2025年6月16日，公司召开2024年年度股东会逐项审议通过了《关于回购公司A股股份方案的议案》， 同意公司使用自有资金以集中竞价交易方式回购公司已发行的部分人民币普通股（A股）股票，回购的 资金总额不低于人民币5亿元，不超过人民币10亿元，回购价格上限为13.58元/股，回购的股份将全部 予以注销并减少公司注册资本，回购期限为自股东会审议通过回购方案之日起12个月内。具体内容详见 2025年7月1日公司在上海证券交易所网站（www.sse.com.cn）披露的《中国交建（601800）关于以集中 竞价交易方式回购公司A股股份的回购报告书》。 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、回购股份的基本情况 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号一一回购股 份》等相关规定，在回购期限内根据市场情况择机做出回购决策并予以实施，同时根据回购股份事项进 展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 中国交通建设股份有限公司董事 ...

每经头条（nbdtoutiao）——股民发帖求主力拉涨停，次日竟成真！襄阳轴承涨停迷局背后：平台审核 漏洞与市场操纵疑云发酵 （记者 王晓波） 每经AI快讯，中国交建12月3日晚间发布公告称，截至2025年11月30日，公司通过集中竞价交易方式已 回购A股股份数量约为2935万股，已回购股份约占公司总股本的0.1803%，回购成交的最高价格为8.98 元/股，回购成交的最低价格为8.47元/股，成交总金额为2.57亿元人民币。 ...

智通财经APP讯，中国交通建设(01800)发布公告，截至2025年11月30日，公司通过集中竞价交易方式已 回购A股股份数量为2934.59万股，已回购股份约占公司总股本的0.1803%，回购成交的最高价格为 8.98 元/股，回购成交的最低价格为8.47元/股，成交总金额为2.57亿元人民币(不含交易费用)。本次回购符合 相关法律法规的规定及公司既定的回购股份方案。 ...

中国交通建设(01800)发布公告，截至2025年11月30日，公司通过集中竞价交易方式已回购A股股份数量 为2934.59万股，已回购股份约占公司总股本的0.1803%，回购成交的最高价格为8.98元/股，回购成交的 最低价格为8.47元/股，成交总金额为2.57亿元人民币(不含交易费用)。本次回购符合相关法律法规的规 定及公司既定的回购股份方案。 ...

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） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而發表。 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。 以 下 為 中 國 交 通 建 設 股 份 有 限 公 司 於 上 海 證 券 交 易 所 網 站 刊 發 的《中 國 交 通 建 設 股 份 有 限 公 司 關 於 股 份 回 購 進 展 公 告》。 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12月3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 证券代码：601800 证券简称：中国交建 公告编号：2025-062 中国交通建设股份有限公司 ...

MACD金叉信号形成，这些股涨势不错！ 格隆汇12月3日丨中国交建(601800.SH)公布，截至2025年11月30日，公司通过集中竞价交易方式已回购 A股股份数量为2934.59万股，已回购股份约占公司总股本的0.1803%，回购成交的最高价格为8.98元/ 股，回购成交的最低价格为8.47元/股，成交总金额为2.57亿元人民币（不含交易费用）。 ...

2025 年 6 月 16 日，公司召开 2024 年年度股东会逐项审议通过了《关于回购 公司 A 股股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回购公 司已发行的部分人民币普通股（A 股）股票，回购的资金总额不低于人民币 5 亿 元，不超过人民币 10 亿元，回购价格上限为 13.58 元/股，回购的股份将全部予以 注销并减少公司注册资本，回购期限为自股东会审议通过回购方案之日起 12 个月 内。具体内容详见 2025 年 7 月 1 日公司在上海证券交易所网站（www.sse.com.cn） 披露的《中国交建关于以集中竞价交易方式回购公司 A 股股份的回购报告书》。 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等法律法规及规范性文件的规定，现将公司截至上月末回购股 份的进展情况公告如下： 证券代码：601800 证券简称：中国交建 公告编号：2025-062 中国交通建设股份有限公司 关于股份回购进展公告 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 ...

