Core Insights - The completion of the main structure of the Qingdao Artificial Intelligence Industrial Cluster marks a significant milestone for the project, which has a total construction area of over 86,000 square meters and an investment of 196 million yuan [1][10] - The project showcases the capabilities of China Communications Construction Company (CCCC) in both large-scale infrastructure and detailed urban construction, emphasizing quality and commitment [1][10] Group 1: Project Overview - The project began construction on May 9, 2022, and achieved the main structure's completion ahead of schedule, demonstrating efficient project management and execution [2] - The project team implemented a "daily clearing and settlement" work method to enhance planning and control, allowing for rapid progress [2][3] Group 2: Technological Innovations - The project utilized innovative construction techniques, including a combination of lifting shaft and elevator systems, significantly improving construction efficiency [2][3] - The use of Building Information Modeling (BIM) for digital simulation allowed for precise construction management and reduced conflicts during the building process [3] Group 3: Quality and Safety Measures - The project adopted high standards for material selection and construction practices, ensuring durability and safety, particularly in challenging coastal conditions [4][6] - A comprehensive safety management system was established, including risk identification and emergency response drills, to ensure a safe working environment [6][7] Group 4: Environmental Considerations - The construction site implemented green practices, such as dust control measures and waste management, aligning with the region's high-quality development goals [3][5] - The project emphasized sustainable construction methods, including the use of prefabricated materials and efficient resource management [5] Group 5: Future Prospects - The completion of the main structure is a pivotal step towards the project's goal of integrating artificial intelligence industries and attracting top talent to Qingdao [9][10] - The project is expected to be fully completed and delivered by September 2026, contributing to the establishment of an innovative industrial system in the region [9][10]

Core Insights - The completion of the main structure of the Qingdao Artificial Intelligence Industrial Cluster marks a significant milestone in urban construction and reflects the company's commitment to quality and innovation [1][10]. Group 1: Project Overview - The project covers a total construction area of over 86,000 square meters with an investment of 196 million yuan, showcasing the company's capability in urban development [1]. - The project was initiated on May 9, 2022, and has achieved the main structure's completion ahead of schedule, demonstrating effective project management and execution [2]. Group 2: Construction Techniques - The project employs innovative construction techniques, including a combination of hoisting shaft and elevator systems, which significantly enhance construction efficiency [2]. - The use of Building Information Modeling (BIM) for intelligent digital simulation has optimized construction processes, reducing conflicts and improving precision [2]. Group 3: Environmental Practices - The project adheres to strict green construction practices, including dust control measures and noise monitoring, ensuring minimal environmental impact [3]. - Waste management practices are implemented, with construction waste strictly controlled to not exceed 300 tons per 10,000 square meters [3]. Group 4: Quality Assurance - The project emphasizes high-quality materials and construction standards, with rigorous supervision and innovative techniques to enhance durability and water resistance [4][5]. - The project has achieved a 100% qualification rate for its sub-projects, reflecting its commitment to quality [5]. Group 5: Safety Measures - A comprehensive safety management system is in place, ensuring rigorous monitoring and adherence to safety protocols throughout the construction process [6]. - Emergency drills and risk identification measures have been implemented to enhance preparedness for potential hazards [7]. Group 6: Final Stages and Future Prospects - The project is transitioning into the decoration and equipment installation phase, with completion expected by September 2026 [9]. - The development aims to integrate artificial intelligence industries and attract top enterprises and talent, supporting the establishment of an innovative industrial system in Qingdao [9][10].

