关于回购公司 A 股股份暨减少注册资本通知债权人的公告 证券代码：601800 证券简称：中国交建 公告编号：临 2025-035 中国交通建设股份有限公司 1 起 45 日内，有权凭有效债权文件及相关凭证要求公司清偿债务或者提供相应担 保。债权人未在规定期限内行使上述权利的，本次回购注销将按法定程序继续实 施。公司债权人如要求公司清偿债务或提供相应担保的，应根据《中华人民共和 国公司法》等法律、法规的有关规定向公司提出书面要求，并随附有关证明文件。 债权申报所需材料：公司债权人可持证明债权债务关系存在的合同、协议及 其他凭证的原件及复印件到公司申报债权。债权人为法人的，需同时携带法人营 业执照副本原件及复印件、法定代表人身份证明文件；委托他人申报的，除上述 文件外，还需携带法定代表人授权委托书和代理人有效身份证的原件及复印件。 债权人为自然人的，需同时携带有效身份证的原件及复印件；委托他人申报的， 除上述文件外，还需携带授权委托书和代理人有效身份证件的原件及复印件。 特此公告。 中国交通建设股份有限公司董事会 中国交通建设股份有限公司（简称本公司或公司）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 ...

Core Viewpoint - Brazil's soybean exports remain robust amid a global market that is generally at low levels, with a notable increase in supply to China, supporting high premiums for Brazilian soybeans [1][2]. Group 1: Brazilian Soybean Market - As of early June, Brazil's soybean exports for 2024 exceeded 51 million tons, marking a significant year-on-year increase, with exports to China growing by 7% [2]. - China continues to be Brazil's largest soybean buyer, accounting for nearly 66% of Brazil's total soybean imports in 2023, with projections for 2024 indicating that 71.1% of China's 105 million tons of soybean imports will come from Brazil [2]. - The CNF premium for Brazilian soybeans to China remains between $1.00 and $1.30 per bushel, significantly higher than historical averages, indicating strong export demand [2][3]. Group 2: Global Soybean Market Dynamics - In contrast to Brazil's strong soybean premiums, Chicago soybean futures have been fluctuating between 950 to 1100 cents per bushel, reflecting a low price range since August 2024 [3]. - The USDA's report indicates that U.S. soybean planting is progressing well, with a completion rate of 96% and a good-to-excellent rating for 66% of the crop, which may exert downward pressure on U.S. soybean prices [4][5]. Group 3: Investment and Infrastructure in Brazilian Agriculture - Global capital is increasingly focusing on Brazil's agricultural sector, with significant investments in logistics and infrastructure to support the growing export capacity [6][7]. - Chinese companies are actively investing in Brazilian agriculture, with notable projects including a $285 million investment by COFCO for port automation and expansion, and logistics improvements by China Merchants Group [8]. - Analysts believe that Brazil's position as the world's largest soybean exporter will become increasingly important in the global food supply chain, despite potential challenges from U.S. soybean production and geopolitical factors [8].

Core Insights - The land market in Hangzhou has recently experienced a trend of transactions at the minimum price, with three residential plots sold at a total of 116,745 million yuan, reflecting a floor price of only 7,999 yuan per square meter [1] - Since April, the previously hot land market has shown signs of cooling, particularly in suburban areas, contrasting sharply with the emergence of new land kings in popular regions [1] - A significant land auction is scheduled for this Friday, featuring six premium plots in sought-after areas, which are expected to potentially set new price records for the respective districts [1] Summary by Sections - **Suburban Land Sales**: On Tuesday, two sister plots in Linping East Lake New City were sold at the minimum price, with a total area of 31,330 square meters and a floor price of 10,500 yuan per square meter [2] - **Recent Transactions**: The 75th plot in Dajiangdong was sold at a floor price of 7,999 yuan per square meter, indicating a trend of developers acquiring land at minimum prices [3] - **Upcoming Auctions**: The upcoming auction features six high-quality plots, including the highly anticipated 83rd plot in Qiantang Bay, which has a starting price of 460,808 million yuan and a floor price of 45,000 yuan per square meter [4] - **Key Locations**: The 82nd plot near Xianghu Lake has a starting price of 65,831 million yuan, while the 79th plot in Qianxin Phase II has a starting price of 260,471 million yuan, indicating strong interest in prime locations [5][6]

