Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the construction industry, indicating an expected return that will outperform the CSI 300 index by 10% or more over the next six months [6]. Core Insights - The 2026 fiscal policy is set to remain proactive, with a focus on increasing fiscal spending and optimizing government bond tools to enhance local financial capabilities. This is expected to support economic growth and improve the construction industry's operational conditions [18][11]. - Infrastructure investment has shown signs of recovery, with November data indicating a month-on-month improvement. The construction sector is anticipated to stabilize as policies aimed at debt reduction and "anti-involution" continue to be implemented [2][11]. - The demand for cleanroom construction is expected to rise due to increased capital expenditures in the semiconductor and cloud service sectors, driven by rapid advancements in AI technology [3][15]. Summary by Sections Industry Dynamics - The national fiscal work conference highlighted the achievements of 2025 and outlined the key tasks for 2026, emphasizing a more active fiscal policy to stimulate consumption and manage risks in key areas [18]. - The construction industry is expected to benefit from a combination of improved fiscal policies and a recovering investment environment, leading to marginal improvements in operational performance [2][11]. Market Performance - The construction industry saw a weekly increase of 2.26%, outperforming the CSI 300 index, with the decoration and renovation sector showing the highest growth at 11.37% [20][21]. - The overall industry valuation metrics indicate a TTM P/E ratio of 12.47 and a P/B ratio of 0.83, with several companies showing low valuations, suggesting potential investment opportunities [24][28]. Key Companies to Watch - Recommended companies include low-valuation state-owned enterprises such as China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from improved cash flow and profitability [11][13]. - Cleanroom engineering leaders like Yaxin Integration and Shenghui Integration are highlighted for their potential growth due to increasing demand in the semiconductor sector [3][15].

证券日报网讯 12月26日，中国交建在互动平台回答投资者提问时表示，股价低迷影响公司品牌与流动 性，这并非管理层愿见的结果。公司已制定市值管理办法，推出提质增效重回报专项计划，正通过优化 分红政策、研究股份回购等多措并举维护市值。建筑行业市场环境修复需投资者与企业共同参与，公司 也将聚焦主业提质增效，通过压降应收、提升资产效率夯实经营质量，打通境内外资本市场价值传导， 以实际行动回馈投资者期待。 （文章来源：证券日报） ...

Core Points - The G0711 line Urumqi to Yili Expressway project, built by China Communications Construction Company (CCCC), has officially opened, significantly improving transportation in Xinjiang by connecting five major highways and creating a comprehensive north-south traffic network [1][7] - The project showcases the dedication and innovation of CCCC's youth teams, who have worked in challenging conditions to contribute to the Belt and Road Initiative [1][3] Group 1: Project Overview - The G0711 line is part of a larger network that includes the Urumqi-Yili, Yili-San, San-Ruo, Yili-Ya, and Yili-Qi desert roads, enhancing connectivity across Xinjiang [1] - The completion of these roads has reduced travel time from Urumqi to Korla to 3 hours and from Ruoqiang to Korla to just over 4 hours, clarifying the "six horizontal and six vertical" traffic framework in Xinjiang [7] Group 2: Construction Challenges - The construction faced extreme conditions, including a "no water, no electricity, no signal" environment in the desert, where workers had to measure and build under harsh weather, including sandstorms [3] - The team overcame significant engineering challenges, such as the 22.13 km Tian Shan Victory Tunnel, which involved complex geological conditions and required innovative construction methods, including the "three tunnels and four shafts" technique [3] Group 3: Community Impact - Youth teams have also provided essential services during adverse weather, such as clearing snow for stranded vehicles and establishing "Silk Road Rest Stations" equipped with oxygen machines and first aid kits, demonstrating their commitment to community safety [4] - Their efforts have created a "life harbor" in the Gobi Desert, emphasizing the human aspect of infrastructure development [4]

