香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 承董事會命 中國鐵建股份有限公司 董事長 戴和根 中國‧北京 2025年7月14日 於 本 公 告 日 期，董 事 會 成 員 包 括：戴 和 根 先 生（董 事 長、執 行 董 事）、郜 烈 陽 先 生（非 執 行 董 事）、馬 傳 景 先 生（獨 立 非 執 行 董 事）、解 國 光 先 生（獨 立 非 執 行 董 事）、錢 偉 倫 先 生（獨 立 非 執 行 董 事）、王 俊 先 生（獨 立 非 執 行 董 事） 及 朱 霖 女 士（職 工 董 事）。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 中 國 鐵 建 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 刊 登 的「中 國鐵建股份有限公司2024年 年 度 權 益 分 派 實 施 公 告」，僅 ...

Core Points - The company announced a cash dividend of 0.30 yuan per share (before tax) for A-share shareholders, totaling approximately 4.07 billion yuan [1] - The profit distribution plan was approved at the annual general meeting held on June 20, 2025 [1] - The record date for the dividend is July 21, 2025, with the ex-dividend date and last trading date both set for July 22, 2025 [1] Distribution Plan - The total number of shares for the dividend distribution is based on the company's total share capital of 13,579,541,500 shares [1] - Cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch [1] - Shareholders who have not completed designated trading will have their dividends held by the China Securities Depository and Clearing Corporation until the trading is completed [1] Taxation Information - Individual shareholders holding shares for more than one year will be exempt from personal income tax on dividend income [3] - For shares held for one month or less, the actual tax burden is 20% on the dividend income [3] - For shares held between one month and one year, the effective tax rate is 10% [3] H-Shares and Other Shareholders - The cash dividend distribution for H-share shareholders is not covered in this announcement and will be detailed in a separate announcement on June 30, 2025 [2] - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net dividend of 0.27 yuan per share [5] - Other institutional investors are responsible for their own tax obligations, with a cash dividend of 0.30 yuan per share being distributed [5]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report indicates that the total investment in the industry is expected to stabilize, with a focus on advancing modern infrastructure systems without excessive preemption [1][3] - The National Development and Reform Commission (NDRC) has stated that all 102 major projects outlined in the "14th Five-Year Plan" are expected to be completed by the end of the year [11] - The report highlights that regional investments are likely to gain significant elasticity as national strategic layouts deepen [3] Industry Performance - The construction industry saw a weekly increase of 2.59%, outperforming major indices such as the Shanghai Composite Index (+1.09%) and the Shenzhen Component Index (+1.78%) [4][6] - The best-performing sub-industries for the week were Ecological Landscaping (+5.49%), International Engineering (+5.34%), and Design Consulting (+4.20%) [6][9] - Year-to-date, the top three sub-industries are Ecological Landscaping (+27.48%), Decorative Curtain Walls (+15.98%), and Design Consulting (+15.74%) [6][9] Key Company Developments - Anhui Construction won contracts for the S27 Hohhot to Ordos Expressway and G4212 Hefei to Anqing Expressway, totaling 8.085 billion yuan, which represents 8.38% of its 2024 revenue [13] - Zhejiang Communications won a contract for the G2531 Hangzhou to Shangrao Expressway, valued at 4.222 billion yuan, accounting for 8.84% of its 2024 revenue [13] - The report recommends low-valuation state-owned enterprises such as China Chemical, China Railway, and China Railway Construction, while also highlighting private companies like Zhite New Materials and Honglu Steel Structure [3][11]

Investment Rating - The report rates the construction and decoration industry as "Overweight" [2][8] Core Viewpoints - The overall investment growth rate is weak, with infrastructure investment providing relative stability amidst pressures in manufacturing and real estate. Infrastructure investment (excluding electricity) grew by 5.6% year-on-year from January to May 2025, while total infrastructure investment increased by 10.4% [2] - The report predicts that corporate profits will face pressure in the first half of 2025 due to slowing fixed asset investment growth and a focus on project quality. The expected net profit growth rates for key companies are categorized into various ranges, with some companies projected to see declines [2][3] - The report suggests that low valuations of state-owned enterprises in the construction sector may recover due to ongoing economic stimulus policies and management's market value management methods. The current PE and PB ratios for the construction industry are at 11.2X and 0.76X, respectively, indicating a bottom position [2] - Investment recommendations include state-owned enterprises such as China Chemical, China Railway, and China Railway Construction, as well as private companies like Zhi Te New Materials and Shenzhen Ruijie [2] Summary by Relevant Sections Profit Growth Predictions - Companies with a net profit growth rate below -10%: China Railway, China Railway Construction, China Metallurgical Group, China Power Construction, Shanghai Construction, Honglu Steel Structure, Southeast Network Framework [3] - Companies with a net profit growth rate between -10% and 0%: China Communications Construction, Sichuan Road and Bridge [3] - Companies with a net profit growth rate between 0% and 10%: China Energy Engineering, China Steel International, Anhui Construction, Donghua Technology [3] - Companies with a net profit growth rate between 10% and 20%: China Chemical [3] - Companies with a net profit growth rate above 20%: Zhi Te New Materials, Shenzhen Ruijie [3] Valuation Table - The report includes a valuation table for key companies in the construction industry, detailing their stock prices, EPS, PE ratios, and projected net profit growth rates for 2024A, 2025E, and 2026E [3]

