近日，中国建筑（601668.SH）公布2025年1—9月经营情况简报。2025年前9个月，中国建筑实现新签 合同总额32936亿元，同比增长1.4%，整体订单形势稳步攀升。 9月16日，公司举办中国建筑"建证"大模型发布活动。大模型基于中国建筑全产业链、全周期高价值业 务数据打造，将支撑投资地产、勘察设计、施工建造、建筑供应链及运营运维等核心业务领域的200余 项场景应用，初步形成灵活适配、多元共享的行业智慧底座。9月26日，公司举办首批"好房子"营造体 系践行项目授牌。"好房子"营造体系自研发以来，已有88个项目纳入试点，其中商品房项目74个、保障 房项目14个，涵盖北京、上海、广东、江苏、湖南等20个省、自治区、直辖市。 2025年9月23日，央行货币政策委员会召开第三季度例会提出，加大存量商品房和存量土地盘活力度， 巩固房地产市场稳定态势，完善房地产金融基础性制度，助力构建房地产发展新模式，推动已出台金融 政策措施落地见效，促进房地产市场平稳健康发展。在强有力宏观政策托底下，中国建筑"建筑+地 产"双轮驱动的业务结构将保持发展韧性，业绩稳健性有望进一步得到核心支撑。（燕云） 地产业务方面，中国建筑20 ...

Core Insights - The housing construction sector experienced a 1.25% increase on October 21, with Longyuan Construction leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Sector Performance - Longyuan Construction (code: 600491) closed at 3.62, with a rise of 5.54% and a trading volume of 687,500 shares, amounting to a transaction value of 244 million yuan [1] - Chongqing Construction (code: 600939) closed at 3.41, up 4.60%, with a trading volume of 184,200 shares and a transaction value of 61.88 million yuan [1] - Zhejiang Construction Investment (code: 002761) closed at 9.38, increasing by 2.85%, with a trading volume of 202,600 shares and a transaction value of 189 million yuan [1] - Shaanxi Construction (code: 600248) closed at 3.95, up 2.07%, with a trading volume of 295,600 shares and a transaction value of 116 million yuan [1] - Hai Construction (code: 600170) closed at 2.91, with a rise of 1.75%, trading 3.5 million shares for a total value of 1.017 billion yuan [1] - Ningbo Construction (code: 68ZT09) closed at 5.48, up 1.48%, with a trading volume of 301,900 shares and a transaction value of 164 million yuan [1] - China State Construction (code: 601668) closed at 5.65, increasing by 0.89%, with a trading volume of 2.0317 million shares and a transaction value of 1.15 billion yuan [1] - Gaoxin Development (code: 000628) closed at 50.19, up 0.86%, with a trading volume of 62,500 shares and a transaction value of 31.3 million yuan [1] Capital Flow - The housing construction sector saw a net inflow of 27.456 million yuan from institutional investors, while retail investors contributed a net inflow of 37.0514 million yuan [1] - However, there was a net outflow of 64.5074 million yuan from speculative funds [1]

Core Viewpoint - China State Construction International Holdings Limited (0830.HK) reported a third-quarter revenue of HKD 1.341 billion and an operating profit of HKD 121 million, indicating a positive trend towards stabilization in performance amidst the current market environment [1] Business Performance - The company has shown improvements in revenue and operating profit compared to the first half of the year, signaling a potential bottoming out of performance [1] - The company has made significant strides in its curtain wall business across Hong Kong, mainland China, and Singapore, achieving notable project wins and expanding its market presence [3][4] Market Outlook - The recovery in the Hong Kong real estate market is expected to bolster demand for curtain wall services, supported by rising private residential rents and a stable volume of property transactions [4] - Various institutions have optimistic forecasts for the Hong Kong property market, predicting a stabilization and potential growth in transaction volumes and prices in the coming years [4] Competitive Advantages - The company is focusing on high-end market segments, enhancing profit margins by securing contracts with premium clients such as Apple and Nike, which prioritize quality over price [7][8] - The company has successfully penetrated the Singapore market, obtaining government contracts that will provide a foundation for future projects in various sectors [9] BIPV Business Growth - The BIPV (Building-Integrated Photovoltaics) segment is experiencing rapid growth due to favorable policies and technological advancements, with the company securing multiple projects that validate its technical capabilities [12][14] - The company is well-positioned to benefit from the increasing demand for BIPV solutions, driven by government initiatives promoting green energy and sustainable construction practices [15] Strategic Vision - The company aims to solidify its leadership in the curtain wall industry while expanding its footprint in the green energy sector, particularly through its BIPV initiatives [17] - The rebranding of its subsidiary to emphasize its commitment to green energy solutions reflects the company's strategic focus on capturing opportunities in the low-carbon transition [17]

