Summary of Key Points Overall Market Perspective - The economic cycle is expected to enter an upward phase in the second half of 2025, similar to the period of 2016-2017, driven by local government debt solutions and policy digestion [4][9][10] - The market anticipates a significant upward adjustment in expectations, with current asset prices reflecting a weak pricing environment, indicating potential for stock and bond market shifts [7][10] Industry Insights - **Hydropower Construction**: The commencement of the Yarlung Tsangpo River downstream hydropower project represents a significant opportunity for the infrastructure sector, with a total investment of approximately 1.2 trillion yuan, expected to drive over 100 billion yuan in annual infrastructure investment [12][15] - **Chemical Industry**: The glyphosate market is poised for recovery due to supply optimization and stable demand, with a focus on reducing excessive competition within the industry [16][17] - **Real Estate and Rental Market**: The introduction of the Housing Rental Regulations aims to standardize the rental market, enhancing transparency and stability, which is expected to benefit rental companies and real estate firms [19][24] - **Agriculture**: The poultry market is currently facing price pressures due to weak demand, but a potential recovery in restaurant demand could support prices in the coming months [25][26] Company-Specific Developments - **Lizu Group**: The company has shown promising results in its IL-17A/F psoriasis treatment, outperforming the control group, indicating strong potential for future growth and profitability [31][32] - **Mise Snow Group**: The company has expanded significantly, becoming the largest beverage chain in China, with plans for further global expansion and a projected revenue growth of 25.8% in 2025 [34][35] - **Great Wall Motors**: The company reported record high earnings in Q2 2025, driven by strong sales across its brands, particularly in the new energy vehicle segment, indicating robust growth prospects [38][39]

Group 1 - The board of directors of China Communications Construction Company (CCCC) held its 52nd meeting and made several key decisions [1][2] - Song Hailiang was elected as the chairman of the board, with a term lasting until the next board election [1] - The board approved the adjustment of the members of the specialized committees, with Song Hailiang becoming the chairman of the Strategy, Investment, and ESG Committee [1] - The board also approved the change of the company's authorized representatives to Song Hailiang and Yu Jingjing, with their term aligned with the current board [2]

北京观韬律师事务所 股东会法律意 见书 中国北京市西城区金融大街 5 号新盛大 厦 B 座 19 层 邮编：100032 Finance Street, Xicheng District, Beijing Tel：86 10 66578066 Fax：86 10 66578016 E-mail：guantao@guantao.com http：// www.guantao.com 北京观韬律师事务所 关于中国交通建设股份有限公司 2025 年第一次临时 股东会的法律意见书 本所律师根据《股东会规则》要求，按照律师行业公认的业务标准、道德规 范和勤勉尽责精神，对公司提供的文件和有关事实进行了核查和验证，现出具法 律意见如下： 观意字〔2025〕BJ001778 号 致：中国交通建设股份有限公司 本法律意见书仅供公司为本次股东会之目的而使用，不得被任何人用于任何 其他目的。 本所同意公司将本法律意见书作为公司本次股东会公告材料，随其他需公告 的信息一起向公众披露，并依法对本所出具的法律意见承担责任。 北京观韬律师事务所 股东会法律意见书 一、关于本次股东会的召集和召开程序 北京观韬律师事务所（以下简称"本所"）受 ...

北京观韬律师事务所 股东会法律意见书 中国北京市西城区金融大街 5 号新盛大 厦 B 座 19 层 邮编：100032 19/F, Tower B, Xinsheng Plaza, No.5 Finance Street, Xicheng District, Beijing 100032, China Tel：86 10 66578066 Fax：86 10 66578016 E-mail：guantao@guantao.com http：// www.guantao.com 致：中国交通建设股份有限公司 北京观韬律师事务所（以下简称"本所"）受中国交通建设股份有限公司（以 下简称"公司"）之委托，指派律师出席公司 2025 年第一次临时股东会（以下 简称"本次股东会"），并依据《中华人民共和国公司法》（以下简称"《公司 法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司股 东会规则》（以下简称"《股东会规则》"）等相关法律法规以及公司现行有效 《公司章程》的有关规定，出具本法律意见书。 本所律师已经按照《股东会规则》的要求对公司本次股东会的召集、召开程 序是否符合法律法规和《公司章程》的规 ...

