Investment Rating - The industry investment rating is "Overweight" [2][25]. Core Insights - Fixed asset investment in China showed a cumulative year-on-year decline of 2.6% from January to November 2025, with manufacturing investment increasing by 1.9% [2][3]. - Traditional infrastructure investment has seen a widening decline, necessitating a stabilization of investment. Infrastructure investment (including all categories) grew by only 0.1% year-on-year, a decrease of 1.4 percentage points compared to the previous month [4][3]. - Real estate investment remains low, with a year-on-year decline of 15.9% from January to November 2025, indicating a weak recovery trajectory [11][3]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year decline in fixed asset investment is 2.6%, with a decrease of 0.9 percentage points from the previous month [3]. - Manufacturing investment has increased by 1.9%, but this is still a decline of 0.8 percentage points compared to the previous month [2]. Infrastructure Investment - Infrastructure investment (excluding electricity) has a year-on-year decline of 1.1%, with a decrease of 1.0 percentage points from the previous month [4]. - Specific sectors such as transportation, storage, and postal services saw a decline of 0.1%, while water, environment, and public facilities management experienced a decline of 6.3% [4]. Regional Investment Trends - Eastern regions reported a year-on-year decline of 6.6%, while central and western regions saw declines of 1.7% and 0.2%, respectively. The northeastern region faced a significant decline of 14.0% [4]. Real Estate Investment - Real estate investment has decreased by 15.9% year-on-year, with construction starts down by 20.5% and completions down by 18.0% [11]. - The current cycle is characterized by excessive clearing of supply entities and difficulties in inventory replenishment, leading to a slow recovery in investment [11]. Investment Recommendations - For 2026, the industry is expected to stabilize, with emerging sectors likely to benefit from major national strategies. Key companies to watch include Sichuan Road and Bridge, China Chemical, and others in new infrastructure and overseas markets [16].

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - Fixed asset investment growth in China has further declined, with a cumulative year-on-year decrease of 2.6% for January to November 2025, a drop of 0.9 percentage points compared to the previous period [2][3]. - Traditional infrastructure investment has seen an expanded decline, necessitating measures to stabilize investment. Infrastructure investment (including all categories) grew by only 0.1% year-on-year, down 1.4 percentage points from the previous month [4]. - Real estate investment remains low, with a year-on-year decrease of 15.9% for January to November 2025, indicating a weak recovery trajectory [11]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is -2.6%, with manufacturing investment showing a slight increase of 1.9% [2][3]. - The decline in traditional infrastructure investment has intensified, with significant drops in various sectors, including transportation and public facilities [4]. Infrastructure Investment - Infrastructure investment (excluding electricity) has decreased by 1.1% year-on-year, with notable declines in transportation and environmental management sectors [4]. - Regional investment disparities are evident, with the eastern region experiencing a 6.6% decline year-on-year [4]. Real Estate Investment - Real estate investment has decreased by 15.9% year-on-year, with construction starts down by 20.5% and completions down by 18.0% [11]. - The report anticipates a slow recovery in real estate investment due to challenges in inventory replenishment and supply chain issues [11]. Investment Recommendations - The report suggests that in 2026, industry investment is expected to stabilize, with emerging sectors likely to benefit from national strategic initiatives [15]. - Specific companies are highlighted for potential investment, including Sichuan Road and Bridge, China Chemical, and others in the new infrastructure and overseas markets [15].

