Core Viewpoint - China State Construction Engineering Corporation (601668.SH) reported a total new contract value of 2,879.9 billion yuan for the period from January to August 2025, representing a year-on-year growth of 1% [1] Summary by Category - **Company Performance** - The total new contracts signed by the company reached 2,879.9 billion yuan from January to August 2025 [1] - This figure indicates a slight increase of 1% compared to the same period last year [1]

证券代码：601668 证券简称：中国建筑 公告编号：临 2025-055 现将本公司 2025 年 1-8 月主要经营情况公布如下，供各位投资者参阅。 | 项 目 | 数 | 额 | 比上年同期增长 | | --- | --- | --- | --- | | 新签合同总额（亿元 RMB） | | 28,799 | 1.0% | | 一、建筑业务情况 | | | | | 1. 新签合同额（亿元 RMB） | | 26,644 | 1.8% | | 2. 业务分部（亿元 RMB） | | | | | 房屋建筑 | | 17,606 | 0.2% | | 基础设施 | | 8,954 | 5.0% | | 勘察设计 | | 84 | -9.1% | | 3. 地区分部（亿元 RMB） | | | | | 境内 | | 25,306 | 2.2% | | 境外 | | 1,338 | -5.4% | | 4.实物量指标（万 2） m | | | | | 房屋建筑施工面积 | | 155,615 | -1.1% | | 房屋建筑新开工面积 | | 18,041 | -5.5% | | 房屋建筑竣工面积 | | 12, ...

证券代码：601668 证券简称：中国建筑 公告编号：2025-057 关于公司高级管理人员离任的公告 公司董事会谨向吴秉琪先生在任职期间的勤勉工作和为公司发展所做出的 贡献表示衷心的感谢！ 特此公告。 中国建筑股份有限公司董事会 1 一、基本情况 | 姓名 | 离任职务 | 离任时间 | 离任原因 | 是否继续在上 市公司及其控 股子公司任职 | 是否存在未履行 完毕的公开承诺 | | --- | --- | --- | --- | --- | --- | | 吴秉琪 | 副总裁 | 2025年9月12 | 工作调动 | 否 | 否 | | | 总法律顾问 | 日 | | | | 二、离任对公司的影响 根据《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》及《公司章程》的相关规定，吴秉琪先生的离任事 项自公司董事会审议通过时生效。离任后，吴秉琪先生不再担任公司任何职务。 吴秉琪先生已按照公司相关规定做好交接工作，其离任不会对公司的正常运作产 生影响。 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 ...

Core Viewpoint - China State Construction Engineering Corporation (CSCEC) announced the resignation of its Vice President and General Counsel, Wu Bingqi, during its board meeting held on September 12, 2025. The company reported its revenue composition for the first half of 2025, highlighting its reliance on various sectors. [1] Group 1: Company Announcement - CSCEC held its 21st meeting of the fourth board of directors on September 12, 2025, via written voting [1] - The meeting reviewed the proposal regarding Wu Bingqi's resignation from the positions of Vice President and General Counsel [1] Group 2: Revenue Composition - For the first half of 2025, CSCEC's revenue composition was as follows: - Housing construction projects accounted for 62.83% - Infrastructure construction and investment made up 24.67% - Real estate development and investment represented 11.9% - Other industries contributed 1.78% - Design and surveying accounted for 0.45% [1] Group 3: Market Capitalization - As of the report, CSCEC's market capitalization stood at 230.2 billion yuan [1]

证券代码：601668 证券简称：中国建筑 公告编号：临 2025-056 表决结果：7 票同意、0 票反对、0 票弃权。 二、审议通过《关于吴秉琪不再担任中国建筑股份有限公司副总裁、总法律 顾问的议案》 本议案已经提名委员会审议通过，并同意提交董事会审议。 全体董事审议并一致通过《关于吴秉琪不再担任中国建筑股份有限公司副总 裁、总法律顾问的议案》。 第四届董事会第二十一次会议决议公告 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）第四届董事会第二十一次会议（以 下简称会议）于 2025 年 9 月 12 日举行。会议在取得全体董事同意后，由董事以 书面投票表决方式进行。 本次会议通知于 2025 年 9 月 11 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总部相关部门调整的议案》 全体董 ...

中国建筑9月12日晚间公告，公司董事会审议通过《关于吴秉琪不再担任中国建筑股份有限公司副总 裁、总法律顾问的议案》。吴秉琪因工作调动申请辞去公司副总裁、总法律顾问职务，离任后不再担任 公司任何职务，离任事项自公司董事会审议通过时生效。 ...

