证券代码：601800 证券简称：中国交建 公告编号：临 2025-011 中国交通建设股份有限公司 关于 2025 年度融资担保计划的公告 中国交通建设股份有限公司（简称中国交建、本公司或公司）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个别及连带责任。 重要提示： 预计被担保人：本公司全资子公司、控股子公司以及参股公司。 2025 年度，公司融资担保计划额度为 620.98 亿元，其中公司计划为子公 司（含控股）提供融资担保额度约为 45.00 亿元，公司各子公司（含控股）对其 子公司（含控股）提供融资担保额度约为 556.43 亿元，各子公司（含控股）对 参股公司提供融资担保额度约为 19.55 亿元。 本公司无逾期融资担保。 特别风险提示：部分被担保人的资产负债率超过 70%，敬请投资者关注 相关风险。 一、担保情况概述 为确保公司生产经营工作持续稳健开展，2025 年度公司对外融资担保计划 总额为 620.98 亿元，公司第五届董事会第四十五次会议审议通过《关于审议公 司 2025 年度融资担保计划的议案》。 (一) 中国交建对 ...

证券代码：601800 证券简称：中国交建 公告编号：临 2025-008 中国交通建设股份有限公司 第五届监事会第三十次会议决议公告 中国交通建设股份有限公司（简称公司或本公司）监事会及全体监事保证 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。 2025 年 3 月 17 日，公司以书面形式发出本次监事会会议通知。2025 年 3 月 27 日，本次监事会以现场方式召开。监事会会议应当出席的监事人数 3 名，实 际出席会议的监事人数 2 名。监事杨向阳因公务原因授权委托监事卢耀军代为 出席表决。会议由监事会主席王永彬主持，会议召开程序及出席监事人数符合 有关规定，表决结果合法有效。会议形成如下决议： 一、审议通过《关于审议公司 2024 年度业绩公告及年度报告的议案》 （一）同意公司 2024 年度业绩公告(H 股)及公司 2024 年年度报告(A 股)。 （二）监事会对年度报告发表意见如下： 公司 2024 年度报告的编制和审议程序符合法律、法规、公司章程和公司内 部管理制度的相关规定。公司 2024 年度报告的内容和格式符合中国证监会和上 海证 ...

中国交通建设股份有限公司（简称公司或本公司）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。 2025 年 3 月 21 日，公司以书面形式发出本次董事会会议通知。2025 年 3 月 27 日，本次董事会以现场方式召开。董事会会议应当出席的董事人数 7 名，实 际出席会议的董事人数 6 名，董事刘翔因公务原因授权委托董事王海怀代为出 席表决。会议由董事长王彤宙主持，会议召开程序及出席董事人数符合有关规 定，表决结果合法有效。会议形成如下决议： 一、审议通过《关于审议公司 2024 年度业绩公告及年度报告的议案》 （一）同意公司 2024 年度业绩公告（H 股）及公司 2024 年度报告（A 股）。 证券代码：601800 证券简称：中国交建 公告编号：临 2025-007 中国交通建设股份有限公司 第五届董事会第四十五次会议决议公告 （二）本议案在提交董事会审议前已经审计与内控委员会会议审议通过。 （三）本议案尚需提交公司 2024 年度股东会审议批准。 表决结果：同意【7】票，反对【0】票，弃权【0】票。 三、审议通过《关于审议 ...

证券代码：601800 证券简称：中国交建 公告编号：临 2025-009 中国交通建设股份有限公司 2024 年年度末期利润分配及股息派发方案的公告 中国交通建设股份有限公司（简称公司或本公司）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 股每股派发现金红利 0.16161 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。在实施权益分派的股权登记日前公司总股本 发生变动的，拟维持分配总额不变，相应调整每股分配比例。 本次利润分配未触及《上海证券交易所股票上市规则（2024 年 4 月修 订）》第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 截至2024年12月31日，公司经审计合并报表未分配利润为1,951.49亿元， 归属于上市公司股东的净利润为 233.84 亿元。经公司第五届董事会第四十五次 会议审议通过，公司 2024 年年度拟以实施权益分派股权登记日 ...

