Core Viewpoint - Southbound funds have significantly increased their holdings in China State Construction International (03311.HK), indicating growing investor confidence in the company [1] Group 1: Shareholding Changes - On November 12, 2025, southbound funds increased their holdings by 3.312 million shares, representing a 0.70% change [2] - Over the past five trading days, there have been five days of net increases, totaling 7.69 million shares [1] - In the last twenty trading days, there were 17 days of net increases, amounting to 16.706 million shares [1] Group 2: Current Holdings - As of now, southbound funds hold a total of 474 million shares of China State Construction International, which accounts for 8.97% of the company's total issued ordinary shares [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's revenue for the first three quarters is 77.7 billion HKD, a year-on-year decline of 4.7%, while the net profit attributable to shareholders is 7.24 billion HKD, an increase of 6% year-on-year. In the third quarter alone, the net profit attributable to shareholders is 1.98 billion HKD, reflecting a year-on-year growth of 8.4% [2][6]. - The revenue structure is further optimized, with technology-driven businesses becoming a new growth engine. The revenue from technology-driven operations increased by 53.2% year-on-year, accounting for 34.9% of total revenue, an increase of approximately 13.2 percentage points [9]. - The company signed new contracts worth 128.01 billion HKD in the first three quarters, with technology-driven contracts accounting for 48.5% of the total, moving steadily towards the target of 50% [9]. - The gross profit margin in Hong Kong remains under pressure but is expected to stabilize and recover. The gross profit margin in Hong Kong is 5.2%, down 1.9 percentage points year-on-year, primarily due to a sluggish property market [9]. - The company's MiC (Modular Integrated Construction) business is making further breakthroughs, with projects in major cities like Beijing and Guangzhou. The Hong Kong government has increased its average annual infrastructure spending forecast from approximately 90 billion HKD to 120 billion HKD [9]. - The company is actively expanding its operational business through acquisitions, enhancing cash flow and highlighting its dividend attributes. If the company achieves a 10% growth rate in 2025, the projected dividend yield is approximately 6.5% based on a 33% payout ratio [9].

Core Viewpoint - Southbound funds have increased their holdings in China State Construction International (03311.HK) by 760,000 shares on November 6, 2025, marking a positive trend in investment interest [1] Group 1: Southbound Fund Activity - In the last five trading days, southbound funds have increased their holdings for four days, with a total net increase of 4,482,000 shares [1] - Over the past 20 trading days, there have been 14 days of net increases, totaling 7,814,000 shares [1] - As of now, southbound funds hold 466,700,000 shares of China State Construction International, representing 8.84% of the company's total issued ordinary shares [1] Group 2: Shareholding Changes - On November 6, 2025, the total number of shares held was 466,700,000, with a change of 760,000 shares, reflecting a 0.16% increase [2] - On November 5, 2025, there was an increase of 102,000 shares, a 0.02% change [2] - On November 4, 2025, there was a decrease of 1,168,000 shares, a -0.25% change [2] - On November 3, 2025, there was an increase of 210,000 shares, a 0.04% change [2] - On October 31, 2025, there was a significant increase of 4,578,000 shares, a 0.99% change [2] Group 3: Company Overview - China State Construction International Group Limited primarily engages in construction business and investment holding [2] - The company is involved in infrastructure project investment, toll road operations, project management services, and external wall engineering [2] - Additionally, the company undertakes industrial plant renovations, provides project management services, sells construction materials, and leases machinery and investment properties [2]

Core Viewpoint - The construction of the South Ahmad City infrastructure project in Kuwait focuses on water management, addressing challenges related to groundwater, rainwater, and wastewater treatment [1][2][3]. Group 1: Groundwater Management - The project site has an average of 1-2 meters of groundwater, with seawater intrusion causing significant challenges during construction, including water levels reaching up to 2.5 meters [2]. - Six dewatering solutions were developed to manage groundwater levels, including surface recharge measures to maintain ecological balance and utilize excess water for construction needs [2][3]. Group 2: Rainwater Management - The project incorporates sponge city technology to collect and recycle rainwater, with plans to install approximately 76,009 rainwater collection units and over 264 kilometers of rainwater pipelines [3]. - The rainwater collection system is designed to support irrigation for green spaces, with a capacity to provide enough water for 50 acres of vegetation for a year after a single collection [3]. Group 3: Wastewater Management - The project will provide modern living conditions for at least 100,000 residents, integrating wastewater treatment and reuse into its design [3][4]. - Over 260 kilometers of wastewater pipelines will be installed, with a treatment capacity exceeding 50,000 cubic meters, allowing treated wastewater to be used for irrigation [3][4]. Group 4: Project Scale and Impact - The South Ahmad City infrastructure project covers an area of approximately 52.79 square kilometers and employs over 1,400 workers [4]. - The timely completion of the project is expected to alleviate housing pressure in the old Ahmad area, enhancing the living environment for local residents [4].

致：香港交易及結算所有限公司 公司名稱: 中國建築國際集團有限公司 呈交日期: 2025年11月3日 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: 2025年10月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03311 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 60,000,000,000 | HKD | | 0.025 HKD | | 1,500,000,000 | | 增加 / 減少 (-) | | | | 0 | | HKD | | 0 | | 本月底結存 | | | 60,000,000,000 | HKD | | 0.025 HKD | | 1,500,000,000 | 本月底法定/註冊股本 ...

