Investment Rating - The report maintains a "Buy" recommendation for the construction industry [1] Core Viewpoints - Infrastructure investment growth remains robust, with a broad infrastructure investment growth rate of 8.9% in the first half of 2025, despite a slight decline from previous values [3][30] - Real estate investment continues to face pressure, with a 11.2% year-on-year decline in real estate development investment in the first half of 2025 [44] - The construction sector is experiencing a slight increase in fund holdings, with a fund holding market value ratio of 0.43% in Q2 2025, which is still below the standard allocation ratio of 1.77% [65][66] Summary by Sections Special Debt Issuance - The pace of special debt issuance has accelerated, with a total of 2.16 trillion yuan issued in the first half of 2025, a year-on-year increase of 45% [6][3] - The government plans to issue 4.4 trillion yuan in new local government special bonds in 2025, focusing on investment construction and land acquisition [6] Infrastructure Investment - Fixed asset investment growth has slowed, with a total of 248,654 billion yuan in the first half of 2025, reflecting a 2.8% year-on-year increase [27] - Infrastructure investment remains resilient, with significant growth in the electricity, heat, gas, and water supply sectors, which saw a 22.8% year-on-year increase [35][30] Real Estate Market - Real estate investment and sales continue to decline, with a 3.5% decrease in commodity housing sales area in the first half of 2025 [44] - New construction and completion areas have seen a narrowing decline, with new construction down 20.0% year-on-year but improving from previous months [46] Fund Holdings in Construction - Fund holdings in the construction sector have slightly increased, with a market value of 132.95 billion yuan in Q2 2025, reflecting a 9.24% increase from Q1 2025 [65] - The construction sector remains underweight compared to the standard allocation, indicating potential for growth [65][66] Recommendations - The report recommends focusing on stable growth, high dividends, overseas expansion, and regional construction projects, highlighting companies such as China State Construction, China Railway, and others [3][1]

Investment Rating - The report maintains a "Buy" recommendation for the construction industry [1] Core Viewpoints - Infrastructure investment growth remains robust, with a broad infrastructure investment growth rate of 8.9% in the first half of 2025, despite a slight decline from previous values [3][30] - Real estate investment continues to face pressure, with a year-on-year decline of 11.2% in real estate development investment in the first half of 2025 [45] - The construction sector is experiencing a slight increase in fund holdings, indicating a low allocation compared to standard configuration ratios [66] Summary by Sections Special Bonds Issuance - The issuance of special bonds has accelerated, with a total of 2.16 trillion yuan issued in the first half of 2025, a year-on-year increase of 45% [6] - The government plans to issue 4.4 trillion yuan in new local government special bonds in 2025, focusing on investment construction and land acquisition [6] Infrastructure Investment - Fixed asset investment (excluding rural households) reached 248,654 billion yuan in the first half of 2025, with a year-on-year growth of 2.8% [27] - The investment in the electricity, heat, gas, and water supply sector grew by 22.8% year-on-year, although it showed a decline from the previous month [35] Real Estate Market - The sales area of commercial housing decreased by 3.5% year-on-year in the first half of 2025, with the decline slightly widening [45] - New housing starts decreased by 20.0% year-on-year, but the decline has narrowed compared to previous months [47] Construction Sector Holdings - The fund's holdings in the construction sector increased slightly to 0.43% by the end of Q2 2025, still below the standard allocation ratio of 1.77% [66] - Major state-owned enterprises remain the focus of institutional investors, with significant increases in holdings for companies like China State Construction and Sichuan Road and Bridge [72]

Group 1 - The Ministry of Transport has conducted a meeting with China Communications Construction Group (CCCC) and its subsidiary, CCCC Second Harbor Engineering Co., Ltd., due to frequent accidents in highway engineering construction this year [1] - The meeting emphasized the need for CCCC to implement safety production measures and adhere to high standards and strict requirements to improve the quality and safety levels in highway engineering construction [1] - CCCC is required to enhance internal safety management, streamline the project construction safety management system, and conduct thorough risk assessments to prevent common accidents such as falls, collapses, and machinery-related injuries [1] Group 2 - CCCC is recognized as a leading global provider of large-scale infrastructure services, primarily engaged in the investment, construction, and operation of transportation infrastructure, equipment manufacturing, and urban development, with over 60 wholly-owned and controlled subsidiaries [2]

