Group 1 - The housing construction sector increased by 1.44% on February 3, with Shanghai Construction leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Major stocks in the housing construction sector showed varied performance, with Shanghai Construction rising by 6.71% to a closing price of 3.02 [1] Group 2 - The net inflow of main funds in the housing construction sector was 314 million yuan, while retail investors experienced a net outflow of 166 million yuan [1] - Shanghai Construction had a significant net inflow of 271 million yuan, accounting for 13.60% of its trading volume [2] - China State Construction saw a net inflow of 78.05 million yuan, representing 6.09% of its trading volume [2]

Group 1 - The core viewpoint of the article highlights the performance of the Infrastructure ETF Huaxia (159635), which rose by 1.24% to 1.140 yuan with a trading volume of 8.1113 million yuan as of the midday close on February 3 [1] - The major holdings of the Infrastructure ETF Huaxia include several companies, with notable increases in stock prices: XCMG Machinery up 2.75%, Zoomlion up 4.40%, and Sany Heavy Industry up 2.20% [1] - The performance benchmark for the Infrastructure ETF Huaxia is the CSI Infrastructure Index return, managed by Huaxia Fund Management Co., Ltd. Since its establishment on June 28, 2022, the fund has achieved a return of 12.52%, with a monthly return of 0.75% [1]

Summary of China State Construction Engineering Corporation Conference Call Company Overview - **Company**: China State Construction Engineering Corporation (CSCEC) - **Industry**: Construction and Real Estate Key Points Financial Performance and Projections - **2025 Profit Outlook**: CSCEC expects a slight decline in profit for 2025, primarily due to a decrease in gross margin from real estate operations and accounts receivable issues in construction [2][6] - **Revenue and Contract Growth**: New contract value reached 4.5 trillion yuan in 2025, a 1% year-on-year increase. The construction business grew by 0.5% to 2.6 trillion yuan, while the infrastructure sector saw a 4.1% increase to 1.47 trillion yuan [4] - **Real Estate Sales**: Contract sales in the real estate sector were 394.8 billion yuan, down 6% year-on-year [4] - **Land Acquisition**: The company acquired over 9 million square meters of land, primarily in first- and second-tier cities, laying a foundation for sustainable development [4] Cash Flow and Financial Health - **Cash Flow Improvement**: Operating cash flow turned positive with over 10 billion yuan in the first three quarters, expected to improve further in Q4, traditionally a peak collection period [8] - **Inventory Impairment**: Increased inventory impairment provisions reflect the company's cautious stance on current market conditions and project clientele, varying by city and project [9] Strategic Focus and Future Plans - **"15th Five-Year Plan"**: The plan is viewed as a critical period for building a world-class enterprise, focusing on intrinsic development in construction, rapid advancement in infrastructure, and stabilizing the real estate sector while enhancing quality [10] - **Investment Strategy**: The company is concentrating investments, with over 75% directed towards real estate, emphasizing projects with clear returns [5][11] - **Urban Renewal Projects**: These projects straddle real estate and construction, with varying investment needs and return rates, indicating a strategic focus on urban renewal as a growth area [12] Market Conditions and Industry Dynamics - **Real Estate Sector Challenges**: The real estate industry is under pressure, necessitating a wait for policy optimization and fundamental improvements [2][7] - **Government Support**: Infrastructure business is expected to benefit from national policy support, particularly in energy, water conservancy, and transportation sectors [2][7] Mergers and Acquisitions - **M&A Strategy**: The company is focused on mergers and acquisitions that create synergies within specific sectors, with less emphasis on large-scale mergers between state-owned enterprises [13][14] Conclusion - CSCEC is navigating a challenging market environment with a cautious yet strategic approach, focusing on sustainable growth, cash flow improvement, and leveraging government support in infrastructure while managing risks in the real estate sector.

Group 1 - Southbound funds increased their holdings in China State Construction International (03311.HK) by 570,000 shares on February 2 [1] - Over the past 5 trading days, there were 3 days of net reductions in southbound fund holdings, totaling a net decrease of 2.836 million shares [1] - In the last 20 trading days, there were 10 days of net reductions, with a cumulative net decrease of 4.6985 million shares [1] Group 2 - As of now, southbound funds hold 510 million shares of China State Construction International, accounting for 9.65% of the company's total issued ordinary shares [1] - China State Construction International Group Limited primarily engages in construction business, infrastructure project investment, toll road operations, project supervision services, and exterior wall engineering [1] - The company also involves in the renovation of industrial plants, provides project supervision services, sells construction materials, and leases machinery and investment properties [1]