Investment Rating - The industry rating is maintained as "Outperform the Market" [5] Core Insights - The construction sector has seen a significant increase in attention towards urban renewal, with undervalued large-cap stocks showing signs of stabilization. The sector's performance is driven by improved demand-side policy expectations and a shift away from excessive competition, benefiting both large and small-cap stocks. The report suggests focusing on high-growth segments such as urban renewal, coal chemical, nuclear power, and steel structures, while also considering the beta opportunities in large-cap stocks [1][13][14]. Summary by Sections Urban Renewal - Urban renewal is accelerating, with policies from the central government outlining goals and support measures. The focus includes the renovation of old residential areas, establishing safety management systems for buildings, and creating resilient and smart cities. The report identifies four key categories for investment: design and testing, construction and decoration, urban infrastructure renovation, and resilient/smart city initiatives, highlighting specific companies in each category [2][15][17]. Market Performance - The construction index rose by 2.77% in the week of July 7-11, outperforming the Shanghai and Shenzhen 300 index by 1.76 percentage points. Notable performers included Guosheng Technology (+42.98%), New City (+34.73%), and Beautiful Ecology (+34.46%) [4][21][26]. Investment Recommendations - The report emphasizes the cyclical opportunities arising from improved physical work volume in infrastructure. It suggests focusing on high-demand areas such as water conservancy, railways, and aviation, particularly in regions like Sichuan, Zhejiang, Anhui, and Jiangsu. Recommended companies include Sichuan Road and Bridge, Zhejiang Communications, and major state-owned enterprises like China Communications Construction and China Railway Construction [27][28]. Emerging Business Directions - The report highlights the growing demand for computing power driven by AI applications, recommending companies like Hainan Huatie for their transition into computing power leasing. It also notes the potential in cleanroom sectors due to the ongoing domestic replacement in the semiconductor industry, suggesting companies like Baicheng and Shenghui Integration [29][30]. Major Projects and Themes - The report identifies significant investment opportunities in major hydropower projects, deep-sea economy, and low-altitude economy, recommending companies involved in these sectors, such as China Power Construction and China Energy Engineering [32][30].

Core Viewpoint - China Railway Construction Bridge Bureau Group is leveraging technological innovation to enhance urban rail construction, focusing on smart construction methods and real-time monitoring to ensure project quality and safety [1][5][6]. Group 1: Technological Innovations - The company has developed a smart monitoring platform that enables real-time tracking of construction processes, enhancing safety and efficiency in urban rail projects [5][6]. - The introduction of advanced construction techniques, such as the use of rectangular pipe jacking machines, has allowed the company to tackle complex geological conditions effectively [4]. - The implementation of a "dynamic monitoring + micro-disturbance control" construction method has been pivotal in overcoming challenges in urban rail construction, particularly in sensitive areas [2][3]. Group 2: Project Achievements - The company has successfully completed multiple significant projects, including the Beijing Subway Line 13 and Line 4, which have set benchmarks for urban rail construction in China [2][3]. - The completion of the Beijing Subway Line 6 vehicle depot, recognized for its comprehensive functionality, showcases the company's capability in delivering high-quality infrastructure [3]. - The company has also made strides in the Tianjin metro projects, adapting to local geological challenges and ensuring project safety through innovative techniques [3][4]. Group 3: Future Directions - The company aims to further enhance its digital and intelligent construction capabilities, focusing on areas such as robotics and autonomous operations to drive future growth [6]. - By establishing a three-tiered management system, the company is enhancing its operational efficiency and safety measures across various projects [6]. - The integration of big data and smart technologies is expected to revolutionize urban rail construction management, leading to improved project outcomes [5][6].

Core Viewpoint - The construction industry is moving towards a consensus on reducing production and limiting competition to protect profits, driven by the "anti-involution" policy [2][4][9] Group 1: Industry Initiatives - A joint initiative titled "Proposal for Building Industry Party Organizations and Party Members to Lead in Creating a Clean and Positive Industry Environment" has been issued by 33 construction enterprises, aiming to resist "involution" competition [2][4] - The initiative emphasizes the importance of technological innovation for transformation and upgrading, focusing on intrinsic and long-term value rather than blind expansion and excessive debt [2][4][6] Group 2: Policy Context - The government has been actively addressing "involution" through various measures, including the revision of the Anti-Unfair Competition Law and promoting capacity exit to combat disorderly competition [3][4] - The construction industry is responding to these policies by initiating capacity reduction actions and optimizing product structures to stabilize prices and enhance competitiveness [3][4] Group 3: Market Conditions - The cement industry is experiencing severe price wars, leading to significant losses, with 11 out of 20 listed companies reporting profits and the rest incurring losses in the first half of 2024 [5] - Associations in regions like Zhejiang and Guangdong are advocating for a reduction in production and a halt to price wars to achieve quality-driven growth [5] Group 4: Strategic Focus - The construction industry is at a critical juncture, with a focus on compliance and risk management to adapt to changing market conditions and promote high-quality development [7][8] - Companies are encouraged to prioritize innovation and sustainable practices over mere scale and speed, aiming for a transformation towards high-end, intelligent, and green development [7][8]

