Market Overview - The FTSE China A50 Index components showed varied performance, with the liquor sector rising throughout the day while the semiconductor sector experienced a decline in the afternoon [1] Insurance Sector - China Life Insurance, China Pacific Insurance, and Ping An Insurance had market capitalizations of CNY 376.78 billion, CNY 356.91 billion, and CNY 1,017.95 billion respectively, with trading volumes of CNY 0.75 billion, CNY 2.22 billion, and CNY 0.84 billion [3] - The stock prices changed as follows: China Life Insurance decreased by CNY 0.73 (-1.93%), China Pacific Insurance decreased by CNY 0.55 (-0.97%), and Ping An Insurance decreased by CNY 0.14 (-1.62%) [3] Liquor Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of CNY 1,782.39 billion, CNY 217.50 billion, and CNY 472.00 billion respectively, with trading volumes of CNY 3.95 billion, CNY 2.00 billion, and CNY 2.48 billion [3] - Stock price changes included Kweichow Moutai increasing by CNY 2.38 (+1.35%), Shanxi Fenjiu increasing by CNY 0.82 (+0.68%), and Wuliangye increasing by CNY 2.77 (+0.20%) [3] Semiconductor Sector - Northern Huachuang, Cambricon Technologies, and Hygon had market capitalizations of CNY 238.96 billion, CNY 223.82 billion, and CNY 314.69 billion respectively, with trading volumes of CNY 1.47 billion, CNY 1.23 billion, and CNY 2.64 billion [3] - The stock prices changed as follows: Northern Huachuang decreased by CNY 7.77 (-1.43%), Cambricon Technologies decreased by CNY 1.51 (-1.10%), and Hygon decreased by CNY 2.82 (-0.84%) [3] Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of CNY 187.27 billion, CNY 1,790.16 billion, and CNY 280.83 billion respectively, with trading volumes of CNY 3.97 billion, CNY 0.31 billion, and CNY 0.56 billion [3] - Stock price changes included BYD decreasing by CNY 1.08 (-0.33%), Great Wall Motors decreasing by CNY 0.08 (-0.36%), and Beijing-Shanghai High-Speed Railway increasing by CNY 0.03 (+0.53%) [3] Shipping and Oil Sector - COSCO Shipping Holdings, Sinopec, and PetroChina had market capitalizations of CNY 235.91 billion, CNY 688.67 billion, and CNY 1,570.32 billion respectively, with trading volumes of CNY 0.77 billion, CNY 1.08 billion, and CNY 0.76 billion [3] - The stock prices changed as follows: COSCO Shipping Holdings remained unchanged, Sinopec decreased by CNY 0.09 (-0.59%), and PetroChina increased by CNY 0.01 (+0.12%) [3] Coal and Battery Sector - China Shenhua, Shaanxi Coal and Chemical Industry, and CATL had market capitalizations of CNY 185.95 billion, CNY 745.07 billion, and CNY 1,234.66 billion respectively, with trading volumes of CNY 0.79 billion, CNY 0.69 billion, and CNY 7.95 billion [3] - Stock price changes included China Shenhua increasing by CNY 7.49 (+2.84%), Shaanxi Coal and Chemical Industry decreasing by CNY 0.22 (-0.58%), and CATL increasing by CNY 0.03 (+0.16%) [3] Other Sectors - Various sectors such as food and beverage, electronics, and pharmaceuticals showed mixed performance in terms of market capitalization and stock price changes [4]

Financial Sector - The banking sector showed a general upward trend with notable performances from major banks such as China Life Insurance and Ping An Insurance, with market capitalizations of 380.77 billion and 1,023.96 billion respectively [4] - China Life Insurance experienced a slight decline of 0.29% while Ping An Insurance decreased by 0.58% [4] Semiconductor Sector - The semiconductor sector displayed mixed results, with North Huachuang's market capitalization at 241.30 billion and a decrease of 0.32% [4] - Cambrian's stock price increased slightly by 0.13%, while Haiguang Information saw a decline of 0.49% [4] Automotive Sector - The automotive sector, led by BYD with a market capitalization of 1,790.49 billion, experienced a minor decline of 0.31% [4] - Great Wall Motors and China Railway High-speed also showed slight increases of 0.41% and 1.05% respectively [4] Energy Sector - In the energy sector, China Petroleum and China Petrochemical had market capitalizations of 1,588.62 billion and 693.52 billion respectively, with China Petroleum increasing by 1.28% [4] - China Shipping Development remained stable with no change [4] Coal Industry - The coal industry saw Shaanxi Coal and China Shenhua with market capitalizations of 750.83 billion and 185.66 billion respectively [4] - China Shenhua's stock price increased by 4.03% while Shaanxi Coal remained unchanged [4] Food and Beverage Sector - The food and beverage sector included major