Core Viewpoint - China State Construction Engineering Corporation (601668.SH) has approved its subsidiary China Overseas Development Co., Ltd. (00688.HK) to invest in a real estate project in Xuhui District, Shanghai, with a total transaction value of approximately 15.478 billion yuan [1] Investment Details - The total transaction price is approximately 15.478 billion yuan, with China Overseas Development acquiring 50.5% equity and related debts of Xindong'an Company for 7.341 billion yuan and 30.5% equity of Xinbai'an Company for 0.812 billion yuan [1] - This investment will enhance the company's influence, leadership, and brand appeal in the Shanghai real estate market, supporting its deepening efforts in the region [1]

Core Viewpoint - China State Construction Engineering Corporation (601668.SH) has approved its subsidiary, China Overseas Development Co., Ltd. (00688.HK), to invest in a real estate development project in Xuhui District, Shanghai, enhancing its market presence in the region [1] Investment Details - China Overseas Development's subsidiary, China Overseas Enterprise Development Group Co., Ltd., along with partners, has successfully acquired 90% equity and related debts of Shanghai Xindong'an Enterprise Development Co., Ltd. and Shanghai Xinbai'an Economic Development Co., Ltd. [1] - The total transaction value amounts to approximately 15.478 billion yuan, with China Overseas Enterprise acquiring 50.5% equity and related debts of Xindong'an for 7.341 billion yuan and 30.5% equity of Xinbai'an for 0.812 billion yuan [1] Project Specifications - The project is located in Xuhui District, covering a total area of approximately 134,100 square meters and a total construction area of about 534,100 square meters [1] - Planned uses for the development include residential, commercial, office, and research design spaces [1] Strategic Implications - This investment is expected to enhance the company's influence, leadership, and brand recognition in the Shanghai real estate market, supporting its long-term development strategy in the region [1]

关于下属子公司通过股权收购方式获得上海市徐汇 证券代码：601668 证券简称：中国建筑 公告编号：临 2025-054 二〇二五年九月五日 1 区房地产开发项目合作开发权的公告 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。 本项目的投资开发，有利于公司提高在上海区域市场的影响力、引领力及品 牌号召力，助力公司深耕上海房地产开发市场。本项目是公司在当前市场状况下， 结合实际并充分考虑了风险因素的基础上进行的投资决策。本项目的后续实施尚 需履行相关程序，项目开发能否达到预期目标受宏观政策、项目开发周期、市场 需求等因素的影响，敬请投资者注意投资风险。 特此公告。 中国建筑股份有限公司董事会 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次会议审议同 意下属子公司中国海外发展有限公司（以下简称中国海外发展，00688.HK）参与 投资上海市徐汇区房地产开发项目（以下简称本项目）。近日，中国海外发展下 属子公司中海企业发展集团有限公司（以下简称中海企业发展）与上海虹润置业 有限公司、杭州旅投房地产开发有限公司联合竞得上海新 ...

Group 1 - The core point of the article is that China State Construction (601668.SH) has approved its subsidiary China Overseas Development (00688) to invest in a real estate development project in Xuhui District, Shanghai [1] - China Overseas Development's subsidiary, China Overseas Enterprise Development Group Co., Ltd., along with Shanghai Hongrun Real Estate Co., Ltd. and Hangzhou Travel Investment Real Estate Development Co., Ltd., has jointly acquired 90% equity and related debts of Shanghai Xindong'an Enterprise Development Co., Ltd. and Shanghai Xinbai'an Economic Development Co., Ltd. [1] - The total transaction price for this acquisition is approximately 15.478 billion yuan, with China Overseas Enterprise Development purchasing 50.5% equity and related debts of Xindong'an for 7.341 billion yuan and 30.5% equity of Xinbai'an for 0.812 billion yuan [1] Group 2 - The project is located in Xuhui District, Shanghai, covering a total area of approximately 134,100 square meters and a total construction area of about 534,100 square meters [1] - The planned uses for the project include residential, commercial, office, and research design [1]

Core Viewpoint - China State Construction announced the acquisition of stakes in two companies, enhancing its influence in the Shanghai real estate market [1] Group 1: Acquisition Details - China State Construction's subsidiary, China Overseas Enterprise Development Group Co., Ltd., acquired 50.5% equity and related debts of Xindongan Company for 7.341 billion yuan [1] - The company also acquired 30.5% equity of Xunbai'an Company for 0.812 billion yuan [1] Group 2: Project Overview - The total land area of the Shanghai Xuhui District real estate development project is approximately 134,100 square meters [1] - The total planned construction area is about 534,100 square meters, with intended uses including residential, commercial, office, and research design [1] Group 3: Strategic Implications - The transactions are expected to enhance the company's influence and brand recognition in the Shanghai regional market [1]

