（编辑 任世碧） 证券日报网讯 12月11日，中国交建在互动平台回答投资者提问时表示，对于未来发展，公司将以"高质 量发展"为核心，短期聚焦订单转化与现金流优化，中长期依托新质生产力培育、海外拓展，推动业绩 稳步增长。 ...

Core Viewpoint - The construction and decoration industry is experiencing a slowdown in fixed asset investment and new contract signings, with a focus on potential growth areas such as overseas construction, urban renewal, digital construction, and power engineering [2][5]. Investment Strategy - From January to October 2025, cumulative fixed asset investment decreased by 1.7% year-on-year, while infrastructure investment increased by 1.5%, with a sequential decline of 1.8 percentage points [2]. - New contracts in the construction industry totaled 21.30 trillion yuan from January to September 2025, down 4.6% year-on-year, with a notable slowdown in the decline of new orders in the third quarter [2]. - The backlog of construction orders stood at 59.95 trillion yuan, reflecting a year-on-year decrease of 1.8%, indicating that the decline in existing orders is less severe than that of new contracts [2]. Sector Performance - The construction decoration index rose by 6.8% from the beginning of 2025 to December 2, but underperformed compared to the broader market [2]. - The renovation and decoration service sector led the secondary market with a growth rate of 30.6% [2]. - The construction sector's allocation ratio was 0.62%, which is 0.94 percentage points lower than the industry standard [2]. Central Enterprises - The eight major central enterprises saw their new contracts remain stable in the first half of 2025, with overall revenue growth declining by 4.4% and net profit attributable to shareholders decreasing by 7.5% [3]. - Factors such as slowing infrastructure investment growth and prolonged repayment cycles due to local fiscal pressures have impacted the revenue of these enterprises [3]. Growth Opportunities - Overseas construction saw a cumulative completion amount of 134.18 billion USD from January to October 2025, with a year-on-year increase of 7.9%, particularly in Belt and Road countries [4]. - Urban renewal projects are expected to be funded through various sources, with plans to start renovating 25,000 old urban communities, of which 21,700 have already commenced [4]. - Digital construction is being driven by new productivity, with a focus on comprehensive digital transformation across urban areas [4]. - The power engineering sector is anticipated to benefit from significant opportunities in water resources and environmental projects from 2025 to 2030 [4]. - Local government bond issuance has accelerated, with a total issuance of 6.49 trillion yuan from January to September 2025, marking a year-on-year increase of 29.3% [4]. Investment Recommendations - The construction sector is expected to see a resonance of fundamentals, policies, and valuations, with a focus on marginal changes in overseas construction, urban renewal, digital construction, power engineering, and debt reduction [5]. - Recommended stocks include China Power Construction, China Energy Engineering, China Communications Construction, Tunnel Corporation, Metro Design, and Jianfa Heceng, particularly those with stable performance and low valuations [5].

证券日报网讯 12月9日，中国交建（601800）在互动平台回答投资者提问时表示，船舶制造不是公司主 营业务，核心聚焦特种船舶领域增值服务，可提供特种船舶施工总承包及代建服务，覆盖项目全流程管 控、建造组织实施等核心环节，凭借工程履约能力与资源整合优势，为客户打造定制化、专业化解决方 案，满足特种船舶相关建设需求。 ...

Group 1 - The core viewpoint of the article is that China Communications Construction Company (CCCC) is actively seizing market opportunities and accelerating business structure adjustments to achieve better shareholder returns [1] Group 2 - The company responded to investor inquiries on an interactive platform, indicating its commitment to enhancing shareholder value [1] - CCCC aims to adapt its business strategies in response to market dynamics [1] - The focus on business structure adjustment suggests a proactive approach to navigating industry challenges [1]

