本报讯 （记者田鹏）记者从中国交通建设集团有限公司（以下简称"中交集团"）获悉，中交集团旗下 子公司于近日在上海证券交易所举办路演交流会。 值得关注的是，中国交建表示拟将于12月中旬发行"一带一路"科技创新公司债券，规模不超过10亿元， 期限包括10年期和20年期，募集资金不低于70%将用于支持"一带一路"沿线项目建设。此举将进一步彰 显公司服务国家战略的责任担当。 通过此次路演，中国交建、振华重工、中交三航局、中交上航局与投资者进行了深入交流，有效传递了 公司价值和发展信心，为后续债券融资工作奠定了坚实基础。未来，各公司将继续深化与债券市场联 动，积极应对挑战，努力实现高质量可持续发展。 彭陆强在致辞中表示，中交集团是全球领先的基建领域综合服务商，坚持"让世界更畅通、让城市更宜 居、让生活更美好"的企业愿景，秉承"固基修道、履方致远"的企业使命，坚守"交融天下、建者无 疆"的企业精神，已成长为世界最大的港口设计建设公司、世界最大的公路与桥梁设计建设公司、世界 最大的疏浚公司、世界最大的集装箱起重机制造公司。面对当前市场环境，公司将积极利用债券市场， 优化融资结构，服务国家战略。未来，中交集团将持续聚焦高质量 ...

Group 1 - The core breakthrough of the peace agreement involves a shift from territorial deadlock to security guarantees, with key terms revised to focus on practical aspects like ceasefire and prisoner exchanges while postponing core disputes over territory and NATO membership [2][21] - Ukraine has accepted a collective defense commitment similar to NATO's Article 5 from the US and Europe, while excluding direct NATO membership, and the limit on the Ukrainian military size has been increased from 600,000 to 800,000, maintaining defense autonomy [2][21] Group 2 - The US is leading a transactional diplomacy approach, exchanging security guarantees for Ukrainian concessions, particularly targeting the development rights of Ukrainian mineral resources, with 50% of the reconstruction fund's revenue allocated to the US [3][22] - Europe is participating passively, with Germany, France, and the UK proposing a modified peace plan emphasizing that territorial issues should be decided by a national referendum in Ukraine, attempting to weaken US unilateral dominance [3][22] Group 3 - Ukraine's compromise is driven by dual pressures of military and economic exhaustion, with Russia controlling 120,000 square kilometers of Ukrainian territory (20% of the country), highlighting vulnerabilities in Ukraine's defense system [4][24] - The infrastructure in Ukraine has suffered systemic damage, necessitating a comprehensive ceasefire to ensure wartime elections, forcing Ukraine to trade resources for security [5][25] Group 4 - The US has a strategic interest in key minerals, with Ukraine's lithium and titanium reserves ranking among the top globally, and the mineral agreement stipulates that 50% of future mineral revenues will fund the US-led reconstruction efforts to offset military aid costs [6][26] Group 5 - The geopolitical landscape is shifting towards a tripartite balance among the US, Russia, and Europe, with the US prioritizing resource control through security agreements that bind Ukraine's mineral development rights, thereby diminishing Europe's economic influence in Ukraine [7][27] - There is a tacit agreement between the US and Russia, allowing Russia to maintain control over eastern Ukraine in exchange for halting further advances, which reduces US strategic investments [8][28] Group 6 - Europe faces a dilemma of marginalization, losing security discourse power, as Germany and France push for the "Eastern Sentinel" initiative to strengthen eastern defense but cannot prevent direct negotiations between the US and Russia [9][29] - The competition for resources is intensifying, with the EU submitting a mineral cooperation agreement to compete with the US for dominance over Ukrainian lithium and titanium [10][30] Group 7 - Investment opportunities arise from the urgent need for reconstruction in Ukraine's energy and transportation infrastructure, with international engineering firms like China Power Construction (601669) and China Communications Construction (601800) likely to secure contracts [11][31] - The repair of the electrical grid and construction of natural gas pipelines will drive equipment exports from companies like XJ Electric (000400) and Beiken Energy (002828) [12][32] Group 8 - The development of lithium mines in Ukraine will benefit battery manufacturers like CATL (300750) and Huayou Cobalt (603799) as they diversify their supply chains, while titanium processing will attract attention to Baotai Co. (600456) [13][33] - The restoration of the Black Sea grain corridor will benefit agricultural trade, reducing import costs for companies like COFCO Corporation (600737) and Suqian Agricultural Development (601952) [14][34] Group 9 - The peace agreement signals the start of a post-war reconstruction cycle, presenting structural opportunities in infrastructure, minerals, and agriculture, with investors needing to monitor the progress of the agreement and the dynamics of US-European resource competition [20][38]

