Core Insights - The report by Zhiyan Consulting analyzes the supply and demand dynamics of the ceramic tile industry in China from 2026 to 2032, providing insights into market trends and future prospects [1]. Export Data - In August 2025, China's export volume of construction ceramics reached 1.23 million tons, marking a year-on-year increase of 0.6% [1]. - The export value for the same period was $408 million, which represents a year-on-year decrease of 1.8% [1]. Industry Overview - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services, including feasibility studies and customized reports [1]. - The firm emphasizes its commitment to delivering high-quality services and market insights to empower investment decisions [1].

Group 1 - The meeting between China State Construction Group and China Post Group focused on enhancing cooperation in various sectors, including property management, financial services, employee services, and express logistics [2][3] - Both companies expressed gratitude for their longstanding support and highlighted the strong foundation for future collaboration, aiming for mutual benefits and joint development [3] - China State Construction Group aims to deepen strategic cooperation with China Post, emphasizing high standards in project execution and expanding collaboration in finance, key engineering projects, urban operations, and logistics [3]

Core Insights - The housing construction sector experienced a decline of 0.26% on October 24, with Chongqing Construction leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Sector Performance - The housing construction sector's individual stock performance showed mixed results, with Dragon Construction rising by 0.56% to a closing price of 3.62, while Chongqing Construction fell by 1.73% to 3.41 [1] - The trading volume and turnover for key stocks in the sector included: - Dragon Construction: 426,500 shares, turnover of 156 million yuan - China State Construction: 1,613,100 shares, turnover of 921 million yuan - Chongqing Construction: 156,400 shares, turnover of 53.42 million yuan [1] Capital Flow - The housing construction sector saw a net outflow of 55.39 million yuan from main funds, while speculative funds had a net inflow of 62.89 million yuan, and retail investors experienced a net outflow of 7.50 million yuan [1] - Detailed capital flow for individual stocks indicated: - Dragon Construction: Main funds net inflow of 34.36 million yuan, speculative funds net inflow of 11.10 million yuan, retail net outflow of 23.25 million yuan - Chongqing Construction: Main funds net outflow of 4.39 million yuan, retail net inflow of 4.99 million yuan [2]

Core Points - On October 23, the Urumqi Municipal Government signed a strategic cooperation agreement with China State Construction Engineering Corporation (CSCEC) [1] - CSCEC's Chairman, Zuo Qiang, expressed gratitude for the long-term support from Urumqi for the company's development [1] - Urumqi's Deputy Secretary of the Municipal Party Committee and Mayor, Yahaful Paidula, acknowledged CSCEC's contributions to the economic and social development of Urumqi [1] Company Summary - CSCEC is a core subsidiary of China State Construction Group [1] - The company has been recognized for its role in supporting Urumqi's economic and social growth [1] Industry Summary - Urumqi is identified as the political, economic, and cultural center of Xinjiang [1] - The strategic cooperation is expected to enhance the development of infrastructure and construction projects in the region [1]

中新网吉隆坡10月23日电 (记者 陈悦)由马来西亚人力资源部职业安全与健康局主办的亚洲国家职业安 全与健康管理第三国培训项目近日在马来西亚吉隆坡举行，来自亚洲多个国家的代表与会，中国建筑在 会上发布《中国建筑服务马来西亚人才可持续发展报告》。 中国建筑马来西亚有限公司副总经理黄祎栋介绍，这是中国建筑在马来西亚区域推出的第四份社会责任 报告，报告系统阐述了中国建筑通过实施系统性培训计划、推动职业资格认证及深化校企等合作项目， 在助力本地建筑专业人才成长方面取得的成效，全面展现了中国建筑在的属地人才培养、强化安全生 产、推动社区共融等方面的长期投入。 各国与会代表也分享了职业安全管理实践经验。主办方介绍，本次活动旨在推动亚洲国家在职业安全与 健康管理领域的合作共赢，搭建共享合作的交流平台。(完) 与会各国 马来西亚人力资源部职业安全与健康局相关负责人哈斯努表示，中国建筑将先进的安全理念与管理体系 与马来西亚本地实践相结合，通过系统的技能培训和合作项目，为当地培养了大批具备国际视野的专业 人才。希望未来双方进一步深化合作，共同推动区域建筑业安全管理水平提升，为实现"零事故、零伤 害"目标实现贡献更多力量。 代表参 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - Infrastructure investment showed weakness in September, but the fourth quarter may benefit from increased funding and policy catalysts. The report highlights the importance of infrastructure as a stabilizing measure for the economy, with a focus on undervalued, high-dividend construction stocks [1][2] - The real estate sector saw a decline in sales area by 5.5% year-on-year from January to September, with a significant drop of 21.3% in September alone. However, the completion rate for real estate projects turned positive for the first time since 2024, indicating a potential recovery [2] - Cement demand is gradually weakening, with a production drop of 5.2% year-on-year from January to September. The report suggests that cement companies may seek to optimize supply and increase prices to recover profitability [3] - The flat glass market showed signs of improvement in September, with a slight increase in demand. However, overall production still declined by 5.2% year-on-year, and inventory levels have risen significantly [4] Summary by Sections Infrastructure Investment - Infrastructure investment from January to September showed a year-on-year increase of 1.1%, but September alone saw a decline of 4.7%. The report anticipates a recovery in the fourth quarter due to early fiscal funding and new policy financial tools [1][2] Real Estate Sector - Real estate sales area decreased by 5.5% year-on-year from January to September, with a notable drop of 11.9% in September. New construction area fell by 18.9% year-on-year, while completion area saw a slight increase in September, marking the first positive growth since 2024 [2] Cement Industry - Cement production from January to September was 1.259 billion tons, down 5.2% year-on-year. The average shipment rate was 41.3%, a decrease of 2.6 percentage points year-on-year. The report indicates that cement companies are likely to push for price increases to enhance profitability [3] Glass Industry - Flat glass production from January to September was 72.881 million weight cases, down 5.2% year-on-year. The report notes a slight improvement in demand in September, but overall inventory levels have increased significantly, indicating potential challenges ahead [4]

