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]

Investment Rating - The investment rating for China Communications Construction Company (CCCC) is "Buy" [1][8]. Core Views - The report highlights a significant improvement in operating cash flow, with a net cash flow of -657.9 billion yuan for Q1-Q3 2025, an improvement from -770.3 billion yuan in the same period of 2024 [5]. - The company has seen a steady growth in new contracts, with a total of 13,400 billion yuan in new contracts signed for Q1-Q3 2025, representing a year-on-year increase of 4.6% [5][18]. - The report projects a decrease in net profit attributable to shareholders by 16.3% for Q3 2025, while the non-recurring net profit increased by 24.1% [2][4]. Summary by Relevant Sections Financial Performance - For Q1-Q3 2025, total revenue was 513.9 billion yuan, a decrease of 4.2% year-on-year [4]. - The net profit attributable to shareholders for the same period was 136 billion yuan, down 16.1% year-on-year [4]. - The gross profit margin for Q1-Q3 2025 was 11.04%, a decrease of 0.50 percentage points [4]. Cash Flow and Contracts - The operating cash flow for Q1-Q3 2025 improved significantly, with Q3 showing a positive cash flow of 115.1 billion yuan [5]. - New contracts signed in Q3 2025 amounted to 3,489 billion yuan, a year-on-year increase of 9.2% [5][18]. Dividend and Asset Management - The proposed dividend payout ratio for H1 2025 is set at 20% of the net profit attributable to shareholders, amounting to approximately 19.14 billion yuan [6]. - The company is focused on optimizing asset allocation and improving asset utilization efficiency [6].

Core Insights - The 2025 Guangdong Construction Industry Modernization Development Conference and Guangdong International Construction Industry Expo opened in Guangzhou, focusing on "Digital Intelligence Empowerment, New Quality Development, Building the Future of Guangdong" [1] - The event attracted over 200 participating units from the construction industry, showcasing advancements in technology and resources aimed at modernizing the construction sector [1][3] Group 1: Industry Trends - The construction industry is transitioning from high-speed growth to high-quality development, emphasizing quality over quantity [4] - Guangdong is leading the way in integrating new construction technologies and industrialization, particularly in smart construction and modular buildings [3][4] - The conference highlighted the importance of urban renewal and resource revitalization in enhancing city vitality [4] Group 2: Key Initiatives - The "Hundred Million Project" aims to achieve significant results within three years, with over 11,000 projects initiated and an investment of nearly 170 billion yuan by October [7] - Central enterprises like China State Construction and China Railway are playing a pivotal role in supporting local construction efforts and demonstrating leadership in rural development [7][8] - The conference facilitated cooperation agreements among construction enterprises to enhance resource integration and promote the "Hundred Million Project" [7] Group 3: Future Directions - The event included discussions on cultivating new productive forces in the construction industry and promoting the construction of quality housing [8] - Various activities, such as the Guangdong Provincial Construction Culture Promotion Week and exchanges among young architects, were organized to explore modernization pathways [8]

Group 1 - China Communications Construction Group Limited has obtained a patent for a "large mooring floating box steel box unit combination structure," with authorization announcement number CN120793067B, and the application date is September 2025 [1] - China Communications Construction Group Limited was established in 2005, located in Beijing, primarily engaged in civil engineering and construction, with a registered capital of 727,402.38 million RMB [1] - China Communications Construction Group Limited has invested in 25 companies, participated in 5,000 bidding projects, holds 162 trademark registrations, 17 patents, and possesses 9 administrative licenses [1] Group 2 - China Communications Fourth Navigation Engineering Bureau Limited, established in 1983 and located in Guangzhou, primarily operates in the road transportation industry, with a registered capital of 496,568.09 million RMB [1] - China Communications Fourth Navigation Engineering Bureau Limited has invested in 123 companies, participated in 5,000 bidding projects, holds 19 trademark registrations, 2,277 patents, and possesses 655 administrative licenses [1] - China Communications First Navigation Engineering Bureau Limited, established in 1985 and located in Tianjin, primarily operates in the construction installation industry, with a registered capital of 729,483.82 million RMB [2] - China Communications First Navigation Engineering Bureau Limited has invested in 114 companies, participated in 5,000 bidding projects, holds 4,488 patent registrations, and possesses 1,131 administrative licenses [2] Group 3 - Hainan Zhelian Steel Structure Group Limited, established in 2010 and located in Haikou, primarily operates in the metal products industry, with a registered capital of 38 million RMB [2] - Hainan Zhelian Steel Structure Group Limited has invested in 10 companies, participated in 9 bidding projects, holds 21 patent registrations, and possesses 16 administrative licenses [2]

