Investment Rating - The report maintains a "Buy" rating for key companies in the construction central enterprises sector, including China Railway, China Chemical, China Construction, and China Metallurgical [12][13][32]. Core Insights - The construction central enterprises are expected to see improved profitability driven by policy goals aimed at stabilizing investment. Order data shows a recovery in order growth starting from Q2 2025, with an anticipated narrowing of performance declines by Q4 2025 [1][16]. - The overall valuation of the nine major construction central enterprises is at historical lows, with a Price-to-Book (PB) ratio of 0.45 and a Price-to-Earnings (PE) ratio of 6.66, indicating strong safety margins [2][19]. - Institutional holdings in the construction sector are at low levels, suggesting a healthy chip structure and potential for recovery in key stocks [3][22]. Summary by Sections Order Growth and Performance - Cumulative order growth rates for construction central enterprises from Q1 to Q4 2025 are -2.0%, +0.2%, +1.3%, and +1.0%, respectively, indicating a recovery trend [1][16]. - The report anticipates that the performance decline of construction central enterprises will narrow in Q4 2025 due to improved order growth [1][16]. Valuation Metrics - As of January 30, 2026, the overall PB for the nine major construction central enterprises is 0.45, slightly above the historical low of 0.42, while the overall PE is 6.66, still below the historical median of 7.66 [2][19]. Institutional Holdings - As of Q4 2025, active funds hold 0.40% of the construction sector, while index funds hold 0.16%, leading to a combined holding of 0.28%, significantly lower than the 0.7%-1% range seen in 2021-2022 [3][22]. Catalysts for Growth - Several potential catalysts for the construction central enterprises include resource business revaluation for China Railway, chemical price rebounds for China Chemical, and increased investment in the power grid for China Electric Power and China Energy Construction [4][26]. - The upcoming "14th Five-Year Plan" is expected to bring about fiscal policies that could further stimulate the sector [4][26]. Recommended Stocks - Key recommendations include: - China Railway (A/H): Benefiting from resource revaluation, with a combined value of 1,894 billion CNY for its resource and engineering segments, indicating a potential upside of 35% [5][27]. - China Chemical: Positioned to benefit from chemical price rebounds, with a current PB of 0.84, indicating a strong safety margin [9][28]. - China Construction: Expected to benefit from stabilizing real estate expectations, with a projected dividend yield of 5.5% [10][30]. - China Metallurgical: Anticipated to improve significantly post divestment of its loss-making real estate business, with a combined valuation potential of 794 billion CNY [11][31].

Investment Rating - The report maintains a "Buy" rating for key companies in the construction central enterprises sector, including China Railway, China Chemical, China Construction, and China Metallurgical [12][13][32]. Core Insights - The construction central enterprises are expected to see improved profitability driven by policy goals aimed at stabilizing investment and increasing central budget investment in 2026. Order growth has shown signs of recovery, with cumulative order growth rates for 2025 Q1-Q4 at -2.0%, +0.2%, +1.3%, and +1.0% respectively, indicating resilience among leading firms [1][16]. - The overall valuation of the nine major construction central enterprises is at historical lows, with a Price-to-Book (PB) ratio of 0.45 and a Price-to-Earnings (PE) ratio of 6.66, suggesting a strong margin of safety for investors [2][19]. - Institutional holdings in the construction sector are at low levels, with active funds holding only 0.40% of the sector, indicating significant underweighting compared to historical averages [3][22]. Summary by Sections Order Growth and Market Conditions - The report highlights a recovery in order growth for construction central enterprises, with expectations for performance improvement in Q4 2025 as orders stabilize and infrastructure investment accelerates in 2026 [1][16]. - The central government's focus on stabilizing investment and increasing budget allocations is expected to support revenue and profit growth for these enterprises [1][16]. Valuation Metrics - As of January 30, 2026, the construction central enterprises exhibit a PB of 0.45, slightly above the historical low of 0.42, and a PE of 6.66, which is still below the historical median of 7.66, indicating a favorable entry point for investors [2][19]. Institutional Holdings - As of Q4 2025, the construction sector's market capitalization represents only 1.6% of the total A-share market, with a significant reduction in institutional holdings compared to previous years, suggesting potential for recovery in stock prices as institutional interest returns [3][22]. Catalysts for Growth - Several catalysts are identified for the construction central enterprises, including resource revaluation for China Railway, chemical price rebounds for China Chemical, and increased investment in power grid infrastructure benefiting China Electric Power and China Energy Construction [4][26]. - The upcoming Two Sessions and the start of the 14th Five-Year Plan in 2026 are expected to bring additional fiscal policies that could further stimulate the sector [4][26]. Recommended Stocks - Key recommendations include: - **China Railway (A/H)**: Strong resource base with significant revaluation potential, estimated combined value of 1,894 billion CNY for A shares and 1,535 billion CNY for H shares, indicating a 35% and 54% upside respectively [5][27]. - **China Chemical**: Positioned to benefit from chemical price rebounds, with a current PB of 0.84, indicating a solid margin of safety [9][28]. - **China Construction**: Expected to benefit from stabilizing real estate expectations, with a projected dividend yield of 5.5% [10][30]. - **China Metallurgical**: Anticipated to improve significantly post divestment of loss-making real estate operations, with a potential valuation increase of 22% to 74% [11][31].

