CSIWM 个股点评 2026 年 3 月 2 日 台达电子 2308 TT 中国台湾科技行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 领先一步 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 3 月 1 日发布的题为《One step ahead》 的报告，台达电子在加速演进的 AI 服务器规格升级浪潮中保持优势地位，其整合解决方案能力有助于巩固技术优势 并提升单服务器价值。尽管整体业绩与分析师会议内容缺乏惊喜（可能引发部分获利了结压力），但分析指出仍有多 个上行催化因素正在酝酿，且盈利预测较市场一致预期高。 2025 年四季度业绩及 2026 年一季度展望 2025 年四季度台达电子每股收益为 6.7 新台币，较市场一致预期低 11%，主要受非经营性项目资产重估损失影响， 营业利润基本符合预期。毛利率/营业利润率为 35%/16%，分别低于预期 0.7/0.1 个百分点，主要因电动车业务亏损 扩大，但部分被运营杠杆改善所抵消。对于 2026 年一季度，公司指引因工作日减少将导致季度营收环比下降， ...

Core Viewpoint - China Chemical Engineering Corporation's stock has experienced fluctuations, with a recent decline of 2.02% and a year-to-date increase of 17.36% [1] Financial Performance - For the period from January to September 2025, China Chemical achieved a revenue of 135.845 billion yuan, representing a year-on-year growth of 1.26% [2] - The net profit attributable to shareholders for the same period was 4.232 billion yuan, reflecting a year-on-year increase of 10.28% [2] Stock Market Activity - As of January 30, the stock price was 8.72 yuan per share, with a total market capitalization of 53.25 billion yuan [1] - The trading volume on January 30 was 550 million yuan, with a turnover rate of 1.02% [1] - The stock has seen a net outflow of 30.8308 million yuan from main funds, with significant buying and selling activity from large orders [1] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 111,200, a rise of 19.23% from the previous period [2] - The average number of circulating shares per shareholder decreased by 15.74% to 54,562 shares [2] Dividend Distribution - Since its A-share listing, China Chemical has distributed a total of 10.569 billion yuan in dividends, with 3.915 billion yuan distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 182 million shares, a decrease of 112 million shares from the previous period [3] - China Securities Finance Corporation remained stable with 98.6542 million shares, while other major ETFs also saw reductions in their holdings [3]

Core Insights - The Chinese commercial real estate investment market is expected to recover in 2026 despite cautious investor sentiment, with a slight increase in the proportion of respondents planning to invest and sell more actively [1] - Domestic net investment intentions have turned positive due to institutional investors and real estate funds, while foreign investors continue to show a net selling intention [2] Investment Sentiment - 43% of respondents plan to adopt a more aggressive investment strategy in 2026, and 52% are inclined to sell more actively, indicating a potential increase in transaction willingness [1] - 39% of respondents intend to increase their real estate asset allocation, up 3 percentage points from the previous year, with 12% planning significant increases, a rise of 6 percentage points [5] Property Preferences - Industrial logistics, rental residential, and retail properties remain the top three preferred property types among investors [6] - In alternative assets, student apartments have gained significant attention due to a supply-demand gap in higher education dormitory space, followed by infrastructure and life sciences real estate [9] Financing Environment - Nearly 80% of investors expect further interest rate cuts by the People's Bank of China in 2026, and new regulations on merger loans have improved the financing environment for large-scale commercial real estate investments [10] - The rental residential sector is expected to continue its growth trend, supported by policies for urban renewal and the integration of private-public REITs [10] ESG Considerations - Investors are shifting from general concern to a more focused approach regarding Environmental, Social, and Governance (ESG) standards, with 83% already adopting or planning to adopt ESG criteria in real estate investments [11] - Green buildings are recognized for their competitive advantage in attracting and retaining tenants, contributing to improved cash flow performance [11]

