2025 年 8 月 22 日 主要财务指标预测 | 营业收入(亿元) | 41.52 | 43.00 | 45.00 | 48.00 | | --- | --- | --- | --- | --- | | 收入增长率% | 3.54 | 3.58 | 4.65 | 6.67 | | 归母净利润（亿元） | 3.43 | 3.58 | 3.77 | 4.00 | | 利润增速% | 8.49 | 4.36 | 5.43 | 6.19 | | 毛利率% | 35.69 | 34.00 | 34.00 | 34.00 | | 摊薄 EPS(元) | 0.84 | 0.87 | 0.92 | 0.98 | | PE | 23.63 | 22.64 | 21.48 | 20.22 | 资料来源：公司公告，中国银河证券研究院 · 建筑行业 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 1 （603153.SH） 维持评级 龙天光 ：021-2025-2646 ：longtianguang_yj@chinastock.com.cn 分析师登记编码：S013 ...

朝闻国盛 建筑央国企矿产资源重估价值有多大？ 今日概览 重磅研报 【固定收益】"搬家"的存款还是存款——20250814 【固定收益】可转债产业链大图谱———2025 年 8 月——20250814 【建筑装饰】建筑央国企矿产资源重估价值有多大？——20250814 【房地产】公募 REITs 二季报业绩点评：分化成主基调，择时为关键— —20250814 研究视点 证券研究报告 | 朝闻国盛 gszqdatemark 2025 08 15 年 月 日 【钢铁】甬金股份（603995.SH）-季度盈利环比改善，规模持续扩张— —20250814 作者 | 分析师 林志朋 | | | | | --- | --- | --- | --- | | 执业证书编号：S0680518100004 | | | | | 邮箱：linzhipeng@gszq.com | | | | | 行业表现前五名 | | | | | 行业 | 1 月 | 3 月 | 1 年 | | 通信 | 18.3% | 31.9% | 77.3% | | 电子 | 12.3% | 16.8% | 61.6% | | 有色金属 | 10.5% | 20 ...

Core Viewpoint - The article discusses the legal implications and responsibilities in labor and service relationships, highlighting the differences in liability and compensation in cases of injury during work, particularly in informal labor arrangements [12][13]. Group 1: Labor and Service Relationships - Labor relationships are governed by strict regulations under labor laws, while service relationships are more flexible and based on civil agreements, suitable for temporary or non-core work [1][12]. - Service relationships often lack formal contracts, leading to potential disputes over responsibilities and compensation in case of injuries [13]. Group 2: Case Studies - Case 1: A caregiver at a nursing home was awarded compensation after slipping on a wet floor, with the nursing home held 90% responsible due to inadequate safety measures [2][3]. - Case 2: A demolition worker fell from a ladder and was found 70% responsible for his injuries due to lack of safety equipment, while the employer was held 30% responsible for not providing safety measures [5][7]. - Case 3: An online food delivery rider sustained injuries during delivery and was awarded compensation, with the platform company held 50% responsible for not ensuring adequate safety measures [9][10]. Group 3: Legal Responsibilities - Both parties in a service relationship have a duty of care regarding safety, with the service provider expected to ensure a safe working environment and the labor provider responsible for their own safety [3][7]. - The court emphasizes the importance of written agreements in service relationships to clarify responsibilities and reduce disputes [13].

Group 1 - The cement industry will be included in the national carbon market by 2025, with a focus on supporting decarbonization and green development in the construction sector as carbon peak deadlines approach [1] - Currently, less than 1% of buildings globally achieve net-zero carbon emissions in daily use, and this percentage decreases when considering the embedded emissions from building materials [2][3] - The affordability of green buildings remains a significant challenge for both developed and emerging economies, compounded by gaps in capacity building, knowledge, and skills [1][3] Group 2 - The global stock of zero-carbon buildings is below 1%, with new buildings achieving a zero-carbon rate of about 5% over the past 5 to 10 years, indicating a need for substantial improvement [2] - The construction sector is responsible for 50% to 75% of urban greenhouse gas emissions, necessitating multiple pathways for emission reduction, including investments in renewable energy and energy efficiency [5][6] - To meet the International Energy Agency's (IEA) 2050 net-zero target, the speed of energy efficiency improvements in the building sector must increase by 2 to 3 times [5] Group 3 - The upfront costs of retrofitting and constructing net-zero and resilient buildings are high, which deters investment due to perceived risks and low returns [2][4] - Innovative financing models, such as green bonds and energy performance contracts, are essential to address the financing challenges in green building projects [7][8] - The global investment required to achieve net-zero and resilient building goals is estimated at $1.7 trillion annually over the next five years, with private capital playing a crucial role [7][8] Group 4 - Key technologies for driving green low-carbon buildings include building passports and smart home systems, which track energy consumption and incentivize behavioral changes [9][10] - The WRI is focusing on energy-efficient retrofitting in urban renewal in China, promoting regional energy-saving technologies and financial support models [10]

