Group 1 - The core viewpoint of the news is that China State Construction (601668.SH) has shown stable performance in its business operations for the first half of 2025, with new contract amounts reaching 2501 billion yuan, reflecting a year-on-year growth of 0.9% [1] - In the construction business, the new contract amount was 2326.5 billion yuan, with a year-on-year increase of 1.7%. Infrastructure business contracts amounted to 823.7 billion yuan, showing a robust growth of 10.0% [1] - Domestic business contracts totaled 2211.7 billion yuan, marking a year-on-year growth of 2.2%. The physical indicators included a construction area of 1501.07 million square meters, new construction area of 129.49 million square meters, and completed area of 81.85 million square meters [1] Group 2 - In the real estate sector, the company reported a contract sales amount of 174.5 billion yuan and a sales area of 6.33 million square meters for the first half of 2025. The new land reserve acquired was 5.2 million square meters, with a total land reserve of 76.27 million square meters at the end of the period [1] - The company has recently secured several major projects totaling 21.53 billion yuan, including four housing construction projects across Fujian, Sichuan, and Guangdong, and four infrastructure projects such as the total contracting of the Runze Digital Industry Park in Langfang, Hebei [1] - On July 10, the company announced a cash dividend of 0.2715 yuan per share, totaling approximately 11.218 billion yuan, with a corresponding dividend yield of 4.68%, reflecting a commitment to a stable dividend policy [2] - The recent central urban work conference highlighted a shift in urban development from large-scale expansion to quality improvement, with China State Construction positioned to leverage its integrated advantages in urban renewal and smart construction [2]

Core Viewpoint - The report highlights the investment strategies and portfolio adjustments of Jiang Cheng, a prominent fund manager at Zhongtai Asset Management, during the second quarter of 2025, emphasizing a defensive approach amidst market volatility [3][20]. Group 1: Fund Performance and Adjustments - Jiang Cheng's overall strategy for the second quarter was to "moderately enhance defensiveness," leading to a reduction in stock holdings across most funds, while selectively increasing positions in certain stocks [6][8]. - By the end of the second quarter, Jiang Cheng managed a total of 7 funds with an aggregate size of 12.606 billion yuan, a decrease of 559 million yuan from the previous quarter [8]. - The stock allocation across Jiang Cheng's funds showed slight reductions, with the largest fund, Zhongtai Xingyuan, experiencing significant net redemptions despite positive returns [8][14]. Group 2: Portfolio Composition and Stock Adjustments - Jiang Cheng maintained a stable portfolio composition, with no new stock additions in major funds, while reducing holdings in several high-performing stocks, particularly in the banking sector, where reductions approached 20% [9][10]. - Specific reductions included 16.72 million shares of Industrial and Commercial Bank of China and 2.67 million shares of China Merchants Bank, indicating a clear profit-taking strategy [9][12]. - The overall concentration of holdings in the major funds slightly decreased, but the decline was less than 0.4% [14]. Group 3: Sector Focus and Market Outlook - The report noted strong performances in sectors such as defense, consumer goods, and media entertainment, but Jiang Cheng opted for a conservative approach, focusing on long-term value rather than short-term gains [6][20]. - Jiang Cheng expressed a cautious optimism regarding the macroeconomic outlook while emphasizing the need for prudence at the individual stock level, aiming for a balanced portfolio that prioritizes stability over high returns [20].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6]. Core Views - The company has shown steady growth in new contracts signed in the first half of 2025, which will strongly support future performance [5]. - The total new contracts signed in the first half of 2025 amounted to 2.5 trillion yuan, a year-on-year increase of 0.9%. The construction business contributed 2.32 trillion yuan, up 1.7% year-on-year [5]. - The real estate business remains industry-leading despite a decline in contract sales, with a total of 174.5 billion yuan in sales, down 8.9% year-on-year [5]. - The company has a robust land reserve of 76.27 million square meters, with 5.2 million square meters acquired in the first half of 2025 [5]. - The company reported a revenue of 2.18715 trillion yuan in 2024, a decrease of 3.5%, and a net profit of 461.9 billion yuan, down 14.9% [5]. - The company has a high dividend yield of approximately 4.5%, with a dividend payout ratio of 24.3% in 2024, the highest since its listing [5]. - The company is expected to achieve earnings per share (EPS) of 1.16 yuan and 1.20 yuan for 2025 and 2026, respectively, corresponding to price-to-earnings (PE) ratios of 5.08 and 4.9 times [5]. Summary by Sections Company Overview - The company is a leading player in the global construction industry, demonstrating resilience during recent cyclical downturns in the real estate and construction sectors [5]. Financial Performance - The company’s first quarter of 2025 showed a revenue of 555.34 billion yuan, a year-on-year increase of 1.1%, and a net profit of 150.13 billion yuan, up 0.6% [5]. Market Position - The company’s real estate sales scale is industry-leading, and it is expected to further increase market share amid cyclical challenges [5].

