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]

Investment Rating - The industry investment rating is "Buy" [4] Core Viewpoints - The report emphasizes that the construction industry is at a valuation bottom, combined with a seasonal uptick in spring, recommending "undervalued & well-positioned" large state-owned enterprises [4] - The report highlights a positive trend in new orders for major construction state-owned enterprises, with a notable increase in overseas orders outpacing domestic orders [4] - The cash flow situation is improving due to local government debt management and enhanced cash flow control at the enterprise level [4] - The report suggests that market capitalization management is becoming mainstream, with an emphasis on increasing dividend rates and stabilizing dividend amounts [4] - Investment recommendations include major state-owned enterprises such as China State Construction, China Railway Construction, and others based on business performance, valuation, cash flow, and market capitalization management [4] Summary by Sections Industry Overview - The construction sector is experiencing a recovery with improved order volumes and a focus on core engineering business [4] - The report notes that major state-owned enterprises have shown positive growth in new orders, with overseas orders increasing significantly [4] Valuation Analysis - The report indicates that the price-to-book (PB) ratios for leading construction state-owned enterprises have returned to historical lows, suggesting potential for valuation recovery [4] Cash Flow Management - The report states that the net cash flow from operating activities in the construction industry has improved, indicating better cash flow management practices [4] Market Capitalization Management - The report discusses the trend of increasing dividend payouts among major state-owned enterprises, reflecting a commitment to shareholder returns [4] Investment Recommendations - The report recommends investing in companies such as China State Construction, China Railway Construction, and others based on their strong fundamentals and attractive valuations [4]

Group 1 - The core point of the article is that China Railway Construction Corporation (CRCC) announced a total new contract value of 15,577.32 billion RMB for the fourth quarter of 2025, and a total new contract value of 30,764.97 billion RMB for the entire year of 2025, representing a year-on-year growth of 1.30% [1] Group 2 - The new contract value for the fourth quarter of 2025 is 15,577.32 billion RMB [1] - The total new contract value for the year 2025 is 30,764.97 billion RMB [1] - The year-on-year growth rate for new contracts in 2025 is 1.30% [1]

Group 1 - The core point of the article is that China Railway Construction Corporation (CRCC) announced a total new contract value of 1,557.732 billion RMB for the fourth quarter of 2025, and a total new contract value of 3,076.497 billion RMB for the entire year of 2025, representing a year-on-year growth of 1.30% [1]

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、84570、85087和85088） – 2 – （二）按地區分佈統計 | | 地區分佈 | | 新簽合同額 | | 同比增減 | | --- | --- | --- | --- | --- | --- | | | | （億 元 人 | 民 | 幣） | | | 境 | 內 | | 27,131.572 | | -0.43% | | 境 | 外 | | 3,633.398 | | 16.46% | | 合 | 計 | | 30,764.970 | | 1.30% | 上 述 經 營 指 標 和 數 據 為 初 步 統 計 數 據，與 定 期 報 告 披 露 的 數 據 可 能 存 在 差 異，僅 供 參 考。 2025年第四季度主要經營數據公告 本 公 告 乃 中 國 鐵 建 股 ...

（一）按产业类型统计 | 产业类型 | 2025 | 年 10-12 月 | | 本年累计 | | | --- | --- | --- | --- | --- | --- | | | 新签项目 | 新签合同额 | 新签项目 | 新签合同额 | 同比增减 | | | 数量 | | 数量 | | | | 新签合同总额（亿元人民币） | / | 15577.320 | / | 30764.970 | 1.30% | | 1.工程承包及相关业务情况 | | | | | | | 工程承包 | 3158 | 12547.303 | 7475 | 23639.603 | 1.52% | | 绿色环保 | 545 | 1905.683 | 1196 | 3350.973 | 5.76% | | 规划设计咨询 | 3223 | 60.649 | 10451 | 202.531 | -1.12% | | 工业制造 | / | 221.856 | / | 439.448 | 3.93% | | 物资物流 | / | 459.817 | / | 1981.365 | 0.33% | | 产业金融 | / | 19.165 | / | ...

中国铁建公告称，2025年第四季度新签合同额15577.32亿元，全年累计新签合同额30764.97亿元，同比 增长1.3%。按产业类型，工程承包及相关业务中，工程承包新签合同额23639.603亿元，同比增1.52%； 绿色环保同比增5.76%等。房地产开发签约合同额785.82亿元，同比降19.55%。按地区分布，境内新签 合同额27131.572亿元，同比降0.43%；境外3633.398亿元，同比增16.46%。目前无已签订尚未执行的重 大项目。 ...