Core Insights - The Guanglian Expressway asset-backed securities project successfully issued 15 billion yuan, marking the largest single issuance and the first inter-institutional REITs approved by policy banks [1][2] - This project serves as a strategic initiative for China Communications Construction Group (CCCC) to enhance capital support for its 14th Five-Year Plan and promotes infrastructure investment [1][4] Group 1: Project Significance - The project revitalizes over 40 billion yuan of underlying assets, creating a complete cycle of investment, financing, construction, management, and exit, thus enhancing capital turnover efficiency and reinvestment capacity [1][3] - It establishes a dual-driven product strategy of public REITs and holding-type real estate ABS, enriching the inter-institutional REITs product offerings [2][3] Group 2: Market Impact - The successful issuance involved diverse core institutional investors, including insurance funds and asset management companies, reflecting strong market recognition of CCCC's brand value and asset quality [2][3] - The project introduces a performance assessment mechanism and liquidity support services, enhancing product liquidity and pricing efficiency in the secondary market [3][4] Group 3: Strategic Alignment - The Guanglian Expressway connects key areas in the Greater Bay Area, with the 15 billion yuan equity injection expected to optimize regional road network structure and stimulate economic integration [3][4] - The issuance exemplifies a collaborative effort to activate large-scale infrastructure assets and supports the national strategy of revitalizing existing assets and expanding effective investment [4]

Core Insights - The Guanglian Expressway asset-backed securities project successfully issued 15 billion yuan, marking the largest single issuance of inter-institutional REITs in China, with underlying asset valuations exceeding 40 billion yuan [1][2] Group 1: Project Significance - The project serves as a strategic initiative for China Communications Group to deepen the integration of industry and finance, providing solid equity capital support for the company's development during the 14th Five-Year Plan period [1] - It creates a closed-loop value management system for infrastructure assets, enhancing capital turnover efficiency and reinvestment capability by converting heavy assets into more liquid financial products [1] Group 2: Product Development - The successful issuance enriches the inter-institutional REITs product offerings, furthering China Communications Group's dual-driven product strategy of "public REITs + holding-type real estate ABS" [2] - The project has led to the issuance of one public REIT and five inter-institutional REITs, forming a multi-tiered product matrix that meets diverse investor needs [2] Group 3: Market Engagement - The project has established a collaborative ecosystem, attracting over 10 core institutional investors, including insurance funds and asset management companies, enhancing the activity and pricing efficiency of inter-institutional REITs [2] - Several investment institutions participated for the first time, indicating a growing interest in inter-institutional REITs products [2] Group 4: Innovation and Liquidity - The project introduces a market-making mechanism to enhance product liquidity, reducing pricing risks and improving secondary market activity [2] - A flexible fundraising mechanism is in place to continuously inject quality expressway projects into the asset listing platform [2] Group 5: Regional Impact - The Guanglian Expressway project connects key areas in the Greater Bay Area and is the largest single investment highway project by China Communications Construction Company [3] - The 15 billion yuan equity injection will optimize regional road network structures and inject new momentum into regional economic integration [3] - The project exemplifies innovative financing for infrastructure in the Greater Bay Area, demonstrating the capital market's role in supporting major regional strategies [3]

2025 年 12 月 5 日，公司以书面形式发出本次董事会会议通知。2025 年 12 月 8 日，本次董事会以通讯方式召开，7 名董事对所议事项进行了审议和表决。 会议召开程序及出席董事人数符合有关规定，表决结果合法有效。会议形成如 下决议： 一、审议通过《关于审议<全面落实"666"战略框架与"545"建设目标 暨全面加快高质量发展、建设世界一流企业的总体指导意见>的议案》 同意总体指导意见。 表决结果：同意【7】票，反对【0】票，弃权【0】票。 证券代码：601800 证券简称：中国交建 公告编号：临 2025-063 中国交通建设股份有限公司 第五届董事会第五十六次会议决议公告 中国交通建设股份有限公司（简称公司或本公司）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。 同意公司附属公司中交疏浚（集团）股份有限公司参股设立乌海湖流域水 务有限公司，认缴出资 2,450 万元，持股比例为 49%。 表决结果：同意【7】票，反对【0】票，弃权【0】票。 特此公告。 中国交通建设股份有限公司董事会 2025 年 12 月 9 日 ...

