消息面上，7月19日上午，雅鲁藏布江下游水电工程开工仪式在西藏自治区林芝市举行。雅鲁藏布江下 游水电工程将建设5座梯级电站，总投资约1.2万亿元。国投证券认为，雅下工程作为国家级战略项目， 涉及水电建设、基础设施建设、特高压输电、设备制造、民爆、水泥建材供应等多个产业链环节，其开 工建设将带来上下游产业链需求逐步释放，建议关注产业链投资机会。该行指出，建筑企业联合倡议反 内卷，专项债发行同比高增，基建龙头基本面或将改善，国企改革/央企市值管理驱动破净建筑央企价 值提升。 智通财经APP获悉，基建股普遍上扬，截至发稿，中国中铁(00390)涨4.17%，报4港元；中国交建 (01800)涨3.17%，报5.53港元；中国铁建(01186)涨3.12%，报5.62港元；中国中冶(01618)涨2.27%，报1.8 港元。 天风证券指出，近期建筑央国企陆续披露二季度订单情况：从央企的订单情况来看，央企的订单二季度 环比一季度有回暖的趋势，以中国中铁为例，25Q1订单同比下滑9.9%，但是25H1订单同比增速转正为 2.8%，其中Q2单季度订单同比增速为20.08%，中国核建25H1订单同比增速13.72%，仍保持了 ...

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。 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 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2024年面向專業投資者公開發行科技創新公司債 券（第 一 期）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18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 倫 先 生（獨 立 非 執 行 董 事）、王 俊 先 生（獨 立 非 ...

Core Viewpoint - China Railway Construction Investment Group Co., Ltd. received an "AAA" rating for its 2025 second phase medium-term notes, reflecting strong shareholder support and competitive strengths in infrastructure investment and urban development [1] Group 1: Company Strengths - The company benefits from strong shareholder strength, robust support, and significant competitive advantages in infrastructure investment and urban development [1] - It has extensive project management and construction experience, along with smooth financing channels that bolster its overall credit strength [1] Group 2: Company Challenges - Since 2024, the company has experienced a decline in contract scale, leading to reduced revenue and profit levels [2] - The company faces high financial leverage and a potentially sustained high level of debt, which may impact its operational and overall credit status [1] - The long operating and repayment cycles of BOT/PPP projects, along with significant capital tied up in urban development projects, pose additional challenges [1] Group 3: Financial Performance - In 2024, the company achieved total operating revenue of 38.609 billion yuan, which represents a year-on-year decrease of 27.53% [2] - For the first quarter of 2025, the company reported total operating revenue of 5.898 billion yuan, reflecting a year-on-year decline of 27.65% [2]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [10]. Core Insights - The Central Urban Work Conference held on July 14-15 emphasized the transition of urbanization in China from a rapid growth phase to a stable development phase, focusing on quality urban renewal rather than large-scale expansion [8][13]. - The conference outlined key tasks for urban development, including optimizing modern urban systems, building innovative cities, and enhancing livability and sustainability [13]. - The report highlights the historical significance of this conference, marking a shift towards high-quality urban development, contrasting with previous meetings that focused on rapid expansion and basic infrastructure [13]. - Future funding for urban renewal is expected to come from various sources, including special central budget investments and local government bonds, indicating potential for increased capital inflow into the sector [13]. - The report suggests that the construction sector should focus on leading companies and the entire design-construction-operation chain, particularly in urban renewal projects [13]. Summary by Sections Event Description - The Central Urban Work Conference took place in Beijing, with significant speeches from top leaders, indicating a strategic shift in urbanization policy [8][9]. Market Performance - The report includes a market performance comparison over the past 12 months, showing a relative performance of the construction and engineering sector against the CSI 300 index [11]. Related Research - The report references several related studies that discuss urban renewal and the construction industry's response to current challenges [12].

Sales Performance - In the first half of 2025, the total sales amount of the top 30 real estate companies in Chengdu reached 99.82 billion yuan, with China Resources Land, China Railway Construction, and Poly Developments leading the sales at 7.66 billion yuan, 7.39 billion yuan, and 7.34 billion yuan respectively [10] - The total sales area for the top 30 companies was 4.337 million square meters, with Poly Developments, China Resources Land, and China Railway Construction achieving sales areas of 343,000 square meters, 329,000 square meters, and 314,000 square meters respectively [10] Market Trends - The new housing market in Chengdu saw a total of 5,982 new homes sold in June, representing a year-on-year decrease of 13.7% but a month-on-month increase of 2.1% [10] - The new residential price index in Chengdu increased by 0.1 percentage points in May, marking the seventh consecutive month of price increases since November 2024 [10] Policy and Development - On June 6, the Chengdu Housing and Urban-Rural Development Bureau issued the "Good House" construction action plan, which includes 18 key tasks aimed at improving residents' living quality and happiness [10] - Upcoming projects such as Jianfa Zhaoshang Yuanqi Jinsha and Green City Run Baihe are expected to bring renewed activity to the Chengdu new housing market in July [10] Secondary Market - In June, the secondary housing market in Chengdu recorded 19,214 transactions, showing a year-on-year increase of 14.4% and remaining stable month-on-month [11] Land Market - The land market in Chengdu is experiencing record-breaking floor prices, with the Jinniu District's land price exceeding 20,000 yuan per square meter for the first time [11]