Group 1 - The conference on "International Zero Carbon Cities and Villages and Zero Carbon Building" was held in Beijing, focusing on urban renewal, energy-saving mechanisms, policy support, and financial empowerment in the context of carbon neutrality [1] - Roxana Slavcheva from WRI highlighted that building energy efficiency is one of the most cost-effective strategies for emission reduction, with a potential 83% reduction in global building sector carbon emissions by 2050 if best practices are widely adopted [1] - Despite progress in Europe, globally less than 1% of existing buildings can achieve zero carbon emissions, facing challenges such as high initial costs and low perceived investment returns [1] Group 2 - The building industry is urged to invest in energy efficiency and renewable energy to meet the International Energy Agency's net-zero carbon goals, while also promoting low-carbon concrete and other alternative products [2] - WRI's research indicates that by adopting existing low-carbon technologies, Chinese cities could reduce nearly 48% of carbon emissions by 2030, with almost half of this potential coming from the building sector [2] - The transition to low-carbon buildings requires collaboration between public and private sectors to innovate financial tools, reduce investment risks, and support the widespread implementation of low-carbon technologies [2] Group 3 - WRI emphasizes that building energy efficiency is a key focus area, and integrating green low-carbon strategies into urbanization is crucial for achieving China's dual carbon goals and enhancing urban climate resilience [3]

Core Viewpoint - The Guangdong High Court has released a white paper on securities false statement infringement cases, highlighting efforts to combat financial fraud and protect investor rights, thereby supporting the high-quality development of the capital market [1]. Group 1: Case Statistics and Trends - From 2022 to 2024, the Guangdong courts concluded 17,515 securities false statement liability disputes, with a 34.7% year-on-year decrease in new first-instance cases in 2024, totaling 111 companies involved [2]. - The majority of the companies sued were in manufacturing (64), followed by information technology (17) and construction (7) [2]. - Of the cases judged, 65 companies were involved, with 52 facing administrative penalties and 7 under criminal proceedings [2]. Group 2: Judicial Innovations and Mechanisms - The Guangdong courts have established a digital litigation service platform and introduced guidelines for a demonstration judgment mechanism in financial trials [2]. - A comprehensive dispute resolution scheme has been implemented, combining non-litigation methods, pre-trial mediation, and parallel case hearings [2][4]. Group 3: Investor Protection and Market Integrity - The white paper emphasizes the importance of protecting investors, particularly small and medium-sized investors, as essential for promoting high-quality capital market development [4]. - The courts have collaborated with regulatory bodies to strengthen accountability across administrative, civil, and criminal dimensions, aiming to deter illegal activities in the capital market [4]. Group 4: Case Example of Violation - A notable case involved a shareholder violating a lock-up commitment after a divorce, leading to a lawsuit where the company sought to recover approximately 51 million yuan from the shareholder for unauthorized stock sales [5]. - The Guangdong High Court ruled that the shareholder must pay 596.4 thousand yuan in profits from the illegal sale, establishing a precedent for calculating illegal gains based on stock price movements [6][8].

