Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The commencement of the Yarlung Zangbo River downstream hydropower project marks a significant opportunity for the infrastructure sector, with a total investment of approximately 1.2 trillion yuan, which is five times the investment of the Three Gorges Dam project [5][7] - The project is expected to have a total installed capacity of 60 million kilowatts, accounting for 1.8% of the national cumulative installed capacity and 13.8% of the hydropower installed capacity in 2024 [7] - The project will not only contribute to direct power generation but is also anticipated to stimulate comprehensive economic upgrades in Tibet and potentially connect with the power grid of South Asian countries in the future [8] Summary by Sections Industry Overview - The traditional energy sector in China is maintaining stable development, with major power generation enterprises completing investments of 1,168.7 billion yuan in 2024, a year-on-year increase of 12.1% [7] - The hydropower installed capacity reached approximately 440 million kilowatts in 2024, reflecting a year-on-year growth of 3.2% [7] Project Details - The Yarlung Zangbo River downstream hydropower project will utilize a five-level cascade development model, leveraging a natural drop of 2,230 meters, with a water utilization rate exceeding 85% [7] - The overall construction period of the project is expected to exceed 10 years, with annual infrastructure investments exceeding 100 billion yuan, representing 0.71% of the total broad infrastructure investment in 2024 [7] Investment Recommendations - Recommended investment targets include leading domestic hydropower construction companies such as China Power Construction and China Energy Engineering, which possess advanced technology in plateau hydropower and ultra-high voltage supporting fields [8] - Additionally, major transportation infrastructure companies like China Communications Construction and Tunnel Corporation are highlighted for their advantages in large-scale infrastructure and complex geological conditions [8]

证券代码：601800 证券简称：中国交建 公告编号：临 2025-044 中国交通建设股份有限公司 第五届董事会第五十二次会议决议公告 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。 月 23 日，本次董事会以通讯方式召开，出席董事会的 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： 二、 审议通过《关于调整董事会专门委员会组成人员的议案》 同意选举宋海良先生为战略与投资及 ESG 委员会主席，张炳南先生为战略 与投资及 ESG 委员会委员，任期与第五届董事会一致；同意选举宋海良先生为 提名委员会主席，任期与第五届董事会一致。董事会专门委员会其他人员组成 不变。 表决结果：同意【7】票，反对【0】票，弃权【0】票。 三、 审议通过《关于更换公司授权代表的议案》 一、 审议通过《关于选举公司董事长的议案》 同意选举宋海良先生为公司董事长，任期自董事会审议通过之日起至第五 届董事会换届之日止。宋海良先生简历详见公司 2 ...

北京观韬律师事务所 股东会法律意 见书 中国北京市西城区金融大街 5 号新盛大 厦 B 座 19 层 邮编：100032 Finance Street, Xicheng District, Beijing Tel：86 10 66578066 Fax：86 10 66578016 E-mail：guantao@guantao.com http：// www.guantao.com 北京观韬律师事务所 关于中国交通建设股份有限公司 2025 年第一次临时 股东会的法律意见书 本所律师根据《股东会规则》要求，按照律师行业公认的业务标准、道德规 范和勤勉尽责精神，对公司提供的文件和有关事实进行了核查和验证，现出具法 律意见如下： 观意字〔2025〕BJ001778 号 致：中国交通建设股份有限公司 本法律意见书仅供公司为本次股东会之目的而使用，不得被任何人用于任何 其他目的。 本所同意公司将本法律意见书作为公司本次股东会公告材料，随其他需公告 的信息一起向公众披露，并依法对本所出具的法律意见承担责任。 北京观韬律师事务所 股东会法律意见书 一、关于本次股东会的召集和召开程序 北京观韬律师事务所（以下简称"本所"）受 ...

北京观韬律师事务所 股东会法律意见书 中国北京市西城区金融大街 5 号新盛大 厦 B 座 19 层 邮编：100032 19/F, Tower B, Xinsheng Plaza, No.5 Finance Street, Xicheng District, Beijing 100032, China Tel：86 10 66578066 Fax：86 10 66578016 E-mail：guantao@guantao.com http：// www.guantao.com 致：中国交通建设股份有限公司 北京观韬律师事务所（以下简称"本所"）受中国交通建设股份有限公司（以 下简称"公司"）之委托，指派律师出席公司 2025 年第一次临时股东会（以下 简称"本次股东会"），并依据《中华人民共和国公司法》（以下简称"《公司 法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司股 东会规则》（以下简称"《股东会规则》"）等相关法律法规以及公司现行有效 《公司章程》的有关规定，出具本法律意见书。 本所律师已经按照《股东会规则》的要求对公司本次股东会的召集、召开程 序是否符合法律法规和《公司章程》的规 ...

