Core Viewpoint - China Communications Construction Company (01800.HK) announced its first share buyback of A-shares through centralized bidding, indicating a strategic move to enhance shareholder value and confidence in the company's stock performance [1] Group 1: Buyback Details - The company repurchased 5 million shares, which represents 0.0307% of its total share capital [1] - The highest transaction price was RMB 8.98 per share, while the lowest was RMB 8.81 per share [1] - The total amount paid for the buyback was RMB 44,383,554.91, excluding transaction fees [1] Group 2: Compliance and Regulations - The share buyback complies with legal regulations and the company's buyback plan requirements [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） 自願公告 回購方案首次披露日 2025年5月31日 回購方案實施期限 2025年6月17日–2026年6月16日 預計回購金額 不低於人民幣5億元，不超過人民幣10億 元 回購用途 ✔ 減少註冊資本 □ 用於員工持股計劃或股權激勵 □ 用於轉換公司可轉債 □ 為維護公司價值及股東權益 累計已回購股數 5,000,000股 一、回購股份的基本情況 2025年6月16日，本公司召開2024年 年 度 股 東 會 逐 項 審 議 通 過 了《關 於 回 購 公 司A股 股 份 方 案 的 議 案》，同 意 公 司 使 用 自 有 資 金 以 集 中 競 價 交 易 方 式 回 購 公 司 已 發 行 的 部 分 人 民 ...

证券代码：601800 证券简称：中国交建 公告编号：2025-052 中国交通建设股份有限公司 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，现将公司首次回购股份情况 1 关于以集中竞价交易方式首次回购公司 A 股股份的公告 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法律责任。 重要内容提示： | 回购方案首次披露日 | 年 5 月 31 | 2025 | 日 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 6 17 日—2026 | 2025 | | 年 6 | 月 | 16 | 日 | | 预计回购金额 | 不低于人民币 5亿元，不超过人民币 | | | | | | 10亿元 | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | | | | | | | □用于转换公司可转债 | | | | | | | ...

每经头条（nbdtoutiao）——"25基点太少，50基点太多"：美联储降息"走钢丝"，"特朗普代言人"投下唯 一反对票 （记者 曾健辉） 每经AI快讯，中国交建9月18日晚间发布公告称，2025年9月18日，公司通过集中竞价交易方式首次回 购股份500万股，已回购股份占公司总股本的比例为0.0307%，成交的最高价为8.98元/股，成交的最低 价为8.81元/股，已支付的总金额约为4438万元。 ...

格隆汇9月18日丨中国交建(601800.SH)公布，2025年9月18日，公司通过集中竞价交易方式首次回购股 份500万股，已回购股份占公司总股本的比例为0.0307%，成交的最高价为8.98元/股，成交的最低价为 8.81元/股，已支付的总金额为4438.36万元（不含交易费用）。 ...

Investment Rating - The report assigns an "Accumulate" rating for the construction engineering industry [8] Core Insights - In August, broad infrastructure investment decreased by 6.4%, with a month-on-month decline of 4.5 percentage points, while narrow infrastructure investment fell by 5.9%, with a month-on-month decline of 0.8 percentage points [4][6] - Real estate investment in August saw a year-on-year decline of 19.9%, with the drop expanding compared to July [7] - The report highlights a trend towards stabilization in the real estate market, despite ongoing challenges [7] - Infrastructure investment from January to August grew by 2.0% year-on-year, outpacing overall investment growth [7] Summary by Sections Infrastructure Investment - Broad infrastructure investment in August decreased by 6.4%, a decline of 12.6 percentage points compared to the same month in 2024, and a month-on-month drop of 4.5 percentage points [6] - Narrow infrastructure investment fell by 5.9%, with a year-on-year decline of 7.1 percentage points and a month-on-month decrease of 0.8 percentage points [6] - Specific sectors such as water conservancy saw a significant drop of 29.8% year-on-year, while public facilities decreased by 11.6% [6] Real Estate Market - Real estate investment in August dropped by 19.9% year-on-year, with sales area declining by 11.0% [7] - New construction area fell by 19.8%, and completed area decreased by 21.2% [7] - The report indicates that the real estate market is moving towards stabilization, with inventory reduction efforts showing results [7] Investment Recommendations - The report recommends undervalued high-dividend stocks such as China State Construction (dividend yield 4.85%), China Railway Construction (dividend yield 3.74%), and Tunnel Corporation (dividend yield 4.48%) [7] - It also highlights the potential for growth in private investment in infrastructure, particularly in green energy [7]

Market Overview - On September 17, the infrastructure sector rose by 0.66% compared to the previous trading day, with Hui Lv Ecological leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Top Performers - Hui Lv Ecological (001267) closed at 18.22, with a significant increase of 10.02% and a trading volume of 408,500 shares, amounting to a transaction value of 727 million [1] - Other notable gainers included: - ST Zhengping (603843) with a closing price of 4.22, up 4.98% [1] - ST Yuancheng (603388) at 1.90, up 4.97% [1] - ST Huawang (603007) at 4.90, up 4.93% [1] - Hongrun Construction (002062) at 10.28, up 3.84% [1] Underperformers - Dongchao Ecological (603359) saw a decline of 7.43%, closing at 9.47, with a trading volume of 685,700 shares and a transaction value of 662 million [2] - Other notable decliners included: - Garden Shares (605303) down 5.12% [2] - Palm Shares (002431) down 2.84% [2] - Energy Iron Han (300197) down 2.36% [2] Capital Flow - The infrastructure sector experienced a net outflow of 86.34 million from institutional investors, while retail investors saw a net inflow of 269 million [2] - The capital flow for key stocks showed: - Hui Lv Ecological had a net inflow of 11.67 million from institutional investors, but a net outflow of 68.97 million from retail investors [3] - China Energy Construction (601868) had a net inflow of 98.75 million from institutional investors, with a net outflow of 73.10 million from retail investors [3]

