Investment Rating - The industry rating is maintained as "Outperform" [5] Core Viewpoints - The construction sector has seen a significant increase of 7.1% this week, outperforming the Shanghai and Shenzhen 300 index by 5.9 percentage points, driven by infrastructure projects and the rise in specialized engineering and civil explosives sectors [1][29] - The report emphasizes the ongoing trend of "anti-involution" in the industry, suggesting investment opportunities in construction blue chips and steel structure sectors, particularly in the central and western regions of China [1][2][36] Summary by Sections Investment Logic - Four angles to capture investment opportunities in the construction sector: 1. **Price Elasticity**: Companies involved in resource development or trade, such as Northern International and China Railway, are recommended due to expected price increases in resources [2][15] 2. **Supply-Demand Optimization**: Focus on construction blue chips as the anti-involution movement may alleviate price pressures in the industry, with recommendations for quality local state-owned enterprises like Sichuan Road and Bridge [2][17] 3. **Transformation and Upgrading**: Companies with stronger technological attributes are expected to benefit from structural high prosperity in technology-driven infrastructure demands, with recommendations for Tunnel Corporation and China State Construction International [2][21] 4. **Downstream Profit Improvement**: If anti-involution policies improve profitability in steel and cement industries, there will be a rebound in capital expenditure needs, recommending companies like China National Materials and China Steel International [2][23] Market Performance - The report notes a slight decline in the operating rates of petroleum asphalt and cement shipment rates, with the cement shipment rate at 43.07%, down by 2.8 percentage points [3][26] - Central state-owned enterprises showed a positive trend in order data for Q2, with notable growth in orders for companies like China Railway and China Nuclear Engineering [3][26] Key Recommendations - The report suggests focusing on high-growth local state-owned enterprises in regions with strong infrastructure investment, such as Sichuan, Zhejiang, and Anhui, as well as major central state-owned enterprises like China Communications Construction and China Railway [36][37] - Emphasis is placed on the potential of nuclear power and emerging business directions within the construction sector, highlighting the high prosperity of nuclear power investments [38]

Core Viewpoint - The company has completed the cancellation of stock options under its 2022 stock option incentive plan due to unmet performance conditions for the year 2024 and the resignation of certain incentive recipients [1][2]. Group 1: Stock Option Cancellation - The company’s board and supervisory board approved the cancellation of stock options that did not meet the exercise conditions for the year 2024 [1]. - A total of 3.782 million stock options have been canceled, consisting of 3.26 million from the initial grant and 522,000 from reserved grants [2]. - The cancellation complies with relevant regulations and will not adversely affect the company's financial status or operational results [2]. Group 2: Impact on Incentive Plan - The cancellation of stock options will not hinder the normal operation of the incentive plan [2]. - The management team’s diligence and commitment are expected to remain unaffected by this cancellation [2].

Core Viewpoint - The company, China Steel International, is focusing on its core business of engineering procurement and construction (EPC) while expanding into diversified areas such as energy conservation, environmental protection, and intelligent manufacturing, aiming to leverage opportunities in the steel industry for sustainable development [1][3]. Group 1: Business Operations - The company primarily engages in EPC business and does not manufacture equipment, relying on external procurement for project-required equipment [1]. - The company has successfully completed significant milestones in various international projects, including the Simfer project in Australia and the Tosyali steel plant in Algeria, showcasing its capability in managing large-scale projects efficiently [2]. - The company emphasizes the importance of accounts receivable management to enhance cash flow and has set a gross profit margin target of 13.61% for its engineering projects in 2024, reflecting a 6.06% increase from the previous year [3]. Group 2: Market Strategy - The company plans to maintain its internationalization strategy while strengthening risk management, focusing on existing markets and exploring new opportunities in the Middle East and Africa [4]. - The execution cycle for overseas projects is generally longer than domestic ones due to various factors, including differing pre-execution requirements, lower construction efficiency, and longer logistics periods [4].

