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。 中工国际工程股份有限公司（以下简称"公司"或"中工国际"） 于 2025 年 10 月 13 日召开第八届董事会第十四次会议，于 2025 年 10 月 29 日召开 2025 年第二次临时股东会，审议通过了《关于回购 公司股份方案的议案》，同意公司以自有资金和自筹资金通过深圳证 券交易所以集中竞价交易方式回购公司股份，回购的股份全部用于注 销并减少注册资本，回购价格不超过 12.85 元/股。回购的资金总额不 低于人民币 5,000 万元（含本数），不超过人民币 10,000 万元（含本 数），回购实施期限为自公司股东会审议通过本次回购股份方案之日 起 12 个月内。上述内容详见公司于 2025 年 10 月 14 日、2025 年 10 月 30 日、2025 年 11 月 5 日在巨潮资讯网分别披露的《关于回购公 司股份方案的公告》（公告编号：2025-051）、《关于回购股份用于 注销并减少注册资本暨通知债权人的公告》（公告编号：2025-064）、 《回购股份报告书》（公告编号：2025-066）。 证 ...

中工国际公告称，2025年公司通过股东大会审议，同意以不超12.85元/股回购5000万-10000万元股份用 于注销并减资。截至2025年末，公司已回购263.34万股，占总股本0.21%，最高成交价9.09元/股，最低 成交价8.83元/股，支付资金2359.36万元（不含交易费）。资金源于自有资金及专项贷款，回购符合相 关规定。公司将按规在回购期内择机回购并及时披露。 ...

Group 1 - The core point of the article highlights the recent performance of Zhonggong International, which saw a decline of 5.07% in its stock price, reaching 8.61 yuan per share, with a trading volume of 207 million yuan and a turnover rate of 1.91%, resulting in a total market capitalization of 10.654 billion yuan [1] - Zhonggong International Engineering Co., Ltd. is based in Haidian District, Beijing, and was established on May 22, 2001, with its listing date on June 19, 2006. The company's main business involves international engineering contracting, investment, and trade [1] - The revenue composition of Zhonggong International includes 66.97% from international engineering contracting, 14.98% from key core equipment research and manufacturing, 12.15% from consulting and design, 3.66% from domestic engineering general contracting, 1.44% from engineering investment and operation, and 0.79% from trade and other services [1] Group 2 - From the perspective of the top ten circulating shareholders of Zhonggong International, data shows that a fund under Huaxia Fund ranks among the top shareholders. The Huaxia CSI 1000 ETF (159845) entered the top ten circulating shareholders in the third quarter, holding 2.6888 million shares, which accounts for 0.22% of the circulating shares [2] - The estimated floating loss for the Huaxia CSI 1000 ETF (159845) today is approximately 1.2368 million yuan. The fund was established on March 18, 2021, with a latest scale of 45.469 billion yuan. Year-to-date, it has achieved a return of 29.06%, ranking 1842 out of 4189 in its category [2] - The fund manager of Huaxia CSI 1000 ETF (159845) is Zhao Zongting, who has a cumulative tenure of 8 years and 266 days. The total asset scale under his management is 355.865 billion yuan, with the best fund return during his tenure being 122.09% and the worst being -32.63% [3]

Group 1 - The core point of the news is that Zhonggong International's stock price dropped by 5.07% to 8.61 CNY per share, with a trading volume of 207 million CNY and a turnover rate of 1.91%, resulting in a total market capitalization of 10.654 billion CNY [1] - Zhonggong International Engineering Co., Ltd. is based in Haidian District, Beijing, and was established on May 22, 2001, with its listing date on June 19, 2006. The company's main business includes international engineering contracting, investment, and trade [1] - The revenue composition of Zhonggong International is as follows: 66.97% from international engineering contracting, 14.98% from key core equipment R&D and manufacturing, 12.15% from consulting and design, 3.66% from domestic engineering contracting, 1.44% from engineering investment and operation, and 0.79% from trade and other services [1] Group 2 - From the perspective of major circulating shareholders, a fund under Southern Fund ranks among the top shareholders of Zhonggong International. The Southern CSI 1000 ETF (512100) reduced its holdings by 58,100 shares in the third quarter, holding a total of 4.5237 million shares, which accounts for 0.37% of the circulating shares [2] - The estimated floating loss for the Southern CSI 1000 ETF (512100) today is approximately 2.0809 million CNY. The fund was established on September 29, 2016, with a latest scale of 76.63 billion CNY. Year-to-date returns are 29.23%, ranking 1828 out of 4189 in its category [2]

