Group 1 - The Shanghai Urban Infrastructure Index (H50034) experienced a slight decline of 0.01%, closing at 1237.17 points with a trading volume of 16.678 billion yuan [1] - Over the past month, the Shanghai Urban Infrastructure Index has increased by 6.04%, and by 6.76% over the last three months, while it has decreased by 1.59% year-to-date [1] - The index reflects the performance of listed companies influenced by changes in economic and consumption structures, focusing on themes such as intensive, intelligent, and green low-carbon development [1] Group 2 - The top ten weighted stocks in the Shanghai Urban Infrastructure Index include China State Construction (9.44%), China Railway (6.99%), and Poly Development (6.9%) among others [1] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange, with the industrial sector accounting for 57.78%, real estate for 31.31%, and materials for 10.91% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]

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7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國鐵建股份有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01186 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,076,296,000 | RMB | | 1 RMB | | 2,076,296,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 2,076,296,000 | RMB | | 1 RMB | | 2,076,296,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | ...

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for investment opportunities in the Xinjiang region [5][8][9]. Core Insights - The upcoming Fourth Central Xinjiang Work Conference in 2025, coinciding with the 70th anniversary of the Xinjiang Uyghur Autonomous Region, is expected to catalyze significant policy support and investment in infrastructure and industry [1][12]. - Xinjiang's strategic importance, energy security, and ethnic unity are highlighted as key factors for sustained national support for high-quality development in the region [2][4]. - Major transportation infrastructure projects, such as the China-Kyrgyzstan-Uzbekistan Railway and the New Tibet Railway, are set to accelerate, with significant investments projected [3][15]. - The coal chemical industry in Xinjiang is anticipated to see substantial growth, with over 800 billion yuan in planned investments by mid-2025, driven by national energy security needs [4][19]. Summary by Sections Investment Opportunities - The report emphasizes the potential for investment in Xinjiang due to upcoming policy support and infrastructure projects, particularly in transportation and coal chemical sectors [1][3][4]. - Key companies recommended for investment include major construction firms like China Railway, China Railway Construction, and local firms such as Xinjiang Communications Construction [8][23]. Transportation Infrastructure - Significant railway projects are underway, including the China-Kyrgyzstan-Uzbekistan Railway with an estimated investment of 8 billion USD and the New Tibet Railway with an investment of 96 billion yuan [3][15]. - The report suggests that these projects will benefit major construction companies and local firms involved in infrastructure development [8][15]. Coal Chemical Industry - The coal chemical sector is projected to attract over 800 billion yuan in investments, with a significant portion already underway [4][19]. - Key players in this sector include China Chemical Engineering, Donghua Technology, and Sanwei Chemical, which are expected to benefit from the acceleration of project developments [19][23].

