Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [12] Core Insights - The construction sector is favored for high dividend investment opportunities, particularly in Hong Kong and A-shares [2] - Key companies highlighted include China State Construction, Sichuan Road and Bridge, and international engineering firms benefiting from the Belt and Road Initiative [2][10] - The report emphasizes the importance of stable growth and infrastructure as a cornerstone of economic development, with significant government spending planned for 2025 [9] Summary by Sections High Dividend Opportunities - The report continues to favor high dividend investment opportunities in the construction sector, particularly focusing on state-owned enterprises and local government enterprises [2] - China State Construction is identified as a top pick due to its strong fundamentals and high dividend yield [10] Performance of Hong Kong Construction Stocks - Hong Kong construction stocks have performed well, with notable increases in share prices for companies like China Communications Construction and China Railway Group [8] - The report attributes this performance to overall market strength and significant liquidity inflows [8] A-Share Recommendations - In A-shares, China State Construction is recommended for its high dividend yield and robust order growth, with new contracts expected to reach 1.4149 trillion yuan in 2024, a 21.1% increase year-on-year [10] - Sichuan Road and Bridge is highlighted for its increasing dividend payout ratio and confidence in future growth [10] International Engineering Opportunities - The report emphasizes the potential of international engineering firms, particularly those involved in the Belt and Road Initiative, with companies like China Steel International and China National Materials recommended for their high dividend yields [10] Market Outlook - The outlook for 2025 remains positive, with infrastructure investment expected to benefit from government policies and increased fiscal spending [9][10] - The report notes that the construction sector is positioned to capitalize on these trends, making it an attractive investment area [9]

| 证券代码：600970 | 证券简称：中材国际 | 公告编号：临 2025-040 | | --- | --- | --- | | 债券代码：241560 | 债券简称：24 国工 K1 | | 中国中材国际工程股份有限公司 关于 2025 年度第一期超短期融资券 发行结果的公告 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。 近日，中国中材国际工程股份有限公司成功发行2025年度第一期超短期融资 券，募集资金已于2025年6月12日到账，现将发行结果公告如下： 董事会 二〇二五年六月十三日 1 本 次 发 行 超 短 期 融 资 券 的 相 关 文 件 已 在 中 国 货 币 网 (http://www.chinamoney.com.cn) 以 及 上 海 清 算 所 网 站 (http://www.shclearing.com)上刊登。 特此公告。 中国中材国际工程股份有限公司 | | 中国中材国际工程股份有限 | | | | | | --- | --- | --- | --- | --- | --- | | 名称 | ...

截至2025年6月6日收盘，中材国际(600970)报收于9.17元，上涨0.66%，换手率0.55%，成交量12.29万 手，成交额1.12亿元。 当日关注点 交易信息汇总 交易信息汇总：6月6日主力资金净流入347.42万元，而游资资金净流出395.89万元。 公司公告汇总：中材国际将于2025年6月16日召开第二次临时股东大会，审议包括为中材水泥和巴 西叶片提供担保在内的两项议案。 6月6日，中材国际的资金流向显示主力资金净流入347.42万元；游资资金净流出395.89万元；散户资金 净流入48.47万元。 1. 关于为关联参股公司中材水泥所属企业提供担保暨关联交易的议案：中材水泥拟通过全资子公司 中材水泥（香港）在阿联酋新设立中亚SPV公司，增资入股哈萨克斯坦的QC公司，获得70%股 权，并建设一条3500t/d熟料水泥生产线，总投资约为18,024.06万美元。中材国际拟按穿透股权比 例28%为QC公司提供不超过3532.72万美元等值人民币的连带责任保证担保。 2. 关于中材海外为参股公司巴西叶片提供财务资助担保及银行保函担保暨关联交易的议案：巴西叶 片拟向其控股股东中材叶片申请2400万美元财 ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [11]. Core Insights - The report analyzes several mergers and acquisitions (M&A) cases among central state-owned enterprises (SOEs) in the construction sector, highlighting how these companies have integrated quality resources to achieve breakthroughs in business scale and competitiveness [3][25]. - The recent policy changes, including the new "National Nine Articles" and amendments to the asset restructuring management measures, are expected to invigorate the M&A market, providing opportunities for companies facing operational pressures or growth limitations [6][20]. Summary by Sections M&A Analysis - The report details various M&A cases, including: - **China National Materials International**: Acquired subsidiaries to enhance its competitive edge and resolve internal competition issues [6][28]. - **Shenzhen Sanda A**: Acquired a majority stake in China System to strengthen its smart city industry chain [7][65]. - **China Energy Engineering**: Planned a merger with Gezhouba to eliminate competition and enhance synergy [8]. - **Anhui Construction Engineering**: Merged with Anhui Construction Group for overall listing [8]. - **China Communications Construction**: Divested design assets to facilitate a reverse merger with Qilian Mountain [9]. Policy Environment - The report emphasizes the supportive policy environment for M&A activities, with multiple central and local government initiatives aimed at enhancing the efficiency of capital allocation and encouraging strategic restructuring among SOEs [20][21]. Industry Trends - The construction industry is transitioning towards maturity, with signs of peak growth potential. The report notes a decline in revenue and profit for listed construction companies, indicating a need for horizontal expansion or vertical integration through M&A to sustain growth [20][25]. - In 2024, the total revenue for the construction sector was approximately 86,962.78 billion yuan, reflecting a year-on-year decrease of 4.29% [20]. Investment Opportunities - The report identifies potential investment targets that are under operational pressure or facing growth constraints, particularly those that could benefit from central and local policy support [25].

