Core Insights - The infrastructure sector saw a rise of 0.75% on November 24, with Guosheng Technology leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Infrastructure Sector Performance - Guosheng Technology (603778) closed at 60.8, with a gain of 10.07% and a trading volume of 1.2687 million shares, totaling a transaction value of 1 billion [1] - Beixin Road and Bridge (002307) closed at 5.73, up 9.98%, with a trading volume of 2.8782 million shares and a transaction value of 1.593 billion [1] - Other notable performers included Meili Ecology (000010) with a 4.97% increase, and Aoya Co., Ltd. (300949) with a 4.27% increase [1] Capital Flow Analysis - The infrastructure sector experienced a net inflow of 246 million in main funds, while retail funds saw a net outflow of 34.5751 million [2] - Guosheng Technology had a main fund net inflow of 1.59 billion, but retail funds experienced a net outflow of 78.8728 million [3] - China Nuclear Engineering (601611) reported a main fund net inflow of 43.1344 million, with retail funds seeing a net outflow of 38.4155 million [3]

2025 年 11 月 24 日 建筑 证券研究报告 投资评级 领先大市-A 维持评级 | | | 行业表现 chenyf4@essence.com.cn 低估值基建央企具备稳健防御属性，出 海/洁净室工程延续高景气度 本周投资建议： 受大盘调整影响，本周建筑板块下跌 6.11%，传统建筑央企板块下跌 3.63%。年初以来，受下游基建投资增速放缓及房地产投资持续下滑 等因素影响，传统建筑央企经营承压，年初至今股价下跌 10.70%， 目前建筑板块及传统建筑央企估值位居低位，截至目前，SW 建筑装 饰板块市盈率（TTM）为 9.0 倍，传统建筑央企板块市盈率（TTM） 为 5.4 倍。基建央企板块营收业绩成长仍承压，但关键性经营指标有 所改善，且多家企业提升分红比例，财政政策维持积极基调，化债效 果或于 2026 年逐步体现，板块整体具备稳健防御属性，建议关注 Q4 低估值传统建筑央企板块投资机会。此外，西部区域建设及洁净室板 块维持高景气，需求持续上行驱动龙头企业成长。 2023 年以来，八大建筑央企海外新签订单维持两位数快速增长，2023 年、2024 年、2025Q1-Q3 合计海外新签订单增速分别为 1 ...

Core Points - The Chinese Academy of Engineering and the Chinese Academy of Sciences announced the election of 144 new academicians, with 73 from the Chinese Academy of Sciences and 71 from the Chinese Academy of Engineering, marking the highest number of new academicians in the rail transit sector in six years [1][3] Group 1: New Academicians in Rail Transit - Four new academicians were elected from the rail transit sector, including key figures from major companies and universities [1][3] - The newly elected academicians are: - Feng Jianghua, Chief Scientist at CRRC Corporation Limited, known for his expertise in high-speed train traction control technology [1][2] - Gao Shibin, a professor at Southwest Jiaotong University, recognized for his work on high-speed railway power supply technology [2] - Xiao Mingqing, Chief Expert at China Railway Construction Corporation, noted for his contributions to underwater tunnel design [2] - Yu Zhiwu, Chief Scientist at the National Engineering Research Center for Railway Construction Technology, focusing on railway structure vibration and safety control [2] Group 2: Historical Context and Significance - This election marks a significant increase in the number of academicians from the rail transit field compared to previous years, where only one was elected in both 2021 and 2023 [3] - In 2019, all 12 candidates nominated from the rail transit system were not elected, highlighting the competitive nature of the selection process [4] - After this election, CRRC becomes the state-owned enterprise with the most academicians in the rail sector, totaling three [4]

Core Viewpoint - China Railway Industry announced that its controlling shareholder, China Railway Group Limited, has increased its stake in the company by acquiring 9,814,201 shares, representing approximately 0.44% of the total share capital, with a total transaction amount of RMB 80.0952 million. The shareholder plans to continue purchasing shares during the implementation period of the buyback plan [1]. Summary by Categories Shareholder Activity - China Railway Group Limited has cumulatively increased its shareholding in China Railway Industry by 9,814,201 shares [1]. - This acquisition accounts for about 0.44% of the total share capital of the company [1]. - The total amount spent on this share purchase is RMB 80.0952 million [1]. Future Plans - China Railway Group Limited intends to continue increasing its stake in China Railway Industry according to the relevant buyback plan [1].