证券代码：601800 证券简称：中国交建 公告编号：2025-043 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 7 月 23 日 （二） 股东会召开的地点：北京市西城区德胜门外大街 85 号中国交通建设 大厦 （三） 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 中国交通建设股份有限公司 2025年第一次临时股东会决议公告 1. 公司在任董事7人，出席5人，董事王彤宙先生、王海怀先生个人原因未 能出席本次股东会； 2. 董事会秘书出席本次股东会，其他部分高管列席了本次股东会。 | 1、出席会议的股东和代理人人数 | 1,226 | | --- | --- | | 其中：A 股股东人数 | 1,225 | | 股） 境外上市外资股股东人数（H | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 9,410,639,088 | | 其中：A 股股东持有股份总数 | 9,395,82 ...

2025 年 7 月 18 日，公司以书面形式发出本次董事会会议通知。2025 年 7 月 23 日，本次董事会以通讯方式召开，出席董事会的 7 名董事对所议事项进行 了审议和表决。会议召开程序及出席董事人数符合有关规定，表决结果合法有 效。会议形成如下决议： 一、审议通过《关于选举公司董事长的议案》 证券代码：601800 证券简称：中国交建 公告编号：临 2025-044 中国交通建设股份有限公司 第五届董事会第五十二次会议决议公告 中国交通建设股份有限公司（简称公司或本公司）董事会及全体董事保证 本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真 实性、准确性和完整性承担法律责任。 同意选举宋海良先生为战略与投资及 ESG 委员会主席，张炳南先生为战略 与投资及 ESG 委员会委员，任期与第五届董事会一致；同意选举宋海良先生为 提名委员会主席，任期与第五届董事会一致。董事会专门委员会其他人员组成 不变。 表决结果：同意【7】票，反对【0】票，弃权【0】票。 三、审议通过《关于更换公司授权代表的议案》 1 同意将公司授权代表及香港联交所电子呈报系统的主要授权人士变更为宋 海良先生及俞京京 ...

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [4] Core Viewpoints - Infrastructure investment continues to show steady growth, with energy, heating, gas, and water sectors maintaining high growth rates. In the first half of 2025, narrow infrastructure investment (excluding electricity) reached 881.22 billion yuan, a year-on-year increase of 4.6%, while broad infrastructure investment totaled 11.98 trillion yuan, up 8.9% year-on-year, significantly higher than the narrow measure, indicating strong support from high-demand sectors like energy [5][8] - The commencement of the Yarlung Tsangpo River hydropower project, with a total investment of 1.2 trillion yuan, marks a significant step in advancing clean energy and hydropower construction in China. This project is expected to generate an annual power output of 300 billion kilowatt-hours, equivalent to three Three Gorges or five Baihetan projects, and will accelerate construction in the hydropower sector [10][11] - The Central Urban Work Conference highlighted a shift in urbanization from rapid growth to stable development, focusing on quality improvement and efficiency enhancement. This transition is expected to create systematic development opportunities in urban renewal, green construction, and infrastructure upgrades within the construction industry [11] Summary by Sections Infrastructure Investment - Infrastructure investment in China has shown a steady upward trend, with narrow infrastructure investment growing by 4.6% year-on-year and broad infrastructure investment increasing by 8.9% year-on-year in the first half of 2025. Key sectors such as transportation, energy, and water supply are driving this growth [5][8] Market Performance - The Shanghai Composite Index rose by 0.69%, the Shenzhen Component Index increased by 2.04%, and the ChiNext Index grew by 3.17% during the week. However, the construction decoration index fell by 0.71%. Notable stock performances included Shikong Technology (+17.83%) and Huitong Group (+12.70%) [21] Company Dynamics - Several companies reported significant changes in their financial performance for the first half of 2025. For instance, Longyuan Construction is expected to turn a profit, while Chongqing Construction anticipates losses. Notably, companies like Zhongjian Construction and China Energy Engineering reported new contract values of 5,481.9 billion yuan and 775.36 billion yuan, respectively, indicating a mixed performance across the sector [12][17][18]

