3. Hebang Convertible Bond - The company has advantages in resource reserves and product diversification, covering the chemical, agricultural, and photovoltaic industries [37]. - In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent company was 31 million yuan (YoY -97.55%). In Q1 2025, the operating income was 1.726 billion yuan (YoY -13.68%), and the net profit attributable to the parent company was 13 million yuan (YoY -57.99%) [37]. - Company highlights include significant contributions from phosphate mines and stable profitability of salt mines, as well as high - margin liquid methionine production [38]. 4. Aima Convertible Bond - The company is a leading enterprise in the electric two - wheeler industry, with self - developed and produced products sold through dealers [47]. - In 2024, its operating income was 21.606 billion yuan (YoY +2.71%), and the net profit attributable to the parent company was 1.988 billion yuan (YoY +5.68%). In Q1 2025, the operating income was 6.232 billion yuan (YoY +25.82%), and the net profit attributable to the parent company was 605 million yuan (YoY +25.12%) [47]. - Company highlights include potential benefits from government subsidies, expected policy support after the implementation of new national standards, and room for improvement in gross margin [48]. 5. Industrial Convertible Bond - The company is one of the first joint - stock commercial banks in China and has evolved into a modern financial service group [57]. - In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent company was 77.205 billion yuan (YoY +0.12%). In Q1 2025, the operating income was 55.683 billion yuan (YoY -3.58%), and the net profit attributable to the parent company was 23.796 billion yuan (YoY -2.22%) [57]. - Company highlights include stable growth in net interest income, stable asset quality, and continuous expansion of scale and customer base [58]. 6. Youfa Convertible Bond - The company is the largest welded steel pipe R & D, production, and sales enterprise in China, with a wide range of products used in multiple fields [70]. - In 2024, its operating income was 54.822 billion yuan (YoY -10.01%), and the net profit attributable to the parent company was 425 million yuan (YoY -25.46%). In Q1 2025, the operating income was 11.402 billion yuan (YoY +6.06%), and the net profit attributable to the parent company was 133 million yuan (YoY +9680.17%) [70]. - Company highlights include national layout and leading position in the industry, active exploration of overseas markets, and high - dividend distribution [71]. 7. Chongqing Bank Convertible Bond - The company is an early local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business scopes [82]. - In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent company was 5.117 billion yuan (YoY +3.8%). In Q1 2025, the operating income was 3.581 billion yuan (YoY +5.3%), and the net profit attributable to the parent company was 1.624 billion yuan (YoY +5.33%) [82]. - Company highlights include the development opportunities brought by the Chengdu - Chongqing Twin - City Economic Circle strategy, stable growth of asset scale, and active adjustment of credit strategies according to national policies [83]. 8. Tianye Convertible Bond - The company is a leading enterprise in the chlor - alkali chemical industry in China, with an integrated circular economy industrial chain [94]. - In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent company was 68 million yuan (YoY +108.83%). In Q1 2025, the operating income was 2.417 billion yuan (YoY +8.17%), and the net profit attributable to the parent company was - 17 million yuan (YoY +89.97%) [94]. - Company highlights include relatively stable production costs of caustic soda flakes and plans to increase dividend frequency and advance coal mine projects [95]. 9. Huayuan Convertible Bond - The company focuses on building a complete vitamin D3 upstream - downstream industrial chain and aims to become a world - leading producer of related products [105]. - In 2024, its operating income was 1.243 billion yuan (YoY +13.58%), and the net profit attributable to the parent company was 309 million yuan (YoY +60.76%). In Q1 2025, the operating income was 326 million yuan (YoY -1.18%), and the net profit attributable to the parent company was 97 million yuan (YoY +5.5%) [105]. - Company highlights include leading products in the market, smooth progress of project construction, and expansion into other vitamin product categories [106]. 10. Yushui Convertible Bond - The company is the largest integrated water supply and drainage enterprise in Chongqing, with a stable monopoly position in the local market [116]. - In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent company was 785 million yuan (YoY -27.88%). In Q1 2025, the operating income was 1.652 billion yuan (YoY +8.66%), and the net profit attributable to the parent company was 237 million yuan (YoY +28.91%) [116]. - Company highlights include high market share, continuous expansion of business scope, and effective cost control through intelligent applications [117].