Economic Growth - The Central Financial Committee emphasized the need to deepen the construction of a unified national market and regulate "involution" competition among enterprises[3] - President Xi Jinping highlighted the importance of guiding enterprises to improve product quality and promoting the orderly exit of backward production capacity[3] - The State Council issued a notice to enhance employment support policies, including expanding special loans and increasing unemployment insurance return ratios[3] Infrastructure and Industry Policies - The China Cement Association released guidelines to promote "anti-involution" and "stable growth" in the cement industry, with many industries issuing production reduction notices[4] - A collective production cut of 30% was announced by leading photovoltaic glass companies to alleviate "involution" competition[4] - Some steel mills have received notices for production reduction and emission limits[4] Consumer Policies - Shanghai optimized the environment for outbound tax refunds, and Taobao launched a 50 billion RMB subsidy for consumer vouchers to stimulate consumption[4][16] - The initiative by Taobao is expected to benefit more small and medium-sized businesses and stimulate greater consumption[16] Financial Regulation - Recent financial regulatory policies focus on optimizing capital market mechanisms and exploring the development of RMB stablecoins in Shanghai and Hong Kong[19] - The government aims to guide insurance companies towards long-term stable investments[19] Trade Policies - The U.S. has lifted certain trade restrictions on China, including the requirement for government licenses for major chip design software suppliers[5][22] - The U.S. plans to implement new tariffs ranging from 10% to 70% on countries without trade agreements starting August 1[6][25] Overseas Macro Policies - The U.S. Federal Reserve members largely expect another interest rate cut later this year, with the "Big Beautiful Act" extending tax cuts set to expire in 2025, potentially increasing the fiscal deficit by 3 to 4 trillion USD over the next decade[6][25] - The U.S. Treasury plans to increase its cash reserves significantly, from approximately 313 billion USD to 500 billion USD by the end of July[27]

Market Overview - A-shares experienced a rebound in early trading, with the Shanghai Composite Index approaching the 3500-point mark, and the ChiNext Index rising over 2% to lead the three major indices [1] - As of the midday close, the Shanghai Composite Index was at 3493.16 points, up 0.58%, with a trading volume of 340.4 billion; the Shenzhen Component Index was at 10568.25 points, up 1.27%, with a trading volume of 532.4 billion; the ChiNext Index was at 2178.22 points, up 2.25%, with a trading volume of 264 billion [1] Sector Performance - The photovoltaic, PCB, gaming, and CPO sectors saw significant gains, while insurance, banking, electricity, and controllable nuclear fusion sectors experienced declines [1] - Computing hardware stocks collectively strengthened, with PCB stocks leading the gains, and over ten stocks, including Industrial Fulian, hitting the daily limit [2] - Consumer electronics concept stocks were active, with Furong Technology reaching the daily limit [2] Institutional Insights - Fuyuan Fund suggests that major indices are nearing previous highs, recommending a cautious approach while focusing on technology sectors that have been in adjustment, such as AI computing, applications, and robotics [4] - Galaxy Securities highlights the life sciences upstream sector, which includes instruments, consumables, raw materials, and services, noting its high barriers and cyclical nature. Despite a downturn post-pandemic, leading companies are expanding and accelerating overseas layouts [4] - The life sciences upstream sector is currently at historical low price levels, but a revenue growth turning point is anticipated, with major companies expected to see a 10.75% year-on-year revenue increase in 2024 and a 9.5% increase in Q1 2025, driven by stable investment and domestic substitution trends [4] News Highlights - ByteDance denied reports that it agreed to sell TikTok's U.S. operations to a consortium led by Oracle, stating that the information is inaccurate [5] - The Hong Kong Securities and Futures Commission announced the expansion of the Southbound Trading participant scope to include brokerages, insurance companies, wealth management, and asset management firms [6] - 33 construction companies jointly issued a "anti-involution" initiative to promote industry transformation and fair competition, emphasizing technological innovation and sustainable value creation [7]