Group 1 - The core point of the news is that major Chinese construction state-owned enterprises (SOEs) have reported a decline in net profit for the first three quarters of 2025, with only China Chemical achieving growth [1][2] - Among the nine major construction SOEs, revenue and net profit accounted for 83.45% and 83.99% of the Shenwan construction sector, respectively, indicating their dominant position in the industry [1] - Excluding SOEs, the construction sector experienced a revenue decline of 12.37% and a net profit decline of 5.48%, showing a significant worsening in performance compared to the previous year [1] Group 2 - China State Construction's revenue for the first three quarters of 2025 was 1,558.22 billion yuan, a decrease of 4.20%, while net profit was 38.182 billion yuan, down 3.83% [2] - China Metallurgical Group and China Nuclear Engineering reported significant declines in net profit, with China Metallurgical's net profit down 41.9% and China Nuclear's down 23.96% [2][3] - The decline in profits for these companies is attributed to external factors such as decreased demand in the steel industry and a slowdown in the construction and real estate sectors [3] Group 3 - National fixed asset investment decreased by 0.5% in the first nine months of 2025, with infrastructure investment growing by only 3.34%, indicating a slowdown in overall investment [3] - China Chemical reported a revenue of 136.3 billion yuan, a year-on-year increase of 1.15%, and a net profit of 4.232 billion yuan, up 10.28%, marking it as an outlier in a struggling market [3][4] - The company has focused on chemical engineering and infrastructure, with its chemical engineering business generating 748.12 billion yuan in revenue, accounting for 83.06% of its main business income [4] Group 4 - The total new contracts signed by construction SOEs in the first three quarters reached approximately 10.5 trillion yuan, a year-on-year increase of about 1.31% [5] - Major players like China State Construction and China Railway have a price-to-earnings ratio of about 5 and a price-to-book ratio of less than 0.5, indicating a high safety margin and potential for valuation recovery [5]

Investment Rating - The report maintains an investment rating of "Outperform" for the construction and decoration industry [3]. Core Viewpoints - The report highlights a continued decline in fixed asset investment in October, with a focus on the positive impact of moderately loose monetary policy and the acceleration of strategic project implementation [14][20]. - It emphasizes the increase in net financing of special bonds and rapid deployment of special government bonds, indicating a supportive funding environment for infrastructure projects [21][19]. Summary by Sections Industry Perspective and Investment Recommendations - The construction and decoration index rose by 0.35%, outperforming the overall A-share index by 0.53 percentage points, with notable performances in landscaping engineering and decoration sectors [13][30]. - Fixed asset investment from January to October 2025 reached CNY 408,914 billion, down 1.7% year-on-year, with infrastructure investment at CNY 203,809 billion, growing by 1.5% [14][16]. Key Company Dynamics - China Construction reported a new contract total of CNY 33,194 billion from January to October 2025, up 2.0% year-on-year [37]. - China Metallurgical Group announced a new contract amount of CNY 8,451 billion, down 11.8% year-on-year [37]. Valuation Status - As of November 14, 2025, the price-to-earnings (PE) ratios for various construction sub-sectors were as follows: housing construction at 6.64x, decoration at -24.37x, and municipal engineering at 8.14x [40].