Group 1: Fund Analysis - The public FOF fund scale increased in Q4 2025, with a new issuance scale of 458.54 billion yuan, primarily in bond-type funds [6][7] - The proportion of positive returns for FOF was 49%, with the top performer being CITIC Securities' selected fund [6][8] - Fund managers are optimistic about the market outlook, focusing on structural opportunities with technology and cyclical sectors as the main themes [6][11] Group 2: Electric Vehicle Market - The European electric vehicle market is entering a new phase, with a projected penetration rate of 29% in 2025 and 35% in 2026 due to supply-side drivers and supportive policies [14][15] - The introduction of affordable electric models by European automakers is expected to stimulate consumer demand significantly [15] - Chinese lithium battery companies are positioned to capitalize on the growth of the European market, enhancing their competitive landscape [14][16] Group 3: Construction and Decoration Industry - The construction state-owned enterprises are expected to benefit from strategic and professional restructuring policies initiated by the state [18][19] - The market share of major construction state-owned enterprises remains relatively low, with significant competition and operational pressure evident [19][20] - Recommendations include companies like China Communications Construction, China Railway, and China Chemical, which are likely to enhance their competitiveness through restructuring [21] Group 4: Beauty and Personal Care - The beauty industry in China is transitioning from incremental expansion to competitive positioning, with domestic brands gaining market share [23][24] - The company aims to achieve 30 billion yuan in sales by 2030, driven by research and development, brand expansion, and global operations [25] - The application of AI in production and marketing is expected to enhance operational efficiency and support long-term growth [25] Group 5: Basic Chemicals - The price of hafnium has surged by 21.64% since the beginning of 2026, driven by high demand in sectors like semiconductors and aerospace [27][28] - The company is advancing its zirconium-hafnium separation project, which is expected to significantly contribute to future earnings [29] - Hafnium's unique properties make it essential in high-tech applications, indicating strong future demand [28] Group 6: Electronics - The company is set to benefit from the high demand for PCB and packaging substrates, with projected net profits for 2025 expected to increase by 68% to 78% [31][32] - The expansion of production capacity is ongoing, with new facilities in Thailand and South China expected to enhance growth potential [33] - The company is recognized as a leading provider of electronic circuit technology, with a positive outlook for future performance [33]

行业专题报告 | 建筑装饰 建筑央企有望受益于国资央企战略性/专业化重组 证券研究报告 2026 年 01 月 28 日 核心结论 行业评级 超配 政策层面：导向明确，加强国资央企战略性、专业化重组。2024 年 12 月， 国务院国资委召开中央企业负责人会议便已经提出"加大力度推进战略性重 组和专业化整合"。2025 年下半年国资委表述开始频繁，比如 2025 年 9 月， 国务院国资委副主任李镇在国新办举行的新闻发布会上表示，下一步"大力 推动国资央企战略性专业化重组整合"；2025 年 12 月，国务院国资委主任 张玉卓在《充分激发各类经营主体活力》一文中强调，要"加强战略性、专 业化重组，加大力度合并'同类项'，避免重复建设和无序竞争"；2025 年 12 月国务院国资委召开中央企业负责人会议，以及 2026 年 1 月国新办举行 新闻发布会介绍 2025 年国资央企高质量发展情况，均表明 2026 年国资央 企要"大力推进战略性、专业化重组整合和高质量并购"。 行业层面：需求承压，专业化重组或助力建筑央企提升综合竞争力。大建筑 央企市占率相对较低：2024 年八大建筑央企合计市占率达到 21.4%， ...

证券代码：688425 证券简称：铁建重工 公告编号：2026-004 中国铁建重工集团股份有限公司 2025年1-12月重大合同签约中标公告 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、准确性和完整性依法承担法律责任。 一、2025年1-12月新签合同/中标情况 （一）按业务类型统计单位：万元 币种：人民币 2026年1月28日 ■ 二、2025年10-12月重大合同签约/中标情况单位：万元 币种：人民币 ■ 上述重大合同金额合计人民币117,433万元，约占本公司2024年营业收入的11.69%。 特此公告。 中国铁建重工集团股份有限公司董事会 ■ （二）按地区分布统计单位：万元 币种：人民币 ...