报告摘要
　　国务院于近日印发《质量强国建设纲要》（“纲要”)，提出到2025年制造业产品质量合格率达到94%，工程质量抽查符合率不断提高。与建筑工程行业相关的要求包括: 1)提高建筑材料质量水平。加快高强度高耐久、可循环利用、绿色环保等新型建材研发与应用。2)鼓励企业建立装配式建筑部品部件生产、施工、安装全生命周期质量控制体系，推行装配式建筑部品部件驻厂监造。3)开展住宅、公共建筑等重点领域建材专项整治，促进从生产到施工全链条的建材行业质量提升。4)加快建筑信息模型等数字化技术研发和集成应用。5)大力发展绿色建筑，深入推进可再生能源、资源建筑应用，实现工程建设全过程低碳环保、节能减排。6)推动工程建设领域优质化、品牌化发展等。
　　我们认为纲要对建筑工程的影响主要体现为: 1)对建筑材料及工程质量的要求将上升至新的高度。2)加快建筑工程行业的信息化及数字化转型。3)对低碳环保、节能减排的建筑材料及工艺将会大力支持。这些影响与装配式建筑法的优点紧密结合。因此，我们认为未来装配式建筑法从政府层面到市场层面都必将被大力推广。此外，装配式建筑法对资本及工艺的要求远高于传统工艺，对大型企业有利，加上政府大力推动工程建设领域品牌化发展，我们认为这将导致市场洗牌，行业集中度的提高将加快。
　　我们的首选股为中国建筑国际(03311 HK，目标价14.20港元，评级“买入”)。中国建筑国际旗下的全资附属公司中建海龙科技是中国最大的装配式建筑企业之一，是集研发、设计、生产、模块化建筑总承包及检测为一体的建筑工业化综合服务商。目前已累计完成268个装配式项目，类型涵盖住宅、酒店、写字楼、医院、学校、桥梁、隧道、地铁等，将深度受惠于装配式建筑行业的加速发展。此外，我们认为远大住工(02163 HK，目标价8.50港元，评级“收集”)作为中国最大的装配式水泥构件生产商亦将是主要的受益者。
　　风险提示：1）政府基础设施支出可能低于预期；2）可能超预期的通胀或导致政策收紧；3）世界各地的疫情可能会出现波动。

研究报告全文：股票研Research究TableTitleEquityResearchDepartmentMorningResearchFocus9February2023TableSummaryTableofContents目录Focus行业和公司焦点今IndustryandCompanyFocus晨无Nil焦Research点LatestReports最新报告摘要MorningCompanyEPSCodeTitleTPChgRatingChgNameEstChange代码标题目标价z评级变动公司名称盈利预测是否改变FlashNoteTheOutlineforBuildingConstructionaQualityPowerfulCountryWillEngineering--Outperform--NAcceleratetheDevelopmentofSectorPrefabricatedConstruction快讯质量强国建设纲要将加快装配建筑工程行业--跑赢大市--否式建筑的发展证Appendices告ChineseVersionoftheIndustryandCompanyFocusLatestReports券后附行业和公司焦点最新报告摘要中文版报研究究HSIPerformanceHSCEIPerformance报研31000告1400029000券EquityResearchReport2700012000证2500010000230002100080001900017000600015000400013000110002000Feb22May22Aug22Nov22Feb23Feb22May22Aug22Nov22Feb23SourceBloombergSourceBloombergPreviousIntradayHKmRMBmTradingDayChange百万港元百万人民币前一交易日单日涨跌HSIIndexDailyTurnoverMainlandChinaDailyTurnover2128352-007115601848665恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE718929-059-363642541091国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE443158-1883829730035348200科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEandMainlandChinaDailyTurnoverwasrecordedasat07FebSeethelastpagefordisclaimer1of6MorningResearchFocusPleasesubscribetoourGTJAIResearchandStrategyTeamWechatsubscriptionaccountsPleasescantheQRcodesontheright-handsideResearchReportDatabase1wwwgtjaicomResearchFocusCompanyResearchHighlights2BloombergReportPageRESPGJIRorNHGTJ欢迎订阅国泰君安国际研究部和策略团队的微信公众号公众号账号国泰君安国际研究部戴清策略研究研究报告库1wwwgtjaicom研究报告公司点评专题研究2Bloomberg报告页面RESPGJIR或NHGTJTableFocusIndustryandCompanyFocusNil无Seethelastpagefordisclaimer2of6MorningResearchFocusTableLatestLatestReportsFlashNoteConstructionEngineeringSectorTheOutlineforBuildingaQualityPowerfulCountryWillAcceleratetheDevelopmentofPrefabricatedConstructionRatingOutperform6-18mTPnaAnalystGaryWongReportDate2023-02-08SummaryTheStateCouncilrecentlyissuedtheOutlineforBuildingaQualityPowerfulCountrytheOutlineproposingthatby2025thequalitypassrateofmanufacturingproductswillreach94andthepassrateofengineeringprojectsqualityspotcheckswillcontinuetoincreaseRequirementsrelatedtotheconstructionengineeringindustryinclude1ImprovethequalitylevelofconstructionmaterialsAcceleratethedevelopmentandapplicationofnewbuildingmaterialssuchashighstrengthhighdurabilityrecyclabilityandgreenenvironmentalprotection2Encourageenterprisestoestablishaqualitycontrolsystemfortheentirelifecycleofproductionconstructionandinstallationofprefabricatedbuildingpartsandimplementon-sitesupervisionofprefabricatedbuildingparts3Carryoutspecialrectificationofbuildingmaterialsinkeyareassuchasresidentialhousingandpublicbuildingsandpromotethequalityimprovementofthebuildingmaterialsindustryfromproductiontoconstruction4AcceleratetheresearchanddevelopmentandintegratedapplicationofdigitaltechnologiessuchasbuildinginformationmodellingBIM5Vigorouslydevelopgreenbuildingsfurtherpromotetheapplicationofrenewableenergyandresourcesconstructionmethodsandrealizelow-carbonenvironmentalprotectionenergyconservationandemissionsreductioninthewholeprocessofprojectconstruction6Promotehigh-qualityandbranddevelopmentinthefieldofengineeringconstructionWethinkthattheimpactoftheOutlineonconstructionprojectsismainlyreflectedin1Therequirementsofhighqualityforconstructionmaterialsandprojectswillrisetonewheights2Acceleratetheinformatizationanddigitaltransformationoftheconstructionengineeringindustry3Strongsupportwillbegiventolow-carbonenvironmentallyfriendlyenergy-savingandemissions-reducingbuildingmaterialsandtechniquesThesearecloselycombinedwiththeadvantagesoftheprefabricatedconstructionmethodThereforewethinkthattheprefabricatedconstructionmethodwillbevigorouslypromotedfromthegovernmentleveltothemarketlevelinthefutureInadditiontheprefabricatedconstructionmethodhasmuchhighercapitalandcraftsmanshiprequirementthantraditionalmethodswhichisbeneficialtolargeenterprisesMoreoverthegovernmentisvigorouslypromotingthedevelopmentofbrandinginthefieldofconstructionengineeringWethinkthatareshuffleoftheindustrywillbetriggeredandmarketconcentrationwillaccelerateOurtoppickisChinaStateConstructionInternational03311HKtargetpriceHK1420ratingBuyChinaStateConstructionInternationalswholly-ownedsubsidiaryChinaStateConstructionHailongTechnologyisoneofthelargestprefabricatedconstructioncompaniesinChinaandisanintegratedindustrializedconstructionserviceproviderinvolvedinbusinessesofresearchanddevelopmentdesignproductionmodularbuildinggeneralcontractingandtestingAtotalof268prefabricatedprojectshavebeencompletedsofarcoveringresidentialbuildingshotelsofficebuildingshospitalsschoolsbridgestunnelssubwaysetcwhichwilldeeplybenefitfromtheaccelerateddevelopmentoftheprefabricatedconstructionindustryInadditionwethinkthatBroadHomes02163HKtargetpriceHK850ratingAccumulateasChinaslargestmanufacturerofprefabricatedcementproductswillalsobeamajorbeneficiaryRiskwarning1Governmentinfrastructurespendingmaybelowerthanexpected2possibleinflationexceedingexpectationsmaycausepolicytightening3worldwidepandemicsituationmightseefluctuationSeethelastpagefordisclaimer3of6MorningResearchFocusChineseTranslation中文翻译TableFocuschi行业和公司焦点Nil无TableLatestchi最新报告快讯建筑工程行业质量强国建设纲要将加快装配式建筑的发展评级跑赢大市6-18m目标价na分析员黄家玮报告日期2023-02-08报告摘要国务院于近日印发质量强国建设纲要纲要提出到2025年制造业产品质量合格率达到94工程质量抽查符合率不断提高与建筑工程行业相关的要求包括1提高建筑材料质量水平加快高强度高耐久可循环利用绿色环保等新型建材研发与应用2鼓励企业建立装配式建筑部品部件生产施工安装全生命周期质量控制体系推行装配式建筑部品部件驻厂监造3开展住宅公共建筑等重点领域建材专项整治促进从生产到施工全链条的建材行业质量提升4加快建筑信息模型等数字化技术研发和集成应用5大力发展绿色建筑深入推进可再生能源资源建筑应用实现工程建设全过程低碳环保节能减排6推动工程建设领域优质化品牌化发展等我们认为纲要对建筑工程的影响主要体现为1对建筑材料及工程质量的要求将上升至新的高度2加快建筑工程行业的信息化及数字化转型3对低碳环保节能减排的建筑材料及工艺将会大力支持这些影响与装配式建筑法的优点紧密结合因此我们认为未来装配式建筑法从政府层面到市场层面都必将被大力推广此外装配式建筑法对资本及工艺的要求远高于传统工艺对大型企业有利加上政府大力推动工程建设领域品牌化发展我们认为这将导致市场洗牌行业集中度的提高将加快我们的首选股为中国建筑国际03311HK目标价1