Market Overview - On September 24, the infrastructure sector experienced a slight decline of 0.03%, with Xinjiang Communications Construction leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Notable gainers in the infrastructure sector included: - Chengbang Co., Ltd. (603316) with a closing price of 13.92, up 10.04% and a trading volume of 275,000 shares, totaling a transaction value of 366 million yuan [1] - Jiaojian Co., Ltd. (603815) closed at 12.60, up 7.14% with a transaction value of 312 million yuan [1] - ST Huawang (603007) closed at 5.70, up 4.97% with a transaction value of 156 million yuan [1] - Conversely, Xinjiang Communications Construction (002941) saw a significant decline of 7.18%, closing at 16.15 with a trading volume of 1,038,100 shares and a transaction value of 1.679 billion yuan [2] Capital Flow Analysis - The infrastructure sector experienced a net outflow of 161 million yuan from institutional investors, while retail investors saw a net inflow of 76.34 million yuan [2] - Key stocks with notable capital flows included: - Pudong Construction (600284) with a net inflow of 25.82 million yuan from institutional investors [3] - Oriental Garden (002310) had a net inflow of 21.25 million yuan from institutional investors [3] - Zhejiang Communications Technology (002061) recorded a net inflow of 19.09 million yuan from institutional investors [3]

（通讯员 刘强 蒲红远） 2025年9月15日，中交一公局集团钦北线铁路桥改建工程跨平陆运河185米刚构连续梁拱桥——70号主墩 9号块顺利浇筑完成。钦北线铁路桥改建工程项目是西部陆海新通道（平陆）运河项目沿线跨河设施改 造工程之一，由于既有钦北线钦江桥通航净宽、净空不满足运河提级改造要求，而引起既有线改建。线 路位于广西钦州市钦北区，全线长4.138公里，是横跨平陆运河最大的涉铁桥梁工程，含3.293公里特大 桥1座，跨平陆运河185米刚构连续梁拱桥为项目控制性工程，全桥共18个节段，目前推进过半。 为保证9号块顺利的浇筑，项目建设团队制定针对性施工方案，针对挂篮施工跨平陆运河部分采取车载 泵泵送混凝土，边跨采取天泵泵送混凝土，同步均匀浇筑，加强对作业人员的安全技术交底与标准化流 程培训，严控关键工序，多措并举克服施工交叉多，营业线施工安全风险大等难题，为后续桥梁的合龙 打下坚实基础。项目全线建成后对提升平陆运河运载能力，加快广西及西南地区经济发展、促进中国一 东盟经贸合作具有重要意义。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 | 1). | 回購但尚未注銷的股份 | | 5,000,000 | 0.04 % | RMB | 8.8767 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年9月18日 | | | | | | 2). | 回購但尚未注銷的股份 | | 3,000,000 | 0.03 % | RMB | 8.7597 | | | 變動日期 | 2025年9月22日 | | | | | 第 2 頁 共 7 頁 v 1.3.0 FF305 FF305 公司名稱： 中國交通建設股份有限公司 呈交日期： 2025年9月22日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | ...

Macro Strategy - The current round of growth stabilization policies is focused on support rather than strong stimulus, aiming to balance growth and risk prevention. The economic growth rate for Q3 is expected to be between 4.7% and 4.9%, with an annual target of around 5% achievable if Q4 growth exceeds 4.5% [1] Multi-Asset Report - The correlation coefficient between stock and bond returns is projected to rise from -0.238 in August to between -0.216 and -0.229 from September to November 2025, indicating a continued upward trend [2] - For controlling maximum drawdown and volatility in investment portfolios, a stock index allocation of only 3% to 5% may be considered [2] - The expected return of investment portfolios may not increase monotonically with rising volatility, with the critical allocation ratio for stocks estimated between 18% and 21% [2] Economic Index Weekly Report - The growth rate of commodity consumption and real estate sales is expected to remain under pressure due to high base effects [3] - The Federal Reserve's recent interest rate cut and successful negotiations regarding TikTok have positively impacted the US stock market, although hawkish statements from Powell have dampened rate cut expectations [3] Construction and Decoration Industry - Infrastructure investment growth has slowed, with a cumulative year-on-year increase of 2.0% from January to August 2025, and a significant decline of 5.9% in August compared to the same month last year [9] - The demand for cement has decreased, with a year-on-year drop of 4.8% in cement production from January to August [9] - Despite weak infrastructure and real estate investment, there is potential for increased support from government policies, particularly in major infrastructure projects [9] Building Materials Industry - The US economy shows resilience, with recent retail data indicating strength, while domestic data reflects pressure on the real estate chain [10] - The construction materials sector is expected to see a recovery in retail growth in the second half of the year, with recommendations for companies like Huaxin Cement and Conch Cement [10] Environmental Industry - The Ministry of Ecology and Environment is promoting high-quality completion of the "14th Five-Year Plan," with ongoing support for the "dual carbon" policy [13] Gas Industry - The gas supply is expected to remain loose, with cost optimization for gas companies and a continued adjustment of pricing mechanisms [14] - Key recommendations include New Energy and China Gas, with a focus on companies with quality long-term resources and cost advantages [14] Non-Bank Financial Industry - The non-bank financial sector is showing a positive trend, with insurance and brokerage valuations expected to recover [23] - Key recommendations include China Ping An and CITIC Securities, with a focus on the insurance sector benefiting from economic recovery and rising interest rates [23] Machinery Equipment Industry - The engineering machinery sector is expected to outperform, with a focus on non-excavation machinery [24] - The development of domestic computing power chips is beneficial for the semiconductor equipment sector [24] Coal Mining Industry - Coal prices have risen due to pre-holiday stockpiling, with recommendations for companies like Haohua Energy and Guanghui Energy [25] Battery Industry - The battery industry is experiencing a technological breakthrough, with signs of profitability emerging [26] - The largest battery-themed ETF is tracking the core leaders in the new energy vehicle and storage sectors, indicating long-term investment value [27]