Group 1 - The stock price of China National Materials International Engineering Co., Ltd. (中材国际) closed at 9.17 yuan on June 6, 2025, up 1.66% from the previous week [1] - The company announced a cash dividend of 0.45 yuan per share (before tax), with the record date set for June 11, 2025, and the payment date on June 12, 2025 [1][3] - The total market capitalization of the company is 24.208 billion yuan, ranking 3rd in the professional engineering sector and 628th in the A-share market [1] Group 2 - A second extraordinary general meeting of shareholders will be held on June 16, 2025, to review two significant proposals [2][3] - The first proposal involves providing a guarantee for an associated company, China National Materials Cement, which plans to invest approximately 18.024 million USD in a new cement production line in Kazakhstan [2] - The second proposal concerns financial support and bank guarantee for a subsidiary in Brazil, with a request for 2.4 million USD in financial assistance and a bank guarantee of 594,000 Brazilian reais [2]

Core Viewpoint - The company is convening its second extraordinary general meeting of shareholders in 2025 to discuss and vote on proposals related to providing guarantees for its associated companies, specifically for projects in Kazakhstan and Brazil [1][2][3]. Group 1: Shareholder Meeting Details - The meeting is scheduled for June 16, 2025, at 14:30 in Beijing, with voting available through the Shanghai Stock Exchange and internet platforms [1][2]. - The agenda includes the election of monitors, discussion of proposals, and a Q&A session for shareholders [1][2]. Group 2: Proposal for Kazakhstan Project - The company plans to provide a guarantee for its associated company, China National Materials Group Corporation, which aims to invest in a cement production line in Kazakhstan [3][4]. - The total investment for the project is approximately $12.62 million, with the company providing a guarantee of up to $3.53 million for bank loans [4][6]. - The project involves acquiring a 70% stake in QazCement Industries LLP and constructing a cement production line with a capacity of 3,500 tons per day [4][5]. Group 3: Proposal for Brazil Project - The company’s subsidiary, China National Materials Overseas Technology Development Co., Ltd., plans to provide financial support and guarantees for its associated company, Sinoma Wind Power Blade (Brazil) Ltd. [11][12]. - The financial support amounts to $2.4 million, with a guarantee of up to $720,000 based on the company's shareholding [11][12]. - The Brazilian company is in its early operational phase and requires these guarantees to secure financing and ensure stable production [16][17]. Group 4: Financial Overview of Associated Companies - As of December 31, 2024, QazCement Industries LLP reported total assets of approximately 220.78 million RMB and a net loss of 55.90 million RMB [5]. - Sinoma Wind Power Blade (Brazil) Ltd. had total assets of approximately 34.21 million RMB and a net loss of 3.57 million RMB as of December 31, 2024 [14]. Group 5: Risk Management and Approval Process - The company emphasizes that the guarantees are necessary for supporting international expansion and that associated companies will provide counter-guarantees to mitigate risks [7][10]. - The proposals have been reviewed and approved by the board of directors and independent directors, ensuring compliance with regulations and protection of shareholder interests [10][17].

