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].

Core Viewpoint - The company announced a cash dividend distribution plan, with a payout of RMB 0.085 per share, totaling RMB 453,347,245, approved at the annual shareholders' meeting on June 19, 2025 [1] Dividend Distribution Plan - The cash dividend of RMB 0.085 per share is based on a total share capital of 5,333,497,000 shares [1] - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, after the market closes on the registration date [1] Taxation on Dividends - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax, resulting in an actual cash dividend of RMB 0.085 per share [2] - For shares held for one year or less, the company will not withhold personal income tax at the time of distribution; however, tax liabilities will be calculated and deducted by the securities company [2] - The actual tax burden varies based on the holding period, with a 20% tax for holdings of one month or less, and a 10% tax for holdings between one month and one year [2] Distribution to Foreign Investors - 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 [3] - Hong Kong market investors will also have a 10% tax withheld, leading to the same net cash dividend of RMB 0.0765 per share [4] - Other institutional investors and corporate shareholders will be responsible for their own tax declarations, with the company distributing the gross dividend amount [4]

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]

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 year-on-year decline of 11.2% in real estate development investment in the first half of 2025 [45] - The construction sector is experiencing a slight increase in fund holdings, indicating a low allocation compared to standard configuration ratios [66] Summary by Sections Special Bonds Issuance - The issuance of special bonds 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] - 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 (excluding rural households) reached 248,654 billion yuan in the first half of 2025, with a year-on-year growth of 2.8% [27] - The investment in the electricity, heat, gas, and water supply sector grew by 22.8% year-on-year, although it showed a decline from the previous month [35] Real Estate Market - The sales area of commercial housing decreased by 3.5% year-on-year in the first half of 2025, with the decline slightly widening [45] - New housing starts decreased by 20.0% year-on-year, but the decline has narrowed compared to previous months [47] Construction Sector Holdings - The fund's holdings in the construction sector increased slightly to 0.43% by the end of Q2 2025, still below the standard allocation ratio of 1.77% [66] - Major state-owned enterprises remain the focus of institutional investors, with significant increases in holdings for companies like China State Construction and Sichuan Road and Bridge [72]

Investment Rating - The report maintains a "Recommended" rating for the construction industry [1] Core Viewpoints - Infrastructure investment growth remains robust, with special bond issuance accelerating to support major projects [3][6] - Real estate investment and sales are under pressure, but the decline in new construction and completion has narrowed [3][44] - The construction sector is experiencing a slight increase in fund holdings, indicating a low allocation compared to standard benchmarks [3][65] Summary by Sections Special Bond Issuance - The pace of special bond issuance has accelerated in 2025, with a total of 2.16 trillion yuan issued in the first half of the year, a 45% year-on-year increase [6] - The government plans to issue 4.4 trillion yuan in new local government special bonds this year, focusing on infrastructure and housing projects [6] Infrastructure Investment - Fixed asset investment (excluding rural households) reached 24.87 trillion yuan in the first half of 2025, with a year-on-year growth of 2.8% [3][27] - Broad infrastructure investment growth was 8.9%, while narrow infrastructure investment growth was 4.6% [30] - Investment in electricity, heat, gas, and water supply grew by 22.8%, while transportation and storage investment increased by 5.6% [3][35] Real Estate Market - Real estate development investment totaled 46.66 billion yuan, down 11.2% year-on-year, with sales area declining by 3.5% [44] - New construction area decreased by 20.0%, but the decline rate has narrowed [46] - The policy measures are expected to improve the supply-demand structure in the real estate market [3][44] Fund Holdings in Construction - As of Q2 2025, the fund holdings in the construction sector accounted for 0.43% of the total market, slightly up from the previous quarter [65] - The construction sector remains underweight compared to the standard allocation ratio of 1.77% [65] - Institutional investors are increasingly favoring segments such as housing construction, decoration, and engineering consulting [65][71]

Market Performance - A-shares experienced fluctuations, with the Shanghai Composite Index rising by 0.12% to 3597.94 points, the Shenzhen Component increasing by 0.44%, and the ChiNext Index up by 0.96%[1] - The Hong Kong Hang Seng Index rose by 0.68% to 25562.13 points, while the Hang Seng Tech Index fell by 0.24%[1] Economic Developments - The U.S.-China trade talks focused on extending the tariff truce and issues like fentanyl, with reports indicating the U.S. has frozen technology export restrictions to China[1] - China announced a nationwide childcare subsidy program, providing 3600 yuan (approximately $502) per child per year for families with children under three years old, expected to benefit over 20 million families annually[1][12] Industry Insights - The pharmaceutical sector saw significant gains, particularly in innovative drugs, contributing to market momentum[1] - China’s budget deficit reached a record high in the first half of the year, with increased fiscal spending aimed at mitigating the impact of tariffs[12]