Group 1 - The China Central Enterprises Innovation-Driven Index has risen by 1.50%, with significant increases in constituent stocks such as PetroChina Oilfield Services up by 10.05% and China Railway Construction Heavy Industry up by 7.14% [3] - The Central Enterprises Innovation-Driven ETF (515900) has increased by 1.53%, with a latest price of 1.59 yuan, and has shown a cumulative increase of 1.23% over the past month, ranking 1/4 among comparable funds [3] - The trading volume of the Central Enterprises Innovation-Driven ETF was 587.53 million yuan, with a turnover rate of 0.17% [3] Group 2 - China Shipbuilding Industry Corporation expects a net profit attributable to shareholders of 5.55 billion to 6.15 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 104.30% to 126.39% [4] - China CNR Corporation plans to hold a board meeting on October 30 to consider and approve its performance for the first three quarters, having signed significant contracts totaling approximately 54.34 billion yuan, which is about 22% of its expected revenue for 2024 [4] - The average daily trading volume of the Central Enterprises Innovation-Driven ETF over the past year was 20.23 million yuan, ranking first among comparable funds [4] Group 3 - The Central Enterprises Innovation-Driven Index evaluates the innovation and profitability quality of listed central enterprises, selecting 100 representative companies to reflect the overall performance of innovative central enterprises [5] - As of September 30, 2025, the top ten weighted stocks in the index include China Shipbuilding, Hikvision, and China Southern Power Grid, accounting for 36.04% of the total index weight [5] - The Central Enterprises Innovation-Driven ETF has seen a significant increase in scale, growing by 13.42 million yuan over the past three months, ranking 1/4 among comparable funds [4][5]

Core Insights - China State Construction's new contract total for January to September 2025 reached 3,293.6 billion RMB, reflecting a year-on-year increase of 1.4% [1] - The construction business contributed 3,038.3 billion RMB to new contracts, up 1.7% year-on-year [1] Group 1: Contract Performance - New contracts in the housing construction sector amounted to 2,014.6 billion RMB, a year-on-year increase of 0.7% [1] - Infrastructure business new contracts totaled 1,014.4 billion RMB, showing a year-on-year growth of 3.9% [1] - Survey and design business new contracts were 9.2 billion RMB, down 7.4% year-on-year [1] Group 2: Regional Distribution - Domestic new contracts reached 2,886.8 billion RMB, reflecting a year-on-year increase of 2.0% [1] - Overseas new contracts totaled 151.5 billion RMB, representing a year-on-year decline of 4.4% [1] Group 3: Physical Indicators - The total construction area for housing was 1,570.51 million square meters, down 1.5% year-on-year [1] - New housing construction area was 194.54 million square meters, down 7.9% year-on-year [1] - Completed housing area was 141.91 million square meters, up 5.6% year-on-year [1] Group 4: Real Estate Business - Contract sales in the real estate sector for January to September 2025 were 255.3 billion RMB, down 2.0% year-on-year [1] - Contract sales area was 9.52 million square meters, showing a year-on-year increase of 0.7% [1] - At the end of the period, land reserves stood at 74.97 million square meters, with new land acquisitions totaling 6.95 million square meters [1]

数据来源：中国海关，智研咨询整理 根据中国海关数据显示：2025年4月中国建筑用陶瓷出口数量为125万吨，同比增长15.2%，出口金额为 5.78亿美元，同比增长27%。 近一年中国建筑用陶瓷出口情况统计图 相关报告：智研咨询发布的《2025-2031年中国日用陶瓷制品行业市场全景调研及发展前景研判报告》 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

证券代码：601668 证券简称：中国建筑 公告编号：临2025-061 中国建筑股份有限公司 2025年1-9月经营情况简报 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。 现将本公司2025年1-9月主要经营情况公布如下，供各位投资者参阅。 ■ 注：由于存在各种不确定性，上述经营指标和数据与定期报告披露的数据可能存在差异，因此相关数据 为阶段性数据，仅供参考。 中国建筑股份有限公司董事会 二〇二五年十月二十日 ...

中国建筑（601668）(601668.SH)发布公告，公司2025年1-9月新签合同总额32,936亿元，同比增长 1.4%。 ...

证券代码：601668 证券简称：中国建筑 公告编号：临 2025-061 2025 年 1-9 月经营情况简报 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。 | 项 目 | 数 | 额 | 比上年同期增长 | | --- | --- | --- | --- | | 新签合同总额（亿元 RMB） | | 32,936 | 1.4% | | 一、建筑业务情况 | | | | | 1. 新签合同额（亿元 RMB） | | 30,383 | 1.7% | | 2. 业务分部（亿元 RMB） | | | | | 房屋建筑 | | 20,146 | 0.7% | | 基础设施 | | 10,144 | 3.9% | | 勘察设计 | | 92 | -7.4% | | 3. 地区分部（亿元 RMB） | | | | | 境内 | | 28,868 | 2.0% | | 境外 | | 1,515 | -4.4% | | 4.实物量指标（万 2） m | | | | | 房屋建筑施工面积 | | 157,051 | -1.5% | | 房屋 ...

Core Insights - The company, China State Construction Engineering Corporation, reported a new contract signing amount of 3,293.6 billion yuan for the period from January to September 2025, representing a year-on-year increase of 1.4% [1] Company Summary - The total new contracts signed by the company for the first nine months of 2025 reached 3,293.6 billion yuan [1] - The year-on-year growth rate of new contracts is 1.4% [1]