Core Viewpoint - The meeting between Nanjing officials and China Communications Construction Group (CCCC) emphasizes collaboration to support high-quality urban development in Nanjing, focusing on various sectors including transportation, urbanization, and digital transformation [1] Group 1: Collaboration and Support - CCCC has been actively supporting Nanjing's high-quality development through key transportation projects such as bridges, tunnels, subways, and highways [1] - The collaboration will leverage both parties' strengths in technology, talent, and market to align with Nanjing's urban construction needs and industrial development directions [1] Group 2: Strategic Focus Areas - The partnership will focus on several strategic areas including comprehensive transportation, urban renewal, digital transformation, green and low-carbon initiatives, and low-altitude economy [1] - A mechanism for communication and cooperation will be established to enhance practical outcomes from the collaboration [1]

Core Insights - The strategic partnership between Kuwait and China is yielding tangible results, exemplified by the signing of the EPC contract for the Mubarak Port project, which is a key initiative under the Belt and Road Initiative in the Middle East [1][2] - The Mubarak Port is expected to enhance Kuwait's trade connectivity and maritime trade capabilities, supporting long-term economic growth [1][2] Group 1 - The Mubarak Port project has a construction period of 60 months and is a significant collaboration between China Communications Construction Company (CCCC) and the Kuwaiti Public Works Ministry [1] - The project is a strategic pillar for Kuwait's economic development, aimed at increasing the country's share in regional and international trade and global supply chains [2] - The project aligns with Kuwait's "Vision 2035," focusing on economic diversification, increasing national income, creating high-quality jobs, and enhancing the potential of related services, logistics, and commercial sectors [2] Group 2 - CCCC's Deputy General Manager stated that this project will incorporate advanced technologies and experiences from CCCC, aiming to set a benchmark for China-Kuwait cooperation [2] - The Mubarak Port is a critical infrastructure project intended to establish a major transportation corridor and trade gateway in the northern Gulf region, significantly improving port throughput and logistics efficiency [2]

Group 1 - The Mubarak Port project is a significant cooperation project under the Belt and Road Initiative in the Middle East, contracted by China Communications Construction Company (CCCC) [1] - The project is expected to enhance Kuwait's trade connectivity and expand its maritime trade capabilities, supporting long-term economic growth [1] - The contract duration for the project is 60 months, with a design survey contract signed earlier this year [1] Group 2 - The Mubarak Port is a strategic pillar for Kuwait's economic development, aimed at increasing its share in regional and international trade and global supply chains [2] - The project is crucial for achieving Kuwait's "Vision 2035," promoting economic diversification, increasing national income, creating high-quality job opportunities, and enhancing the potential of related services, logistics, and commercial sectors [2] - CCCC plans to incorporate advanced technology and experience into the project, making it a model of China-Kuwait cooperation [2] - The project will significantly improve Kuwait's port throughput capacity and logistics efficiency, promoting the simultaneous development of port economy, shipping services, and warehousing processing industries [2]

学捐赠英文书籍300余册，涵盖中国历史文化、现代发展成就、城市风貌、医学等多个重点领域。同 时，多样化捐赠两尊高1.9米的兵马俑雕像、施工机械模型及多本立体书，以"书籍+实物+可视化展 示"的形式，生动呈现中华文明底蕴和中国基础设施建设实力，有效提升文化传播的感染力和影响力。 来源：环球网 近日，中国交建坦桑尼亚分公司在达累斯萨拉姆大学图书馆举办以"书香中交里 中坦续华章"为主题的 第三期中国书架活动。达累斯萨拉姆大学校长代表马修·森加、达累斯萨拉姆大学图书馆代理馆长科林· 基马约、孔子学院中方院长张笑贞院长以及新任中方院长张燕军、坦方院长穆萨·汉斯、达累斯萨拉姆 大学国际学院代表、陕西商会代表、在坦留学生以及分公司相关负责人参加本次活动。 马修·森加在致辞中表示，这一跨越山海的文化盛事，不仅生动展现了中坦两国深厚的友谊，更标志着 文明交流互鉴的重要里程碑。他指出，"中国书架"为达累斯萨拉姆大学的学生打开了一扇了解中国的新 窗口，使学生们能够通过阅读书籍探寻中国发展的奥秘、积累知识储备，并为未来参与中坦各领域合作 打下坚实基础。长期来看，这一项目将不断培养出更多致力于促进中坦友谊的青年使者，为两国友好合 作注 ...