Financial Performance - In 2024, the company's revenue was 768.243 billion yuan, an increase of 12.556 billion yuan or 1.7% compared to 2023[3]. - Operating profit for 2024 was 39.307 billion yuan, up 0.9% from 38.974 billion yuan in 2023[4]. - Net profit attributable to shareholders for 2024 was 23.854 billion yuan, a decrease of 8.85 billion yuan or 3.6% from 24.739 billion yuan in 2023[4]. - The company reported a basic earnings per share of 1.40 yuan in 2024, down from 1.45 yuan in 2023[5]. - The gross profit for 2024 was 92.603 billion CNY, a decrease of 2.1% from 94.549 billion CNY in 2023[121]. - The net profit for the year was RMB 30,819 million, slightly lower than RMB 31,153 million in 2023, reflecting a decline of approximately 1.1%[194]. - The total comprehensive income for the year was RMB 34,922 million, compared to RMB 29,054 million in 2023, showing an increase of approximately 20.1%[196]. Contract and Project Management - The new contract amount signed in 2024 reached 1,881.185 billion yuan, an increase of 7.3% compared to 1,753.215 billion yuan in 2023[5]. - As of December 31, 2024, the amount of uncompleted contracts was 3,486.773 billion yuan[6]. - The company signed new contracts worth CNY 129.047 billion during the year, a decrease of 33.8% year-on-year, effectively controlling the investment scale[19]. - The company achieved new overseas contract value of 359.73 billion yuan, representing a year-on-year growth of 12.5%[22]. - The company signed new contracts worth CNY 1,881.185 billion, representing a year-on-year increase of 7.3%[54]. - New contracts from overseas regions amounted to CNY 359.726 billion (approximately USD 51.033 billion), a year-on-year increase of 12.5%, accounting for 19% of total new contracts[54]. Strategic Focus and Development - The company plans to focus on high-quality development and aims to enhance its role in national strategies, including major projects like the Belt and Road Initiative[8]. - The company aims to strengthen its core business areas, including infrastructure construction, design, and dredging, while providing comprehensive solutions for various stages of infrastructure projects[14]. - The company is focusing on low-carbon, innovative, and integrated development in modern infrastructure construction, with significant investment opportunities in ports and inland water transport[45]. - The company is focusing on strategic emerging industries and future industries to increase their revenue and value contribution[38]. - The company is committed to improving its capital management system to enhance investment value and protect investor rights[37]. Investment and Financial Management - The company has achieved a cash flow balance in project investments, effectively controlling cash flow and improving investment quality[19]. - The company is focusing on enhancing its asset management capabilities by optimizing its asset and debt structure, targeting non-operating and inefficient assets for improvement[40]. - The company plans to implement a mid-term dividend policy to boost market confidence and investor satisfaction, with a proposal approved on November 29[39]. - The company is actively pursuing mergers and acquisitions to integrate high-quality assets and improve its core competitiveness[36]. - The company has established a diversified investment portfolio to manage risks related to fluctuations in securities market prices[191]. Research and Development - R&D expenditure for the reporting period was 26.393 billion yuan, accounting for 3% of operating revenue, with significant progress in tackling "bottleneck" technologies[32]. - The company has accumulated 43 National Science and Technology Progress Awards and 5 National Technology Invention Awards[31]. - The company is focusing on increasing R&D investment in key areas such as deep-sea technology, AI, and industrial software to drive innovation and industry leadership[33]. Market and Competitive Position - The company's construction and dredging businesses maintain a market share of over 60% in the coastal market, with the road business continuing to strengthen its position as the "King of Highways"[17]. - The company has a total of 34 wholly-owned and holding subsidiaries, with operations spanning all provinces, cities, and regions in China, as well as 139 countries and regions worldwide[17]. - The company is actively expanding its presence in land-based renewable energy, particularly in desert and coal mining subsidence areas, leveraging existing partnerships to develop new energy bases[51]. - The company is enhancing its competitive strength in municipal services, focusing on new infrastructure and urban comprehensive transportation projects[72]. Risk Management and Compliance - The company emphasizes risk management and compliance with national regulatory requirements to avoid regional and systemic risks[105]. - The group operates in over 130 countries, facing various international risks including political, economic, and regulatory challenges[180]. - The company is actively optimizing and enhancing its network security systems to mitigate risks associated with increasing cyber threats as it expands into international markets[193]. International Expansion - The company is implementing the "Company Internationalization" deepening reform plan (2023-2025) to optimize overseas operational structures[21]. - The company aims to enhance its international influence and expand both domestic and overseas markets while adjusting its business structure[47]. - The company is focusing on major projects in key regions such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta, indicating broad market opportunities[66].