Group 1 - BYD aims to maintain significant R&D and financial investment to consolidate electrification and promote intelligence in the new "15th Five-Year Plan" period [3] - The company plans to integrate global resources for collaborative innovation and accelerate its global industrial layout to build a world-class Chinese brand [3] - BYD's annual sales have achieved a tenfold growth during the "14th Five-Year Plan" period, establishing it as the largest electric vehicle manufacturer globally [3] Group 2 - Oriental Fortune emphasizes the importance of empowering the real economy and serving people's needs in the financial sector during the "15th Five-Year Plan" [5] - The company aims to leverage technology to connect wealth management and financing needs effectively [5] Group 3 - Moore Threads focuses on accelerating the application of domestic GPUs across various industries to support digital transformation [7] - The company has established a complete technology stack based on a unified architecture, achieving a systematic closed loop from hardware to application [7] Group 4 - Muyuan Foods is committed to producing safe and healthy pork products, aiming for high-quality development in the pig farming industry [9] - The company plans to leverage technology to address industry challenges and contribute to the high-quality development of China's pig farming sector [9] Group 5 - Zhongwei Company aims to achieve 50% to 60% market coverage in high-end semiconductor equipment through organic growth and external expansion [12] - The company emphasizes the importance of technological innovation and industry chain collaboration to enhance global competitiveness [12] Group 6 - Huayou Cobalt plans to align its strategy with national planning during the "15th Five-Year Plan" period, focusing on creating customer value and leading industry development [16] - The company aims to become a leading technology enterprise in energy materials globally [16] Group 7 - Aier Eye Hospital integrates clinical services, research innovation, and public health education into a comprehensive eye health ecosystem [18] - The company is committed to advancing AI diagnostics and expanding its eye health service network [18] Group 8 - Tianci Materials focuses on sustainable development principles, enhancing innovation capabilities in lithium-ion battery materials and specialty chemicals [20] - The company aims to embrace a new growth cycle in the lithium and energy storage industry over the next five years [20] Group 9 - JinkoSolar emphasizes technological innovation as the core driver of its development, aiming to enhance the efficiency of photovoltaic applications [22] - The company is focused on integrating advanced technologies with traditional manufacturing to foster new productive forces [22] Group 10 - Jishi Media aims to integrate cultural and technological advancements, focusing on digital transformation and innovation in the media sector [24] - The company plans to enhance its competitiveness by focusing on AI, data elements, and low-altitude economy [24] Group 11 - China National Machinery Industry Corporation aims to transform into a technology-driven engineering company while embedding its development into the national modernization blueprint [26] - The company plans to enhance its efficiency and investment value through capital market engagement and focus on green engineering and digital infrastructure [26]

Core Viewpoint - The article emphasizes the strategic plans and aspirations of various companies as they embark on the "15th Five-Year Plan" period, highlighting their commitment to innovation, technology, and global competitiveness. Group 1: BYD - BYD aims to maintain significant R&D and financial investment to solidify its position in electrification and promote smart technology, leveraging global resources for innovation [4] - The company has achieved a tenfold increase in annual sales during the "14th Five-Year Plan" and seeks to capitalize on the global expansion of Chinese brands [4] Group 2: Oriental Fortune - Oriental Fortune expresses confidence in the resilience of the Chinese economy and emphasizes the importance of financial technology in connecting wealth management with real economy financing [6] - The company aims to serve diverse stakeholders and enhance its role in the financial transformation landscape [6] Group 3: Moore Threads - Moore Threads focuses on accelerating the application of domestic GPUs across various industries, contributing to the digital transformation [8] - The company has established a comprehensive technology stack and aims to maintain high R&D investment to strengthen its competitive edge [8] Group 4: Muyuan Foods - Muyuan Foods is committed to producing safe and healthy pork products, responding to consumer demand while advancing the pig farming industry towards high-quality development [10] - The company plans to leverage technology to address industry challenges and enhance overall quality [10] Group 5: Zhongwei Company - Zhongwei Company aims to achieve 50% to 60% market coverage in high-end semiconductor equipment through organic growth and expansion over the next five to ten years [12] - The company emphasizes collaboration within the industry to enhance global competitiveness [12] Group 6: AVIC Shenyang Aircraft - AVIC Shenyang Aircraft is focused on achieving significant milestones in the "15th Five-Year Plan" by enhancing core functions and competitiveness [14] - The company aims to contribute to the construction of a strong aviation nation through strategic initiatives [14] Group 7: Huayou Cobalt - Huayou Cobalt plans to align its strategy with national planning during the "15th Five-Year Plan," focusing on creating customer value and leading industry development [16] - The company aims to become a leading technology enterprise in energy materials [16] Group 8: Aier Eye Hospital - Aier Eye Hospital integrates its development with national strategies, focusing on innovation in eye health services and technology [18] - The company aims to enhance its service network and collaborate with partners to improve public health outcomes [18] Group 9: Tinci Materials - Tinci Materials is committed to sustainable development through innovation in lithium-ion battery materials and specialty chemicals [21] - The company anticipates a new growth cycle in the lithium and energy storage industries over the next five years [21] Group 10: JinkoSolar - JinkoSolar emphasizes technology innovation as a core driver for its development, focusing on high-efficiency solar cell technologies [23] - The company aims to integrate advanced technologies with traditional manufacturing to foster new productive capabilities [23] Group 11: Jishi Media - Jishi Media aims to integrate cultural and technological advancements, focusing on becoming a leading cultural technology enterprise [25] - The company plans to leverage AI and digital transformation to enhance its service offerings [25] Group 12: China National Machinery Industry Corporation - China National Machinery Industry Corporation is focused on deepening its role in China's modernization efforts while enhancing its international competitiveness [27] - The company aims to foster new productive capabilities in emerging sectors such as green engineering and digital infrastructure [27]