民政部表示，广大社会组织已经成为加强和完善社会治理的重要载体、推动经济社会高质量发展的重要 支撑、全面建设社会主义现代化国家的重要力量。未来全国各级各类社会组织要进一步强化自身建设、 提升专业能力、履行社会责任。 北京商报讯(记者翟枫瑞)2月2日，民政部发布关于表彰全国先进社会组织的决定称，根据《民政部关于 开展第五次"全国先进社会组织"评比表彰活动的通知》，经推荐申报、资格审查、专家评审、征求意 见、社会公示等程序，现决定，授予中华全国律师协会等286个社会团体、社会服务机构和基金会"全国 先进社会组织"称号。 北京商报记者通过《全国先进社会组织名单》了解到，中国建筑材料流通协会、中国建筑业协会、中国 建筑防水协会、中国建筑材料联合会等多个建筑行业协会上榜。 ...

Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The cleanroom market is expanding due to increased investment in high-tech industries, benefiting companies like Yaxiang Integration, with related companies including Shenghui Integration and Bocheng Co., Ltd. [3][4] - The real estate market is showing signs of marginal improvement, with significant potential for transformation and development [5] Summary by Sections Cleanroom Industry - The growth in high-tech industry investments is driving the expansion of the cleanroom market, with Micron Technology planning to invest $24 billion in a NAND factory in Singapore over the next decade, which will include 700,000 square feet of cleanroom space [4] - The World Semiconductor Trade Statistics (WSTS) predicts a 26.3% increase in the global semiconductor market by 2026, reaching $975 billion, further supporting the cleanroom industry's growth [4] - Yaxiang Integration's parent company reported a consolidated revenue of NT$9.5 billion (approximately RMB 2.1 billion) in December, a year-on-year increase of 165.2% [4] Real Estate Market - The Central Economic Work Conference in December 2025 emphasized stabilizing the real estate market through targeted policies, including controlling inventory and encouraging the acquisition of existing properties for affordable housing [5] - An article published on January 2, 2026, highlighted the importance of managing expectations in the real estate market, which has significant financial asset attributes and broad social implications [5] Recommended Companies - The report recommends Yaxiang Integration for the cleanroom sector, with related companies including Bocheng Co., Ltd. and Shenghui Integration [7] - Other sectors recommended include commercial aerospace, controllable nuclear fusion, and renewable energy, with specific companies highlighted for each sector [7]

Investment Rating - The report maintains a "Buy" rating for key companies in the construction central enterprises sector, including China Railway, China Chemical, China Construction, and China Metallurgical [12][13][32]. Core Insights - The construction central enterprises are expected to see improved profitability driven by policy goals aimed at stabilizing investment. Order data shows a recovery in order growth starting from Q2 2025, with an anticipated narrowing of performance declines by Q4 2025 [1][16]. - The overall valuation of the nine major construction central enterprises is at historical lows, with a Price-to-Book (PB) ratio of 0.45 and a Price-to-Earnings (PE) ratio of 6.66, indicating strong safety margins [2][19]. - Institutional holdings in the construction sector are at low levels, suggesting a healthy chip structure and potential for recovery in key stocks [3][22]. Summary by Sections Order Growth and Performance - Cumulative order growth rates for construction central enterprises from Q1 to Q4 2025 are -2.0%, +0.2%, +1.3%, and +1.0%, respectively, indicating a recovery trend [1][16]. - The report anticipates that the performance decline of construction central enterprises will narrow in Q4 2025 due to improved order growth [1][16]. Valuation Metrics - As of January 30, 2026, the overall PB for the nine major construction central enterprises is 0.45, slightly above the historical low of 0.42, while the overall PE is 6.66, still below the historical median of 7.66 [2][19]. Institutional Holdings - As of Q4 2025, active funds hold 0.40% of the construction sector, while index funds hold 0.16%, leading to a combined holding of 0.28%, significantly lower than the 0.7%-1% range seen in 2021-2022 [3][22]. Catalysts for Growth - Several potential catalysts for the construction central enterprises include resource business revaluation for China Railway, chemical price rebounds for China Chemical, and increased investment in the power grid for China Electric Power and China Energy Construction [4][26]. - The upcoming "14th Five-Year Plan" is expected to bring about fiscal policies that could further stimulate the sector [4][26]. Recommended Stocks - Key recommendations include: - China Railway (A/H): Benefiting from resource revaluation, with a combined value of 1,894 billion CNY for its resource and engineering segments, indicating a potential upside of 35% [5][27]. - China Chemical: Positioned to benefit from chemical price rebounds, with a current PB of 0.84, indicating a strong safety margin [9][28]. - China Construction: Expected to benefit from stabilizing real estate expectations, with a projected dividend yield of 5.5% [10][30]. - China Metallurgical: Anticipated to improve significantly post divestment of its loss-making real estate business, with a combined valuation potential of 794 billion CNY [11][31].

