Core Points - The China Securities Index for Global Industrial Comprehensive Index (CN Industrial Comprehensive, H30377) reported a value of 2497.07 points, with a recent decline of 0.64% over the past month, an increase of 2.85% over the past three months, and a year-to-date increase of 4.38% [1] - The index is designed to reflect the overall performance of different industry securities from mainland Chinese enterprises, classified according to the China Securities Industry Classification Standard [1] Index Holdings - The top ten weighted stocks in the CN Industrial Comprehensive Index include: CATL (6.36%), Beijing-Shanghai High-Speed Railway (1.52%), Huichuan Technology (1.37%), Sany Heavy Industry (1.08%), China State Construction (1.06%), Sungrow Power Supply (0.97%), LONGi Green Energy (0.97%), SF Holding (0.95%), Manbang Group (0.91%), and COSCO Shipping Holdings (0.87%) [1] - The market segment distribution of the index holdings shows that Shenzhen Stock Exchange accounts for 47.70%, Shanghai Stock Exchange for 44.55%, Hong Kong Stock Exchange for 4.31%, New York Stock Exchange for 1.76%, Beijing Stock Exchange for 0.61%, and others [2] Industry Composition - The industry composition of the index holdings indicates that Electric Equipment constitutes 29.52%, Machinery Manufacturing 29.12%, Transportation 13.34%, Construction Decoration 9.48%, Aerospace and Defense 7.98%, Commercial Services and Supplies 4.00%, and Environmental Protection 3.74% [2] - The index sample is adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December, and can also be adjusted temporarily under special circumstances [3]

Investment Rating - The investment rating for the company is "Buy" (首次) [4] Core Views - The company is a leading player in infrastructure and construction, benefiting from policy support and overseas market expansion [4][7] - The company has shown steady growth in revenue and profit, with a compound annual growth rate (CAGR) of 12.8% in revenue and 10.3% in net profit from 2013 to 2023 [7] - The company is expected to maintain robust growth driven by fiscal expansion and the Belt and Road Initiative [7] Financial Performance Summary - Revenue for 2022 was 2,055,052 million RMB, with a projected increase to 2,371,844 million RMB by 2025, reflecting a growth rate of 3.59% [5] - The net profit for 2022 was 50,950 million RMB, expected to rise to 54,620 million RMB by 2025, with a growth rate of 4.33% [5] - Earnings per share (EPS) is projected to increase from 1.23 RMB in 2022 to 1.32 RMB in 2025 [5] Business Segments - The construction segment has seen a new contract value of 4.08 trillion RMB in 2024, a year-on-year increase of 5.4% [7] - The infrastructure business has benefited from fiscal expansion, with a revenue growth of 11.7% in the first half of 2024 [7] - The real estate development segment is strategically acquiring quality land in first-tier cities, with a leading sales amount in the industry [7] Market Position and Strategy - The company is ranked 14th in the Fortune Global 500 and operates in over 100 countries, showcasing its global reach [7] - The company has a strong focus on high-end construction, particularly in industrial facilities, which has seen a significant increase in demand [7] - The company has maintained a consistent dividend policy, with a dividend payout ratio of 20.82% in 2023, ranking 5th among 164 companies in the industry [7] Valuation and Future Outlook - The company is expected to have a price-to-earnings (P/E) ratio of 4.3 in 2024, which is lower than the average P/E of 5.93 for comparable companies [7] - The ongoing international expansion and participation in the Belt and Road Initiative are expected to provide substantial long-term growth opportunities [7]

证券代码：601668 股票简称：中国建筑 编号：临 2025-014 2025 年 1-2 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董事会 二〇二五年三月二十日 2 | 项 目 | 数 额 | 比上年同期增长 | | --- | --- | --- | | 新签合同总额（亿元 RMB） | 7,136 | 5.6% | | 一、建筑业务情况 | | | | 1. 新签合同额（亿元 RMB） | 6,808 | 4.8% | | 2. 业务分部（亿元 RMB） | | | | 房屋建筑 | 4,472 | -4.9% | | 基础设施 | 2,317 | 30.8% | | 勘察设计 | 19 | -6.2% | | 3. 地区分部（亿元 RMB） | | | | 境内 | 6,551 | 2.0% | | 境外 | 257 | 259.7% | | 4.实物量指标（万 m 2） | | | | 房屋建筑施工面积 | 145,216 | 2.5% | | 房屋建筑新开工面积 | 8, ...

