Core Viewpoint - Prefabricated steel structure buildings are becoming a major trend in the construction industry due to their energy-saving, environmentally friendly, high construction efficiency, and stable quality advantages. The market size for this industry in China is projected to reach approximately 474.5 billion yuan in 2024, accounting for 78.66% of the overall prefabricated building market [1][12]. Overview - The construction industry can be divided into traditional and prefabricated buildings, with prefabricated buildings being assembled from components produced in controlled environments [2][3]. Advantages of Prefabricated Steel Structure Buildings - These buildings allow for standardized production of steel components and associated structures, ensuring quality and reducing labor costs. They also significantly lower dust, noise pollution, and resource consumption, aligning with green building principles [1][12]. Market Policies - The Chinese government has issued various policies to support the development of the prefabricated steel structure industry, creating a favorable environment for growth [8]. Industry Chain - The industry chain includes upstream suppliers of raw materials like steel and fireproof coatings, midstream design and construction services, and downstream markets encompassing industrial, public, commercial, and residential buildings [9][11]. Market Demand - Industrial buildings represent the largest demand segment for prefabricated steel structures, accounting for 54.4% of the market. The steady growth of the industrial sector in China provides significant opportunities for this industry [11]. Competitive Landscape - The market is becoming increasingly competitive, with major players including Jiangsu Jinggong Steel Structure Group, Anhui Honglu Steel Structure Group, and China State Construction Engineering Corporation. These companies leverage strong production capabilities and project experience [13][15]. Revenue Analysis - In 2024, China State Construction and Shanghai Construction Group reported revenues of 21.87 billion yuan and 30.02 billion yuan, respectively, with a smaller proportion of their income derived from prefabricated steel structure businesses compared to Honglu Steel Structure, which generated 20.82 billion yuan from steel structure operations, accounting for 96.76% of its total revenue [15][16]. Future Trends - The demand for prefabricated steel structure buildings is expected to grow due to increasing quality and performance expectations, as well as a focus on green development. The industry is likely to see broader applications in residential, public, and industrial sectors [16].

Core Viewpoint - China State Construction International Holdings Limited (00830.HK) announced that it will hold a board meeting on October 20, 2025, to review and approve the unaudited financial information and operational status for the third quarter of 2025 [1] Summary by Category - **Company Announcement** - The company will conduct a board meeting on October 20, 2025 [1] - The purpose of the meeting is to review and approve the unaudited financial results and operational performance for the third quarter of 2025 [1]

Core Points - The event "Moonlight in the Middle East: A Mid-Autumn Festival Celebration" was held by China State Construction Middle East Company and the Confucius Institute at Dubai University, attracting over 150 participants from more than 30 countries [1] - The event featured six cultural segments, including lessons on Mid-Autumn Festival culture, mooncake making, paper-cutting, calligraphy, tasting of Fuliang black tea, and a game called "Jade Rabbit Seeking the Moon" [1] - The director of the Confucius Institute emphasized the significance of cultural connections between China and the Middle East, highlighting the need for more cultural touchpoints in China-Arab cooperation [1] - The deputy general manager of China State Construction Middle East Company stated that the company aims to build cultural understanding bridges in addition to physical landmarks, marking a key step in the "Luban Craftsman Program" towards cultural symbiosis [1] Summary by Sections - **Cultural Exchange Event**: The event was designed to celebrate Chinese traditional culture and involved various activities that allowed participants to engage with the Mid-Autumn Festival [1] - **Cultural Segments**: Activities included cultural lessons, hands-on mooncake making, traditional paper-cutting, calligraphy practice, tea tasting, and an educational game [1] - **Cultural Significance**: The event served as a platform to enhance cultural understanding and cooperation between China and the Middle East, as stated by the Confucius Institute director [1] - **Company's Commitment**: The company expressed its long-term commitment to cultural integration in the region, emphasizing the importance of cultural initiatives alongside its construction projects [1]

