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。 董事會會議通告 中 國 冶 金 科 工 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於 二 零 二 五 年 八 月 二 十 九 日（星 期 五）舉 行，藉 以（其 中 包 括） 考慮及批准本公司及其附屬公司截至二零二五年六月三十日止之中期 業 績 及 其 發 佈。 承董事會命 中國冶金科工股份有限公司 常 琦 聯席公司秘書 北 京，中 國 二零二五年八月十九日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事：陳 建 光 先 生 及 白 小 虎 先 生；非 執 行 董 事：郎 加 先 生 及 閆 愛 中 先 生（職 工 代 表 董 事）；以 及 獨 立 非 執 行 董 事： 劉 力 先 生、吳 嘉 寧 先 生 及 周 國 萍 女 士。 * 僅供識別 ...

格隆汇8月19日丨中国中冶(01618.HK)宣布，董事会会议将于2025年8月29日（星期五）举行，藉以（其 中包括）考虑及批准本公司及其附属公司截至2025年6月30日止的中期业绩及其发布。 ...

董事會會議通告 中 國 冶 金 科 工 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於 二 零 二 五 年 八 月 二 十 九 日（星 期 五）舉 行，藉 以（其 中 包 括） 考慮及批准本公司及其附屬公司截至二零二五年六月三十日止之中期 業 績 及 其 發 佈。 承董事會命 中國冶金科工股份有限公司 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。 常 琦 聯席公司秘書 北 京，中 國 二零二五年八月十九日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事：陳 建 光 先 生 及 白 小 虎 先 生；非 執 行 董 事：郎 加 先 生 及 閆 愛 中 先 生（職 工 代 表 董 事）；以 及 獨 立 非 執 行 董 事： 劉 力 先 生、吳 嘉 寧 先 生 及 周 國 萍 女 士。 * 僅供識別 ...

Group 1 - As of August 18, the metal lead sector declined by 0.28%, ranking among the top declines in concept sectors, with companies like Shengton Mining, Zijin Mining, and Zhuhai Group experiencing significant drops [1] - In the metal lead sector, 12 stocks saw price increases, with notable gains from China Nonferrous Metal, Dazhong Mining, and Jinhui Mining, which rose by 2.30%, 2.19%, and 2.05% respectively [1] - The metal lead sector experienced a net outflow of 1.205 billion yuan in main funds today, with 23 stocks seeing net outflows, and 5 stocks with outflows exceeding 50 million yuan [2] Group 2 - The top net outflow stock was Zijin Mining, with a net outflow of 515 million yuan, followed by Shengton Mining, Hunan Silver, and Huayu Mining, with net outflows of 346 million yuan, 103 million yuan, and 62.26 million yuan respectively [2] - The stocks with the highest net inflow included China Nonferrous Metal, Zhongjin Lingnan, and China Metallurgical Group, with net inflows of 48.08 million yuan, 20.44 million yuan, and 19.89 million yuan respectively [2] - The metal lead concept sector's outflow list highlighted Zijin Mining with a decline of 2.30% and a turnover rate of 1.27%, alongside Shengton Mining with a decline of 3.54% and a turnover rate of 7.04% [3]

Group 1 - The key clients of Sichuan Shengshi Steel Union International Trade Co., Ltd. include major state-owned enterprises directly supervised by the State-owned Assets Supervision and Administration Commission, covering various sectors such as construction, infrastructure, and energy engineering [1] Group 2 - The core list of top ten central enterprise construction companies includes China State Construction Engineering Corporation, which has a business focus on housing construction (over 50% of global super high-rise buildings) and infrastructure [4] - China Railway Group Limited specializes in railway engineering, accounting for 66% of the national railway mileage, with a significant increase of 51.6% in overseas business [4] - China Railway Construction Corporation is responsible for 52% of the national high-speed rail mileage and has established construction standards for high-speed rail in China [4] Group 3 - China Communications Construction Company focuses on port channels and cross-sea bridges, with a new contract amount of 9910.54 billion yuan in the first half of 2025 [5] - China Power Construction Group is a leader in hydropower, with a global market share exceeding 50% in overseas hydropower [5] - China Energy Engineering Group is innovating in traditional energy upgrades and has seen a growth rate of over 30% in new energy contracts [5] Group 4 - China Metallurgical Group Corporation leads the global market share in metallurgical engineering and is advancing hydrogen metallurgy technology for low-carbon transformation [5] - China Chemical Engineering Group dominates 70% of domestic petrochemical projects and has achieved a 12.3% growth in fine chemical contracts [5] - China National Nuclear Corporation is responsible for all domestic nuclear power units and plays a special role in national defense engineering and nuclear emergency support [5] - China Aneng Construction Group specializes in water conservancy and emergency rescue tasks [6]