Core Viewpoint - The article emphasizes the successful transformation of the company from a traditional engineering firm to a technology-driven specialized engineering company under the leadership of the State Machinery Group, marking a significant milestone as it transitions into the "15th Five-Year Plan" [2] Group 1: Strategic Vision and Goals - The company aims to align its development with the central government's directives, focusing on contributing to China's modernization efforts [2] - The strategic vision is to become an internationally competitive leading engineering company, with a focus on "steady progress and quality improvement" [2] - The company plans to leverage "chain-based international expansion" to support high-level foreign trade [2] Group 2: Areas of Focus - The company intends to cultivate new productive forces tailored to local conditions, with a focus on green engineering, digital infrastructure, and intelligent equipment manufacturing [2] - There is an emphasis on actively utilizing capital markets to enhance development efficiency and investment value [2] Group 3: Collaborative Efforts - The company expresses a commitment to collaborate with various stakeholders to contribute to the new productive forces and the establishment of a modern industrial system [2]

Investment Rating - The report rates the construction industry as "Buy" [1] Core Insights - The National Development and Reform Commission has announced a significant investment plan for 2026, with a total of approximately 295 billion yuan allocated for major infrastructure projects, including the Guangzhou New Airport and the Zhanjiang to Haikou ferry project, with total investments exceeding 400 billion yuan [4][3] - The report emphasizes the orderly expansion of low-altitude economic application scenarios, with significant progress expected in housing quality improvement by 2030 [4][3] - The report recommends several companies in emerging sectors such as clean rooms, commercial aerospace, and controlled nuclear fusion, highlighting specific stocks like Yaxiang Integration and China Nuclear Engineering [4][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 industry, focusing on sectors like AI, controlled nuclear fusion, and low-altitude economy [8][10] Key Company Recommendations - Recommended companies include China Construction (dividend yield 5.29%), China Railway (dividend yield 4.81%), and China Communications Construction (dividend yield 3.39%), all of which are expected to benefit from stable growth and government investment [6][4] Macro/Meso/Micro Data Tables - The report includes various data tables that provide insights into the financial performance and projections of key construction companies, indicating a trend of improving cash flow and profitability in certain sectors [6][4] Infrastructure Investment Trends - The report predicts a significant increase in infrastructure investment, with a projected growth rate of 10.9% for broad infrastructure investment in 2025, driven by government policies and funding mechanisms [29][30]

Group 1 - The core stock price of Zhonggong International (002051) closed at 9.07 yuan as of December 31, 2025, down 0.33% from 9.1 yuan the previous week [1] - The highest intraday price on December 29 was 9.23 yuan, while the lowest intraday price on December 31 was 8.96 yuan [1] - The current total market capitalization of Zhonggong International is 11.223 billion yuan, ranking 10th out of 39 in the professional engineering sector and 1738th out of 5181 in the A-share market [1] Group 2 - Zhonggong International's wholly-owned subsidiary, Zhonggong Jiangsu, plans to initiate an asset-backed special plan for receivables not exceeding 800 million yuan, with the underlying assets being accounts receivable from overseas engineering projects [2][3] - As of December 26, 2025, the special plan has received subscription funds of 756 million yuan and officially commenced interest accrual on December 29, 2025 [2][3] - This special plan represents the first asset-backed security (ABS) entirely composed of overseas accounts receivable by a state-owned enterprise-controlled listed company [2][3]

Core Viewpoint - The company, Zhonggong International, is facing challenges due to rising raw material prices but is implementing effective cost control measures to maintain profit margins [1]. Group 1: Financial Performance - As of December 30, 2025, Zhonggong International's stock closed at 9.03 yuan, down 2.06%, with a turnover rate of 1.29%, a trading volume of 159,100 shares, and a transaction value of 144 million yuan [1]. - The company's comprehensive gross profit margin for the first three quarters of 2025 was 18.57%, which is considered high within the industry [1]. Group 2: Market Activity - On December 30, 2025, the main funds experienced a net outflow of 3.50 million yuan, while retail investors saw a net inflow of 4.09 million yuan [1][3]. Group 3: Corporate Announcements - Zhonggong International's wholly-owned subsidiary, Zhonggong Jiangsu, is initiating an asset-backed special plan for accounts receivable not exceeding 800 million yuan, using overseas engineering project receivables as the underlying assets [1]. - As of December 26, 2025, the special plan had received subscription funds of 756 million yuan and officially commenced on December 29, 2025, starting to accrue interest [1]. - This special plan is notable as it is the first asset-backed security entirely composed of overseas receivables from a state-owned enterprise-controlled listed company, aimed at improving the company's asset-liability structure and operational cash flow [1].