新华社科威特城12月22日电（记者尹炣）中国交通建设股份有限公司（以下简称中交）承建的科威特大 穆巴拉克港一期EPC项目签约仪式22日在科威特杰赫拉省东北部布比延岛举行。科中官员及企业代表等 约200人出席仪式。 ...

证券日报网讯 12月22日，中国交建（601800）在互动平台回答投资者提问时表示，建筑企业的盈利模 式会因所在地区、国家的市场环境、业务结构、政策法规等因素存在显著差异，同时不同资本市场的估 值体系、投资者偏好也各不相同，因此不同国家的建筑企业股价无法直接进行简单对比。公司将积极向 国际优秀企业学习，加快国际化业务发展进程，改善自身业务结构，优化盈利模式，努力推动公司估值 向合理水平迈进。 ...

Investment Rating - The report rates the industry as "Overweight" [7] Core Insights - The potential for investment growth in new infrastructure remains significant, with a focus on expanding effective investment space and enhancing private investment vitality [2][3] - Central enterprises are encouraged to identify new growth areas, particularly in renewable energy, aerospace, and low-altitude economy sectors [4] - The government is increasing support for capital in key infrastructure projects, including railways and smart construction initiatives [5] Summary by Relevant Sections Recent Key Reports - The report highlights the importance of strategically expanding investment in new infrastructure and emphasizes the need for a coordinated approach to urbanization and rural revitalization [3][4] Key Company Recommendations - Recommended companies include China Railway, China Communications Construction, and China State Construction, all of which are expected to benefit from high dividend yields and stable growth [8][11] - Specific sectors such as clean rooms, commercial aerospace, and controlled nuclear fusion are highlighted for their growth potential, with recommended stocks including Yaxiang Integration and Shanghai Port [6][10] Macro/Meso/Micro Data - The report indicates a projected increase in broad infrastructure funding by 7.3% in 2025, driven by enhanced fiscal policies and the issuance of special bonds [31][32] - It also notes that the construction industry is experiencing a decline in net profit margins, with a 10% year-on-year decrease in net profit reported [14][15]

Investment Rating - The report recommends a "Buy" rating for several construction companies, highlighting their potential for high returns based on expected dividend yields and low valuations [9][32]. Core Insights - The current policy environment is driving an increase in insurance capital allocation to the stock market, with a notable acceleration in Q3 this year. Insurance capital is favoring construction stocks with high ROE, high dividend yields, and low valuations, particularly focusing on companies like China Electric Power Construction, China State Construction, and Sichuan Road and Bridge [1][2][14]. - It is estimated that the construction sector will receive an additional allocation of 28.6 billion yuan by 2026, representing 3.5% of the free float market value. Key A-share stocks recommended include Sichuan Road and Bridge (6.3% yield), Jianghe Group (6.5%), and others, while H-share stocks include China State Construction International (7.2%) and China Communications Construction (6.0%) [1][8][32]. Summary by Sections Insurance Capital Trends - As of Q3 2025, the total balance of insurance capital in China reached 37.5 trillion yuan, a year-on-year increase of 16.5%. The allocation to stocks and funds was 3.6 trillion and 2.0 trillion yuan, respectively, accounting for 15.5% of total investments, with a significant increase noted in Q3 [2][22]. - The top three construction stocks held by insurance capital are China Electric Power Construction, China State Construction, and Sichuan Road and Bridge, which together account for 75% of the insurance capital's construction sector holdings [2][22]. Expected Capital Allocation - The projected allocation of insurance capital to the construction sector is estimated at 50.8 billion yuan in 2025 and 79.4 billion yuan in 2026, with an incremental increase of 28.6 billion yuan in 2026 [3][28]. - The overall allocation ratio for the construction sector is expected to rise from 1.31% in 2025 to 1.60% in 2026, driven by the sector's attractive dividend yield compared to other sectors [3][28]. Recommended Stocks - Key A-share stocks with expected dividend yields over 5% include Sichuan Road and Bridge (6.3%), Jianghe Group (6.5%), and others. H-share stocks include China State Construction International (7.2%) and China Communications Construction (6.0%) [1][29][32]. - The report also highlights semiconductor cleanroom leaders such as Yaxiang Integration and Shenghui Integration, which are expected to benefit from the ongoing AI investment wave [1][8][32].