Core Viewpoint - The article emphasizes optimism regarding fiscal policy in 2026, particularly in infrastructure investment as a means to stabilize economic growth amid a challenging real estate market [2][4][5]. Fiscal Policy Outlook - The 2026 fiscal policy is expected to be more proactive, with a focus on stabilizing investment and stimulating private sector activity [4][5]. - Central government investment is anticipated to increase, while local governments will continue to reduce leverage due to rising debt risks [5]. Infrastructure Investment - Infrastructure investment is projected to grow at a rate of 4.5% in 2026, driven by ongoing support from central fiscal measures [2][15]. - The central government is expected to play a significant role in funding infrastructure projects, particularly in the western regions of China [27][28]. Regional Investment Opportunities - The western provinces, especially Sichuan, are highlighted as having high potential for infrastructure investment due to favorable central government support and strategic positioning [3][27][34]. - Sichuan's transportation investment is leading nationally, with a compound annual growth rate of 4.9% from 2020 to 2024, indicating strong growth prospects [32]. Manufacturing Sector Insights - Manufacturing investment is expected to stabilize with a growth rate of around 5% in 2026, benefiting from a potential recovery in semiconductor capital expenditures [3][12]. - The cleanroom engineering sector is identified as a key beneficiary of increased capital spending in high-end manufacturing [3]. International Engineering Opportunities - The overseas market is anticipated to become a second growth curve for construction companies, with significant growth in new contracts and revenue from foreign projects since 2025 [3][12]. Debt Management and Corporate Valuation - The ongoing debt management efforts are expected to improve the asset quality and valuation of state-owned construction enterprises, which have seen a decline in price-to-book ratios due to rising receivables [2][16]. - The average funding cost for major construction enterprises is around 4%, with some companies achieving lower rates through bond issuance [22][23]. Construction Sector Dynamics - The construction sector is experiencing a shift towards higher market concentration, with leading companies increasing their market share significantly in recent years [22][23]. - The article notes that the average market share of major construction enterprises has risen to 22.9% in revenue terms and 48.9% in order terms [22][23].

信长星、刘小涛对宋海良、张炳南来江苏考察交流、深化合作表示欢迎。信长星说，当前，我们正在深 入学习贯彻党的二十届四中全会和中央经济工作会议精神，认真落实习近平总书记对江苏工作重要讲话 精神，扎扎实实推进中国式现代化江苏新实践。江苏与中交集团合作基础良好，希望双方围绕基础设施 投资建设运营、高端装备产业发展、城市更新等领域拓展合作，共同服务国家重大发展战略。 宋海良、张炳南感谢江苏省对中交集团发展的关心支持。他们表示，江苏发展势头好、潜力大，是中交 集团业务布局的重点区域。中交集团将发挥自身优势，紧密对接江苏发展需求，深化全产业链一体化服 务，更好助力江苏高质量发展和现代化建设。 12月24日，省委书记信长星、省长刘小涛在南京会见中国交通建设集团董事长宋海良、总经理张炳南。 省领导储永宏、马士光，中交集团副总经理刘成云参加会见。 ...

（文章来源：证券日报） 证券日报网讯 12月23日，中国交建在互动平台回答投资者提问时表示，截至2025年11月30日，公司通 过集中竞价交易方式已回购A股股份29345900股，约占公司总股本的0.1803%；回购成交最高价8.98元/ 股，最低价8.47元/股。后续回购进展请以公司在上海证券交易所发布的公告为准。 ...