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 ...

固收周报 避险情绪主导债市 美债收益率显著回落 美债收益率明显回落， 10 年期和 2 年期美债收益率上周分别下行 15 个和 10 个基 点至 3.94% 和 3.37% 。虽然近期数据显示美国通胀压力有所回升，但市场情绪被 避险情绪主导，带动美债收益率明显回落。受到美债收益率明显回落的提振，上 周中资美元债表现较佳，彭博巴克莱中资美元债总回报指数全周上涨 0.4% 。上 周末，美以正式对伊朗展开军事行动，伊朗随即反击，并封锁霍尔木兹海峡，带 动原油价格大幅上涨。特朗普称针对伊朗的军事行动可能会持续四星期，短期内 在避险情绪和通胀预期升温的共振下，美债可能维持波动。高于预期的通胀数据 和地缘冲突触发的能源价格上升，也进一步降低美联储于 3 月降息的可能性。在 岸市场方面， 3 年期和 10 年期国债收益率分别较春节假期前持平和上行 2 个基点 至 1.38% 和 1.82% 。周一，境内利率债市同样受到避险情绪提振，各期限国债收 益率普遍有所回落。两会将在本周召开，届时将公布 2026 年经济目标、财政支 持力度等，并可能释放更多货币政策信号，债市料将会有所定价。 离岸市场：美债市场提前定价战争风险 中资美 ...

S 上海现代服务业联合会 Shanghai Services Federation 荣续智库 基建行业ESG白皮书 摘要 基础设施是城市脉动的基石，更是经济发展的骨架，从纵横的交通路网到运转的能源管网，它无声支撑着每一个日常。 如今，"可持续"已成为基建行业的新命题，ESG是保障项目长效价值、抵御气候与政策风险的核心能力。 PREFACE ANALYST 前言 研究员 基础设施与我们的日常生活、经济活动紧密交织，是社会 杨帆 国际通用ESG高级分析师：SH703XFBA0491 运转的核心支撑。如今，这个行业正面临新的发展要求， 在高效履行交通、能源、通信等传统功能之外，还需更主 汤切云 CFAESG证书：0000000099910753 动地管控环境影响、践行社会责任、优化治理水平一一这正 是ESG（环境、社会和治理）理念的核心关切。 碳管理师：CHINAETSCM20240010155 对基建行业而言，聚焦ESG不仅是响应时代要求，更能切 实管理长期风险，比如应对气候变化引发的物理风险，以 张雷和 高级注册ESG分析师：24RZQLKC002561A 及政策调整带来的转型风险。同时，这也有助于赢得社区、 ...

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].

资源品论坛：关键矿产资源的崛起 20260228 摘要 中国钨资源供应占比过高（约 80%），不符合资源安全和价值实现的最 优状态。理想状态应控制在全球供应的 40%-50%，通过适度控制供应， 维持钨价高位，体现稀缺资源价值，并倒逼国内企业提升资源利用效率。 钨金属需求端呈现"战略需求+工业需求"双重增长态势。地缘政治因 素导致欧美战略储备需求增加，新型工业化国家工业需求持续增长，高 端与军工应用拓展进一步抬升需求弹性。目前尚无金属可替代钨在高温、 硬度与熔点等综合性能上的优势。 全球电解铝供给格局中，中国产能接近天花板（4,500 万吨），海外虽 有增量但增速不及预期。预计 2026 年海外电解铝产量在 3,000 万吨基 础上增长约 4.5%，主要集中在印尼和非洲的安哥拉等国家和地区。 电解铝行业利润高位驱动中资民企加速海外扩张。国内铝价约 24,000 元/吨人民币的情况下，铝厂利润通常至少约 5,000-6,000 元/吨人民币， 个别企业可达约 10,000 元/吨人民币。 全球电解铝供需处于紧平衡状态，国内库存处于相对低位（约 70 万 吨），海外库存约不到 100 万吨。基于基本面判断，铝价预 ...

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].

中国铁建股份有限公司 2026 年第一次临时股东会 会议资料 增补公司执行董事的议案 各位股东及股东代表： 二〇二六年三月 中国铁建 2026 年第一次临时股东会 目 录 | | | 1 中国铁建 2026 年第一次临时股东会 中国铁建股东会会议资料： 2 中国铁建 2026 年第一次临时股东会 附件： 简 历 经公司控股股东中国铁道建筑集团有限公司推荐，并经公司董事会提名委员 会审议通过，提名裴岷山先生、陈志明先生为公司执行董事候选人，任期自股东 会通过之日起，与公司第六届董事会任期相同。裴岷山先生、陈志明先生的简历 详见附件。 以上议案请各位股东审议。 附件：简历 中国铁建股份有限公司董事会 2026 年 3 月 20 日 裴岷山先生，55 岁，中国国籍，无境外居留权，现任本公司总裁、党委副 书记，同时任中国铁道建筑集团有限公司总经理、党委副书记、董事。曾任中交 公路规划设计院有限公司生产经营管理部主任，总经理助理，副总经理，总经理、 党委副书记、董事，董事长、总经理、党委副书记，党委书记、董事长、总经理， 党委书记、董事长。2019 年 10 月任中国交通建设股份有限公司党委常委、副总 裁。2021 年 ...

证券代码：601186 证券简称：中国铁建 公告编号：2026-006 (一) 股东会类型和届次 2026年第一次临时股东会 召开的日期时间：2026 年 3 月 20 日 9 点 00 分 召开地点： 北京市海淀区复兴路 40 号中国铁建大厦 (五) 网络投票的系统、起止日期和投票时间。 股东会召开日期：2026年3月20日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 中国铁建股份有限公司 关于召开2026年第一次临时股东会的通知 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。 重要内容提示： 一、 召开会议的基本情况 不涉及 二、 会议审议事项 本次股东会审议议案及投票股东类型 | 序号 | 议案名称 | 投票股东类型 | | | --- | --- | --- | --- | | | | 股股东 A H | 股股东 | | 累积投票议案 | | | | | 1.00 | 增补公司执行董事的议案 | 应选董事（2）人 | | | 1.01 | 增补裴岷山先生为公司执行董事的议案 | √ | √ | | ...

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].

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 ...