CSIWM 个股点评 2026 年 2 月 27 日 周大福创建 659 HK 本文内容由 Ryan Lee (李昊谦) 提供 中信证券财富管理(香港) 产品及投资方案部 香港综合性企业行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 多元化的成果 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 2 月 26 日发布的题为《Fruit of diversification》的报告，周大福创建（CTFS）2026 财年上半年的经调整经常性利润同比持平为 14.69 亿港元，周大 福人寿的盈利增长是各业务部门中的主要驱动力。中期股息为每股 0.28 港元，按可比基准同比增长 3%，亦超出市场 预期。 符合预期的经营业绩与小幅股息 中信证券财富管理(香港) 免责声明请参考封底 周大福创建 2026 财年上半年的归属经营利润（AOP）同比增长 3%至 22.84 亿港元，这主要得益于周大福人 寿的盈利增长，抵消了其他业务部门的利润下滑。 周大福创建宣布中期股息为每股 0.28 港元（红股发行后基准），按可比基准 ...

Investment Rating - The report indicates a positive investment outlook for Kajima Corporation, reflecting the potential opportunities in Japan's data center construction boom [5]. Core Insights - Kajima Corporation's stock price is seen as already reflecting the potential opportunities from the surge in data center construction in Japan. The company is expected to capture about 50% of the nuclear power construction market, giving it an advantage in securing high-profit data center projects [5]. - The company has raised its full-year operating profit guidance from 202 billion yen to 228 billion yen, primarily due to additional payments from clients [6]. - The gross profit margin for the construction business reached 11.8%, an increase of 2.4 percentage points year-on-year, while the civil engineering gross profit margin rose to 24.6%, up 10.2 percentage points year-on-year [7]. Financial Performance - For the first three quarters, Kajima Corporation reported an operating profit of 171.8 billion yen, leading to an upward revision of its full-year operating profit guidance [6]. - The company aims to reduce its cross-shareholding ratio from 22.3% to below 20% by the end of the fiscal year ending March 2027, planning to dispose of a total of 50 billion yen in cross-shareholdings [8]. Market Position - Kajima Corporation is one of Japan's four major general construction companies, with a significant focus on private sector construction projects, which is expected to continue [11]. - The company's overseas real estate business, primarily focused on U.S. logistics development, has become another pillar of its operations [11]. Revenue Breakdown - Revenue by product: Construction engineering (41.4%), Overseas affiliates (32.2%), Civil engineering (13.6%), Domestic affiliates (9.7%) [12]. - Revenue by region: Asia (79.6%), Europe (1.7%), Middle East and Africa (0.1%), Americas (18.7%) [12]. Stock Information - As of February 12, 2026, the stock price was 7,612.0 yen, with a market capitalization of 26.55 billion USD [14].

Group 1: Core Insights - Dezhou City aims for high-quality development by enhancing project construction, improving industry efficiency, and raising management standards, showcasing significant achievements in urban development, industrial empowerment, and public welfare [1] Group 2: Urban Development - The city has established a comprehensive policy framework to support high-quality urban development, including the implementation of various action plans and measures to ensure effective execution of urban projects [2] - Urban quality has improved significantly, with the development of key areas and the establishment of complete community living circles, enhancing the city's overall capacity [2] - Environmental conditions are being optimized through upgrades to wastewater treatment facilities and comprehensive monitoring of construction site dust [2] Group 3: Industrial Development - The construction and real estate sectors are being strengthened, with initiatives to foster competitive advantages and optimize supply structures, leading to increased internal momentum for industrial growth [3] - The construction industry is experiencing accelerated upgrades, with the establishment of regional brands and successful operational launches of research institutes [3] - The real estate market is stabilizing, supported by initiatives to boost housing consumption and innovative service models for housing transactions [3] Group 4: Public Welfare - The city prioritizes public welfare, achieving a high rate of housing relocation and improving living conditions for residents [4] - Housing security measures are being enhanced, with an increase in the supply of affordable rental housing and streamlined application processes for public rental housing [4] - Community services are being improved, with significant reductions in property-related complaints and ongoing renovations of old residential areas [4] Group 5: Future Outlook - In 2026, the city plans to continue promoting urban renewal, developing new models for real estate, and enhancing the construction industry to support high-quality development [5]

