Investment Rating - The report maintains a "Recommended" investment rating for several key companies in the construction sector, including China State Construction (601668.SH), China Railway (601390.SH), China Railway Construction (601186.SH), China Communications Construction (601800.SH), and Anhui Construction (600502.SH) [5][6]. Core Insights - The construction industry is expected to benefit from strong policy support and a robust dividend mechanism, with a focus on enhancing shareholder returns [9][12]. - Infrastructure investment remains resilient, serving as a cornerstone for economic stability, with a high overall dividend yield in the sector [9][17]. - The report highlights significant disparities in dividend yields among leading companies in the real estate and decoration sectors, indicating potential investment opportunities [9][12]. Summary by Sections 1. Infrastructure as a Cornerstone for Growth - Policies are increasingly encouraging listed companies to enhance their dividend mechanisms, with recent regulatory changes promoting cash dividends [12][13]. - Infrastructure investment growth remains strong, with broad infrastructure investment growth at 8.9% and narrow infrastructure investment growth at 4.6% in the first half of 2025 [17][18]. 2. Divergence in Dividend Yields in Real Estate and Decoration - The real estate sector continues to face pressure, with notable differences in dividend yields among leading firms [9][12]. - China State Construction and Shaanxi Construction have dividend yields of 4.80% and 3.61%, respectively, while decoration firms like Jianghe Group and Zhengzhong Design show higher yields of 7.00% and 3.45% [9][12]. 3. High Dividend Ratios in Engineering Consulting - Engineering consulting firms exhibit high dividend ratios, with companies like Metro Design and Design Institute showing yields of 3.26% and 3.24% [9][12]. 4. High Dividend Ratios in Steel Structure, International Engineering, and Chemical Engineering - Companies in these sectors, such as Yaxiang Integration and China National Chemical, report high dividend yields, indicating strong financial health and shareholder returns [9][12]. 5. Recommendations for High Dividend and High Yield Stocks - The report recommends several companies with strong dividend yields, including Anhui Construction (5.54%), Sichuan Road and Bridge (4.98%), and Tunnel Shares (4.84%) [9][20][21].

Group 1 - A new company, Xinjiang Anjian Investment Development Co., Ltd., has been established with a registered capital of 100 million yuan [1] - The company's business scope includes investment activities with its own funds, research and development of emerging energy technologies, foreign contracting projects, and installation services for general machinery and equipment [1] - Anhui Construction Engineering holds 100% ownership of the new company [1]

Core Insights - A new company, Henan Huijian Investment Development Co., Ltd., has been established with a registered capital of 100 million yuan [1] - The company is wholly owned by Anhui Construction Engineering Group [1] Company Overview - The legal representative of the company is Wei Xiugang [1] - The business scope includes asset management services, emerging energy technology research and development, mechanical equipment installation services, landscaping engineering construction, and various engineering technical services [1] - The company is also involved in trade brokerage, domestic cargo transportation agency, and international contracting projects [1] Business Activities - The company has a wide range of activities including machinery equipment leasing and sales, special equipment rental and sales, and construction engineering services [1] - It is authorized to engage in construction project contracting, labor subcontracting, highway management and maintenance, and interior decoration services [1] - The company can operate independently within the scope of its business license, subject to necessary approvals for certain projects [1]

Group 1 - The stock price of Anhui Construction remained stable at 4.84 yuan as of August 4, 2025, with a trading volume of 1.05 billion yuan and a turnover rate of 1.27%, resulting in a total market capitalization of 8.308 billion yuan [1] - Anhui Construction is primarily engaged in construction engineering and real estate development, covering various sectors such as housing construction, municipal engineering, and highway bridges [1] - The company has established a wholly-owned subsidiary, Henan Huijian Investment Development Co., Ltd., with a registered capital of 100 million yuan, which will help expand the company's industrial chain layout [1] Group 2 - On August 4, the net outflow of main funds was 27.1114 million yuan, with a cumulative net outflow of 52.4255 million yuan over the past five days [1]

Group 1 - The establishment of Xizang Anjian Urban Construction Co., Ltd. has been registered with a capital of 50 million yuan [1][2] - The company is involved in various management activities including scenic area management, urban greening management, and urban park management [1][2] - The company is a limited liability company with state-owned control, and its legal representative is Zhang Yunfu [2] Group 2 - The company is located in Cuona City, Shannan Prefecture, Tibet Autonomous Region [2] - The major shareholder is Anhui Construction Group Co., Ltd., holding a 51% stake, while Cuona City Tongda Engineering Co., Ltd. holds a 49% stake [2]

