Core Insights - China Metallurgical Group Corporation (China MCC) reported a new contract signing amount of RMB 760.67 billion for the period from January to September 2025, representing a 14.7% decrease compared to the same period last year [1] - The overseas contract signing amount reached RMB 66.9 billion, showing a growth of 10.1% year-on-year [1] Contract Details - Significant new contracts signed in September include: - Zhongmu Fashion Industry Park comprehensive development project: RMB 2.43 billion [1] - Henan Province 5G communication tower and ancillary works contract: RMB 2.30 billion [1] - Shandong Zhongxin Metallurgical Materials Co., Ltd. cold-rolled coated project construction contract: RMB 2.30 billion [1] - "Hongzhaobi" commercial, office, and supporting facilities project: RMB 2.07 billion [1] - Shandong Steel Group Yongfeng Lingang Co., Ltd. advanced special steel industry base phase two construction contract: RMB 1.00 billion [1]

Core Points - The Jining Intermediate People's Court sentenced Qu Haiyan, former chairman of the labor union of China Metallurgical Group Corporation, to ten years and six months in prison for bribery, along with a fine of 850,000 RMB [1][4] - Qu Haiyan was found to have accepted bribes totaling over 8.26 million RMB from April 2015 to February 2024, leveraging her positions to assist in project contracting, employee recruitment, and salary adjustments [3][4] - The court acknowledged mitigating factors such as Qu's confession, voluntary return of part of the illegal gains, and her acceptance of guilt, leading to a lighter sentence [4]

新华社济南10月13日电 记者13日从山东省高级人民法院获悉，山东省济宁市中级人民法院13日一 审公开宣判中国冶金科工集团有限公司原工会主席、机关党委书记屈海燕受贿一案，以受贿罪判处被告 人屈海燕有期徒刑十年六个月，罚金人民币85万元；扣押在案的受贿赃款予以没收，上缴国库。 济宁市中级人民法院认为，被告人屈海燕身为国家工作人员，利用职务上的便利，非法收受他人财 物，为他人谋取利益，数额特别巨大，其行为已构成受贿罪。鉴于其到案后如实供述犯罪事实，具有坦 白情节，积极退缴部分违法所得，且自愿认罪认罚，依法对其从轻处罚。法庭遂作出上述判决。 经审理查明：2015年4月至2024年2月，被告人屈海燕利用担任中冶集团办公厅副主任、党群工作部 副部长，人力资源部部长、党委组织部副部长、党委办公室副主任，党群工作部部长，工会主席等职务 上的便利，为有关单位和个人在工程项目承揽、职工录用、工资调整等方面提供帮助。2015年7月至 2024年2月，屈海燕直接或通过他人非法收受相关单位或个人所送财物，共计折合人民币826万余元。 ...

Investment Rating - The report gives an "Overweight" rating for the construction and decoration industry, indicating a positive outlook compared to the overall market performance [2][9]. Core Insights - The construction industry is experiencing a slowdown in investment, leading to pressure on corporate profits. Despite this, infrastructure investment remains stable, acting as a stabilizing force in the overall economy [3][4]. - The report highlights that companies with a net profit growth rate below -10% include China Railway, China Metallurgical Group, and others, while those with growth rates above 20% include Jianfa Hecheng and Zhi Te New Materials [3][4]. - The report suggests that weak investment could lead to a valuation recovery for central state-owned enterprises in the construction sector, as current valuations are low with a PE ratio of 12.4X and a PB ratio of 0.82X as of October 10, 2025 [3][4]. Summary by Sections Investment Trends - Fixed asset investment growth has slowed, with infrastructure investment showing a year-on-year increase of 5.4% for the first eight months of 2025. The report notes that while manufacturing and real estate are under pressure, infrastructure investment remains relatively stable [3][4]. Profit Forecasts - The report provides a forecast for net profit growth rates for key companies in the industry, categorizing them into various growth ranges, with several companies expected to face profit pressures in 2025 [4]. Valuation Analysis - The report includes a valuation table for key companies in the construction industry, indicating their earnings per share (EPS), PE ratios, and projected net profit growth rates for 2024 to 2026. For instance, China Railway is projected to have a net profit decline of 17% in 2025, while Jianfa Hecheng is expected to see a significant increase of 45% [4].

