11月12日，中国证监会国际合作司发布《关于美联钢结构建筑系统（上海）股份有限公司境外发行上市及境内未上市股份"全流通"备案通知书》。公司拟发 行不超过36,780,300股境外上市普通股并在香港联合交易所上市。公司13名股东拟将所持合计95,950,005股境内未上市股份转为境外上市股份，并在香港联合 交易所上市流通。 据招股书，美联股份是预制钢结构建筑(「预制钢结构建筑」)市场的工业领域的综合预制钢结构建筑分包服务提供商。公司为各行各业的建筑项目提供综合 服务，涵盖项目设计和优化、采购、制造和安装，主要在中国(其次是在海外)从事预制钢结构建筑的建造。 根据弗若斯特沙利文报告，按2024年收入计，公司于中国预制钢结构建筑市场的工业领域中排名第三，市场份额为3.5%；而两大参与者的市场份额分别为 35.8%及6.5%。 公司的生产能力目前由位于上海市、江苏省苏州市及广东省江门市的生产设施支持。截至2022年、2023年、2024年12月31日止年度以及截至2025年6月30日 止六个月，公司的预制钢结构建筑构件的产能利用率分别为128.3%、88.1%、101.7%和158.7%；工业环保装备的产能利用率分别 ...

Core Viewpoint - Prefabricated steel structure buildings are becoming a major trend in the construction industry due to their energy-saving, environmentally friendly, high construction efficiency, and stable quality advantages. The market size for this industry in China is projected to reach approximately 474.5 billion yuan in 2024, accounting for 78.66% of the overall prefabricated building market [1][12]. Overview - The construction industry can be divided into traditional and prefabricated buildings, with prefabricated buildings being assembled from components produced in controlled environments [2][3]. Advantages of Prefabricated Steel Structure Buildings - These buildings allow for standardized production of steel components and associated structures, ensuring quality and reducing labor costs. They also significantly lower dust, noise pollution, and resource consumption, aligning with green building principles [1][12]. Market Policies - The Chinese government has issued various policies to support the development of the prefabricated steel structure industry, creating a favorable environment for growth [8]. Industry Chain - The industry chain includes upstream suppliers of raw materials like steel and fireproof coatings, midstream design and construction services, and downstream markets encompassing industrial, public, commercial, and residential buildings [9][11]. Market Demand - Industrial buildings represent the largest demand segment for prefabricated steel structures, accounting for 54.4% of the market. The steady growth of the industrial sector in China provides significant opportunities for this industry [11]. Competitive Landscape - The market is becoming increasingly competitive, with major players including Jiangsu Jinggong Steel Structure Group, Anhui Honglu Steel Structure Group, and China State Construction Engineering Corporation. These companies leverage strong production capabilities and project experience [13][15]. Revenue Analysis - In 2024, China State Construction and Shanghai Construction Group reported revenues of 21.87 billion yuan and 30.02 billion yuan, respectively, with a smaller proportion of their income derived from prefabricated steel structure businesses compared to Honglu Steel Structure, which generated 20.82 billion yuan from steel structure operations, accounting for 96.76% of its total revenue [15][16]. Future Trends - The demand for prefabricated steel structure buildings is expected to grow due to increasing quality and performance expectations, as well as a focus on green development. The industry is likely to see broader applications in residential, public, and industrial sectors [16].