Core Insights - The signing of the cooperation agreement between China State Construction's Yunqi Fenghua project and Licheng No. 2 Middle School Education Group marks a significant step in enhancing quality educational resources in Jinan's "Dongqiang" core area, promoting the integration of education with urban development and community living [1][8] Group 1: Project Overview - The signing ceremony was attended by leaders from both parties, emphasizing the importance of this collaboration for regional education and living standards [3] - The project is recognized as a pilot for "good housing" in Shandong Province, aiming to integrate quality educational resources with high-quality living experiences [3][8] Group 2: Educational Group Strength - Licheng No. 2 Middle School Education Group has a strong educational foundation, established in 1958, and has developed a comprehensive education matrix covering all school stages [4] - The group has notable achievements, including winning 6 international Olympiad gold medals and 85 national Olympiad gold medals, showcasing its strength in cultivating innovative talents [4] Group 3: Future Goals and Development - The new campus aims to address the scarcity and imbalance of quality educational resources in the region, with a vision to become a leading school within 3-5 years [5][6] - The school will implement an innovative educational model, focusing on resource sharing and collaborative management to enhance educational quality and equity in the region [5][6] Group 4: Integration of Education and Living - The collaboration aims to create a new paradigm of integrating educational resources with high-quality living environments, enhancing the residential experience in Jinan's eastern area [8] - The project will also introduce new residential offerings that combine quality education with low-density living options for the elite in Jinan [10]

Core Insights - The recent land auction in Nanjing concluded with all seven residential plots sold at base prices, totaling 4.445 billion yuan, without any competitive bidding [1][2][7] - This auction contrasts sharply with previous competitive land sales in the region, indicating a shift in market dynamics [1][2] Summary by Sections Auction Results - All seven plots, including six residential and one senior living plot, were sold at base prices, with a total area of approximately 318,000 square meters and a planned construction area of about 435,000 square meters [1] - The highest-priced plot was the Jiangning Fangshan G62 plot, acquired by Nanjing Zhuoxue Real Estate for 930 million yuan, followed by the Xianlin Lake G64 plot at 908 million yuan [2] Supply Characteristics - The auction featured a concentration of low-density plots, with four out of seven plots having a floor area ratio below 1.8, indicating a strategic shift towards lower-density residential developments [3] - The supply structure reflects Nanjing's "optimal supply, demand-based supply" strategy, addressing the mismatch between high-density supply and the increasing demand for low-density housing [4] Market Dynamics - The participation in the auction was predominantly from state-owned enterprises, with six out of seven plots acquired by central or local state-owned companies, highlighting a lack of private enterprise involvement [5][6] - Central enterprises, such as China State Construction International, are strategically entering the ordinary residential market, focusing on high-end product lines that align with market demands [6] Policy Context - The auction results are contrasted with recent real estate policy optimizations in Nanjing, including the cancellation of purchase restrictions and the promotion of housing vouchers, aimed at boosting market confidence [7] - Despite these policy measures, the cautious sentiment among enterprises remains evident, as reflected in the lack of competitive bidding during the auction [7][8] Future Outlook - The auction indicates a potential shift in Nanjing's housing market towards "low-density improvement" projects, with products like low-rise apartments and fourth-generation residential designs likely to become mainstream [8] - The upcoming land auction scheduled for October 11 is anticipated to attract attention, particularly the He Xi Zhong Sheng NO.2025G72 plot, which has a floor area ratio of 1.35 and a starting price of 1.319 billion yuan [8]

