（文章来源：每日经济新闻） 基建ETF（代码：159619）跟踪的是中证基建指数（代码：930608），该指数由中证指数有限公司编 制，从A股市场中选取业务涉及基础设施建设的上市公司证券作为指数样本，涵盖建筑、建材、工程机 械等相关行业。中证基建指数旨在反映A股市场基建领域上市公司证券的整体表现，具有显著的行业集 中度和周期性特征。 没有股票账户的投资者可关注国泰中证基建ETF发起联接C（016837），国泰中证基建ETF发起联接A （016836）。 6月6日早盘，基建ETF（159619）盘中涨超1%。 天风证券指出，核电行业景气度显著提升，2025年4月国务院核准5个核电项目共10台机组，这是连续第 四年每年核准10台及以上机组。2025年1-4月核电投资完成额362.56亿元，同比增长36.64%，远高于电 源投资1.6%的增速，核电建设迎来新一轮景气周期。第三代核电机组即将进入建设高峰期，模块化建 造技术应用前景广阔，可缩短工期并提升效率。建筑装饰方面，水泥出货率持续回升至47.8%（环比 +1.4pct），显示基建实物工作量加速回暖。建议重点关注中西部基建及核电、煤化工等重点产业投资 带来的产业链 ...

Group 1: Financial Performance - In 2024, the company achieved total operating revenue of 113.54 billion yuan, a year-on-year increase of 3.80% [1] - The net profit attributable to shareholders was 2.064 billion yuan, a slight increase of 0.07% year-on-year, while the non-recurring net profit rose by 12.11% to 1.915 billion yuan [1] - For Q1 2025, total operating revenue was 29.549 billion yuan, up 1.77% year-on-year, but net profit decreased by 1.01% to 551 million yuan [1][2] Group 2: Order Growth and Market Expansion - The company reported steady growth in new contracts, with Q4 2024 new contracts amounting to 55.633 billion yuan, a year-on-year increase of 1.3% [2] - In Q1 2025, new contracts reached 54.175 billion yuan, showing a significant year-on-year increase of 30.68% [2] - The company successfully entered new sectors such as offshore wind power, energy storage, and pumped storage, enhancing both quantity and quality of orders [2] Group 3: Profitability and Cost Management - The overall gross profit margin for the year was 11.72%, an increase of 0.37 percentage points, while the expense ratio rose slightly to 7.12% [3] - The net profit margin for the year was 1.82%, a decrease of 0.07 percentage points, with the non-recurring net profit margin improving by 0.13 percentage points to 1.69% [3] - In Q1 2025, the gross profit margin was 8.94%, up 0.41 percentage points, but the net profit margin decreased to 1.87% [3] Group 4: Cash Flow and Financial Health - The company experienced a net cash outflow from operating activities of 3.34 billion yuan in 2024, primarily due to increased payments to downstream [4] - The cash collection ratio for 2024 was 82.77%, down 3.57 percentage points year-on-year [4] - In Q1 2025, the net cash outflow was 10.195 billion yuan, with a cash collection ratio of 76.34%, which improved by 7.04 percentage points [4] Group 5: Nuclear Power Sector Outlook - The company has received approval for more than 10 nuclear units for four consecutive years, indicating a robust nuclear construction market [5] - In April 2024, five nuclear projects were approved, totaling 10 units, with an estimated investment exceeding 200 billion yuan [5] - The long-term outlook for the nuclear power sector is positive, with expectations of high margins and low impairments driving company performance [5]

2025 财政政策更为积极，国常会核准 10 台核电机组，关注基建央企和核建 龙头 | | | 本周投资建议： 陈依凡 分析师 SAC 执业证书编号：S1450524080001 chenyf4@essence.com.cn 4 月 25 日，政治局会议召开，提出要坚持稳中求进总基调，加紧实 施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽 松的货币政策，既定政策早出台早见效，根据形势变化及时推出增量 储备政策，加强超常规逆周期调节；在基建资金方面，提出加快地方 政府专项债、超长期特别国债等发行使用，继续实施地方政府一揽子 化债政策，加快解决地方政府拖欠企业账款问题。 3 月基建投资环比提速，美国征收对等关税背景下，出口面临较大压 力，扩内需成为我国经济增长的重要支撑点，政治局会议提出要实施 更加积极有为的宏观政策，根据形势变化及时推出增量储备政策，加 强超常规逆周期调节，基建政策/投资有望预期，叠加政府化债持续 推进，助力行业基本面边际改善。此外，基于发展战略角度，在"一带 一路"沿线国家的业务布局投入力度或加大，建筑行业多家头部企业 积极扩展国际化布局，海外工程建设释放市场需求增量。 4 月 ...