Investment Rating - The report maintains an "Overweight" rating for the construction and decoration industry [1] Core Views - Infrastructure investment remains stable, with a focus on water conservancy and cleanroom engineering sectors [1] - The first four months of 2025 saw a 5.8% year-on-year increase in infrastructure investment, with notable growth in water management (30.7%), water transportation (26.9%), and air transportation (13.9%) [10][15] - The report highlights the resilience of the economy despite external pressures, with construction material retail sales showing a significant increase of 9.7% in April [15] Summary by Sections Industry Dynamics - The report notes that the overseas contracting business is expected to benefit from the Belt and Road Initiative, with new contract amounts reaching $76.59 billion, a 22.4% year-on-year increase [2][11] - Companies involved in specialized engineering sectors, energy conservation, and new energy infrastructure are anticipated to see growth opportunities [11] Market Performance - The construction and decoration sector experienced a decline of 0.97% in the week of May 19-23, 2025, while the broader market indices showed smaller declines [5] - The report suggests that the performance of construction companies remains stable, with a focus on state-owned enterprises and local government enterprises for potential valuation recovery [10] Policy and Economic Data - The report emphasizes the importance of proactive macroeconomic policies to support infrastructure investment, with expectations for increased fiscal policy support in the second quarter [10][15] - The construction PMI showed a decline, indicating weaker project expectations, which necessitates close monitoring of funding and policy impacts [10]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [11]. Core Insights - The report highlights fluctuations in infrastructure investment growth and emphasizes the importance of subsequent funding implementation [2]. - Fixed investment growth is declining, with a drop in the PMI for both manufacturing and construction sectors [6][19]. - The construction sector is experiencing pressure on orders, with a notable decline in new orders and employment indices [6][39]. Summary by Sections Investment & Orders - In April, the manufacturing PMI fell below 50, and the construction PMI also decreased, with new orders and employment indices at 39.6% and 37.8% respectively. The construction PMI was 51.9%, down 4.4 percentage points year-on-year and 1.5 percentage points month-on-month [6][19]. - Fixed asset investment from January to April reached CNY 14.7 trillion, a year-on-year increase of 4.0%, with narrow infrastructure investment at CNY 4.9 trillion, up 5.8% year-on-year [22][23]. Physical Workload - Cement output has shown a year-on-year decline, while demand for cement in infrastructure remains relatively stable. From January to April, cement production decreased by 2.8% year-on-year [8][30]. Project Funding - The funding availability rate for construction projects is stable, with a slight improvement in housing construction. As of May 13, the funding availability rate was 59.1%, with non-housing projects at 60.65% and housing projects at 51.33% [9][30]. - The issuance of special bonds has accelerated, with a total of CNY 13.68 trillion issued year-to-date, which is CNY 5.12 trillion more than the previous year [9][30].

证券代码：000928 证券简称：中钢国际 公告编号：2025-22 中钢国际工程技术股份有限公司 关于参加 2025 年吉林辖区上市公司投资者网上集体接待日活动 的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）、关注微信公众号（名称：全景财经）或下载全景路演 APP 的方式参与本次互动交流。 活动时间为 2025 年 5 月 27 日（周二）15:00-16:30。届时公司副总经理、财 务总监、董事会秘书袁陆生将在线就公司 2024 年度业绩、公司治理、发展战略、 经营状况等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃 参与！ 特此公告。 中钢国际工程技术股份有限公司董事会 2025 年 5 月 21 日 为进一步加强与投资者的互动交流，中钢国际工程技术股份有限公司（以下 简称"公司"）将参加由吉林省证券业协会、深圳市全景网络有限公司共同举办 的"2025 年吉林辖区上市公司投资者网上集体接待日活动"，现将有关事项公 告如下： ...