证券代码：601800 证券简称：中国交建 公告编号：临2025-006 中国交通建设股份有限公司 关于召开2024年年度业绩暨现金分红说明会的公告 中国交通建设股份有限公司（简称本公司或公司）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个别及连带责任。 重要内容提示： 会议召开时间：2025年3月31日（星期一）下午15:00-16:30 会议召开方式：现场转播+网络直播+网络互动 投资者可以在2025年3月28日至3月30日16:00前登录上证路演中心网页 点击"提问预征集"栏目或通过互联网发送公司邮箱（ir@ccccltd.cn）进行提问， 公司将在说明会上就投资者普遍关注的问题进行回答。 公司将于2025年3月28日于上海交易所网站（www.sse.com.cn）、《中国证 券报》、《上海证券报》、《证券时报》和《证券日报》披露本公司2024年年度 报告。 为方便广大投资者更全面深入了解公司经营业绩及年度现金分红的具体情 况，公司定于2025年3月31日举行"2024年年度业绩暨现金分红说明会"，与投 资者进行交流，并对投资者普遍 ...

深海科技是近年来中国政府重点发展的领域之一，其发展背景可以追溯到对海 洋经济的重视。自 2012 年十八大以来，国家提出建设海洋强国，并在 2021 年 的"十四五"规划中继续强调拓展海洋经济的发展空间。2024 年的中央工作会 议进一步提到大力发展海洋经济和湾区经济。根据 2024 年的统计公报，海洋经 济生产总值约为 10 万亿元，占 GDP 的 7.8%，其中增量占 GDP 增量的 12%。主要 • 2024 年中国海洋经济生产总值达 10 万亿元，占 GDP 的 7.8%，增量占 GDP 增量的 12%，海洋经济已成为国家经济增长的重要驱动力，预示着相关产 业的巨大发展潜力。 • 今年两会首次将深海科技纳入政府工作报告，深海科技市场空间约为 3 万 亿元，超过低空经济，标志着深海科技上升为国家战略重点，将吸引更多 政策支持和资源投入。 • 深海科技产业链长，覆盖上游原材料、中游装备制造、下游资源开发等多 个环节，商业化潜力和远期前景广阔，为投资者提供了多元化的投资机会。 • 中国交建作为全球最大的港口设计建造企业，积极响应国家战略，超前布 局深海科技原创策源地，市值 1,500 亿元，自由流通市值仅 ...

Core Viewpoint - The Tianshan Victory Tunnel, the world's longest highway tunnel, has successfully connected after five years of construction, significantly reducing travel time and embodying the principle of "ecological priority and green development" [1][5]. Group 1: Project Overview - The Tianshan Victory Tunnel spans 22.13 kilometers and reduces the travel time across the Tianshan Mountains from 3 hours to 20 minutes [1]. - The tunnel is a critical component of the G0711 line, which connects Urumqi to Yili, and it traverses 16 geological fault zones with a maximum depth of 1112.6 meters [1][5]. Group 2: Environmental Protection Measures - The project team established strict environmental protection standards, including a dust collection rate of over 99% for concrete production and 100% recycling of construction wastewater [5][12]. - Innovative dust removal systems were implemented to ensure that dust generated during construction does not harm the surrounding environment [6][8]. - Three wastewater treatment plants were constructed, with a combined daily processing capacity of 17,500 cubic meters, ensuring that treated water meets surface water quality standards [13][12]. Group 3: Wildlife Conservation Efforts - The project includes measures to protect local wildlife, such as constructing oval-shaped water pools to facilitate access for animals and designing tunnels and bridges to maintain animal migration routes [16][17]. - Approximately 116 kilometers of the project route features rich biodiversity, with 17 tunnels and 36 large bridges designed to minimize ecological disruption [17][18]. Group 4: Community and Stakeholder Engagement - The project management emphasizes the importance of ecological protection alongside construction, ensuring that local communities and wildlife are respected throughout the process [18][15]. - The construction team actively engages with local wildlife, demonstrating a commitment to coexistence and environmental stewardship [16][18].

