Core Viewpoint - The company Zhongcai International (600970) has successfully completed the repayment of its first phase of ultra-short-term financing bonds for 2025, indicating strong financial management and liquidity [1]. Financial Performance - As of September 19, 2025, Zhongcai International's stock closed at 8.83 yuan, reflecting a 0.91% increase from the previous trading day [1]. - The company's total market capitalization reached 23.311 billion yuan [1]. - The stock opened at 8.75 yuan, with a high of 8.83 yuan and a low of 8.74 yuan, achieving a trading volume of 1.12 billion yuan and a turnover rate of 0.57% [1]. Bond Issuance Details - The company issued a total of 500 million yuan in ultra-short-term financing bonds on June 12, 2025, with an interest rate of 1.63% [1]. - The total principal and interest paid by the company as of the repayment date was 502,210,547.95 yuan [1]. - The repayment date for the bonds was September 19, 2025, and relevant documents have been disclosed on the China Money Network and Shanghai Clearing House websites [1].

证券代码：600970 证券简称：中材国际 公告编号：临 2025-060 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 董事会 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。 二〇二五年九月二十日 中国中材国际工程股份有限公司（以下简称"公司"）于 2025 年 6 月 12 日 成功发行 2025 年度第一期超短期融资券，发行总额为人民币 5 亿元，发行利率 1.63%，兑付日为 2025 年 9 月 19 日。相关内容详见《关于 2025 年度第一期超短 期融资券发行结果的公告》（公告编号：临 2025－040）。 1 2025 年 9 月 19 日，公司已全部完成该期超短期融资券的兑付工作，共计支 付本息合计人民币 502,210,547.95 元。 本 次 超 短 期 融 资 券 到 期 兑 付 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.shclearin ...

Investment Rating - The report assigns an "Accumulate" rating for the construction engineering industry [8] Core Insights - In August, broad infrastructure investment decreased by 6.4%, with a month-on-month decline of 4.5 percentage points, while narrow infrastructure investment fell by 5.9%, with a month-on-month decline of 0.8 percentage points [4][6] - Real estate investment in August saw a year-on-year decline of 19.9%, with the drop expanding compared to July [7] - The report highlights a trend towards stabilization in the real estate market, despite ongoing challenges [7] - Infrastructure investment from January to August grew by 2.0% year-on-year, outpacing overall investment growth [7] Summary by Sections Infrastructure Investment - Broad infrastructure investment in August decreased by 6.4%, a decline of 12.6 percentage points compared to the same month in 2024, and a month-on-month drop of 4.5 percentage points [6] - Narrow infrastructure investment fell by 5.9%, with a year-on-year decline of 7.1 percentage points and a month-on-month decrease of 0.8 percentage points [6] - Specific sectors such as water conservancy saw a significant drop of 29.8% year-on-year, while public facilities decreased by 11.6% [6] Real Estate Market - Real estate investment in August dropped by 19.9% year-on-year, with sales area declining by 11.0% [7] - New construction area fell by 19.8%, and completed area decreased by 21.2% [7] - The report indicates that the real estate market is moving towards stabilization, with inventory reduction efforts showing results [7] Investment Recommendations - The report recommends undervalued high-dividend stocks such as China State Construction (dividend yield 4.85%), China Railway Construction (dividend yield 3.74%), and Tunnel Corporation (dividend yield 4.48%) [7] - It also highlights the potential for growth in private investment in infrastructure, particularly in green energy [7]

Group 1: Company Overview - The report covers Huaxin Cement (600801.SH), highlighting its dual strategy of "internationalization" and "cement integration" to drive cyclical growth and long-term expansion potential. Revenue projections for 2025-2027 are 35.5 billion, 38 billion, and 40.4 billion yuan, with net profit estimates of 2.8 billion, 3.2 billion, and 3.6 billion yuan respectively [1][4][5] - The company is a leading cement manufacturer with significant domestic and overseas production capacity, ranking sixth in domestic clinker capacity and third in overseas clinker capacity as of 2024 [5] Group 2: International Business Strategy - Huaxin Cement has the largest number of overseas layout points in China, with a mid-term target of 50 million tons of overseas production capacity. The company is well-positioned to benefit from rapid economic growth and low cement consumption in many countries, particularly in Africa [5] - The overseas revenue growth for the first half of 2025 is projected at 20%, with a gross profit margin of 37.3%, significantly higher than domestic margins [5] Group 3: Domestic Market Position - The company is a leader in the cement market in Central China, with a strong demand outlook in regions like Hubei and Tibet. The supply-side reforms are expected to benefit the company as it adheres to approved production capacities [6] - Huaxin Cement holds the largest aggregate production capacity in the country, with a sales volume increase of 6.3% year-on-year in the first half of 2025, outperforming industry averages [6] Group 4: Real Estate Market Insights - In August 2025, the real estate market showed a decline in sales area and sales amount, with year-on-year decreases of 9.7% and 13.6% respectively. However, the sales amount's decline has narrowed compared to previous months, indicating a potential stabilization in the market [7][8] - The average price of residential properties in August 2025 was 9,971 yuan per square meter, reflecting a year-on-year decrease of 4.3%, but with signs of recovery in transaction prices [7][8] Group 5: Investment Recommendations - The report suggests a cautious optimism in the real estate sector, recommending a focus on structural opportunities as the market stabilizes. Specific companies such as Beike, Tianjian Group, and regional leaders like Binhai Group are highlighted for their potential [9]

