证券代码：601800 证券简称：中国交建 公告编号：临 2025-027 中国交通建设股份有限公司 关于控股股东首次增持公司 H 股股份 暨增持计划进展的公告 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。 重要内容提示： 首次增持：2025 年 6 月 9 日，公司控股股东中交集团通过上海证券交易 所港股通交易系统增持公司 H 股份 2,320,000 股，约占公司总股本的 0.0143%， 增持金额 12,191,040.00 港元。 本次增持计划期限自本公告披露日起 12 个月内，以上海证券交易所港 股通交易系统增持公司 H 股股份，计划增持金额不低于人民币 2.5 亿元，不超 过人民币 5 亿元。 本次增持计划可能因资本市场情况变化等因素影响存在不确定性。 2025 年 6 月 9 日收盘后，公司收到控股股东中国交通建设集团有限公司 （简称中交集团）的通知，中交集团已于 6 月 9 日通过上海证券交易所港股通 交易系统增持公司 H 股股份 2,320,000 股。同时，基于对公 ...

(一) 股东会类型和届次 证券代码：601800 证券简称：中国交建 公告编号：临 2025-026 中国交通建设股份有限公司 关于召开2024年年度股东会的提示性公告 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： 本公司分别于 2025 年 5 月 17 日及 2025 年 6 月 3 日在《中国证券报》《上 海证券报》《证券时报》《证券日报》和上海证券交易所网站（www.sse.com.cn） 刊登了《中国交建关于召开 2024 年年度股东会的通知》（公告编号：2025-021 号）及《中国交建关于 2024 年年度股东会增加临时提案的公告》（公告编号： 2025-025 号），并于 2025 年 6 月 7 日在上海证券交易所网站（www.sse.com.cn） 刊登了《中国交建 2024 年年度股东会会议材料》。公司 2024 年年度股东会（简 称本次股东会）将使用上海证券交易所股东大会网络投票系统，现就本次股东会 发布提示性公告。 一、 召开会议的基本情况 2024年年度股东会 (二) 股东会召集人 ...

Investment Rating - The report suggests a "Buy" rating for several companies including Honglu Steel Structure, China Jushi, and Puyang Refractories, among others [35]. Core Insights - The total market value of public REITs has surpassed 200 billion yuan for the first time, reaching 201.99 billion yuan as of June 5, 2025, marking a 29% increase since the end of 2024 [3][5]. - The public REITs market is experiencing a steady upward trend due to the issuance of new products and rising secondary market prices, with the market value index reaching 113.91, a 19% increase from the end of 2024 [3][5]. - The narrowing yield spread between public REITs and long-term bonds is a significant factor driving the market, with the average distribution yield for public REITs at approximately 5.82% as of June 6, 2025 [15][3]. Summary by Sections 1. Weekly Topic: Public REITs Market Value Surpasses 200 Billion Yuan - As of June 6, 2025, the public REITs market value has increased by 29% compared to the end of 2024, with new products contributing to this growth [3][5]. - The market is characterized by a rotation among different sectors, with the rental housing and consumption REIT indices showing strong performance [19][20]. 2. Major Covered Companies' Earnings Forecast and Valuation - The report includes earnings per share (EPS) forecasts for various companies, with notable mentions such as Honglu Steel Structure and China Jushi, which are expected to perform well in the coming years [35]. - The report maintains a "Buy" rating for most covered companies, indicating a positive outlook for their performance [35]. 3. Weekly Market Review - The report provides insights into the weekly performance of the construction and building materials sectors, highlighting significant price movements among key companies [48][49]. - It notes that the public REITs market has shown resilience, with various indices reflecting positive trends in the infrastructure sector [49].