players like Haitian Flavor Industry with a market capitalization of 228.10 billion, which increased by 0.46% [5] - Other companies in this sector showed stable performances with minor fluctuations [5] Electronics and Pharmaceuticals - The electronics sector, represented by Hon Hai Precision Industry, had a market capitalization of 365.78 billion and a slight increase of 0.34% [5] - In pharmaceuticals, Hengrui Medicine's market capitalization was 529.06 billion, with a notable increase of 0.99% [5] Logistics and Medical Devices - The logistics sector, led by SF Holding, had a market capitalization of 2,415.92 billion, experiencing a decline of 0.88% [5] - In medical devices, Mindray Medical's market capitalization was 172.94 billion, with a minor decrease of 0.02% [5] Metals and Construction - The non-ferrous metals sector included Zijin Mining with a market capitalization of 247.51 billion, which saw a decline of 3.38% [5] - China State Construction had a market capitalization of 1,700.78 billion, with a slight increase of 0.67% [5]

Summary of the Construction Industry Conference Call Industry Overview - The construction industry is entering a plateau phase, with a projected decline in corporate revenue for the first time in 2024, leading to an increase in receivables and weaker cash flow and profitability [1][2] - Infrastructure investment growth is expected to stabilize at 5-6% in 2025, supported by accelerated government bond issuance, although much of the new funding will be used for debt resolution rather than actual construction [1][5] Key Investment Directions - Future investments should focus on two main areas: external demand transformation and high dividend yields, along with quality business models [1][2] - Significant attention should be given to major national strategies and safety-related projects, such as special government bonds supporting dual construction initiatives, desertification control in Northeast China, and coal chemical projects in Xinjiang [1][7] Company Performance and Recommendations - In 2024, only China Energy Engineering and China Chemical Engineering are expected to achieve revenue growth, with similar expectations for 2025 [1][14] - Recommended stocks include: - **China Construction**: Strong dividend stability with an expected yield of 4-5% in 2025 [3][16] - **China Chemical**: Fast order growth and positive corporate improvement outlook [3][16] - **Sichuan Road & Bridge**: Notable for its high dividend yield and strong order backlog [17] Structural Opportunities - The construction industry is at a crossroads of transformation, with many small-cap companies in sectors like landscaping and decoration presenting merger and acquisition opportunities [4][31] - The manufacturing sector is outperforming infrastructure and real estate investments, with specific focus on power, water conservancy, and water transport investments [8] Economic Environment Impact - The overall economic environment is stable, with Q1 GDP at 5.4% and expectations for Q2 to exceed 5% [5] - Government bond issuance is robust, with special bonds increasing from 1 trillion in 2024 to 1.3 trillion in 2025, primarily for dual construction projects [7] Market Performance - In the first half of 2025, the construction industry ranked 28th in market performance, down 2.1%, with traditional state-owned enterprises underperforming [11] - Small-cap transformation companies have shown better performance compared to large state-owned enterprises [11] Industry Characteristics and Stock Selection - The construction industry is characterized by light assets, high debt, labor intensity, and a lack of significant scale advantages [12] - Stock selection should prioritize manufacturing, followed by new economy sectors, specialized engineering, and quality regional enterprises [12] Future Trends and Risks - Traditional state-owned enterprises face pressure from aging infrastructure projects, necessitating a focus on emerging fields and specialized markets [13] - The overall industry is expected to face significant pressure in 2025, with conservative performance expectations for most companies [14] Conclusion - The construction industry is currently in a transitional phase, with a need for strategic focus on high dividend stocks, emerging sectors, and structural opportunities through mergers and acquisitions. The economic environment remains stable, but the industry faces challenges that require careful navigation and selection of investment opportunities.