Summary of Conference Call Records Industry Overview - The real estate sector is characterized as a "three low" industry (low price-to-book ratio, low positioning, low attention), suggesting that the valuation gap will eventually close [3][5] - The construction and real estate sectors are experiencing significant challenges, with broad infrastructure investment growth declining by 1.9% year-on-year in July 2025, marking the first negative growth in two years [6][9] - The construction investment growth rate in July 2025 was negative 5.1%, indicating a severe decline in local government-funded projects and highlighting fiscal difficulties [6][9] Key Points and Arguments - Real estate stocks are not to be viewed pessimistically; the market is in a phase of orderly expansion, and the sector's win rate is high due to its low valuation metrics [3][5] - In July 2025, real estate investment fell by 17.1%, while manufacturing investment decreased by 0.3%, both showing significant declines and marking a critical turning point [11] - The cash flow situation in the real estate market has improved compared to last year, with financing costs and completion rates showing strength, suggesting potential recovery in construction data in the second half of the year [2] - The introduction of special bonds and government debt in July has significantly increased, aiding in resolving real estate debt issues and enhancing macroeconomic stability [7] Notable Companies and Their Performance - Companies like Vanke, JinDi, Longfor, and New Town are identified as having high elasticity due to improved competitive dynamics [8] - Service-oriented companies such as Wanwu Cloud, China Resources Mixc, and China Overseas Property are also highlighted for their dividend performance in the mid-year reports [8] - Recommended companies in the consumer building materials sector include Oriental Yuhong and Henkel Group, which are expected to perform well due to improved market conditions [19] Risks and Future Outlook - The upcoming mid-year reports for construction companies are anticipated to be risky, with potential for lower-than-expected performance due to increased receivables and declining revenues [13][16] - Despite short-term risks, there is potential for a rebound in the fourth quarter, particularly for companies with mineral resource attributes, such as China Metallurgical Group and China Railway [14] - The cement industry is projected to face a demand decline of 4.5% for the year, with July's demand down by 5.6% [17] Additional Insights - The consumer building materials sector is showing signs of recovery, with improved fundamentals and reduced price wars, which may lead to enhanced profitability [18] - The western region's infrastructure projects are expected to significantly impact the building materials industry, with strong demand and funding availability [24] - Investors are advised to adjust their positions cautiously in anticipation of potential volatility following the mid-year report disclosures [15]

