Core Viewpoint - The Zhengzhou International Commodity Trading Center is a significant project aimed at establishing a comprehensive trading platform for bulk commodities, enhancing logistics and supply chain capabilities, and positioning Zhengzhou as a key player in the global commodity market [3][4]. Group 1: Project Overview - The first phase of the Zhengzhou International Commodity Trading Center has a total investment of approximately 4.7 billion yuan, covering an area of about 1,500 acres, with a total construction area of 567,500 square meters [4]. - The project includes a trading center, service center, and four office buildings, all of which have reached the topping-out stage, with completion expected by the end of June [3][4]. Group 2: Operational Features - The trading platform is set to launch its technical operations in March, offering various trading and delivery services, including spot listing, warehouse receipts, auction trading, and capacity pre-sale [3]. - The average daily trading volume is projected to exceed 80 million yuan as the variety of traded commodities increases [3]. Group 3: Strategic Importance - The trading center aims to become a pivotal point for the national and global bulk commodity supply chain, enhancing the logistics and trade capabilities of Zhengzhou [3][4]. - The project aligns with national policies on enhancing security capabilities in key areas, particularly in the storage and logistics of essential goods like grain and fertilizers [4]. Group 4: Future Prospects - The center is expected to facilitate international trade through the China-Europe Railway Express, promoting the liberalization and convenience of bulk commodity trade [5]. - It will also integrate with local free trade zones and innovation zones to enhance resource allocation capabilities and support the upgrading of related industrial chains [5].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國鐵建股份有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01186 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,076,296,000 | RMB | | 1 RMB | | 2,076,296,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 2,076,296,000 | RMB | | 1 RMB | | 2,076,296,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [11] Core Insights - In the inflation cycle, the prices of commodities such as copper and gold are rising, benefiting construction state-owned enterprises with quality mining rights, while the chemical industry is also expected to show profit resilience due to price elasticity [2][10] Summary by Relevant Sections Resource Sector - China Railway has invested in five modern mines, producing significant quantities of copper, cobalt, molybdenum, lead, zinc, and silver, with a revenue increase of 8.04% year-on-year in resource utilization business [6] - China Power Construction holds a 25.28% stake in Huagang Mining, with copper and cobalt production figures reported for 2025 [7] - Shanghai Construction's mining operations include a significant gold mine in Eritrea, contributing to substantial revenue from gold sales [8] - Sichuan Road and Bridge has developed a resource reserve system focusing on various minerals, with significant overseas projects [9] Chemical Industry - China Chemical has a broad chemical industrial layout, including significant production capacities for various chemicals and advancements in technology for epoxy propylene production [10] - The company has also made progress in potassium and phosphate mining, with substantial production and sales figures reported for 2025 [10] Market Performance - The construction sector's performance has varied, with specific sub-sectors showing positive growth rates year-to-date, such as chemical engineering and steel structure [20][21]

Core Insights - In January 2026, the total sales of the top 100 real estate companies amounted to 190.52 billion yuan, a year-on-year decrease of 18.9% [3] - The equity sales for the same group reached 132.14 billion yuan [3] - The top ten companies by sales include Poly Development, China Overseas, China Resources, Greentown China, China Travel Investment, China Merchants Shekou, China Jinmao, Jianfa Real Estate, Vanke, and Binjiang Group, with only Poly, China Overseas, and China Resources exceeding 10 billion yuan in sales for the month [3] Sales Performance - The average sales for the top 10 companies was 9.33 billion yuan, down 11.6% year-on-year, while the average for companies ranked 11-30 was 2.6 billion yuan, also showing a decline [4] - The ranking of companies has shifted significantly compared to the previous year, with Vanke dropping from 5th to 9th place, while China Travel Investment emerged as a "dark horse" in 5th place [3][4] Market Trends - The decline in sales is attributed to the high base from January of the previous year when the market was more active following the September 2024 policy changes [6] - The industry is undergoing an adjustment phase, with a decrease in the number of companies achieving over 10 billion yuan in sales, while those achieving over 5 billion yuan have increased, indicating a shift from "scale competition" to "quality competition" [6] - In January 2026, 32 companies among the top 100 saw year-on-year sales growth, with 10 companies experiencing growth exceeding 100% [6] Real Estate Market Dynamics - The new housing market showed weak performance in January, with approximately 8.1 million square meters of new residential sales in 50 key cities, while the second-hand housing market saw a notable increase, with transaction volumes rising by 33% year-on-year [7][8] - The second-hand market's recovery is contributing to stabilizing market expectations, with some cities experiencing a reduction in listing volumes [8] Policy and Future Outlook - The central government has been signaling a focus on stabilizing market expectations, with recent policy measures including interest rate cuts and adjustments to down payment ratios for commercial properties [9] - The upcoming Spring Festival may lead to increased marketing efforts from real estate companies, and the introduction of quality projects could maintain a certain level of market activity in core cities [9] - As of the end of 2025, 21 distressed real estate companies have made progress in debt restructuring, but the challenge remains in converting financial relief into sustainable operational capacity [9]