Industry Performance - The FTSE China A50 Index components showed a mixed performance with the liquor and oil sectors rising, while the banking and automotive sectors experienced varied movements [1][6]. - The liquor industry saw significant market capitalizations with Kweichow Moutai at 1,780.28 billion, Wuliangye at 213.86 billion, and Shanxi Xinghuacun Fen Wine at 468.01 billion [3]. - The oil sector also performed well, with China Petroleum at 1,572.15 billion and China National Offshore Oil at 237.46 billion [3]. Company Highlights - China Pacific Insurance reported a market capitalization of 1,200 billion with a trading volume of 5.62 million [3]. - North Huachuang in the semiconductor sector had a market cap of 239.77 billion, while Cambrian Technology reached 226.87 billion [3]. - Gree Electric Appliances and Haier Smart Home in the home appliance sector had market caps of 262.43 billion and 236.16 billion respectively [4]. Trading Volumes - The trading volume for Kweichow Moutai was 15.53 million, while Wuliangye had 6.50 million [3]. - In the semiconductor sector, North Huachuang had a trading volume of 7.22 million, and Cambrian Technology had 11.30 million [3]. - The trading volume for Gree Electric Appliances was 7.15 million, and Haier Smart Home was 3.24 million [4].

中国建筑 20250707 摘要 中国建筑当前股息率约为 4.6%，高于银行板块平均水平，具备性价比 优势，且公司已明确 2025 年派息保持平稳，盈利能力和分红稳定性较 好，为投资者提供稳定回报预期。 中国建筑一季度归母净利润实现正增长，预计上半年维持稳定增长，订 单充足，显示出良好的经营态势和增长潜力，为未来业绩提供支撑。 大建筑央企估值处于底部，中国建筑 PB 约 0.5 倍，PE 约 5 倍，均处三 年低位，市场关注度提升但情绪悲观，估值修复空间大，具备左侧布局 价值。 下半年专项债发行加速，资金投放量增加，且监管加强资金专款专用， 有望推动项目开工建设，改善大建筑央企基本面，提升盈利能力。 复盘历史牛市，权重股通常在行情后期发力，2014 年"一带一路"提 出前，八大建筑央企已跑赢沪深 300 指数，若当前为全面牛市，大金融 央企有望成为焦点。 建议关注以中国建筑为代表的大金融央企，其股息率较高且启动可能性 较大，同时关注中国交建等弹性较大的公司，以及中国化学等其他建筑 央企。 如何看待当前市场中的牛市预期？ 我们通过复盘 2008-2009 年和 2014 年的两轮全面牛市发现，每一轮牛市中， 小 ...

中国建筑股份有限公司董事会议事规则 （修订草案） （2007 年 12 月 25 日公司 2007 年第一次临时股东大会审议通过， 2013 年 5 月 31 日公司 2012 年度股东大会修订， 2018 年 7 月 2 日公司 2018 年第二次临时股东大会修订， 1 总则 2 董事会的召集和召开 1 / 10 2019 年 11 月 12 日公司 2019 年第二次临时股东大会修订， 2020 年 5 月 25 日公司 2019 年度股东大会修订， 2021 年 12 月 15 日公司 2021 年第三次临时股东大会修订， 2023 年 12 月 27 日公司 2023 年第二次临时股东大会修订， 2024 年 12 月 24 日公司 2024 年第三次临时股东大会修订， 2025 年 * 月 * 日公司 2025 年第 * 次临时股东会修订 ） 1.1 为了进一步规范中国建筑股份有限公司（以下简称公司）董事会的议 事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事 会规范运作和科学决策水平，根据《中华人民共和国公司法》、《中 华人民共和国证券法》、《上市公司治理准则》和《上海证券交易所 股票 ...

