Group 1 - The decoration and renovation sector experienced a decline of 0.99% on January 29, with ST Keli Da leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - Key stocks in the decoration sector showed varied performance, with Jianghe Group rising by 2.30% and ST Keli Da falling by 5.03% [1][2] Group 2 - The decoration sector saw a net outflow of 136 million yuan from major funds, while retail investors contributed a net inflow of 134 million yuan [2] - Major funds showed a net inflow in stocks like Jin Tangle and Yasha Group, while ST Keli Da and ST Ruida experienced significant net outflows [3] - The trading volume and turnover for various stocks in the sector varied, with Jinbi Group achieving a turnover of 209 million yuan [1][2]

Core Viewpoint - Jianghe Group (601886.SH) reported a cumulative winning bid amount of approximately RMB 28.539 billion for its construction decoration segment in 2025, reflecting a year-on-year growth of 5.51% [1] Group 1: Business Segments - The curtain wall and photovoltaic building business achieved a winning bid amount of approximately RMB 19.185 billion, representing a year-on-year increase of 11.51% [1] - The indoor decoration and design business recorded a winning bid amount of approximately RMB 9.354 billion, showing a year-on-year decline of 4.98% [1]

Group 1 - The core viewpoint of the article highlights Jianghe Group's construction decoration segment achieving a cumulative bid amount of approximately RMB 28.539 billion for the year 2025, representing a year-on-year growth of 5.51% [1] - The curtain wall and photovoltaic building business segment reported a bid amount of approximately RMB 19.185 billion, reflecting a year-on-year increase of 11.51% [1] - The indoor decoration and design business segment recorded a bid amount of approximately RMB 9.354 billion, showing a year-on-year decline of 4.98% [1]

股票代码：601886 股票简称：江河集团 公告编号：临2026-002 江河创建集团股份有限公司 关于 2025 年度主要经营数据的公告 本公司及董事会全体成员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、准确和完整承担个别及连带责任。 江河创建集团股份有限公司(下称"公司")建筑装饰板块 2025 年度累计中 标金额约为人民币 285.39 亿元,同比增长 5.51%，其中幕墙与光伏建筑业务中标 额约 191.85 亿元，同比增长 11.51%，室内装饰与设计业务中标额约 93.54 亿元， 同比下降 4.98%。 公司建筑装饰板块 2025 年度中标金额及数量如下表所示： | 业务分类 | 中标额 | 2025 年 中标额同比 | 1-12 月 中标数量 | | | --- | --- | --- | --- | --- | | | | | | 中标数量同比 | | | （亿元） | 涨跌幅（%） | （个） | 涨跌幅（%） | | 幕墙与光伏建筑 | 191.85 | 11.51 | 293 | 26.29 | | 室内装饰与设计 | 93.54 | -4.98 | ...

Core Viewpoint - Jianghe Group announced that its construction decoration segment achieved a cumulative winning bid amount of approximately RMB 28.539 billion for the fiscal year 2025, representing a year-on-year growth of 5.51% [1] Group 1: Business Segments Performance - The curtain wall and photovoltaic building business won bids amounting to approximately RMB 19.185 billion, reflecting a year-on-year increase of 11.51% [1] - The indoor decoration and design business secured bids totaling approximately RMB 9.354 billion, showing a year-on-year decline of 4.98% [1]

Core Viewpoint - Jianghe Group announced that the cumulative winning bid amount for the construction decoration sector in 2025 is approximately RMB 28.539 billion, representing a year-on-year increase of 5.51% [1] Group 1: Winning Bid Amount - The cumulative winning bid amount for the curtain wall and photovoltaic construction is RMB 19.185 billion, showing a year-on-year increase of 11.51% [1] - The winning bid amount for indoor decoration and design is RMB 9.354 billion, reflecting a year-on-year decrease of 4.98% [1] Group 2: Number of Winning Bids - The total number of winning bids is 882, which is a year-on-year decrease of 3.61% [1] - The number of winning bids for curtain wall and photovoltaic construction is 293, indicating a year-on-year increase of 26.29% [1] - The number of winning bids for indoor decoration and design is 589, showing a year-on-year decrease of 13.76% [1] Group 3: Major Projects - The company has no signed but unexecuted major projects for the year 2025 [1]

Core Viewpoint - The decoration and renovation sector experienced a decline of 1.62% on January 28, with Haosai leading the drop, while the Shanghai Composite Index rose by 0.27% and the Shenzhen Component Index increased by 0.09% [1]. Group 1: Market Performance - The decoration and renovation sector's stocks showed mixed performance, with notable gainers including Kexin Development, which rose by 4.34% to a closing price of 14.20, and Yaxia Co., which increased by 0.96% to 4.21 [1]. - Conversely, several stocks faced declines, with Haosai dropping by 9.85% to 14.46, and ST Baoying falling by 5.10% to 4.47 [2]. Group 2: Trading Volume and Value - Kexin Development had a trading volume of 92,000 shares and a transaction value of 132 million yuan, while Yaxia Co. recorded a trading volume of 215,000 shares with a transaction value of approximately 90.38 million yuan [1]. - The overall trading activity in the decoration and renovation sector indicated a net outflow of 137 million yuan from major funds, while retail investors saw a net inflow of 35.83 million yuan [2]. Group 3: Fund Flow Analysis - Major funds showed a net outflow from Hainan Development amounting to 57.89 million yuan, while retail investors contributed a net inflow of 28.44 million yuan [3]. - Yaxia Co. experienced a net inflow of 617,780 yuan from major funds, but retail investors withdrew a net of 331,430 yuan [3].