Key Points - The top three stocks with net inflows from southbound funds are Yingfu Fund (02800) with 1.487 billion, Meituan-W (03690) with 1.413 billion, and Pop Mart (09992) with 1.208 billion [1] - The top three stocks with net outflows are Huahong Semiconductor (01347) with -1.173 billion, Tencent Holdings (00700) with -409 million, and Jingtai Holdings (02228) with -315 million [1] - In terms of net inflow ratio, Huaxia Heng ESG (03403) leads with 92.52%, followed by Shenzhen Expressway (00548) with 55.45%, and Kunlun Energy (00135) with 47.40% [1] - The stocks with the highest net outflow ratios include Yuehai Investment (00270) at -59.10%, China State Construction International (03311) at -54.66%, and Qingdao Port (06198) at -53.49% [1] Net Inflow Rankings - Yingfu Fund (02800) had a net inflow of 1.487 billion, representing a 7.88% increase in its closing price [2] - Meituan-W (03690) saw a net inflow of 1.413 billion, with a closing price increase of 0.29% [2] - Pop Mart (09992) experienced a net inflow of 1.208 billion, with a closing price increase of 4.62% [2] Net Outflow Rankings - Huahong Semiconductor (01347) had the largest net outflow of -1.173 billion, with a closing price increase of 8.62% [2] - Tencent Holdings (00700) faced a net outflow of -409 million, with a closing price decrease of 2.95% [2] - Jingtai Holdings (02228) had a net outflow of -315 million, with a closing price increase of 7.49% [2] Net Inflow Ratio Rankings - Huaxia Heng ESG (03403) had a net inflow ratio of 92.52%, with a closing price of 56.860 [3] - Shenzhen Expressway (00548) had a net inflow ratio of 55.45%, with a closing price of 7.230 [3] - Kunlun Energy (00135) had a net inflow ratio of 47.40%, with a closing price of 7.400 [3] Net Outflow Ratio Rankings - Yuehai Investment (00270) had a net outflow ratio of -59.10%, with a closing price of 7.260 [3] - China State Construction International (03311) had a net outflow ratio of -54.66%, with a closing price of 9.900 [3] - Qingdao Port (06198) had a net outflow ratio of -53.49%, with a closing price of 7.290 [3]

智通财经APP获悉，香港联交所最新资料显示，9月19日，独立非执行董事陈子政增持中国建筑国际 (03311)20万股，每股均价9.89港元，总金额为197.8万港元。增持后最新持股数目为20万股。 ...

Group 1 - The independent non-executive director Chen Zizheng increased his holdings in China State Construction International (03311) by 200,000 shares at an average price of HKD 9.89 per share, totaling HKD 1.978 million [1] - After the purchase, the total number of shares held by Chen Zizheng is now 200,000 [1]

Group 1 - The core viewpoint of the article highlights that the Northern Metropolis has been elevated as a strategic focus in the 2025 Hong Kong Policy Address, marking the government's commitment to accelerate its development through dedicated legislation and the establishment of a committee [1] - China State Construction International (03311) is identified as a major beneficiary, having secured over one-third of the market share for new projects in the Northern Metropolis, positioning the company for strong growth as policy support and project momentum increase [1] - The target price for China State Construction International is set at HKD 15, with a rating of "Overweight" [1]

Core Viewpoint - The Northern Metropolis has been elevated as a strategic focus in Hong Kong's 2025 Policy Address, with the government planning to introduce dedicated legislation and establish a committee to accelerate its development, highlighting a commitment to the region's transformation [1] Company Summary - China State Construction International (03311) is identified as a major beneficiary, having secured over one-third of the market share for new projects in the Northern Metropolis [1] - With increasing policy support and project momentum, the company is positioned for strong growth [1] - The target price for the company is set at HKD 15, with a rating of "Overweight" [1]

Group 1 - The core viewpoint of the article highlights that the Northern Metropolis has been elevated as a strategic focus in the Hong Kong government's 2025 Policy Address, marking the first time the government plans to introduce dedicated legislation and establish a committee to accelerate the development of the Northern Metropolis, demonstrating its commitment to the region's transformation [1] - China State Construction International has emerged as a major beneficiary, having secured over one-third of the market share for new projects in the Northern Metropolis, with strong growth positioning supported by policy backing and enhanced project momentum [1] - The target price set by Morgan Stanley for China State Construction International is HKD 15, with a rating of "Overweight" [1]

"中建・玖上琅宸"项目采用"金镶玉制"陶板立面、最高约10米全域架空、约3000平方米下沉庭院会所及 连续约12米转角无柱化设计。据悉，该项目入选全国首批零碳社区，实现从"好房子"单体建造到"零碳 社区"系统构建的跨越。 在"好社区"实践层面，上海"嘉定理想之地"项目打造了国内领先的全域低碳社区。项目通过构建"10分 钟生活圈"，集成"光储直柔"近零碳商业建筑、保温模板一体化等20余项绿色技术，实现整体碳排放降 低31%。 在"好城区"方面，广州"未来方洲"项目融合历史文脉保护与数字产业发展，对传统文化建筑实施科学迁 建，引入人工智能与数字经济产业，致力于打造"临港智创活力街・山水宜居文化村"，为城市战略升级 提供助力。 北京商报讯（记者 王寅浩 李晗）9月10日，2025年中国国际服务贸易交易会在北京开幕。中建二局聚 焦"好房子、好社区、好城区"建设核心，携旗下中建玖合地产品牌，系统展示其在新时代城市人居领域 的全景解决方案与多项标杆实践，全面呈现从技术研发到落地运营的全产业链实力。 据悉，中建玖合自主研发的"一核四芯"技术谱系，融合宜居、绿色、智慧、健康四大维度，构建覆盖规 划、设计、建造与运营的全生命周 ...