Group 1 - The current policy is driving insurance capital to increase allocation in the stock market, with a significant acceleration observed in 2023, particularly in Q3 [1][2] - Insurance capital is favoring high ROE, high dividend yield, and undervalued stocks in the construction sector, with major holdings in China Power Construction, China State Construction, and Sichuan Road and Bridge [1][2] - Sichuan Road and Bridge has recently received a stake increase from Zhongyin Life, indicating a trend of insurance capital focusing on high-quality construction stocks [2] Group 2 - It is estimated that insurance capital will allocate 286 billion yuan to the construction sector by 2026, representing 3.5% of the free float market value [3] - The projected allocation for the construction sector from insurance capital is expected to be 508 billion yuan in 2025 and 794 billion yuan in 2026, with incremental increases of 271 billion yuan and 286 billion yuan respectively [3] - The construction sector is expected to attract long-term capital due to the presence of stable performance, high dividends, and low valuations among key A-share companies [4] Group 3 - The global demand for computing power is expected to grow significantly, driven by AI development, leading to a new growth cycle for cleanroom engineering [5] - Major semiconductor companies are increasing their capital expenditures, with TSMC projecting a doubling of its AI business by 2025 and a compound annual growth rate of approximately 40% over the next five years [5] - The cleanroom investment in the semiconductor industry is projected to reach approximately 168 billion yuan globally and 50.4 billion yuan in China by 2025, representing about 15% of the total industry capital expenditure [5]

Group 1 - The company emphasizes a balanced approach to dividend distribution, considering operational performance and cash flow [2] - The transportation infrastructure industry is characterized by significant project investments and long cycles, leading to retained earnings being primarily allocated for core business investments, industry chain expansion, and debt repayment [2] - The company has implemented an annual dividend plan based on performance and will prudently review the dividend payout ratio in light of operational realities, cash flow, and industry trends, with any adjustments subject to regulatory review and disclosure obligations [2]

证券日报网讯 12月19日，中国交建在互动平台回答投资者提问时表示，关于增持计划，公司始终关注 资本市场表现与股东利益，若有对中交设计新的增持计划，将依规及时履行信息披露义务。针对中交设 计涉及公司附属公司的应收账款，公司高度重视，将严格按照合同约定结算支付，切实保障各方股东的 合法权益。 （编辑 任世碧） ...

证券日报网讯 12月18日，中国交建（601800）在互动平台回答投资者提问时表示，股价、市值受市场 环境、行业估值等多重外部因素影响，非公司单方面可控。公司始终重视股东回报，通过稳定分红、股 份回购等方式回馈投资者。进入"十五五"，结合国内行业挑战与机会，公司将聚焦高质量发展，并非单 纯追求营收规模增长，而是优化业务结构、提升盈利质量与资产效率，努力以更好的经营成果体现公司 内在价值。 ...

证券日报网讯 12月16日，中国交建在互动平台回答投资者提问时表示，股价受宏观经济、行业周期等 多重外部因素影响，非公司单方面可控。公司上市以来的研发投入，聚焦核心业务技术攻关和新兴业务 布局，其中用于施工生产中的高新技术材料费占主要部分。基建行业项目投资周期长，公司正通过优化 业务结构、降本增效、稳定分红等举措提升经营质量。作为基建龙头，公司将紧抓战略机遇深化转型， 以稳健业绩实现公司与股东价值共同提升。 （编辑 丛可心） ...

中新网四川新闻12月16日电 (记者 刘忠俊)12月16日，由中国交建承建的成都轨道交通30号线一期开通 初期运营。该条凝聚着无数匠心与智慧的"科幻动脉"，载着城市的梦想与市民的期待，驶向更加繁荣、 便捷、美好的明天。 据了解，30号线一期西起双流机场2航站楼东站，东至龙泉驿火车站南站，全长27.96公里，共设车站24 座，其中换乘站6座，可与7条既有线路实现便捷换乘，包括双流机场2航站楼东站换乘19号线、接驳10 号线，珠江路站接驳8号线，成都市一医院站连接5号线，金石路站对接6号线，娇子立交站衔接13号 线，惠王陵站联通2号线。作为全国首条配置"常规全自动+车车通信"双制式信号系统的地铁线路，其搭 载的"车车通信"技术诞生于成都金牛高新技术产业园区，是名副其实的"成都研、成都造"，处于国际领 先水平。 绚丽的视觉体验背后，是极致的工程品质。项目指挥长王毅元介绍："我们不仅要建一条'看得见未 来'的线路，更要建一条'经得起时间检验'的线路。在智慧化、绿色化施工全面落地的同时，结构安全与 全生命周期耐久性，始终是我们不可退让的底线。" 在娇子立交站长达307.47米的过街通道施工中，挑战尤为艰巨。该通道最大断 ...