Investment Rating - The report gives a "Buy" rating for the company [4][14]. Core Views - The company is a global leader in cement engineering, maintaining the largest market share in the cement engineering service market for 17 consecutive years. It has integrated high-quality resources in domestic cement industrial research, design, equipment, and engineering, making it the only company with a complete industrial chain in the global cement technology equipment and engineering service market [2][7]. - The company is actively pursuing a transformation towards equipment and operations, with significant growth in international business under its "Two Outs" strategy, which focuses on "cement outside" and "overseas" [2][7]. - The company has a strong outlook for future growth, with expected high dividend yields in 2025-2026, providing stable investment returns [2][7]. Summary by Sections Company Overview - Founded in 2001 and listed in 2005, the company has undertaken 364 production lines in 91 countries and regions as of H1 2025, with a market share of 54% in overseas revenue [2][7]. - The major revenue contributions in H1 2025 were from engineering technology services (58.46%), production operation services (28.99%), and high-end equipment manufacturing (10.73%) [2]. Financial Performance - The company expects revenue growth from 484.46 billion yuan in 2025 to 539.29 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 5.03% to 5.58% [13][14]. - The projected net profit for 2025 is 31.40 billion yuan, increasing to 35.63 billion yuan by 2027, reflecting a growth rate of 5.25% to 6.76% [14][17]. Business Segments 1. **Engineering Technology Services** - Expected revenue of 276.68 billion yuan in 2025, with a stable growth rate of 2% annually [8][13]. - Anticipated gross margin of 16.00% in 2025 [8][13]. 2. **High-end Equipment Manufacturing** - Projected revenue of 65.87 billion yuan in 2025, with a growth rate of 6% [9][13]. - Expected gross margin of 23% [9][13]. 3. **Production Operation Services** - Expected revenue of 142.12 billion yuan in 2025, with a growth rate of 10% [11][13]. - Anticipated gross margin of 21.60% [11][13]. 4. **Other Businesses** - Projected revenue of 25.87 billion yuan in 2025, with a growth rate of 10% [12][13]. - Expected gross margin of 23.50% [12][13]. Valuation - The report estimates a target price of 11.89 yuan per share based on a 10x price-to-earnings (P/E) ratio for 2025 [14][15].

Investment Rating - Industry rating is maintained at "Outperform the Market" [6] Core Insights - Infrastructure investment in August shows a narrowing year-on-year decline, with a focus on investment opportunities in the central and western regions [1] - Real estate sales area decreased by 4.7% year-on-year from January to August, with a significant drop of 11% in August alone [2] - Cement prices have started to rise after a prolonged period of decline, indicating potential recovery in profitability for cement companies [3] - The flat glass production showed a year-on-year decline of 4.5% from January to August, but the decline is narrowing, suggesting a potential improvement in demand [4] Summary by Sections Infrastructure Investment - From January to August, real estate development investment decreased by 12.9%, while narrow and broad infrastructure investments increased by 2% and 5.4% respectively [1] - Cumulative new special bonds reached 32,641.37 billion yuan, up 26.9% year-on-year, indicating strong support for infrastructure projects [1] Real Estate Market - New construction area decreased by 19.5% year-on-year from January to August, with a monthly decline of 19.8% in August [2] - Completion area saw a year-on-year decline of 17% from January to August, with a monthly drop of 21.2% in August [2] Cement Industry - Cement production from January to August was 1.105 billion tons, down 4.8% year-on-year, with August production at 148 million tons, a 6.2% decline [3] - The average cement price in August was 349 yuan per ton, showing a slight increase from earlier in the month [3] Glass Industry - Flat glass production from January to August was 64.818 million weight cases, down 4.5% year-on-year, with August production at 8.267 million weight cases, a 2% decline [4] - The market is showing signs of demand improvement as inventory levels decrease and production lines resume operations [4]