Investment Intentions - The overall sentiment of investors remains cautious for 2026, with 43% planning to invest more actively and 52% intending to sell more actively, indicating a slight increase from the previous year [16][9] - Domestic investors, driven by institutional investors and real estate funds, have shifted their net investment intention from negative to positive (+7%), while foreign investors continue to show a strong net selling intention [16][10] - 39% of respondents plan to increase their real estate asset allocation, with the main drivers being reasonable asset price adjustments and opportunities in distressed assets [18][10] Investment Strategies - Core and core-plus strategies are favored by 58% of investors, reflecting a heightened focus on cash flow stability [34][10] - The top three property types of interest are industrial logistics, rental residential, and retail properties, with high-standard warehouses in East China and Central-West regions expected to see cyclical opportunities [24][10] - There is a significant increase in interest in alternative assets, particularly student apartments and infrastructure, with data centers becoming the most optimistic property type due to AI computing demand [30][10] Financing and Interest Rate Environment - 77% of investors expect further interest rate cuts from the central bank, with most anticipating a reduction of up to 50 basis points [2][10] - The easing of merger loan regulations provides more flexible financing support, although refinancing gaps remain a major concern for investors [2][10] Environmental, Social, and Governance (ESG) - 83% of investors have already incorporated or plan to incorporate ESG factors into their investment decisions, with a focus on green buildings, renewable energy facilities, and green financing [2][10] - 66% of investors recognize the premium associated with ESG assets, although their attitudes are becoming more cautious [2][10] Market Trends - Shanghai remains the most favored investment destination, with 64% of respondents selecting it, followed by Beijing at 22% [36][10] - The focus on second and third-tier cities has increased by 5 percentage points, with retail properties becoming a focal point for investors [36][10] - The main risks identified for the real estate market include economic recession (68%) and geopolitical uncertainties (47%) [21][10]

Group 1 - The 2025 ENR "Top 250 International Contractors" list was recently released, ranking companies based on their overseas engineering revenue, reflecting their technical strength and market position in the global engineering industry [1] - A total of 76 companies from mainland China made the list, with two companies from Bengbu City, namely Bengbu International Economic and Technical Cooperation Co., Ltd. and Anhui Construction Group Co., Ltd., ranked 225th and 240th respectively [1] - Bengbu International Economic and Technical Cooperation Co., Ltd. is a comprehensive foreign trade and project contracting company with overseas branches in countries such as Angola, Guinea, Zimbabwe, Brazil, and the UK, covering various sectors including oilfield services, social housing, construction, railways, roads, infrastructure, and water treatment [1] Group 2 - In recent years, provincial engineering companies have overcome challenges and actively engaged in traditional markets while exploring emerging fields, maintaining compliance and localized management, and promoting sustainable development and social responsibility [2] - The overseas business scale of these companies has continued to grow steadily, demonstrating strong adaptability and international competitiveness in the face of a slowing global economy and ongoing geopolitical conflicts [2]

Core Insights - The 2025 International Low Altitude Economic Trade Expo and the 8th Global Unmanned Systems Conference will be held in Guangzhou from December 12 to 14, focusing on the entire low-altitude economic industry chain [1] - The event aims to showcase cutting-edge technologies, equipment achievements, and application scenarios to promote collaborative development in the low-altitude industry, highlighting China's comprehensive strength in this field and Guangdong's leading role [1] Industry Overview - The low-altitude economy is becoming a crucial driver for new productive forces and economic growth in Guangdong, with over 15,000 related enterprises in the province, accounting for more than 30% of the national total [3] - Guangdong's low-altitude economic output is projected to exceed 180 billion yuan in 2024, marking its entry into the trillion-yuan scale [3] - The province dominates the drone market, producing 70% of global consumer drones and 50% of industrial drones, showcasing significant market share [3] Infrastructure and Achievements - Guangdong has established 64 general airports, over 1,400 takeoff and landing points, and nearly 700 drone flight routes, along with approximately 66,000 5G-A base stations [3] - The province has expanded application scenarios, including the world's first cross-sea and cross-city eVTOL route and the Greater Bay Area's first ultra-long drone logistics route [3] - The equipment manufacturing industry chain is complete, with EHang's EH216-S being the world's first manned eVTOL with all four necessary certifications, and XPeng's flying car factory currently in trial production in Guangzhou [3] Event Participation and Innovations - The expo features over 350 participating companies and institutions, with more than 255 local enterprises from Guangdong, representing over 70% of the exhibitors [4] - The event showcases a comprehensive view of the low-altitude economy's "manufacturing, application, and service" collaboration, reflecting Guangdong's clustering effect and innovative vitality [4] - Innovative products such as the "Low Altitude Route Operation Safety Capability Assessment Testing" and integrated safety hubs were presented for the first time [4] Future Developments - The Guangdong Low Altitude Economic Company will host a specialized report meeting on "Innovative Application Scenarios and Element Support for Low Altitude Economy" at the upcoming 2025 Guangdong-Hong Kong-Macao Greater Bay Area Low Altitude Economic High-Quality Development Conference [5] - The meeting will gather experts, scholars, and representatives from the industry and financial institutions to discuss application experiences and support paths for logistics, cross-border flights, transportation, public services, production operations, and cultural tourism [5]