Investment Rating - The report maintains a positive outlook on industry leaders with low valuations, particularly China Chemical [1][3]. Core Viewpoints - The construction and building materials industry is currently at the bottom of its economic cycle, with expectations for stabilization and recovery due to supportive government policies [1][2]. - Recent government meetings emphasized the need for high-quality investment and the activation of private investment, which could enhance the industry's outlook [1]. - The report highlights the recent approval of two coal-to-natural gas projects in Xinjiang, marking a significant step towards low-carbon and clean development in the coal chemical industry [1]. Market Overview - As of August 1, 2025, the newly issued local government special bonds amounted to 183.204 billion yuan, a week-on-week decrease of 10.82% [2]. - In July, the total new local government special bonds issued reached 616.936 billion yuan, a month-on-month increase of 17.04% and a year-on-year increase of 119.18% [2]. - The construction index fell by 2.51% and the building materials index fell by 3.32% during the week of July 28 to August 1, 2025 [10]. Cement Market Analysis - National cement prices continued to decline, with a week-on-week drop of 0.3% as of August 1, 2025 [41]. - The average national cement price was 339.7 yuan per ton, with significant regional variations [46]. - The report anticipates a stabilization in cement prices in the short term, despite current demand not showing significant improvement [41]. Company Performance and Valuation - The report strongly recommends focusing on major construction blue-chip stocks such as China Communications Construction, China Railway Construction, and China State Construction [3]. - The construction sector's overall valuation is at a historical low, with the current price-to-earnings (P/E) ratios for the construction and building materials sectors at 8.72 and 19.67, respectively [18]. - Key companies in the construction sector are experiencing varying growth rates in new orders, with China Railway Construction showing a decline in order growth in recent quarters [63].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The "anti-involution" trend is driving quality upgrades in the industry, emphasizing investment opportunities in specialized engineering companies. This trend is expected to improve corporate profitability and increase capital expenditures in green and low-carbon transformations, benefiting specialized engineering firms [1][19][32] - The government is focusing on innovation-driven and green transformation, which is broader than the supply-side structural reforms of 2015. This includes enhancing industry self-discipline and optimizing supply structures through technological upgrades [2][13] Summary by Sections Industry Performance - The construction index fell by 2.5% in the week of July 28 to August 1, underperforming the broader market by 1.3 percentage points. Only the architectural design and services sub-sector maintained an upward trend, with notable individual stock gains [4][26] Investment Recommendations - Key investment opportunities include: 1. Cement Engineering: China National Materials (high dividend cement engineering leader, expected dividend yield over 5% in 2025) [19] 2. Metallurgical Engineering: China Steel International (low-carbon metallurgical engineering leader, expected dividend yield of 5.5% in 2025) [19] 3. Steel Structure Manufacturing: Honglu Steel Structure, Jinggong Steel Structure [19] 4. Chemical Engineering: China Chemical, Sanwei Chemical, Donghua Technology, benefiting from rising chemical product prices [19] Key Indicators - As of August 1, 2025, the cement shipment rate was 30%, down 13 percentage points from the previous week, while the asphalt plant operating rate was 33.1%, up 4.3 percentage points [3][20] Structural Changes and Opportunities - The report highlights the importance of focusing on infrastructure investments in regions with high demand, such as Sichuan, Zhejiang, Anhui, and Jiangsu, and recommends local state-owned enterprises and central enterprises involved in major infrastructure projects [32][35] Emerging Trends - The report suggests that the nuclear power sector remains highly attractive, with ongoing investments, and highlights the potential of AI and digital technologies in transforming traditional industries [34][36] Specialized Engineering Investment Targets - The report lists specific companies in specialized engineering fields, including: - China National Materials (Cement) - China Steel International (Metallurgy) - Honglu Steel Structure (Steel Structure) - China Chemical (Chemicals) [20] Conclusion - The overall sentiment is positive towards the construction and specialized engineering sectors, driven by government policies aimed at enhancing industry quality and profitability through technological and structural upgrades [1][19][32]

Group 1 - The Shanghai Composite Index decreased by 0.37%, while the Shanghai Urban Infrastructure Index fell by 0.46%, closing at 1237.37 points with a trading volume of 20.049 billion yuan [1] - The Shanghai Urban Infrastructure Index has increased by 6.04% over the past month and 6.76% over the past three months, but has declined by 1.59% year-to-date [2] - The index series reflects the performance of listed companies influenced by changes in economic and consumption structures, focusing on themes such as intensive, intelligent, and green low-carbon development [2] Group 2 - The top ten weighted stocks in the Shanghai Urban Infrastructure Index include China State Construction (9.44%), China Railway (6.99%), and Poly Development (6.86%) [2] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange, with the industrial sector accounting for 57.81%, real estate for 31.30%, and materials for 10.90% [3] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]