Investment Rating - The industry investment rating is "Buy" [4] Core Insights - The report indicates that the construction industry continues to experience a low allocation in public funds, with a slight increase in heavy positions in Q4 2025. The total market value of the SW construction decoration sector rose to 1,845.9 billion CNY, a 2% increase quarter-on-quarter, accounting for 1.50% of the A-share market value [15][19] - The report highlights a shift in public fund allocations towards the decoration and other specialized engineering sectors, with significant increases in heavy positions for these sub-sectors [19][31] - Key companies in the sector include China State Construction, Honglu Steel Structure, Shanghai Port, Jianghe Group, and Yaxiang Integration, with notable changes in their heavy positions [44] Summary by Sections Section 1: Q4 2025 Construction Industry Allocation - The heavy stock allocation in the construction industry increased quarter-on-quarter, with the total market value of SW construction decoration reaching 1,845.9 billion CNY, a 2% increase [15][19] - The heavy stock allocation ratio for public funds in the construction decoration sector was 0.37%, up by 0.01 percentage points from the previous quarter [15][19] Section 2: Sub-sector Analysis - The report notes an increase in public fund heavy positions in the decoration and other specialized engineering sectors, while the housing construction and municipal engineering sectors saw a decrease [19][30] - The decoration sector's heavy position ratio rose to 0.029%, an increase of 0.017 percentage points, primarily due to increased holdings in Jianghe Group [31][40] Section 3: Individual Company Analysis - The top five companies by heavy stock value are China State Construction (19.64 billion CNY), Honglu Steel Structure (12.17 billion CNY), Shanghai Port (8.86 billion CNY), Jianghe Group (5.59 billion CNY), and Yaxiang Integration (4.25 billion CNY) [44] - Significant changes in heavy positions include a 485.4% increase for Shanghai Port and a 134.3% increase for Jianghe Group [44] Section 4: Investment Recommendations - The report recommends focusing on four key areas: technology (cleanroom sector), safety (industrial and nuclear power module manufacturers), overseas expansion (China National Materials and China Steel International), and undervalued state-owned enterprises in favorable regions [46]

Group 1 - The decoration and renovation sector saw an increase of 0.65% on January 21, with ST Mingjiahui leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Key stocks in the decoration sector included ST Mingjiahui, which rose by 11.96% to a closing price of 4.68, and De Cai Co., which increased by 9.99% to 43.69 [1] Group 2 - The main funds in the decoration sector experienced a net outflow of 160 million yuan, while retail investors saw a net inflow of 139 million yuan [2] - The trading volume for ST Mingjiahui was 350,600 shares, with a transaction value of 160 million yuan [1] - The stock performance varied, with some stocks like ST Keli Da and Hainan Development showing declines of 4.94% and 2.64% respectively [2] Group 3 - The net inflow of funds for De Cai Co. was 25.33 million yuan, while it faced a net outflow from retail investors of 13.39 million yuan [3] - ST Chuangxing had a significant net inflow from main funds at 12.87 million yuan, but also saw a net outflow from retail investors of 3.75 million yuan [3] - The overall fund flow indicates a mixed sentiment among institutional and retail investors within the sector [3]

Market Overview - The decoration and renovation sector experienced a decline of 1.03% on January 20, with Hainan Development leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Notable gainers in the decoration sector included: - *ST Baoying (002047): Closed at 4.55, up 2.94% with a trading volume of 663,000 shares and a turnover of 300 million yuan - Zhengzhong Design (002811): Closed at 16.45, up 2.81% with a trading volume of 110,400 shares and a turnover of 182 million yuan - Jianghe Group (601886): Closed at 9.17, up 2.69% with a trading volume of 121,500 shares and a turnover of 111 million yuan [1] - Major decliners included: - Hainan Development (002163): Closed at 17.42, down 6.29% with a trading volume of 1,339,000 shares and a turnover of 2.378 billion yuan - ST Keli Da (603828): Closed at 7.90, down 5.05% with a trading volume of 189,500 shares and a turnover of 151 million yuan - *ST Dongyi (002713): Closed at 9.21, down 4.76% with a trading volume of 238,800 shares and a turnover of 226 million yuan [2] Capital Flow - The decoration and renovation sector saw a net outflow of 273 million yuan from institutional investors, while retail investors experienced a net inflow of 183 million yuan [2] - The capital flow for specific stocks showed: - Zhengzhong Design (002811): Net inflow of 8.9971 million yuan from institutional investors, but a net outflow from retail investors - ST Ruihe (002620): Net inflow of 3.3825 million yuan from institutional investors, with a significant net outflow from retail investors [3]