晨会 证券研究报告 投资要点： | 市场数据 指数名称 | 收盘价 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | | 上证指数 | 4,122.68 | -1.43% | 2.47% | | 创业板指 | 3,209.48 | -2.57% | -2.58% | | 沪深 300 | 4,655.90 | -1.54% | -1.31% | | 中证 1000 | 8,142.45 | -3.95% | 5.01% | | 科创 50 | 1,388.41 | -5.21% | -1.07% | | 北证 50 | 1,415.14 | -4.11% | -3.50% | 资料来源：聚源，华源证券研究所，截至2026年03月03日 华源晨会精粹 20260303 机械/建材建筑 开复工逐步改善，关注资源属性重估的央国企——建筑装饰行业周 报：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 ...

丨证券研究报告丨 行业研究丨点评报告丨建筑与工程 [Table_Title] 两会前后建筑板块买什么 报告要点 [Table_Summary] 2021-2025 年两会前后建筑板块行情阶段性分化，两会前 2 个交易日，除 2022 年和 2025 年 外均实现上涨，两会期间 2021-2023 年均下跌，两会后 5 个交易日多数年份迎来修复。 分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SFC：BUT917 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 建筑与工程 cjzqdt11111 [Table_Title2] 两会前后建筑板块买什么 [Table_Summary2] 事件描述 2021-2025 年两会前后建筑板块行情阶段性分化，两会前 2 个交易日，除 2022 年和 2025 年 外均实现上涨，两会期间 2021-2023 年均下跌，两会后 5 个交易日多数年份迎来修复。 事件评论 风险提示 1、区域基建投资力 ...

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 ...

Investment Rating - The report maintains an "Overweight" rating for the construction and infrastructure sector, highlighting the potential for recovery driven by increased special bond issuance and infrastructure investment [4][5][7]. Core Insights - The issuance of special bonds accelerated in early 2026, reaching 824.2 billion yuan, a year-on-year increase of 38.1%, which is expected to boost the construction sector's recovery [4][5]. - Infrastructure investment saw a decline of 2.2% in 2025, with private investment decreasing by 6.4%, although there was a slight increase of 1.7% in private infrastructure investment [5]. - The construction sector's recovery is supported by improved work resumption rates and funding availability, with 8.9% of construction sites resuming work by February 25, 2026, an increase of 1.5 percentage points year-on-year [5]. Summary by Sections Recent Key Reports - The report discusses various sectors including AI, clean rooms, and renewable energy, recommending companies with high demand and strong competitive advantages [11][12][13]. - It emphasizes the importance of state-owned enterprises in the construction sector, particularly those with high dividend yields and stable growth prospects [21][29]. Recommended Companies - Companies such as China State Construction, China Railway, and China Communications Construction are highlighted for their strong dividend yields and potential for stable growth [7][29]. - Specific recommendations include China Electric Power Construction and China Nuclear Engineering for their roles in energy and infrastructure projects [12][18]. Macro/Meso/Micro Data - The report notes a significant increase in special bond issuance and infrastructure investment, with a projected growth of 10.9% in broad infrastructure investment in early 2025 [23][32]. - It also highlights the expected increase in self-financing for infrastructure projects, driven by local government financing and special bond issuance [33].

