Core Points - The successful completion of the 4th tunnel of the 27.7 km Ehelepola Canal water diversion project in Sri Lanka marks a significant milestone, indicating that the project is entering its final phase of construction [1][3] - The 4th tunnel, measuring 1,097 meters in length, faced challenges due to its shallow depth, low rock quality, and proximity to residential areas, which include houses, schools, and farms [3] - The project, which began construction in January 2023, has created over 1,300 local jobs and aims to provide irrigation water for over 70,000 hectares of farmland and drinking water for more than 370,000 households upon completion [3] Project Details - The project is a key livelihood initiative in Sri Lanka, involving hard rock tunneling, the 4th tunnel, and some open-cut water channels [3] - The construction team employed blasting methods while enhancing safety and environmental management, optimizing blasting techniques, and installing noise reduction facilities to minimize vibrations and noise [3] - The project has received a 24-hour blasting permit, which has significantly improved work efficiency [3]

Core Viewpoint - China State Construction Engineering Corporation (CSCEC) will hold a half-year performance briefing on August 29, 2025, to discuss its operational and financial status for the first half of 2025, allowing investors to engage in Q&A [2][3][8] Group 1: Event Details - The performance briefing is scheduled for August 29, 2025, from 15:00 to 16:00 [3][6] - The event will be conducted via online live streaming combined with interactive Q&A [3][6] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and on the "Roadshow" online platform [3][6] Group 2: Participation Information - Investors can submit questions until 12:00 on August 29, 2025, through the Shanghai Stock Exchange Roadshow Center or via the company's investor email [2][4] - Participants can join the briefing by accessing the Shanghai Stock Exchange Roadshow Center or the "Roadshow" platform on the scheduled date and time [7] - Contact information for inquiries includes a phone number and the investor email [5][7] Group 3: Attendees - The meeting will feature the company president, independent directors, vice presidents, financial director, board secretary, and relevant department heads [3]

Core Viewpoint - China State Construction International (03311.HK) reported a slight increase in revenue and a notable rise in net profit for the first half of the year, indicating stable performance amidst market conditions [1] Financial Performance - The company's revenue for the first half of the year was approximately 56.643 billion, reflecting a year-on-year growth of 0.1% [1] - Net profit reached around 5.259 billion, showing a year-on-year increase of 5.1% [1]

Core Viewpoint - The company reported a stable performance in H1 2025, with revenue of 56.6 billion RMB, a slight increase of 0.13% year-on-year, and a net profit of 5.259 billion RMB, up 5.05% year-on-year, despite a significant decline in new contract signing due to a high base effect from a major project in Q1 2024 [1] Financial Performance - H1 2025 revenue breakdown: Technology-driven business revenue increased by 73% to 20.5 billion RMB, while investment-driven, construction, and operation segments saw declines of 21%, 17%, and growth of 17% respectively [1] - New contracts signed in H1 2025 totaled 92.6 billion RMB, down 19.2% year-on-year, but adjusted for the previous year's high base, it reflects a growth of 22.8% [1] Regional Performance - Mainland China revenue was 29.34 billion RMB, down 8.8%, but operating profit increased by 4.3% to 6.05 billion RMB, with a gross margin of 22.8% [2] - Hong Kong revenue rose by 39.6% to 23.24 billion RMB, with a slight increase in operating profit, while Macau experienced a significant decline in both revenue and profit [2] Financial Health - The company maintained a healthy financial position with an average financing cost of 3.15%, down 0.39 percentage points year-on-year, and a debt-to-asset ratio of 71.6% [2] - Operating cash flow for H1 2025 was positive at 1.23 billion RMB, marking the fourth consecutive year of positive cash flow [2] Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are set at 10.3 billion, 11.2 billion, and 12.1 billion HKD respectively [3] - The target price has been raised to 17.57 HKD, reflecting a favorable outlook based on strong cash flow and growth in new contracts [3]

证券代码：601668 证券简称：中国建筑 公告编号：临 2025-049 关于召开 2025 年半年度业绩说明会的公告 重要内容提示： 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。 会议召开方式：网络直播+网络互动 一、说明会类型 本次业绩说明会以网络直播结合网络互动方式召开，公司将针对 2025 年半 年度经营情况、财务状况和发展成果等具体情况与投资者进行互动交流和沟通， 在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、方式、地点 会议召开时间：2025 年 8 月 29 日 15:00-16:00 投资者可于 2025 年 8 月 29 日 12:00 前登录上海证券交易所上证路演中心 "提问预征集"栏目（网址：https://roadshow.sseinfo.com/preCallQa）或通过公司 投资者邮箱 ir@cscec.com 向公司提问，公司将在业绩说明会上对投资者普遍关 注的问题进行回答。 中国建筑股份有限公司（以下简称"公司"）将于 2025 年 8 月 29 日在上海 证 ...