Core Insights - China Investment Corporation (CIC) reported a ten-year cumulative annualized net return of 6.92% as of December 31, 2024, surpassing the benchmark by 61 basis points [2] - Since its establishment in 2007, CIC's total assets have reached approximately $1.57 trillion [1] - The investment strategy has shifted towards alternative assets, which now account for 48.49% of the portfolio, while public market equities and fixed income have decreased in proportion [3] Investment Performance - The ten-year cumulative annualized net return of 6.39% since inception indicates consistent performance, with most years falling between 6% and 7% [2] - The annualized net investment return was significantly higher at 17.41% in 2019, reflecting a previous focus on stock investments [3] Asset Allocation - As of the end of 2024, the asset allocation is as follows: alternative assets (48.49%), public market equities (34.65%), fixed income (15.53%), and cash (1.33%) [3] - The shift from a higher allocation in equities in previous years to a greater focus on alternative assets suggests a strategic response to market volatility [3] Future Outlook - The global macroeconomic environment remains complex, with opportunities and challenges arising from AI and green transformation trends [5] - CIC aims to enhance its investment capabilities and optimize asset allocation to effectively navigate the uncertainties in the investment landscape [5]

Core Viewpoint - China Chemical's stock has experienced a decline of 7.33% year-to-date, with a 2.09% drop on November 21, 2023, indicating potential challenges in market performance [1][2]. Financial Performance - For the period from January to September 2025, China Chemical reported a revenue of 136.3 billion yuan, reflecting a year-on-year growth of 1.15%. The net profit attributable to shareholders was 4.232 billion yuan, showing a year-on-year increase of 10.28% [2][3]. - Cumulative cash dividends since the A-share listing amount to 9.958 billion yuan, with 3.305 billion yuan distributed over the past three years [3]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders increased to 111,200, up by 19.23%, while the average circulating shares per person decreased by 15.74% to 54,562 shares [2]. - On November 21, 2023, the stock price was reported at 7.51 yuan per share, with a total market capitalization of 45.863 billion yuan. The trading volume was 183 million yuan, with a turnover rate of 0.40% [1]. Ownership Structure - The second-largest circulating shareholder, Hong Kong Central Clearing Limited, held 182 million shares, a decrease of 112 million shares from the previous period. Other notable shareholders include China Securities Finance Corporation and various ETFs, which also saw reductions in their holdings [3]. Business Segments - China Chemical's main business segments include chemical engineering (82.74% of revenue), infrastructure (10.08%), and other services such as environmental governance and modern services [1].

证券代码：601668 证券简称：中国建筑 公告编号：临 2025-067 2025 年 1-10 月经营情况简报 1 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。 现将本公司 2025 年 1-10 月主要经营情况公布如下，供各位投资者参阅。 | 项 目 | 数 额 | 比上年同期增长 | | --- | --- | --- | | 新签合同总额（亿元 RMB） | 36,065 | 1.0% | | 一、建筑业务情况 | | | | 1. 新签合同额（亿元 RMB） | 33,194 | 2.0% | | 2. 业务分部（亿元 RMB） | | | | 房屋建筑 | 21,991 | 1.5% | | 基础设施 | 11,103 | 3.1% | | 勘察设计 | 100 | -10.4% | | 3. 地区分部（亿元 RMB） | | | | 境内 | 31,502 | 1.9% | | 境外 | 1,691 | 3.2% | | 4.实物量指标（万 m 2） | | | | 房屋建筑施工面积 | 158,811 | ...

Group 1 - The article emphasizes that China's development philosophy resonates deeply in African countries like Kenya, providing a stable anchor for the global economy through its robust growth and open approach [1] - China's new development concepts, including innovation, coordination, green development, openness, and sharing, offer solutions to structural issues troubling the global economy, particularly through initiatives like the Belt and Road [1] - The article highlights China's commitment to expanding openness, contrasting with other nations that adopt isolationist policies, and notes the establishment of trade corridors and manufacturing parks as drivers of regional and global economic growth [1] Group 2 - China's diplomatic policy, rooted in the concept of "harmony," emphasizes peace, dialogue, and equality, which resonates strongly on the African continent, promoting respect for sovereignty and non-interference in domestic affairs [1] - The article points out that China is a stabilizing and positive force in the world, with investments in Africa, such as infrastructure projects, fulfilling long-standing commitments that have often been neglected by other countries [1] - The cooperation between Kenya and China aligns perfectly with Kenya's "Vision 2030" and the African Union's Agenda 2063, paving the way for industrialization, technology transfer, and sustainable development [2]