Core Viewpoint - China State Construction Engineering Corporation (CSCEC) has experienced a decline in stock price and financial performance in 2025, with a notable drop in revenue and net profit compared to the previous year [2][3]. Financial Performance - As of September 30, 2025, CSCEC reported a revenue of 1,558.22 billion yuan, a year-on-year decrease of 4.20% [2]. - The net profit attributable to shareholders was 38.182 billion yuan, reflecting a year-on-year decline of 3.83% [2]. Stock Market Activity - On November 18, 2025, CSCEC's stock price fell by 2.05%, trading at 5.26 yuan per share, with a total market capitalization of 217.345 billion yuan [1]. - The stock has decreased by 8.19% year-to-date, with a 3.13% drop over the last five trading days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 360,300, up by 4.49% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 4.30% to 114,693 shares [2]. Dividend Distribution - CSCEC has distributed a total of 1,040.48 billion yuan in dividends since its A-share listing, with 331.13 billion yuan distributed over the last three years [3]. Major Shareholders - As of September 30, 2025, China Securities Finance Corporation is the second-largest shareholder, holding 1.258 billion shares [3]. - Hong Kong Central Clearing Limited is the third-largest shareholder, with a reduction of 713 million shares compared to the previous period [3].

Core Viewpoint - On November 17, a total of 13 target price adjustments were made by brokerages for listed companies, with notable increases in target prices for Kangguan Technology, Kede CNC, and Honglu Steel Structure, showing target price increases of 44.60%, 43.03%, and 37.73% respectively, across the optical optoelectronics, general equipment, and professional engineering industries [1][3]. Group 1: Target Price Increases - Kangguan Technology received a target price of 32.00 yuan with a target price increase of 44.60% [3] - Kede CNC was assigned a target price of 86.95 yuan, reflecting a 43.03% increase [3] - Honglu Steel Structure has a target price of 24.42 yuan, indicating a 37.73% increase [3] - Other companies with significant target price increases include Zhongxin International with a target price of 159.30 yuan (35.42% increase) and Sinopec with a target price of 7.60 yuan (31.49% increase) [3] Group 2: Brokerage Recommendations - A total of 51 listed companies received brokerage recommendations on November 17, with Aotewei and Kede CNC each receiving 2 recommendations [4][5] - Aotewei's closing price was 42.55 yuan, while Kede CNC's closing price was 60.79 yuan [5] Group 3: Rating Adjustments - On November 17, brokerages raised ratings for 2 companies, including Sinopec's rating upgraded from "Hold" to "Buy" by Huatai Securities, and Hongyuan Electronics' rating upgraded from "Hold" to "Buy" by CITIC Securities [4] - One company, Honglu Steel Structure, had its rating downgraded from "Strong Buy" to "Recommended" by Huachuang Securities [4] Group 4: First Coverage - On November 17, brokerages initiated coverage on 7 companies, including Wan Energy Power with an "Accumulate" rating from China Merchants Securities, and Hengyin Technology with an "Accumulate" rating from Zhongyou Securities [7][8] - Other companies receiving first coverage include Jinlei Co. with a "Buy" rating, Zhaoyan Pharmaceutical with an "Accumulate" rating, and Weisheng Information with a "Recommended" rating [8]

Core Insights - On November 17, 2023, brokerage firms provided target prices for listed companies, with notable increases for Kangguan Technology, Kede CNC, and Honglu Steel Structure, showing target price increases of 44.60%, 43.03%, and 37.73% respectively [1][3] Group 1: Target Price Increases - Kangguan Technology received a target price of 32.00 yuan, reflecting a 44.60% increase [3] - Kede CNC's target price is set at 86.95 yuan, indicating a 43.03% increase [3] - Honglu Steel Structure has a target price of 24.42 yuan, with a 37.73% increase [3] Group 2: Brokerage Recommendations - A total of 51 listed companies received brokerage recommendations on November 17, with Aotewei and Kede CNC each receiving 2 recommendations [4][5] - Aotewei's closing price was 42.55 yuan, while Kede CNC's closing price was 60.79 yuan [5] Group 3: Rating Adjustments - Two companies had their ratings upgraded on November 17, including China Petroleum, which was upgraded from "Hold" to "Buy" by Huatai Securities, and Hongyuan Electronics, upgraded from "Hold" to "Buy" by CITIC Securities [4] - One company, Honglu Steel Structure, had its rating downgraded from "Strong Buy" to "Recommended" by Huachuang Securities [4] Group 4: First Coverage - Seven companies received initial coverage on November 17, including Waneng Power with an "Accumulate" rating from China Merchants Securities, and Hengyin Technology with an "Accumulate" rating from Zhongyou Securities [7][8] - Other companies receiving first coverage include Jinlei Co., Ltd. with a "Buy" rating, Zhaoyan Pharmaceutical with an "Accumulate" rating, and Weisheng Information with a "Recommended" rating [7][8]