证券代码：601668 证券简称：中国建筑 公告编号：临 2025-044 关于修订《中国建筑股份有限公司董事会议事规则》 的公告 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。 为进一步提高中国建筑股份有限公司（以下简称公司）治理制度之间的协调 性，厘清制度定位，公司拟对《中国建筑股份有限公司董事会议事规则》（以下 简称《董事会议事规则》）的相关条款进行修订。 2025 年 7 月 7 日，公司召开第四届董事会第十九次会议和第四届监事会第 八次会议，审议通过了《关于修订<中国建筑股份有限公司董事会议事规则>的议 案》。公司对《董事会议事规则》的具体修订内容详见附件。 上述议案尚需提交公司股东会审议。 特此公告。 中国建筑股份有限公司董事会 附件 《中国建筑股份有限公司董事会议事规则》修订对照表 下表所有显示斜体加粗文字为新增内容，显示删除线文字为删除内容： | 编号 | 修订前 | 修订前条款内容 | 修订后 | 修订后条款内容 | | --- | --- | --- | --- | --- | | | 序号 | | 序号 ...

证券代码：601668 证券简称：中国建筑 公告编号：临 2025-043 第四届监事会第八次会议决议公告 全体监事审议并一致通过《关于修订<中国建筑股份有限公司董事会授权决策方 案>的议案》。 表决结果：5 票同意、0 票反对、0 票弃权。 二、审议通过《关于修订<中国建筑股份有限公司董事会议事规则>的议案》 全体监事审议并一致通过《关于修订<中国建筑股份有限公司董事会议事规则>的 议案》。同意将上述议案提交公司股东会审议。 表决结果：5 票同意、0 票反对、0 票弃权。 特此公告。 中国建筑股份有限公司监事会 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）第四届监事会第八次会议（以下简称会 议）于 2025 年 7 月 7 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 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《关于修订<中国建 ...

证券代码：601668 证券简称：中国建筑 公告编号：临 2025-042 二、审议通过《关于修订<中国建筑股份有限公司董事会议事规则>的议案》 全体董事审议并一致通过《关于修订<中国建筑股份有限公司董事会议事规 则>的议案》，同意将上述议案提交公司股东会审议。具体内容详见公司在上海证 券交易所网站（www.sse.com.cn）披露的相关公告。 表决结果：7 票同意、0 票反对、0 票弃权。 第四届董事会第十九次会议决议公告 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）第四届董事会第十九次会议（以下 简称会议）于 2025 年 7 月 7 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，董事兼总裁文兵先生、董事单广袖女士、独立董事孙 承铭先生、刘汝臣先生、梁维特先生出席会议。独立董事马王军先生因工作安排 无法出席现场会议，授权委托孙承铭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 7 月 4 日以邮件方式发出 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The scarcity of orbital spectrum drives competition, and the construction of domestic low - orbit constellations has entered an accelerated phase. With limited low - orbit space and spectrum resources and strict deployment time requirements from the ITU, competition for resource locking is intensifying. China is expected to see an accelerated launch of low - orbit satellites from 2025 - 2030. Representative constellations include "Guowang", "Qianfan", and "Honghu - 3". Shanghai Harbor, with its satellite energy system products, is expected to benefit from the accelerated development of low - orbit satellites [5]. - Leading waterproofing companies such as Yuhong, Beixin, and Keshu have raised prices on both civil construction and engineering products. In the context of the industry's "anti - involution", the collective price increase by leading enterprises may promote price recovery, but the degree of price repair remains to be seen due to weak demand [5]. - Investment suggestions include paying attention to companies like Honglu Steel Structure, China Jushi, Punan Co., Ltd., Hainan Huatie, Beixin Building Materials, China National Chemical Engineering, China State Construction, Shanghai Harbor, Sinoma Science & Technology, and Keda Manufacturing [5]. 3. Summary According to the Table of Contents 3.1 Week - Specific Topic: Orbital Spectrum Scarcity Drives Competition, and Domestic Low - Orbit Constellation Construction Enters an Accelerated Phase - **Satellite Orbit Types**: Communication satellite orbits are mainly divided into GEO, MEO, and LEO. LEO can reduce power attenuation and communication delay, simplify terminal design, and is suitable for multi - satellite networking. Compared with GEO, LEO/MEO has smaller delay, and satellites are smaller and lighter, facilitating multi - satellite launches and reducing constellation construction costs and cycles [5][7]. - **Resource Scarcity and Competition**: Low - orbit space and frequency spectrum resources are scarce. The total capacity of low - orbit satellites is about 60,000, and Starlink plans to send 42,000 satellites into low - orbit by 2027, accounting for about 70%. The L, S, C frequency bands are almost exhausted, and the Ku, Ka bands are difficult to coordinate. According to ITU rules, operators need to complete satellite deployment within a specified time to lock resources, intensifying competition [5][11]. - **Policy Support**: Since 2014, China has successively introduced policies to encourage private capital to participate in commercial