Group 1 - As of October 13, the metal lead concept increased by 2.83%, ranking 9th among concept sectors, with 24 stocks rising, including Baiyin Yousheng and Yuguang Jinlei hitting the daily limit [1] - Notable gainers in the sector included Zhongse Co., Chifeng Gold, and Hunan Baiyin, which rose by 8.09%, 7.50%, and 7.32% respectively [1] - The stocks with the largest declines were Xibu Mining, Xiyegongsi, and China Metallurgical Group, which fell by 1.80%, 1.50%, and 1.23% respectively [1] Group 2 - The lead metal concept saw a net outflow of 636 million yuan from main funds today, with 15 stocks experiencing net inflows, and 5 stocks seeing inflows exceeding 100 million yuan [2] - China Metallurgical Group led the net inflow with 216 million yuan, followed by Yuguang Jinlei and Zhongse Co. with net inflows of 180 million yuan and 152 million yuan respectively [2] - The top net inflow ratios were for Yuguang Jinlei, China Metallurgical Group, and Zhongse Co., with rates of 11.73%, 10.89%, and 10.29% respectively [3] Group 3 - The trading volume and turnover rates for leading stocks in the lead metal sector were highlighted, with China Metallurgical Group showing a turnover rate of 2.82% and a net inflow of 216.44 million yuan [3] - Yuguang Jinlei had a significant increase of 10.04% with a turnover rate of 10.14%, while Zhongse Co. rose by 8.09% with a turnover rate of 12.34% [4] - Other notable performers included Chihong Zn & Ge and Zhejiang Fu Holdings, which increased by 3.64% and 5.09% respectively [4]

Core Insights - The metal cobalt sector experienced a rise of 2.91%, ranking 7th among concept sectors in terms of growth, with notable stocks such as China Ruilin, Beikong Technology, and Huahong Technology hitting the daily limit up [1][2] - Major gainers included Dadi Bear, Ganfeng Lithium, and Huayou Cobalt, which increased by 11.01%, 9.10%, and 8.68% respectively, while the biggest losers were Jinling Mining, Hailiang Co., and Tianqi Co., which fell by 3.08%, 2.52%, and 2.32% respectively [1][2] Sector Performance - The top-performing concept sectors included Rare Earth Permanent Magnets with a rise of 6.92%, and Military Equipment Restructuring Concept with an increase of 3.51% [2] - The metal cobalt sector's performance was supported by a net inflow of 0.54 billion yuan from main funds, with 16 stocks receiving net inflows, and 8 stocks exceeding 0.1 billion yuan in net inflows [2][3] Fund Flow Analysis - Leading stocks in terms of net fund inflow ratio included Beikong Technology, Huahong Technology, and China Ruilin, with net inflow ratios of 22.70%, 19.57%, and 14.01% respectively [3][4] - Huayou Cobalt topped the net inflow list with 5.84 billion yuan, followed by Huahong Technology, China Metallurgical Group, and Green Beauty with net inflows of 2.51 billion yuan, 2.16 billion yuan, and 2.12 billion yuan respectively [2][3] Stock Performance - Notable stock performances included Huayou Cobalt with an increase of 8.68% and a turnover rate of 7.94%, and Huahong Technology with a rise of 10.00% and a turnover rate of 13.82% [3][4] - The stocks with the largest declines included Jinling Mining, which fell by 3.08%, and Hailiang Co., which decreased by 2.52% [1][4]