A 股股份代码：601800 H 股股份代码：1800 2024 年年度股东会 会议材料 中国交通建设股份有限公司 2025 年 6 月 16 日 股东会会议材料 会议须知 为维护全体股东的合法权益，确保股东会的正常秩序和 议事效率，保证会议顺利进行，本公司根据《公司法》《上 市公司股东会规则》以及《公司章程》的规定，特制定本须 知。 一、参会股东及股东代表须携带身份证明（股票账户卡、 身份证、法人股东的营业执照等）及相关授权文件办理会议 登记手续及有关事宜。 二、出席本次年度股东会的股东及股东代表应于 2025 年 6 月 13 日 8:30-11:30，13:30-16:30 之间办理会议登记。 三、会议按照法律、法规、有关规定和《公司章程》的 规定进行，请参会人员自觉维护会议秩序，防止不当行为影 响其他股东合法权益。 四、谢绝个人进行录音、拍照及录像。 五、股东要求在股东会上发言的，应在发言议程进行前 到会议登记处进行登记。会议主持人根据会议登记处提供的 名单和顺序安排发言。股东提问应举手示意，并按照主持人 的安排进行。 六、股东发言、质询的总时间控制在 30 分钟之内。股 东发言或提问应围绕本次会议议 ...

Investment Rating - Investment rating: Positive (maintained) [5] Core Viewpoints - Structural market conditions are emerging, leading to a reassessment of the investment value in the construction sector. Since 2025, the construction sector has been in a phase of weak recovery, with cautious market sentiment and low valuation and trading activity. However, with ongoing macro policies supporting the market, accelerated special fund disbursement, and increasing differentiation among enterprises, structural investment opportunities are gradually appearing within the sector. It is recommended to select quality stocks with policy advantages, profit recovery capabilities, or growth elasticity based on three main lines: "regional direction," "relative return configuration," and "industrial extension and upgrading" [5][11][20]. Summary by Sections Section 1: Market Performance - The construction sector is experiencing a weak recovery, with fixed asset investments in the western and central regions growing by 6.2% and 5.5% year-on-year, respectively, significantly above the national average of 4.2% [6][12]. - Water conservancy investments reached 294.36 billion yuan in the first four months of 2025, indicating steady progress in infrastructure construction [13]. - The "Belt and Road" initiative continues to see trade recovery, with a total trade volume of 2.14 trillion USD in 2024, up 5.16% year-on-year [15][16]. Section 2: Stock Selection Strategies - Three main lines for stock selection are proposed: 1. Focus on regions with clear policy support, particularly in the central and western regions and water conservancy projects [6][12]. 2. Central state-owned enterprises (SOEs) are characterized by stable dividends and low valuations, making them attractive for defensive investment [7][16]. 3. Companies exploring diversified transformation paths, such as "construction+" models, are expected to create new growth curves in emerging fields like smart manufacturing and digital economy [20]. Section 3: Market Review - The construction sector index rose by 1.12% during the week, while the Shanghai Composite Index fell by 0.03% [31]. - Among the stocks, Hopu Co. saw a significant increase of 44.63%, while the overall market had 127 stocks in the construction sector rise [31].

Group 1 - The report highlights that fixed asset investment growth has slowed down, with manufacturing and real estate under pressure, while infrastructure investment remains relatively stable, supported by public utilities and water conservancy [3][5][10] - Regional investment is expected to gain elasticity with the national strategic layout, particularly in 2025, which is a pivotal year for the "14th Five-Year Plan" and the planning of the "15th Five-Year Plan," with opportunities arising from the transfer of industries to the central and western regions, urban renewal, low-altitude economy, and the "Belt and Road" initiative [3][24][62] - The report indicates that undervalued state-owned enterprises (SOEs) are likely to see valuation recovery, as the market has discounted their long-term cash flow and asset realizability due to concerns over asset quality, despite stable dividend policies [3][24][62] Group 2 - The report emphasizes that investment will be a key focus, with strong fiscal capabilities in major economic provinces driving investment in urban renewal and low-altitude economy, while weaker regions will attract social capital to complement central and local government financing [26][30] - The report notes that the central and western regions are expected to see increased investment opportunities due to policy guidance for industrial transfer, with significant potential in areas like Sichuan, Xinjiang, and the Chengdu-Chongqing region [30][62] - The report identifies specific companies to watch for investment opportunities, including Sichuan Road and Bridge, Xinjiang Communications Construction, and companies involved in urban renewal and low-altitude economy [3][62] Group 3 - The report discusses the low valuation of construction companies, which are primarily asset-backed by accounts receivable, leading to market skepticism about their cash flow and asset realizability [3][68] - It highlights that the construction industry is capital-intensive and relies heavily on financing for balance sheet expansion, which has resulted in a low pricing of assets in the market [68]