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector [6] Core Insights - The construction sector experienced its first annual revenue decline in 2024, with a YoY decrease of 4.10%, and a net profit decline of 14.4% due to multiple pressures including a slowdown in real estate construction and traditional infrastructure investment [1][15] - The sector is expected to enter a phase of deep integration, with potential for performance improvement in the latter half of 2025 as policies take effect and the high base effect diminishes [1][21] Summary by Sections Industry Overview - In 2024, the construction sector's revenue was 8.7 trillion yuan, marking a YoY decline of 4.10%, while net profit was 168.9 billion yuan, down 14.4% [15] - The sector's gross profit margin improved slightly to 10.96%, but the net profit margin decreased to 1.94% [15][24] Financial Performance - The sector's financial expenses increased, leading to a decline in net profit margins, with a financial expense ratio of 0.86%, up 0.11 percentage points YoY [2][39] - The cash flow situation showed a net outflow of 209.7 billion yuan, a reduction of 22 billion yuan YoY, indicating some improvement in cash flow management [2][46] Subsector Analysis - Among the subsectors, only international engineering saw a profit increase of 5.5%, while other subsectors like large-scale infrastructure and chemical engineering experienced declines of 11.5% and 1.2%, respectively [3][52] - The resilience of large state-owned enterprises in the international market contrasts with the significant pressures faced by smaller and private firms [3][52] Investment Recommendations - The report suggests focusing on high-dividend value state-owned enterprises such as China State Construction, China Communications Construction, and Sichuan Road and Bridge, which are expected to benefit from stable demand and improving cash flow [5][9] - The report highlights growth opportunities in specialized engineering sectors, particularly in data centers and cleanroom engineering, which are anticipated to see rapid demand growth [5][9]

Core Points - The annual general meeting of shareholders for China Steel International Engineering Technology Co., Ltd. was held on May 15, 2025, with a total of 325 shareholders present, representing 820,085,514 shares, which is 57.1630% of the total voting shares [4][5] - All resolutions proposed during the meeting were approved without any dissenting votes [2][3] Meeting Details - The meeting was conducted in a hybrid format, combining in-person and online participation, and was presided over by the vice chairman Zhao Shukun [4] - The legal opinion provided by Beijing Jiayuan Law Firm confirmed that the meeting's procedures and voting were in compliance with relevant laws and regulations [17] Voting Results - Proposal 1 regarding the 2024 annual report received 99.9221% approval from the voting shares [7] - Proposal 2 concerning the 2024 board work report was approved with 99.9102% [8] - Proposal 3 on the 2024 supervisory board work report achieved 99.9199% approval [9] - Proposal 4 regarding the internal control evaluation report was approved with 99.8802% [10] - Proposal 5 on the 2024 financial settlement report received 99.9208% approval [11] - Proposal 6 concerning the profit distribution plan for 2024 was approved with 99.9467% [12] - Proposal 7 on the special report of the use of raised funds was approved with 99.9216% [13] - Proposal 8 regarding the 2025 annual investment plan received 99.9354% approval [14] - Proposal 9 on the remuneration report for directors, supervisors, and senior management was approved with 99.8585% [15] - Proposal 10 concerning the ratification of daily related party transactions was approved with 99.8818% [16]

证券代码：000928 证券简称：中钢国际 公告编号：2025-21 中钢国际工程技术股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1. 本次股东大会未出现否决议案的情形。 2. 本次股东大会未涉及变更前次股东大会决议的情形。 一、会议召开和出席情况 1. 本次股东大会于2025年5月15日下午在北京市海淀区海淀大街8号中钢 国际广场26层会议室以现场与网络相结合的方式召开，会议召集人为公司董事 会，会议由公司副董事长赵恕昆主持。本次会议的召开与表决程序符合《公司 法》《上市公司股东大会规则》等有关法律、行政法规、部门规章、规范性文 件和《公司章程》的规定。 2. 股东出席的总体情况：通过现场和网络投票的股东325人，代表股份 820,085,514股，占公司有表决权股份总数的57.1630％。其中：通过现场投票的 股东2人，代表股份698,021,905股，占公司有表决权股份总数的48.6547％。通过 网络投票的股东323人，代表股份122,063,609股，占公司有表决权股份总数的 8.508 ...

2024 年年度股东大会的 法律意见书 嘉源(2025)-04-298 北京市嘉源律师事务所 关于中钢国际工程技术股份有限公司 2024 年年度股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致：中钢国际工程技术股份有限公司 北京市嘉源律师事务所 关于中钢国际工程技术股份有限公司 北京市嘉源律师事务所（以下简称"本所"）接受中钢国际工程技术股份有 限公司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简 称"《公司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"） 等现行有效的法律、行政法规、部门规章、规范性文件（以下简称"法律法规"） 以及《中钢国际工程技术股份有限公司章程》（以下简称"《公司章程》"）的 有关规定，指派本所律师对公司 2024 年年度股东大会（以下简称"本次股东大 会"）进行见证，并依法出具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 提供的与本次股东大会 ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [13] Core Viewpoints - The report emphasizes the high dividend investment opportunities in the construction sector, particularly focusing on state-owned enterprises, local state-owned enterprises, international engineering firms, and quality private enterprises [2][8] Summary by Relevant Sections Central State-Owned Enterprises - The report highlights China State Construction as a top pick due to its complete qualifications and stable operations, benefiting from steady growth. The company plans to increase its dividend payout ratio from around 20% to over 24%, with a projected new contract amount of 1,414.9 billion yuan for 2024, representing a year-on-year growth of 21.1% [8][9] - Other notable mentions include China Communications Construction and China Railway Construction, with dividend yields of over 5% and 6% respectively [8] Local State-Owned Enterprises - Sichuan Road and Bridge is identified as a key player, with a projected dividend yield of around 6% for 2025. The company plans to repurchase shares worth 100-200 million yuan, reflecting confidence in future growth [8][9] - Other local state-owned enterprises with attractive valuations and high dividend yields include Anhui Construction and Tunnel Engineering [8] International Engineering - The report stresses the investment opportunities presented by the "Belt and Road" initiative, recommending companies like China Steel International and China National Materials, which have high overseas order growth and dividend yields around 5% [8][10] Quality Private Enterprises - Jianghe Group is highlighted for its robust fundamentals and high dividend payout ratio, with a projected payout exceeding 95% for 2024. The company has expanded its overseas business significantly, with new orders growing by 57% year-on-year [8][11]