重要新闻 1. 国常会：审议通过《关于深入实施"人工智能+"行动的意见》 李强主持召开国务院常务会议，审议通过《关于深入实施"人工智能+"行动的意见》。会议审议通过 《关于深入实施"人工智能+"行动的意见》。会议指出，要深入实施"人工智能+"行动，大力推进人工智 能规模化商业化应用，推动人工智能在经济社会发展各领域加快普及、深度融合，形成以创新带应用、 以应用促创新的良性循环。政府部门和国有企业要强化示范引领，通过开放场景等支持技术落地。要优 化人工智能创新生态，强化算力、算法和数据供给，加大政策支持力度，加强人才队伍建设，构建开源 开放体系，为产业发展壮大提供有力支撑。要提升安全能力水平，加快形成动态敏捷、多元协同的人工 智能治理格局。 2. 国家发改委：破除"内卷式"竞争，规范地方招商引资行为 7月31日，国家发展改革委召开2025年上半年发展改革形势通报会。会议强调，纵深推进全国统一大市 场建设，破除"内卷式"竞争，深入推进招标投标制度改革，规范地方招商引资行为，推动要素顺畅流 通，促进民营经济健康发展、高质量发展。 3. 金融监管总局发文规范"惠民保"：不得搞低价无序"内卷式"竞争 国家金融监督管理总 ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [11] Core Insights - The report highlights a slowdown in fixed asset investment growth, with a marginal improvement in the PMI for the construction sector, indicating a potential recovery in business activity expectations [6][19] - The report notes a significant decline in narrow infrastructure investment in June, with a year-on-year increase of 2.0% but a month-on-month decrease of 3.1 percentage points [7][26] - The report emphasizes the steady funding for infrastructure projects, with a notable increase in special bond issuance aimed at debt replacement [9][60] Summary by Sections Investment & Orders - Fixed asset investment growth continues to slow, with June's manufacturing PMI showing a slight improvement, while the construction PMI increased to 52.8%, up 0.5 percentage points year-on-year and 1.8 percentage points month-on-month [6][19] - In June, narrow infrastructure investment reached CNY 2.5 trillion, a year-on-year increase of 2.0%, while broad infrastructure investment was CNY 3.4 trillion, up 5.8% year-on-year [7][26] - The report indicates that overseas orders for construction companies remain robust, with a 17.34% year-on-year increase for China Energy Engineering in Q2 [7][41] Physical Workload - June saw a decline in cement production, with a year-on-year decrease of 5.3%, although the decline rate has narrowed compared to May [8][50] - Data for July shows improvements in construction material supply and asphalt operation rates, indicating a potential recovery in physical workload [8][50] Project Funding - The funding availability for construction projects remains stable, with a funding rate of 58.89% as of July 15, showing a slight decrease from the previous week [9][58] - Special bond issuance exceeded CNY 500 billion in June, with over CNY 200 billion in new special bonds aimed at debt replacement [9][60] - The report outlines that the issuance of special refinancing bonds is progressing well, with plans to issue CNY 18,246 billion for debt replacement in 2025 [9][69]

Summary of Key Points Market Overview - The total trading volume of the Shanghai and Shenzhen stock markets on July 25 was 17,873.37 billion yuan, a decrease of 573.69 billion yuan compared to the previous day [1] - The Shanghai Stock Exchange had a trading volume of 8,216.1 billion yuan, down from 8,522.4 billion yuan on the previous trading day [1] - The Shenzhen Stock Exchange recorded a trading volume of 9,657.27 billion yuan, compared to 9,924.66 billion yuan the day before [1] Trading Volume Details - The trading volume for the Shanghai market was 697 million shares, a decline from 773 million shares in the previous session [1] - The Shenzhen market's trading volume was 724 million shares, slightly down from 742 million shares the previous day [1] Top Performing Stocks - Northern Rare Earth had the highest trading volume at 15.606 billion yuan [1] - China Power Construction, Dongfang Wealth, Tibet Tianlu, and Baogang Group followed with trading volumes of 15.576 billion yuan, 11.391 billion yuan, 9.337 billion yuan, and 8.386 billion yuan respectively [1]