Core Viewpoint - The company, China Steel International (中钢国际), is focusing on enhancing its project management and expanding its international market presence, particularly in the Middle East and Africa, while benefiting from the steel industry's recovery and government policies aimed at reducing competition and promoting orderly development [2][4]. Group 1: Industry Performance - In the first half of the year, the steel industry in China experienced stable operations and improved economic benefits, with profits partly driven by the decline in prices of raw materials like coking coal and iron ore [2]. - The implementation of government policies to break "involution" is expected to aid in the orderly and effective development of the steel industry, which will create market opportunities for the company [2]. Group 2: Project Management and Execution - The company has strengthened its project oversight, ensuring that projects progress according to schedule, with significant milestones achieved in various ongoing projects [3]. - Notable achievements include the completion of design and procurement for the Simfer project, a five-month reduction in construction time for the Tosyali Algeria Phase IV project, and the inauguration of Bolivia's first modern integrated steel plant [3]. Group 3: Financial Performance - For Q1 2025, the company reported a main revenue of 3.519 billion yuan, a year-on-year decrease of 28.21%, while net profit attributable to shareholders was 232 million yuan, an increase of 7.78% [6]. - The company's gross profit margin for engineering projects was 13.75%, with an annual target gross margin of 13.61%, reflecting a 6.06% increase from the previous year [4][6]. Group 4: International Expansion - The company is committed to its internationalization strategy, focusing on risk management while expanding into new markets in the Middle East and Africa, alongside maintaining existing markets [4]. - The execution cycle for overseas projects is generally longer than domestic projects due to various factors, including differing pre-execution requirements and lower efficiency in construction organization [5]. Group 5: Accounts Receivable Management - The company places significant emphasis on managing accounts receivable, enhancing dynamic supervision and early warning systems to improve cash flow efficiency [4].

关于公司 2022 年股票期权激励计划部分股票期权 注销完成的公告 证券代码：000928 证券简称：中钢国际 公告编号：2025-28 中钢国际工程技术股份有限公司 1 前述注销部分股票期权事项符合《上市公司股权激励管理办法》及本次激励 计划有关规定，不会影响本次激励计划的正常进行，不会对公司的财务状况和经 营成果产生重大不利影响，也不会影响公司管理团队的勤勉尽职。 特此公告。 中钢国际工程技术股份有限公司董事会 2025 年 7 月 25 日 2 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。 中钢国际工程技术股份有限公司（以下简称"公司"）第十届董事会第八次 会议和第十届监事会第六次会议分别审议通过了《关于公司 2022 年股票期权激 励计划 2024 年度未达行权条件及注销相关股票期权的议案》，根据《上市公司股 权激励管理办法》《中钢国际工程技术股份有限公司股票期权激励计划管理办法》 《中钢国际工程技术股份有限公司 2022 年股票期权激励计划（草案修订稿）》相 关规定及公司 2023 年第二次临时股东大会授权，经董事会薪酬与考核委员会审 查确认，本次 ...

证券代码：000928 证券简称：中钢国际 中钢国际工程技术股份有限公司投资者关系活动记录表 编号：2025-5 投资者关系活动类别 ☑特定对象调研 □ 分析师会议 □媒体采访 □ 业绩说明会 □新闻发布会 □ 路演活动 □现场参观 □其他（） 参与单位名称及人员姓名 广发证券、嘉合基金、招商仁和、浙商资管、中交资本 时间 2025 年 7 月 25 日 地点 公司会议室 上市公司接待 人员姓名 副总经理、财务总监、董事会秘书 袁陆生 董事会办公室主任 戚欣 投资者关系活动主要内容介绍 近期公司业务、经营情况，主要交流内容附后。 交流内容未涉及公司内幕信息。 附件清单 投资者关系活动记录（2025 年 7 月 25 日） 中钢国际工程技术股份有限公司 投资者关系活动记录 3. 公司应收账款的情况如何？公司的毛利率是否还能进一步提高？ 公司高度重视应收账款回款工作，强化应收账款管理，切实做好应收账款动 态监督与预警工作，提升回款效率；优化海外项目执行，加快议付进程；加强内 部考核机制，设定项目回款考核指标。 2024 年公司全年工程项目毛利率为 13.61%，较上年同期增长 6.06%，随着 工程项目建设的平稳 ...