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份內容而產生或因依賴該等內容而引致的任 何損失承擔任何責任。 (於開曼群島註冊成立之有限公司) (股份代號 : 3311) 續 訂 與 中 國 海 外 發 展 有 限 公 司 有 關 建 築 工 程 的 持 續 關 連 交 易 茲提述本公司日期為二零二二年十月二十五日的公告及本公司日期為二零二二年十一月 二十五日的通函，內容有關（其中包括）本公司與中海發展訂立並將於二零二五年十二 月三十一日屆滿的現有總承建協議。 預計於現有總承建協議屆滿後，中海發展集團將邀請本集團以建築承建商身份參與競投 中海發展集團於中國、香港及澳門的建築工程。因此，於二零二五年十月三十一日，本 公司與中海發展訂立新總承建協議，以續訂現有總承建協議，期限為自二零二六年一月 一日起至二零二八年十二月三十一日止三個財政年度，據此，(i)本集團於截至二零二八 年十二月三十一日止三個財政年度期間，可不時以建築承建商身份參與競投中海發展集 團於中國、香港及澳門的建築工程，惟須受限於年度上限；及(ii)於 ...

Core Viewpoint - Morgan Stanley's research report indicates that China State Construction International (03311.HK) reported a year-on-year net profit growth of 8.4% in Q3, exceeding the expected 5% growth [1] Financial Performance - The management has withdrawn the guidance for double-digit profit growth for the full year and maintaining positive operating cash flow due to macroeconomic uncertainties and upcoming investment funding needs [1] - Despite the withdrawal of guidance, the company's strategic direction remains unchanged, with management reaffirming the commitment to maintain positive operating cash flow and a dividend payout ratio of no less than 30% [1] Earnings Forecast - Morgan Stanley has lowered its earnings forecast for China State Construction International for 2025, now expecting an 8% year-on-year growth, which implies a 15% rebound in Q4 earnings compared to the low base of 2024 [1] - For 2026 and 2027, Morgan Stanley has adjusted the earnings forecast to mid-single digits [1] Target Price and Rating - The target price has been reduced from HKD 15 to HKD 13, while maintaining an "Overweight" rating [1]

Core Insights - The article highlights the rapid advancements in modular construction technology, particularly through the achievements of China State Construction Engineering Corporation (CSCEC) and its subsidiary, China Construction Haolong, in urban renewal and affordable housing projects across major cities in China and Hong Kong [1][2][3] Group 1: Company Overview - China Construction Haolong, established in 1993, has become a benchmark in the prefabricated construction industry, particularly in the Hong Kong and Macau markets, where it holds a leading market share [2][3] - The company has developed a modular integrated construction (MiC) technology that allows for efficient and high-quality building processes, significantly reducing construction time and labor costs [5][6][7] Group 2: Technological Advancements - MiC technology represents a paradigm shift in construction, enabling factory-based production and on-site assembly, akin to assembling Lego blocks, which enhances efficiency and quality control [6][7] - The company has established seven major production bases and 85 intelligent production lines, achieving an annual output capacity of 120,000 modular units, supporting over one million square meters of construction [12][15] Group 3: Market Trends and Opportunities - The demand for MiC technology is driven by three key trends: the need for carbon reduction in the construction industry, the pressure to address labor shortages, and the integration of digital technologies into construction processes [13][14][15] - The company is well-positioned to capitalize on these trends, with its MiC technology reducing carbon emissions by over 66% during construction and significantly lowering waste and energy consumption [13][14] Group 4: Project Examples and Impact - Notable projects include the rapid construction of emergency quarantine facilities in Hong Kong during the COVID-19 pandemic, showcasing the technology's ability to meet urgent public health needs [8][9][10] - The MiC technology has been applied in various sectors, including affordable housing, public services, and urban renewal, demonstrating its versatility and effectiveness in addressing diverse construction challenges [16][17] Group 5: Future Outlook - The company aims to continue expanding its MiC technology applications, contributing to the transformation of the construction industry towards more sustainable and efficient practices [18] - With ongoing investments in research and development, the company is set to lead the way in the evolution of construction methodologies in China and beyond [10][11]

Core Viewpoint - China State Construction International (03311.HK) has experienced a decline of over 5%, currently down 5.73% at HKD 9.54, with a trading volume of HKD 40.1983 million [2] Company Summary - The stock price of China State Construction International is currently reported at HKD 9.54, reflecting a significant drop of 5.73% [2] - The trading volume for the company stands at HKD 40.1983 million, indicating active market participation despite the decline [2]

Core Viewpoint - China State Construction International (03311) has seen a decline of over 5% in its stock price, currently trading at HKD 9.54, with a transaction volume of HKD 40.1983 million [1] Financial Performance - For the nine months ending September 30, 2025, the group's revenue and share of joint venture revenue were approximately RMB 77.703 billion and RMB 2.684 billion, representing a year-on-year decrease of 4.69% and an increase of 17.46% respectively [1] - The unaudited operating net profit and share of joint venture profit amounted to approximately RMB 11.923 billion, reflecting a year-on-year increase of 0.18% [1] Contractual Activity - As of September 30, 2025, the group signed new contracts totaling approximately RMB 128.01 billion, with an uncompleted contract amount of approximately RMB 393.61 billion [1]