Core Insights - The new management team of Greentown China, led by Chairman Liu Chengyun, emphasizes the need for market-oriented support amid challenges in the real estate industry [2][3] - Liu Chengyun acknowledges the past lack of collaboration between China Communications Construction Company (CCCC) and Greentown, and outlines three areas for future cooperation [4] - Greentown's inventory management is a key focus, with a current inventory scale of approximately 200 billion yuan, of which 50 billion yuan is considered difficult to handle [6][7] Financing and Support - Greentown's financing costs are positioned between top-tier companies like China Overseas and Poly, and lower-tier firms like Vanke and Gemdale, with recent issuance of medium-term notes at a record low of 3.94% [5][6] - CCCC's backing is expected to help reduce Greentown's financing costs further, although Greentown remains an independent legal entity [5][6] - The management aims to maintain stable operations while balancing risk and development, with a focus on optimizing debt structure and reducing reliance on credit financing [7] Inventory Management - Greentown's inventory has decreased from 600 billion yuan to 200 billion yuan, with strategies in place to address difficult inventory through government negotiations and project optimizations [6][7] - The company has set ambitious targets for inventory reduction, with over one-third of annual marketing assessment weight dedicated to inventory clearance [6] Investment Strategy - Greentown prioritizes safety and prudence in its investment strategy, particularly in core cities like Beijing and Shanghai, where land prices are significantly high [7][8] - The company is exploring innovative sales models, drawing from international experiences, to enhance cash flow and investment logic [8] Long-term Vision - Liu Chengyun encourages shareholders to adopt a long-term perspective, emphasizing the importance of stability and strategic decision-making in the current market environment [9]

Group 1: Pig Farming Industry - The report presents a unique research framework that suggests pig prices may stabilize before declining, reaching a low by the end of the year, with capacity reduction being a current industry theme [2][4] - The analysis indicates that the pig cycle consists of efficiency and breeding cycles, with a 7% year-on-year decline in breeding sows correlating with stable pig prices [3][4] - The report emphasizes that the current phase is characterized by price declines and capacity reduction, with a focus on the impacts of prices, policies, and diseases [4][5] Group 2: Duty-Free Industry - The report highlights a significant narrowing of the sales decline in the duty-free sector, with a strong rebound in average transaction value, indicating signs of data recovery [2][10] - The implementation of the "immediate buy and refund" policy nationwide is expected to enhance the shopping conversion rate for foreign consumers in China [12][20] - The report suggests that the duty-free channel has significant price advantages, allowing it to capture market share effectively, with products like cosmetics being priced at 70-80% of taxable prices [12][22] Group 3: Debt Market - The report anticipates a key strategy shift in the debt market, with expectations of a long-term decline in broad interest rates due to economic data divergence and capital market resilience [6][7] - It discusses the potential for credit bond rates to decrease, enhancing the attractiveness of government bonds [8][9] - The report emphasizes the importance of monitoring liquidity and interest rate trends, suggesting that the debt market may experience a rebound [6][7] Group 4: Solid-State Battery Industry - The report indicates that the solid-state battery industry is entering a phase of accelerated industrialization, supported by government policies and funding [24][25] - It highlights the significant market potential for solid-state batteries in various applications, including electric vehicles and low-altitude aircraft [25][26] - The report notes that leading companies are making progress in developing solid-state battery prototypes, which is expected to attract more players into the market [26][27] Group 5: Construction Industry - The report outlines that broad infrastructure investment increased by 9.2% year-on-year, while real estate investment decreased by 12% [28][30] - It emphasizes the need for continued policy support to stabilize the real estate market and improve market confidence [30][31] - The report recommends several construction companies with high dividend yields as potential investment opportunities [31]

中国交通建设股份有限公司 2024年年度权益分派实施公告 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。 证券代码：601800 证券简称：中国交建 公告编号：2025-034 重要内容提示： 每股分配比例 A 股每股现金红利0.16161元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | 股 A | 2025/6/30 | － | 2025/7/1 | 2025/7/1 | 差异化分红送转：否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 6 月 16 日的2024年年度股东会审议通过。 二、 分配方案 （一）发放年度：2024年年度 （二）分派对象 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（简称中国结算上海分公司）登记在册的本公司全体股东。 （三）分配方案 1 四、 分配实施办法 （一）实施办法 1.无限售条件流通股的红利委托中国结算上海 ...

Investment Rating - The industry investment rating is "Outperform the Market - B" [6] Core Insights - Infrastructure investment in China has shown steady growth, with significant contributions from water conservancy projects, which have maintained a high growth rate of 26.6% year-on-year [2][19] - The issuance of special bonds and long-term government bonds has accelerated, leading to a robust government investment that supports infrastructure development [3][19] - The reform of state-owned enterprises is progressing, with an average completion rate of over 80% for key reform tasks as of the end of Q1 2025 [18] Summary by Relevant Sections Industry Dynamics - From January to May 2025, China's fixed asset investment reached 19.19 trillion yuan, a year-on-year increase of 3.7%, with narrow infrastructure investment growing by 5.6% [1][16] - The contribution rate of infrastructure investment to overall investment growth was 34.5%, an increase of 1.9 percentage points compared to the previous month [1][16] Market Performance - The construction industry experienced a decline of 2.24% from June 16 to June 20, underperforming compared to the broader market indices [20] - Among the sub-sectors, the housing construction sector had the smallest decline at -0.67% [20] Company Announcements - Major contracts were awarded, including a 50.05 billion yuan project by China Energy Construction and a 3.37 billion USD contract by China National Machinery Industry Corporation [32] - China Construction reported a new contract total of 1.8412 trillion yuan for the first five months of 2025, reflecting a year-on-year increase of 1.7% [33] Investment Opportunities - The report suggests focusing on undervalued construction state-owned enterprises, including China State Construction, China Communications Construction, and China Railway Construction, as their operational indicators are expected to improve [11][19] - It also highlights the potential of construction design firms and international engineering service providers, particularly those with strong overseas business growth [12][19]

