Investment Rating - The report maintains a "Recommended" rating for the construction industry [1] Core Viewpoints - Infrastructure investment growth remains robust, with special bond issuance accelerating to support major projects [3][6] - Real estate investment and sales are under pressure, but the decline in new construction and completion has narrowed [3][44] - The construction sector is experiencing a slight increase in fund holdings, indicating a low allocation compared to standard benchmarks [3][65] Summary by Sections Special Bond Issuance - The pace of special bond issuance has accelerated in 2025, with a total of 2.16 trillion yuan issued in the first half of the year, a 45% year-on-year increase [6] - The government plans to issue 4.4 trillion yuan in new local government special bonds this year, focusing on infrastructure and housing projects [6] Infrastructure Investment - Fixed asset investment (excluding rural households) reached 24.87 trillion yuan in the first half of 2025, with a year-on-year growth of 2.8% [3][27] - Broad infrastructure investment growth was 8.9%, while narrow infrastructure investment growth was 4.6% [30] - Investment in electricity, heat, gas, and water supply grew by 22.8%, while transportation and storage investment increased by 5.6% [3][35] Real Estate Market - Real estate development investment totaled 46.66 billion yuan, down 11.2% year-on-year, with sales area declining by 3.5% [44] - New construction area decreased by 20.0%, but the decline rate has narrowed [46] - The policy measures are expected to improve the supply-demand structure in the real estate market [3][44] Fund Holdings in Construction - As of Q2 2025, the fund holdings in the construction sector accounted for 0.43% of the total market, slightly up from the previous quarter [65] - The construction sector remains underweight compared to the standard allocation ratio of 1.77% [65] - Institutional investors are increasingly favoring segments such as housing construction, decoration, and engineering consulting [65][71]

中国中冶最新一期业绩显示，截至2025一季报，公司营业总收入1222.72亿元、同比减少18.46%，归属 净利润16.07亿元，同比减少40.00%，扣非净利润16.07亿元，同比减少39.79%，流动比率1.042、速动比 率0.918、资产负债率79.27%。 金融界消息 截至2025年7月29日收盘，中国中冶（601618）报收于3.07元，下跌0.65%，换手率0.56%， 成交量99.75万手，成交金额3.06亿元。 资金流向方面，今日主力资金净流入1591.05万元，占比成交额5.2%。其中，超大单净流入1308.77万 元、占成交额4.28%，大单净流入282.29万元、占成交额0.92%，中单净流出流入531.80万元、占成交额 1.74%，小单净流出2122.86万元、占成交额6.94%。 天眼查商业履历信息显示，中国冶金科工股份有限公司，成立于2008年，位于北京市，是一家以从事研 究和试验发展为主的企业。企业注册资本2072361.917万人民币，实缴资本2072361.917万人民币。公司 法定代表人为陈建光。 通过天眼查大数据分析，中国冶金科工股份有限公司共对外投资了76家企业，参 ...

格隆汇7月28日丨中国中冶(601618.SH)公布，公司2025年1-6月新签合同额人民币5,482.0亿元，同比降 低19.1%，其中，二季度新签合同额人民币3,175.4亿元，同比降低12.0%。 ...

证券时报记者 严翠 富春染织近日在接待机构调研中表示，上半年公司销售量增长10%，其中新品订单增长60%以上。 受宏观环境影响，上半年公司利润有所下滑，下半年预计传统业务盈利能力将逐步改善。近年来，公司 主业复合增长率接近20%，未来两年增速不会低于10%。 7月25日，东南网架(002135)也曾公告，公司在2025年上半年新签订单共计70项，合同金额为34.11 亿元，较上年同期减少36.89%。在2025年4月至6月期间，新签合同34项，累计合同金额为9.43亿元。报 告期内，公司新签订单及已中标未签约订单金额总计为39.12亿元，较上年同期减少50.04%。 东南网架表示，在化纤业务方面，2025年1月至6月，POY产量为17.89万吨，销量为15.50万吨，营 业收入为9.35亿元；FDY产量为4.65万吨，销量为4.24万吨，营业收入为2.66亿元。 2025年一季度，东南网架实现收入24.37亿元，归母净利润4690万元。 近日，中国建筑(601668)、中国中冶(601618)、富春染织等多公司剧透上半年订单情况。 中国建筑近日公布的2025年1至6月经营情况简报显示，2025年前6个月，中国 ...

