Investment Rating - The report indicates a stable investment outlook for the industry, with certain emerging sectors expected to gain higher investment opportunities due to the implementation of national strategic initiatives [5]. Core Insights - The report emphasizes the importance of managing expectations in the real estate market, highlighting its significant financial asset attributes and the need for macroeconomic regulation to stabilize the market [5][12]. - It identifies key companies and their recent developments, such as contracts signed and project wins, which are expected to contribute significantly to their future revenues [15][16]. Industry Performance - The construction industry experienced a weekly decline of 0.44%, outperforming the Shenzhen Composite Index (-0.58%) and the ChiNext Index (-1.25%) but underperforming the Shanghai Composite Index (+0.13%) [6]. - The best-performing sub-sectors for the week included steel structures (+3.48%), ecological landscaping (+2.02%), and design consulting (+0.91%) [7][11]. Key Company Developments - Notable changes in key companies include: 1. Nongshang Environment's subsidiary signed a contract worth 132 million yuan, accounting for 56.90% of its 2024 revenue [15]. 2. Southeast Network Framework won a bid for a project valued at 887 million yuan, representing 7.89% of its 2024 revenue [15]. Sub-sector Performance - The top three sub-sectors with the highest annual growth rates were ecological landscaping (+60.30%), decorative curtain walls (+53.82%), and professional engineering (+50.48%) [7]. - The report highlights significant individual stock performances, with companies like Guosheng Technology and Dongyi Risheng showing remarkable annual increases of 480.86% and 201.12%, respectively [11].

2025 年 11 月 30 日 唐猛 A0230523080003 tanqmeng@swsresearch.com 相关研究 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究成功费 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 商业不动产 REITS 推行，盘活 并化解风险 -申万宏源建筑周报（20251124-20251128） 本期投资后了 请务必仔细阅读正文之后的各项信息披露与声明 一周板块回顾：板块表现方面，SW建筑装饰指数+2.81%，沪深 300 指 O 数+1.64%，相对收益为+1.17pct。周涨幅最大的三个子行业分别为生态 园林 (+9.04%)、基建民企 (+7.21%)、设计咨询 (+6.23%)，对应行 业内三个公司：国晟科技（+57.69%）、汇通集团（+20.00%）、招标股 份 (+24.71%); 年涨幅最大的三个子行业分别是基建民企 (+71.33%)、生态园林 (+53.39%)、装饰 ...

行 业 及 产 业 建筑装饰 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 A0230523080003 tangmeng@swsresearch.com 2025 年 11 月 30 日 商业不动产 REITS 推行，盘活存量 并化解风险 看好 ——申万宏源建筑周报（20251124-20251128） 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 - ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数+2.81%，沪深 300 指 数+1.64%，相对收益为+1.17pct。周涨幅最大的三个子行业分别为生态 园林（+9.04%）、基建民企（+7.21%）、设计咨询（+6.23%），对应行 业内三个公司：国晟科技（+57.69%）、汇通 ...

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Insights - The construction materials industry continues to face pressure on profitability, with operating cash flow showing improvement [1] - The overall revenue of the sample companies in the infrastructure real estate chain decreased by 4.5% year-on-year in Q3 2025, but the decline has narrowed compared to previous quarters [27] - The report highlights that leading companies are seeking external growth and enhancing market share despite the challenging environment [24] Summary by Sections Profit and Loss Analysis - The revenue decline for the construction materials sector has slowed, with Q3 2025 revenues for construction and materials down 4.6% and 3.4% year-on-year, respectively [27] - The revenue growth rates for various sub-sectors in Q3 2025 show significant variation, with design consulting at 38.4% and cement at 53.8% [1][15] - The overall return on equity (ROE) for the sample companies was 6.5%, with the construction and materials sectors at 7.2% and 3.8%, respectively [2][19] - The sales net profit margin for the construction materials sector was 5.5%, reflecting a year-on-year decrease of 0.3 percentage points [3][22] Cash Flow and Balance Sheet - The net cash flow from operating activities for the sample companies reached 926.9 billion, with the construction sector generating 754.8 billion and the materials sector 172.1 billion [8][5] - The overall asset-liability ratio for the sample companies was 75.2%, with the construction and materials sectors at 77.4% and 48.2%, respectively [8][5] Key Sub-sector Performance - In Q3 2025, the construction materials sector's net profit decreased by 14.4% year-on-year, while the materials sector saw a 10.9% increase [4][31] - The highest net profit growth rates were observed in the decoration and renovation sector at 289.0% and glass fiber at 84.7% [31][4] - The report indicates that the cash flow management has improved, particularly in the infrastructure and international engineering sub-sectors [8][5]