中国铁建股份有限公司 2024年年度权益分派实施公告 证券代码：601186 证券简称：中国铁建 公告编号：2025-035 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： 每股分配比例 A 股每股现金红利0.30元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/21 | － | 2025/7/22 | 2025/7/22 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 6 月 20 日的2024年年度股东大会审议通过。 二、 分配方案 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/21 | － | 2025/7/22 | 2025/7/22 | 四、 分配实施办法 1. 实施 ...

Group 1 - Infrastructure stocks in Hong Kong experienced significant upward movement, with China CRRC (01766.HK) rising nearly 9% [1] - Times Electric (03898.HK) saw an increase of over 5.5% [1] - Other companies such as China Metallurgical Group (01618.HK), China Railway (00390.HK), China Railway Construction (01186.HK), and China Communications Construction (01800.HK) also reported gains exceeding 2% [1]

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。 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14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 倫 先 生（獨 立 非 執 行 董 事）、王 俊 先 生（獨 立 非 執 行 董 事） 及 朱 霖 女 士（職 工 董 事）。 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2024年 年 度 權 益 分 派 實 施 公 告」，僅 ...

Core Points - The company announced a cash dividend of 0.30 yuan per share (before tax) for A-share shareholders, totaling approximately 4.07 billion yuan [1] - The profit distribution plan was approved at the annual general meeting held on June 20, 2025 [1] - The record date for the dividend is July 21, 2025, with the ex-dividend date and last trading date both set for July 22, 2025 [1] Distribution Plan - The total number of shares for the dividend distribution is based on the company's total share capital of 13,579,541,500 shares [1] - Cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch [1] - Shareholders who have not completed designated trading will have their dividends held by the China Securities Depository and Clearing Corporation until the trading is completed [1] Taxation Information - Individual shareholders holding shares for more than one year will be exempt from personal income tax on dividend income [3] - For shares held for one month or less, the actual tax burden is 20% on the dividend income [3] - For shares held between one month and one year, the effective tax rate is 10% [3] H-Shares and Other Shareholders - The cash dividend distribution for H-share shareholders is not covered in this announcement and will be detailed in a separate announcement on June 30, 2025 [2] - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net dividend of 0.27 yuan per share [5] - Other institutional investors are responsible for their own tax obligations, with a cash dividend of 0.30 yuan per share being distributed [5]

Core Viewpoint - China Railway Construction Bridge Bureau Group is leveraging technological innovation to enhance urban rail construction, focusing on smart construction methods and real-time monitoring to ensure project quality and safety [1][5][6]. Group 1: Technological Innovations - The company has developed a smart monitoring platform that enables real-time tracking of construction processes, enhancing safety and efficiency in urban rail projects [5][6]. - The introduction of advanced construction techniques, such as the use of rectangular pipe jacking machines, has allowed the company to tackle complex geological conditions effectively [4]. - The implementation of a "dynamic monitoring + micro-disturbance control" construction method has been pivotal in overcoming challenges in urban rail construction, particularly in sensitive areas [2][3]. Group 2: Project Achievements - The company has successfully completed multiple significant projects, including the Beijing Subway Line 13 and Line 4, which have set benchmarks for urban rail construction in China [2][3]. - The completion of the Beijing Subway Line 6 vehicle depot, recognized for its comprehensive functionality, showcases the company's capability in delivering high-quality infrastructure [3]. - The company has also made strides in the Tianjin metro projects, adapting to local geological challenges and ensuring project safety through innovative techniques [3][4]. Group 3: Future Directions - The company aims to further enhance its digital and intelligent construction capabilities, focusing on areas such as robotics and autonomous operations to drive future growth [6]. - By establishing a three-tiered management system, the company is enhancing its operational efficiency and safety measures across various projects [6]. - The integration of big data and smart technologies is expected to revolutionize urban rail construction management, leading to improved project outcomes [5][6].