Core Viewpoint - The announcement details the third dividend distribution for the year 2025 from the China Communications Construction Company Highway Closed-End Infrastructure Securities Investment Fund, highlighting the cash dividend amount and relevant dates for investors [1]. Summary by Sections Dividend Distribution - The dividend distribution is set at 0.70 yuan per 10 shares for the China Communications Construction Highway REIT (code: 508018) [1]. - The record date for the dividend distribution is December 1, 2023, with cash dividends to be paid on December 3, 2023 [1]. Taxation and Fees - The fund's profit distribution to investors is exempt from income tax according to relevant regulations from the Ministry of Finance and the State Administration of Taxation [1]. - There are no fees charged for the dividend distribution [1].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the construction industry [4]. Core Views - The report highlights that the logic of overseas engineering expansion is gradually being realized, with high growth areas showing superior growth. Infrastructure and real estate demand continue to face pressure, while railway and water conservancy investments perform well, with the effects of debt reduction expected to gradually manifest [1][8]. - Central state-owned enterprises (SOEs) are experiencing a significant decline in revenue and performance, but there is a long-term trend of improving operational quality. Many SOEs have shown improvements in profitability, cash flow, and expense ratios, indicating a gradual enhancement in operational quality [2][8]. - The overseas new contract signing is rapidly increasing, demonstrating the effectiveness of the overseas expansion strategy. The contract value and revenue from foreign engineering projects have shown significant year-on-year growth, providing support for domestic construction enterprises [3][8]. Summary by Sections 1. Industry Overview - Infrastructure investment growth has been declining, with broad infrastructure investment growth dropping from 11.50% in early 2023 to 1.51% by October 2025. Narrow infrastructure investment growth turned negative, indicating a significant slowdown in traditional infrastructure demand [16][17]. - The investment growth in the railway sector remains positive, while road transport investment has been declining due to funding pressures from local governments and construction enterprises [18][20]. 2. Central SOEs Performance - Central SOEs in the infrastructure sector are facing revenue and performance growth challenges, but operational quality is improving. The implementation of debt reduction measures is expected to show fiscal effects by 2026 [2][8]. 3. Overseas Expansion - The overseas contract signing for Chinese construction enterprises has increased significantly, with major state-owned enterprises showing higher growth rates in new contracts compared to the overall market. This trend is expected to support revenue growth in the coming years [3][8]. 4. Regional Investment Trends - In the western region, particularly Xinjiang, fixed asset investment growth is significantly higher than the national average, with major infrastructure projects expected to drive demand growth [6][8]. - The coal chemical industry in Xinjiang is projected to see substantial investment, with over 400 key projects planned, totaling an investment of 3.47 trillion yuan [6][8]. 5. Cleanroom Engineering Demand - The demand for cleanroom construction is expected to rise due to increased capital expenditure in the AI and semiconductor industries. The cleanroom engineering sector is experiencing rapid growth in orders, particularly from overseas markets [7][8]. 6. Investment Recommendations - The report suggests that low-valuation central SOEs like China State Construction and China Communications Construction Company are well-positioned for stable returns, with improving operational metrics and increasing dividends [9][8]. - Leading companies in overseas expansion, such as China National Materials and China Steel International, are expected to outperform traditional construction enterprises due to their strong growth in overseas orders [9][8].

Core Viewpoint - China Communications Construction Company (01800) announced a mid-term dividend of HKD 0.12929 per share for the six months ending June 30, 2025, to be distributed on January 9, 2026 [1] Summary by Category - **Dividend Announcement** - The company will distribute a mid-term dividend of HKD 0.12929 per share [1] - The dividend pertains to the financial period ending June 30, 2025 [1] - The payment date for the dividend is set for January 9, 2026 [1]

Group 1 - The company China Communications Construction (01800) announced a mid-term dividend of HKD 0.12929 per share [1] - The dividend will be distributed on January 9, 2026 [1] - The dividend pertains to the six-month period ending June 30, 2025 [1]

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） 海外監管公告 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11月25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 北京观韬律师事务所 Guantao Law Firm 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。 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《北 京 觀 韜 律 師 事務所關於中國交通建設股份有限公司回購註銷2022年限制性股票激勵計劃部 分 限 制 性 股 票 實 施 情 況 的 法 ...

Core Viewpoint - China Communications Construction Company (CCCC) announced an increase in its cash dividend per share for A-shares from 0.11756 yuan (including tax) to 0.11780 yuan (including tax) [2] Summary by Category - **Dividend Announcement** - The cash dividend per share for A-shares has been adjusted to 0.11780 yuan from the previous 0.11756 yuan [2]