来源：环球网 在第54个世界环境日到来之际，中国交建汉源九安公路项目举办了一场别开生面的驻地环境清理整洁活 动。此次活动不仅吸引了项目员工的热情参与，还吸引了"端午节"假期众多探亲家属及子女的踊跃加 入，"中交蓝"志愿者精神在孩子们幼小的心灵中生根发芽。 活动前夕，中国交建汉源九安公路项目党团员志愿者们精心筹备，为参与活动的家属和孩子们准备了醒 目的"中交蓝"志愿者马甲。这些马甲不仅象征着中交人强烈的责任担当和生态环保使命，更开启了孩子 们勇当地球家园守护者的人生特殊旅程。 活动当天，烈日炎炎，但"中交蓝"志愿者们热情不减。他们手持垃圾袋、垃圾钳等清洁工具，在项目驻 地周边道路、绿化带等区域迅速行动起来。员工们充分展现了中交人吃苦耐劳的精神，不怕脏、不怕 累，认真清理着路边、草丛中的各类垃圾。家属们也不甘示弱，积极协助，用实际行动为孩子们树立榜 样。 孩子们身着"中交蓝"马甲，在绿树花丛间穿梭，专注地寻找着地上的垃圾。哪怕是一片小小的纸屑，也 不放过他们的眼睛。项目员工还借此机会向孩子们详细讲解了垃圾分类知识，使他们在实践中接受环保 理念教育。 经过一个多小时的奋战，志愿者们共清理各类垃圾30多公斤，原本杂乱 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1] Core Viewpoints - The construction materials sector is experiencing fluctuations at the bottom of the PMI index, with expectations for a gradual recovery in demand driven by government policies and market dynamics [4][16] - The report emphasizes the potential for recovery in the home decoration materials segment, particularly with the implementation of "old-for-new" subsidies and service consumption stimulus policies [4][16] Summary by Sections 1. Sector Overview - The construction materials sector has shown a slight increase of 0.18% in the past week, outperforming the Shanghai Composite Index and the Wind All A Index, which decreased by -1.08% and -0.02% respectively [4] - The report highlights that the cement market price is currently at 367.8 RMB/ton, down by 3.0 RMB/ton from the previous week and down by 6.3 RMB/ton compared to the same period last year [20][21] 2. Cement Market - The average cement inventory ratio is reported at 65.7%, an increase of 0.4 percentage points from the previous week, but down by 2.5 percentage points year-on-year [25] - The average daily cement shipment rate is 47.8%, up by 1.4 percentage points from the previous week but down by 5.3 percentage points compared to last year [25] - The report notes that the cement price is expected to stabilize or slightly rebound in the coming months due to supply-side adjustments and demand recovery [12][19] 3. Glass Fiber Market - The report indicates that the profitability of the glass fiber sector remains low, with many second and third-tier companies operating at breakeven or loss [13] - The demand for high-end products in wind power and thermoplastics is expected to continue growing, which may support profitability for leading companies [13] - The report recommends companies like China Jushi and suggests monitoring others such as Zhongcai Technology and Shandong Fiberglass [13] 4. Glass Market - The glass sector is facing weak terminal demand, with inventory levels remaining high and price pressures expected to increase as the market enters a seasonal downturn [14][15] - The report recommends Qibin Group as a leading player in the glass market, with a focus on its cost advantages and growth potential in photovoltaic glass [14] 5. Home Decoration Materials - The report highlights the positive impact of government policies aimed at boosting domestic demand and stabilizing the real estate market, which is expected to enhance the demand for home decoration materials [16] - Companies such as Beixin Building Materials and Arrow Home are recommended for their strong growth potential and market positioning [16]