Investment Rating - The report maintains an "Overweight" rating for the construction and decoration sector, specifically recommending an increase in investment in the water conservancy and specialized engineering segments [1]. Core Insights - The construction and decoration sector experienced a decline of 2.24% during the week of June 16-20, 2025, while the Shanghai Composite Index and the Wind All A Index fell by 0.45% and 1.07%, respectively, indicating an underperformance of 1.79% and 1.17% [1]. - The National Development and Reform Commission (NDRC) is promoting over 3,200 projects to private capital, with a total investment exceeding 10.14 trillion yuan, aimed at enhancing private investment participation in major national projects [2][20]. - The second China-Central Asia Summit resulted in the signing of 12 cooperation documents, which are expected to boost infrastructure demand in Central Asia and Xinjiang, China [2][23]. Summary by Sections Industry Policy and News Commentary - The NDRC is accelerating the introduction of a long-term mechanism for private enterprises to participate in major national projects, which is expected to stimulate effective investment and benefit engineering and related material demand [2][20]. - Economic data for May shows a stable growth trend, with infrastructure investment increasing by 5.6% year-on-year, although the growth rate has slowed [3][18]. - The construction PMI showed a slight recovery, indicating an acceleration in construction activities and improved project expectations [4][13]. Market Performance Review - The construction and decoration sector's performance has been under pressure, with significant declines in real estate investment and sales, reflecting ongoing challenges in the sector [3][18]. - Retail sales of construction and decoration materials showed a positive growth of 3.0% year-on-year, indicating some resilience in consumer demand [3][18]. Recommendations - The report suggests focusing on construction companies with stable performance and low valuations, such as China Communications Construction Company, China Power Construction Company, and China Railway Group, as they are expected to benefit from policy support and infrastructure investment recovery [4][14]. - For international projects, companies like China National Materials Group and Shanghai Port Group are recommended due to their potential to benefit from ongoing infrastructure cooperation under the Belt and Road Initiative [8][14].

经济观察报记者张锐 6月16日至18日，2025广州国际应急安全博览会在广州举行，并首次设立低空经济与应急救援展区。多 家企业的管理层或市场负责人在此次展会上向经济观察报记者表示，无人机、机器人在工业巡检方面正 在快速发展。 深圳市道通智能航空科技有限公司市场总监刘国正告诉记者，该公司无人机产品主要应用于安防、能源 和交通场景。其中，安防领域较多落地在海防缉私工作中，能源领域主要落地在电力巡检、输油管道巡 检，交通领域目前已在深圳等地落地协助快速处理小型交通事故。 刘国正称，从整体来看，低空经济领域处于蓬勃发展状态，尤其是在具体场景中能产生明显效益的行业 增长速度较快，电力巡检是其中之一。 6月18日，招商银行股份有限公司发布的研报认为，低空经济应用场景商业化正在分阶段稳步推进，现 阶段消费级市场成熟，农业植保、工业巡检已经步入商业化运营。未来5年，随着专业级无人机、 eVTOL快速发展，飞行器标准化生产、智能化运营，将真正推动产业链进入放量阶段。 广东鹏洋应急管理服务(集团)有限公司工作人员向经济观察报记者表示，目前，该公司提供的无人机与 四足机器狗的组合巡检工作已相对熟练，但很多技术还需要持续突破。"如果 ...

General Provisions - The company is established to protect the rights and interests of shareholders, employees, and creditors, in accordance with relevant laws and regulations [2][3] - The company is a joint-stock limited company approved by the State Council and registered in Beijing, with a unified social credit code [3] - The registered capital of the company is RMB 16,278,611,425 [3][6] Business Objectives and Scope - The company's business objective is to serve the transportation construction industry with integrity, quality returns, and continuous improvement, aiming to become a globally competitive enterprise [5][6] - The company is engaged in various construction projects, including ports, highways, bridges, and engineering consulting [6] Shares - The company's shares are issued in the form of stocks, with equal rights for each share of the same category [7][8] - The total number of shares issued by the company is 16,278,611,425, all of which are ordinary shares [8][9] - The company can issue preferred shares, which have priority in profit distribution but limited rights in decision-making [7][8] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, attend meetings, supervise operations, and transfer shares [16][17] - Shareholders must comply with laws and the company's articles of association, and they are liable for the company's debts only to the extent of their shareholdings [10][22] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for calling and conducting these meetings [26][28] - Shareholders holding more than 10% of shares can request a temporary meeting [28][29] - The company must provide legal opinions on the meeting's compliance with laws and regulations [31][32] Corporate Governance - The board of directors is responsible for the company's management and must act in the best interests of the company and its shareholders [20][21] - The company has established an audit and risk committee to oversee compliance and risk management [20][21] Financial Assistance and Guarantees - The company can provide financial assistance for acquiring its shares, but the total amount cannot exceed 10% of the issued capital [9][10] - Any external guarantees exceeding certain thresholds must be approved by the shareholders [25]