Investment Rating - The report rates the construction engineering industry as "Overweight" [1] Core Insights - The central economic work conference emphasizes the need to stabilize investment and implement major projects to support economic growth [3][4] - The State-owned Assets Supervision and Administration Commission (SASAC) urges central enterprises to actively promote the implementation of significant projects to ensure stable supply and prices of essential products [5][6] - The Ministry of Finance highlights the importance of government investment in driving economic recovery and encourages the issuance of long-term special bonds to support major construction projects [6] Summary by Sections Recent Key Reports - The report discusses the need for high-demand, high-barrier, and high-profit leading companies in the construction sector, recommending sectors such as AI, controlled nuclear fusion, and low-altitude economy [11][13] - It notes that the construction industry has seen a decline in net profit, with a 10% year-on-year decrease in the first three quarters [15][16] Key Company Recommendations - Recommended companies include China State Construction (dividend yield 5.25%), China Railway (dividend yield 4.80%), and China Communications Construction (dividend yield 1.92%) [9][29] - The report suggests focusing on companies with strong dividend yields and stable growth, particularly in the context of debt reduction and anti-competitive policies [12][29] Macro/Meso/Micro Data - The report indicates a projected increase in broad infrastructure funding by 7.3% in 2025, driven by government bonds and domestic loans [32][34] - It highlights the importance of private capital participation in infrastructure projects to enhance funding and project execution [28]

Core Insights - The report emphasizes the acceleration of bidding for nuclear fusion projects and the operational launch of the Liebherr Nantong base, focusing on nuclear power and marine engineering modules [6][15][28] - The report highlights the structural recovery of infrastructure investment, particularly in Sichuan and Xinjiang, and recommends investments in low-valuation central state-owned enterprises [6][34] - The report tracks the development of cleanroom technology and the increasing capital expenditure of Taiwanese electronics companies in the U.S., indicating a trend of the Taiwanese supply chain moving to the U.S. [6][34] Group 1: Nuclear Fusion and Power Projects - The signing of a joint statement between China and France on December 4, 2025, promotes the development of nuclear power, recognizing nuclear fusion energy as a significant direction for future energy development [6][15] - The Liebherr Nantong base is expected to achieve an annual output value of CNY 560 million for nuclear modules and CNY 640 million for oil and gas energy modules, addressing the decline in traditional chemical business demand [6][28] - The report notes that the modular construction method in nuclear power can significantly shorten construction periods, with the Liebherr Nantong base now operational [6][28] Group 2: Cleanroom and Coal Chemical Industry - The report tracks the cleanroom sector, noting that TSMC plans to invest USD 165 billion in capital expenditures in the U.S., with Foxconn and Wistron also planning significant investments [6][34] - In the coal chemical sector, projects are progressing steadily, with Xinjiang remaining a primary investment area, including a 1.5 million tons/year coal-to-ethylene project [6][34] - The average price of medium and heavy plates in 13 regions decreased by 0.9%, while rebar prices fell by 1.0%, indicating a slight decline in steel prices [6][34] Group 3: Financial Tracking and Investment Recommendations - The report indicates that special bonds issued for refinancing have reached CNY 2.01 trillion, with a cumulative issuance of CNY 4.5 trillion in special bonds for the year, reflecting a 13.8% year-on-year increase [6][34] - The report recommends focusing on four main investment lines: infrastructure recovery, safety resources, technology in high-end manufacturing, and overseas business opportunities [6][34] - The funding availability rate for construction sites is reported at 59.74%, showing a slight increase from the previous week [6][34]