证券代码：601800 证券简称：中国交建 公告编号：2025-043 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 7 月 23 日 （二） 股东会召开的地点：北京市西城区德胜门外大街 85 号中国交通建设 大厦 （三） 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 中国交通建设股份有限公司 2025年第一次临时股东会决议公告 1. 公司在任董事7人，出席5人，董事王彤宙先生、王海怀先生个人原因未 能出席本次股东会； 2. 董事会秘书出席本次股东会，其他部分高管列席了本次股东会。 | 1、出席会议的股东和代理人人数 | 1,226 | | --- | --- | | 其中：A 股股东人数 | 1,225 | | 股） 境外上市外资股股东人数（H | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 9,410,639,088 | | 其中：A 股股东持有股份总数 | 9,395,82 ...

2025 年 7 月 18 日，公司以书面形式发出本次董事会会议通知。2025 年 7 月 23 日，本次董事会以通讯方式召开，出席董事会的 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《关于选举公司董事长的议案》 证券代码：601800 证券简称：中国交建 公告编号：临 2025-044 中国交通建设股份有限公司 第五届董事会第五十二次会议决议公告 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。 同意选举宋海良先生为战略与投资及 ESG 委员会主席，张炳南先生为战略 与投资及 ESG 委员会委员，任期与第五届董事会一致；同意选举宋海良先生为 提名委员会主席，任期与第五届董事会一致。董事会专门委员会其他人员组成 不变。 表决结果：同意【7】票，反对【0】票，弃权【0】票。 三、审议通过《关于更换公司授权代表的议案》 1 同意将公司授权代表及香港联交所电子呈报系统的主要授权人士变更为宋 海良先生及俞京京 ...

Market Overview - The Shanghai Composite Index rose by 0.62% on July 22, with 22 sectors experiencing gains, led by coal and building materials, which increased by 6.18% and 4.49% respectively [1] - The building decoration sector saw a rise of 3.38%, with a net inflow of 519 million yuan in capital [1] Building Decoration Sector Performance - Out of 157 stocks in the building decoration sector, 95 stocks rose, 16 hit the daily limit up, while 52 stocks fell, with 1 hitting the daily limit down [1] - The top three stocks by net capital inflow were China Communications Construction (3.93 billion yuan), China Electric Power Construction (2.66 billion yuan), and Beixin Road and Bridge (1.58 billion yuan) [1] Capital Inflow and Outflow - The building decoration sector had 66 stocks with net capital inflow, with 12 stocks receiving over 50 million yuan [1] - The stocks with the highest capital outflow included China Communications Design (-1.74 billion yuan), Chengdu Road and Bridge (-1.70 billion yuan), and Hainan Development (-963.53 million yuan) [2][3] Notable Stocks - China Communications Construction saw a daily increase of 10.01% with a turnover rate of 1.66% and a main capital flow of 393.46 million yuan [1] - China Electric Power Construction increased by 10.02% with a turnover rate of 0.95% and a main capital flow of 266.48 million yuan [1] - Beixin Road and Bridge rose by 10.07% with a turnover rate of 10.27% and a main capital flow of 158.05 million yuan [1]

Market Overview - A-shares experienced a strong rebound today, with all three major indices reaching new highs for the year [1] - The Shanghai Composite Index rose by 0.62%, marking its fifth consecutive day of gains, while the Shenzhen Component increased by 0.84% and the ChiNext Index rose by 0.61% [2] - Total market turnover was approximately 1.93 trillion yuan, an increase of 201.5 billion yuan compared to the previous trading day [2] Sector Performance - The infrastructure construction sector remains hot, with significant gains in engineering machinery, civil explosives, and coal mining and processing sectors [4] - Multiple stocks in the "Chinese state-owned enterprises" category saw a surge, with companies like China Energy Engineering, China Railway Industry, and China Tungsten High-Tech hitting the daily limit [4] Engineering Machinery Sector - The engineering machinery sector led the market, with several stocks hitting the daily limit, including Wuxin Tunnel Equipment, Iron Tuo Machinery, and Hengli Drilling Tools [10] - Notable performers included: - Wuxin Tunnel Equipment: +29.99%, 5-day increase of 95.18% [11] - Iron Tuo Machinery: +29.99%, 5-day increase of 68.98% [11] - Hengli Aluminum: +29.97%, 5-day increase of 67.05% [11] - The China Construction Machinery Industry Association reported that excavator sales reached 120,520 units in the first half of 2025, a year-on-year increase of 16.8%, with exports up by 10.2% [12] - The demand for engineering machinery is expected to continue to recover, supported by positive macro policies and increased infrastructure investment [12] Coal Sector - The coal sector saw significant gains in the afternoon, with stocks like Shanxi Coking Coal, Haohua Energy, and Shanmei International hitting the daily limit [14] - Key performers included: - Shanxi Coking Coal: +10.07%, 5-day increase of 17.08% [15] - Haohua Energy: +10.06%, 5-day increase of 14.04% [15] - Shanmei International: +10.04%, 5-day increase of 13.77% [15] - The "double焦" futures contracts also surged, with coking coal futures reaching 1,048.5 yuan/ton and coke futures at 1,697 yuan/ton [16] - Expectations for supportive policies in the coal industry are increasing, which may help reverse the sector's challenges [17]