Core Insights - In January 2026, the total sales of the top 100 real estate companies amounted to 190.52 billion yuan, a year-on-year decrease of 18.9% [3] - The equity sales for the same group reached 132.14 billion yuan [3] - The top ten companies by sales include Poly Development, China Overseas, China Resources, Greentown China, China Travel Investment, China Merchants Shekou, China Jinmao, Jianfa Real Estate, Vanke, and Binjiang Group, with only Poly, China Overseas, and China Resources exceeding 10 billion yuan in sales for the month [3] Sales Performance - The average sales for the top 10 companies was 9.33 billion yuan, down 11.6% year-on-year, while the average for companies ranked 11-30 was 2.6 billion yuan, also showing a decline [4] - The ranking of companies has shifted significantly compared to the previous year, with Vanke dropping from 5th to 9th place, while China Travel Investment emerged as a "dark horse" in 5th place [3][4] Market Trends - The decline in sales is attributed to the high base from January of the previous year when the market was more active following the September 2024 policy changes [6] - The industry is undergoing an adjustment phase, with a decrease in the number of companies achieving over 10 billion yuan in sales, while those achieving over 5 billion yuan have increased, indicating a shift from "scale competition" to "quality competition" [6] - In January 2026, 32 companies among the top 100 saw year-on-year sales growth, with 10 companies experiencing growth exceeding 100% [6] Real Estate Market Dynamics - The new housing market showed weak performance in January, with approximately 8.1 million square meters of new residential sales in 50 key cities, while the second-hand housing market saw a notable increase, with transaction volumes rising by 33% year-on-year [7][8] - The second-hand market's recovery is contributing to stabilizing market expectations, with some cities experiencing a reduction in listing volumes [8] Policy and Future Outlook - The central government has been signaling a focus on stabilizing market expectations, with recent policy measures including interest rate cuts and adjustments to down payment ratios for commercial properties [9] - The upcoming Spring Festival may lead to increased marketing efforts from real estate companies, and the introduction of quality projects could maintain a certain level of market activity in core cities [9] - As of the end of 2025, 21 distressed real estate companies have made progress in debt restructuring, but the challenge remains in converting financial relief into sustainable operational capacity [9]

Core Insights - In January 2026, the top 100 real estate companies in China reported a total sales revenue of 190.52 billion yuan, a year-on-year decrease of 18.9% [1] - The equity sales amount for the same group was 132.14 billion yuan [1] - The top ten companies by sales included Poly Developments, China Overseas Land, and China Resources Land, with only Poly, China Overseas, and China Resources exceeding 10 billion yuan in sales for the month [1] Sales Performance - The average sales revenue for the top 10 companies was 9.33 billion yuan, down 11.6% year-on-year [2] - Companies ranked 11-30 had an average sales revenue of 2.6 billion yuan, a decline of 25.6% [2] - Companies ranked 31-50 reported an average sales revenue of 1.03 billion yuan, down 21.0% [2] Market Dynamics - The decline in sales is attributed to the high base from January of the previous year when the market was more active due to policy changes [5] - The real estate industry is undergoing an adjustment, with a shift from "scale competition" to "quality competition," leading to resource concentration among stronger companies [5] - In January 2026, 32 companies among the top 100 reported year-on-year sales growth, with 10 companies experiencing growth exceeding 100% [5] Market Trends - The new housing market showed weak performance in January, while the second-hand housing market demonstrated notable growth, with transaction volumes increasing by 33% year-on-year [6] - The central government has been signaling stability in market expectations, emphasizing the importance of managing expectations to stabilize the real estate market [6] - Recent policy measures include lowering the down payment ratio for commercial property loans and adjusting monetary policy tools [6] Future Outlook - As the Chinese New Year approaches, real estate companies are expected to increase marketing efforts, which may sustain some activity in core city markets [7] - There are ongoing challenges for companies to convert financial restructuring into sustainable operational capabilities [7]