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Zhonggong International, which has a closing price of 8.62 yuan and a rolling PE ratio of 28.40 times, significantly higher than the industry average of 15.43 times [1][2] - As of March 31, 2025, Zhonggong International has 52,222 shareholders, an increase of 1,802 from the previous period, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] - The company specializes in design consulting and engineering contracting, advanced engineering technology equipment development and application, and engineering investment and operation, holding over 300 national and provincial-level technology achievement awards [1] Group 2 - The latest financial results for the first quarter of 2025 show that Zhonggong International achieved an operating income of 2.183 billion yuan, a year-on-year decrease of 7.61%, while net profit was 131 million yuan, an increase of 12.17%, with a gross profit margin of 19.72% [1] - In terms of industry comparison, Zhonggong International ranks 49th in PE ratio within the engineering construction sector, which has a median PE of 20.03 times [1][2] - The company’s products include the "Passenger Cableway with Detached Hanger," which has been recognized as a champion product by the Ministry of Industry and Information Technology, and it also leads in the medical storage and environmental lifting machinery sectors [1]

Investment Rating - The report maintains a "Recommended" rating for the construction industry [1] Core Viewpoints - Infrastructure investment growth remains robust, with special bond issuance accelerating to support major projects [3][6] - Real estate investment and sales are under pressure, but the decline in new construction and completion has narrowed [3][44] - The construction sector is experiencing a slight increase in fund holdings, indicating a low allocation compared to standard benchmarks [3][65] Summary by Sections Special Bond Issuance - The pace of special bond issuance has accelerated in 2025, with a total of 2.16 trillion yuan issued in the first half of the year, a 45% year-on-year increase [6] - The government plans to issue 4.4 trillion yuan in new local government special bonds this year, focusing on infrastructure and housing projects [6] Infrastructure Investment - Fixed asset investment (excluding rural households) reached 24.87 trillion yuan in the first half of 2025, with a year-on-year growth of 2.8% [3][27] - Broad infrastructure investment growth was 8.9%, while narrow infrastructure investment growth was 4.6% [30] - Investment in electricity, heat, gas, and water supply grew by 22.8%, while transportation and storage investment increased by 5.6% [3][35] Real Estate Market - Real estate development investment totaled 46.66 billion yuan, down 11.2% year-on-year, with sales area declining by 3.5% [44] - New construction area decreased by 20.0%, but the decline rate has narrowed [46] - The policy measures are expected to improve the supply-demand structure in the real estate market [3][44] Fund Holdings in Construction - As of Q2 2025, the fund holdings in the construction sector accounted for 0.43% of the total market, slightly up from the previous quarter [65] - The construction sector remains underweight compared to the standard allocation ratio of 1.77% [65] - Institutional investors are increasingly favoring segments such as housing construction, decoration, and engineering consulting [65][71]

Group 1 - The Ministry of Transport has conducted a meeting with China Communications Construction Group (CCCC) and its subsidiary, China Communications Second Navigation Engineering Bureau, due to frequent accidents in highway engineering construction this year [1] - The meeting emphasized the need for CCCC to implement safety production measures and adhere to high standards and strict requirements to improve the quality and safety levels in highway engineering construction [1] - CCCC is required to enhance internal safety management, streamline the safety management system for project construction, and conduct thorough risk assessments to prevent common accidents such as falls, collapses, and machinery-related injuries [1] Group 2 - China Communications Construction Group is a leading global provider of large-scale infrastructure services, primarily engaged in the investment, construction, and operation of transportation infrastructure, equipment manufacturing, and urban development, with over 60 wholly-owned and controlled subsidiaries [2]

Group 1 - The Ministry of Transport has emphasized the need for China Communications Construction Group (CCCC) to enhance safety management in highway engineering construction due to a series of accidents this year [1] - CCCC is required to implement the important instructions from President Xi Jinping regarding safety production and to balance development with safety [1] - The company must strengthen internal safety management and improve the project construction safety management system to prevent accidents [1] Group 2 - CCCC is a leading global provider of large-scale infrastructure services, primarily engaged in the investment, construction, and operation of transportation infrastructure, equipment manufacturing, and urban development [2] - The company has over 60 wholly-owned and controlled subsidiaries [2]

