Core Insights - The construction industry is officially entering a platform period, with infrastructure investment maintaining resilience but showing signs of decline in revenue among major state-owned enterprises [5][28][30] - The overall investment tone for infrastructure in the second half of 2025 will focus on stability, supported by proactive fiscal policies and accelerated government bond issuance [2][37] - Structural opportunities are emerging, particularly in manufacturing, power, water conservancy, and water transport sectors, driven by special government bonds [5][6] Industry Overview - The construction industry has seen a decline in total revenue for the first time in 2024, confirming a turning point for the industry [30] - The total revenue for the construction industry in 2024 was 86,962.78 billion, a decrease of 4.29% year-on-year, with net profit dropping by 13.74% [30][32] - The share of real estate in GDP has been declining since its peak in 2021, while infrastructure investment has been rising but not enough to offset the decline in real estate [26][28] Investment Strategy - Long-term investment should focus on manufacturing-oriented companies like Honglu Steel Structure, while short-term strategies should prioritize high-dividend stocks and significant changes in individual companies [6][7] - The report emphasizes the importance of structural opportunities in the construction sector, particularly in areas aligned with national strategic initiatives and safety capabilities [60] State-Owned Enterprises - There is a growing divergence among state-owned construction enterprises, with only a few, such as China State Construction and China Energy Engineering, showing positive growth in Q1 2024 [7][28] - The report recommends focusing on companies with strong dividend stability and growth potential, such as China Chemical Engineering and China Communications Construction [7][8] Professional Engineering and International Opportunities - The international engineering sector is expected to benefit from ongoing orders and the deepening of cooperation along the Belt and Road Initiative [8] - Companies like China National Materials and China Steel International are highlighted for their low valuations and high dividend yields, indicating strong performance potential [8] Mergers and Acquisitions - The construction industry is moving towards maturity, necessitating mergers and acquisitions to find new growth points [10] - The report anticipates that future mergers will primarily come from smaller, weaker segments of the industry, such as design and decoration [10]

Core Viewpoint - China Railway Construction Real Estate Group (CRCRE) has made a significant return to the Beijing market by acquiring the "Huayu Jingyun" project in Tongzhou for 775.52 million yuan, marking a premium rate of 21.94% and setting new records for floor price, bidding rounds, and premium rate in the area [2][3][6]. Group 1: Project Acquisition - The "Huayu Jingyun" project is CRCRE's first land acquisition in Beijing in nearly three years, with a floor price of approximately 35,800 yuan per square meter [2][3]. - The project is located in the Tongzhou district, specifically in the Liyuan area, and is designed to cater to both first-time buyers and those looking to upgrade [3][6]. - The land area for the project is 12,700 square meters, with a total above-ground construction area of 21,600 square meters and a plot ratio of 1.7 [4]. Group 2: Market Context - The Tongzhou area has seen a surge in new projects, which may pose challenges for the sales and absorption of the "Huayu Jingyun" project due to increased competition [6][7]. - Nearby projects, such as "Zhaoshang Yunjing Lanyue" and "Jinju Huaxi Yunjin," have lower acquisition costs and are already experiencing sales, which could impact the pricing strategy for "Huayu Jingyun" [6][8]. Group 3: Company Performance - CRCRE's real estate sales reached 951.45 billion yuan in 2024, a 21.6% decrease from the previous year, but the company improved its ranking among national real estate firms [11][12]. - The company has been actively acquiring land in key cities, with a focus on high-quality projects in major urban areas such as Beijing, Shanghai, and Chengdu [12][14]. - CRCRE's strategy emphasizes stabilizing scale and enhancing quality, aiming to navigate the current market challenges effectively [14].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 中 國 鐵 建 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 刊 登 的「中 國鐵建股份有限公司2022年 面 向 專 業 投 資 者 公 開 發 行 可 續 期 公 司 債 券（第 二 期）（可 持 續 掛 鈎）（品 種 二）2025年 付 息 公 告」，僅 供 參 閱。 承董事會命 中國鐵建股份有限公司 董事長 戴和根 中 國 • 北 京 2025年7月3日 於 本 公 告 日 期，董 事 會 成 員 包 括：戴 和 根 先 生（董 事 長、執 行 董 事）、郜 烈 陽 先 生（非 執 行 董 事）、馬 傳 景 先 生（獨 立 非 執 行 董 事）、解 國 光 先 生（獨 立 非 執 行 董 事）、錢 偉 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 中 國 鐵 建 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 刊 登 的「中 國鐵建股份有限公司2022年 面 向 專 業 投 資 者 公 開 發 行 可 續 期 公 司 債 券（第 二 期）（可 持 續 掛 鈎）（品 種 一）2025年 本 息 兌 付 及 摘 牌 公 告」，僅 供 參 閱。 承董事會命 中國鐵建股份有限公司 董事長 戴和根 中 國 • 北 京 2025年7月3日 於 本 公 告 日 期，董 事 會 成 員 包 括：戴 和 根 先 生（董 事 長、執 行 董 事）、郜 烈 陽 先 生（非 執 行 董 事）、馬 傳 景 先 生（獨 立 非 執 行 董 事）、解 國 光 先 生（獨 立 非 執 行 ...