Core Viewpoints - The report emphasizes the importance of energy security amid the US-Iran conflict and highlights investment opportunities in the construction sector during the upcoming Two Sessions, focusing on major projects, urban renewal, and new productivity infrastructure [1][4]. Section Summaries 1. Investment Opportunities Ahead of the 2026 Two Sessions - The report predicts that the Two Sessions will continue the "proactive fiscal policy + structural monetary easing" approach, with three main focuses: major projects, urban renewal, and new productivity infrastructure. Infrastructure investment growth is expected to rebound from approximately -1% in 2025 to around 6.2% in 2026, becoming a key driver for stabilizing fixed asset investment [12][13]. 2. Mainline Selection - Structural recovery in infrastructure investment is anticipated, particularly in regions like Sichuan, Xinjiang, and Tibet, supported by central government funding. The report suggests monitoring order fulfillment and company PE levels, with a focus on companies such as Sichuan Road and Bridge, Xinjiang Communications Construction, and others [20][22]. 3. Timing Theme Investments - The report identifies urban renewal, underground pipelines, environmental codes, and the Middle East situation as key investment themes. It highlights the importance of urban renewal policies and the expected increase in demand for underground pipeline construction, with over 700,000 kilometers planned for renovation during the 14th Five-Year Plan, requiring over 5 trillion yuan in new investment [4][12]. 4. Left-Side Recommendations - Major construction state-owned enterprises are currently undervalued and have low institutional holdings. The report suggests focusing on companies with strong cash flow management and stable dividend policies, such as China State Construction, China Railway Construction, and others [4][20]. 5. Investment Recommendations - The report recommends focusing on energy security due to escalating US-Iran tensions, with specific suggestions for companies in chemical engineering, nuclear power, and oil and gas sectors. It also emphasizes the importance of urban renewal and underground pipeline projects, recommending companies like China State Construction and China Communications Construction [4][24]. 6. Key Company Valuations and Financial Analysis - The report provides a detailed valuation and financial analysis of key companies in the construction sector, indicating a generally positive outlook with buy ratings for major players such as China State Construction, China Railway, and others, reflecting their potential for growth and recovery [5][18].

Investment Rating - The report maintains a "Strong Buy" rating for the construction decoration industry, indicating a positive outlook for investment opportunities in this sector [3]. Core Insights - The report highlights the relaxation of real estate purchase restrictions in Shanghai, which is expected to boost housing demand and benefit leading cyclical companies [15][16]. - It emphasizes the importance of the upcoming Two Sessions in March 2026, which may introduce supportive policies for strategic engineering projects and new productivity sectors [16]. - The report suggests focusing on construction state-owned enterprises for recovery opportunities and transformation into new business lines [15][16]. Summary by Sections Industry Viewpoints and Investment Recommendations - The construction decoration index increased by 4.97%, outperforming the overall A-share index by 3.86 percentage points [14]. - The report recommends three main investment lines: 1. Focus on state-owned enterprises for recovery and transformation opportunities [22]. 2. Invest in high-demand sectors such as tunneling, civil explosives, and geotechnical engineering [22]. 3. Explore new economic directions like commercial aerospace, low-altitude economy, computing power, and AI [22]. Market Performance - The construction decoration sector showed significant gains, with individual stocks like Roman Shares rising by 37.70% and China Railway by 14.55% [28]. - The report notes that the issuance of special bonds has accelerated, with a cumulative net financing of 7,461 billion yuan as of February 27, 2026, which is higher than the same period in the previous two years [17][18]. Company Dynamics - Key company updates include: - China Railway Construction reported a revenue of 100.5 billion yuan for 2025, a slight decrease of 0.01% year-on-year [36]. - Donghua Technology achieved a revenue of 100.2 billion yuan, marking a 13.12% increase year-on-year [36]. - Honglu Steel Structure announced a reduction in the conversion price of its convertible bonds from 32.08 yuan to 21.99 yuan per share [36]. Industry Valuation - As of February 27, 2026, the price-to-earnings ratios (PE) for various construction sub-sectors are as follows: - Housing construction: 6.41x - Decoration: -28.12x - Municipal engineering: 8.35x - Garden engineering: -12.39x - Steel structure: 39.78x - Chemical engineering: 13.14x - International engineering: 13.49x - Other professional engineering: 67.05x - Engineering consulting services: 51.44x [37].

中国建筑国际集团有限公司是一间主要从事建筑业务的投资控股公司。该公司主要从事建筑业务、基建 项目投资、经营收费道路、项目监理服务及外墙工程业务及其他。另外，该公司还从事工业厂房的改 造、提供项目监理服务、建筑材料的销售、机械及投资物业的租赁。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，2月27日南向资金增持48.6万股中国建筑国际（03311.HK）。近5个交易日中，获南向资 金增持的有3天，累计净增持217.4万股。近20个交易日中，获南向资金增持的有12天，累计净增持 568.97万股。截至目前，南向资金持有中国建筑国际（03311.HK）5.18亿股，占公司已发行普通股的 9.8%。 ...