Investment Rating - Industry rating is maintained at "Outperform the Market" [6] Core Insights - Infrastructure investment in August shows a narrowing year-on-year decline, with a focus on investment opportunities in the central and western regions [1] - Real estate sales area decreased by 4.7% year-on-year from January to August, with a significant drop of 11% in August alone [2] - Cement prices have started to rise after a prolonged period of decline, indicating potential recovery in profitability for cement companies [3] - The flat glass production showed a year-on-year decline of 4.5% from January to August, but the decline is narrowing, suggesting a potential improvement in demand [4] Summary by Sections Infrastructure Investment - From January to August, real estate development investment decreased by 12.9%, while narrow and broad infrastructure investments increased by 2% and 5.4% respectively [1] - Cumulative new special bonds reached 32,641.37 billion yuan, up 26.9% year-on-year, indicating strong support for infrastructure projects [1] Real Estate Market - New construction area decreased by 19.5% year-on-year from January to August, with a monthly decline of 19.8% in August [2] - Completion area saw a year-on-year decline of 17% from January to August, with a monthly drop of 21.2% in August [2] Cement Industry - Cement production from January to August was 1.105 billion tons, down 4.8% year-on-year, with August production at 148 million tons, a 6.2% decline [3] - The average cement price in August was 349 yuan per ton, showing a slight increase from earlier in the month [3] Glass Industry - Flat glass production from January to August was 64.818 million weight cases, down 4.5% year-on-year, with August production at 8.267 million weight cases, a 2% decline [4] - The market is showing signs of demand improvement as inventory levels decrease and production lines resume operations [4]

Investment Rating - The industry investment rating is "Overweight" [2][26]. Core Viewpoints - Fixed asset investment has continued to weaken, with a cumulative year-on-year increase of only 0.5% for January to August 2025, a decrease of 1.1 percentage points compared to July 2025. Manufacturing investment also saw a year-on-year increase of 5.1%, reflecting a similar decline [4][12]. - Infrastructure investment is under pressure, with transportation, water conservancy, and public utility investments all showing declining growth rates. Infrastructure investment (including all categories) increased by 5.4% year-on-year, down 1.9 percentage points from July 2025. Excluding electricity, the growth rate was only 2.0% [5][12]. - Real estate investment remains low, with a year-on-year decrease of 12.9% for January to August 2025, and construction starts down by 19.5% [12][18]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is 0.5%, down 1.1 percentage points from the previous month. Manufacturing investment growth is also down to 5.1% [4][12]. Infrastructure Investment - Infrastructure investment (all categories) shows a year-on-year increase of 5.4%, with a decline of 1.9 percentage points from the previous month. Excluding electricity, the growth rate is only 2.0% [5][12]. - Specific sectors like transportation and public utilities are experiencing significant pressure, with transportation investment growing by only 2.7% year-on-year [5][12]. Real Estate Investment - Real estate investment has decreased by 12.9% year-on-year, with construction starts down by 19.5% and completions down by 17.0% [12][18]. - The current cycle is characterized by excessive supply clearance and difficulties in inventory replenishment, leading to a slow recovery in investment [12][18]. Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain flexibility as national strategic layouts deepen. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction among state-owned enterprises, and Zhi Te New Materials and Honglu Steel Structure among private enterprises [18].

Core Viewpoint - The completion of the first pump station's main structure for the Beijing Liushui Linked Flood Storage Area Project marks a significant milestone, providing valuable practical experience and guidance for standardized construction in future projects [1] Project Overview - The project is located in the Mentougou District of Beijing and includes the renovation of the Chenglong Canal (3.9 km), construction of six new water supply pump stations, 15.5 km of water supply pipelines, two new drainage pump stations, three sluices, one management center, and landscaping recovery [1] - The completed pump station is situated in the Longquan Town area and serves as a core hub for the Liushui Linked Flood Storage Area Project, facilitating water circulation from the Yongding River to the upstream water supply station [1] Construction Management - During the construction period, the project team proactively planned and coordinated efforts, optimizing construction plans based on project characteristics [1] - Strict adherence to construction specifications was maintained, with precise control over key parameters such as concrete mix ratio, slump, pouring speed, and temperature, allowing for dynamic adjustments to ensure concrete pouring quality met standards [1] Impact on Water Resource Management - The project is crucial for improving the water resource regulation capacity in the Mentougou District, addressing issues of disconnected water systems, insufficient water volume, and unstable water quality in the New Town area [1] - The initiative aims to create a "highly efficient, green, intelligent, smoothly circulating, and orderly regulated" water network, laying a solid foundation for achieving the goal of a safe and resilient Mentougou [1]