Core Viewpoint - China Communications Construction Company (CCCC) reported a 16.3% decline in net profit attributable to shareholders in Q3, while non-recurring net profit increased by 24.1%, indicating significant improvement in operating cash flow and steady growth in new contract signing [1] Financial Performance - Q3 net profit attributable to shareholders decreased by 16.3% - Non-recurring net profit increased by 24.1% - Operating net cash flow showed significant improvement [1] Contract Signing - New contracts signed from Q1 to Q3 of 2025 totaled 1.34 trillion yuan, a year-on-year increase of 4.6% - Domestic business new contracts amounted to 1.0559 trillion yuan, a year-on-year growth of 4.0% - Overseas business new contracts reached 284.1 billion yuan, a year-on-year increase of 7.1% - By business type, new contracts for infrastructure reached 1.2224 trillion yuan, a year-on-year increase of 6.3%, while new contracts for infrastructure design decreased by 21.4% to 30.4 billion yuan, and new contracts for dredging engineering decreased by 6.4% to 78.8 billion yuan - In Q3 alone, new contracts signed amounted to 348.9 billion yuan, a year-on-year increase of 9.2%, with a quarter-on-quarter growth acceleration of 12.6 percentage points [1] Dividend Proposal - The proposed dividend ratio for 2025 H1 profits is set at 20% - The cash dividend per share is not less than 0.11756 yuan, totaling approximately 1.914 billion yuan, which accounts for about 20% of the net profit attributable to shareholders for 2025 H1 [1] Valuation - The company is given a target price of 13.64 yuan based on a 2025 price-to-earnings ratio of 11 times, maintaining a "Buy" rating [1]

Fixed Income Research - In the current low interest rate environment, real estate bonds have certain yield exploration space, but the fundamentals of the sector still need further improvement. The overall strategy recommendation remains focused on steady defense [2][6]. Paper and Light Industry Research - The operational efficiency and employee motivation of Bohui Paper Industry have improved, backed by Golden Light Paper Industry, enhancing long-term competitiveness [2][10]. Telecommunications Research - Guangku Technology has raised its profit forecast and target price, maintaining a buy rating. Revenue has significantly increased, driven by rapid growth in data communication [2][12]. Retail and Social Services Research - Tongcheng Travel's Q3 2025 performance exceeded expectations, with seasonal growth in hotel and transportation sectors improving sequentially. The company continues to achieve stable profit release through take rate enhancement and efficiency improvements [2][15][16]. Public Utilities Research - In the context of market capitalization assessment, state-owned enterprises with weak stock prices may have buyback demands. There is also potential for thermal power companies to increase dividends or buybacks [2][19][37].

