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]

金融界7月23日消息，A股三大指数收盘涨跌不一，上证中央企业50指数 (上证央企，000042)上涨 0.07%，报1815.1点，成交额992.2亿元。 数据统计显示，上证中央企业50指数近一个月上涨3.50%，近三个月上涨6.40%，年至今上涨1.94%。 从上证中央企业50指数持仓样本的行业来看，金融占比41.36%、工业占比22.84%、公用事业占比 10.80%、能源占比7.63%、通信服务占比6.40%、信息技术占比5.04%、原材料占比3.48%、可选消费占 比1.27%、房地产占比1.17%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。除非老样本因上市公司实际控制人变更导致的调整比例超过10%，原则上每次调整比例不超过 10%。定期调整设置缓冲区，排名在40名之前的新样本优先进入；排名在60名之前的老样本优先保留。 权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期调整日 前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本中剔 除。样本公司发生收购、合并、分拆等情形的 ...

富时中国A50指数连续 金十图示：2025年07月23日（周三）富时中国A50指数成分股今日收盘行情一览：石油、煤炭板块回吐涨幅，银行、保险板块多 数收涨 +0.05(+0.89%) +0.03(+0.36%) 0.00(0.00%) 光大银行 2505.23亿市值 7.54亿成交额 4.24 0.00(0.00%) 得經 中国平安 中国太保 中国人保 明 3719.24亿市值 3573.96亿市值 10561.94亿市值 11.79亿成交额 22.33亿成交额 50.21亿成交额 37.15 58.00 8.41 +0.96(+2.65%) +1.30(+2.29%) +0.03(+0.36%) 酿酒行业 贵州茅台 山西汾酒 五粮液 2314.39亿市值 18535.20亿市值 4859.77亿市值 66.76亿成交额 28.88亿成交额 22.23亿成交额 1475.50 125.20 189.71 +10.52(+0.72%) -1.07(-0.56%) -0.33(-0.26%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2392.12亿市值 2491.53亿市值 3141.81亿市值 39 ...