人民网开罗10月1日电 （记者黄培昭）国庆中秋双节来临之际，在埃及新首都CBD项目P2&P6标 段，为项目收尾而坚守在工地上的中建员工举办了一场"中埃同庆，共话中秋"迎中秋主题活动。他们一 起体验穿汉服、制灯笼，做月饼、猜灯谜、写书法，感受中秋文化魅力，增进彼此之间友谊，共迎中秋 佳节的到来。40余名中埃员工参加活动。 活动现场，埃及女员工头戴纱巾，身穿汉服，围坐在圆桌旁，桌子中央摆放着提前预制好的豆沙馅 和椰枣馅。她们几乎人手一个面团，不时向身边的中国同事请教如何包陷、如何使用模具。中国同事耐 心地讲解，做示范，并介绍中秋文化。有位员工还开启了视频连线，兴奋地向她的朋友直播自己做月饼 的过程。埃及男员工们对制作灯笼更感兴趣。当把所有部件安装完成并点亮的时候，现场响起欢呼声。 中建埃及分公司CBD项目宣传负责人黎炳宏已经连续多年在埃及度过中秋、春节、端午等中国传 统节日，他说到："这些年来，非常多中埃员工在CBD项目上相遇、相知、相识，从陌生人发展成为挚 友，结下深厚的友谊，他们齐心协力、不畏艰辛，在原本是一片荒芜的土地上建设起一座现代化的新首 都，打造出让埃及总理赞扬为"埃及新时代金字塔"的CBD项目，我认 ...

Investment Rating - The report maintains a "Recommended" rating for the construction industry [2] Core Viewpoints - The construction industry is experiencing a decline in prosperity, with fixed asset investment growth slowing down. In August, the construction PMI was 49.1, down 1.5 percentage points from the previous month, and the new orders index was 40.6%, down 2.1 percentage points [5][8] - The report highlights the establishment of the Xinjiang-Tibet Railway Company and the completion of the world's highest bridge, the Guizhou Huajiang Canyon Bridge, as significant developments in infrastructure [30][35] - The Ministry of Finance has issued guidelines to ensure the implementation and operation of existing PPP projects, which is expected to stabilize the construction sector [51][52] Summary by Sections 1. Construction Industry Prosperity - The construction industry's business activity index was 49.1 in August, indicating a decline in prosperity [7][8] - The new orders index for the construction industry was 40.6%, reflecting a decrease in demand [5][8] 2. Fixed Asset Investment Growth Slowing - From January to August, national fixed asset investment (excluding rural households) was 326,111 billion yuan, with a year-on-year growth of 0.5%, a decline of 1.1 percentage points compared to the previous month [19] - The investment in the secondary industry grew by 7.6%, while the tertiary industry saw a decline of 3.4% [19] 3. Infrastructure Investment Growth Decline and New Regulations for PPP - Broad infrastructure investment growth was 5.42%, down 1.95 percentage points, while narrow infrastructure investment growth was 2%, down 1.2 percentage points [30] - The establishment of the Xinjiang-Tibet Railway Company marks a significant step in advancing the project [44] - The Ministry of Finance's guidelines for existing PPP projects aim to enhance public service and operational efficiency [51][52] 4. Real Estate Investment and Sales Decline - From January to August, real estate development investment was 60,309 billion yuan, down 12.9% year-on-year, with the sales area of commercial housing decreasing by 4.7% [60] - The new construction area for residential buildings fell by 19.5%, indicating ongoing pressure in the real estate sector [61] 5. PPP Project Construction and Operation Assurance - The report emphasizes the large scale of existing PPP projects, with over 7 trillion yuan in investments expected [50] - The guidelines issued by the Ministry of Finance provide a framework for the construction and operation of these projects, ensuring their stability and efficiency [51][52]