经审理查明：2015年4月至2024年2月，被告人屈海燕利用担任中冶集团办公厅副主任、党群工作部副部长，人力资源部部长、党委组织部副部长、党委办 公室副主任，党群工作部部长，工会主席等职务上的便利，为有关单位和个人在工程项目承揽、职工录用、工资调整等方面提供帮助。2015年7月至2024 年2月，屈海燕直接或通过他人非法收受相关单位或个人所送财物，共计折合人民币826万余元。 济宁市中级人民法院认为，被告人屈海燕身为国家工作人员，利用职务上的便利，非法收受他人财物，为他人谋取利益，数额特别巨大，其行为已构成受 贿罪。鉴于其到案后如实供述犯罪事实，具有坦白情节，积极退缴部分违法所得，且自愿认罪认罚，依法对其从轻处罚。法庭遂作出上述判决。 (山东高法) 2025年10月13日，山东省济宁市中级人民法院一审公开宣判中国冶金科工集团有限公司原工会主席、机关党委书记屈海燕受贿一案。以受贿罪判处被告人 屈海燕有期徒刑十年六个月，罚金人民币八十五万元；扣押在案的受贿赃款予以没收，上缴国库。 ...

Investment Rating - The industry rating is maintained as "Outperform" [5] Core Insights - The construction index increased by 4.6% recently, outperforming the Shanghai and Shenzhen 300 index by 2.94 percentage points, indicating a positive market trend for the construction sector [1][4] - There is an expectation for stable growth in infrastructure in Q4, with a focus on investment opportunities in the western regions of China, particularly in Xinjiang and Tibet [2][23] - The government has issued guidelines to combat price competition issues, emphasizing the importance of anti-involution investment themes [3][25] Summary by Sections 1. Q4 Infrastructure Stimulus Expectations - Economic data from July to August 2025 showed a slowdown, prompting expectations for increased infrastructure policies in Q4 [13] - Special bonds and long-term treasury bonds are being issued at a rapid pace, with special bonds totaling 3.68 trillion yuan, accounting for 83.6% of the annual quota [14][15] - The western region's fixed asset investment grew by 6.6%, surpassing the national average, with significant growth in provinces like Tibet and Xinjiang [23][24] 2. Governance of Price Competition - The National Development and Reform Commission and the State Administration for Market Regulation have issued guidelines to address price competition issues, promoting fair market practices [3][25] - The report suggests focusing on four investment themes related to anti-involution, including price elasticity and downstream profit improvement [26][27] 3. Nuclear Power Sector Insights - Key breakthroughs in nuclear fusion technology are expected to enhance the attractiveness of the nuclear power sector, with significant investments planned [29] - The report identifies leading companies in the nuclear power construction sector, such as China Nuclear Engineering and China Energy Engineering [30][31] 4. Market Review - The construction index's recent performance indicates a strong market, with notable stock gains from companies like China Nuclear Engineering and Xinjiang Communications Construction [33][34] 5. Investment Recommendations - The report emphasizes the importance of infrastructure investment in high-growth regions and suggests focusing on companies involved in major projects in the western regions [38][39] - It also highlights the potential of the nuclear power sector and emerging business directions, recommending companies like China Nuclear Engineering and Libat [40]

Group 1 - The core transaction of China Metallurgical Group Corporation (China MCC) on October 9 involved a block trade of 300,000 shares at a transaction value of 1.242 million yuan, with a trading price of 4.14 yuan per share [2][3] - The buyer of the block trade was China International Capital Corporation (CICC) from its Fuzhou branch, while the seller was China International Financial Co., Ltd. from its Beijing branch [2][3] - On the same day, China MCC's closing price was 4.14 yuan, reflecting a 7.53% increase, with a turnover rate of 4.98% and a total trading volume of 3.67 billion yuan, indicating a net inflow of 223 million yuan in main funds [2][3] Group 2 - The latest margin financing balance for China MCC is 927 million yuan, which has increased by 15.83 million yuan over the past five days, representing a growth rate of 1.74% [3] - China MCC was established on December 1, 2008, with a registered capital of approximately 20.72 billion yuan [3]

| NORTHER THE VEY | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | | 卖出营业部 | 是否为专场 | | 025-10-09 | 中国中冶 | 601618 | 4.14 124.2 | 30 | 我們的意識 | 胰្ | | ya | 10月9日，中国中冶大宗交易成交30万股，成交额124.2万元，占当日总成交额的0.03%，成交价4.14 元，较市场收盘价4.14元持平。 ...