百强房企1月卖房"成绩单"出炉。 2026年开年，百强房企1月卖房"成绩单"出炉。 1月31日，中指研究院发布数据显示，2026年1月，TOP100房企销售总额为1905.2亿元，同比下降18.9%；同期，TOP100房企权益销售额为1321.4亿元。 房企销售金额前十依次为：保利发展、中海地产、华润置地、绿城中国、中旅投资、招商蛇口、中国金茂、建发房产、万科、滨江集团，其中仅保利、中 海、华润单月销售过百亿。 对比上年同期，房企销售位次已经发生了较大变化。头部房企中，保利、中海、华润、绿城的顺序未变，但万科从上年1月的第5位，下滑至今年1月的第9 位。中旅投资短期内成为"黑马"，闯到今年1月房企全口径销售榜第5位。 TOP10随后的房企中，招商蛇口、建发房产、滨江集团变化不大、依然位列其中，但是华发股份从去年1月的第6位降至今年1月的第18位，同期中国铁建 从第10位降至第13位，中国金茂则从去年1月的第13位升至今年1月的第7位。 克而瑞数据显示，1月全国重点50城市新建商品住宅成交面积约810万平方米，表现较为清淡，新房市场整体进入淡季；同期，重点13城市二手房成交面积 约810万平方米，环比上升16% ...

据中铁十五局项目负责人张永介绍，宝山隧道全长3030米，属于典型的浅埋、软土隧道工程。隧道 穿越复杂海陆交互地层，施工难度极大，沉降控制精度要求达毫米级。项目团队针对性研发了"新征程 号"盾构机，并创新搭载"智能化钻孔注浆一体化设备"，注浆饱满度远超人工操作标准，强化了隧道衬 砌结构的稳定性与安全性。 沪渝蓉高铁是国家高速铁路网"八纵八横"长期规划中"沿江通道"的骨干线路。沪通铁路二期是其关 键组成部分，设计时速200公里。 新华社北京1月31日电 记者从中国铁建股份有限公司获悉，1月31日，由中铁十五局承建的沪渝蓉 高铁沪通铁路二期控制性工程——宝山隧道全线贯通。该隧道的贯通标志着沪渝蓉高铁建设取得新的突 破。 ...

Core Viewpoint - The report highlights the growth in China's railway locomotive production, indicating a positive trend in the industry with a projected increase in output and market potential from 2026 to 2032 [1] Group 1: Company Overview - Listed companies in the railway locomotive sector include China CNR Corporation (601766), China Railway Group (601390), China Railway Construction Corporation (601186), Jinxi Axle (600495), Taiyuan Heavy Industry (600169), Times New Material (600458), Shenzhou High-speed Railway (000008), Kanni Electromechanical (603111), Huizhong Technology (002296), and Jinyi Industrial (601002) [1] Group 2: Industry Statistics - According to the National Bureau of Statistics, the production of railway locomotives in China reached 193 units in December 2025, marking a year-on-year increase of 1.6% [1] - The cumulative production of railway locomotives from January to December 2025 was 1,105 units, reflecting a cumulative growth of 16.7% [1] Group 3: Market Research - The report titled "2026-2032 China Railway Locomotive Industry Market Status Analysis and Future Outlook" by Zhiyan Consulting provides insights into the current market conditions and future prospects for the railway locomotive industry in China [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [1]