天眼查商业履历信息显示，中国交通建设股份有限公司，成立于2006年，位于北京市，是一家以从事土 木工程建筑业为主的企业。企业注册资本1616571.1425万人民币，实缴资本1616571.1425万人民币。公 司法定代表人为王彤宙。 通过天眼查大数据分析，中国交通建设股份有限公司共对外投资了115家企业，参与招投标项目5000 次，知识产权方面有商标信息112条，专利信息159条，此外企业还拥有行政许可94个。 资金流向方面，今日主力资金净流出3588.39万元，占比成交额5.68%。其中，超大单净流出2783.84万 元、占成交额4.41%，大单净流出804.56万元、占成交额1.27%，中单净流出流入518.15万元、占成交额 0.82%，小单净流入3070.24万元、占成交额4.86%。 中国交建最新一期业绩显示，截至2025一季报，公司营业总收入1546.44亿元、同比减少12.58%，归属 净利润54.67亿元，同比减少10.98%，扣非净利润52.71亿元，同比减少13.62%，流动比率0.922、速动比 率0.801、资产负债率75.35%。 金融界消息 截至2025年7月29日收盘，中国交建 ...

Summary of China Communications Construction Company (CCCC) Conference Call Industry Overview - The conference call discusses the performance and strategies of China Communications Construction Company (CCCC) within the infrastructure and construction industry, particularly focusing on domestic and overseas markets. Key Points Company Performance - CCCC's overseas new contract value increased by 2.2% year-on-year in the first half of the year, with good cash flow from foreign exchange projects and higher asset return rates compared to domestic operations [2][4] - The company signed over 1,000 contracts in Tibet, with a new contract value close to 100 billion, aligning with national strategies for western development [2][5] - The company achieved a 3.14% year-on-year increase in new contracts in the first half of 2025, completing 49% of its annual target [4] Financial Health - CCCC's operating cash flow improved due to local debt measures and increased special bond quotas, although the overall industry still faces financial pressure [2][6] - The revenue cash ratio improved year-on-year, indicating better cash flow management [7] Strategic Focus - CCCC is committed to high-quality development and has outlined plans for the 14th and 15th Five-Year Plans, focusing on market expansion and project reserves [2][8] - The company is adjusting its investment strategy, planning new investment projects worth 100 billion, focusing on short to medium-term projects to enhance cash turnover and asset return capabilities [2][10] Overseas Investment Strategy - CCCC has adopted stricter investment criteria for overseas projects due to increased complexity in international markets, aiming to improve investment quality and speed up capital turnover [11][20] - The company is actively participating in overseas canal projects, including the Cambodia Canal, and expects to see growth in overseas orders and profits [16][20] Dividend Policy - CCCC announced a three-year dividend plan for 2025-2027, committing to a minimum payout ratio of 20%, with plans for multiple distributions per year [3][13][18] Market Outlook - The company anticipates that the infrastructure sector will benefit from policy incentives and new opportunities in the latter half of the year, despite ongoing cash flow pressures [4][7] - CCCC's competitive advantages in marine engineering and infrastructure projects are expected to drive future growth, particularly in deep-sea technology and resource development [14][15] Risk Management - CCCC is actively managing accounts receivable by classifying them based on aging and implementing provisions accordingly, while also addressing regional risks through collaboration with local governments [17] Conclusion - CCCC is positioned to leverage its strengths in both domestic and international markets, with a focus on sustainable growth, improved cash flow management, and strategic investments in line with national development goals [2][20]

[Table_Tag] [Table_Summary] 投资要点 证券研究报告·行业跟踪周报·建筑装饰 ◼ 本周（2025.7.21–2025.7.25，下同）：本周建筑装饰板块（SW）涨跌幅 5.62%，同期沪深 300、万得全 A 指数涨跌幅分别为 1.69%、2.21%，超 额收益分别为 3.93%、3.41%。 建筑装饰行业跟踪周报 ◼ 行业重要政策、事件变化、数据跟踪点评： 重点工程开工带动基建投资预期升温，推荐 关注低估值建筑央企 增持（维持） （1）今年 7350 亿元中央预算内投资基本下达完毕： 截至 7 月 24 日， 今年 7350 亿元中央预算内投资已基本下达完毕，重点支持现代化产业 体系、现代化基础设施体系、新型城镇化和乡村全面振兴、区域协调发 展和对外开放、绿色发展、社会民生、国家安全体系和能力现代化、灾 后应急恢复等领域项目建设。财政发力前置后实物工作量有望加速落 地，关注三四季度实物需求企稳情况以及增量政策工具出台节奏。 （2）上半年重点领域信贷保持较快增长，基础设施业中长期贷款余额 同比增长 7.4%，上半年增加 2.18 万亿元：新增贷款主要投向制造业、 基础设施业等领域。6 ...