Group 1 - Yinglian Co., Ltd. expects a net profit of 34.5 million to 37.5 million yuan for the first three quarters of 2025, representing a year-on-year increase of 1531% to 1673% [1] - China CNR Corporation signed major contracts totaling approximately 54.34 billion yuan, accounting for 22% of its expected revenue for 2024 [1] - Shengmei Shanghai reported a total order amount of 9.072 billion yuan, a year-on-year increase of 34.1% [2] Group 2 - Fulian Precision plans to increase capital in its subsidiary Jiangxi Shenghua with a total investment of 35.63 billion yuan, which is expected to constitute a major asset restructuring [3] - Aimeike has obtained a drug registration certificate for Minoxidil topical solution, which is used for treating male pattern baldness [4] - Guolin Technology is planning to acquire 91.07% of Kailianjie’s equity for cash, which is expected to constitute a major asset restructuring [5] Group 3 - Baicheng Co. plans to purchase 55% of Shanghai Canxi Engineering Equipment Co. and will suspend trading of its stock starting September 30, 2025 [6][7] - Diaowei is planning to acquire equity in Rongpai Semiconductor and has suspended trading of its stock [8] - Xiatun New Energy signed a strategic cooperation framework agreement with Zhongwei Co. to establish a long-term partnership in the supply chain for solid-state lithium battery materials [9] Group 4 - Lingyi Zhi Manufacturing is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy [10] - Baicheng Pharmaceutical received clinical trial approval for its innovative drug BIOS-0623-Z4, which targets cancer pain treatment [11] - Weide Information announced a preliminary transfer price of 40.33 yuan per share, representing a 26% discount to its closing price [12] Group 5 - Huayou Cobalt's subsidiary signed contracts with LGES for the supply of 76,000 tons of ternary precursor materials and 88,000 tons of ternary cathode materials from 2026 to 2030 [13] - Hubei Energy signed a cooperation agreement with the Xiangyang Municipal Government to invest 26.7 billion yuan in clean energy projects [14]

Investment Rating - The report maintains a "Buy" rating for the non-metallic building materials sector and an "Overweight" rating for the construction and engineering sector [5]. Core Insights - The Ministry of Industry and Information Technology and five other departments issued the "Building Materials Industry Steady Growth Work Plan (2025-2026)", focusing on quality and efficiency while prohibiting new capacity [2][3]. - The new plan emphasizes the need for coordinated efforts on both supply and demand sides, aiming to enhance profitability levels effectively [3]. - The plan sets a specific target for 2026, aiming for green building material revenue to exceed 300 billion yuan [2]. Summary by Sections Policy Background - The new plan is introduced against a backdrop of weak market demand and prominent structural issues in the building materials industry, contrasting with the previous plan which was released during the early recovery phase post-pandemic [2]. Overall Requirements - The current plan focuses on quality and efficiency, integrating technological and industrial innovation, and emphasizes strict control over new capacity while promoting traditional material upgrades and advanced inorganic non-metallic materials [2][3]. Main Goals - Unlike the previous plan, which set specific growth targets for industrial added value, the current plan does not set total industry targets but emphasizes improving profitability and achieving specific revenue goals for green materials [2]. Key Measures - The new plan prioritizes strengthening industry management and promoting the survival of the fittest, with a focus on strict capacity control in cement and glass production [2][3]. - It outlines specific development directions for advanced materials, including advanced glass, artificial crystals, and high-performance fibers, while promoting pilot platform construction and application verification [3]. Investment Recommendations - The report suggests focusing on companies in the new materials sector such as China Jushi, Guoen Co., Puyang Huicheng, Keda Manufacturing, Hongrun Construction, and Jiemai Technology, as well as companies in the infrastructure and real estate chain like China State Construction, Oriental Yuhong, and Anhui Conch Cement [4].

1 重大项目公告 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。 近期，本公司获得如下重大项目，现予公布供投资者参阅。 | 序号 | 项目获得单位 | 项目名称 | 项目金额 （亿元） | | --- | --- | --- | --- | | 一 | 房屋建筑 | | | | 1 | 中建八局 | 四川广汉三星堆文化旅游发展区项目 O+EPC (运 营＋设计、采购、施工总承包） | 35.1 | | 二 | 基础设施 | | | | 1 | 中建三局 | 湖北武汉市轨道交通 12 号线（江北段）工程丹 水池车辆段施工总承包 | 27.1 | | 项目金额合计 | | | 62.2 | | 项目金额合计/2024 | | 年度经审计营业收入 | 0.3% | 中国建筑股份有限公司董事会 证券代码：601668 证券简称：中国建筑 公告编号：临 2025-059 二〇二五年九月二十九日 ...

人民财讯9月29日电，中国建筑（601668）9月29日公告，近期获得两个重大项目，项目金额合计62.2亿 元，项目金额合计占2024年度经审计营业收入的0.3%。 ...

中国建筑：近期公司获得重大项目金额合计62.2亿元。 ...