中国交通建设(01800)发布公告，于2026年2月2日该公司斥资人民币979.69万元回购120.79万股A股，回 购价格为每股8.00-8.18元。 ...

Core Viewpoint - China Communications Construction Company (CCCC) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Buyback Details - The company plans to repurchase 1,207,900 A-shares at a total cost of approximately RMB 9.7969 million [1] - The buyback price is set between RMB 8.00 and RMB 8.18 per share [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國交通建設股份有限公司 呈交日期： 2026年2月2日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 601800 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件 ...

Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The cleanroom market is expanding due to increased investment in high-tech industries, benefiting companies like Yaxiang Integration, with related companies including Shenghui Integration and Bocheng Co., Ltd. [3][4] - The real estate market is showing signs of marginal improvement, with significant potential for transformation and development [5] Summary by Sections Cleanroom Industry - The growth in high-tech industry investments is driving the expansion of the cleanroom market, with Micron Technology planning to invest $24 billion in a NAND factory in Singapore over the next decade, which will include 700,000 square feet of cleanroom space [4] - The World Semiconductor Trade Statistics (WSTS) predicts a 26.3% increase in the global semiconductor market by 2026, reaching $975 billion, further supporting the cleanroom industry's growth [4] - Yaxiang Integration's parent company reported a consolidated revenue of NT$9.5 billion (approximately RMB 2.1 billion) in December, a year-on-year increase of 165.2% [4] Real Estate Market - The Central Economic Work Conference in December 2025 emphasized stabilizing the real estate market through targeted policies, including controlling inventory and encouraging the acquisition of existing properties for affordable housing [5] - An article published on January 2, 2026, highlighted the importance of managing expectations in the real estate market, which has significant financial asset attributes and broad social implications [5] Recommended Companies - The report recommends Yaxiang Integration for the cleanroom sector, with related companies including Bocheng Co., Ltd. and Shenghui Integration [7] - Other sectors recommended include commercial aerospace, controllable nuclear fusion, and renewable energy, with specific companies highlighted for each sector [7]

Investment Rating - The report maintains a "Buy" rating for key companies in the construction central enterprises sector, including China Railway, China Chemical, China Construction, and China Metallurgical [12][13][32]. Core Insights - The construction central enterprises are expected to see improved profitability driven by policy goals aimed at stabilizing investment. Order data shows a recovery in order growth starting from Q2 2025, with an anticipated narrowing of performance declines by Q4 2025 [1][16]. - The overall valuation of the nine major construction central enterprises is at historical lows, with a Price-to-Book (PB) ratio of 0.45 and a Price-to-Earnings (PE) ratio of 6.66, indicating strong safety margins [2][19]. - Institutional holdings in the construction sector are at low levels, suggesting a healthy chip structure and potential for recovery in key stocks [3][22]. Summary by Sections Order Growth and Performance - Cumulative order growth rates for construction central enterprises from Q1 to Q4 2025 are -2.0%, +0.2%, +1.3%, and +1.0%, respectively, indicating a recovery trend [1][16]. - The report anticipates that the performance decline of construction central enterprises will narrow in Q4 2025 due to improved order growth [1][16]. Valuation Metrics - As of January 30, 2026, the overall PB for the nine major construction central enterprises is 0.45, slightly above the historical low of 0.42, while the overall PE is 6.66, still below the historical median of 7.66 [2][19]. Institutional Holdings - As of Q4 2025, active funds hold 0.40% of the construction sector, while index funds hold 0.16%, leading to a combined holding of 0.28%, significantly lower than the 0.7%-1% range seen in 2021-2022 [3][22]. Catalysts for Growth - Several potential catalysts for the construction central enterprises include resource business revaluation for China Railway, chemical price rebounds for China Chemical, and increased investment in the power grid for China Electric Power and China Energy Construction [4][26]. - The upcoming "14th Five-Year Plan" is expected to bring about fiscal policies that could further stimulate the sector [4][26]. Recommended Stocks - Key recommendations include: - China Railway (A/H): Benefiting from resource revaluation, with a combined value of 1,894 billion CNY for its resource and engineering segments, indicating a potential upside of 35% [5][27]. - China Chemical: Positioned to benefit from chemical price rebounds, with a current PB of 0.84, indicating a strong safety margin [9][28]. - China Construction: Expected to benefit from stabilizing real estate expectations, with a projected dividend yield of 5.5% [10][30]. - China Metallurgical: Anticipated to improve significantly post divestment of its loss-making real estate business, with a combined valuation potential of 794 billion CNY [11][31].