Market Performance - The housing construction sector increased by 0.59% compared to the previous trading day, with Shaanxi Construction leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Shaanxi Construction (600248) closed at 3.98, up 1.02% with a trading volume of 246,400 shares and a turnover of 97.49 million yuan [1] - China State Construction (601668) closed at 5.72, up 0.88% with a trading volume of 1.82 million shares and a turnover of 1.033 billion yuan [1] - Other notable stocks include Ningbo Construction (601789) at 5.47 (+0.37%), Chongqing Construction (600939) at 3.47 (+0.29%), and Zhejiang Construction Investment (002761) at 9.49 (+0.11%) [1] Capital Flow - The housing construction sector experienced a net outflow of 58.35 million yuan from institutional investors and 48.49 million yuan from speculative funds, while retail investors saw a net inflow of 107 million yuan [1] - China State Construction had a net inflow of 70.26 million yuan from institutional investors, while experiencing a net outflow of 89.02 million yuan from speculative funds [2] - Shaanxi Construction saw a net inflow of 13.76 million yuan from institutional investors, but a net outflow of 6.90 million yuan from speculative funds [2]

Group 1 - China State Construction Engineering Corporation's stock price increased by 0.88% to 5.72 CNY per share, with a trading volume of 1.033 billion CNY and a turnover rate of 0.44%, resulting in a total market capitalization of 236.353 billion CNY [1] - The company has experienced a continuous stock price increase for four consecutive days, with an unspecified cumulative increase percentage [1] - The main business segments of China State Construction include construction and installation of public and civil buildings (62.83%), infrastructure construction and investment (24.67%), real estate development and investment (11.90%), and other services [1] Group 2 - According to data, one fund from Caitong Securities Asset Management holds a significant position in China State Construction, specifically the Caitong Asset Management Rui Xiang 12-month open-end mixed A fund, which holds 56,500 shares, accounting for 0.28% of the fund's net value [2] - The fund has generated a floating profit of approximately 32,320 CNY during the four-day stock price increase, with a total floating profit of about 32,320 CNY [2] - The fund has a total asset size of 1.1 billion CNY and has achieved a year-to-date return of 8.34%, ranking 5892 out of 8243 in its category [2]

华宝标普沪港深中国增强价值指数（501310）基金经理为周晶、杨洋。 截至发稿，周晶累计任职时间12年131天，现任基金资产总规模230.62亿元，任职期间最佳基金回报 204.4%， 任职期间最差基金回报-40.43%。 杨洋累计任职时间4年167天，现任基金资产总规模60.59亿元，任职期间最佳基金回报112.57%， 任职 期间最差基金回报-19.95%。 10月23日，中国建筑涨0.88%，截至发稿，报5.72元/股，成交10.33亿元，换手率0.44%，总市值2363.53 亿元。中国建筑股价已经连续4天上涨，区间累计涨幅+Inf%。 资料显示，中国建筑股份有限公司位于北京市朝阳区安定路5号院3号楼中建财富国际中心，成立日期 2007年12月10日，上市日期2009年7月29日，公司主营业务涉及承担国内外公用、民用房屋建筑工程的 施工、安装、咨询;基础设施项目的投资与承建;国内外房地产投资与开发;建筑与基础设施建设的堪察与 设计;装饰工程、园林工程的设计与施工;实业投资;承包境内外资工程;进出口业务;建筑材料及其他非金 属矿物制品、建筑用金属制品、工具、建筑工程机械和钻探机械的生产与销售。以及集团内 ...

万家兴恒回报一年持有期混合A（014693）基金经理为苏谋东、张永强。 10月23日，中国建筑涨0.88%，截至发稿，报5.72元/股，成交10.33亿元，换手率0.44%，总市值2363.53 亿元。中国建筑股价已经连续4天上涨，区间累计涨幅+Inf%。 资料显示，中国建筑股份有限公司位于北京市朝阳区安定路5号院3号楼中建财富国际中心，成立日期 2007年12月10日，上市日期2009年7月29日，公司主营业务涉及承担国内外公用、民用房屋建筑工程的 施工、安装、咨询;基础设施项目的投资与承建;国内外房地产投资与开发;建筑与基础设施建设的堪察与 设计;装饰工程、园林工程的设计与施工;实业投资;承包境内外资工程;进出口业务;建筑材料及其他非金 属矿物制品、建筑用金属制品、工具、建筑工程机械和钻探机械的生产与销售。以及集团内部存贷款等 金融业务。主营业务收入构成为：房屋建筑工程62.83%，基础设施建设与投资24.67%，房地产开发与 投资11.90%，其他1.78%，勘察设计0.45%。 从基金十大重仓股角度 数据显示，万家基金旗下1只基金重仓中国建筑。万家兴恒回报一年持有期混合A（014693）二季度持 有股 ...