Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's Q3 performance was under pressure due to declining gross margins and increased impairment losses, with total revenue for Q1-3 at 1,558.2 billion yuan, down 4.2% year-on-year, and net profit attributable to shareholders at 38.2 billion yuan, down 3.8% year-on-year [1][3]. - The construction business structure is continuously optimizing, with a significant acceleration in real estate sales in Q3, showing a 17% year-on-year increase in the quarter [2][3]. - The company is focusing on core urban areas for real estate investments, with new land reserves of 6.95 million square meters, primarily in first-tier and provincial capital cities [2]. Summary by Sections Financial Performance - For Q1-3, the company achieved total revenue of 1,558.2 billion yuan, with a quarterly breakdown of 555.3 billion yuan in Q1, 553.0 billion yuan in Q2, and 449.9 billion yuan in Q3, reflecting a year-on-year decline of 7% in both Q2 and Q3 [1]. - The gross margin for the company was 8.7%, a slight decrease of 0.1 percentage points year-on-year, with the real estate sector facing significant pressure [3]. - The net profit margin for Q1-3 was 2.5%, showing a slight year-on-year increase of 0.01 percentage points [3]. Business Segments - Revenue from the construction segments for Q1-3 was 9,886 billion yuan for housing construction, 3,706 billion yuan for infrastructure, and 1,771 billion yuan for real estate, with respective year-on-year changes of -5%, -4%, and +0.6% [2]. - The company reported a 0.7% year-on-year increase in new contracts for housing construction, while industrial plant contracts grew by 23% [2]. Future Projections - The company expects net profits for 2025-2027 to be 46.6 billion yuan, 47.6 billion yuan, and 48.5 billion yuan, respectively, with corresponding EPS of 1.13 yuan, 1.15 yuan, and 1.17 yuan per share [4]. - The current stock price corresponds to a PE ratio of 5.0 for 2025, with an expected dividend yield of 4.8% [4].

Core Viewpoint - The overall performance of A-share listed companies shows a positive recovery trend in the first three quarters of 2025, with significant improvements in various industries and a notable increase in net profit growth in the third quarter [1][4][6]. Performance Overview - In the first three quarters of 2025, A-share companies reported a total revenue of 53.41 trillion yuan, a year-on-year increase of 1.20%, and a net profit attributable to shareholders of 4.70 trillion yuan, up 5.34% year-on-year [1][4]. - The net profit growth rate in the third quarter reached 11.30%, a significant rebound of 10.19 percentage points compared to the second quarter [1][14]. - More than 50% of listed companies achieved positive net profit growth, with 2,918 companies reporting positive growth, accounting for 54% [1][44]. Industry Performance - The net profit growth rates for the steel, software and services, and semiconductor industries were particularly strong, at 402.0%, 121.6%, and 46.6% respectively [1][37]. - The growth rate for the ChiNext board was the highest among all boards, with a net profit growth rate of 16.78% in the first three quarters of 2025 [1][28]. Quarterly Performance Trends - The overall revenue growth rate for A-shares in the third quarter of 2025 was 3.59%, an increase of 3.29 percentage points from the second quarter [12]. - The net profit growth rate for A-shares in the third quarter was 11.30%, with non-financial and non-oil and gas sectors showing growth rates of 4.39% and 3.87% respectively [14]. Profitability Trends - The overall sales net profit margin for A-shares was 8.15%, an increase of 0.25 percentage points compared to the first half of 2025 [17]. - The return on equity (ROE) for A-shares was 7.87%, up 0.12 percentage points from the first half of 2025 [19]. Dividend Trends - A total of 218 companies disclosed cash dividend plans or proposals, with a total dividend amount of 46.6 billion yuan [2][25]. Industry Revenue Growth - The semiconductor and hardware equipment industries had the fastest revenue growth rates at 20.9% and 16.8% respectively, with several other industries also showing growth rates above 7% [34][35]. Major Index Performance - The net profit growth rates for major indices such as the Shanghai 50 and CSI 300 were 3.80% and 6.46%, respectively, indicating a significant recovery in profitability [31]. Individual Company Performance - The top three companies by revenue in the first three quarters were China National Petroleum Corporation, China Petroleum & Chemical Corporation, and China State Construction Engineering Corporation, with revenues exceeding 1.5 trillion yuan each [46]. - In terms of net profit, the top four companies were all from the financial sector, with Industrial and Commercial Bank of China leading at 269.9 billion yuan [50].

