他提到，今年，香港首次公开募股(IPO)处于全球领先地位，资产及财富管理业务蓬勃发展，目前仍有 近300家企业正在排队上市。中国内地的优质企业可以利用香港这一平台筹集资金，借助香港的专业金 融服务拓展海外市场。同时，海外的优质企业可以在香港落地，投资香港与内地市场，反映香港在"一 国两制"下的双向平台作用显著。 他补充称，今年年底将有部分中东企业来香港路演，不仅能推动招商引资，也为香港建筑及基建企业开 拓中东市场创造机会。此外，部分科技公司亦来港租购商业大厦扩充业务，全球多地市场对香港市场持 积极正面态度并积极部署发展。(完) 11月4日，香港特区政府财政司司长陈茂波出席第四届国际金融领袖投资峰会主峰会时表示，与会的国 际金融领袖对香港整体市场感到乐观。(邱兆翔 摄) 他提到，本次峰会有约300名金融领袖出席，其中100名为全球金融机构主席或行政总裁，另外200名为 高层管理人员。目前，峰会已发展为香港品牌活动，不少国际金融领袖把该峰会列入国际金融界年度必 去盛会。 中新网香港11月4日电 (戴小橦 邱兆翔)香港特区政府财政司司长陈茂波4日出席国际金融领袖投资峰会 时表示，与会的国际金融领袖对香港整体市场感到 ...

Investment Rating - Non-metallic building materials: Buy (Maintain) [3] - Construction and engineering: Overweight (Maintain) [3] Core Views - The funding side is significantly increasing efforts to support infrastructure investment growth, with a broad infrastructure investment growth rate of 5.4% year-on-year from January to August, down 2.5 percentage points from the same period last year [1] - Major projects are intensively starting in multiple regions, with significant project launches in Xinjiang, Jiangsu, Guangxi, Anhui, and Hubei, indicating a construction surge in the fourth quarter [2] - The introduction of new policy financial tools totaling 500 billion yuan is expected to boost infrastructure investment, potentially driving an additional 2.5 trillion yuan in investment [5] Summary by Sections Funding and Investment - The Chinese government is increasing funding to support infrastructure investment, with a focus on large projects to stabilize economic growth [1] - New policy financial tools are being rapidly implemented, with over 1 billion yuan already allocated to various projects, including urban renewal and environmental protection [5] Project Launches - Significant project launches are occurring across various provinces, with a total investment of 332.38 billion yuan planned for 587 projects in Anhui alone [2] - The construction season is expected to accelerate in the fourth quarter as weather conditions improve [2] Investment Recommendations - Recommended companies to focus on include: - China Jushi (leading fiberglass manufacturer entering specialty electronic fabric market) - Guoen Co., Ltd. (leading modified plastics company with strategic layout in PEEK and robotics) - Puyang Huicheng (active magnesium oxide business) - Keda Manufacturing (expanding building materials business in Africa, lithium carbonate business showing turning point) - China State Construction, Oriental Yuhong, and Conch Cement in the infrastructure real estate chain [2]

证券研究报告 建筑装饰 行业定期报告 hyzqdatemark 2025 年 05 月 20 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 重点关注基建央企，相对沪深 300 低配 投资评级： 看好（维持） ——建筑装饰行业周报（20250512-20250518） 投资要点： 本周观点： 联系人 证监会发布《推动公募基金高质量发展行动方案》，推动行业回归"重回报"本质。2025 年 5 月 7 日，中国证监会印发《推动公募基金高质量发展行动方案》，围绕优化收费机 制、强化利益绑定、提升行业服务能力、促进长期投资稳定性和强化监管等六大方向提出 25 条具体举措，旨在推动行业从"重规模"向"重回报"转变。方案明确提出， ...