420港元评级买入中国建筑国际旗下的全资附属公司中建海龙科技是中国最大的装配式建筑企业之一是集研发设计生产模块化建筑总承包及检测为一体的建筑工业化综合服务商目前已累计完成268个装配式项目类型涵盖住宅酒店写字楼医院学校桥梁隧道地铁等将深度受惠于装配式建筑行业的加速发展此外我们认为远大住工02163HK目标价850港元评级收集作为中国最大的装配式水泥构件生产商亦将是主要的受益者风险提示1政府基础设施支出可能低于预期2可能超预期的通胀或导致政策收紧3世界各地的疫情可能会出现波动Seethelastpagefordisclaimer4of6MorningResearchFocusResearchDepartment研究部NoahHudsonHeadofResearch主管noahhudsongtjascomhk8675523976684HaoZhou周浩ChiefEconomist首席经济学家haozhougtjascomhk85225097582BillySun孙英超Macro宏观billysungtjascomhk85225092603JakeWang汪昌江Strategy策略changjiangwanggtjascomhk8675523976675AndyHuang黄凯鸿Strategy策略kaihonghuanggtjascomhk8675523976702JackWu吴狄Strategy策略diwugtjascomhk8675523976718EvanLi李少金Strategy策略evanligtjascomhk85225095375GaryWong黄家玮ConstructionEngineering建筑工程garywonggtjascomhk85225092616KevinGuo郭勇NonferrousMetals有色金属yongguogtjascomhk8675523976671RichardCao曹柱Banking银行zhucaogtjascomhk8675523976870GinYu余劲同Telecommunications通信ginyugtjascomhk8675523976686JackLiu柳晨Electronics电子chenliugtjascomhk85225092149PeterShao邵俊樨EnergyOperations能源运营petershaogtjascomhk85225095464TeddyLin林荣叶MediaCulture传播文化含体育rongyelingtjascomhk8675523976692ChunliZhan詹春立Property房地产jameszhangtjascomhk85225097745AndyChen陈思超FoodBeverages食品饮料含化妆品andychengtjascomhk85225092665AlexBai白舸Machinery机械gebaigtjascomhk85225097202IvanWu吴凱翔Automobiles汽车ivanwugtjascomhk85225092649HansenTang汤瀚森TextilesApparel纺织服装hansentanggtjascomhk8675523976884FrancoLi李炜Non-BankFinance非银行金融francoligtjascomhk85225097204EsabellaZhao赵舒蔓ComprehensiveSupport综合支持shumanzhaogtjascomhk8675523976681PennyPan潘凌蕾ComprehensiveSupport综合支持pennypangtjascomhk85225092632Seethelastpagefordisclaimer5of6MorningResearchFocusCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5orthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforCHINAGRANDPHARMACEUTICALANDHEALTHCARE00512HKLUZHOUBANK01983HKSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithCOUNTRYGARDEN02007HKSINOTRANS-HSHARES00598HKCHOWTAIFOOKJEWELLERY01929HKCGNMEIYAPOWER01811HKCGNPOWER-HSHARES01816HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKCHINASUNTIEN00956HKJINKESERVICES09666HKFOSUNINTL00656HKWEIGAOGROUP01066HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKPOPMART09992HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKBANKOFCHONGQING01963HKCITS01880HKYANZHOUCOAL01171HKSINOPECKANTONS00934HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKJIANGSUEXPRESSWAY00177HKCGNMINING01164HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKVOBILEGROUP03738HKCHERVON02285HKKINGSOFT03888HKSPC00338HKHONGJIUFRUIT06689HKGUANGZHOUAUTOMOBILE-HSHARES02238HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKSENSETIME-W00020HKXIAOMICORPORATION01810HKALIBABA09988HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKA-LIVING03319HKFINANCIALSTREETPROPERTY01502HKIRICOGROUPNEWENERGY00438HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofLENOVO00992HKCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKKUAISHOU-W01024HKSUNAC01918HKXPENG09868HKCITICSEC-HSHARES06030HKAACTECHNOLOGIESHOLDINGS02018HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKCNOOC00883HKWUXIBIOLOGICS02269HKMEITUAN-W03690HKCHINATOWERCORPORATION-HSHARES00788HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKBANKOFCHINA-HSHARES03988HKHSBC00005HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer6of6