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 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《中 國 交 通 建 設 股 份 有 限 公 司 第 五 屆 董 事 會 第 五 十 六 次 會 議 決 議 公 告》。 承董事會命 （於中華人民共和國註冊成立的股份有限公司） 中國交通建設股份有限公司 （股份代號：1800） 海外監管公告 劉正昶 俞京京 中国交通建设股份有限公司 第五届董事会第五十六次会议决议公告 中国交通建设股份有限公司（简称公司或本公司）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。 2025 年 ...

每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 曾健辉） 每经AI快讯，中国交建（SH 601800，收盘价：8.52元）12月8日晚间发布公告称，公司第五届董事会第 五十六次会议于2025年12月8日以通讯方式召开。会议审议了《关于审议 <全面落实 战略框架与="战略 框架与" 建设目标暨全面加快高质量发展="建设目标暨全面加快高质量发展" 建设世界一流企业的总体 指导意见="建设世界一流企业的总体指导意见"> 的议案》等文件。 2025年1至6月份，中国交建的营业收入构成为：基建建设占比88.48%，疏浚业务占比6.92%，基建设计 占比4.08%，其他业务收入占比3.63%，其他业务占比0.67%。 截至发稿，中国交建市值为1387亿元。 ...

Core Viewpoint - The successful issuance of the Guanglian Expressway asset-backed securities (ABS) project, amounting to 15 billion yuan, represents a significant milestone in the development of institutional REITs in China, showcasing the ability of capital markets to support national strategic transformations and enhance effective investment [1][2][6]. Group 1: Project Overview - The Guanglian Expressway project has a total issuance scale of 150 billion yuan, with underlying asset valuations exceeding 400 billion yuan, marking it as the largest single issuance of institutional REITs approved by policy banks [1]. - The project is part of China Communications Construction Group's strategy to deepen the integration of industry and finance, providing robust equity capital support for its 14th Five-Year Plan [1][2]. Group 2: Economic Impact - The project creates a complete closed loop of "investment-financing-construction-management-exit," enhancing capital turnover efficiency and reinvestment capacity, thereby laying a solid foundation for expanding effective investment [2]. - It serves as a key example for the national strategy of "activating stock assets and expanding effective investment," demonstrating the strong functionality of capital markets in meeting the needs of the real economy [2]. Group 3: REITs Product Development - The successful issuance enriches the product offerings of institutional REITs, contributing to a multi-tiered REITs asset listing platform, and aligns with China Communications Construction Group's dual strategy of public REITs and holding-type real estate ABS [3]. - The group has issued one public REIT and five institutional REITs to date, creating a diverse product matrix that meets various investor demands [3]. Group 4: Market Mechanism and Investor Engagement - The project utilized a market-oriented issuance mechanism, attracting over ten core institutional investors, including insurance funds and asset management companies, which reflects strong recognition of the brand value and asset quality [4]. - The participation of diverse core institutional investors is expected to enhance the activity and pricing efficiency of institutional REITs, supporting the activation of financial services for major national strategies [4]. Group 5: Innovation and Liquidity - The project incorporates performance assessment mechanisms and incentives for operational management teams, ensuring a balance between professional operational capabilities and active management rights for investors [4][5]. - A market maker will be introduced to provide liquidity support services, reducing pricing risks and enhancing secondary market activity [5]. Group 6: Regional Development Support - The Guanglian Expressway connects key areas in the Greater Bay Area, reinforcing strategic connectivity and providing essential infrastructure support for regional development [6][7]. - The 15 billion yuan equity injection is expected to optimize the regional road network structure and inject new momentum into regional economic integration [7].