香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中國交通建設股份有限公司 CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代號：1800） 董事會會議通知 中 國 交 通 建 設 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 公 佈，本 公 司 將 於 2025年10月30日（星 期 四）召 開 董 事 會 會 議，以 審 議 批 准 本 公 司 及 其 附 屬 公 司 截 至 2025年9月30日止之九個月的季度業績並處理其他事項。 承董事會命 中國交通建設股份有限公司 劉正昶 俞京京 董事會秘書 公司秘書 中國北京 2025年10月15日 於本公告日期，本公司董事為宋海良、張炳南、劉翔、劉輝 # 、陳永德 # 、武廣齊 # 及 周孝文 # 。 # 獨立非執行董事 ...

Core Viewpoint - China Communications Construction Company (CCCC) has been actively involved in the nuclear power sector since the 14th Five-Year Plan, participating in over 100 related projects, including marine engineering design and construction for nuclear power plants [1] Group 1 - The company has engaged in marine engineering support design and construction projects for nuclear power plants [1] - Since the beginning of the 14th Five-Year Plan, the company has participated in more than 100 related projects in the nuclear power field [1]

Investment Rating - The report gives an "Overweight" rating for the construction and decoration industry, indicating a positive outlook compared to the overall market performance [2][9]. Core Insights - The construction industry is experiencing a slowdown in investment, leading to pressure on corporate profits. Despite this, infrastructure investment remains stable, acting as a stabilizing force in the overall economy [3][4]. - The report highlights that companies with a net profit growth rate below -10% include China Railway, China Metallurgical Group, and others, while those with growth rates above 20% include Jianfa Hecheng and Zhi Te New Materials [3][4]. - The report suggests that weak investment could lead to a valuation recovery for central state-owned enterprises in the construction sector, as current valuations are low with a PE ratio of 12.4X and a PB ratio of 0.82X as of October 10, 2025 [3][4]. Summary by Sections Investment Trends - Fixed asset investment growth has slowed, with infrastructure investment showing a year-on-year increase of 5.4% for the first eight months of 2025. The report notes that while manufacturing and real estate are under pressure, infrastructure investment remains relatively stable [3][4]. Profit Forecasts - The report provides a forecast for net profit growth rates for key companies in the industry, categorizing them into various growth ranges, with several companies expected to face profit pressures in 2025 [4]. Valuation Analysis - The report includes a valuation table for key companies in the construction industry, indicating their earnings per share (EPS), PE ratios, and projected net profit growth rates for 2024 to 2026. For instance, China Railway is projected to have a net profit decline of 17% in 2025, while Jianfa Hecheng is expected to see a significant increase of 45% [4].

Investment Rating - The report maintains a "stronger than the market" investment rating for the construction decoration industry [3]. Core Viewpoints - The report highlights the renewed US-China tariff conflict, emphasizing the potential benefits for domestic infrastructure and high-demand segments [14]. - It notes an increase in special bond net financing, with significant rapid deployment of special treasury funds, which supports investment stability [15]. Summary by Sections Investment Recommendations - Three main investment lines are recommended for the second half of 2025: 1. **Main Line One**: Focus on state-owned enterprises benefiting from national key projects, including low-valuation central enterprises and high-demand local state-owned enterprises. Recommended companies include China Railway Construction, China Railway, China Chemical, China Energy Engineering, China Communications Construction, and China State Construction. Attention is also drawn to China Power Construction and China Metallurgical Group [2]. 2. **Main Line Two**: Target high-demand segments driven by major strategic projects, with recommendations for companies like Gaozheng Minexplosion, Tiejian Heavy Industry, China Railway Industry, Yipuli, and Zhongyan Dadi, while keeping an eye on Tibet Tianlu and Wuxin Tunnel Equipment [2]. 3. **Main Line Three**: Invest in sectors empowered by AI, robotics, and semiconductors, recommending companies such as Roman Co., Hongrun Construction, Zhi Te New Materials, Honglu Steel Structure, and Metro Design [2][18]. Market Performance - The construction decoration index rose by 3.62% in the last week, outperforming the overall A-share index by 2.73 percentage points. Notable performers included Guan Zhong Ecological (+96.1%), Xinjiang Jiaojian (+28.9%), and Huajian Group (+25.4%) [13][26]. Financing and Policy Support - As of October 11, 2025, special bonds had a cumulative net financing of 3.19 trillion yuan, surpassing the same period in 2022 and significantly higher than 2023 and 2024. The issuance of special bonds has reached 84% of the annual target [15][17]. - The report indicates that the government is likely to enhance domestic demand stabilization policies in response to external demand fluctuations, benefiting infrastructure and water conservancy sectors [14]. Company Dynamics - Key company updates include significant project wins for China Railway Construction and China State Construction, with total contract values of 630 billion yuan and 62.2 billion yuan, respectively [34].