"十四五"期间 海南建投承建项目1577个 工程创优成果涌现。"十四五"期间海南建投斩获"鲁班奖"2项，累计获得国家级安全标准化工地4 项、省级安全文明工地20项，揽获省"绿岛杯"34项、海口市"椰城杯"41项、省级优质结构工程62项。 智能建造先行先试成效明显。海南建投承建的博鳌机场三期扩建、省中医院国家区域医疗中心等4 个项目，入选全省首批智能建造试点。多个项目还广泛应用BIM技术、数字化管理平台与智能施工装 备，优化建造流程、提升工程精度，形成可复制、可推广的实施模式。 截至目前，海南建投已培育高新技术企业2家，拥有专利88项、新技术示范应用工程27项、省级工 法103项。（记者 邵长春 通讯员 魏保雪 李戈） 记者近日从海南省建设投资集团有限公司（以下简称海南建投）获悉，"十四五"期间，该公司累计 承建项目1577个，工程竣工验收合格率100%，特别是在智能建造、绿色施工、技术研发、工程创优等 方面多点发力，为海南建筑业转型升级提供实践支撑。 5年来，海南建投工程质量与安全管理保持稳定，已竣工项目1117个，现在建项目460个，安全生产 形势平稳可控。 ...

2025年第四季度主要经营情况简报 证券代码：002047 证券简称：*ST 宝鹰 公告编号：2026-008 深圳市宝鹰建设控股集团股份有限公司 2026 年 1 月 28 日 以上数据仅为阶段性数据且未经审计，仅供各位投资者参阅，敬请投资者注 意投资风险。 一、2025 年第四季度订单情况 特此公告。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市宝鹰建设控股集团股份有限公司 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 3 号——行业信息披露》等相关规定，深圳市宝鹰建设控股集团股份有限 公司（以下简称"公司"）2025 年第四季度主要经营情况如下： 董事会 单位：人民币万元 | 业务类型 | 新签订单金额 | 截至报告期末累计已签约 未完工合同金额（不含已完 工部分） | 已中标尚未签 约订单金额 | | --- | --- | --- | --- | | 公共装修 | 11,994.62 | 93,730.10 | 3,500.00 | | 住宅装修 | 0.00 | 7,463.40 | 0.00 | | 建筑工 ...

Core Viewpoint - The establishment of China Railway Fourth Group Guangdong Eastern Engineering Co., Ltd. marks a significant step in the company's strategic layout within the Guangdong-Hong Kong-Macao Greater Bay Area [1][3] Group 1: Company Development - The company aims to focus on "rooted in Eastern Guangdong, multi-dimensional collaboration, and serving urban and rural areas" as its development positioning [3] - It will concentrate on various business sectors including construction engineering, municipal public works, highway engineering, water conservancy and hydropower, and electromechanical engineering [3] - The company plans to create a comprehensive project group that improves living environments, enhances public services, supports industrial facilities, and utilizes green energy [3] Group 2: Strategic Partnerships - A strategic cooperation framework agreement was signed between the Xingning government and the urban rail division of China Railway Fourth Group, indicating a commitment to deepen collaboration [3] - The partnership aims to support the "Hundred Million Project" and facilitate urban-rural integration in the Eastern Guangdong region [3] Group 3: Market Expansion - Since entering the Meizhou market in March 2024, the company has actively expanded its regional diversified development, covering 16 towns across Xingning and Pingyuan counties [3] - The establishment of the new company is seen as a milestone in the collaboration between China Railway Fourth Group and Xingning, reinforcing the company's commitment to high-quality development in Guangdong Province [3]

Core Insights - The conference in Huian, Fujian, titled "New Craftsmanship for Prosperity and Industry Restart," aims to address the challenges faced by traditional industries such as stone carving, construction, and school uniforms, and to promote high-quality economic and social development through new technologies and industries [1][2][3] Group 1: Industry Overview - Huian is recognized as the "World Stone Carving Capital," "China's Construction Town," and "Base for School Uniform Industry," with an annual output value exceeding 1 trillion yuan, supporting nearly 600,000 jobs [1] - The three major industries directly support over 60% of Huian's population in terms of employment and livelihood, highlighting their significance to the local economy and culture [3] Group 2: Strategic Initiatives - The conference emphasized the importance of embracing intelligent manufacturing as a necessary evolution for the industries, with a focus on innovation and self-reflection [2] - The local government aims to create a collaborative industrial environment, promote innovation, and establish a favorable business climate to enhance economic contributions [2][3] Group 3: Future Directions - The county's leadership outlined a comprehensive plan focusing on preserving traditional craftsmanship, expanding industry reach, and fostering brand innovation through cross-industry collaboration [5] - Emphasis was placed on the need for enterprises to innovate, develop new brands, and enhance competitiveness while integrating technology into traditional industries [5]