Investment Rating - The report maintains a "Buy" rating for key companies in the construction central enterprises sector, including China Railway, China Chemical, China Construction, and China Metallurgical [12][13][32]. Core Insights - The construction central enterprises are expected to see improved profitability driven by policy goals aimed at stabilizing investment and increasing central budget investment in 2026. Order growth has shown signs of recovery, with cumulative order growth rates for 2025 Q1-Q4 at -2.0%, +0.2%, +1.3%, and +1.0% respectively, indicating resilience among leading firms [1][16]. - The overall valuation of the nine major construction central enterprises is at historical lows, with a Price-to-Book (PB) ratio of 0.45 and a Price-to-Earnings (PE) ratio of 6.66, suggesting a strong margin of safety for investors [2][19]. - Institutional holdings in the construction sector are at low levels, with active funds holding only 0.40% of the sector, indicating significant underweighting compared to historical averages [3][22]. Summary by Sections Order Growth and Market Conditions - The report highlights a recovery in order growth for construction central enterprises, with expectations for performance improvement in Q4 2025 as orders stabilize and infrastructure investment accelerates in 2026 [1][16]. - The central government's focus on stabilizing investment and increasing budget allocations is expected to support revenue and profit growth for these enterprises [1][16]. Valuation Metrics - As of January 30, 2026, the construction central enterprises exhibit a PB of 0.45, slightly above the historical low of 0.42, and a PE of 6.66, which is still below the historical median of 7.66, indicating a favorable entry point for investors [2][19]. Institutional Holdings - As of Q4 2025, the construction sector's market capitalization represents only 1.6% of the total A-share market, with a significant reduction in institutional holdings compared to previous years, suggesting potential for recovery in stock prices as institutional interest returns [3][22]. Catalysts for Growth - Several catalysts are identified for the construction central enterprises, including resource revaluation for China Railway, chemical price rebounds for China Chemical, and increased investment in power grid infrastructure benefiting China Electric Power and China Energy Construction [4][26]. - The upcoming Two Sessions and the start of the 14th Five-Year Plan in 2026 are expected to bring additional fiscal policies that could further stimulate the sector [4][26]. Recommended Stocks - Key recommendations include: - **China Railway (A/H)**: Strong resource base with significant revaluation potential, estimated combined value of 1,894 billion CNY for A shares and 1,535 billion CNY for H shares, indicating a 35% and 54% upside respectively [5][27]. - **China Chemical**: Positioned to benefit from chemical price rebounds, with a current PB of 0.84, indicating a solid margin of safety [9][28]. - **China Construction**: Expected to benefit from stabilizing real estate expectations, with a projected dividend yield of 5.5% [10][30]. - **China Metallurgical**: Anticipated to improve significantly post divestment of loss-making real estate operations, with a potential valuation increase of 22% to 74% [11][31].

杨志超先生获续聘为公司副总裁，任期自本次董事会会议决议作出之日起至第六届董事会任期届满之日 止。 于2026年1月30日，刘辉先生、武广齐先生及周孝文先生退任独立非执行董事。 刘正昶先生获续聘为公司财务总监，任期自本次董事会会议决议作出之日起至第六届董事会任期届满之 日止。 于2026年1月30日，杨向阳先生经公司职工代表大会选举为职工董事，任期自2026年1月30日起至第六届 董事会任期届满之日止。 于2026年1月30日召开的董事会会议上，宋海良先生获重选为董事长。 于董事会会议上，张炳南先生获续聘为公司总裁，任期自本次董事会会议决议作出之日起至第六届董事 会任期届满之日止。 中国交通建设(01800)发布公告，经公司股东在临时股东会上批准后，自2026年1月30日起，(i)宋海良先 生、张炳南先生及刘翔先生获重选为第六届董事会执行董事，(ii)高春雷先生及吴爱红女士获推选为第 六届董事会非执行董事，(iii)陈永德先生获重选为第六届董事会独立非执行董事，(iv)王清勤先生及刘汝 臣先生获推选为第六届董事会独立非执行董事。 此外，于董事会会议上，刘正昶先生获续聘为公司董事会秘书及俞京京先生获续聘为公司公司 ...

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） 執行董事及董事長 宋海良 執行董事 張炳南 （總裁） 劉 翔 非執行董事 高春雷 吳愛紅 獨立非執行董事 陳永德 王清勤 劉汝臣 （股份代號：1800） 董事名單與其角色和職能 中 國 交 通 建 設 股 份 有 限 公 司 董 事 會（「董事會」）成 員 載 列 如 下。 附註： C 相關委員會之主席 M 相關委員會之成員 中國北京 2026年1月30日 職工董事 楊向陽 董 事 會 下 設 四 個 委 員 會。下 表 提 供 各 董 事 會 成 員 在 此 等 委 員 會 中 所 擔 任 職 務 之 信息。 | | 委員會 | 戰略與投資 及ESG | 審計與風險 | 薪酬與考核 | | | --- | --- | --- | --- | --- | --- | | 董 事 | | 委員會 | 委員會 | 委員會 | 提名委員會 | | 宋海良 | | C | | | C | | 張炳南 | | M | | | | | 劉 翔 | | | ...

智通财经APP讯，中国交通建设(01800)发布公告，经公司股东在临时股东会上批准后，自2026年1月30 日起，(i)宋海良先生、张炳南先生及刘翔先生获重选为第六届董事会执行董事，(ii)高春雷先生及吴爱 红女士获推选为第六届董事会非执行董事，(iii)陈永德先生获重选为第六届董事会独立非执行董事，(iv) 王清勤先生及刘汝臣先生获推选为第六届董事会独立非执行董事。 刘正昶先生获续聘为公司财务总监，任期自本次董事会会议决议作出之日起至第六届董事会任期届满之 日止。 于2026年1月30日，刘辉先生、武广齐先生及周孝文先生退任独立非执行董事。 此外，于董事会会议上，刘正昶先生获续聘为公司董事会秘书及俞京京先生获续聘为公司公司秘书，任 期均自本次董事会会议决议作出之日起至第六届董事会任期届满之日止。 于2026年1月30日，杨向阳先生经公司职工代表大会选举为职工董事，任期自2026年1月30日起至第六届 董事会任期届满之日止。 于2026年1月30日召开的董事会会议上，宋海良先生获重选为董事长。 于董事会会议上，张炳南先生获续聘为公司总裁，任期自本次董事会会议决议作出之日起至第六届董事 会任期届满之日止。 杨志 ...

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 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。 中國北京，2026年1月30日 於本公告日期，本公司董事為宋海良、張炳南、劉翔、高春雷、吳愛紅、陳永德 # 、 王清勤 # 、劉汝臣 # 及楊向陽。 # 獨立非執行董事 北京观韬律师事务所 股东会法律意见书 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2026年第一次臨時股東會的法律意見書》。 承董事會命 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 中国北京市西城区金融大街 5 号新盛 ...