Core Viewpoint - China State Construction International Holdings Limited (0830.HK) has demonstrated strong performance in its 2024 financial report, solidifying its leading position in the curtain wall industry, particularly in the Hong Kong and Macau markets, while also exploring growth opportunities in the BIPV (Building Integrated Photovoltaics) sector [1][2][11]. Financial Performance - The company reported a revenue of HKD 8.102 billion for 2024, with curtain wall revenue from Hong Kong and Macau reaching HKD 4.968 billion, reflecting a year-on-year growth of 8.4% [1]. - Net profit for the year was HKD 650 million, showing a significant increase of 12.0% compared to the previous year, with a net profit margin rising from 6.7% in 2023 to 8.0% in 2024 [1]. Market Position and Growth - In the Hong Kong market, despite challenges in the real estate sector, the company secured several key projects, achieving a market share of over 50% [3]. - The Macau market is experiencing economic recovery, with a GDP growth of 8.8% in 2024, which is expected to benefit the company as it capitalizes on opportunities from major entertainment enterprises [3][4]. - The company has also made significant inroads in the Singapore market, winning two projects in its first year and obtaining L5 qualification, which expands its bidding capabilities [5]. Strategic Focus on BIPV - The company is actively engaging in the BIPV sector, which aligns with national goals for carbon neutrality and green building initiatives. It has successfully completed multiple projects in this area, enhancing its market presence [7][8]. - The government has introduced various policies to support BIPV development, indicating a favorable environment for the company's growth in this segment [9][10]. - The BIPV market presents substantial growth potential, with an estimated annual renovation and new construction area exceeding 1.2 billion square meters, translating to a potential installation capacity of 240 million kilowatts [10]. Future Outlook - The company is well-positioned to leverage its technological advancements and market strategies to capture growth in both the curtain wall and BIPV markets, indicating a promising trajectory for future performance [11].

Investment Rating - The industry investment rating is "Leading the Market - A" [5] Core Viewpoints - The report emphasizes that the issuance of special bonds is accelerating, and with the arrival of the construction peak season, infrastructure investment growth is expected to improve [2][16] - The government is focused on stabilizing the real estate market, with policies aimed at both supply and demand sides, which is expected to support a recovery in real estate demand [3][18] - The report suggests that the construction sector is likely to benefit from increased government investment and the implementation of debt relief measures, leading to improved operational metrics for construction companies [11][12] Summary by Sections Industry Dynamics Analysis - The issuance of special bonds has increased significantly, and with the construction peak season approaching, infrastructure investment growth may see improvement. As of the end of February, the broad money (M2) balance was 320.52 trillion yuan, a year-on-year increase of 7% [16][18] - The real estate market is showing signs of recovery, with significant increases in second-hand housing transactions in major cities. From the beginning of the year to March 12, the daily average transaction volumes in Beijing, Shanghai, and Shenzhen increased by 35.10%, 50.52%, and 65.63% respectively [3][18] Market Performance - The construction industry rose by 1.60% from March 10 to March 14, outperforming the Shenzhen Composite Index (1.24%) and the CSI 300 Index (1.59%). The renovation and decoration sector saw the highest increase at 3.49% [19][22] - The report highlights key stocks to watch, including major state-owned enterprises in construction, which are expected to benefit from improved operational metrics and valuation recovery [11][28] Key Focus Stocks - The report recommends focusing on undervalued construction state-owned enterprises such as China State Construction, China Communications Construction, China Railway Construction, and China Railway Group, which are expected to see improvements in operational metrics due to favorable fiscal policies [11][12][28] - It also suggests paying attention to construction design firms and international engineering service providers that are expanding their presence in the Belt and Road Initiative countries [12][28]

证券代码：601668 股票简称：中国建筑 编号：临 2025-013 二、审议通过《关于中国建筑股份有限公司 2024 年投资预算执行情况和 2025 年 投资预算建议方案的议案》 全体监事审议并一致通过《关于中国建筑股份有限公司 2024 年投资预算执行情 况和 2025 年投资预算建议方案的议案》。 表决结果：5 票同意、0 票反对、0 票弃权。 第四届监事会第五次会议决议公告 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）第四届监事会第五次会议（以下简称会 议）于 2025 年 3 月 13 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《关于中国建筑股份有限公司 2025 年综合预算方案的议案》 全体监事审议并一致通过《关于中国建筑股份有限公司 2025 年综合预算 ...