丨证券研究报告丨 行业研究丨行业周报丨建筑与工程 [Table_Title] 重视年底高股息标的的配置价值 报告要点 [Table_Summary] 建筑板块具备估值低、机构持仓少、市值容量大、优质标的展望稳健等核心特性。市场高低切， 建筑行业优选 4 大方向：1）三季报业绩好，具备更强短期业绩确定性。2）股息率高，具备更 强的持股安全垫。3）长期成长性强。4）绝对估值低的大市值权重标的。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 建筑与工程 cjzqdt11111 [Table_Title2] 重视年底高股息标的的配置价值 [Table_Summary2] 2026 年保险业"开门红"启幕，增量资金有望加速入市 从行业惯例来看，每年 10 月到次年 2 月，险企会集中推出高吸引力产品。11 月 9 日，北京商 ...

Group 1 - Southbound funds increased their holdings in China State Construction International (03311.HK) by 1.926 million shares on November 17, 2025 [1] - Over the past 5 trading days, southbound funds have increased their holdings for 5 days, with a total net increase of 11.456 million shares [1] - In the last 20 trading days, there have been 17 days of increased holdings by southbound funds, totaling a net increase of 21.552 million shares [1] Group 2 - As of now, southbound funds hold 482 million shares of China State Construction International, accounting for 9.11% of the company's issued ordinary shares [1] - The total number of shares held on November 17, 2025, was 482 million, reflecting a change of 0.40% [2] - The company is primarily engaged in construction business, infrastructure project investment, toll road operations, project supervision services, and exterior wall engineering [2]

Core Insights - China State Construction Engineering Corporation (CSCEC) reported a total new contract value of 3,606.5 billion yuan for the first ten months of 2025, reflecting a year-on-year growth of 1.0% [1] Group 1: Business Performance - In the construction business, the new contract value reached 3,319.4 billion yuan, with a year-on-year increase of 2.0% [1] - The housing construction segment contributed 2,199.1 billion yuan, growing by 1.5% year-on-year, while the infrastructure segment achieved 1,110.3 billion yuan, marking a 3.1% increase [1] - Domestic contracts totaled 3,150.2 billion yuan, up 1.9% year-on-year, and international contracts amounted to 169.1 billion yuan, with a growth of 3.2% [1] - The physical indicators included a construction area of 1,588.11 million square meters, new construction area of 211.78 million square meters, and completed area of 15.82 million square meters [1] Group 2: Real Estate Business - For the real estate segment, the contract sales amounted to 287.1 billion yuan, with a sales area of 10.7 million square meters [1] - The company acquired land reserves of 7.32 million square meters, bringing total land reserves to 74.82 million square meters by the end of the reporting period [1] Group 3: Recent Major Projects - CSCEC disclosed recent major project wins totaling 9.85 billion yuan, including two housing projects focused on the high-performance lithium battery base in Xiamen, Fujian, and the Xi'an Summer Center projects [2] - Additionally, one infrastructure project was highlighted, centered on the EPC project for quartz mining and processing in Guangyuan, Sichuan [2]

Group 1 - The core viewpoint of the news is that China State Construction (601668.SH) has shown stable growth in its business operations for the first ten months of 2025, with a total new contract amount of 36,065 billion yuan, reflecting a year-on-year increase of 1.0% [1] - In the construction business, the new contract amount reached 33,194 billion yuan, up 2.0% year-on-year, with the housing construction business contributing 21,991 billion yuan (1.5% increase) and infrastructure business 11,103 billion yuan (3.1% increase) [1] - Domestic business accounted for 31,502 billion yuan, a year-on-year growth of 1.9%, while overseas business reached 1,691 billion yuan, growing by 3.2%, indicating a coordinated effort between domestic and international operations [1] Group 2 - In the real estate sector, the company reported a contract sales amount of 2,871 billion yuan and a contract sales area of 1,070 million square meters for the first ten months of 2025 [1] - The company acquired land reserves of 732 million square meters, bringing the total land reserves to 7,482 million square meters by the end of the reporting period [1] - Recently, the company disclosed significant project wins totaling 9.85 billion yuan, including two housing construction projects and one infrastructure project, focusing on key developments in Fujian and Shaanxi provinces [1] Group 3 - The 20th Central Committee of the Communist Party of China emphasized accelerating the construction of a manufacturing powerhouse and promoting the high-quality development of the real estate sector, which is expected to provide sustained growth momentum for the construction and real estate industries [2] - The goals set forth by the Party are likely to lead to structural and long-term benefits for China State Construction, ensuring the company's high-quality development [2]