Core Viewpoint - The 22nd China-ASEAN Expo and China-ASEAN Business and Investment Summit highlighted the theme of "Digital Intelligence Empowering Development, Innovation Leading the Future," showcasing the significant role of artificial intelligence (AI) in enhancing cooperation between China and ASEAN countries in the "Digital Intelligence Era" [1]. Group 1: AI Integration in the Expo - The expo served as a vivid application scenario for AI in the exhibition industry, featuring real-time translation in seven languages during the opening ceremony, facilitated by iFlytek's technology [2]. - An AI assistant named "AI Dongbo" was launched prior to the expo, covering 17 application scenarios to assist exhibitors and attendees in planning schedules and matching business opportunities [3]. - The exhibition area reached 160,000 square meters, with AI technology integrated into navigation and product information services, enhancing the overall experience for participants [3]. Group 2: AI Applications and Innovations - China Communications Construction Company showcased its infrastructure projects in ASEAN countries, emphasizing the integration of AI in various sectors, including green and low-carbon development [4]. - Various AI products were highlighted, including consumer-grade smart glasses and humanoid robots, indicating a strong presence of innovative AI solutions at the expo [5]. - The establishment of a dedicated AI pavilion attracted nearly 200 leading AI companies, showcasing a wide range of advanced products and solutions [5]. Group 3: Collaborative Opportunities - The expo facilitated discussions on the vast potential of AI across multiple sectors, including agriculture, education, transportation, healthcare, and manufacturing, fostering a strong willingness for collaboration [6]. - China announced a three-year action plan to enhance AI capabilities in ASEAN countries, focusing on technology exchange, industry empowerment, and talent cultivation [7]. - The establishment of the China-ASEAN AI Application Cooperation Center was announced, aiming to promote practical cooperation projects and enhance AI technology accessibility [7]. Group 4: Regional Perspectives on AI - Representatives from ASEAN countries expressed optimism about AI collaboration with China, highlighting the importance of investment and talent development in the AI sector [8]. - Indonesia emphasized the need for more investment in AI to drive economic growth, while Laos recognized the potential of AI in addressing development challenges [8].