Company Business Structure [Overview of Company Business Structure](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%9E%B6%E6%9E%84%E6%A6%82%E8%A7%88) This chapter outlines the company's core business layout in Mainland China, Hong Kong, Macau, and other regions, primarily covering construction general contracting, prefabricated construction, civil engineering, infrastructure asset operation, and curtain wall systems, noting that curtain wall business is operated through a listed subsidiary - The company's business scope is extensive, covering Mainland China, Hong Kong, Macau, and other regions, primarily including **construction general contracting**, **prefabricated construction**, **civil engineering**, **infrastructure asset operation**, **investment-driven contracting**, and **MEP engineering**[5](index=5&type=chunk) - Curtain wall systems and operation management businesses are operated through the listed subsidiary China State Construction Engineering Corporation Limited (Stock Code: 00830)[5](index=5&type=chunk) Board of Directors and Committees [Composition of Board and Committee Members](index=4&type=section&id=%E8%91%A3%E4%BA%8B%E5%B1%80%E4%B8%8E%E5%A7%94%E5%91%98%E4%BC%9A%E6%88%90%E5%91%98%E6%9E%84%E6%88%90) This chapter introduces the composition of the company's Board of Directors, including the Chairman and Executive Director, Non-executive Directors, Executive Directors, and Independent Non-executive Directors, and details the members and chairmen of the Audit, Remuneration, Nomination, and Sustainable Development Committees - Board members include Chairman and Executive Director Zhang Haipeng, Non-executive Directors Yan Jianguo, Ye Nan, Executive Directors Wang Xiaoguang (Chief Executive Officer), Kong Xiangzhao, and Independent Non-executive Directors Wang Huizhen, Chen Zizheng, Chen Fan[7](index=7&type=chunk) - The company has established an Audit Committee (Chairman Wang Huizhen), a Remuneration Committee (Chairman Chen Fan), a Nomination Committee (Chairman Chen Fan), and a Sustainable Development Committee (Chairman Wang Xiaoguang)[7](index=7&type=chunk)[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) Company Information [Company Basic Information and Financial Calendar](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF%E4%B8%8E%E8%B4%A2%E5%8A%A1%E6%97%A5%E8%AA%8C) This chapter provides basic contact information for the company's authorized representatives, company secretary, principal share registrar, registered office, Hong Kong head office, and principal place of business, along with auditor, principal bankers, listing information, and key financial dates for investors and the public - Authorized Representatives are Zhang Haipeng and Yan Jianguo, Company Secretary is Gao Xiaofeng[11](index=11&type=chunk) - Auditor is Ernst & Young, the company's shares are listed on the Stock Exchange of Hong Kong Limited with stock code 03311[12](index=12&type=chunk)[13](index=13&type=chunk) - The financial calendar includes the interim results announcement on August 20, 2025, ex-dividend date on September 16, 2025, interim dividend record date on September 17, 2025, and payment date on October 10, 2025[13](index=13&type=chunk) Chairman's Report [Business Review](index=6&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%A7) In H1 2025, amidst global economic uncertainties, China's economy maintained resilient growth of 5.3%, while the Group adhered to high-quality development, actively explored new growth drivers, strengthened technological application, consolidated its leading position in Hong Kong and Macau markets, innovated business models in Mainland China, and expanded its curtain wall business into Singapore, achieving steady overall performance growth - In H1 2025, China's GDP increased by **5.3%**, exceeding the **5.0%** policy target; Hong Kong's GDP increased by **3.1%**, and Macau's GDP increased by **1.8%**[14](index=14&type=chunk) - The Group's core objective is high-quality development, actively seeking new growth points, and strengthening technological moats and promoting construction technology applications[14](index=14&type=chunk) 2025 H1 Key Financial Data | Indicator | Amount (RMB) | | :--- | :--- | | New Contracts Awarded | 92.551 billion Yuan (RMB) | | Unaudited Revenue | 56.643 billion Yuan (RMB) (increased by 0.1%) | | Profit Attributable to Shareholders | 5.259 billion Yuan (RMB) (increased by 5.1%) | | Basic Earnings Per Share | 1.01 Yuan (RMB) | | Interim Dividend | 34 cents (HKD) per share | | Payout Ratio | approximately 31.1% | [Market Performance](index=7&type=section&id=%E5%B8%82%E5%9C%BA%E8%A1%A8%E7%8E%B0) The Group consolidated its leading position in Hong Kong and Macau, actively participating in public housing construction and Northern Metropolis projects, benefiting from Macau's tourism economy, while in Mainland China, it optimized management, promoted regional deep cultivation and MiC technology penetration, and