Core Insights - China State Construction Engineering Corporation (CSCEC) reported a total new contract amount of 3,606.5 billion yuan for the first ten months of 2025, reflecting a year-on-year growth of 1.0% [1] - The construction business segment achieved a new contract amount of 3,319.4 billion yuan, with a year-on-year increase of 2.0% [1] - The real estate business recorded a contract sales amount of 287.1 billion yuan, with a contract sales area of 10.7 million square meters [1] Construction Business Performance - The new contract amount for housing construction reached 2,199.1 billion yuan, growing by 1.5% year-on-year [1] - Infrastructure business contracts totaled 1,111.0 billion yuan, marking a 3.1% year-on-year increase [1] - Domestic business accounted for 3,150.2 billion yuan, up 1.9% year-on-year, while overseas business reached 169.1 billion yuan, increasing by 3.2% [1] Physical Indicators - The total construction area for housing reached 158,811 million square meters [1] - New construction area was 21,178 million square meters, while completed area was 15,820 million square meters [1] Land Acquisition and Sales - The company acquired land reserves of 732,000 square meters, bringing total land reserves to 7,482,000 square meters [1] - The contract sales area in the real estate sector was 10.7 million square meters [1] Recent Major Projects - CSCEC recently secured significant projects totaling 9.85 billion yuan, including two housing projects in Xiamen and Xi'an, and one infrastructure project in Sichuan [2] - The projects align with national goals to enhance manufacturing and urban development, which are expected to provide sustained growth momentum for the construction and real estate sectors [2] Industry Outlook - The 20th Central Committee's Fourth Plenary Session emphasized accelerating the construction of a strong manufacturing and quality nation, which is anticipated to drive structural and long-term benefits for CSCEC [2] - The focus on high-quality development in real estate is expected to foster deep transformation and innovation within the industry, supporting the company's sustainable growth [2]

Group 1 - The new policy financial tools have been fully deployed, supporting private investment and REITs issuance [2] - As of October 29, 500 billion yuan of new policy financial tools have been allocated, with a portion supporting key private investment projects [2] - A total of 18 private investment projects have been recommended to the CSRC, with 14 projects already issued, raising nearly 30 billion yuan [2] Group 2 - The central bank aims to maintain reasonable price levels and ensure steady growth, employment, and expectations [3] - In October, new social financing amounted to 815 billion yuan, a year-on-year decrease of 597 billion yuan [3] - The central bank emphasizes the importance of promoting reasonable price recovery as a key consideration in monetary policy [3] Group 3 - The National Energy Administration has issued guidelines to promote the integrated development of renewable energy [4] - The guidelines aim to enhance the complementary development of various renewable energy sources and optimize energy structures [4] - There is a focus on improving the collaborative development of wind, solar, hydrogen, and storage technologies [4] Group 4 - Recommendations include sectors such as copper and cobalt resources, energy storage, dividends, and infrastructure in the western region [5] - Specific stock recommendations include China Railway (601390) for copper, China Metallurgical (601618) for nickel, and China Construction (601668) for low valuation and high dividends [5] - The report also highlights opportunities in AI and low-altitude economy sectors, recommending companies like Design Institute (603357) and Huazhong International (002949) [5]

Group 1 - UBS has a more optimistic view on the Chinese construction machinery industry compared to market expectations, believing the industry is in an upward cycle that will last until 2029, rather than the commonly predicted 2028 to 2029 [1] - The growth potential and strong earnings resilience of companies' mining-related businesses have not yet been fully reflected in stock performance [1] - It is estimated that the global market share of Chinese equipment manufacturers in mining trucks and excavators will exceed 20% by 2030, with mining-related businesses potentially becoming another growth driver for companies [1] Group 2 - UBS maintains a "Neutral" rating on Zoomlion (000157) and Lonking (03339), with earnings per share growth forecasts for 2025 and 2026 raised to 49%, 27% and 21%, 17% respectively [1] - XCMG (000425) is listed as the industry favorite with a "Buy" rating, due to its high proportion of mining-related business, strong growth, and attractive valuation [1] - UBS has raised the target prices for Zoomlion and Lonking from HKD 6.4 and HKD 2.2 to HKD 7.8 and HKD 3.2 respectively [1]