CSCEC(SH:601668) Zheng Quan Shi Bao Wang·2025-12-19 10:42Core Viewpoint - China State Construction Engineering Corporation (CSCEC) has shown stable growth in new contract signings and operational performance for the first eleven months of 2025, supported by favorable macroeconomic policies from the central government [1][2]. Group 1: Operational Performance - In the first eleven months of 2025, CSCEC achieved a total new contract amount of 40,408 billion yuan, representing a year-on-year increase of 0.9% [1]. - The construction business contributed 37,162 billion yuan in new contracts, with a year-on-year growth of 1.9%. This includes 24,622 billion yuan from housing construction (up 3.1%) and 12,429 billion yuan from infrastructure [1]. - Domestic business accounted for 35,303 billion yuan (up 1.8%), while overseas business reached 1,858 billion yuan (up 4.4%), indicating a dual growth in domestic and international operations [1]. - Physical indicators show a construction area of 161,439 million square meters, new construction area of 23,699 million square meters, and completed area of 18,261 million square meters, with the latter up 11.4% year-on-year [1]. Group 2: Real Estate Business - CSCEC reported a contract sales amount of 3,246 billion yuan and a contract sales area of 1,215 million square meters for the same period [1]. - The company acquired 831 million square meters of land, with a total land reserve of 7,190 million square meters at the end of the reporting period [1]. Group 3: Recent Projects and Policy Support - CSCEC recently secured significant projects totaling 10.67 billion yuan, including two housing projects focused on infrastructure construction in Sichuan and Guangdong, and one infrastructure project for the Dalian Jinzhou Bay International Airport [2]. - The recent Central Economic Work Conference has provided clear support signals for the construction and real estate sectors, emphasizing investment stabilization, urban renewal, and the promotion of quality housing [2]. - With its comprehensive strength and alignment with national strategies, CSCEC is positioned to play a crucial role in stabilizing the market and leading the modernization of the construction industry [2].