Core Viewpoint - China State Construction Engineering Corporation (601668.SH) reported a decline in both revenue and net profit for the first three quarters of the year, indicating potential challenges in the construction industry [1] Financial Performance - The company's operating revenue for the first three quarters reached 1,558.2 billion yuan, a year-on-year decrease of 4.2% [1] - The net profit attributable to shareholders was 38.182 billion yuan, down 3.8% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 35.2 billion yuan, reflecting a year-on-year decline of 4.9% [1]

中国建筑股份有限公司关于"提质增效重回报"行动方案 执行情况的评估报告 为进一步提高发展质量，增强回报投资者能力，中国建筑股 份有限公司（简称"公司"）积极响应上海证券交易所《关于开 展沪市公司"提质增效重回报"专项行动的倡议》，制定并实施 了 2024-2025 年度"提质增效重回报"行动方案。现将 2025 年 前三季度有关执行情况报告如下。 一、持续提升价值创造能力，回报股东基础不断夯实 公司聚焦主责主业，积极服务国家战略，深耕国家重大战略 区域，高质量参与共建"一带一路"，充分发挥全产业链优势， 持续优化业务结构提供增长新动能，不断加强精细化管理提升效 率效益，推动公司价值创造能力保持增长。 公司始终履行为股东创造价值、与股东共享发展成果的责任 与义务，高度重视股东分红回报，稳妥处理企业长期发展与股东 短期利益诉求，最终实现股东利益最大化。 公司切实维护全体股东权益，不断提升股东获得感，2024 年度每股派息金额保持稳中有升，达到上市以来最高水平，以实 际行动回馈股东、共享发展成果。公司将持续践行高质量发展要 求，综合考虑公司经营情况、长远战略布局和股东整体利益，2025 年每股派息将保持平稳，为广大 ...

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 | 中建一局 | 福建厦门高性能锂电池基地建设项目 | 52.0 | | 2 | 中建八局 | 陕西西安夏中心项目及夏中心二期项目 | 21.5 | | 二 | 基础设施 | | | | 1 | 中建三局 | 四川广元大毛坡脉石英矿产开采运输、矿山修复 项目 | 25.0 | | | | 及矿石加工厂提质升级 EPC | | | 项目金额合计 | | | 98.5 | | 项目金额合计/2024 | | 年度经审计营业收入 | 0.5% | 中国建筑股份有限公司董事会 二〇二五年十月三十日 证券代码：601668 证券简称：中国建筑 公告编号：临 2025-066 1 ...

证券代码：601668 股票简称：中国建筑 编号：临 2025-064 二、审议通过《关于中国建筑股份有限公司 2025 年第三季度报告的议案》 第四届监事会第十次会议决议公告 本公司监事会及全体监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。 中国建筑股份有限公司（以下简称公司）第四届监事会第十次会议（以下简 称会议）于 2025 年 10 月 30 日在北京中建财富国际中心 3815 会议室召开，公司 5 名监事均以现场或视频方式出席了本次会议。本次会议的召开符合《中华人民 共和国公司法》《中国建筑股份有限公司章程》及《中国建筑股份有限公司监事 会议事规则》等规定。会议审议并一致通过如下决议： 一、审议通过《关于中国建筑股份有限公司 2025 年三季度财务分析报告的 议案》 全体监事审议并一致通过《关于中国建筑股份有限公司 2025 年三季度财务 分析报告的议案》。 表决结果：5 票同意、0 票反对、0 票弃权。 中国建筑股份有限公司监事会 二〇二五年十月三十日 2 全体监事审议并一致通过《关于中国建筑股份有限公司 2025 年第三季度报 告 ...