Industry Investment Rating - The steel industry maintains an "overweight" rating [49] - The real estate industry maintains an "overweight" rating [57] - The insurance industry maintains an "overweight" rating [86] Core Viewpoints - Global risk preferences have significantly declined, leading to asset price fluctuations and panic selling. However, China's capital market is expected to recover in valuation and experience significant development, with A/H shares, industrial commodities recommended for tactical overweight, and US dollars for tactical underweight [20][21] - The Fed's expected interest rate cut in December has risen significantly, and the market is highly concerned about the Fed's monetary policy. The Chinese economy is expected to gradually stabilize, and the policies of various industries will promote the improvement of industry fundamentals [8][15] - The technology theme is expected to return to the main line, and themes such as commercial space, AI applications, robots, and domestic demand consumption are worthy of attention [29] Summary by Directory Macro Reports - **Global Asset Performance**: From November 24 - 28, 2025, major global stock markets rose, commodities generally increased, the 10 - year US Treasury yield remained unchanged, the US dollar index fell, and the RMB appreciated against the US dollar [5] - **US Economy**: Manufacturing new orders increased, housing price growth slowed, and consumer growth also slowed [6] - **European Economy**: Business confidence in the eurozone stabilized [7] - **Overseas Policies**: The Fed's expected interest rate cut in December rose to 80%, the ECB President said the current interest rate was appropriate, the UK's budget faced a "technical leak", Japan's bond - issuing plan tilted towards short - term bonds, and the BOJ's December interest rate hike expectation did not increase [8][9][10] - **China's Economy**: Consumption, investment, and production showed structural differentiation. The manufacturing PMI marginally rebounded due to improved external demand, and the construction industry's business activity index also increased marginally, but the service industry's declined [13][15] Asset Allocation Report - **A/H Shares**: Tactical overweight is maintained due to multiple factors supporting China's equity performance, such as the release of micro - trading risks and the approaching policy window [20] - **Treasury Bonds**: Tactical standard allocation is maintained because of the imbalance between financing demand and credit supply, and the central bank may take action to maintain market liquidity [20] - **Industrial Commodities**: Tactical overweight is maintained as industrial metals like copper may face supply - demand imbalances, with strong demand and increasing development costs [21] - **US Dollars**: Tactical underweight is maintained as the Fed's policy adjustment and the marginal convergence of the US economy reduce the dollar's allocation value [21] Strategy Reports - **Asset Overview**: Global risk preferences recovered, stocks and commodities rose, silver and copper prices hit record highs, and the dollar index weakened. A - shares and other major global stock markets generally rebounded, and the bond market showed a pattern of a bearish steepening in China and a bullish steepening in the US [23][24][25] - **Theme Analysis**: The trading heat of hot themes was stable, the technology theme returned, and funds flowed into AI and communication. Themes such as commercial space, AI applications, robots, and domestic demand consumption are recommended [29] Overseas Strategy Reports - **Fund Flows**: North - bound funds may have a small net inflow, and south - bound funds' inflow into e - commerce and retail reached a new high since October. Overseas funds showed different flow trends in different markets [36][37] - **Policy Tracking**: Domestic policies covered macro, industrial, and local aspects, and overseas policies included diplomatic, economic, and interest - rate - related policies [39][40][43] Industry Reports - **Steel**: Demand is expected to stabilize, supply is expected to contract, and the industry's fundamentals are expected to gradually recover. Companies with product and cost advantages are recommended [45][48][49] - **Utilities**: The proportion of long - term contract electricity in 2026 is expected to decrease, electricity prices may have limited declines, and the industry's valuation is expected to improve [52] - **Real Estate**: The transaction volume in large and medium - sized cities rebounded, and the spot - housing sales are beneficial to the industry's healthy development [57][58] - **Food and Beverage**: CPI data has boosted the sector's expectations. Different sub - sectors such as liquor, beverages, and snacks have corresponding investment recommendations [62] - **Robotics**: Overseas and domestic companies have made progress in the field of humanoid robots, and investment in this field is active. Core component suppliers and整机 manufacturers are recommended [67][68][69] - **Machinery**: The weekly operating load rate of industrial gases increased, and important projects such as the second - phase of the Huanneng Jintan salt - cavern compressed - air energy - storage project advanced. Related companies are recommended [73][74][75] - **Insurance**: In October 2025, the growth rate of life and property insurance premiums declined marginally. The industry is optimistic about the growth of the life insurance's new business value (NBV) in the 2026 opening season and the continuous improvement of the property insurance's combined ratio (COR) [83][84][85] - **Agriculture**: Corn prices rose, the pet food market showed different trends at home and abroad, and the pig - breeding industry needs to pay attention to the epidemic and demand. Related companies in different sub - sectors are recommended [88][89][90] - **Textile and Apparel**: The US clothing retail industry showed growth, and the overseas K - shaped consumption trend continued. Export - manufacturing and brand - end companies are recommended [93][94][95]