证券代码：600853 证券简称：龙建股份 编号：2025-082 龙建路桥股份有限公司 2025 年第三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 龙建路桥股份有限公司董事会 2025 年 10 月 28 日 | 序号 | 分 地 区 | 分行业 | 第三季 度中标 项目数 量（个） | 第 三 季 度 中 标 项 目 金额（万元 人民币） | 本年累 计中标 项目数 量（个） | 本年累计 中标项目 合计金额 （万元人 民币） | 上 年 同 期 累 计 中 标 项 目 合 计 金额（万元 人民币） | 同比增 减（%） | 本 年 累 计 中 标 尚 未 签 合 同 项 目 合 计 金 额（万元人 民币） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 国 | 建造工 程项目 | 57 | 403,151 | 194 | 1,029,240 | 1,325,370 | -22.34 | 241,508 | ...

Group 1: Market Overview - The current market indicates increasing pressure in the bond market, with risks potentially exceeding the influences of fundamentals and liquidity [2][11] - Recent adjustments in the bond market are largely seen as preparations for a bullish market expected around the end of 2024 [2][11] - Observations are needed for signals indicating a turning point in market sentiment, particularly regarding bond market pressures and potential positive signals [2][11] Group 2: Company Analysis - Jianfa Heceng (建发合诚) - Jianfa Heceng, a comprehensive engineering management consulting company, is expected to see significant profit growth, with projected net profits of 122 million, 140 million, and 160 million from 2025 to 2027, representing year-on-year growth rates of 27.4%, 14.7%, and 14.3% respectively [10][16] - The company is positioned to benefit from its relationship with Jianfa Group, which provides a robust platform for development and opportunities in a challenging real estate market [10][12] - Jianfa Heceng is actively seeking opportunities in urban renewal and business extension, aligning with national policies promoting urban development as a new growth engine [12][16] Group 3: Industry Insights - Cloud Computing - The cloud computing market is witnessing a divergence in capital expenditure (Capex) expectations, with traditional tech giants forecasting a combined Capex exceeding 350 billion for FY25, reflecting a 54% year-on-year increase [13][15] - Emerging cloud computing firms are benefiting from high growth in remaining performance obligations (RPO), with Oracle reporting a 359% year-on-year increase in RPO, indicating strong demand for cloud services [14][15] - The competition landscape is evolving with the introduction of ASIC chips, which are becoming increasingly relevant in AI applications, highlighting the need for companies to adapt to technological advancements [15][17]