Investment Rating - The report maintains an "Overweight" rating for the construction and building materials sectors [9] Core Insights - Investment in infrastructure, real estate, and manufacturing continues to slow down, with infrastructure investment growing by 3.2%, real estate declining by 12.0%, and manufacturing increasing by 6.2% year-on-year from January to July 2025 [12][14] - The report highlights a significant drop in new real estate construction area, down 19.4% year-on-year, although the rate of decline has been narrowing [12][17] - Recent demand-side policies are expected to accelerate implementation, potentially boosting construction material opportunities [12][14] - The cement and fiberglass sectors show a clear structural differentiation, with traditional yarn prices stabilizing after declines, while specialized electronic yarns and fabrics maintain a positive outlook [12][19] Summary by Sections Investment Trends - From January to July 2025, cumulative investment in infrastructure (excluding electricity, heat, water, and gas) increased by 3.2%, while real estate investment decreased by 12.0% [14] - The report notes that the decline in new real estate construction has been less severe compared to earlier months, indicating a potential recovery trend [12][17] Key Companies and Performance - Major companies such as Weixing New Materials reported a revenue of 2.078 billion yuan, down 11.33% year-on-year, while Sankeshu achieved a revenue of 5.816 billion yuan, up 0.97% year-on-year with a net profit increase of 107.53% [3] - The report recommends focusing on companies with significant year-on-year growth in their mid-year reports, particularly in the cement and fiberglass sectors [12][37] Market Dynamics - The national average price of cement increased by 0.2% week-on-week, with a shipment rate of 45.8% [2][28] - The average price of float glass decreased by 2.8% week-on-week, with a significant year-on-year decline of 16.2% [2][29] - The report emphasizes the importance of monitoring the demand recovery in the construction materials sector, particularly in waterproofing and other construction-related materials [12][17] Recommendations - The report recommends several companies for investment, including Yaxiang Integration, China Metallurgical Group, and Huaxin Cement, all of which are expected to perform well in the current market environment [9][37] - It suggests that companies with strong technological capabilities and high-end product structures are likely to benefit from ongoing market trends [12][24]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The construction sector is expected to benefit from rising resource prices, particularly in the "construction + mining" sector, with a focus on the revaluation of mineral resources [2][13] - Recent inflation data in the US is favorable for the Federal Reserve's interest rate cuts, which has elevated the valuation of the non-ferrous metals sector, indicating a potentially strong copper price trend [2][13] - The construction companies with rich mineral resources, such as China Metallurgical Group and China Railway Group, are highlighted for their growth potential in the mining sector [2][13] Summary by Sections Resource Price Expectations - There is an ongoing expectation of rising prices for resource commodities, which is likely to enhance the performance of construction companies involved in resource business [2][13] - The report emphasizes the importance of companies like Northern International and Shanghai Construction in the coal and gold sectors, respectively, as they are positioned to benefit from price elasticity and profit improvements [2][13] Market Performance Review - The construction index fell by 0.44% during the week, underperforming the CSI 300 index, which rose by 1.69%, resulting in a 2.12 percentage point lag [4][22] - Notable stock performances included Meichen Technology (+27%), Hongrun Construction (+23%), and Sentai Co. (+23%) [4][22] Investment Recommendations - The report suggests focusing on the recovery of infrastructure investments and the "anti-involution" investment theme, particularly in regions with high demand such as Sichuan, Zhejiang, Anhui, and Jiangsu [28][29] - Key recommendations include companies like Sichuan Road and Bridge, Zhejiang Communications, and major state-owned enterprises like China Communications Construction and China Railway Group, which are expected to benefit from strategic projects in the western regions [28][29] - The report also highlights the importance of nuclear power investments and emerging business directions in the construction sector, recommending companies like Libat and China Nuclear Engineering [30][31]

Core Viewpoint - China Metallurgical Group Corporation (China MCC) appointed Dong Su as Vice President and Chief Financial Officer (CFO) during the 75th meeting of the third board of directors held on August 11, 2025 [1][3]. Group 1: Appointment of New Executive - The board approved the appointment of Dong Su as Vice President and CFO, effective from the date of the board's approval until the next board appoints a new senior management team [1][3]. - The decision was unanimously supported by all seven attending board members, with no votes against or abstentions [3][4]. Group 2: Audit Firm Engagement - The board approved the engagement of Deloitte Huayong Certified Public Accountants for the 2025 financial report audit, with a fee of 18.5 million yuan, an internal control audit fee of 2.3 million yuan, and a semi-annual financial report review fee of 4.8 million yuan [3][4]. - The decision regarding the audit firm and fees was also unanimously supported by the board, with no dissenting votes [4][6].

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - Infrastructure investment in July showed a high increase in railway and water electricity fuel investment, while overall infrastructure investment is experiencing marginal slowdown, particularly in the central and western regions [1][2] - Real estate development investment from January to July decreased by 12%, with a significant drop of 17.1% in July alone, indicating a continued weakness in the real estate sector [2] - The issuance of special bonds has accelerated, with a total of 27,775.89 billion yuan issued from January to July, representing a year-on-year increase of 56.5%, which is expected to support infrastructure investment growth in the second half of the year [1] - Cement demand is anticipated to gradually recover, with a focus on investment opportunities at relatively low points in the market, despite a 4.5% year-on-year decline in cement production from January to July [3] - The flat glass market is showing signs of improvement, with a slight increase in prices and a reduction in inventory levels, suggesting a potential recovery in demand [4] Summary by Sections Infrastructure Investment - In July, infrastructure investment growth was supported by a 21.5% year-on-year increase in water electricity fuel investment, while transportation and storage investment saw a 3.9% increase [2] - The report emphasizes the importance of focusing on major engineering projects and infrastructure investments in the central and western regions [1] Real Estate Sector - The real estate sector continues to show weakness, with significant declines in sales, new construction, and completion areas from January to July [2] - The report highlights the need for monitoring policy changes that could impact the real estate market [4] Cement and Glass Markets - Cement production decreased by 4.5% year-on-year, with a notable drop in July, but there are expectations for demand recovery as the market enters a peak season [3] - The flat glass market is experiencing a slight recovery, with improved trading conditions and reduced inventory levels [4]