hyzqdatemark 2026 年 03 月 02 日 证券分析师 证券研究报告 建筑装饰 行业定期报告 开复工逐步改善，关注资源属性重估的央国企 投资评级： 看好（维持） ——建筑装饰行业周报（20260223-20260301） 投资要点： 本周观点： 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 联系人 春季开复工数据同比改善，区域与项目结构分化延续。据百年建筑调研，截至 2 月 25 日（农历正月初九）， 全国 10692 个工地春季开复工呈现同比改善态势：开复工率 8.9%、劳务上工率 15.5%、资金到位率 29%，三 项指标农历同比分别提升 1.5、3.7、9.4pct，房地产与非房地产项目均实现同步改善。指标改善 ...

Financial Data and Key Metrics Changes - Revenue reached EUR 9.6 billion, up 8.6% year-over-year on a like-for-like basis, driven mainly by high revenues in highways and construction [6][7] - Adjusted EBITDA stood at EUR 1.5 billion, representing a 12.2% year-over-year increase on a like-for-like basis [7] - Total shareholder return in 2025 reached an outstanding 38.6% [8] Business Line Data and Key Metrics Changes - Highways revenue grew 13.7% like-for-like in the year, while adjusted EBITDA was up 12.2%, driven by strong double-digit growth from U.S. assets [11] - Construction revenue reached EUR 7.7 billion, up 7.5% in like-for-like terms compared to 2024, with adjusted EBITDA increasing by 19.9% [27] - Dividends from projects reached a record EUR 968 million, showing a 2.2% increase year-over-year [8] Market Data and Key Metrics Changes - The construction order book reached a new all-time high of EUR 17.4 billion, with almost 50% coming from North America [7][28] - Traffic in the 407 ETR increased by 6.1% in 2025, reflecting the success of targeted rush-hour driving offers [12] - North American toll road assets are located in top-performing regions, with the Greater Toronto Area population expected to expand 22% by 2051 [21][23] Company Strategy and Development Direction - The company focuses on selective growth opportunities in North American highway assets and continues to monitor opportunities across other infrastructure segments [10][11] - A capital rotation strategy focuses on mature assets, providing flexibility to reinvest in attractive opportunities [11] - The company aims to maintain financial discipline while delivering value creation for shareholders [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of North American infrastructure assets, particularly in the Greater Toronto Area and Dallas-Fort Worth [21][23] - The company is facing a record pipeline of infrastructure projects in the U.S., larger than anything seen before [10] - Management noted that the economic environment remains challenging but expects continued growth supported by solid cash flow from the current portfolio [38] Other Important Information - The company returned EUR 156 million in cash to shareholders and repurchased shares totaling EUR 501 million [5] - The company was shortlisted for several significant infrastructure projects, including I-285 East in Georgia and I-24 in Tennessee [5][10] - The New Terminal One project at JFK Airport is progressing towards operational readiness, with a target completion date for the first phase set for fall 2026 [25] Q&A Session Summary Question: Insights on ETR revenue per transaction and pricing impact - Management noted that the fourth quarter revenue per transaction was affected by seasonality and weather, with promotions helping to maximize EBITDA [41][44] Question: Provision for lifetime expected credit loss and EBIT margin outlook - Management explained that the provision was due to changes in collection processes and reiterated a long-term EBIT margin outlook of 3.5% for construction [49][50] Question: Impact of AI and autonomous vehicles on discretionary lane plans - Management indicated that autonomous vehicles may lead to increased traffic and congestion in the short term, which could be beneficial [56][57] Question: Pricing on I-66 and I-77 and construction performance - Management stated that toll rates on I-66 are expected to increase above inflation, while construction margins were positively impacted by change orders and project completions [63][64]

CTF Services Limited (659.HK) FY2026 Interim Results Presentation Section 1 CTFS at a Glance Section 2 Financial Update Section 3 Business Operation Update Section 4 Environment, Social & Governance (ESG) FY26-1H Results Highlights Overall solid earnings with steady growth Financial Services segment delivered strong growth momentum as a core earnings driver Continued portfolio optimization by streamlining stagnant assets to strengthen financial flexibility and support growth initiatives in Financial Service ...

证券代码：601668 证券简称：中国建筑 公告编号：临 2026-005 2026 年 1 月经营情况简报 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。 现将本公司 2026 年 1 月主要经营情况公布如下，供各位投资者参阅。 2 | 目 | 项 数 额 比上年同期增长 | | --- | --- | | 新签合同总额（亿元 RMB） | 3,995 1.8% | | 一、建筑业务情况 | | | 1. 新签合同额（亿元 RMB） | 3,838 1.6% | | 2. 业务分部（亿元 RMB） | | | 房屋建筑 | 2,743 15.9% | | 基础设施 | 1,085 -22.6% | | 勘察设计 | 10 -7.2% | | 3. 地区分部（亿元 RMB） | | | 境内 | 3,617 0.3% | | 境外 | 221 29.5% | | 4.实物量指标（万 2） | m | | 房屋建筑施工面积 | 138,796 0.3% | | 房屋建筑新开工面积 | 1,671 -15.9% | | 房屋建筑竣 ...

