同壁财经小贴士： 中衡设计（603017.SH）2024年营业收入为13.35亿元，营业收入增长率为-22.84%，归属母公司净利润 为0.51亿元，归属母公司净利润增长率为-51.86%，净资产收益率为3.51%。 2025年上半年公司营业收入为5.21亿元，营业收入增长率为-21.93%，归属母公司净利润为0.57亿元，归 属母公司净利润增长率为-19.35%。 目前公司属于工业行业，主要产品类型为工业建筑、专业咨询服务，2024年报主营构成为设计咨 询:58.48%;工程监理及项目管理:18.31%;工程总承包:15.58%;招标代理及咨询项目:6.08%;其他业 务:0.95%;其他:0.61%。 同壁财经讯，企查查数据显示，根据《中标结果》，中衡设计集团股份有限公司于2026年1月8日公告中 标杭州市教育发展服务中 （杭州市电化教育馆）采购项目，中标金额为1353.83万元。 相关上市公司：中衡设计(603017.SH) 同壁财经讯，企查查数据显示，根据《中标结果》，中衡设计集团股份有限公司于2026年1月8日公告中 标杭州市教育发展服务中 （杭州市电化教育馆）采购项目，中标金额为1353.83万元 ...

从结构来看，25 年公司海外订单中工业建筑、公共建筑分别新签26.4、45.6 亿元，同比分别+41.5%、 +302.5%，我们认为公司一方面能够依托早年出海积累的品牌和经验，有望持续受益于中东、东南亚等 新兴市场国家投资强度的提升；另一方面，国内的制造业客户在海外加速投资建厂，也有望给公司海外 业务带来稳定需求。 此前我们在《建筑2026 年展望：存量出清与增量转型》报告中提到，2026 年建筑企业出海仍是大势所 趋，未来1-2 年有望迎来海外订单的集中转化和业绩加速兑现。 国内业务加速转型，项目质量有望提升：25 年公司主动调整国内订单结构，逐步减少投标政府投资类 项目，转向民营企业投资的重钢类项目和"好房子类"项目，订单结构持续优化。同时公司仍在积极推进 业务结构转型，2025 年工业连锁及战略加盟业务与BIPV业务新签订单分别为12.8 亿元、3.5 亿元，同 比分别增长51.7%、60.8%。 盈利预测与估值 我们维持盈利预测基本不变，预计2026E归母净利润为7.90 亿元，并引入2027E归母净利润8.96 亿元， 对应2026E/27E 10.7x/9.4xPE，按照公司此前公告计划的25- ...

长江精工钢结构（集团）股份有限公司 | 证券代码：600496 | 证券简称：精工钢构 | 公告编号：2026-003 | | --- | --- | --- | | 转债代码：110086 | 转债简称：精工转债 | | 长江精工钢结构（集团）股份有限公司 二、具体业务发展情况 单位：亿元 | | | 2025 | 年 1-12 月 | | | 2025 年 | 10-12 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 项目金额 | 同比 | | 项目金额 | | 同比 | | | | 专业分包一体化 | 124.7 | -3.7% | | 28.0 | | 5.2% | | | | 工业建筑 | 93.2 | | 7.0% | | 19.0 | | -0.2% | | | 公共建筑 | 31.4 | | -25.8% | | 9.0 | | 18.7% | | | 新兴业务 | 44.3 | -24.4% | | 12.5 | | -29.6% | | | 国内 业务 | 及装配式 EPC | 28.0 | | -4 ...

Core Viewpoint - China Metallurgical Group Corporation (China MCC) announced a significant transaction involving the sale of various assets to China Minmetals, aimed at optimizing resource allocation and focusing on core business areas [2][4]. Group 1: Transaction Details - China MCC plans to sell 100% equity of MCC Real Estate and related debts to Minmetals Real Estate for approximately 312.4 billion yuan, which constitutes over half of the total transaction value of 606.76 billion yuan [3][8]. - The transaction includes the sale of 100% equity of several subsidiaries, including the Nonferrous Institute and MCC Copper Zinc, to China Minmetals [2][4]. Group 2: Strategic Implications - This transaction is part of a broader strategy to respond to the central government's call for state-owned enterprises to focus on their main responsibilities and optimize resource allocation, thereby enhancing core competitiveness and sustainable profitability [4][6]. - Post-transaction, China MCC will concentrate on metallurgical engineering, non-ferrous and mining engineering construction, high-end infrastructure, industrial construction, and emerging industries [4][6]. Group 3: Historical Context - The transaction marks a significant step in the integration process between China MCC and China Minmetals, which has been anticipated since their merger announcement ten years ago [5][6]. - Both companies have faced challenges in achieving operational performance and have been under pressure to reduce competition between their real estate segments [9][10]. Group 4: Market Conditions - The real estate sector has been under significant pressure, with both China MCC and Minmetals Real Estate experiencing declines in revenue and profits due to market adjustments [9]. - Minmetals Real Estate has reported losses for three consecutive years and is undergoing privatization to enhance operational flexibility and focus on core business areas [9][10].

Core Viewpoint - China Metallurgical Group Corporation (China MCC) announced a significant transaction involving the sale of non-core assets totaling approximately 606.76 billion yuan to China Minmetals, aiming to focus on its core business areas and enhance operational efficiency [2][5]. Group 1: Transaction Details - China MCC plans to sell 100% equity and related debts of MCC Real Estate to Minmetals Real Estate, along with 100% equity of several subsidiaries and 67.02% equity of another subsidiary to China Minmetals [2][5]. - The total transaction value is assessed at 606.76 billion yuan, and it is classified as a related party transaction without constituting a major asset reorganization [5][8]. Group 2: Business Focus and Strategy - The transaction is part of China MCC's strategy to streamline operations by divesting non-core assets, allowing the company to concentrate on metallurgical engineering, non-ferrous and mining engineering, high-end infrastructure, and industrial construction [2][5]. - Post-transaction, China MCC aims to enhance its core competitiveness and sustainable profitability by optimizing its business structure [5][6]. Group 3: Financial Performance Context - In the first three quarters of the year, China MCC reported a revenue of 335 billion yuan, reflecting an 18.78% year-on-year decline, with a net profit of 3.97 billion yuan, down 41.88% compared to the previous year [3][4]. - The company has faced challenges in securing new contracts, with a reported 11.8% decrease in new contracts signed compared to the previous year [4]. Group 4: Market Expectations and Future Outlook - The integration of MCC Real Estate and Minmetals Real Estate was anticipated in the market, especially following Minmetals Real Estate's announcement of plans for privatization [9][10]. - Both real estate platforms have been experiencing financial losses, with Minmetals Real Estate reporting a revenue decline of 21.8% and a net loss of 3.75 billion yuan in the past year [10][11].