Group 1 - The establishment of Anhui Construction Group (Chuzhou) Expressway Co., Ltd. has been reported, with a registered capital of 200 million yuan [1] - The legal representative of the new company is Liu Zhong, and its business scope includes highway management and maintenance, catering services, and accommodation services [1] - The company is co-owned by Anhui Construction and Zhongma (Anhui) Equity Investment Partnership (Limited Partnership) [1] Group 2 - The company is authorized to engage in various services such as vehicle towing, technical services, parking lot services, and sales of metal and building materials [1] - The company is also involved in non-residential real estate leasing, machinery and equipment leasing, and property management [1] - The company is permitted to conduct research and development in emerging energy technologies, among other activities [1]

Group 1 - The core point of the article is the establishment of Anhui Construction Group (Chuzhou) Highway Co., Ltd. with a registered capital of 200 million yuan [1] - The company's business scope includes warehousing equipment leasing services, property management, motor vehicle charging sales, and emerging energy technology research and development [1] - The company is jointly held by Anhui Construction and other stakeholders, indicating a collaborative investment approach [1]

数据来源：天眼查APP 证券之星消息，根据天眼查APP数据整理，近日，海南皖投建设发展有限公司成立，法定代表人为黄 明，注册资本10000万元，经营范围包含：许可经营项目：建设工程施工(许可经营项目凭许可证件经 营)一般经营项目：对外承包工程；承接总公司工程建设业务；园林绿化工程施工(经营范围中的一般经 营项目依法自主开展经营活动，通过国家企业信用信息公示系统(海南)向社会公示)(一般经营项目自主 经营，许可经营项目凭相关许可证或者批准文件经营)(依法须经批准的项目，经相关部门批准后方可开 展经营活动。)。天眼查APP股权穿透显示，该公司由安徽建工全资持股。 ...

证券日报网讯 7月30日晚间，安徽建工发布公告称，2025年第二季度，公司工程建设业务（含基建工程 和建筑工程业务）新签合同170个，新签合同金额335.23亿元，金额同比增长0.65%；其他业务（含智能 制造、检测、设计咨询等业务）新签合同金额7.15亿元，金额同比增长59.17%。 （文章来源：证券日报） ...

Investment Rating - The report maintains a "Buy" recommendation for the construction industry [1] Core Viewpoints - Infrastructure investment growth remains robust, with a broad infrastructure investment growth rate of 8.9% in the first half of 2025, despite a slight decline from previous values [3][30] - Real estate investment continues to face pressure, with a 11.2% year-on-year decline in real estate development investment in the first half of 2025 [44] - The construction sector is experiencing a slight increase in fund holdings, with a fund holding market value ratio of 0.43% in Q2 2025, which is still below the standard allocation ratio of 1.77% [65][66] Summary by Sections Special Debt Issuance - The pace of special debt issuance has accelerated, with a total of 2.16 trillion yuan issued in the first half of 2025, a year-on-year increase of 45% [6][3] - The government plans to issue 4.4 trillion yuan in new local government special bonds in 2025, focusing on investment construction and land acquisition [6] Infrastructure Investment - Fixed asset investment growth has slowed, with a total of 248,654 billion yuan in the first half of 2025, reflecting a 2.8% year-on-year increase [27] - Infrastructure investment remains resilient, with significant growth in the electricity, heat, gas, and water supply sectors, which saw a 22.8% year-on-year increase [35][30] Real Estate Market - Real estate investment and sales continue to decline, with a 3.5% decrease in commodity housing sales area in the first half of 2025 [44] - New construction and completion areas have seen a narrowing decline, with new construction down 20.0% year-on-year but improving from previous months [46] Fund Holdings in Construction - Fund holdings in the construction sector have slightly increased, with a market value of 132.95 billion yuan in Q2 2025, reflecting a 9.24% increase from Q1 2025 [65] - The construction sector remains underweight compared to the standard allocation, indicating potential for growth [65][66] Recommendations - The report recommends focusing on stable growth, high dividends, overseas expansion, and regional construction projects, highlighting companies such as China State Construction, China Railway, and others [3][1]