Key Points - The actual controller, chairman, and CEO of Juran Smart Home, Wang Linpeng, has passed away [1] - Jianghe Group's construction and decoration segment won contracts worth approximately 13.694 billion yuan in the first half of the year, representing a year-on-year increase of 6.29% [2] - Dele Shares plans to transfer 100% equity of Derui Mining to Fengyang Mining Investment [2] - Sichuan Chengyu led a consortium that won the bid for the G5 Jingkun Expressway expansion project from Chengdu to Ya'an [1] - Huai City Environmental Protection reported a net profit of 5.0204 million yuan in the first half of the year, a year-on-year decrease of 85.63% [2] - Awei Electronics intends to issue convertible bonds to raise no more than 1.901 billion yuan for the construction of a global R&D center [3] - The company Tianyi plans to participate in the e-enterprise network terminal production procurement project [1]

Group 1: Company Performance - WuXi AppTec reported a net profit of 8.561 billion yuan for the first half of the year, a year-on-year increase of 101.92% [1] - The company's revenue for the first half reached 20.799 billion yuan, reflecting a growth of 20.64% year-on-year [1] - WuXi AppTec plans to distribute a cash dividend of 3.5 yuan per share to all shareholders [1] - The company has revised its revenue forecast for the full year to between 42.5 billion and 43.5 billion yuan [1] - SANY Heavy Industry plans to issue non-financial corporate debt financing tools not exceeding 20 billion yuan to optimize its financing structure [1] Group 2: Film Industry Impact - Happiness Blue Sea announced that the film "Nanjing Photo Studio" has surpassed 412 million yuan in cumulative box office, exceeding 50% of the company's audited revenue for the most recent fiscal year [2] - The film's impact on the company's revenue is currently negligible as it is still in theaters [2] Group 3: Corporate Actions - Zhonghua Equipment plans to issue shares to acquire 100% equity of two companies, marking a significant asset restructuring [2] - Dahua Intelligent is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure [3] - Shiming Technology's actual controller and chairman has been placed under detention due to personal matters unrelated to the company [4] Group 4: Financial Performance - Ju Chen Co. reported a net profit growth of 43.5% for the first half of the year [6] - Qizheng Tibetan Medicine's net profit increased by 9.94% year-on-year [6] - China Minmetals' new contract value decreased by 19.1% year-on-year [6] - Huicheng Environmental's net profit declined by 85.63% year-on-year [6] Group 5: Mergers and Acquisitions - Kaishan Holdings plans to acquire a minority stake in SMGP for 3 million USD [6] - Zhonghua International intends to purchase 100% equity of Nantong Xingchen Composite Materials Co., Ltd. [6] - Xiangdian Co. plans to acquire a 12.5% stake in Tongda Electromagnetic Energy for 208 million yuan [6]

A 股简称：中国中冶 A 股代码：601618 公告编号：临 2025-039 | 细分行业 | 年 2025 | 月 4-6 | 2025 | 年上半年累计 | | | --- | --- | --- | --- | --- | --- | | | 新签项目 | 新签合同额 | 新签项目 | 新签合同额 | 同比增 | | | 数量（个） | （亿元） | 数量（个） | （亿元） | 减 | | 冶金工程与运营 服务 | 557 | 626.8 | 1,292 | 939.5 | -7.8% | | 房屋建筑工程 | 399 | 1,142.0 | 845 | 2,064.8 | -33.8% | | 市政与基础设施 工程 | 209 | 597.3 | 500 | 954.1 | -6.3% | | 工业制造业及其 他工程 | 184 | 576.5 | 412 | 1,067.4 | -1.6% | | 总计 | 1,349 | 2,942.6 | 3,049 | 5,025.8 | -19.5% | 截至 2025 年 6 月 30 日，本公司无已签订尚未执行的重大项目。以上经营数据 为初步统计数据 ...

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。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而發表。 以下為中國冶金科工股份有限公司（「本公司」）於二零二 五 年 七月二十 八 日 在 上 海 證 券 交 易 所 網 站 刊 發 的 資 料 全 文，僅 供 提 供 信 息 之 用。 承董事會命 中國冶金科工股份有限公司 北 京，中 國 中国冶金科工股份有限公司（以下简称"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。 二零二五年 七月二十 八 日 於 本 公 告 日 期，本 公 司 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 ...

Core Points - The board of directors of China Metallurgical Group Corporation (referred to as "the company") held its 74th meeting on July 23, 2025, with a combination of in-person and video attendance [1] - The meeting was chaired by director Bai Xiaohu due to the absence of Chairman Chen Jianguang, who delegated his voting rights [1] Group 1 - The meeting approved the revision of the working rules for five specialized committees, including the Audit Committee and the Remuneration and Assessment Committee, with a unanimous vote of seven in favor [2] - The company agreed to renew the directors and officers liability insurance for the year 2025, with Huatai Property Insurance Co., Ltd. as the primary insurer covering 75% and China People's Property Insurance Co., Ltd. as a co-insurer covering 25% [3] - The insurance period is set for 12 months, from August 1, 2025, to July 31, 2026, with a total compensation limit of RMB 100 million and an annual premium of RMB 327,000 [3]

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。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而發表。 以下為中國冶金科工股份有限公司（「本公司」）於二零二 五 年 七 月 二十三 日 在 上 海 證 券 交 易 所 網 站 刊 發 的 資 料 全 文，僅 供 提 供 信 息 之 用。 常 琦 聯席公司秘書 北 京，中 國 二零二五年 七 月 二十三 日 於 本 公 告 日 期，本 公 司 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 A 股简称：中国中冶 A 股代码：601618 公告编号：临 202 ...