space activities. In 2023, commercial space was included in strategic emerging industries, and it has been mentioned in the government work reports of 2024 and 2025, indicating strong policy support [16]. - **Global and Domestic Constellation Construction Status**: Globally, SpaceX leads in low - orbit constellation construction, with other countries' enterprises following. In China, constellations like "Guowang", "Qianfan", and "Honghu - 3" have formulated phased launch plans. Although the number of launches in 2024 did not meet expectations, the launch rhythm is expected to accelerate from the second half of 2025 [5][17][23]. 3.2 Profit Forecast and Valuation of Main Covered Companies The report provides profit forecasts, valuations, and investment ratings for multiple companies, including Hainan Huatie, Punan Co., Ltd., China Jushi, etc. EPS, P/E, P/B, and other indicators for 2024 - 2027 are presented, and most investment ratings are maintained [33]. 3.3 Weekly Market Review - **Industry Index Performance**: In the week from June 28th to July 4th, 2025, the building and building materials industries showed certain fluctuations. Among building sub - sectors, the garden engineering index had the highest increase at 2.20%, while among various industries, the steel index had a relatively large decline [38][40]. - **Infrastructure Public REITs Performance**: The report lists the closing prices, 52 - week highs and lows, weekly, monthly, year - to - date, 250 - day, and IPO - since price changes of multiple infrastructure public REITs. The average weekly increase was 1.07%, the average monthly increase was 1.31%, and the average year - to - date increase was 20.99% [46][47]. 3.4 Aggregate Data Tracking - **Real Estate Data**: The report presents data on real estate new construction, construction, completion, sales area cumulative year - on - year growth, land transaction area, and real estate transaction data from 2022 - 2025 [49][58][68]. - **Social Financing Data**: Data on monthly new social financing, new RMB loans, new corporate bond financing, etc., from 2022 - 2025 are provided [78]. - **Infrastructure Investment Data**: The cumulative year - on - year growth rates of narrow - sense and broad - sense infrastructure investment, as well as investment in power, transportation, and water conservancy industries from 2022 - 2025, are shown. The new contract signing data of eight major construction central enterprises from 2022Q1 - 2025Q1 are also presented [88][94]. - **Special Bond Issuance Data**: Data on monthly and cumulative new and replacement special bond issuance from 2022 - 2025 are provided [96]. 3.5 High - Frequency Data Tracking - **Cement Data**: Information on national PO42.5 cement average price, East China regional cement price, cement - coal price difference index, cement capacity utilization rate, and cement production monthly year - on - year growth rate is presented [107][114]. - **Float Glass Data**: Data on glass spot price, futures price, inventory, and daily melting volume are provided [115][117][119][122]. - **Photovoltaic Glass Data**: Information on soda ash price, 2mm photovoltaic glass price, inventory, and daily melting volume is presented [122][123][125]. - **Glass Fiber Data**: Prices of SMC roving, winding direct roving, injection roving, G75 electronic yarn, and glass fiber inventory are shown [128][129][132][134][138]. - **Carbon Fiber Data**: Data on carbon fiber average price, raw silk price, inventory, production, capacity utilization rate, gross profit margin, cost, and gross profit are provided [135][139][142][146][148][151][152]. - **Magnesia and Alumina Price Data**: Prices of large - crystal fused magnesia and alumina are presented [153][156]. - **Upstream Raw Material Price Data**: Prices of asphalt, waste paper, PVC, and HDPE are shown [159][160][162][163]. - **Physical Workload Data**: Prices of titanium dioxide and acrylic acid, high - machine rental rate, excavator working hours, and asphalt average capacity utilization rate are presented [167][168][170][173].