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 控股股東增持股份的進展 茲提述本公司日期為2025年6月9日 的 公 告（「該公告」），內 容 有 關 控 股 股 東 增 持 股份。除非文義另有所指，本公告所用詞彙與該公告所界定者具有相同涵義。現 將有關進展公告如下： 本 公 告 由 中 國 交 通 建 設 股 份 有 限 公 司（「本公司」）自 願 作 出。 於2025年6月9日 至2025年9月2日 期 間，中 交 集 團 通 過 上 海 證 券 交 易 所 港 股 通 交 易系統累計增持本公司H股 份17,400,000股 份，約 佔 本 公 司 總 股 本 的0.11%。上述 增持實施後，中交集團持有本公司9,374,616,604股A股股份 ...

Core Viewpoint - China Communications Construction Company (CCCC) announced an increase in its H-share holdings through the Shanghai Stock Exchange's Hong Kong Stock Connect system, indicating confidence in the company's future performance [1] Summary by Categories Company Actions - CCCC plans to increase its H-share holdings by 17.4 million shares from June 9, 2025, to September 2, 2025, which represents approximately 0.11% of the company's total shares [1] - After the increase, CCCC will hold a total of 315 million H-shares, accounting for about 7.12% of the total H-share count [1]

Group 1 - China Communications Construction Company (CCCC) announced that from June 9, 2025, to September 2, 2025, it will increase its holdings of the company's H-shares by 17.4 million shares, accounting for approximately 0.11% of the total shares [1] - After the increase, CCCC will hold 315 million H-shares, representing about 7.12% of the total H-shares [1]

证券代码：601800 证券简称：中国交建 公告编号：临 2025-051 1 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。 重要内容提示： 增持计划：中交集团自 2025 年 6 月 9 日起 12 个月内，通过上交所港股 通交易系统增持公司 H 股份，增持金额不低于人民币 2.5 亿元，不超过人民币 5 亿元。 一、 增持计划的实施进展 自 2025 年 6 月 9 日至 2025 年 9 月 2 日期间，中交集团通过上海证券交易 所（简称上交所）港股通交易系统增持公司 H 股份 17,400,000 股，约占公司总 股份数的 0.11%。增持后中交集团持有公司 H 股 314,787,000 股，约占公司 H 股总数的 7.12%。上述增持实施后，中交集团持有本公司 9,374,616,604 股 A 股 股份，314,787,000 股 H 股股份，合计约占本公司已发行总股本的 59.52%。 二、 本次增持计划实施的不确定性风险 本次增持计划可能存在因资本市场发生变化或目前尚 ...

Group 1 - China Communications Construction Company (CCCC) announced an increase in its H-share holdings by 17,400,000 shares through the Hong Kong Stock Connect system from June 9, 2025, to September 2, 2025, representing approximately 0.11% of the company's total shares [1] - After the increase, CCCC holds a total of 314,787,000 H-shares, which accounts for about 7.12% of the total H-shares [1] - CCCC's total shareholding, including A-shares and H-shares, amounts to approximately 9,374,616,604 A-shares and 314,787,000 H-shares, representing a combined total of about 59.52% of the company's issued share capital [1]

格隆汇9月2日丨中国交建(601800.SH)公布，自2025年6月9日至2025年9月2日期间，中交集团通过上海证券交易所（简称上交所）港股通交易系统增持公司H股份17,400,000股，约占公司 ...

Core Viewpoint - China Communications Construction Company (CCCC) announced that as of August 31, 2025, the company has not repurchased any shares [1] Summary by Category - **Company Actions** - CCCC has not engaged in any share repurchase activities up to the specified date [1] - **Financial Implications** - The lack of share repurchase may indicate the company's current financial strategy or market conditions [1] - **Market Context** - The announcement may reflect broader trends in the industry regarding share buybacks and capital allocation strategies [1]

Core Viewpoint - China Communications Construction Company (CCCC) experienced a decline in revenue and profit in the first half of the year, primarily due to a decrease in gross margin amid intensified competition in the construction industry, leading to a downward revision of profit forecasts [1] Group 1: Financial Performance - In the first half of 2025, CCCC achieved revenue of 337.05 billion yuan, representing a year-on-year decrease of 5.7%, attributed to the slowdown in the growth rate of the construction industry [1] - The decline in profit was mainly due to a reduction in gross margin from core business operations, alongside decreased fair value gains and an increase in credit impairment losses [1] Group 2: Business Outlook - Despite the challenges, CCCC's new contract signing amount continued to grow, and its overseas business showed stable performance [1] - The company maintains a "buy" rating, indicating confidence in its long-term prospects despite current financial setbacks [1]