Group 1: Industry Overview - The overall economic environment is expected to remain stable in 2026, supported by policies aimed at counter-cyclical and cross-cyclical adjustments, with a projected growth rate of fixed asset investment (FAI) at 3% for the year [1][12][17] - Infrastructure investment is anticipated to grow by approximately 5% in 2026, driven by key projects and policy support, while real estate investment is expected to decline by 10% after a significant drop in 2025 [1][17][25] - Manufacturing investment is projected to recover slightly, with a growth rate of 6% in 2026, benefiting from domestic demand and supportive policies [1][18] Group 2: Overseas Expansion - There is a strong demand for overseas investment, particularly in regions like Southeast Asia, Africa, and the Middle East, which are experiencing rapid economic growth and urbanization [2][4] - Chinese engineering firms have competitive advantages such as shorter construction periods, higher efficiency, and lower costs, positioning them well for overseas projects [2][4] - The share of overseas income for leading companies is expected to increase, driving improvements in profitability and business models [2][4] Group 3: Regional Opportunities - The "Five Five Five" strategy is expected to create abundant investment opportunities in the western regions of China, particularly in Sichuan and Xinjiang, which are set to benefit from national strategic support [2][4][3] - Sichuan is identified as a core area for national strategic development, with significant investments anticipated in transportation infrastructure, manufacturing, and technology [2][4][3] - Xinjiang's development is crucial for national energy security and unity, with expected increases in investment in infrastructure and coal chemical industries [2][4][3] Group 4: Cleanroom Investment - The demand for cleanroom facilities is projected to grow due to the increasing need for computing power driven by AI applications, with global semiconductor cleanroom investment expected to reach approximately 168 billion yuan in 2025 [3][4] - The semiconductor industry is forecasted to see a capital expenditure of around 160 billion USD in 2025, reflecting a 3% year-on-year increase [3][4] - Leading companies in the cleanroom sector are expected to maintain high levels of capital expenditure, driven by the demand for AI and data center infrastructure [3][4] Group 5: Investment Recommendations - The report recommends focusing on companies with strong overseas expansion capabilities, such as China Chemical, Precision Steel Structure, Jianghe Group, China National Materials, and China Steel International [4][8] - In the context of regional development, companies like Sichuan Road and Bridge, Xinjiang Communications Construction, and China Chemical are highlighted as key players [4][8] - For cleanroom investments, leading firms such as Yaxin Integration, Shenghui Integration, and Bocheng Co. are recommended for their growth potential [4][8]

证券代码：000928 证券简称：中钢国际 公告编号：2025-59 为提高决策效率，公司董事会拟提请股东会授权公司董事会、并同意董事会 进一步授权公司经营层具体办理公司董责险购买的相关事宜，包括但不限于：选 择保险公司及其他相关责任主体；确定赔偿限额、保险费用及其他保险条款；如 市场发生变化，则根据市场情况确定赔偿限额、保险费用及其他保险条款；选择 及聘任保险经纪公司或其他中介机构；商榷、签署相关法律文件及处理与投保、 理赔相关的其他事项等，以及在今后董责险保险合同期满前或期满时办理续保或 重新投保等相关事宜。 1 投保人 中钢国际工程技术股份有限公司 被保险人 公司全体董事、高级管理人员及相关责任主体 累计赔偿限额 1 亿元/年 保费预算 约 38 万元/年，预计合计不超过 120 万元 保险期限 2026 年至 2028 年，按年承保、到期续保 一、董责险方案 二、该事项需履行的审批程序 公司于 2025 年 12 月 10 日召开第十届董事会第十三次会议，审议《关于公 司购买董责险并授权公司经营层办理相关事宜的议案》。因公司全体董事均为董 责险的被保险人，与该事项存在利害关系，基于谨慎性原则，公司全体 ...

中钢国际工程技术股份有限公司 关于对宝武集团财务有限责任公司的风险评估报告 根据《关于规范上市公司与企业集团财务公司业务往来的通知》（证监发 〔2022〕48 号）、《深圳证券交易所上市公司自律监管指引第 7 号——交易与 关联交易》（2025 年修订）、《企业集团财务公司管理办法》（2022）等文件 要求，通过查验宝武集团财务有限责任公司（以下简称"财务公司"）《金融许 可证》《企业法人营业执照》等证件，在审阅资产负债表、利润表、现金流量表 等定期财务报表和内部控制制度的基础上，对财务公司风险管理情况进行了评估， 具体风险评估情况如下： 一、基本情况 财务公司是 1992 年 6 月经监管部门批准成立的全国性非银行金融机构，是 由国家金融监督管理总局监管的非银行金融机构，企业法人统一社会信用代码为 913100001322009015。财务公司注册资本 68.4 亿元（含 3500 万美元），股权结 构：中国宝武钢铁集团有限公司占 24.32%、马鞍山钢铁股份有限公司占 22.36%、 宝山钢铁股份有限公司占 16.97%、太原钢铁（集团）有限公司占 12.58%、山西 太钢不锈钢股份有限公司占 12.08 ...