证券代码：601668 股票简称：中国建筑 编号：临 2025-012 第四届董事会第十三次会议决议公告 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）第四届董事会第十三次会议（以下 简称会议）于 2025 年 3 月 13 日在北京中建财富国际中心 3908 会议室召开。董 事长郑学选先生因工作安排无法出席会议，董事兼总裁文兵先生、董事单广袖女 士、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 事长郑学选先生授权委托文兵先生代为行使表决权。全体董事一致推举文兵董事 主持会议。公司部分监事、董事会秘书等高管列席会议。 本次会议通知于 2025 年 3 月 10 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》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《关于中国建筑股份有限公司 2025 年综合预算方案的议案》 全体董事审议并一致通过《关于中 ...

行 业 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 [Table_Title] 建筑装饰行业周报 政策稳中求进，关注低位央企和转型AI 算力等业务企业机会 1）主线一：推荐建筑央企。推荐【中国铁建】、【中国中铁】、【中国 交建】、【中国建筑】、【中国能建】、【中国电建】、【中国中冶】，关注 【中国化学】、【中材国际】、【中钢国际】、【中工国际】、【北方国际】。 2）主线二：推荐高景气赛道产业链重点企业。隧道掘进设备行业： 推荐【铁建重工】、【中铁工业】，关注【五新隧装】；民爆行业：推荐 【易普力】，【高争民爆】，关注【雅化集团】、【保利联合】等；岩土 工程行业：推荐【中岩大地】。 3）主线三：关注顺周期及布局转型 AI/机器人等新质生产力方向的优 质标的机会。推荐【罗曼股份】，关注【海南华铁】、【宁波建工】、【深 城交】、【鸿路钢构】、【深圳瑞捷】、【金诚信】。 【风险提示】 2025 年 03 月 09 日 [Table_Summary] 【投资要点】 2）3 月进入业绩披露期，关注业务布局高景气赛道、业绩表现较优的 建筑企业。本周浦东建设、安徽建工等景气区域地方国企公告经营情 况。浦东建设 2 ...

Core Viewpoint - China State Construction Engineering Corporation (the "Company") announced a share buyback plan by its controlling shareholder, China State Construction Group Co., Ltd. (the "Group"), reflecting confidence in the Company's future development and long-term investment value [1][4]. Group 1: Buyback Plan Overview - The Group plans to increase its stake in the Company by purchasing A-shares through the Shanghai Stock Exchange within 12 months, with a total investment amount between RMB 600 million and RMB 1.2 billion [1][4]. - The buyback will not have a set price range and will depend on the assessment of the Company's stock value and market fluctuations [4]. Group 2: Progress of Buyback Plan - As of the announcement date, the Group has already acquired 109,900,588 A-shares, representing approximately 0.27% of the Company's total share capital, with a total investment of about RMB 610,710,613.04 (excluding taxes) [5]. - Following the buyback, the Group holds 23,841,442,525 A-shares, accounting for approximately 57.70% of the Company's total issued share capital [5]. Group 3: Compliance and Commitments - The buyback actions comply with relevant laws and regulations, including the Securities Law of the People's Republic of China and the Management Measures for the Acquisition of Listed Companies [7]. - The Group has committed not to reduce its holdings of the Company's shares during the buyback period and the statutory period [8].

证券代码：601668 股票简称：中国建筑 编号：临 2025-011 关于控股股东增持公司股份进展的公告 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。 （一）增持主体：中建集团，为公司控股股东。 （二）本次增持计划首次实施前持有本公司股份的数量及占比情况 在本次增持计划首次实施前，中建集团持有公司 23,731,541,937 股A股股份， 占公司已发行总股本的 57.43%。 1 重要内容提示： 增持计划基本情况：中国建筑股份有限公司（以下简称"公司"）于 2024 年 10 月 16 日发布《关于控股股东增持公司股份计划的公告》（临 2024-066）， 公司控股股东中国建筑集团有限公司（以下简称"中建集团"）基于对公司未来 发展前景的信心及中长期投资价值的认可，拟自该公告披露之日起 12 个月内通 过上海证券交易所交易系统以集中竞价交易方式增持公司 A 股股份，增持总金 额不低于人民币 6 亿元，不超过人民币 12 亿元（以下简称"本次增持计划"）。 增持进展情况：截至本公告日，中建集团已累计增持公司 109,900 ...