Core Points - The article highlights the significant transformation of the fishing port in Jamestown, Ghana, due to the Chinese-aided comprehensive fishing port project, which has improved the living and working conditions of local fishermen [1][2][3] Group 1: Project Overview - The fishing port project, part of the Belt and Road Initiative, was undertaken by China Railway Construction Corporation and commenced in August 2020, taking nearly four years to complete [2] - The project included the dredging of port waters, construction of breakwaters, shore protection, and various facilities such as an ice factory, cold storage, trading market, commercial area, and ship repair workshop [2] Group 2: Impact on Local Community - The project has significantly improved the port environment, making it cleaner and safer for fishermen, allowing them to rest comfortably after fishing trips [2][3] - Local fishermen expressed relief and satisfaction with the new facilities, which provide better storage for fishing gear and improved conditions for unloading fish [2][3] Group 3: Future Prospects - Although the land facilities are not yet operational, there are expectations for a bustling market where local seafood can be sold, and fishermen can access necessary supplies [3] - The new ice factory and cold storage are anticipated to alleviate previous challenges related to fish preservation, enabling fishermen to sell their catch in distant markets [3] Group 4: Social Responsibility and Skill Development - The construction company has engaged in social responsibility initiatives, including community road repairs, beach clean-ups, and support for local schools [3][4] - The project has also focused on skill development by employing nearly a thousand local workers, many of whom have transitioned from unskilled labor to skilled trades under the guidance of Chinese supervisors [4]

Core Viewpoint - The importance of maintaining global industrial and supply chain stability is emphasized as a key factor for healthy world economic development, with China playing a crucial role in this context [1]. Group 1: Current Global Supply Chain Cooperation Characteristics - The global supply chain cooperation faces increasing fragmentation risks, with over 1,200 discriminatory trade barriers expected in 2024, and a 40% decline in international cross-border investment compared to historical highs [2]. - Geopolitical tensions and trade disputes are forcing adjustments in international division of labor, highlighting the need for stability in supply chain cooperation [2]. Group 2: China's Role in Global Supply Chain Stability - China, as the world's second-largest economy, has a robust industrial system and a dynamic balance between supply and demand, contributing to global economic stability [4]. - China's manufacturing value-added accounts for approximately 30% of the global total, maintaining its position as the leading manufacturing country for 15 consecutive years [4]. - The country has made significant advancements in technology and innovation, rising from 34th to 11th in the global innovation index from 2012 to 2024 [4]. Group 3: Demand Side Advantages - China is the second-largest consumer and import market globally, with nearly 50 trillion yuan in consumption and over 20 trillion yuan in imports annually, indicating substantial growth potential [5]. - The country is enhancing its market environment to attract foreign investment, maintaining its position as the second-largest recipient of foreign capital [5]. Group 4: China International Supply Chain Promotion Expo (Chain Expo) - The third Chain Expo will be held from July 16 to July 20, 2025, in Beijing, focusing on international cooperation in supply chains [6]. - The expo will feature 651 enterprises and institutions, showcasing various industrial chains and promoting collaboration among upstream and downstream partners [6][7]. - The event aims to facilitate the integration of large and small enterprises, with over 65% of exhibitors being Fortune 500 companies and industry leaders [7]. Group 5: Innovation and International Collaboration - The Chain Expo will include an innovation chain section focused on intellectual property transformation, promoting the linkage of innovation, industry, supply, and value chains [8]. - The event will host over 70 meetings and discussions involving international organizations and multinational company leaders to foster open cooperation in supply chains [8]. - The participation of exhibitors from 75 countries, with a 15% increase in U.S. exhibitors, highlights the growing international engagement at the expo [8].

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Viewpoints - The construction industry is entering a phase of total volume stabilization, moving away from blind expansion and excessive debt. The focus is on intrinsic and long-term value rather than scale and blind expansion [14] - The initiative aims to resist unhealthy competition and promote a fair market order, emphasizing the importance of technology-driven transformation for sustainable development [14] - The overall business environment for construction companies is expected to be challenging in 2024, with a projected revenue decline of 4.29% to 8.6963 trillion yuan and a 13.74% decrease in profits [14] Summary by Sections Event Description - On July 7, a high-quality development theme event was held, where 33 construction enterprises issued a joint initiative to promote a clean and fair industry environment [2][8] Industry Trends - The initiative highlights the need for a new industry ecosystem, actively resisting bad practices and promoting social supervision [14] - The focus is on enhancing core competitiveness and transitioning to high-end, intelligent, and green development through technology innovation [14] Financial Outlook - In 2024, the construction industry is expected to face significant pressure, with a historical first decline in overall revenue and profits [14] - The report indicates that if the anti-involution trend is effectively implemented, undervalued quality state-owned enterprises may have opportunities for valuation recovery [14]