Jing Ji Guan Cha Wang·2026-02-13 01:46Core Insights - China Railway Construction Corporation (CRCC) recently won significant contracts while one of its subsidiaries was suspended from military procurement, leading to stable stock performance [1] Recent Events - On February 10, 2026, CRCC announced winning 10 major projects, each valued over 1.5 billion yuan, totaling 45.142 billion yuan, which represents 4.23% of the company's audited revenue for 2024 [2] - On the same day, the military procurement website announced that the subsidiary China Railway 16th Bureau Group Co., Ltd. was suspended from participating in military material engineering service procurement due to alleged violations, effective from February 10, 2026 [2] - On February 8, 2026, the company reported that its domestic "Deep Sea Space Station" technology successfully completed high-pressure operations at a depth of 75 meters in the Yongzhou Railway's Jintang underwater tunnel, overcoming technical limitations [2] - The absence of China Railway 23rd Bureau in the recent major project announcements raised concerns about its operational capabilities [2] Stock Performance - Over the past 7 days (as of February 12, 2026), CRCC's stock price fluctuated within a range of 0.97%, with a change of 0.14% [3] - The closing price on February 12 was 7.24 yuan, with a daily change of 0.00% and a trading volume of 346 million yuan [3] - On February 12, there was a net inflow of 1.3575 million yuan from institutional investors, while retail investors experienced a net outflow of the same amount [3] - During the same period, the construction decoration sector slightly declined by 0.01%, while the infrastructure sector increased by 0.01%, and the Shanghai Composite Index rose by 0.05% [3] Financial Analysis - On February 12, 2026, CRCC disclosed its major operating data for Q4 2025, reporting a total new contract value of 3,076.497 billion yuan for the year, marking the fourth consecutive year exceeding 3 trillion yuan [4] - Among these, the total contract value for major projects was 221.971 billion yuan, accounting for 20.80% of the 2024 revenue [4] - There was a disparity in the number of contracts won by subsidiaries, with China Railway 12th and 14th Bureaus each securing 9 major projects, while China Railway 23rd Bureau only won 1 [4]