Investment Rating - The report rates the construction engineering industry as "Overweight" [1] Core Insights - The central economic work conference emphasizes the need to stabilize investment and implement major projects to support economic growth [3][4] - The State-owned Assets Supervision and Administration Commission (SASAC) urges central enterprises to actively promote the implementation of significant projects to ensure stable supply and prices of essential products [5][6] - The Ministry of Finance highlights the importance of government investment in driving economic recovery and encourages the issuance of long-term special bonds to support major construction projects [6] Summary by Sections Recent Key Reports - The report discusses the need for high-demand, high-barrier, and high-profit leading companies in the construction sector, recommending sectors such as AI, controlled nuclear fusion, and low-altitude economy [11][13] - It notes that the construction industry has seen a decline in net profit, with a 10% year-on-year decrease in the first three quarters [15][16] Key Company Recommendations - Recommended companies include China State Construction (dividend yield 5.25%), China Railway (dividend yield 4.80%), and China Communications Construction (dividend yield 1.92%) [9][29] - The report suggests focusing on companies with strong dividend yields and stable growth, particularly in the context of debt reduction and anti-competitive policies [12][29] Macro/Meso/Micro Data - The report indicates a projected increase in broad infrastructure funding by 7.3% in 2025, driven by government bonds and domestic loans [32][34] - It highlights the importance of private capital participation in infrastructure projects to enhance funding and project execution [28]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the construction industry [6]. Core Insights - The fiscal policy for 2026 is set to be positive, with expectations for investment demand and funding to improve, aiding in the stabilization of infrastructure investment [3][17]. - The report suggests focusing on undervalued state-owned construction enterprises, particularly in the context of ongoing debt resolution and anti-"involution" policies [9][11]. - The semiconductor and cloud service sectors are experiencing increased capital expenditure, which is expected to drive demand for cleanroom construction, benefiting leading companies in this field [3][11]. Summary by Sections Industry Dynamics - The political bureau meeting emphasized the need for proactive macroeconomic policies and fiscal measures to stabilize investment and enhance economic governance [15][17]. - The central economic work conference highlighted the importance of expanding domestic demand and optimizing supply, with a focus on high-quality urban renewal projects [2][17]. Market Performance - The construction industry saw a decline of 1.59%, underperforming compared to major indices [18]. - Notable sectors such as landscaping engineering showed positive performance, while municipal engineering performed better than the overall industry [18]. Key Companies to Watch - Recommended companies include China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from improved operational metrics and dividend increases [11][28]. - In the cleanroom engineering sector, companies like Yaxiang Integration and Shenghui Integration are highlighted for their growth potential due to rising demand in the semiconductor industry [11][29]. Company Announcements - Recent major contract wins include projects by Jinggong Steel Structure and Chongqing Construction, indicating ongoing activity in the sector [31].

Core Insights - The report emphasizes the acceleration of bidding for nuclear fusion projects and the operational launch of the Liebherr Nantong base, focusing on nuclear power and marine engineering modules [6][15][28] - The report highlights the structural recovery of infrastructure investment, particularly in Sichuan and Xinjiang, and recommends investments in low-valuation central state-owned enterprises [6][34] - The report tracks the development of cleanroom technology and the increasing capital expenditure of Taiwanese electronics companies in the U.S., indicating a trend of the Taiwanese supply chain moving to the U.S. [6][34] Group 1: Nuclear Fusion and Power Projects - The signing of a joint statement between China and France on December 4, 2025, promotes the development of nuclear power, recognizing nuclear fusion energy as a significant direction for future energy development [6][15] - The Liebherr Nantong base is expected to achieve an annual output value of CNY 560 million for nuclear modules and CNY 640 million for oil and gas energy modules, addressing the decline in traditional chemical business demand [6][28] - The report notes that the modular construction method in nuclear power can significantly shorten construction periods, with the Liebherr Nantong base now operational [6][28] Group 2: Cleanroom and Coal Chemical Industry - The report tracks the cleanroom sector, noting that TSMC plans to invest USD 165 billion in capital expenditures in the U.S., with Foxconn and Wistron also planning significant investments [6][34] - In the coal chemical sector, projects are progressing steadily, with Xinjiang remaining a primary investment area, including a 1.5 million tons/year coal-to-ethylene project [6][34] - The average price of medium and heavy plates in 13 regions decreased by 0.9%, while rebar prices fell by 1.0%, indicating a slight decline in steel prices [6][34] Group 3: Financial Tracking and Investment Recommendations - The report indicates that special bonds issued for refinancing have reached CNY 2.01 trillion, with a cumulative issuance of CNY 4.5 trillion in special bonds for the year, reflecting a 13.8% year-on-year increase [6][34] - The report recommends focusing on four main investment lines: infrastructure recovery, safety resources, technology in high-end manufacturing, and overseas business opportunities [6][34] - The funding availability rate for construction sites is reported at 59.74%, showing a slight increase from the previous week [6][34]

（文章来源：证券日报） 证券日报网讯 12月12日，中国交建在互动平台回答投资者提问时表示，公司聚焦新质基建业务发展， 先后参与了宁夏中卫云数据中心、新疆克融云智算中心、国家网安基地智算中心等项目。 ...

证券日报网讯 12月12日，中国交建（601800）在互动平台回答投资者提问时表示，公司主营业务聚焦 于交通基础设施的设计、建设、运营等核心领域，暂未在可控核聚变相关技术及业务方面进行布局，也 未掌握该领域相关技术。 ...

（文章来源：证券日报） 证券日报网讯 12月12日，中国交建在互动平台回答投资者提问时表示，疏浚业务是公司主营业务之 一，是世界最大的疏浚公司，业务范围主要包括基建疏浚、维护疏浚、环保疏浚、吹填工程、流域治理 以及与疏浚和吹填造地相关的支持性项目等。 ...

（文章来源：每日经济新闻） 每经AI快讯，中国交建（601800.SH）12月12日在投资者互动平台表示，公司较早布局海上风电安装建 设业务，在该业务领域具有较高市场影响力，得到了业主的充分认可。 ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司承建了哪些大型算力中心项目？ 中国交建（601800.SH）12月12日在投资者互动平台表示，公司聚焦新质基建业务发展，先后参与了宁 夏中卫云数据中心、新疆克融云智算中心、国家网安基地智算中心等项目。 ...