证券代码：601668 证券简称：中国建筑 公告编号：临 2025-075 中国建筑股份有限公司 关于召开2025年第一次临时股东会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第一次临时股东会 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 1 股东会召开日期：2025年12月12日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 网投票平台的投票时间为股东会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 12 日14 点 30 分 召开地点：北京市朝阳区安定路 ...

证券代码：601668 股票简称：中国建筑 公告编号：临 2025-069 表决结果：5 票同意、0 票反对、0 票弃权。 本议案尚需提交公司股东会审议。 第四届监事会第十一次会议决议公告 本公司监事会及全体监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。 中国建筑股份有限公司（以下简称公司）第四届监事会第十一次会议（以下 简称会议）于 2025 年 11 月 25 日在北京中建财富国际中心 3815 会议室召开，公 司 5 名监事均以现场或视频方式出席了本次会议。本次会议的召开符合《中华人 民共和国公司法》《中国建筑股份有限公司章程》及《中国建筑股份有限公司监 事会议事规则》等规定。会议审议并一致通过如下决议： 一、审议通过《关于取消监事会并修订<中国建筑股份有限公司章程>的议 案》 全体监事审议并一致通过《关于取消监事会并修订<中国建筑股份有限公司 章程>的议案》。 表决结果：5 票同意、0 票反对、0 票弃权。 本议案尚需提交公司股东会审议。 二、审议通过《关于修订<中国建筑股份有限公司股东会议事规则>的议案》 全体监事审议并一致通过《关于 ...

证券代码：601668 证券简称：中国建筑 公告编号：临 2025-068 第四届董事会第二十五次会议决议公告 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。 中国建筑股份有限公司（以下简称公司）第四届董事会第二十五次会议（以 下简称会议）于 2025 年 11 月 25 日在北京中建财富国际中心 3908 会议室召开。 董事长郑学选先生主持会议，独立董事马王军先生、孙承铭先生、刘汝臣先生、 梁维特先生出席会议。董事兼总裁文兵先生、董事单广袖女士因工作安排无法出 席现场会议，授权委托郑学选先生代为行使表决权。公司部分监事、董事会秘书 等高管列席会议。 本次会议通知及补充通知分别于 2025 年 11 月 17 日、2025 年 11 月 24 日以 邮件方式发出，会议召开符合《中华人民共和国公司法》《中国建筑股份有限公 司章程》（以下简称《公司章程》）及《中国建筑股份有限公司董事会议事规则》 等规定，会议的召开合法有效。公司 7 名董事均参与了投票表决，并通过决议如 下： 一、审议通过《关于取消监事会并修订<中国建筑股份有限公 ...

Market Overview - The housing construction sector increased by 0.05% compared to the previous trading day, with Gao Xin Development leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up by 0.87%, while the Shenzhen Component Index closed at 12777.31, up by 1.53% [1] Stock Performance - Key stocks in the housing construction sector showed varied performance, with Gao Xin Development closing at 44.28, up by 1.40%, and other notable stocks including Ningbo Construction and Shanghai Construction with increases of 0.57% and 0.36% respectively [1] - The trading volume and turnover for Gao Xin Development reached 50,000 shares and 221 million yuan respectively, indicating strong market interest [1] Capital Flow Analysis - The housing construction sector experienced a net outflow of 46.14 million yuan from main funds, while retail investors saw a net outflow of 1.36 billion yuan [1] - Conversely, speculative funds recorded a net inflow of 1.41 billion yuan, suggesting a shift in investment strategy among different investor types [1] Individual Stock Capital Flow - China State Construction saw a net inflow of 20.09 million yuan from main funds, while Gao Xin Development had a net inflow of 10.82 million yuan [2] - Zhejiang Construction experienced a net inflow of 1.46 million yuan from main funds, but also had significant outflows from retail investors [2] - Shanghai Construction faced the largest net outflow from main funds at 22.35 million yuan, indicating potential concerns among institutional investors [2]

（原标题：中国建筑、中国中煤成立绿能科技公司，含站用加氢业务） 企查查APP显示，近日，中煤绿能科技（乌兰察布）有限公司成立，法定代表人为刘万喜，注册资本为 1000万元，经营范围包含：风力发电技术服务；太阳能发电技术服务；储能技术服务；站用加氢及储氢 设施销售等。企查查股权穿透显示，该公司由中国中煤能源集团有限公司旗下中煤绿能科技（北京）有 限公司、中国建筑（601668）旗下中国建设基础设施有限公司共同持股。 ...