Core Points - The Shanghai Composite Index decreased by 0.33%, while the Shanghai Central Enterprises 50 Index fell by 0.72%, closing at 1806.12 points with a trading volume of 93.634 billion yuan [1] - The Shanghai Central Enterprises 50 Index has increased by 2.24% over the past month, 6.69% over the past three months, and 2.24% year-to-date [1] - The index is composed of the top 50 listed companies controlled by the State-owned Assets Supervision and Administration Commission and the Ministry of Finance, based on average market capitalization and trading volume over the past year [1] Index Composition - The top ten weighted companies in the Shanghai Central Enterprises 50 Index are: China Merchants Bank (11.04%), Yangtze Power (7.04%), CITIC Securities (5.83%), Industrial and Commercial Bank of China (5.26%), Bank of Communications (4.15%), Agricultural Bank of China (3.94%), SMIC (3.63%), Beijing-Shanghai High-Speed Railway (3.29%), China Shenhua Energy (2.55%), and China State Construction Engineering (2.42%) [1] - The index is fully represented by companies listed on the Shanghai Stock Exchange [1] Industry Breakdown - The industry composition of the index includes: Finance (41.47%), Industry (22.86%), Public Utilities (10.67%), Energy (7.50%), Communication Services (6.37%), Information Technology (5.14%), Materials (3.42%), Consumer Discretionary (1.37%), and Real Estate (1.19%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - New samples are prioritized for inclusion if they rank within the top 40, while existing samples ranked within the top 60 are generally retained [2]

Market Overview - The FTSE China A50 Index showed a predominantly declining trend with more stocks falling than rising, particularly in the banking, oil, and coal sectors [1][6]. Banking Sector - Everbright Bank had a market capitalization of 241.07 billion with a trading volume of 716 million, closing at 4.08, down by 1.21% [3]. - Major banks like China Ping An, China Pacific Insurance, and China Life Insurance had market capitalizations of 374.58 billion, 360.67 billion, and 1,057.65 billion respectively, with trading volumes of 1.962 billion, 789 million, and 2.959 billion [3]. Oil Sector - China Petroleum and China Sinopec had market capitalizations of 1,586.79 billion and 722.62 billion respectively, with trading volumes of 1.598 billion and 996 million, both showing slight declines [3]. Coal Sector - China Shenhua and Shaanxi Coal had market capitalizations of 763.55 billion and 201.27 billion respectively, with trading volumes of 1.049 billion and 905 million, both experiencing declines [3]. Semiconductor Sector - Northern Huachuang, Cambrian, and Haiguang Information had market capitalizations of 246.76 billion, 281.68 billion, and 328.87 billion respectively, with trading volumes of 5 billion, 2.105 billion, and 8.133 billion, showing positive trends for Cambrian and Haiguang [3]. Alcohol Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,827.77 billion, 226.40 billion, and 479.53 billion respectively, with trading volumes of 6.140 billion, 1.609 billion, and 2.285 billion, all showing declines [3]. Electric Power Sector - Changjiang Electric Power had a market capitalization of 191.69 billion with a trading volume of 2.910 billion, showing a slight increase [4]. Securities Sector - CITIC Securities, Ningde Times, and Guotai Junan had market capitalizations of 440.17 billion, 361.23 billion, and 1,289.37 billion respectively, with trading volumes of 3.625 billion, 2.769 billion, and 3.803 billion, with CITIC Securities showing a decline [4]. Consumer Electronics - Industrial Fulian, Luxshare Precision, and Dongfang Fortune had market capitalizations of 569.17 billion, 277.97 billion, and 379.14 billion respectively, with trading volumes of 11.391 billion, 3.082 billion, and 3.138 billion, with mixed performance [4]. Chemical and Pharmaceutical Sector - Heng Rui Pharmaceutical, Muyuan Foods, and SF Holding had market capitalizations of 265.38 billion, 242.76 billion, and 374.34 billion respectively, with trading volumes of 2.874 billion, 1.963 billion, and 1.074 billion, showing varied performance [4].