Investment Rating - The industry rating is maintained as "Outperform" [5] Core Insights - The construction sector is experiencing revenue and profit pressure, with a revenue of 39,639 billion yuan in H1 2025, a year-on-year decline of 5.5%, and a net profit of 913 billion yuan, down 6.03% year-on-year. However, the decline in revenue growth has narrowed compared to the same period in 2024, indicating potential recovery in profitability in the second half of the year [1][14][22]. Summary by Sections 1. Industry Overview - The construction sector faced significant operational pressure in H1 2025, with both revenue and net profit declining. The revenue growth rate decreased by 2.02 percentage points compared to the same period in 2024, while the profit decline rate improved by 5.26 percentage points [1][14]. - The overall gross margin for the construction sector in H1 2025 was 10.07%, a slight decrease of 0.15 percentage points year-on-year, while the net margin was 2.87%, down 0.04 percentage points year-on-year [2][26]. 2. Subsector Performance - Subsector performance varied, with design consulting, steel structure, chemical engineering, and international engineering showing better revenue growth than the overall sector, with growth rates of +3.06%, +2.84%, -1.54%, and -2.98% respectively. Notably, the chemical engineering sector saw positive net profit growth [3][4]. - The resilience of state-owned enterprises (SOEs) was highlighted, with major players like China State Construction and China Chemical achieving positive net profit growth in H1 2025, reflecting strong operational resilience [4][21]. 3. Financial Metrics - The construction sector's asset-liability ratio increased to 77.55% in H1 2025, up 0.71 percentage points year-on-year, indicating a trend of increasing leverage among state-owned enterprises [2][32]. - The cash flow from operations (CFO) showed a net outflow of 4,957 billion yuan, a year-on-year improvement of 3.07%, suggesting a slight recovery in cash collection efforts [2][38]. 4. Investment Recommendations - The report emphasizes the importance of focusing on high-dividend stocks and high-growth subsectors within the construction industry, particularly in infrastructure and energy sectors, which are expected to maintain strong performance [4][11].

Group 1 - The housing construction sector increased by 1.38% on September 12, with Shanghai Construction leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] - Shanghai Construction's stock price rose by 9.96% to 2.65, with a trading volume of 5.16 million shares and a transaction value of 1.32 billion [1] Group 2 - The net inflow of main funds in the housing construction sector was 5.92 billion, while retail funds experienced a net outflow of 3.34 billion [1] - Among individual stocks, Shanghai Construction had a main fund net inflow of 487.1 million, while retail funds saw a net outflow of 261 million [2] - China State Construction had a main fund net inflow of 43.93 million, with a retail fund net outflow of 11.87 million [2]

Group 1: Core Concepts of the Event - The 2025 China International Service Trade Fair (CIFTIS) opened on September 10 in Beijing, showcasing innovations in the construction industry, particularly in "good housing" and "smart construction" [1] - The event highlighted the transformation of the Chinese construction industry from scale expansion to quality improvement and from traditional construction to intelligent-driven methods [1] Group 2: "Good Housing" Concept Implementation - The "good housing" concept was included in the government work report for the first time this year, emphasizing the importance of improving housing quality in the construction industry [2] - China State Construction Engineering Corporation (CSCEC) introduced the "C-LIFE good housing system solution," which includes five core modules: good standards, good design, good materials, good construction, and good service [2] - China State Construction's "six no" commitments aim to enhance the fundamental quality of housing, with specific projects demonstrating significant improvements in physical performance and living experience [2][3] Group 3: Technological Innovations in Construction - The event showcased advancements in construction technology, including robotic construction and unmanned factories, indicating a shift in construction methods [4] - Beijing Construction Engineering Group unveiled the first "engineering construction robot 6S store" in Beijing, offering a one-stop service for buying, renting, and customizing intelligent equipment [5] - The "Tianchan" residential construction robot system developed by China State Construction's Eighth Bureau can cover all construction processes, significantly reducing labor costs [6] Group 4: Green and Low-Carbon Solutions - The "Jia Ding Ideal Land" project by China State Construction's Second Bureau is recognized as the largest and most comprehensive low-carbon community in China, achieving a significant reduction in carbon emissions [3][4] - The project incorporates various green technologies, including photovoltaic power generation and an innovative waste recycling system that processes 60,000 tons of construction waste annually [7][8] - The introduction of the "FJGP board," a fire-resistant and energy-efficient insulation material, addresses industry challenges in balancing insulation and fire safety [8] Group 5: International Collaboration and Expansion - Chinese construction companies are enhancing their competitive edge through internal collaboration and international expansion, with projects in 17 countries along the Belt and Road Initiative [9] - The event featured significant international projects that utilized Chinese standards and technologies, showcasing the global influence of Chinese construction [9][10] - Design institutions are actively participating in global systems, aiming to showcase Chinese architectural thought and promote international cooperation [10]

主动智能、无缝交互 2025年的政府工作报告提出，适应人民群众高品质居住需要，完善标准规范，推动建设安全、舒适、绿色、智慧的"好房子"，推动了新房品质的又一轮提 升。 针对居民日常生活中遇到的噪声干扰痛点，中建一局联合国内顶尖声学实验室开展技术攻关。邱晔表示，中建一局通过高等级隔声窗、加厚隔音墙体、浮筑 楼板等组合技术，可有效阻隔室外交通噪音与楼内邻里生活干扰，使业主可居住在安静舒适的环境。 在解决业主居住痛点的同时，全屋智能化则将居住品质进一步提升。过去，业主进入家中需手动开灯、调节空调温度等，但在全屋智慧系统应用后，灯光便 可随自然光照自动调节亮度。 搭积木式拼装农宅、菜单式改造老楼，智能建造技术正为"好房子"按下加速键。9月12日，在2025年服贸会中建一局展区，中建一局党建工作部邱晔在接受 北京商报记者专访时介绍，技术升级已为"新建好房子、乡居好房子、旧改好房子"构建了三大系统性解决方案。CCM预制混凝土技术实现村宅41天快速重 建，"菜单式"改造清单与机器人联合作业推动老旧小区36天高效焕新，隔音、防撞、全屋智能等细节全面提升居住品质，为建筑行业转型升级提供新范式。 邱晔表示，"如果居民想增加收入， ...