Core Viewpoint - The report highlights the performance and strategic opportunities of China Communications Design Consulting Group Co., Ltd. in the context of China's infrastructure development and the company's ongoing transformation towards digitalization and green initiatives. Company Overview - The company focuses on surveying, design, engineering testing, supervision, and project management, primarily in the fields of highways, municipal projects, and construction [8][10]. - As of the report period, the company achieved a new contract amount of 9.39 billion yuan, exceeding its mid-year operational plan [11]. Financial Performance - The company reported a revenue of 4.36 billion yuan, with a year-on-year decrease of 11.93% [11]. - The net profit attributable to shareholders was 5.59 billion yuan, reflecting a decline of 12.65% compared to the previous year [11]. - The gross profit margin for the main business was 28.22%, with the surveying and design business achieving a gross margin of 33.49% [11]. Industry Trends - Infrastructure investment in China increased by 4.6% year-on-year in the first half of 2025, driven by significant engineering projects [4]. - The design consulting industry is positioned to benefit from the acceleration of infrastructure projects and the implementation of various supportive policies [4][5]. Strategic Opportunities - The company is leveraging digital technology and low-carbon initiatives to enhance its service offerings, including the application of AI in risk assessment and project optimization [5][19]. - The low-altitude economy is gaining traction, with the company actively participating in planning and consulting for low-altitude infrastructure projects [6][18]. Business Segments - The company’s main business segments include surveying and design, engineering testing, and project management, with a strong focus on public works and urban infrastructure [8][10]. - The company is also expanding its presence in overseas markets, with significant contracts signed in countries along the Belt and Road Initiative [7][20]. Innovation and Development - The company is committed to technological innovation, with ongoing projects in digital platforms and smart city solutions [14][19]. - It has established a comprehensive "digital wisdom" product system to provide integrated solutions for various infrastructure projects [14][15]. Green Initiatives - The company is actively involved in green and low-carbon projects, focusing on ecological restoration and clean energy initiatives [16][17]. - It has secured contracts for various environmental and agricultural projects, demonstrating its commitment to sustainable development [16].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the construction and decoration sector [4][26]. Core Insights - The report highlights a weak overall industry performance with a weekly decline of 2.41% in the SW Construction Decoration Index, underperforming compared to the Shanghai Composite Index [4][5]. - Key sectors such as design consulting and ecological landscaping showed positive growth, with annual increases of 23.58% and 24.20% respectively [4][7]. - The report emphasizes the importance of government policies aimed at stimulating private investment and effective investment expansion [4][12]. Industry Market Performance - The construction industry experienced a weekly decline of 2.41%, lagging behind major indices like the Shanghai Composite and Shenzhen Component [5][6]. - The best-performing sub-sectors for the week were design consulting (+1.75%) and ecological landscaping (+0.46%) [4][7]. - Year-to-date, the top-performing sub-sectors were ecological landscaping (+24.20%) and design consulting (+23.58%) [4][7]. Key Company Developments - Major companies such as Weiye Co. won contracts worth 5.22 billion yuan, representing 4.44% of their projected 2024 revenue [14][15]. - Jianghe Group reported a 6.29% year-on-year increase in new contracts for the first half of 2025, totaling 136.94 billion yuan [14][15]. - The report notes significant contract wins across various companies, indicating ongoing activity in the sector despite overall market challenges [14][15]. Government and Policy Changes - The Ministry of Transport reported a total fixed asset investment of 1.6 trillion yuan in the first half of the year, with significant allocations to railways and highways [12][14]. - The Central Political Bureau emphasized the need for more proactive fiscal policies and moderate monetary policies to stimulate effective investment [12][14]. Investment Recommendations - The report recommends low-valuation state-owned enterprises such as China Chemical, China Railway, and China Railway Construction for investment [4][14]. - It also suggests monitoring private companies like Zhite New Materials and Honglu Steel Structure for potential growth opportunities [4][14].

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].

Core Viewpoint - The Yarlung Tsangpo River downstream hydropower project involves an investment of approximately 1.2 trillion yuan, expected to stimulate China's economy and various related industries significantly [1] Investment Impact - The project is projected to boost China's economic growth by 0.1% in its first year [1] - Long-term stimulation is anticipated for industries such as water conservancy, infrastructure, steel, cement, and engineering machinery [1] Company Profile - The company is one of the few design consulting firms in China with "three comprehensive and one first-class" qualifications, providing integrated technical services across seven infrastructure sectors [1] - The company has a regional headquarters in Sichuan-Chongqing, which also covers Tibet, and has established a subsidiary in Tibet, indicating a strong presence in the local market [1] Future Opportunities - The company plans to leverage its localized service advantages to actively seek participation in the trillion-yuan investment related to infrastructure construction opportunities [1]