Core Viewpoint - 中钢国际 is focusing on expanding its international market presence, particularly in the steel sector, while maintaining a strategic approach to risk management in a complex global environment [1][2]. Group 1: Company Overview - 中钢国际 specializes in engineering contracting, technology development, and industrial services, with a strong emphasis on energy conservation, environmental protection, and intelligent manufacturing [1]. - The company has extensive international execution experience and a comprehensive technical service capability across the entire process from mining to cold-rolled end products [1]. - 中钢国际 has established 15 overseas branches and operates in over 50 countries, with 90% of its overseas contracts originating from Belt and Road Initiative countries [1]. Group 2: Market Strategy - In 2024, 中钢国际 aims to capitalize on the growth of the overseas steel market by increasing its market share and achieving breakthroughs in mining, steel plants, cold rolling, and energy sectors [2]. - The company plans to maintain its international development strategy while focusing on risk management and expanding into new markets, particularly in the Middle East and Africa [2]. - 中钢国际 intends to strengthen partnerships with major clients such as Rio Tinto, Tosyali, ArcelorMittal, and Vale to secure key project contracts [2]. Group 3: Project Management and Payment - The company has developed an efficient organizational structure that allows for unified control from headquarters while managing country-specific differences [3]. - 中钢国际 emphasizes the importance of understanding and applying international standards for customized project design [3]. - The company ensures project payments are secured through prepayments from clients and structured payment terms, with approximately 90% of payments received upon project completion [3]. Group 4: Sustainability and Innovation - 中钢国际 is committed to enhancing its technological innovation capabilities, focusing on low-carbon metallurgy engineering technologies to support the green transformation of the steel industry [3]. - The company integrates ecological protection and community development into its overseas projects, aligning with global ESG standards [3].

Group 1: Industry Overview - The steel industry has entered a "reduction and quality improvement" phase, with weak supply-demand balance due to slowing infrastructure and manufacturing sectors [4] - The company aims to leverage its engineering technology advantages to support clients in achieving high-quality development [4] - The company will shift focus from quantity to quality in project acquisition, emphasizing project effectiveness for stable growth [4] Group 2: International Market Expansion - In 2024, the company saw significant growth in overseas contracts, capitalizing on the expanding overseas steel market [5] - The company plans to maintain its international development strategy while exploring new markets in the Middle East and Africa [5] - The company has established a robust overseas business management system to mitigate risks associated with local political and economic factors [8] Group 3: Financial Performance - In 2024, the company achieved a net cash flow from operating activities of CNY 1.504 billion, a 9.95% increase year-on-year [7] - The company reported a 33.10% decline in revenue for 2024, but net profit increased by 9.69% due to optimized business structure and improved project management [12][13] - The company's gross profit margin for engineering projects was 13.61%, with domestic and overseas margins at 15.26% and 13.67% respectively [13] Group 4: Technological Innovation and R&D - The company has made significant advancements in low-carbon metallurgy technology, focusing on high-efficiency processes and equipment [23][24] - The company’s R&D efforts have led to the successful implementation of various low-carbon projects, including the world's first hydrogen-based direct reduction iron production line [24] - The company plans to enhance its digitalization efforts to improve operational efficiency and support technological innovation [18] Group 5: Environmental and Social Responsibility - The company has contributed over CNY 12 million to rural revitalization efforts, enhancing local economic development [27] - The company is committed to supporting low-carbon initiatives and has established a comprehensive environmental management system [25][26] - The company aims to align its operations with national carbon reduction goals, contributing to the steel industry's green transformation [22][29]