Core Insights - In January 2026, the top 100 real estate companies in China reported a total sales revenue of 190.52 billion yuan, a year-on-year decrease of 18.9% [1] - The equity sales amount for the same group was 132.14 billion yuan [1] - The top ten companies by sales included Poly Developments, China Overseas Land, and China Resources Land, with only Poly, China Overseas, and China Resources exceeding 10 billion yuan in sales for the month [1] Sales Performance - The average sales revenue for the top 10 companies was 9.33 billion yuan, down 11.6% year-on-year [2] - Companies ranked 11-30 had an average sales revenue of 2.6 billion yuan, a decline of 25.6% [2] - Companies ranked 31-50 reported an average sales revenue of 1.03 billion yuan, down 21.0% [2] Market Dynamics - The decline in sales is attributed to the high base from January of the previous year when the market was more active due to policy changes [5] - The real estate industry is undergoing an adjustment, with a shift from "scale competition" to "quality competition," leading to resource concentration among stronger companies [5] - In January 2026, 32 companies among the top 100 reported year-on-year sales growth, with 10 companies experiencing growth exceeding 100% [5] Market Trends - The new housing market showed weak performance in January, while the second-hand housing market demonstrated notable growth, with transaction volumes increasing by 33% year-on-year [6] - The central government has been signaling stability in market expectations, emphasizing the importance of managing expectations to stabilize the real estate market [6] - Recent policy measures include lowering the down payment ratio for commercial property loans and adjusting monetary policy tools [6] Future Outlook - As the Chinese New Year approaches, real estate companies are expected to increase marketing efforts, which may sustain some activity in core city markets [7] - There are ongoing challenges for companies to convert financial restructuring into sustainable operational capabilities [7]

百强房企1月卖房"成绩单"出炉。 2026年开年，百强房企1月卖房"成绩单"出炉。 1月31日，中指研究院发布数据显示，2026年1月，TOP100房企销售总额为1905.2亿元，同比下降18.9%；同期，TOP100房企权益销售额为1321.4亿元。 房企销售金额前十依次为：保利发展、中海地产、华润置地、绿城中国、中旅投资、招商蛇口、中国金茂、建发房产、万科、滨江集团，其中仅保利、中 海、华润单月销售过百亿。 对比上年同期，房企销售位次已经发生了较大变化。头部房企中，保利、中海、华润、绿城的顺序未变，但万科从上年1月的第5位，下滑至今年1月的第9 位。中旅投资短期内成为"黑马"，闯到今年1月房企全口径销售榜第5位。 TOP10随后的房企中，招商蛇口、建发房产、滨江集团变化不大、依然位列其中，但是华发股份从去年1月的第6位降至今年1月的第18位，同期中国铁建 从第10位降至第13位，中国金茂则从去年1月的第13位升至今年1月的第7位。 克而瑞数据显示，1月全国重点50城市新建商品住宅成交面积约810万平方米，表现较为清淡，新房市场整体进入淡季；同期，重点13城市二手房成交面积 约810万平方米，环比上升16% ...