Market Overview - The Hong Kong stock market showed volatility, with the Hang Seng Index closing at 25,130.03 points, up 0.54% or 135.89 points, with a total turnover of HKD 266.07 billion [1] - The Hang Seng China Enterprises Index rose 0.39% to 9,075.6 points, while the Hang Seng Tech Index increased by 0.38% to 5,606.83 points [1] Blue Chip Performance - BYD (01211) saw a significant increase of 5.09%, closing at HKD 134.2, contributing 37.78 points to the Hang Seng Index [2] - In the first half of 2023, BYD's domestic sales exceeded 2.113 million units, a year-on-year increase of 31.5%, while overseas sales reached 472,000 units, up 128.5% [2] - Other notable blue chips included Xinyi Glass (00868) up 7.23%, Zhongsheng Holdings (00881) up 6.15%, while New Oriental (09901) and Bank of China Hong Kong (02388) saw declines of 4.92% and 3.5% respectively [2] Sector Highlights - Coal stocks surged, with Mongolian Coking Coal (00975) up 11.55% and Yancoal Australia (01171) up 9.53%, driven by rumors of capacity control measures in the coal industry [3][4] - Infrastructure stocks performed strongly, with China Communications Construction (01800) rising 7.57% and China Railway Construction (01186) up 6.03% [4] - The launch of the Yarlung Tsangpo River downstream hydropower project, with an investment of approximately CNY 1.2 trillion, is expected to boost infrastructure investment [5] Commodity and Material Stocks - Non-ferrous metal stocks continued to rise, with Ganfeng Lithium (01772) up 8.94% and Luoyang Molybdenum (03993) up 7.12%, supported by upcoming policies aimed at stabilizing growth in key industries [6] - The photovoltaic sector was active, with Kaisa New Energy (01108) rising 8% and GCL-Poly Energy (03800) up 6.67%, as supply-side reforms are anticipated to improve industry conditions [7] Notable Stock Movements - China Longgong (03339) surged 15.83% after announcing a significant profit increase forecast for the first half of 2025 [8] - Fufeng Group (00546) rose 10.8% on expectations of a substantial profit increase due to higher sales and lower raw material costs [9] - Lijun Pharmaceutical (01513) reached a new high, up 9.37%, following positive clinical trial results for a new drug [10] - Harbin Electric (01133) climbed 8.14% after announcing a profit forecast that exceeded expectations [11] - Meizhong Jiahe (02453) faced pressure, down 6%, due to a planned share placement at a discount [12]

Market Performance - A-shares experienced a strong upward trend on July 22, with all three major indices reaching new highs for the year. The Shanghai Composite Index closed at 3581.86 points, up 0.62%, with a trading volume of 840.6 billion yuan. The Shenzhen Component Index closed at 11099.83 points, up 0.84%, with a trading volume of 1052.5 billion yuan. The ChiNext Index closed at 2310.86 points, up 0.61%, with a trading volume of 481.3 billion yuan. The total trading volume for both markets was 1.89 trillion yuan, an increase of 193.1 billion yuan from the previous trading day [1]. Sector Performance - Most industry sectors saw gains, with engineering machinery, coal, cement and building materials, steel, engineering consulting services, engineering construction, energy metals, and precious metals leading the way. Conversely, packaging materials, gaming, and banking sectors experienced declines [1]. Fund Flow and Investor Sentiment - The A-share market is witnessing a significant improvement in liquidity, with a notable increase in the financing balance, which rose by over 15 billion yuan, marking the highest increase since March 6. The total financing balance reached 1.904566 trillion yuan, with the Shanghai Stock Exchange reporting 959.609 billion yuan and the Shenzhen Stock Exchange reporting 938.876 billion yuan [5]. - The market's risk appetite has increased, with many institutions expressing optimism about future performance. The shift in investor sentiment is attributed to several factors, including the low valuation of "anti-involution" sectors and strong financial data from June, which supports mid-term profit expectations [5][6]. Institutional Insights - Multiple institutions, including Zhongjin Company, have noted that the A-share market is undergoing structural differentiation, with new sectors showing strong capital support. The focus is shifting towards technology and consumer sectors, which are gaining attention from foreign investors [6]. - The insurance capital allocation in A-shares is expected to increase from approximately 11% to 15% or higher over the next two to three years, with an annual net increase in allocation potentially reaching 300 to 500 billion yuan [3]. Regulatory Developments - The Ministry of Human Resources and Social Security is set to advance reforms in pension insurance, including national coordination and delayed retirement age, which may positively impact the market by enhancing fund management and investment capabilities [2].