Investment Rating - The report maintains an "Overweight" rating for the construction and decoration industry [1] Core Views - Infrastructure investment growth is under pressure, with a cumulative year-on-year increase of 2.0% from January to August, slowing down by 1.2 percentage points compared to the previous month. In August, infrastructure investment saw a year-on-year decline of 5.9% [2][11] - The report highlights that while the construction and real estate sectors face challenges, there is potential for policy support to boost growth, particularly through major infrastructure projects and urban renewal initiatives [2][11] - The report recommends focusing on leading state-owned enterprises in infrastructure, such as China Communications Construction Company, China Electric Power Construction, and China Railway Group, which are expected to see valuation recovery [2][11] Summary by Sections Industry Views - From January to August, the year-on-year growth rates for various sectors are as follows: railway transportation +4.5%, road transportation -3.3%, water conservancy management +7.4%, and public facilities management -1.1%. All sectors showed a slowdown compared to the previous month [2][11] - Cement production from January to August decreased by 4.8% year-on-year, with a notable decline of 6.2% in August alone. The overall revenue and profit in the construction sector remain under pressure, although cash flow has improved [2][11][16] International Expansion - In the first half of 2025, China's overseas contracting projects saw a revenue increase of 9.3% year-on-year, with new contracts growing by 13.7%. Notably, contracts in Belt and Road Initiative countries increased by 21% [3][12] - The report suggests that the ongoing geopolitical tensions and trade frictions may lead to increased infrastructure cooperation abroad, benefiting companies involved in international engineering projects [3][12] Demand Structure and New Opportunities - The report identifies opportunities in the semiconductor cleanroom sector, driven by increased capital expenditures from international semiconductor giants and cloud service providers. Companies like Shenghui Integrated and Yaxiang Integrated are recommended for investment [3][12]

Core Viewpoint - China Communications Construction Company (CCCC) has experienced a decline in stock price and financial performance, indicating potential challenges in the infrastructure sector [1][2]. Financial Performance - As of June 30, 2025, CCCC reported a revenue of 337.06 billion yuan, a year-on-year decrease of 5.71% [2]. - The net profit attributable to shareholders was 9.568 billion yuan, reflecting a year-on-year decline of 16.06% [2]. - Year-to-date, CCCC's stock price has dropped by 14.27%, with a 2.68% decrease over the last five trading days and a 9.66% decrease over the last 20 days [1]. Stock Market Activity - On September 22, CCCC's stock fell by 2.03%, trading at 8.70 yuan per share with a total transaction volume of 278 million yuan [1]. - The company experienced a net outflow of 72.0018 million yuan in principal funds, with significant selling pressure observed [1]. - The total market capitalization of CCCC is approximately 141.624 billion yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 4.65% to 148,600, while the average number of circulating shares per person increased by 5.19% to 85,600 shares [2][3]. - CCCC has distributed a total of 48.735 billion yuan in dividends since its A-share listing, with 13.182 billion yuan distributed in the last three years [3]. Business Overview - CCCC's main business segments include infrastructure construction (88.48%), dredging (6.92%), infrastructure design (4.08%), and other activities (3.63%) [1]. - The company is categorized under the construction and decoration industry, specifically in municipal engineering [1].

Investment Rating - The industry investment rating is "Leading the Market-A" [7] Core Views - Infrastructure investment growth is under pressure in August, but the investment climate in Xinjiang is expected to remain strong [1][2] - From January to August, narrow and broad infrastructure investments grew by 2.00% and 5.42% year-on-year, respectively, with a month-on-month decline [1][2] - The report highlights the importance of central budget investments, long-term special bonds, and local government special bonds in supporting infrastructure investment [2][8] Summary by Sections Industry Dynamics Analysis - In August, infrastructure investment growth faced challenges, with a year-on-year increase of 2.00% and a month-on-month decline of 1.20 percentage points [1][15] - The investment growth in the electricity, heat, gas, and water sectors remained high at 18.80% year-on-year [1][15] - Xinjiang's fixed asset investment grew by 9.1% year-on-year, exceeding the national growth rate by 8.6 percentage points [3][17] Market Performance - The construction industry saw a slight increase of 0.44%, with the housing construction sector performing particularly well [19] - The report indicates that the construction sector's overall performance is under pressure, but there are opportunities for improvement with government support [2][16] Key Investment Targets - Recommended stocks include major state-owned enterprises in construction such as China State Construction, China Railway Construction, and China Communications Construction [8][10] - Emphasis on low-valuation construction leaders and design firms, as well as international engineering service providers [9][10] Company Announcements - Significant contracts were awarded, including a 1.26 billion yuan project for Shanghai Metro and a 71.78 billion yuan highway project [31] - China Power Construction reported a new contract amount of 800.8 billion yuan for the first eight months of the year, reflecting a year-on-year increase of 4.71% [31]