Core Viewpoint - The announcement details the completion of the board of directors' re-election and the appointment of senior management personnel at China Railway Construction Heavy Industry Co., Ltd. The new board will serve a three-year term starting from the date of approval by the shareholders' meeting [1][2]. Board of Directors Election - The third board of directors was elected during the first extraordinary shareholders' meeting held on January 30, 2026, using a cumulative voting system. The non-independent directors elected include Zhao Hui, He Yongjun, Sha Mingyuan, Xie Huagang, and Hu Bin, while independent directors include Wu Yuntian, Wang Jinxing, and Cao Feng [1][2]. - The independent directors' qualifications have been reviewed and approved by the Shanghai Stock Exchange [2]. Chairman and Committees Election - Zhao Hui was elected as the chairman of the third board of directors, with his term lasting until the end of the board's term [3]. - The specialized committees of the board were also elected, with the following members: - Strategic and Technology Committee: Zhao Hui (Chair), Xie Huagang, Wang Jinxing - Compensation and Assessment Committee: Cao Feng (Chair), Zhao Hui, Wu Yuntian - Nomination Committee: Wang Jinxing (Chair), Zhao Hui, Wu Yuntian - Audit Committee: Cao Feng (Chair), Zhao Hui, Wang Jinxing [4][5]. Senior Management Appointments - The board approved the appointment of He Yongjun as the general manager, Chen Peirong as the chief accountant and legal advisor, and several others as vice presidents and senior management positions. Their terms will also last until the end of the board's term [6]. - The qualifications of the appointed senior management personnel have been reviewed by the board's nomination committee, and the appointment of the chief accountant has been approved by the audit committee [7]. Securities Affairs Representative Appointment - Wu Jing was appointed as the securities affairs representative to assist the board secretary in fulfilling various responsibilities. Her term will also last until the end of the board's term [8].

Core Viewpoint - China Railway Construction Corporation (CRCC) is advancing multiple undersea tunnel projects to enhance regional connectivity along China's coastline using domestically developed technologies [1] Group 1: Project Details - The Yongzhou Railway's Jintang undersea tunnel is being excavated to a maximum depth of approximately 78 meters, utilizing China's first integrated shield tunneling system designed for high water pressure management [2] - The Qingdao Jiaozhou Bay Second Tunnel, spanning 17.48 kilometers, employs a combination of shield tunneling and conventional mining methods to navigate through hard rock and fractured zones [4] - The Shenzhen-Jiangmen Deep River undersea tunnel is advancing at depths reaching 116 meters, making it one of the world's deepest high-speed rail tunnels beneath the sea [4] Group 2: Completed Projects - The Jinpu Sea River Tunnel in the Bohai region, part of the Jinan-Qingdao high-speed line, has been completed, overcoming challenges such as corrosive saline soil through specialized anti-corrosion measures [5] Group 3: Technical Advancements - CRCC has established a comprehensive technical system that includes survey and design, construction management, core components, and digital operations, enhancing the efficiency of cross-sea tunnel projects [6]

Group 1 - The core point of the article is that China Railway Construction Corporation (CRCC) announced a total new contract value of 15,577.32 billion RMB for the fourth quarter of 2025, and a total new contract value of 30,764.97 billion RMB for the entire year of 2025, representing a year-on-year growth of 1.30% [1] Group 2 - The new contract value for the fourth quarter of 2025 is 15,577.32 billion RMB [1] - The total new contract value for the year 2025 is 30,764.97 billion RMB [1] - The year-on-year growth rate for new contracts in 2025 is 1.30% [1]

Group 1 - The core point of the article is that China Railway Construction Corporation (CRCC) announced a total new contract value of 1,557.732 billion RMB for the fourth quarter of 2025, and a total new contract value of 3,076.497 billion RMB for the entire year of 2025, representing a year-on-year growth of 1.30% [1]