| 修订前 | 修订后 | | --- | --- | | | 第九条 深交所交易系统对股东会网络投票设置专门的投票代码及 | | | 投票简称。公司的投票代码为"360928"，投票简称为"中钢投票"。 | | | 第十条 公司股东通过深交所交易系统投票的，可以登录证券公司 | | | 交易客户端，参加网络投票。 | | 第十一条 股东进行网络投票的具体规定如下: | | | (一)深交所为公司股东大会网络投票设置专用投票代码和投票简 | | | 称,投票简称由公司向深交所申请; | | | (二)买卖方向为买入。在"委托价格"项填报股东大会议案序号。 | | | 如 1.00 元代表议案 1,2.00 元代表议案 2，依此类推。每一议案应以相 | | | 应的委托价格分别申报。对于逐项表决的议案，如议案 中有多个需 | | | 2 | | | 元代表对议案 元 表决的子议案，2.00 2 下全部子议案进行表决，2.01 | | | 代表议案 2 中子议案①，2.02 元代表议案 2 中子议案②，依此类推。 | | | 对于选举董事、由股东代表出任的监事的议案，如议案 3 为选举 | 删除条款。 | | 董 ...

证券代码：000928 证券简称：中钢国际 公告编号：2025-57 一、日常关联交易基本情况 （一）日常关联交易概述 中钢国际工程技术股份有限公司（以下简称"公司"）2026 年预计关联交 易事项包括向关联人采购设备等商品，接受关联人提供咨询、设计服务，向关联 人销售设备等商品、向关联人提供房屋咨询、设计服务等。关联人主要为公司间 接控股股东中国宝武钢铁集团有限公司（以下简称"中国宝武"）及其下属企业， 公司董事及高级管理人员兼任董事或高级管理人员的企业及前述公司控制的下 属企业等。 中钢国际工程技术股份有限公司 2026 年年度日常关联交易预计的公告 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。 2025 年 12 月 10 日，公司第十届董事会第十三次会议审议通过了《关于公 司 2026 年年度日常关联交易预计的议案》，关联董事赵恕昆、化光林、刘安回 避表决。该议案在提交董事会审议前已经独立董事专门会议审议，并获得独立董 事的一致同意。该议案尚需提交公司股东会审议，关联股东中钢资本控股有限公 司、唐发启将回避表决。 （二）预计日常关联交易类别和金额 根 ...

中钢国际工程技术股份有限公司《独立董事工作制度》修订说明 | 修订前 | 修订后 | | --- | --- | | 第二条 独立董事是指不在公司担任除董事外的其他职务，并与其 | 第二条 独立董事是指不在公司担任除董事外的其他职务，并与其 | | 所受聘的公司、实际控制人不存在直接或者间接利害关系，或者其他 | 所受聘的公司及其主要股东、实际控制人不存在直接或者间接利害关 | | 可能影响其进行独立客观判断的关系的董事。 | 系，或者其他可能影响其进行独立客观判断的关系的董事。 | | 第三条 独立董事对公司及全体股东负有忠实与勤勉义务。独立董 | 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按 | | 事应按照相关法律、行政法规、中国证券监督管理委员会（以下简称 | 照法律、行政法规、中国证券监督管理委员会（以下简称"中国证监 | | 中国证监会）规定、证券交易所业务规则和《公司章程》的规定，认 | 会"）规定、证券交易所业务规则和《公司章程》的规定，认真履行 | | 真履行职责，在董事会中发挥参与决策、监督制衡、专业咨询作用， | 职责，在董事会中发挥参与决策、监督制衡、专业咨询作用，维护公 ...