Core Viewpoint - The housing construction sector experienced a slight increase of 0.59% on November 24, with Shanghai Construction leading the gains, while the overall market indices showed modest growth [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3836.77, up 0.05% [1] - The Shenzhen Component Index closed at 12585.08, up 0.37% [1] - The housing construction sector's individual stock performance is detailed in a table, highlighting various companies' closing prices and percentage changes [1] Group 2: Stock Performance - Shanghai Construction (600170) closed at 2.76, with a rise of 1.85% and a trading volume of 1.7342 million shares, totaling a transaction value of 47.6 million [1] - High-tech Development (000628) closed at 43.67, up 1.79%, with a trading volume of 50,200 shares and a transaction value of 217 million [1] - Zhejiang Construction Investment (002761) closed at 9.24, up 1.54%, with a trading volume of 139,000 shares and a transaction value of 128 million [1] - Other notable performances include Ningbo Construction (601789) at 5.26 (+1.15%), Chongqing Construction (600939) at 3.55 (+1.14%), and China State Construction (601668) at 5.27 (+0.38%) [1] Group 3: Capital Flow - The housing construction sector saw a net outflow of 42.0469 million from institutional investors and 39.3414 million from speculative investors, while retail investors contributed a net inflow of 81.3883 million [1] - A detailed table shows the net capital flow for individual stocks, indicating varying levels of institutional, speculative, and retail investor activity [2]

Core Viewpoint - The article discusses the release of the evaluation index system for world-class enterprises in 16 industries by state-owned enterprises, highlighting the progress and assessment of central enterprises in building world-class standards [1]. Group 1: Evaluation Index System - The first batch of 11 industry evaluation index systems was released in November 2024, followed by a second batch of 5 in November 2025, covering 16 industries including power grid, oil and gas exploration, and telecommunications [1]. - The evaluation index system aims to assess the construction of world-class enterprises based on data from the year 2024 [1]. Group 2: Assessment Results - Among the 45 central enterprises evaluated, 13, including China National Petroleum, China Petroleum & Chemical, and State Grid, ranked in the top tier of their respective industries [1]. - The overall results indicate that central enterprises are making solid progress in building world-class standards [1]. Group 3: Key Evaluation Metrics - The evaluation metrics include various dimensions such as competitiveness, innovation, control, influence, and risk management, with specific indicators for each dimension [2][4][5]. - Key indicators include total revenue, total assets, profit margins, and R&D investment intensity, which are essential for assessing the performance and competitiveness of enterprises [2][3][4][5].

2025 年 11 月 24 日 建筑 证券研究报告 投资评级 领先大市-A 维持评级 | | | 行业表现 chenyf4@essence.com.cn 低估值基建央企具备稳健防御属性，出 海/洁净室工程延续高景气度 本周投资建议： 受大盘调整影响，本周建筑板块下跌 6.11%，传统建筑央企板块下跌 3.63%。年初以来，受下游基建投资增速放缓及房地产投资持续下滑 等因素影响，传统建筑央企经营承压，年初至今股价下跌 10.70%， 目前建筑板块及传统建筑央企估值位居低位，截至目前，SW 建筑装 饰板块市盈率（TTM）为 9.0 倍，传统建筑央企板块市盈率（TTM） 为 5.4 倍。基建央企板块营收业绩成长仍承压，但关键性经营指标有 所改善，且多家企业提升分红比例，财政政策维持积极基调，化债效 果或于 2026 年逐步体现，板块整体具备稳健防御属性，建议关注 Q4 低估值传统建筑央企板块投资机会。此外，西部区域建设及洁净室板 块维持高景气，需求持续上行驱动龙头企业成长。 2023 年以来，八大建筑央企海外新签订单维持两位数快速增长，2023 年、2024 年、2025Q1-Q3 合计海外新签订单增速分别为 1 ...