Investment Rating - The report maintains a "Buy" rating for key companies in the construction central enterprises sector, including China Railway, China Chemical, China Construction, and China Metallurgical [12][13][32]. Core Insights - The construction central enterprises are expected to see improved profitability driven by policy goals aimed at stabilizing investment and increasing central budget investment in 2026. Order growth has shown signs of recovery, with cumulative order growth rates for 2025 Q1-Q4 at -2.0%, +0.2%, +1.3%, and +1.0% respectively, indicating resilience among leading firms [1][16]. - The overall valuation of the nine major construction central enterprises is at historical lows, with a Price-to-Book (PB) ratio of 0.45 and a Price-to-Earnings (PE) ratio of 6.66, suggesting a strong margin of safety for investors [2][19]. - Institutional holdings in the construction sector are at low levels, with active funds holding only 0.40% of the sector, indicating significant underweighting compared to historical averages [3][22]. Summary by Sections Order Growth and Market Conditions - The report highlights a recovery in order growth for construction central enterprises, with expectations for performance improvement in Q4 2025 as orders stabilize and infrastructure investment accelerates in 2026 [1][16]. - The central government's focus on stabilizing investment and increasing budget allocations is expected to support revenue and profit growth for these enterprises [1][16]. Valuation Metrics - As of January 30, 2026, the construction central enterprises exhibit a PB of 0.45, slightly above the historical low of 0.42, and a PE of 6.66, which is still below the historical median of 7.66, indicating a favorable entry point for investors [2][19]. Institutional Holdings - As of Q4 2025, the construction sector's market capitalization represents only 1.6% of the total A-share market, with a significant reduction in institutional holdings compared to previous years, suggesting potential for recovery in stock prices as institutional interest returns [3][22]. Catalysts for Growth - Several catalysts are identified for the construction central enterprises, including resource revaluation for China Railway, chemical price rebounds for China Chemical, and increased investment in power grid infrastructure benefiting China Electric Power and China Energy Construction [4][26]. - The upcoming Two Sessions and the start of the 14th Five-Year Plan in 2026 are expected to bring additional fiscal policies that could further stimulate the sector [4][26]. Recommended Stocks - Key recommendations include: - **China Railway (A/H)**: Strong resource base with significant revaluation potential, estimated combined value of 1,894 billion CNY for A shares and 1,535 billion CNY for H shares, indicating a 35% and 54% upside respectively [5][27]. - **China Chemical**: Positioned to benefit from chemical price rebounds, with a current PB of 0.84, indicating a solid margin of safety [9][28]. - **China Construction**: Expected to benefit from stabilizing real estate expectations, with a projected dividend yield of 5.5% [10][30]. - **China Metallurgical**: Anticipated to improve significantly post divestment of loss-making real estate operations, with a potential valuation increase of 22% to 74% [11][31].

南财智讯1月30日电，兴证国际（06058.HK）发布须予披露交易公告，公司间接全资附属公司 CISInvestment于2025年11月20日及2026年1月29日，在公开市场分两次购买由 CSCECFinance(Cayman)IILimited发行、中国建筑股份有限公司无条件不可撤销担保的美元计价票据， 本金总额为1715.5万美元（按汇率1美元=7.85港元折算，约合1.34亿港元），总代价约为1708.99万美元 （约合1.34亿港元）。该票据年利率3.50%，到期日为2027年7月5日。本次购买事项构成上市规则下的 须予披露交易，已获豁免股东批准。资金来源为公司内部资源。 ...

Core Viewpoint - The housing construction sector experienced a decline of 0.39% on January 30, with Shanghai Construction leading the losses. The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1]. Group 1: Market Performance - The housing construction sector's individual stock performance showed varied results, with Longyuan Construction increasing by 3.25% to a closing price of 3.18, while Shanghai Construction fell by 3.56% to 2.98 [1]. - The total trading volume for Longyuan Construction was 639,100 shares, with a transaction value of 204 million yuan, while China State Construction had a trading volume of 5,351,900 shares and a transaction value of 2.714 billion yuan [1]. Group 2: Capital Flow - The housing construction sector saw a net outflow of 426 million yuan from main funds, while retail investors contributed a net inflow of 484 million yuan [1]. - Among individual stocks, Longyuan Construction had a net inflow of 33.88 million yuan from main funds, while Shanghai Construction experienced a net outflow of 1.23 million yuan [2].