Market Overview - The Shanghai Composite Index rose by 0.65% on July 24, with 28 out of the 31 sectors experiencing gains, led by the beauty care and non-ferrous metals sectors, which increased by 3.10% and 2.78% respectively [2] - The construction decoration sector saw a rise of 1.50%, while the banking, communication, and public utilities sectors faced declines of 1.42%, 0.15%, and 0.09% respectively [2] Capital Flow Analysis - The net inflow of capital in the two markets reached 8.913 billion yuan, with 16 sectors experiencing net inflows [2] - The non-ferrous metals sector had the highest net inflow of 7.736 billion yuan, corresponding to its 2.78% increase, followed by the non-bank financial sector with a net inflow of 5.644 billion yuan and a daily increase of 2.06% [2] - Conversely, 15 sectors experienced net outflows, with the construction decoration sector leading with a net outflow of 3.417 billion yuan, followed by the machinery equipment sector with a net outflow of 2.737 billion yuan [2] Construction Decoration Sector Performance - In the construction decoration sector, 112 out of 157 stocks rose, with 6 hitting the daily limit [3] - The top stocks with net inflows included Zhonghua Rock and Soil with a net inflow of 381 million yuan, followed by Hainan Development and China State Construction with net inflows of 204 million yuan and 123 million yuan respectively [3] - The sector also saw significant net outflows, with China Power Construction leading at 2.719 billion yuan, followed by China Energy Construction at 1.190 billion yuan [5] Top Gainers and Losers in Construction Decoration Sector - The top gainers in the construction decoration sector included: - Zhonghua Rock and Soil: +10.11% with a turnover rate of 24.22% and a main capital flow of 381.47 million yuan [4] - Hainan Development: +10.01% with a turnover rate of 13.86% and a main capital flow of 203.85 million yuan [4] - The top losers included: - China Power Construction: +10.04% with a main capital outflow of -2.71867 billion yuan [5] - China Energy Construction: +3.79% with a main capital outflow of -1.19049 billion yuan [5]

Group 1 - Leshan Electric achieved operating revenue of 1.623 billion yuan, a year-on-year increase of 1.94%, and a net profit of 7.9031 million yuan, a year-on-year decrease of 14.55% [1] - Zhimingda reported operating revenue of 295 million yuan, a year-on-year increase of 84.83%, and a net profit of 38.3 million yuan, a year-on-year increase of 2147.93% [2] - Dahu Co. reported operating revenue of 426 million yuan, a year-on-year decrease of 14.40%, and a net loss of 2.5716 million yuan, an improvement from a loss of 13.7824 million yuan in the same period last year [3] - Yubang Electric expects a net profit of 21.2 million to 25 million yuan, a year-on-year decrease of 35.47% to 45.28% [4] - Zhejiang Securities achieved operating revenue of 6.512 billion yuan, a year-on-year decrease of 18.60%, and a net profit of 1.149 billion yuan, a year-on-year increase of 46.54% [5] - Huashu Media reported operating revenue of 4.435 billion yuan, a year-on-year increase of 2.07%, and a net profit of 254 million yuan, a year-on-year increase of 4.63% [7] Group 2 - Sinopec reported oil and gas equivalent production of 262.81 million barrels, a year-on-year increase of 2%, and crude oil processing volume of 119.97 million tons, a year-on-year decrease of 5.3% [8] - Hengrui Medicine's subsidiary received approval for clinical trials of HRS8179, aimed at reducing brain edema after stroke [8] - Hengrui Medicine's subsidiary also received approval for clinical trials of HRS-1893, intended for treating heart failure with preserved ejection fraction [8] - Wanfu Co. announced a plan to reduce its stake by up to 2% through block trading [10] - Biological Co. received a warning letter from the Inner Mongolia Securities Regulatory Bureau for inaccuracies in financial reporting [11] - Zhujiang Co. reported a signed construction area of 47.1432 million square meters across 396 projects [13] Group 3 - Watson Bio received a patent for a peptide delivery system for RNA drugs [15] - Sanwei Chemical signed 31 new contracts worth 335 million yuan in the second quarter [17] - Shenzhou Cell's SCT640C injection received approval for clinical trials for rheumatoid arthritis [18] - Xinjiang Jiaojian reported new contracts worth 1.434 billion yuan in the second quarter [19] - Lais Information plans to use 550 million yuan of idle funds for cash management [21] - Zhongqi New Materials signed a mining rights transfer contract, increasing production capacity [22] Group 4 - Hengtong Optic-Electric won multiple marine energy projects worth 1.509 billion yuan [24] - China State Construction signed new contracts totaling 2.501 trillion yuan in the first half of the year [26] - David Medical's ventilator product registration application has been accepted [28] - Tianhai Defense's subsidiary signed a construction contract worth 16.224 million yuan [29] - Nantian Information plans to sign a procurement framework contract worth 58.27 million yuan with its controlling shareholder [31] - Baida Group announced a plan to reduce its stake by up to 3% [32] Group 5 - Jinli Permanent Magnet plans to issue $117.5 million in convertible bonds [34] - Haizheng Pharmaceutical's fumarate bedaquiline raw material drug application has been approved [36] - Huatai passed the advanced intelligent factory re-evaluation in Anhui Province [37] - Everbright Bank's shareholder increased its stake from 7.08% to 8% [40] - Supor reported total operating revenue of 11.478 billion yuan, a year-on-year increase of 4.68%, and a net profit of 940 million yuan, a year-on-year decrease of 0.07% [41] - Qianjin Pharmaceutical's subsidiaries received registration certificates for two drugs [42]