证券代码：601668 证券简称：中国建筑 公告编号：临 2025-063 第四届董事会第二十二次会议决议公告 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。 中国建筑股份有限公司（以下简称公司）第四届董事会第二十二次会议（以 下简称会议）于 2025 年 10 月 30 日在北京中建财富国际中心 3908 会议室召开。 会议由董事长郑学选先生主持，董事单广袖女士、独立董事马王军先生、孙承铭 先生、刘汝臣先生、梁维特先生出席会议。董事兼总裁文兵先生因工作安排无法 出席现场会议，授权委托郑学选先生代为行使表决权。公司部分监事、董事会秘 书等高管列席会议。 本次会议通知于 2025 年 10 月 15 日以邮件方式发出，会议召开符合《中华 人民共和国公司法》《中国建筑股份有限公司章程》及《中国建筑股份有限公司 董事会议事规则》等规定，会议的召开合法有效。公司 7 名董事均参与了投票表 决，并通过决议如下： 一、审议通过《关于中国建筑股份有限公司 2025 年三季度财务分析报告的 议案》 本议案已经审计与风险委员会审议通过，并同意提 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 449,912,446, a decrease of 6.6% compared to the same period last year[7] - The total profit for the quarter was CNY 11,710,798, reflecting a decline of 22.9% year-over-year[7] - Net profit attributable to shareholders was CNY 7,778,049, down 24.1% from the previous year[7] - The basic earnings per share decreased to CNY 0.19, a drop of 24.0% compared to the same quarter last year[7] - The net profit margin for the year-to-date period was 3.0%, reflecting a decrease from the previous year's margin[9] - Total operating revenue for the first three quarters of 2025 was CNY 1,558,219,881, a decrease of 4.18% compared to CNY 1,626,540,973 in the same period of 2024[27] - Net profit attributable to shareholders of the parent company for the first three quarters of 2025 was CNY 38,182,402, down 3.84% from CNY 39,702,451 in 2024[28] - Operating profit for the first three quarters of 2025 was CNY 61,258,178, a decrease of 5.88% from CNY 64,655,887 in 2024[27] - The company reported a total comprehensive income of CNY 50,787,567 for the first three quarters of 2025, compared to CNY 51,321,287 in 2024[28] - Basic earnings per share for the first three quarters of 2025 were CNY 0.92, down from CNY 0.96 in 2024[28] - The company experienced a decrease in total operating costs to CNY 1,491,996,539 in 2025 from CNY 1,556,382,239 in 2024, reflecting a reduction of 4.16%[27] - Net profit for the first three quarters of 2025 was CNY 10,778,290, down 30.0% from CNY 15,469,334 in the first three quarters of 2024[37] Assets and Liabilities - The company's total assets increased by 7.0% year-over-year, reaching CNY 3,412,521,637[7] - The company’s total assets increased to 3,412.52 billion RMB as of September 30, 2025, compared to 3,189.26 billion RMB at the end of 2024[24] - The company’s non-current liabilities totaled 678.16 billion RMB, an increase from 656.26 billion RMB in the previous year[24] - The company’s retained earnings reached 409.18 billion RMB as of September 30, 2025, compared to 382.50 billion RMB at the end of 2024[24] - Total liabilities increased to CNY 209,708,385 as of September 30, 2025, compared to CNY 205,151,987 at the end of 2024[35] - Current assets totaled CNY 99,736,403 as of September 30, 2025, up from CNY 97,545,774 at the end of 2024[34] - The total equity of the company was CNY 152,319,038 as of September 30, 2025, slightly down from CNY 152,910,331 at the end of 2024[35] Cash Flow - The net cash flow from operating activities was CNY 13,351,612, significantly lower than CNY 31,759,855 in the same period last year[7] - The net cash flow from operating activities for the first three quarters of 2025 was -CNY 69,478,983, an improvement from -CNY 77,009,501 in 2024[31] - Cash and cash equivalents at the end of the third quarter of 2025 amounted to CNY 303,969,219, compared to CNY 302,041,720 at the end of the same period in 2024[32] - The company’s cash flow management has improved, with a focus on accelerating cash collection and optimizing existing assets to enhance revenue and profit quality[19] - The company’s investment activities generated a net cash flow of -CNY 12,539,138 in the first three quarters of 2025, slightly improved from -CNY 13,401,017 in 2024[31] - The net cash flow from investing activities was 9,704,602 thousand RMB, an increase of 38.3% from 7,021,468 thousand RMB in the previous year[40] - The net cash flow from financing activities was -9,923,026 thousand RMB, worsening from -7,468,679 thousand RMB in the same period of 2024[42] Contracts and Business Segments - The company signed new contracts worth RMB 3.29 trillion in the first three quarters of 2025, a year-on-year increase of 1.4%[13] - The construction business signed new contracts totaling RMB 3.0383 trillion, an increase of 1.7% year-on-year[14] - The industrial plant segment saw new contracts worth RMB 640.5 billion, a significant increase of 23.0% year-on-year[14] - The energy engineering segment reported new contracts of RMB 441.9 billion, up 31.2% year-on-year[17] - The real estate business recorded contract sales of RMB 255.3 billion, a decrease of 2.0% year-on-year[17] - The company achieved a new contract value of 168.4 billion RMB in overseas business, representing a year-on-year growth of 2.0%, and generated overseas revenue of 91.9 billion RMB, up 8.8% year-on-year[18] Strategic Initiatives - The company emphasized a focus on high-quality clients and projects, which contributed to a slight decline in revenue due to ongoing adjustments in the real estate market[9] - The company’s market strategy focuses on "high-quality customers, high-quality projects, key regions, and key fields" to drive growth[14] - The company is accelerating its strategic transformation by developing urban renewal projects and has published guidelines for urban renewal business, focusing on integrated implementation advantages in key engineering projects[18] - The company has implemented a "116" project management system to enhance project management efficiency and has seen significant progress in key projects such as the Dalian Changhai Bridge and Tianjin Metro Line 7[19] - The company has launched the "Jianzheng" large model 1.0 to promote digital innovation and enhance the quality of industry-level data assets[20] Shareholder Information - The controlling shareholder, China State Construction Group, plans to increase its stake in the company by investing between 600 million RMB and 1.2 billion RMB over the next 12 months[21] Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 23,978,992, slightly down from CNY 24,567,855 in 2024[27] - Research and development expenses were CNY 16,026 for the first three quarters of 2025, significantly lower than CNY 28,974 in the same period of 2024[37] Accounting Standards - The company did not apply new accounting standards for the first time in 2025[43]