Core Viewpoint - The announcement details the completion of the board of directors' re-election and the appointment of senior management personnel at China Railway Construction Heavy Industry Co., Ltd. The new board will serve a three-year term starting from the date of approval by the shareholders' meeting [1][2]. Board of Directors Election - The third board of directors was elected during the first extraordinary shareholders' meeting held on January 30, 2026, using a cumulative voting system. The non-independent directors elected include Zhao Hui, He Yongjun, Sha Mingyuan, Xie Huagang, and Hu Bin, while independent directors include Wu Yuntian, Wang Jinxing, and Cao Feng [1][2]. - The independent directors' qualifications have been reviewed and approved by the Shanghai Stock Exchange [2]. Chairman and Committees Election - Zhao Hui was elected as the chairman of the third board of directors, with his term lasting until the end of the board's term [3]. - The specialized committees of the board were also elected, with the following members: - Strategic and Technology Committee: Zhao Hui (Chair), Xie Huagang, Wang Jinxing - Compensation and Assessment Committee: Cao Feng (Chair), Zhao Hui, Wu Yuntian - Nomination Committee: Wang Jinxing (Chair), Zhao Hui, Wu Yuntian - Audit Committee: Cao Feng (Chair), Zhao Hui, Wang Jinxing [4][5]. Senior Management Appointments - The board approved the appointment of He Yongjun as the general manager, Chen Peirong as the chief accountant and legal advisor, and several others as vice presidents and senior management positions. Their terms will also last until the end of the board's term [6]. - The qualifications of the appointed senior management personnel have been reviewed by the board's nomination committee, and the appointment of the chief accountant has been approved by the audit committee [7]. Securities Affairs Representative Appointment - Wu Jing was appointed as the securities affairs representative to assist the board secretary in fulfilling various responsibilities. Her term will also last until the end of the board's term [8].

Core Viewpoint - The successful completion of the East Tiao Creek cable-stayed bridge marks a significant milestone for the Hangzhou to Deqing urban railway, ensuring the timely operation of the entire line [1] Group 1: Project Overview - The Hangzhou to Deqing urban railway is the first urban railway connecting Hangzhou and Huzhou, and it is a key transportation project in Zhejiang Province [1] - The total length of the railway is 25.6 kilometers, featuring 9 stations [1] - The East Tiao Creek cable-stayed bridge is the largest bridge in terms of span along the line and is considered a critical engineering challenge [1] Group 2: Technical Details - The East Tiao Creek cable-stayed bridge has a total length of 440 meters and a main tower height of 93 meters, designed in an "A" shape [1] - Advanced technologies such as BIM and intelligent monitoring systems were utilized during construction, including magnetic flux sensors for real-time monitoring and precise adjustments of key indicators like bridge alignment and cable tension [1] Group 3: Economic and Social Impact - The railway will connect Yuhang District of Hangzhou and Deqing County of Huzhou, facilitating a one-hour urban circle between the two locations [1] - The opening of the railway is expected to significantly enhance transportation convenience and contribute to the high-quality economic and social development along the route [1]

Core Viewpoint - China Railway Construction Corporation (CRCC) is advancing multiple undersea tunnel projects to enhance regional connectivity along China's coastline using domestically developed technologies [1] Group 1: Project Details - The Yongzhou Railway's Jintang undersea tunnel is being excavated to a maximum depth of approximately 78 meters, utilizing China's first integrated shield tunneling system designed for high water pressure management [2] - The Qingdao Jiaozhou Bay Second Tunnel, spanning 17.48 kilometers, employs a combination of shield tunneling and conventional mining methods to navigate through hard rock and fractured zones [4] - The Shenzhen-Jiangmen Deep River undersea tunnel is advancing at depths reaching 116 meters, making it one of the world's deepest high-speed rail tunnels beneath the sea [4] Group 2: Completed Projects - The Jinpu Sea River Tunnel in the Bohai region, part of the Jinan-Qingdao high-speed line, has been completed, overcoming challenges such as corrosive saline soil through specialized anti-corrosion measures [5] Group 3: Technical Advancements - CRCC has established a comprehensive technical system that includes survey and design, construction management, core components, and digital operations, enhancing the efficiency of cross-sea tunnel projects [6]