证券代码：600159 证券简称：大龙地产 编号：2026-005 公司房地产出租总面积为 148,524.56 平方米，2025 年 1-12 月 份取得租金总收入 1,425.31 万元，出租率 12.08%，房地产每平方米 月平均基本租金 66.18 元。 北京市大龙伟业房地产开发股份有限公司 2025 年第四季度主营业务经营情况简报 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。 根据《上海证券交易所上市公司自律监管指引第 3 号--行业信息 披露：第一号--房地产和第八号--建筑》的有关要求，现将北京市大 龙伟业房地产开发股份有限公司（以下简称"公司"）2025 年第四季 度主营业务经营情况公布如下： 一、房地产业务经营情况 2025 年第四季度，公司实现签约面积 669.57 平方米，同比减少 90.20%；实现签约金额 476.00 万元，同比减少 89.79%。2025 年 1-12 月份，公司累计实现签约面积 14,172.99 平方米，同比减少 12.83%； 实现签约金额 12,977.75 万元，同比减 ...

Investment Rating - The report does not explicitly provide an investment rating for the company [5]. Core Insights - The report aligns with the views of CITIC Lyon Research, indicating that Kajima Corporation's new orders will shift towards more profitable infrastructure, nuclear power plants, and factory projects, enhancing the company's profitability [5]. - The data center business is expected to improve construction profit margins, and a decrease in U.S. interest rates could lead to increased capital gains for the company [5][7]. Summary by Relevant Sections New Orders and Profitability - Kajima Corporation is predicted to secure more profitable projects, particularly in nuclear power plants, semiconductor factories, and office buildings, with the restart of nuclear power plants driving demand for data center construction in the coming years [6]. Capital Gains Potential - As of the first half of the fiscal year 2026, the company holds real estate assets valued at 1 trillion 3.3 billion yen, with 520 billion yen in Japan and 810 billion yen overseas (50% of which is in the U.S.). A decrease in U.S. interest rates could allow the company to realize capital gains through the sale of logistics assets [7]. Share Buyback and Cross-Shareholdings - The company is expected to implement a 30 billion yen stock buyback, funded by the reduction of cross-shareholdings, with proceeds from this reduction anticipated to be used for buybacks in fiscal year 2027 [8]. Catalysts - Potential catalysts for the company include: 1) Disclosure of factory orders; 2) Improvement in construction profit margins; 3) Increased capital gains from asset sales [9]. Company Overview - Kajima Corporation is one of Japan's four major general construction companies, historically closely linked with Mitsui Fudosan. The company's business primarily focuses on private sector construction projects, a trend expected to continue, with nearly three-quarters of orders coming from Japan's domestic private sector over the past decade. Its overseas real estate business, primarily focused on U.S. logistics development, has become another pillar [11].

Group 1: Metal Sector - Yun Aluminum Co. (000807.SZ) is projected to achieve a net profit of CNY 44.12 billion in 2024, increasing to CNY 75.75 billion by 2026, with a PE ratio decreasing from 25.82 to 15.04[9] - The company has a comprehensive production capacity of 305,000 tons of green aluminum and 140,000 tons of alumina, positioning it as a leader in the green aluminum sector[18] - The company's debt-to-asset ratio is expected to decrease to 23% by 2024, maintaining a strong ROE of 15.6%[24] Group 2: Construction Materials - Huaxin Cement (600801.SH) is forecasted to have a net profit of CNY 24.16 billion in 2024, growing to CNY 36.58 billion by 2026, with a PE ratio dropping from 18.60 to 12.29[9] - China National Materials (002080.SZ) is expected to see its net profit rise from CNY 8.92 billion in 2024 to CNY 25.87 billion in 2026, with a PE ratio decreasing from 68.38 to 23.57[9] Group 3: Transportation Sector - SF Holding (002352.SZ) is projected to achieve a net profit of CNY 101.70 billion in 2024, increasing to CNY 124.78 billion by 2026, with a PE ratio declining from 18.82 to 15.34[9] - The Beijing-Shanghai High-Speed Railway (601816.SH) is expected to see a slight increase in profit, with a PE ratio of 1973.38 in 2024, dropping to 1758.94 by 2026[9] Group 4: Chemical Sector - Senqcia (002984.SZ) is forecasted to have a net profit of CNY 21.86 billion in 2024, with a PE ratio of 10.03, expected to rise to CNY 21.26 billion by 2026[9] - Yara International (000893.SZ) is projected to achieve a net profit of CNY 9.50 billion in 2024, increasing to CNY 39.34 billion by 2026, with a PE ratio decreasing from 46.64 to 11.27[9]