中国中材国际工程股份有限公司 2025年第二次临时股东大会材料 二〇二五年六月北京 中国中材国际工程股份有限公司 2025年第二次临时股东大会材料目录 一、中国中材国际工程股份有限公司2025年第二次临时股东大会 会议议程.................................................................................................................2 二、中国中材国际工程股份有限公司2025年第二次临时股东大会 须知......................................................................................................................... 3 三、中国中材国际工程股份有限公司2025年第二次临时股东大会 议案................................................................................................ ...

Group 1 - The core viewpoint of the article highlights the financial performance and market position of China National Materials International Engineering Co., Ltd. (中材国际), noting its stock price, market capitalization, and earnings metrics [1] - As of June 5, the company's stock closed at 9.11 yuan, with a 1.11% increase, resulting in a rolling price-to-earnings (PE) ratio of 7.99 times and a total market value of 240.50 billion yuan [1] - The average PE ratio for the engineering construction industry is 13.33 times, with a median of 20.17 times, positioning the company at 29th place within the industry [1] Group 2 - As of the first quarter of 2025, 20 institutions hold shares in the company, including 14 funds, 4 others, and 2 social security funds, with a total holding of 1,721.65 million shares valued at 16.493 billion yuan [1] - The company's main business includes engineering technology services, high-end equipment manufacturing, and production operation services, with key products such as cement, mining engineering, and various specialized equipment [1] - The latest financial report for the first quarter of 2025 shows the company achieved an operating income of 10.147 billion yuan, a year-on-year decrease of 1.37%, and a net profit of 663 million yuan, reflecting a year-on-year increase of 4.19%, with a gross profit margin of 16.97% [1]

Group 1: Market Trends and Performance - The construction and building materials indices have shown a W-shaped fluctuation in 2025, with the building materials sector outperforming the Shanghai Composite Index by 2.5 percentage points[12] - As of May 30, 2025, the CI building materials index has increased by 0.05% compared to the end of 2024, while the CI construction index has decreased by 3.3%[12] - The construction sector's operating cash flow has improved significantly, with a net cash inflow of CNY 1,668 billion in 24Q4 and 25Q1, an increase of CNY 1,534 billion year-on-year[38] Group 2: Industry Outlook and Recommendations - The demand for renovation and urban renewal is expected to support the building materials sector, with an estimated 1.1 to 1.2 million units of renovation demand per year from 2024 to 2026, growing at a CAGR of 5%[4] - Key recommendations for investment include China State Construction, China National Materials, and China Nuclear Engineering, with target prices set at CNY 8.60, CNY 13.04, and CNY 10.81 respectively[10] - The cement industry is projected to see a 6% year-on-year decline in demand, while the glass fiber and carbon fiber sectors are expected to maintain high demand due to emerging industries[5] Group 3: Corporate Strategies and Transformations - Many small and medium-sized construction enterprises are actively seeking cross-industry transformations, with a focus on sectors like semiconductors and renewable energy[45] - The "6+4+2" trillion yuan debt restructuring plan has led to a total of CNY 3.38 trillion in debt replacement funds in 2024, benefiting smaller construction firms more significantly[37] - The construction industry is entering a phase of deep integration, with state-owned enterprises likely to increase their market share as private firms exit the market[43]

证券代码：600970 证券简称：中材国际 公告编号：2025-039 中国中材国际工程股份有限公司 2024年年度权益分派实施公告 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股每股现金红利0.45元(含税) 本次利润分配方案经公司2025年4月15日的2024年年度股东大会审议通过。 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： 四、分配实施办法 1.实施办法 （1）除自行发放的股东外，其他股东的红利委托中国结算上海分公司通过其资金清算系统向股权登记 日上海证券交易所收市后登记在册并在上海证券交易所各会员办理了指定交易的股东派发。已办理指定 交易的投资者可于红利发放日在其指定的证券营业部领取现金红利，未办理指定交易的股东红利暂由中 国结算上海分公司保管，待办理指定交易后再进行派发。 （2）本次分配不涉及派送红股或转增股本。 2.自行发放对象 ● 相关日期 ...