Group 1 - China Railway Construction Corporation (CRCC) has recently won significant contracts for the Kyrgyz Republic section of the China-Kyrgyzstan-Uzbekistan railway project, with a total contract value of approximately 3.781 billion yuan [1] - In April, CRCC had already secured an initial contract for the Kyrgyz Republic section worth 2.587 billion yuan, indicating a strong presence in the region [1] - The recent contract wins are part of CRCC's efforts to implement the "Belt and Road" initiative and enhance its overseas operations [1] Group 2 - CRCC's overseas business has been growing rapidly, with revenue expected to increase from 38.7 billion yuan in 2020 to 65.9 billion yuan by 2024, representing a growth rate of over 70% [2] - In 2024, CRCC's total new contract value reached 3.04 trillion yuan, achieving 101.2% of its annual target, despite a year-on-year decline of 7.8% [2] - The overseas new contract value was 311.9779 billion yuan, accounting for 10.27% of the total, with a year-on-year growth of 23.39% [2] Group 3 - CRCC is currently in an adjustment period due to a contraction in traditional infrastructure and a sluggish real estate market, with a 6.61% year-on-year decline in revenue for Q1 2025 [3] - The net profit attributable to shareholders for Q1 2025 was 5.151 billion yuan, down 14.51% year-on-year [3] - Despite these challenges, CRCC's total assets reached 1.91 trillion yuan by the end of Q1 2025, reflecting an approximate year-on-year growth of 11.7% [3]

Group 1 - China Railway Construction Development Group Green Ze (Changsha) New Energy Development Co., Ltd. has been established with a registered capital of 5 million yuan [1] - The company is wholly owned by China Railway Construction Corporation (601186) through indirect shareholding [1] - The business scope includes engineering management services, solar power generation technology services, wind power generation technology services, energy storage technology services, power generation, transmission, and distribution services [1]

上半年，房企投资拿地积极性有所回升。 克而瑞研究中心的数据显示，上半年，投资百强房企拿地金额同比增长42%，9家房企拿地金额突破200亿元。 销售TOP 10房企新增货值占销售百强新增货值的73%。 克而瑞研究中心的数据显示，1—6月份，新增土储百强房企的新增货值、拿地金额和建筑面积之和分别为 11594亿元、5968亿元和5162万平方米，新增货值同比增长23.2%，拿地金额同比增长42%，建筑面积同比增长 3.4%。 克而瑞研究中心认为，拿地金额增幅显著的原因是核心城市核心地块供应量明显提升。投资百强房企总量三个 指标均同比正增长，房企投资积极性筑底回升。 具体来看，上半年，9家房企拿地金额突破200亿元，中海、保利发展均超500亿元，绿城、金茂紧随其后，均 超390亿元，头部房企投资强度持续领跑。6月单月，央国企依旧主导土地市场，中海地产拿地金额近180亿 元，保利、建发房产超80亿元，绿城、联发、中铁建、金茂等加速扩储。财务稳健的民企如滨江、邦泰等也在 重点城市有所斩获。 中指研究院的数据还显示，上半年，300城住宅用地出让金同比增幅超两成，平均溢价率超10%，较去年同期 提升。房企拿地进一步聚焦，T ...