Market Sentiment - The current market sentiment score is 81, indicating an "overheated" market condition, which suggests a high level of investor optimism [6][10][22] - Historical trends show that when the sentiment score is below or close to 30, the market tends to find support, while scores above 90 may indicate resistance [10] Hot Themes Tracking - **Robotics Theme**: The government is promoting entrepreneurship, with significant contracts awarded in the robotics sector, including a project worth 124 million yuan for humanoid biped robots [7] - **RDA Theme**: The introduction of the RDA (Real Data Asset) paradigm emphasizes the integration of data with physical assets, enhancing their authenticity and value [7] - **Hydropower Theme**: A major hydropower project on the Yarlung Tsangpo River has commenced, with a total investment of approximately 1.2 trillion yuan, highlighting its strategic importance [7] Capital Flow Analysis - The top net inflow stocks include GoerTek (46.59 million yuan), CATL (46.27 million yuan), and Great Wall Military Industry (46.27 million yuan), indicating strong investor interest in these companies [11] - The top net outflow stocks include Construction Industrial (-66.24 million yuan) and Shenghong Technology (-62.40 million yuan), reflecting investor caution towards these companies [13] Industry Insights - The report highlights significant capital movements across various industries, with the electronics and medical sectors showing strong net inflows, while industries like construction and non-bank financials are experiencing notable outflows [17][18][20]

Investment Rating - The industry investment rating is "Overweight" [11] Core Insights - The low valuation of major construction state-owned enterprises (SOEs) in recent years is attributed to the demographic dividend and investment peak occurring in 2010, leading to a decline in savings and investment growth rates, which negatively impacts demand in the construction industry. Additionally, these enterprises bear significant social responsibilities, limiting the potential for substantial gross margin increases. High proportions of receivables and inventory in their assets raise concerns about bad debt risks, compounded by high debt ratios [6][16][18] - Historical market trends indicate that major construction stocks have previously surged due to various factors, including the "Belt and Road" initiative, PPP models, and government stimulus measures aimed at stabilizing growth during economic downturns [25][33] - The future market performance of major construction SOEs warrants attention, as five out of eight major SOEs rank among the top ten in R&D expenditure in A-shares. For instance, China State Construction's R&D expenditure is projected to reach 45.5 billion yuan in 2024, positioning it second in A-shares, indicating a commitment to future growth [8][40] Summary by Sections 1. Why are major construction SOEs valued low in recent years? - The demographic and investment peaks have led to a downturn in construction demand, with major SOEs facing high social responsibilities and limited gross margin improvement potential. Concerns about bad debt risks arise from high proportions of receivables and inventory, alongside significant debt burdens [6][16][18] 2. Review of previous market cycles: Why did major construction stocks rise? - Major construction stocks experienced price increases during several key periods, including the "Belt and Road" initiative and government-led infrastructure spending. Factors such as the introduction of the "Shanghai-Hong Kong Stock Connect" and national reforms also contributed to the rising valuations of these stocks [25][33] 3. Future market performance of major construction SOEs deserves attention - The R&D expenditures of major construction SOEs are significant, with five of them ranking in the top ten for A-share R&D spending. This investment in R&D is seen as a foundation for future growth, and the current state of these enterprises suggests a potential for recovery in valuations [8][40]

Core Insights - The personal pension fund Y shares have shown positive returns in Q2, with 290 funds achieving an average increase of 2.1% despite market volatility [8][9] - The total number of personal pension funds has increased to 297, with new products primarily being target date funds [1][2] - The overall scale of personal pension Y shares reached 124.09 billion, marking a 10.19 billion increase from the previous quarter [4][5] Fund Performance - The FOF products remain the dominant category, accounting for 87.3% of the total personal pension Y shares, while index products represent 12.7% [4] - The index Y shares have experienced significant growth, with a total scale surpassing 10 billion in Q1 and a further increase in Q2 [5][6] - The top-performing fund in Q2 was the Huaxia Fuze Pension Target 2035, which achieved a quarterly increase of 5.57% [9] Market Trends - Fund managers have adopted a more diversified asset allocation strategy in response to market fluctuations, with increased investments in QDII, gold, and REITs [3][8] - The performance of the dividend low-volatility index has been strong, with a 6.78% increase in Q2, indicating resilience in the strategy [6][7] - Institutional managers with over 10 billion in personal pension fund Y shares include major players like Huaxia Fund and E Fund [7] Investment Strategies - Fund managers are increasingly diversifying their portfolios to mitigate risks associated with market volatility, focusing on a mix of growth and defensive assets [9][10] - Some managers have shifted their focus towards sectors like military and gold, while others have reduced exposure to high-flying sectors like innovative pharmaceuticals [10][11] - The consensus among fund managers emphasizes the importance of asset allocation and diversification to enhance risk-adjusted returns [9][11]