Core Insights - The CSI 300 Dividend Low Volatility Index has shown a positive performance, with a rise of 0.74% as of October 30, 2025, and notable increases in constituent stocks such as Huayu Automotive (4.87%) and Baosteel (1.98%) [1][3] Market Performance - The CSI 300 Dividend Low Volatility ETF (515300) increased by 0.75%, with an intraday turnover of 0.68% and a total transaction value of 32.5842 million yuan [3] - Over the past month, the ETF has averaged daily transactions of 150 million yuan, with a current scale of 4.743 billion yuan [3] - In the last ten trading days, there were net inflows on six days, totaling 49.8513 million yuan [3] Historical Returns - The CSI 300 Dividend Low Volatility ETF has seen a net value increase of 60.06% over the past five years, ranking 103 out of 1031 index equity funds, placing it in the top 9.99% [3] - Since its inception, the ETF's highest monthly return was 13.89%, with the longest consecutive monthly gains being five months and a maximum increase of 14.56% [3] - The average return during rising months is 3.57%, and the annualized return over the past six months has exceeded the benchmark by 6.46% [3] Institutional Investment Trends - Insurance funds have accelerated their allocation to dividend stocks in the first half of 2025, with an increase of nearly 320 billion yuan in allocations, surpassing the total for the previous year [4] - Despite rising valuations, the opportunity for concentrated investments in dividend stocks is diminishing, with an estimated under-allocation of 800 billion to 1.6 trillion yuan across the industry [4] - It is suggested to focus on companies with resilient balance sheets and balanced growth [4] Top Holdings - As of September 30, 2025, the top ten weighted stocks in the CSI 300 Dividend Low Volatility Index include China Shenhua, Shuanghui Development, Gree Electric Appliances, Sinopec, Huayu Automotive, Daqin Railway, Midea Group, China State Construction, Baosteel, and China Mobile, collectively accounting for 35.84% of the index [4][6]

Core Viewpoint - The China Building Sanitary Ceramics Association announced the passing of its former president Ding Weidong, who served from May 1997 to December 2008, and later as honorary president until December 2014 [1] Group 1 - Ding Weidong was a member of the Communist Party of China [1] - He passed away on October 29, 2025, at 1:10 AM in Beijing, at the age of 85 [1] - His leadership spanned significant years in the development of the building sanitary ceramics industry in China [1]