Core Viewpoint - The article discusses the recent land auctions in various Chinese cities, highlighting the competitive bidding and pricing trends in the residential land market. Group 1: Wuhan Land Auction - On June 30, Wuhan auctioned 5 residential land parcels, with 3 sold at the base price and 2 at a premium, totaling 28.997 billion yuan [2][6]. - The most competitive parcel in Jiang'an District attracted at least 11 bidders, with Green City winning it for 6.645 billion yuan, resulting in a floor price of 27,920 yuan per square meter and a premium rate of 54.36% [2][7]. - A parcel in Wuchang District was won by Jianfa for 12.202 billion yuan, with a floor price of 16,055 yuan per square meter and a premium rate of 22% [8]. Group 2: Chengdu Land Auction - Chengdu auctioned 1 residential land parcel in Jin Niu District, which attracted 8 bidders, ultimately won by China Energy Construction for a floor price of 20,200 yuan per square meter, totaling 17.48 billion yuan with a premium rate of 23.93% [3][10]. Group 3: Tianjin Land Auction - Tianjin conducted an auction for 15 residential land parcels, with a total transaction amount of 87.77 billion yuan [11]. - A parcel in Hexi District was acquired by China Overseas for 7.4 billion yuan, with a floor price of 21,002 yuan per square meter and a premium rate of 11.45%. The remaining 14 parcels were sold at the base price [12]. Group 4: Guangzhou Land Auction - Guangzhou auctioned 2 residential land parcels, both sold at the base price, totaling 24.96 billion yuan [5][13]. - The Baiyun District parcel was acquired by Guangzhou Metro Group at a base price of 21.83 billion yuan, with a floor price of 19,000 yuan per square meter, and the Liwan District parcel was won by Jixun Real Estate for 3.13 billion yuan, with a floor price of 30,000 yuan per square meter [14][15].

Group 1 - The company announced the profit distribution plan for the fiscal year 2024, which was approved at the annual general meeting on June 20, 2025 [1] - The profit distribution implementation will follow different timelines for A-shares and H-shares due to the requirements of the Hong Kong Stock Exchange [1] - Key dates for the H-share profit distribution include: - Suspension of H-share transfer registration: July 16, 2025, to July 21, 2025 - Record date: July 21, 2025 - Ex-dividend date: July 14, 2025 - Cash dividend payment date: August 15, 2025 [1] Group 2 - The record date for A-shares is also set for July 21, 2025, with the ex-dividend date and cash dividend payment date on July 22, 2025 [1] - The company will issue a separate announcement regarding the A-share profit distribution within the timeframe specified by the Shanghai Stock Exchange and China Securities Depository and Clearing Corporation [1]

Suspension and Resumption of Trading - Hangzhou High-tech: The controlling shareholder plans to transfer 19.03% of the company's shares to a counterparty, resulting in stock suspension [1] - Alloy Investment: The controlling shareholder has agreed to transfer 20.74% of the company's shares, leading to stock resumption [1] Mergers and Acquisitions - Lopuskin: Plans to acquire 65% of Zhongcheng Green Pulse's equity in cash [2] Investment Cooperation and Operational Status - Hongxin Electronics: The subsidiary Suihong Artificial signed a sales contract for computing power equipment worth 190 million yuan [3] - Lian De Equipment: Won a bid for a 157 million yuan AMOLED production line project for BOE [3] - Junpu Intelligent: Signed a framework contract for humanoid robot sales worth approximately 28.25 million yuan [3] - China Railway Construction: Won the bid for the China-Kyrgyzstan-Uzbekistan railway project, with a total contract amount of approximately 3.781 billion yuan [4] - Helin Micro-nano: Planning to issue overseas shares and list on the Hong Kong Stock Exchange [5] - Hainan Mining: Recently signed a lithium spodumene off-take agreement with its subsidiary Le Minesde Lithium de Bougouni SA [6] Performance Changes - Weichai Heavy Machinery: Expects net profit for the first half of 2025 to be between 132 million and 151 million yuan, a year-on-year increase of 40%-60% [7] - Hanyu Pharmaceutical: Expects net profit for the first half of 2025 to be between 142 million and 162 million yuan, turning from a loss of 10.3588 million yuan in the same period last year to profit, with the approval of liraglutide injection by the FDA and continuous export growth of raw materials [7] - Small Commodity City: Expects net profit for the first half of 2025 to be between 1.63 billion and 1.7 billion yuan, an increase of 12.57% to 17.40% compared to the same period last year [8] - Taotao Vehicle: Expects net profit for the first half of 2025 to be between 310 million and 360 million yuan, a year-on-year increase of 70.34%-97.81% [9]