格隆汇12月23日丨中国交建(601800.SH)在投资者互动平台表示，公司长期深耕海南市场，在港口航 道、公路桥梁、海洋经济等基础设施建设领域已取得显著业绩，先后参与海南自贸港多个重点基建项目 的规划与建设。 ...

每经AI快讯，12月23日，中国交建（601800）在互动平台表示，公司深度参与海南洋浦港等重要大型 港口的设计与建设工作，同时还承建了海南其他重点港口的码头、航道等基础设施项目，为海南港口物 流体系建设提供了重要支撑。 ...

中国交建：深度参与海南洋浦港等重要大型港口的设计与建设与工作。 ...

人民财讯12月23日电，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。 ...

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]

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，公司股利分配兼顾经营发展与 股东回报，综合考量经营业绩、现金流状况等因素确定。交通基建行业项目投资大、周期长，未分配利 润主要用于主业投资、产业链拓展和债务偿还，保障现金流稳定与长期发展。公司已按年度业绩执行分 红方案，后续将结合经营实际、现金流及行业趋势，审慎研究股利支付率优化，若有调整将依规履行审 议与披露义务。 （文章来源：证券日报） ...