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the real estate industry and its related sectors, including construction materials and banking. Key Points on Real Estate Industry - The real estate price decline cycle is categorized into small, medium, and large bubbles, each with different declines and durations [1] - Core city housing prices are under pressure due to pessimistic income or inflation expectations, as well as inverted rent-to-sale ratios and interest rates [1][4] - Valuation indicators like rent-to-sale ratios and price-to-income ratios are useful for identifying price turning points but typically lag behind actual price changes [2] - Loan interest subsidy policies can significantly impact the real estate market, with the coverage scope and duration being critical factors [5] - Improving income expectations is more crucial than the interest rates themselves for enhancing housing attractiveness [5] Challenges Facing the Real Estate Sector - The real estate industry is currently facing multiple challenges, including weakened transaction volumes, pressure from old and new inventory, and low income expectations [6] - New and second-hand housing transactions have declined, affecting related sectors like construction materials [6] - Quality leading companies are showing strong risk resistance and growth potential by increasing market share and optimizing their structures [6] Insights on Construction Materials Industry - Despite the ongoing downturn in the real estate market, some leading companies in the construction materials sector are showing signs of operational turning points [7] - Companies like Oriental Yuhong and Beixin Materials are expected to achieve year-on-year growth even if the real estate market continues to decline [7] - The waterproofing industry leaders are experiencing strong growth momentum, with market share increasing from 28% to 30-35% [7] Investment Opportunities in the Construction Sector - The construction industry is poised for new investment opportunities as the real estate market stabilizes and policy expectations strengthen [8] - Key players in the construction sector, such as China State Construction and China Railway Construction, are highlighted as significant investment targets [9] Banking Sector Insights - Banks are facing significant interest margin pressure, with asset yields continuing to decline [14] - Future policies may focus on alleviating pressure on banks and residents through loan interest subsidies [15] - The overall valuation of bank stocks is expected to recover, with attractive dividend yields [16] Home Furnishing Industry Analysis - The home furnishing industry shows strong investment value, particularly among leading companies with good cash flow [10] - Companies like Oppein and Gujia are expected to perform well, providing a safety net for investors [10][11] - The soft furniture segment is outperforming the custom furniture segment, benefiting from increased market share in the second-hand housing market [10] Conclusion - The real estate sector is currently under pressure but presents potential investment opportunities in leading companies within the construction materials and home furnishing industries. The banking sector is also expected to recover, providing attractive investment options.

Summary of Key Points from Conference Call Records Industry Overview: Real Estate Market - The real estate market continues to face pressure, with cumulative sales and amounts from January to October down 7% and 10% year-on-year respectively [1][2] - New construction and land acquisition areas have dropped approximately 70% from peak levels, with housing prices down over 35% [1][2] - The market is in a rapid bottom-seeking phase, particularly in core cities where price adjustments have significant impacts on residents' asset values [1][3] Core Insights and Arguments - Core city housing prices are unlikely to continue their rapid decline; the current situation is seen as an emotional clearance phase [3] - Policy measures are expected to increase in response to weakening housing prices, including potential new personal housing loan interest subsidies and adjustments to transaction taxes [1][3] - The building materials industry should focus on supportive policies, with leading companies likely to recover before the industry as a whole [1][5] Company-Specific Insights Sanhe Tree (三棵树) - Achieved relatively good performance in 2025, but its growth structure has not reached optimal status, relying on two beta strategies and one alpha strategy [6] - The "immediate residence" business and the art paint market are key growth drivers, but the rural revitalization project has not fully realized its potential [6] Rabbit Baby (兔宝宝) - Performed well in 2025, driven by strategic changes and industry trends, particularly through particle board business expansion [7] - Future performance may depend on the stability of the real estate market [7] Challenges in the Building Materials Sector - The consumer building materials industry faces challenges from fluctuations in the real estate market, which is a significant demand driver [8] - A potential second downturn in the real estate market could have a disruptive impact on company performance [8] Investment Recommendations - Focus on leading companies in the consumer building materials sector, such as Sanhe Tree, Rabbit Baby, and others, which have advantages in market concentration [10] - In the construction industry, state-owned enterprises and companies related to the real estate chain, such as China State Construction, are expected to benefit from real estate stimulus policies [11] Future Outlook - The building materials sector is anticipated to see a positive shift as supportive policies are implemented, potentially leading to a market recovery [5] - The overall market environment remains challenging, but leading companies are expected to outperform the industry average [1][4] Additional Considerations - The investment strategy for the home appliance industry should adjust to include companies related to the real estate chain, as demand for kitchen appliances is significantly driven by new housing completions [15][16] - Opportunities exist in sectors like smart projectors and robotic vacuums, where market consolidation may benefit leading companies [17]