| 项 | 目 数 额 比上年同期增长 | | --- | --- | | 新签合同总额（亿元 RMB） | 25,010 0.9% | | 一、建筑业务情况 | | | 1. 新签合同额（亿元 RMB） | 23,265 1.7% | | 2. 业务分部（亿元 | RMB） | | 房屋建筑 | 14,964 -2.3% | | 基础设施 | 8,237 10.0% | | 勘察设计 | 64 -11.1% | | 3. 地区分部（亿元 | RMB） | | 境内 | 22,117 2.2% | | 境外 | 1,148 -6.7% | | 4.实物量指标（万 | 2） m | | 房屋建筑施工面积 | 150,107 -1.3% | | 房屋建筑新开工面积 | 12,949 -9.3% | | 房屋建筑竣工面积 | 8,185 -3.2% | 证券代码：601668 证券简称：中国建筑 公告编号：临 2025-046 1 现将本公司 2025 年 1-6 月主要经营情况公布如下，供各位投资者参阅。 2025 年 1-6 月经营情况简报 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 ...

中国建筑（601668）公告，上半年新签合同总额25010亿元，同比增加0.9%。 ...

Core Points - The FTSE China A50 Index saw a mixed performance with the banking sector retreating from previous gains while insurance, liquor, and semiconductor sectors showed positive trends [1][6] Banking Sector - The banking sector experienced a decline, with notable stocks like China Everbright Bank showing a decrease of 0.24% [3] - Major banks such as China Pacific Insurance and China Life Insurance reported market capitalizations of 373.69 billion and 360.67 billion respectively, with slight increases in their stock prices [3] Insurance Sector - The insurance sector performed well, with China Pacific Insurance and China Life Insurance seeing stock price increases of 0.92% and 1.43% respectively [3] Liquor Industry - The liquor industry showed strong performance, with Kweichow Moutai, Shanxi Fenjiu, and Wuliangye reporting market capitalizations of 232.44 billion, 1871.65 billion, and 486.02 billion respectively [3] - Kweichow Moutai's stock price increased by 0.98% [3] Semiconductor Sector - The semiconductor sector also performed positively, with stocks like Northern Huachuang and Cambricon Technologies seeing increases of 1.70% and 1.24% respectively [3] - Market capitalizations for key players in this sector include 243.27 billion for Northern Huachuang and 250.71 billion for Cambricon Technologies [3] Oil Industry - The oil sector showed mixed results, with China Petroleum and China Petrochemical reporting market capitalizations of 1616.08 billion and 729.90 billion respectively [3] - China Petroleum's stock price decreased by 1.23% while China Petrochemical remained unchanged [3] Coal Industry - The coal industry saw positive movement, with stocks like Shenhua Group and Shaanxi Coal and Chemical Industry showing increases of 1.93% and 0.46% respectively [3] Automotive Sector - The automotive sector, represented by BYD, reported a market capitalization of 1893.35 billion with a stock price increase of 0.67% [3] Other Sectors - Various other sectors such as shipping, electricity, and securities also showed varied performances, with notable movements in stock prices and market capitalizations across different companies [4][3]