expanded BIPV projects in Singapore and Mainland China through China State Construction Engineering Corporation Limited in the curtain wall market - Hong Kong market: Actively participates in public housing construction, secured two projects in Kam Sheung Road, Yuen Long, New Territories, adopting MiC technology to serve public livelihood; maintaining a leading position in the Northern Metropolis development[16](index=16&type=chunk) - Macau market: Benefiting from the booming tourism economy, secured multiple hotel renovation projects; M8 Macau No. 8 project won an international property award[16](index=16&type=chunk) - Mainland China market: Optimized management methods, promoted regional deep cultivation, the "order-based" model was first implemented in Dongguan and Jinan; MiC technology penetrated the market, secured projects including the comprehensive renovation of Beijing No. 14 Middle School and Guangzhou Nansha resettlement housing, and the Guangzhou project successfully obtained plot ratio incentives[17](index=17&type=chunk) - Curtain wall market: China State Construction Engineering Corporation Limited consolidated its core business in Hong Kong and Macau, expanded curtain wall inspection, maintenance, and upgrade services; deepened its presence in the Singapore market, secured the Changi Airport Terminal 2 hotel BIPV project; secured the largest single-unit BIPV project in China – Shenzhen Qianhai Huafa Ice and Snow World project[18](index=18&type=chunk) [Sustainable Development Management](index=8&type=section&id=%E5%8F%AF%E6%8C%81%E7%BB%AD%E5%8F%91%E5%B1%95%E7%AE%A1%E7%90%86) The Group actively practices the new development concepts of innovation, coordination, and green development, increasing R&D investment in zero-carbon buildings and green building materials, pioneering hydrogen energy application in Hong Kong's construction industry, while actively participating in social welfare initiatives with outstanding contributions from its volunteer team, and has received numerous honors in ESG ratings, maintaining industry leadership - The Group deeply practices the new development concepts of innovation, coordination, green, openness, and sharing, increases technological R&D investment in zero-carbon buildings and green building materials, actively utilizing clean energy[19](index=19&type=chunk) - China State Construction Hong Kong held the first hydrogen energy application launch ceremony in Hong Kong's construction industry, pioneering hydrogen energy application[19](index=19&type=chunk) - The Group has received multiple honors in sustainable development, including an MSCI ESG rating upgrade to **BBB**, selected for the FTSE4Good Index for **9 consecutive years**, included in S&P Global's "Sustainability Yearbook (China Edition)" for **3 consecutive years**; Mainland China ESG rating maintained at **AA**, both ranking first in the industry[20](index=20&type=chunk) [Risk Management](index=9&type=section&id=%E9%A3%8E%E9%99%A9%E7%AE%A1%E6%8E%A7) The Group aims to prevent and mitigate major risks, closely monitoring key areas and critical links, continuously improving system and mechanism construction, proactively analyzing and dynamically monitoring various risk changes, and promptly taking preventive and response measures, having revised its "Anti-Corruption Policy" and "Supplier Code of Conduct" this year to continuously enhance compliance assurance - The Group aims to prevent and mitigate major risks, improving system and mechanism construction, dynamically monitoring risks, and enhancing risk prevention and control levels[21](index=21&type=chunk) - Revised the "Anti-Corruption Policy" to prevent and combat corruption, maintaining a culture of integrity; Revised the "Supplier Code of Conduct" to standardize supplier behavior[21](index=21&type=chunk) [Financial Management](index=10&type=section&id=%E8%B4%A2%E5%8A%A1%E7%AE%A1%E7%90%86) In H1 2025, the Group's financial position remained robust, operating cash flow remained positive, and comprehensive financing costs continued to decline; China Orient Asset Management (International) Holding Limited became a strategic shareholder, strengthening the capital base; as of June 30, 2025, cash on hand was ample, net gearing ratio significantly decreased, and unutilized bank credit facilities were abundant - In H1 2025, the Group's financial position remained robust, operating cash flow remained positive, and comprehensive financing costs continued to decline[23](index=23&type=chunk) - China Orient Asset Management (International) Holding Limited became a strategic shareholder by subscribing to the Group's shares, expanded the capital base, and enhanced financial strength[23](index=23&type=chunk) 2025 H1 Key Financial Indicators as of June 30 | Indicator | Amount (RMB) | Change (vs Dec 31, 2024) | | :--- | :--- | :--- | | Cash on Hand | 33.197 billion Yuan (RMB) | increased | | Proportion of Total Assets | 12.0% | - | | Net