Core Insights - In January 2026, China State Construction achieved a total new contract value of 399.5 billion yuan, representing a year-on-year increase of 1.8% [1] - The real estate segment reported a contract sales value of 15.7 billion yuan, which is a year-on-year increase of 6.9%, while the contract sales area decreased by 18.7% to 520,000 square meters [1] - As of the end of January, the company's land reserves stood at 67.73 million square meters, with no new land acquisitions reported [1]

Group 1: Metal Sector - Shandong Gold - Shandong Gold's net profit forecast for 2026 is projected to reach CNY 108.14 billion, with a PE ratio of 25.21[10] - The company has a resource reserve of 2,058 tons and an equity reserve of 787 tons, indicating significant undervaluation potential[14] - The recovery of the Jiaoji Gold Mine is expected to contribute 10 tons of gold annually once fully operational[14] Group 2: Building Materials Sector - Oriental Yuhong - Oriental Yuhong's operating performance is expected to bottom out, with net profits projected at CNY 18 billion in 2025, increasing to CNY 29 billion by 2027[21] - The company plans to increase revenue through retail price hikes of 3-4% and overseas expansion, potentially adding CNY 25 billion in revenue from international operations[21] - The domestic construction materials market is expected to see a 47% decline in sales area compared to 2021, leading to significant supply exit in the sector[18] Group 3: Transportation Sector - ZTO Express - ZTO Express is expected to achieve a net profit of CNY 104.45 billion in 2026, with a PE ratio of 11.80[10] - The company has improved its cash flow, with cash reserves exceeding CNY 300 billion and a debt ratio below 30%[44] - The competitive landscape in the express delivery sector is stabilizing, with a focus on improving profitability and operational efficiency[43]

Group 1: Core Insights - Zhejiang Transportation Technology Co., Ltd. reported its fourth quarter construction operations for 2025, ensuring the accuracy and completeness of the disclosed information [1] - The total contract amount for ongoing projects as of the reporting period is 254.557 billion, with cumulative recognized revenue of 106.024 billion and remaining uncompleted amount of 148.533 billion [1] Group 2: Investment Projects - The Fuchun River Yangzhou Block New Urbanization Construction Project has a static estimated total investment of 4.793 billion, including engineering costs of 1.670 billion and other construction costs of 3.031 billion [2] - The project has an 8-year cooperation period, with a 6-year construction phase, and the registered capital of the project company is 100 million, with Zhejiang Jiaogong and Jiaogong Underground contributing approximately 20% [2] Group 3: Important Project Performance - The Zhongshan Min Gu Road Phase I Project has a contract amount of 2.01249 billion, with Zhejiang Jiaogong's contract amount at 1.95844 billion and a construction progress of 69.37% [3] - The new railway headmen port branch line phase II project has a contract amount of 3.2121399 billion, with Zhejiang Jiaogong's contract amount at 1.43821 billion and a construction progress of 72.93% [3] - The 351 Dongyang Mazhai to Jiangbei section project has a contract amount of 4.7027927 billion, with Zhejiang Jiaogong's contract amount at 2.70860 billion and a construction progress of 15.99% [3] - The Ronghu Science and Technology Industrial Park cooperation development project has a contract amount of 6.523815 billion, with Zhejiang Jiaogong's contract amount at 3.972815 billion and a construction progress of 4.71% [3]

中国建筑（601668）(601668.SH)发布公告，公司2025年1-12月新签合同总额45458亿元，同比增长1% ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CNQC INTERNATIONAL HOLDINGS LIMITED 青 建 國 際 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1240） 主席 本 公 告 乃 自 願 刊 發 ， 以 便 青 建 國 際 控 股 有 限 公 司（「本 公 司」， 連 同 其 附 屬 公 司 統 稱「本集團」）的股東及潛在投資者了解本集團的最新業務發展。 本 公 司 董 事 會（「 董 事 會 」）欣 然 宣 佈 ， 本 集 團 近 期 獲 授 四 份 香 港 建 築 工 程 合 約 ， 即：(i)香港理工大學於二零二五年九月十八日就香港理工大學M座外牆安全改善 工程向本公司的間接全資附屬公司授出一份主要合約（「理大合約」）；(ii)市區重建 局 於 二 零 二 五 年 十 一 月 三 日 就 香 港 上 環 德 輔 道 中 3 ...

2025 年 1-12 月经营情况简报 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。 现将本公司 2025 年 1-12 月主要经营情况公布如下，供各位投资者参阅。 证券代码：601668 证券简称：中国建筑 公告编号：临 2026-001 | | 项 | 目 | | 数 额 | | 比上年同期增长 | | --- | --- | --- | --- | --- | --- | --- | | | 二、地产业务情况 | | | | | | | 1. | 合约销售额（亿元 | RMB） | | 3,948 | | -6.4% | | 2. | 合约销售面积（万 | m 2） | | 1,509 | | 3.3% | | 3. | 期末土地储备（万 | m 2） | | | 6,900 | | | 4. | 新购置土地储备（万 | m | 2） | | 928 | | 注：由于存在各种不确定性，上述经营指标和数据与定期报告披露的数据可能 存在差异，因此相关数据为阶段性数据，仅供参考。 中国建筑股份有限公司董事会 二〇二六年一月十 ...