Core Insights - The construction industry is expected to outperform the market in the second half of 2025, driven by improvements in asset quality and a potential recovery in demand [1][4] - Downstream demand remains weak, leading to accelerated balance sheet contraction among construction companies [1][4] - Infrastructure investment is anticipated to become a key driver for expanding domestic demand and stabilizing growth [3][4] Summary by Sections Industry Performance - In the first half of 2025, the total contract amount for new projects in the construction industry reached 25 trillion yuan, a year-on-year increase of 22.5%, although still significantly lower than levels in 2022-2023 [1][30] - The industry is experiencing a decline in new orders and revenue, but signs of a profitability turning point are emerging as some local construction companies accelerate the collection of receivables and repay existing debts [1][4] Inventory Cycle Perspective - The construction industry is nearing the end of a "passive inventory replenishment" phase, characterized by a lagged response of inventory fluctuations to changes in downstream demand [2][77] - Since 2021, the industry has entered a phase of passive inventory accumulation due to prolonged project repayment cycles and a concentration of PPP projects transitioning to operational phases [2][82] Infrastructure Investment - Infrastructure investment is seen as a critical measure to expand domestic demand and stabilize economic growth, especially in light of pressures on price indicators and the need for effective investment [3][4] - The government is expected to increase fiscal support for infrastructure projects, particularly in areas related to public welfare and energy security [3][4] Investment Recommendations - The report maintains a positive outlook for the construction sector in the second half of 2025, suggesting that asset quality improvements will align with demand recovery [4] - Recommended stocks include Yaxiang Integration, Zhongyan Dadi, China Railway Construction, and others, which are expected to benefit from the anticipated recovery in infrastructure investment [4][8]

Core Viewpoint - The real estate market in China is experiencing a significant downturn, with the top 100 real estate companies reporting a total sales revenue of 20,730.1 billion yuan from January to July 2025, reflecting a year-on-year decline of 13.3% [1] Group 1: Sales Performance - In July 2025, the sales revenue of the top 100 real estate companies also saw a decline, with a year-on-year drop of 18.2% [1] - The average sales revenue for the top 10 real estate companies in the first seven months was 1,010.3 billion yuan, down 13.6% year-on-year [2] - Among the top 20 real estate companies, only seven firms, including Jianfa Real Estate and Yuexiu Property, reported an increase in sales, while the rest experienced varying degrees of decline [2][3] Group 2: Company Rankings and Changes - Companies like Jindi Group and New Town Holdings saw their sales drop by over 50%, causing them to fall out of the top 20 rankings [3] - Poly Developments, China Overseas Property, and China Resources Land experienced sales declines between 10% and 20%, aligning with industry trends [4] - The top 20 real estate companies saw a reshuffling in rankings, with nine companies improving their positions, while six companies, including Vanke and Longfor Group, saw their rankings decline [4] Group 3: Future Market Outlook - The Central Political Bureau's recent meeting emphasized maintaining policy continuity and stability, suggesting that more supportive measures may be introduced to stabilize the market [5] - The new housing market is expected to continue experiencing low transaction volumes in August, with significant differentiation between cities and projects [5]

Core Viewpoint - Xizi Clean Energy has successfully entered the international market with its shield tunneling machine products, which were developed in collaboration with China Railway Construction Heavy Industry in 2018 [1] Company Summary - Xizi Clean Energy (002534) has engaged in a joint manufacturing project with China Railway Construction Heavy Industry (601186) to produce composite tunnel boring machines [1] - The company's tunneling machines have been exported to countries such as Thailand and Singapore, indicating a successful penetration into the international market [1]

Core Viewpoint - China Railway Construction Heavy Industry Group Co., Ltd. announced a cash dividend of RMB 0.085 per share for the 2024 fiscal year, approved at the annual shareholders' meeting on June 19, 2025 [1][6]. Summary by Sections Dividend Distribution - The total cash dividend distribution amounts to RMB 453,347,245 based on a total share capital of 5,333,497,000 shares [3][5]. - The dividend will be distributed to all shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the registration date [2]. Implementation Method - The dividends for unrestricted circulating shares will be distributed through the clearing system of China Securities Depository and Clearing Corporation Limited, Shanghai Branch [3]. - Shareholders who have completed designated transactions can receive their cash dividends at their designated securities business department on the payment date [3]. Taxation on Dividends - For individual shareholders holding unrestricted circulating shares for over one year, the cash dividend of RMB 0.085 per share is exempt from personal income tax [7]. - For shares held for one year or less, the company will not withhold personal income tax at the time of distribution; tax will be calculated based on the holding period when the shares are sold [7]. - Qualified Foreign Institutional Investors (QFII) will have a 10% corporate income tax withheld, resulting in a net cash dividend of RMB 0.0765 per share [8]. - Hong Kong market investors will also receive a net cash dividend of RMB 0.0765 per share after a 10% withholding tax [8]. - Other institutional investors and corporate shareholders will receive the gross cash dividend of RMB 0.085 per share, responsible for their own tax declarations [9].