Group 1 - The Supervisory Board of China Steel International Engineering Technology Co., Ltd. has reviewed and provided opinions on matters related to the sixth meeting of the tenth Supervisory Board [1] - The proposal to cancel stock options under the 2022 stock option incentive plan for the year 2024, which did not meet the exercise conditions, complies with relevant laws and regulations and does not harm the interests of the company and all shareholders [1] - The adjustment of the exercise price for the 2022 stock option incentive plan is in accordance with the completed annual equity distribution plan and relevant regulations, ensuring no harm to the company and shareholders [1]

证券代码：000928 证券简称：中钢国际 公告编号：2025-26 中钢国际工程技术股份有限公司 关于公司 2022 年股票期权激励计划 2024 年度未达行权条件 及注销相关股票期权的公告 （一）2022 年 12 月 14 日，公司召开第九届董事会第二十五次会议，审议 1 通过了《关于〈中钢国际工程技术股份有限公司 2022 年股票期权激励计划（草 案）〉及其摘要的议案》《关于〈中钢国际工程技术股份有限公司股票期权激励计 划管理办法〉的议案》《关于〈中钢国际工程技术股份有限公司 2022 年股票期权 激励计划实施考核管理办法〉的议案》《关于提请公司股东大会授权董事会办理 2022 年股票期权激励计划有关事项的议案》《关于制定〈中钢国际工程技术股份 有限公司中长期激励管理办法〉的议案》，公司独立董事就本次激励计划相关议 案发表了独立意见。 同日，公司召开第九届监事会第十九次会议，审议通过了《关于〈中钢国际 工程技术股份有限公司 2022 年股票期权激励计划（草案）〉及其摘要的议案》《关 于〈中钢国际工程技术股份有限公司股票期权激励计划管理办法〉的议案》《关 于〈中钢国际工程技术股份有限公司 2022 年股 ...

证券代码：000928 证券简称：中钢国际 公告编号：2025-27 中钢国际工程技术股份有限公司 关于调整2022年股票期权激励计划行权价格的公告 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。 中钢国际工程技术股份有限公司（以下简称"公司"）第十届董事会第八次 会议和第十届监事会第六次会议分别审议通过了《关于调整 2022 年股票期权激 励计划行权价格的议案》，根据《上市公司股权激励管理办法》（以下简称"《管 理办法》"）《中钢国际工程技术股份有限公司股票期权激励计划管理办法》《中钢 国际工程技术股份有限公司 2022 年股票期权激励计划（草案修订稿）》（以下简 称"本次激励计划"）相关规定及公司 2023 年第二次临时股东大会授权，经董事 会薪酬与考核委员会审查确认，现拟根据公司 2024 年年度权益分派实施情况， 调整 2022 年股票期权激励计划行权价格。现将有关事项公告如下： 一、本次激励计划已履行的决策程序和批准情况 （一）2022 年 12 月 14 日，公司召开第九届董事会第二十五次会议，审议 通过了《关于〈中钢国际工程技术股份有限公司 20 ...

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 调整 2022 年股票期权激励计划股票期权行权价格 及注销部分股票期权的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 2025 年 7 月 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 调整 2022 年股票期权激励计划股票期权行权价格 及注销部分股票期权的法律意见书 嘉源(2025)-05-253 根据《中华人民共和国公司法》《中华人民共和国证券法》、中国证券监督 管理委员会《上市公司股权激励管理办法》（以下简称"《管理办法》"）、国 务院国有资产监督管理委员会（以下简称"国务院国资委"）与中华人民共和国 财政部（以下简称"财政部"）《国有控股上市公司（境内）实施股权激励试行 办法》、国务院国资委和财政部《关于规范国有控股上市公司实施股权激励制度 有关问题的通知》、国务院国资委《关于进一步做好中央企业控股上市公司股权 激励工作有关事项的通知》、国 ...