Investment Rating - The report maintains a "Buy" rating for the construction and decoration industry, highlighting specific companies as key investment targets [4][7]. Core Insights - The construction sector has experienced significant fluctuations over the past sixteen years, with eight winning phases (40% of the time) and seven losing phases (60% of the time) [1][12]. - The current market environment is characterized by a gradual easing of policies since late 2021, which has historically correlated with better performance in the construction sector [1][3]. - The report emphasizes the importance of thematic influences, such as the "Belt and Road Initiative" and "PPP" projects, which have driven substantial short-term excess returns in the sector [2][3]. Summary by Sections 1. Historical Review of the Construction Sector - The report divides the historical performance of the construction sector from June 2008 to December 2024 into fifteen phases based on excess returns relative to the CSI 300 index [11]. - Winning phases include significant periods of policy easing and economic recovery, while losing phases often coincide with tighter monetary policies [1][12]. 2. Policy Cycle and Market Trends - The report identifies four major policy cycles since 2008, with the current phase being a gradual easing that began in late 2021 [1][3]. - The correlation between excess returns and macroeconomic indicators is noted to be weak, with expectations of policy changes being more influential [1][3]. 3. Thematic Characteristics and Valuation - The construction sector's valuation is currently low, with a price-to-book ratio (PB) of 0.8, which is below historical averages and indicates potential for rebound [2][3]. - The report highlights that the sector's performance is sensitive to thematic catalysts, suggesting that upcoming regional initiatives could provide investment opportunities [3][4]. 4. Comparison with Banking Sector - The construction sector is compared to the banking sector, noting similarities in business models and sensitivity to credit environment changes [3]. - The current price-to-book ratio of the construction sector relative to banks is at a critical point, suggesting potential for significant excess returns if historical patterns hold [3]. 5. Investment Recommendations - Key investment targets include leading companies benefiting from strategic infrastructure projects, such as Sichuan Road and Bridge, China Metallurgical Group, and China Communications Construction [4][7]. - The report also suggests monitoring local leaders in Xinjiang and companies involved in coal chemical projects as potential high-return investments [4].

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from a slight recovery in cement demand, particularly in southern regions as rainfall decreases. However, demand in areas like Beijing-Tianjin-Hebei, Shandong, and Henan is weakening due to stricter environmental controls [2][14] - The report highlights the potential for price increases in cement, driven by improved demand and supply-side discipline, with a focus on leading companies such as Conch Cement and Huaxin Cement [4][5] - The report emphasizes the importance of government policies aimed at boosting domestic demand and stabilizing the real estate market, which are expected to positively impact the home improvement and building materials sectors [17] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight increase in the PMI for August, indicating a seasonal uptick in activity, particularly in major infrastructure projects initiated in July [4] - The construction materials index showed a marginal increase of 0.14% during the week, underperforming compared to the broader market indices [4] 2. Bulk Construction Materials 2.1 Cement - The national average price for high-standard cement is reported at 344.3 RMB/ton, reflecting a week-on-week increase of 1.7 RMB/ton but a year-on-year decrease of 35.2 RMB/ton [22][23] - The average cement inventory level among sample enterprises is 63.6%, down 1.0 percentage points from the previous week [25] - The report anticipates a potential price stabilization and recovery in the cement market, particularly in the second half of the year [5][14] 2.2 Glass - The average price for float glass is reported at 1189.7 RMB/ton, down 16.1 RMB/ton from the previous week and down 176.6 RMB/ton year-on-year [4] - The report suggests that supply-side adjustments are likely to improve the supply-demand balance in the glass industry, with a focus on leading companies benefiting from cost advantages [16] 2.3 Fiberglass - The report notes a stable pricing environment for fiberglass, with the average price for non-alkali roving at 3100-3700 RMB/ton, remaining stable compared to previous periods [4] - The demand for specialty fiberglass products is expected to grow significantly, driven by technological advancements and increased applications in various industries [15] 3. Home Improvement Materials - The report highlights the positive impact of government policies aimed at stimulating domestic consumption, particularly in the home improvement sector, with expectations for a recovery in demand [17] - Leading companies in the home improvement materials sector are encouraged to explore new business models and enhance their market positioning [17]