Key Points - The stock of Renle will be delisted on July 4, 2025 [1] - Hualing Steel has been acquired by Xintai Life Insurance with a shareholding ratio of 5% [1] - Vanke A has applied for a loan of up to 6.249 billion yuan from Shenzhen Metro Group [1] - ST Yazhen has completed stock trading verification and will resume trading tomorrow [1] - Aerospace Chuangxin has regained procurement qualifications for military material engineering services [1] - Shangwei New Materials' controlling shareholder is planning a major event, and the stock will remain suspended [1] - Changling Hydraulic's actual controller is planning a change of control, and the stock will be suspended from tomorrow [1] - China Merchants Bank has been approved to establish China Merchants Financial Asset Investment Co., with a registered capital of 15 billion yuan [1] - Liugang Co. has experienced a potential irrational speculation risk with its stock [1] Operating Performance - Brothers Technology expects a net profit increase of 325% to 431.25% year-on-year for the first half of the year [1] - Huayin Power anticipates a net profit increase of 175 million to 215 million yuan year-on-year for the first half [1] - Xutian Salt Industry expects a net profit decrease of 76.34% to 80.29% year-on-year for the first half [1] - Juguang Technology expects a net loss of 42 million to 54 million yuan for the first half [1] - Beibu Gulf Port reported a cargo throughput of 31.1158 million tons in June, a year-on-year increase of 2.56% [1] - China Nuclear Power generated 115.104 billion kWh of electricity in the first half, a year-on-year increase of 15.92% [1] - Changyuan Power completed a power generation of 16.715 billion kWh in the first half, a year-on-year decrease of 8.3% [1] - Poly Developments signed contracts worth 29.011 billion yuan in June, a year-on-year decrease of 30.95% [1] Shareholding Changes - Jingye Da's actual controller plans to reduce holdings by no more than 3% [1] - Deyi Cultural Creation's actual controller Wu Tifang plans to reduce holdings by no more than 3% [1] - Caifu Trend's actual controller and chairman plan to reduce holdings by no more than 3% [1] - Annuo Qi's actual controller plans to reduce holdings by no more than 2% [1] - Suotong Development's actual controller and concerted actors plan to reduce holdings by no more than 2.21% [1] - Dingsheng Co.'s controlling shareholder plans to reduce holdings by no more than 1.71% [1] - Weitang Industrial's controlling shareholder plans to reduce holdings by no more than 1.95% [1] - Jinlong Automobile's Fujian Investment Group plans to reduce holdings by no more than 1% [1] - Wanye Enterprises' Guosheng Capital plans to reduce holdings by no more than 0.2% [1] - Zhonggang Luonai's Guoxin Shuangbai No.1 plans to reduce holdings by no more than 0.5% [1] - Funeng Technology's Shenzhen Anyan Investment plans to reduce holdings by no more than 1% [1] - Ankang Technology's Shenzhen High-tech Investment plans to reduce holdings by no more than 3% [1] - Donglai Technology plans to reduce no more than 1.2048 million repurchased shares [1] - Qujiang Cultural Tourism's controlling shareholder's 12 million shares are set to be auctioned [1] - Hesheng Silicon Industry's controlling shareholder plans to exchange no more than 1% of shares for ETF shares [1] Contract Awards - Boshi Co. signed an outsourcing service contract worth 109 million yuan with Guangxi Petrochemical [1] - Zhongyou Engineering's subsidiary signed a contract worth 294 million USD for the Atavi GMP pipeline project with Total Energy [1] - China Electric Power Construction's subsidiary signed a mining transportation project contract worth approximately 5.063 billion yuan [1] Other Developments - Xingxin New Materials plans to invest in a project with an annual output of 153,000 tons of polyolefin amine series products [4] - Haishun New Materials plans to acquire Sirewen Company to expand the application of electronic film materials in the semiconductor field [4] - Wankai New Materials is undergoing production reduction and maintenance, which is expected to significantly impact overall operating performance [4] - Donghu High-tech is participating in the establishment of the Donggao Frontier Phase II Fund to improve the development model of the park operation sector [4] - Jiete Biological plans to participate in the establishment of an industrial fund primarily investing in early and mid-stage biopharmaceutical projects [4] Asset Sales - Nord Shares plans to sell 70% equity of its wholly-owned subsidiary Jiangsu Lianxin for 70 million yuan [5]

Core Viewpoint - A group of AI startup founders collectively accused an individual named Soham Parekh of deceiving them by working remotely for multiple companies simultaneously under false pretenses [1][9][10]. Group 1 - Soham Parekh allegedly worked for 3 to 4 startups at the same time, using a fabricated resume and misleading information about his visa status [10][14][25]. - Founders reported that Parekh appeared professional during interviews, which led to several companies almost hiring him before background checks revealed his deceit [4][25][28]. - The incident sparked widespread discussion on social media, with many users creating memes and jokes about the situation, highlighting the absurdity of the circumstances [5][33]. Group 2 - The initial complaint by Suhail Doshi led to other founders sharing their similar experiences, indicating that this issue may not be isolated to just one individual [21][40]. - There is a growing community of individuals who share experiences of holding multiple jobs simultaneously, suggesting that this practice is more common than previously thought [40][44]. - The phenomenon of "overemployment" raises questions about the ethics of employees holding multiple positions while companies often have multiple founders or executives managing several ventures [44][49].