Investment Rating - The industry investment rating is "Overweight" [2][26]. Core Viewpoints - Fixed asset investment has continued to weaken, with a cumulative year-on-year increase of only 0.5% for January to August 2025, a decrease of 1.1 percentage points compared to July 2025. Manufacturing investment also saw a year-on-year increase of 5.1%, reflecting a similar decline [4][12]. - Infrastructure investment is under pressure, with transportation, water conservancy, and public utility investments all showing declining growth rates. Infrastructure investment (including all categories) increased by 5.4% year-on-year, down 1.9 percentage points from July 2025. Excluding electricity, the growth rate was only 2.0% [5][12]. - Real estate investment remains low, with a year-on-year decrease of 12.9% for January to August 2025, and construction starts down by 19.5% [12][18]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is 0.5%, down 1.1 percentage points from the previous month. Manufacturing investment growth is also down to 5.1% [4][12]. Infrastructure Investment - Infrastructure investment (all categories) shows a year-on-year increase of 5.4%, with a decline of 1.9 percentage points from the previous month. Excluding electricity, the growth rate is only 2.0% [5][12]. - Specific sectors like transportation and public utilities are experiencing significant pressure, with transportation investment growing by only 2.7% year-on-year [5][12]. Real Estate Investment - Real estate investment has decreased by 12.9% year-on-year, with construction starts down by 19.5% and completions down by 17.0% [12][18]. - The current cycle is characterized by excessive supply clearance and difficulties in inventory replenishment, leading to a slow recovery in investment [12][18]. Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain flexibility as national strategic layouts deepen. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction among state-owned enterprises, and Zhi Te New Materials and Honglu Steel Structure among private enterprises [18].

Group 1 - The stock price of China National Materials International Engineering Co., Ltd. (中材国际) closed at 8.98 yuan on September 12, 2025, up 0.79% from the previous week [1] - The company's market capitalization is currently 23.865 billion yuan, ranking 4th out of 39 in the professional engineering sector and 791st out of 5,153 in the A-share market [1] - The highest intraday price reached 9.08 yuan on September 12, while the lowest was 8.90 yuan on September 8 [1] Group 2 - The fourth extraordinary general meeting of shareholders for 2025 was held on September 12, 2025, with 657 shareholders present, representing 1,193,478,425 shares, or 45.2082% of the total voting shares [2][4] - The meeting approved five resolutions, including amendments to the company's articles of association and the cancellation of the supervisory board, with the first four being special resolutions and the fifth a general resolution [2][4] - The meeting was presided over by Chairman Yin Zhismong, and all resolutions were passed with the required majority, with no resolutions being rejected [2][4]

证券代码：600970 证券简称：中材国际 公告编号：2025-059 中国中材国际工程股份有限公司 2025年第四次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 12 日 (二)股东大会召开的地点：北京市朝阳区望京北路 16 号中材国际大厦公司会议 室 (三)出席会议的普通股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 657 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,193,478,425 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 45.2082 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，以现场投票与网络投票相结合的方式召开，董 事长印志松先生主持本次会议，以记名投票方式表决，会议的召集、召开符合《公 ...

2025 年第四次临时股东大会的 法律意见书 关于中国中材国际工程股份有限公司 2025 年第四次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 二〇二五年九月 源 德师事务所 IA YUAN LAW OFFICES 北京 BEIJING ·上海 SHANGHAI ·深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 关于中国中材国际工程股份有限公司 嘉源(2025)-04-662 致:中国中材国际工程股份有限公司 2、本次股东大会的召开程序 本次股东大会采取现场投票和网络投票相结合的方式召开。 受中国中材国际工程股份有限公司(以下简称"公司")委托,北京市嘉源律师 事务所(以下简称"本所")指派律师出席公司 2025年第四次临时股东大会(以下简 称"本次股东大会"),现依据《中华人民共和国公司法》《上市公司股东会规则》 （以下简称"《股东会规则》"）及《中国中材国际工程股份有限公司章程》（以 下简称"公司章程"）的规定,就本次股东大会的召集、召开程序,出席会议人员 资格、会议表决程序、表决结果等事项出具律师见证 ...