中国建筑公布1-10月经营情况，业务结构持续优化升级

Core Insights - China State Construction Engineering Corporation (CSCEC) reported a total new contract amount of 3,606.5 billion yuan for the first ten months of 2025, reflecting a year-on-year growth of 1.0% [1] - The construction business segment achieved a new contract amount of 3,319.4 billion yuan, with a year-on-year increase of 2.0% [1] - The real estate business recorded a contract sales amount of 287.1 billion yuan, with a contract sales area of 10.7 million square meters [1] Construction Business Performance - The new contract amount for housing construction reached 2,199.1 billion yuan, growing by 1.5% year-on-year [1] - Infrastructure business contracts totaled 1,111.0 billion yuan, marking a 3.1% year-on-year increase [1] - Domestic business accounted for 3,150.2 billion yuan, up 1.9% year-on-year, while overseas business reached 169.1 billion yuan, increasing by 3.2% [1] Physical Indicators - The total construction area for housing reached 158,811 million square meters [1] - New construction area was 21,178 million square meters, while completed area was 15,820 million square meters [1] Land Acquisition and Sales - The company acquired land reserves of 732,000 square meters, bringing total land reserves to 7,482,000 square meters [1] - The contract sales area in the real estate sector was 10.7 million square meters [1] Recent Major Projects - CSCEC recently secured significant projects totaling 9.85 billion yuan, including two housing projects in Xiamen and Xi'an, and one infrastructure project in Sichuan [2] - The projects align with national goals to enhance manufacturing and urban development, which are expected to provide sustained growth momentum for the construction and real estate sectors [2] Industry Outlook - The 20th Central Committee's Fourth Plenary Session emphasized accelerating the construction of a strong manufacturing and quality nation, which is anticipated to drive structural and long-term benefits for CSCEC [2] - The focus on high-quality development in real estate is expected to foster deep transformation and innovation within the industry, supporting the company's sustainable growth [2]