CSCEC(SH:601668) Jing Ji Guan Cha Bao·2025-12-19 10:59Group 1 - The total new contracts signed by China State Construction in January-November 2025 reached 4.04 trillion yuan, a slight increase of 0.9% year-on-year, with growth rate stable compared to the first ten months [1] - The construction business contributed 3.72 trillion yuan, up 1.9% year-on-year; the housing construction contracts amounted to 2.46 trillion yuan, with a growth rate of 3.1%, while infrastructure business contracts totaled 1.24 trillion yuan, slightly down by 0.1% [1] - Domestic orders accounted for 3.53 trillion yuan, increasing by 1.8%, while overseas orders reached 185.8 billion yuan, up 4.4% [1] Group 2 - In Q1 2025, new infrastructure orders grew by 40.0% year-on-year, with notable performance in energy engineering (+96.6%) and municipal engineering (+44.4%) [1] - For the first three quarters of 2025, the new contracts in housing construction increased by 0.7% year-on-year, showing moderate growth [1] - Q1 data indicated a year-on-year decline of 3.3% in new housing construction orders, but sectors like affordable housing (+43.8%) and educational facilities (+27.5%) experienced significant growth, reflecting ongoing optimization of the business structure [1][1] Group 3 - The real estate business contract sales amounted to 324.6 billion yuan, a year-on-year decrease of 9.9%, with a sales area of 12.15 million square meters, down 4.1% [2]