Group 1 - The housing construction sector increased by 1.23% on August 21, with Zhejiang Construction leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] - Key stocks in the housing construction sector showed varied performance, with Zhejiang Construction rising by 5.97% to a closing price of 10.12 [1] Group 2 - The net inflow of main funds in the housing construction sector was 213 million yuan, while retail funds experienced a net outflow of 105 million yuan [1] - Detailed fund flow data indicates that Zhejiang Construction had a main fund net inflow of approximately 99.43 million yuan, while retail investors had a net outflow of about 81.44 million yuan [2] - Other notable companies included China State Construction with a main fund net inflow of 67.36 million yuan and a retail net outflow of 1.49 million yuan [2]

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering industry, indicating an expectation for the industry to outperform the benchmark index [5][26]. Core Insights - The recent issuance of guidelines by the State Council aims to standardize the construction and operation of existing PPP projects, which is expected to clarify funding sources and reduce receivables risks for construction companies [1][2]. - The report highlights that the construction industry has a significant amount of receivables, with total receivables assets projected to reach 7.2 trillion yuan by the end of 2024, closely linked to the debts arising from overdue payments in PPP projects [4][11]. - The report recommends specific companies with high receivables and low price-to-book (PB) ratios, including China Railway Construction, China Railway, China Communications Construction, China Metallurgical Group, and China State Construction [1][4]. Summary by Sections Section 1: PPP Projects - The guidelines issued are expected to facilitate the smooth construction of ongoing PPP projects and ensure the stable operation of existing ones, with a focus on increasing financial support [2][3]. - The report notes that the funding for these projects will primarily come from local special bonds, which may lead to competition between new and existing projects [3][4]. Section 2: Financial Performance of Key Companies - China Railway Construction (1186 HK) is rated "Buy" with a target price of 6.64 HKD, despite a 6.61% year-on-year decline in revenue for Q1 2025 [10]. - China Railway (390 HK) is rated "Overweight" with a target price of 5.34 HKD, facing a 6.16% decline in revenue for Q1 2025 [10]. - China Communications Construction (1800 HK) is rated "Buy" with a target price of 7.33 HKD, showing a 12.6% decline in revenue for Q1 2025 but positive order growth [10]. - China Metallurgical Group (601618 CH) is rated "Overweight" with a target price of 3.82 CNY, experiencing an 18.5% decline in revenue for Q1 2025 [10]. - China State Construction (601668 CH) is rated "Buy" with a target price of 8.60 CNY, reporting a slight revenue increase of 1.1% for Q1 2025 [10].

Core Viewpoint - China State Construction International is focusing on high-quality development through technological innovation, particularly in the context of traditional construction industry upgrades and policies promoting smart manufacturing, prefabricated decoration, and green buildings [1] Financial Performance - For the first half of 2025, the company reported revenue of 56.643 billion yuan and a net profit attributable to shareholders of 5.259 billion yuan [1] - The interim dividend declared is 0.34 HKD per share, with a payout ratio of 31.1%, an increase of 0.7 percentage points compared to the same period last year [1] - The company has maintained stable operating cash flow, reflecting its resilience as an industry leader [1] Project Acquisition and Market Position - The company has secured over 100 billion HKD worth of projects in the Northern Metropolis, reinforcing its market leadership [3] - Significant projects include the New Territories West Fill Bank Expansion, with a contract value of 39.2 billion HKD, and new public housing contracts in Yuen Long [3] - The company has a strong track record in environmental engineering, with projects like the Sha Tin Cavern Sewage Treatment Plant and the Tseung Kwan O Desalination Plant [3] Future Opportunities - The company is poised to benefit from the ongoing infrastructure demands driven by the booming tourism industry in Macau, with multiple hotel renovation and expansion projects [4] - Upcoming infrastructure projects in the Northern Metropolis, including the West Rail (Hung Shui Kiu to Qianhai) and the Kai Tak Smart Green Transport System, are expected to create new opportunities [4] - The Northern Metropolis is projected to see an increase in land and housing output, addressing housing shortages and enhancing living conditions [4] Technological Innovation - The company is leveraging technological advancements to differentiate itself in a competitive market, focusing on modular construction (MiC) technology [8][9] - Successful applications of MiC technology in various projects demonstrate its ability to enhance construction efficiency and quality [9] - The company is well-positioned to capitalize on the growing demand for prefabricated and modular buildings as policies promote their implementation [10] Strategic Expansion - The company has a solid financial foundation and leading technological advantages, which support potential strategic acquisitions for future growth [13] - The dual-track breakthrough in both Hong Kong and mainland markets, driven by policy and market dynamics, positions the company for sustained growth [12]

Core Viewpoint - China State Construction International (03311) has announced a factoring arrangement that will provide immediate liquidity for operational and business development needs, enhancing the company's financial structure and operational capacity [1] Group 1: Factoring Arrangement Details - On August 20, 2025, China State Construction International's indirect wholly-owned subsidiary, China State Construction International Investment, entered into a factoring arrangement [1] - The arrangement includes a receivables transfer contract with Huzhou Haichuang and a factoring contract with China State Construction Commercial Factoring [1] - China State Construction Commercial Factoring will provide a principal amount of RMB 200 million at a discount rate of 92.8%, with factoring services for a period not exceeding 18 months [1] Group 2: Benefits of the Arrangement - The factoring arrangement is beneficial for the group as it provides immediate available funds for working capital and business development [1] - It allows the group to meet liquidity development needs and diversify financing channels [1] - The arrangement aims to optimize the group's asset structure, improve capital efficiency, and enhance operational capabilities [1]

Core Viewpoint - China State Construction International (03311) has announced a factoring arrangement that will provide immediate available funds for operational and business development purposes, enhancing liquidity and diversifying financing channels [1] Group 1 - The company has entered into a factoring arrangement on August 20, 2025, through its indirect wholly-owned subsidiary, China State Construction International Investment [1] - The factoring arrangement includes a receivables transfer contract with Huzhou Haichuang and a factoring contract with China State Construction Commercial Factoring [1] - China State Construction Commercial Factoring will provide a principal amount of RMB 200 million at a discount rate of 92.8%, with factoring services for a period not exceeding eighteen months [1] Group 2 - The arrangement is beneficial for the company as it allows for immediate access to funds, which can be used for working capital and business development [1] - It enables the company to meet its liquidity development needs and optimize its asset structure, improving capital efficiency and enhancing operational capabilities [1]