Core Viewpoint - The meeting between the chairman of China Communications Construction Company (CCCC) and the chairman of China Export-Import Bank focused on enhancing financial product innovation and strengthening cooperation between the bank and enterprises [1] Group 1 - CCCC's chairman, Song Hailiang, and the chairman of China Export-Import Bank, Chen Huaiyu, engaged in in-depth discussions [1] - The discussions aimed at deepening the comprehensive strategic partnership between the two entities [1] - Emphasis was placed on the importance of innovative financial products in facilitating collaboration [1]

Market Performance - The infrastructure sector rose by 2.75% on October 9, with Guanzhong Ecological leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Top Gainers in Infrastructure Sector - Guanzhong Ecological (300948) closed at 19.36, up 20.02% with a trading volume of 32,600 lots and a transaction value of 63.17 million [1] - Beixin Road and Bridge (002307) closed at 4.90, up 10.11% with a trading volume of 865,700 lots and a transaction value of 416 million [1] - Oriental Garden (002310) closed at 2.84, up 10.08% with a trading volume of 2,285,700 lots and a transaction value of 633 million [1] - China Nuclear Construction (601611) closed at 9.74, up 10.06% with a trading volume of 1,222,100 lots and a transaction value of 1.155 billion [1] Market Capital Flow - The infrastructure sector saw a net inflow of 885 million from main funds, while retail funds experienced a net outflow of 261 million [2] - The main funds' net inflow and outflow for specific stocks indicate varying investor sentiment within the sector [3] Individual Stock Fund Flow - China Railway (601390) had a main fund net inflow of 347 million, but retail funds saw a net outflow of 91.89 million [3] - Xinjiang Communications Construction (002941) experienced a main fund net inflow of 276 million, with retail funds seeing a net outflow of 129 million [3] - China Nuclear Construction (601611) had a main fund net inflow of 170 million, while retail funds experienced a net outflow of 96.60 million [3]

Group 1 - On October 9, a total of 7 companies announced 8 stock repurchase updates [1] - One company disclosed a stock repurchase plan for the first time, while five companies reported progress on their repurchase implementations, and one company completed its repurchase plan [1] - Huaxin Cement plans to repurchase up to 64.5 million yuan [1] Group 2 - Jianghan New Materials, Hunan Baiyin, and China Communications Construction Company reported the highest repurchase amounts, with 200 million yuan, 92.6006 million yuan, and 85.547 million yuan respectively [1]

Core Viewpoint - China Communications Construction Company (01800.HK) announced a share buyback program for its A-shares through centralized bidding, indicating a strategic move to enhance shareholder value and confidence in the company's stock performance [1] Summary by Relevant Categories Share Buyback Details - As of September 30, 2025, the company has repurchased a total of 9.715 million A-shares, which represents approximately 0.0597% of the company's total share capital [1] - The highest price paid for the repurchased shares was 8.98 RMB per share, while the lowest price was 8.58 RMB per share [1] - The total amount spent on the buyback was approximately 85.55 million RMB, excluding transaction fees [1] Compliance and Strategy - The buyback program is in accordance with relevant laws and regulations, as well as the company's established share repurchase plan [1]

Core Viewpoint - China Communications Construction Company (CCCC) has announced a share buyback program, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Summary by Categories Share Buyback Details - As of September 30, 2025, CCCC has repurchased a total of 9.7152 million A-shares, which represents approximately 0.0597% of the company's total share capital [1] - The highest price for the repurchased shares was 8.98 RMB per share, while the lowest price was 8.58 RMB per share [1] - The total amount spent on the buyback was 85.547 million RMB, excluding transaction fees [1] Compliance and Strategy - The buyback is in accordance with relevant laws and regulations, as well as the company's established share repurchase plan [1]

Core Viewpoint - China Communications Construction Company (CCCC) has announced a share buyback program, indicating a commitment to enhancing shareholder value through capital management [1] Group 1: Share Buyback Details - As of September 30, 2025, the company has repurchased a total of 9.7152 million A-shares, which represents approximately 0.0597% of the company's total share capital [1] - The highest price for the repurchased shares was 8.98 RMB per share, while the lowest price was 8.58 RMB per share [1] - The total amount spent on the buyback was 85.547 million RMB, excluding transaction fees [1] Group 2: Compliance and Strategy - The buyback is in accordance with relevant laws and regulations, as well as the company's established share repurchase plan [1]