Core Viewpoint - China Communications Construction Company (CCCC) is actively managing its market value through share buybacks and shareholder returns, aiming to enhance investor confidence and stabilize its stock price [2][3][4]. Group 1: Share Buyback and Capital Management - On May 30, CCCC announced a plan to repurchase A-shares with a budget between 5 billion and 10 billion yuan, with a maximum buyback price of 13.58 yuan per share, potentially acquiring 45.45 million to 90.91 million shares, representing 0.28% to 0.56% of total shares [3][4]. - The buyback is part of a broader strategy to improve company valuation and manage market perception, as indicated by the chairman's proposal [4]. - CCCC's controlling shareholder, China Communications Construction Group, also plans to increase its holdings in H-shares by investing between 2.25 billion and 5 billion yuan [2][4]. Group 2: Financial Performance and Dividends - In Q1, CCCC reported revenues of approximately 154.6 billion yuan and a net profit attributable to shareholders of about 5.4 billion yuan, showing some adjustments compared to the previous year [2]. - The company has a strong history of returning value to shareholders, having distributed a total of 487.35 billion yuan in cash dividends since its IPO in 2012, with a dividend payout ratio averaging 19.62% [6][8]. Group 3: Contracting and Revenue Growth - CCCC signed new contracts worth 553.03 billion yuan in the first three months of the year, a year-on-year increase of 9.02%, with significant growth in energy engineering projects, which saw a 185.36% increase [2]. - The company is focusing on expanding its international business, achieving new contracts worth 359.73 billion yuan overseas, a 12.50% increase, particularly in Belt and Road Initiative countries [9]. Group 4: Research and Development - CCCC has invested over 1 trillion yuan in R&D over the past five years, with a focus on overcoming critical technological challenges [10]. - By the end of 2024, the company will have approximately 34,000 R&D personnel, accounting for 25% of its total workforce, and has received numerous national awards for its technological advancements [11].

Core Viewpoint - China Communications Construction Company Limited (CCCC) has approved several key resolutions during its board and supervisory meetings, including a comprehensive budget for 2025, a share repurchase plan, and a long-term mechanism for share buybacks to stabilize stock prices [1][14][22]. Group 1: 2025 Comprehensive Budget - The board has approved the comprehensive budget plan for 2025, which will be submitted for approval at the 2024 annual shareholders' meeting [1][3][15]. - The voting results for the budget approval were unanimous, with all 7 board members voting in favor [4][16]. Group 2: Share Repurchase Plan - The board has agreed to a plan for repurchasing A-shares, which will also require approval at the 2024 annual shareholders' meeting [5][17]. - The repurchase will be conducted through centralized bidding, with a total fund allocation between RMB 5 billion and RMB 10 billion, and a maximum price of RMB 13.58 per share [24][36][38]. - The repurchase is aimed at reducing registered capital and enhancing shareholder value [23][29]. Group 3: Long-term Share Buyback Mechanism - A long-term mechanism for share buybacks has been established, triggered if the stock price falls by 20% over 20 consecutive trading days or drops below 50% of the highest closing price in the past year [8]. - The maximum amount for a single buyback under this mechanism is set at RMB 50 million, with daily repurchases limited to 5%-10% of the trading volume [8]. Group 4: Urban Village Renovation Projects - The board has approved a proposal for urban village renovation projects in Guangzhou, with a total investment of RMB 21.59 billion, where CCCC will contribute 20% of the capital [9][10]. - The financing structure includes RMB 17.27 billion in special loans, accounting for 80% of the total investment [10].