Market Overview - The housing construction sector experienced a decline of 0.31% on September 5, with China State Construction leading the drop [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Performance - Notable stock performances in the housing construction sector included: - Gaoxin Development (000628) closed at 51.29, up 2.21% with a trading volume of 93,600 shares and a turnover of 474 million yuan [1] - Zhejiang Construction Investment (002761) closed at 9.27, up 1.42% with a trading volume of 140,700 shares and a turnover of 129 million yuan [1] - China State Construction (601668) closed at 5.49, down 0.54% with a trading volume of 2,314,800 shares and a turnover of 1.27 billion yuan [1] Capital Flow - The housing construction sector saw a net outflow of 57.56 million yuan from main funds, while speculative funds had a net inflow of 96.80 million yuan, and retail investors experienced a net outflow of 39.24 million yuan [1] - Detailed capital flow for selected stocks included: - Gaoxin Development had a main fund net inflow of 12.92 million yuan, while retail investors had a net outflow of 20.94 million yuan [2] - China State Construction experienced a significant main fund net outflow of 63.63 million yuan, with speculative funds seeing a net inflow of 74.33 million yuan [2]

Core Viewpoint - The primary focus for real estate companies in 2025 is inventory reduction, with various firms emphasizing this task during their mid-year performance meetings [2][3][4]. Inventory Reduction Strategies - Greentown China completed an inventory reduction task of 19 billion yuan in the first half of 2025, with total inventory valued at approximately 270 billion yuan, of which about 140 billion yuan is from 2021 and earlier, accounting for roughly half [3][10]. - Major real estate companies like China State Construction and China Resources Land are implementing strategies such as "old projects, new approaches" to manage inventory effectively [3][4]. - CIFI Group emphasizes inventory management by categorizing stock and implementing targeted strategies for different types of inventory [4]. Financial Implications - The inventory burden from projects acquired at high costs between 2015 and 2019 is significant, with some companies facing substantial impairment provisions due to unsold properties [9][11]. - In the first half of 2025, major firms like Poly and Vanke reported inventory impairment provisions of 7.12 billion yuan and 5.11 billion yuan, respectively, contributing to overall financial uncertainty [10][11]. Market Conditions - The real estate market is experiencing significant uncertainty, with many companies struggling to offload high-cost inventory without incurring losses [11]. - The inventory structure shows that high-quality inventory is limited, with a larger portion consisting of properties in less desirable locations or with lower sales rates [10]. Company-Specific Actions - Longfor Group has reduced its inventory by over 8 billion yuan and revitalized 11 projects, supporting cash flow through various asset management strategies [5]. - Yuexiu Property focuses on maintaining prices while reducing inventory, utilizing market analysis to adjust marketing strategies effectively [5].

Core Viewpoint - The company emphasizes its focus on research and development (R&D) to enhance engineering application technology and breakthrough key core technologies, which are essential for its high-quality development [1] Group 1: R&D Investment - The company's R&D investment is primarily directed towards engineering application technology research and breakthrough key core technologies [1] - This investment supports the company's engineering business characterized by "high, large, new, and sharp" features, addressing challenges posed by geological, climatic, and technical conditions [1] Group 2: Technological Advancements - The company aims to improve its capabilities in green construction, intelligent construction, and industrialized construction [1] - A new "Good House" construction system has been launched this year, with ongoing achievements in BIM technology and construction robotics [1] Group 3: Market Development - The company is actively promoting the industrialization of technological achievements, selecting 11 products, including "New Good House," for initial industrialization promotion [1] - A collaborative support mechanism for application has been established to enhance market share and cultivate new growth drivers for the company's development [1]

Core Viewpoint - China State Construction Engineering Corporation (601668) emphasizes that its market value performance is influenced by various factors, including market preferences and industry characteristics [1] Group 1: Company Strategy - The company focuses on improving the quality of its development as the foundation for market value management, which includes sustainable development prospects, unique competitive advantages, excellent management, stable profit returns, and long-term steady dividend guarantees [1] - The company aims to enhance its ability to return value to shareholders, making high-quality corporate development the basis for shareholder returns [1] - The company is committed to continuously improving its value creation capability and enhancing its technological attributes while maintaining a stable dividend policy [1] Group 2: Capital Operations - The company plans to adopt capital operation methods such as share buybacks and increases in shareholdings at appropriate times to continuously enhance its investment value [1] - The company is dedicated to safeguarding the interests of investors through these strategic initiatives [1]

Summary of Key Points Core Viewpoint - The social security fund has significantly increased its presence in the stock market, appearing in the top ten shareholders of 577 companies by the end of Q2, with notable increases in both new investments and additional holdings [1]. Group 1: Shareholding Changes - The social security fund holds a total of 10.438 billion shares across 577 companies, with a total market value of 165.9 billion yuan [1]. - There were 136 new investments and 152 increased holdings, while 171 positions were reduced and 118 remained unchanged [1]. - The top three companies by shareholding volume are Changshu Bank (27.779 million shares), Sun Paper (15.111 million shares), and Hualu Hengsheng (13.268 million shares) [1]. Group 2: Shareholding Proportions - The highest shareholding proportion is in Andar Intelligent, with 11.90% of its circulating shares held by the social security fund, followed by Changshu Bank at 8.38% [1]. - A total of 17 companies have over 100 million shares held by the social security fund, with the largest being Focus Media at 334 million shares [1]. Group 3: Performance of Held Stocks - Among the stocks held by the social security fund, 352 companies reported year-on-year profit growth, with *ST Songfa showing the highest increase of 15,646.55% [2]. - The average increase in the share price of the social security fund's major holdings since July is 13.00%, outperforming the Shanghai Composite Index [2]. - The best-performing stock is Yingweike, with a cumulative increase of 148.23%, followed by Dayuan Pump Industry and Guomai Culture, which rose by 119.05% and 105.59%, respectively [2].