Company News - China Railway Construction (01186.HK) reported a new contract amount of approximately 1,056.17 billion yuan for the first half of the year, a year-on-year decrease of 4.04% [2] - China Metallurgical Group (01618.HK) announced a new contract amount of 548.2 billion yuan for the first half of the year, down 19.1% year-on-year [2] - Sichuan Chengyu Expressway (00107.HK) won the bid for the G5 Jingkun Expressway Chengdu to Ya'an section expansion project, with a total investment of approximately 28.548 billion yuan [2] - Road King Infrastructure (01098.HK) reported total property sales of 5.232 billion yuan for the first half of the year, a decrease of 28.37% year-on-year [2] - Amax Holdings (00880.HK) plans to acquire a property in Hengqin for 724.2 million yuan to diversify its business portfolio [2] - Chaoyue Eye Hospital (02219.HK) signed a construction contract for the first phase of its comprehensive medical facility project, with a contract value of 223 million yuan [2] - Bay Area Development (00737.HK) reported total toll revenue of 243 million yuan for June, a year-on-year decrease of 4% [2] - Decent Pharmaceuticals-B (06996.HK) received approval for its drug, Hivio®, for the second-line treatment of multiple myeloma in China [2] - Tianchen Holdings (01201.HK) plans to invest 30 million yuan to establish a joint venture in Shenzhen for new energy heavy truck charging stations [2] Performance Summary - WuXi AppTec (02359.HK) reported mid-year revenue of 20.799 billion yuan, a year-on-year increase of 20.64%, and a net profit of 8.561 billion yuan, up 101.92% year-on-year [3] Earnings Announcements - China Nonferrous Mining (01258.HK) issued a profit warning, expecting mid-term net profit of approximately 258 million USD, a year-on-year increase of about 18% [4] - Hualing Pharmaceutical-B (02552.HK) issued a profit warning, expecting mid-term net profit of approximately 1.184 billion yuan, turning from loss to profit [4] - Little Yellow Duck (02250.HK) issued a profit warning, expecting mid-term revenue to increase by over 30% year-on-year [4] - Qingci Games (06633.HK) issued a profit warning, expecting mid-term net profit to increase by approximately 78%-130% year-on-year [4] - Goodbaby International (01086.HK) issued a profit warning, expecting mid-term net profit to decrease by approximately 40%-50% year-on-year [4] - Qianhai Health (00911.HK) issued a profit warning, expecting mid-term net profit to decrease by approximately 60%-70% year-on-year [4] - Tianan Health (00383.HK) issued a profit warning, expecting mid-term net profit to decrease to approximately 7 million to 17 million HKD [4] - Pacific Network (00543.HK) issued a profit warning, expecting mid-term net loss of approximately 5 million to 15 million yuan [4] Buyback and Increase Dynamics - HSBC Holdings (00005.HK) repurchased 348,700 shares for approximately 35.487 million HKD at a price of 101.4-102 HKD [3] - China Eastern Airlines (00670.HK) repurchased 2.5 million shares for approximately 7.4983 million HKD at a price of 2.97-3.03 HKD [3] - Founder Holdings (00418.HK) canceled a total of 17.9962 million shares that had been repurchased [3]

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分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （上 市 債 務 證 券 代 號：40686、40687和84570） 2025年第二季度主要經營數據公告 本 公 告 乃 中 國 鐵 建 股 份 有 限 公 司（「本公司」）根 據 香 港 法 例 第571章證券 及期貨條例第XIVA部及香港聯合交易所有限公司證券上市規則第13.09 條及第13.10B條 而 作 出。 現將本公司2025年第二季度主要經營情況公佈如下，供各位投資者參閱。 – 1 – | | 地區分佈 | | 新簽合同額 | 同比增減 | | --- | --- | --- | --- | --- | | | | （億 元 | 人 民 幣） | | | 境 | 內 | | 9,420.752 | -8.37% | | 境 | 外 | | 1,140.944 | 57.43% | | 合 | 計 | | 10,561.6 ...

证券代码：601186 证券简称：中国铁建 公告编号：临 2025—036 中国铁建股份有限公司 2025 年第二季度主要经营数据公告 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。 2.按地区分布统计 | 地区分布 | 新签合同额（亿元人民币） | 同比增减 | | --- | --- | --- | | 境内 | 9420.752 | -8.37% | | 境外 | 1140.944 | 57.43% | | 合计 | 10561.696 | -4.04% | 房地产开发项目本期主要经营情况如下： 现将本公司 2025 年第二季度主要经营情况公布如下，供各位投 资者参阅。 一、 主要经营情况 1.按产业类型统计 | 产业类型 | 2025 | 年 4-6 月 | | 本年累计 | | | --- | --- | --- | --- | --- | --- | | | 新签项目数 | 新签合同额 | 新签项目数 | 新签合同额（亿 | 同比增减 | | | 量(个) | （亿元人民币） | 量（个） | 元人民币） | | ...