Group 1: Economic Partnership and Trade Agreements - China is actively signing economic partnership agreements to implement 100% zero-tariff measures on products for 53 African countries, with the Republic of Congo being the first beneficiary [1] - China has maintained its position as Africa's largest trading partner for 16 consecutive years, with trade volume expected to reach 2.1 trillion yuan in 2024, setting a new historical record [1] Group 2: Agricultural Trade Growth - The bilateral trade structure between China and Africa is diversifying, with African agricultural products becoming a significant highlight, as imports of agricultural products from Africa to China are projected to exceed 70 billion yuan in 2024 [2] - In the first five months of this year, China imported 15.83 billion yuan worth of agricultural products from Africa, with notable increases in coffee (145.7%), cocoa beans (88.6%), and frozen strawberries (82%) [2] Group 3: Investment and Infrastructure Development - In 2024, China's direct investment in Africa is expected to reach 3.37 billion USD, primarily concentrated in construction, mining, and manufacturing sectors [6] - Chinese enterprises have participated in the construction and renovation of over 10,000 kilometers of railways and nearly 100,000 kilometers of roads across Africa, significantly enhancing regional connectivity [9][10] Group 4: Clean Energy Initiatives - China plays a crucial role in Africa's energy transition, focusing on solar power projects that leverage Africa's abundant solar resources [7] - A solar energy storage project in Côte d'Ivoire, with an investment exceeding 50 million euros, aims to provide stable electricity to 30,000 households and reduce the electricity abandonment rate from 35% to below 5% [8] Group 5: Agricultural Cooperation and Food Security - Chinese agricultural technology has been instrumental in promoting rice cultivation in Guinea-Bissau, increasing the rice planting area from 60,000 hectares to 100,000 hectares [12] - The introduction of hybrid rice varieties has led to significant yield improvements, with some varieties achieving over 10 tons per hectare [12]

（编辑 楚丽君） 证券日报网讯 11月19日晚间，中国中铁发布公告称，中国中铁股份有限公司（以下简称"公司"）2021 年限制性股票激励计划第三个解除限售期所设定的公司层面业绩考核指标条件未达成，根据《中国中铁 股份有限公司2021年限制性股票激励计划（草案）》及相关法律法规的规定，公司决定对678名激励对 象共计持有的54，786，990股已获授但未满足第三个解除限售条件的限制性股票进行回购注销。注销日 期：2025年11月24日。 ...

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份內容 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。 關於公司2021年限制性股票激勵計劃部份限制性股票的回購註銷實施 茲提述中國中鐵股份有限公司（「本公司」）分別於2021年12月30日臨時股東大會、A股類別 股東會議及於2022年1月12日舉行的H股類別股東會議通過2021年限制性股票激勵計劃 （「《2021年限制性股票激勵計劃》」），日期為2021年12月14日的通函（「通函」），向本公司 《2021年限制性股票激勵計劃》激勵對象首次授予限制性股票於2022年1月17日及2022年2 月24日發出的公告，向本公司《2021年限制性股票激勵計劃》激勵對象授予預留部分限制 性股票於2022年10月28日及2022年12月1日發出的公告，日期為2022年10月30日、2022年 12月27日、2023年12月29日、2024年3月6日、2024年8月30日、2024年10月30日、2024年 12月20日、2025年3月13日及2025年6月9日有關回購註 ...

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。 | H | A | | --- | --- | | 股代码：00390 | 股代码：601390 | | 股简称：中国中铁 H | 股简称：中国中铁 公告编号：临 A 2025-061 | 中国中铁股份有限公司 关于 2021 年限制性股票激励计划部分限制性股票 回购注销实施公告 重要内容提示： | 回购股份数量（股） | 注销股份数量（股） | | 注销日期 | | | --- | --- | --- | --- | --- | | 54,786,990 | 54,786,990 | 2025 | 年 11 月 | 24 日 | 一、本次限制性股票回购注销的决策与信息披露 1 回购注销原因：中国中铁股份有限公司（以下简称"公司"）2021 年限制性股票激励计划第三个解除限售期所设定的公司层面业绩 考核指标条件未达成，根据《中国中铁股份有限公司 2021 年限制 性股票激励计划（草案）》（以下简称《激励计划（草案）》）及相 关法律法规的规定，公司决定对 678 名激励对象共计持 ...