那时候的全球经济，就是美日双雄的天下。美国的企业垄断着金融、能源和科技领域，日本则在汽车、电子、精密制造上独树一帜，前10名里日本就占了6 席，三菱商事、三井物产这些综合商社，在全球贸易中话语权十足。而咱们的3家企业，只能在榜单末尾徘徊，那时候没人敢想，30年后，这份格局会被彻 底改写。 谁也没想到，短短三十年，风水轮流转。2025年最新的榜单一出来，再回头看当年的差距，真的让人感慨万千。现在的格局早已不是美日双强，而是中美双 雄并立，日本则一步步褪去光环，彻底沦为第三梯队。 咱们的崛起，不是一蹴而就的，而是一步一个脚印走出来的。早期上榜的都是能源、金融、基建类央企，比如国家电网、中石油，靠规模站稳脚跟；后来， 比亚迪、宁德时代、拼多多这些民企异军突起，比亚迪从2022年首次上榜，短短几年就跻身百强，拼多多更是上榜即逆袭，排名一路飙升。 | 国内排名 | 公司名称 | 营业收入(亿元) | 利润 亿元 | 世界邦 | | --- | --- | --- | --- | --- | | 1 | 国家电网有限公司 | ¥ 42,322.24 | ¥ 775.19 | 50 | | 2 | 中国石油天然气集团有限公 ...

长沙晚报掌上长沙2月27日讯（全媒体记者 陈焕明 通讯员 李天元 胡思萌）2月26日，中南大学新校区智能科学与 信息技术大楼项目正式开工，项目建成后，将从根本上改善中南大学信息学科办学条件，促进教研深度协同融 合，为学校培养高端智能信息技术人才、提升核心竞争力提供坚实支撑。 长沙晚报掌上长沙2月27日讯（全媒体记者 陈焕明 通讯员 李天元 胡思萌）2月26日，中南大学新校区智能科学与 信息技术大楼项目正式开工，项目建成后，将从根本上改善中南大学信息学科办学条件，促进教研深度协同融 合，为学校培养高端智能信息技术人才、提升核心竞争力提供坚实支撑。 中南大学新校区智能科学与信息技术大楼项目位于中南大学潇湘校区、丰顺路北侧，总建筑面积54945平方米，其 中地上7层、地下1层，主要建设科研用房、实验实习用房及配套设施。项目于2024年12月获得教育部立项批复， 计划于2027年6月竣工。 中南大学党委常委、副校长何旭辉介绍，智能科学与信息技术大楼是学校信息学科资源聚合的"新阵地"，"人工智 能+"赋能创新的"前哨站"，更是着力实现"双碳"目标、对标绿建三星标准的绿色发展"新典范"。他表示，学校将 充分发挥学科优势， ...

| 序号 | 项目获得单位 | 项目名称 | 项目金额 （亿元） | | --- | --- | --- | --- | | 一 | 房屋建筑 | | | | 1 | 中建三局 | 广东深圳光明区李松蓢社区土地整备利益统筹 项目总承包工程 | 42.0 | | 2 | 中建五局 | 四川雅安浸没式液冷智算中心应用示范项目总 包工程 | 38.0 | | 3 | 中建八局 | 四川绵阳工业园新型显示产业园区基础设施建 总承包 EPC | 36.0 | | | | 设项目 | | | 4 | 中建八局 | 印度尼西亚达马克雅加达 数据中心二期项目 02 | 28.5 | | 5 | 中建二局 | 安徽宿州砀山县新能源电池研发与生产项目设 计采购施工总承包 EPC | 27.2 | | 6 | 中建八局 | 上海浦东新区张家浜楔形绿地 地块住宅 F1b-01 | 24.6 | | | | 项目 | | | 二 | 基础设施 | | | | 1 | 中建四局 | 福建福州闽台经贸可持续发展产业园区及配套 | 82.0 | | | | 基础设施项目（一期）建设运营一体化 | | | 项目金额合计 | | | 278.3 ...