行 业 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 [Table_Title] 建筑装饰行业周报 政策稳中求进，关注低位央企和转型AI 算力等业务企业机会 1）主线一：推荐建筑央企。推荐【中国铁建】、【中国中铁】、【中国 交建】、【中国建筑】、【中国能建】、【中国电建】、【中国中冶】，关注 【中国化学】、【中材国际】、【中钢国际】、【中工国际】、【北方国际】。 2）主线二：推荐高景气赛道产业链重点企业。隧道掘进设备行业： 推荐【铁建重工】、【中铁工业】，关注【五新隧装】；民爆行业：推荐 【易普力】，【高争民爆】，关注【雅化集团】、【保利联合】等；岩土 工程行业：推荐【中岩大地】。 3）主线三：关注顺周期及布局转型 AI/机器人等新质生产力方向的优 质标的机会。推荐【罗曼股份】，关注【海南华铁】、【宁波建工】、【深 城交】、【鸿路钢构】、【深圳瑞捷】、【金诚信】。 【风险提示】 2025 年 03 月 09 日 [Table_Summary] 【投资要点】 2）3 月进入业绩披露期，关注业务布局高景气赛道、业绩表现较优的 建筑企业。本周浦东建设、安徽建工等景气区域地方国企公告经营情 况。浦东建设 2 ...

Summary of the Conference Call for China Communications Construction Company (CCCC) Industry and Company Overview - The conference call pertains to China Communications Construction Company (CCCC), a major player in the construction and infrastructure industry in China, particularly involved in urban construction, housing engineering, and infrastructure development. Key Points and Arguments 1. **2025 Contract and Revenue Goals** - CCCC aims for a new contract signing target of 7.1% year-on-year growth and a revenue growth rate of no less than 5% for 2025, reflecting confidence in future market expansion. However, revenue growth is constrained by the availability of funding, as projects without secured funding will not commence [2][4]. 2. **State-Owned Enterprise Reform Initiatives** - The company is actively pursuing state-owned enterprise reforms, including market value management, valuation enhancement, and the establishment of long-term dividend and buyback mechanisms, which will be disclosed in the annual report [2][5]. 3. **Asset Management and Return on Equity (ROE)** - CCCC is focused on revitalizing existing assets and improving asset turnover to enhance ROE. The company is also planning to increase share buybacks and aims to provide more predictable returns to investors, with mid-term dividends being contingent on cash flow and profit realization [2][5]. 4. **Water Conservancy Business Growth** - The company is consolidating its water conservancy qualifications and capabilities to create a CCCC Water Conservancy platform, with new orders in this sector seeing over 100% year-on-year growth [2][8]. 5. **Cash Flow Improvement** - Cash flow showed significant improvement in Q4 2024, although the overall situation remains in a phase of accumulation. The State-owned Assets Supervision and Administration Commission (SASAC) has adjusted performance indicators to focus more on actual cash received rather than merely reducing accounts receivable [2][9]. 6. **Investment Business Strategy** - CCCC is reducing investment-related businesses and enhancing project pre-audit and management, leading to a decrease in period expenses and an increase in gross and net profit margins [2][15]. 7. **International Business and Belt and Road Initiative** - CCCC's overseas business is primarily in urban construction, housing engineering, and infrastructure projects, with significant participation in the Belt and Road Initiative [3][19]. 8. **Market Recovery and Order Growth** - The company anticipates good development in new orders and Q1 2025 orders due to proactive market expansion efforts post-Spring Festival [10]. 9. **Debt Management** - CCCC does not face repayment pressure regarding short-term and perpetual debts, but it plans to reduce the scale of perpetual debts as part of its overall strategy [16]. 10. **Future Cash Flow Prospects** - The improvement in cash flow is attributed to a strategic reduction in investment projects, which has led to a significant enhancement in free cash flow. The company expects continued improvement in cash flow as investment-related business optimizes [15]. 11. **Response to PPP Project Buyouts** - CCCC has encountered situations where governments buy back PPP projects that did not meet expectations, although the specific impact varies by project and region [20]. 12. **Asset Restructuring Plans** - The company is considering asset restructuring and mergers, particularly in areas like aviation and low-altitude economy, with plans for integration when the timing is right [21]. 13. **Participation in Disaster Recovery** - CCCC is actively involved in ongoing projects in regions affected by disasters, such as the Russia-Ukraine area, and is prepared to engage in reconstruction efforts [22]. Additional Important Insights - The company emphasizes the importance of cash flow management and has adjusted its performance metrics to align with market expectations, focusing on actual cash receipts [9][12]. - CCCC's strategic focus on water conservancy and energy sectors is expected to yield significant growth, with plans to enhance capabilities and participate in major national projects [8][17]. - The management's optimistic outlook for 2025 is based on a combination of market conditions, policy support, and internal operational improvements [23].