General Principles - The rules aim to standardize the decision-making process of the board of directors of China Communications Construction Company, ensuring scientific, democratic, and legal decision-making [1][2] - The board is responsible for major company decisions, strategic planning, and risk management, acting in the interests of shareholders and the company [1][2] Board Composition and Structure - The board consists of seven to nine directors, with at least one-third being independent directors and one employee director elected by staff [2][3] - The board elects a chairman and up to two vice-chairmen, with a term of three years for each director [2][3] Board Powers - The board has the authority to convene shareholder meetings, execute resolutions, formulate development strategies, and approve significant financial decisions [3][4] - Specific powers include deciding on annual budgets, profit distribution, capital changes, and major acquisitions [3][4] Decision-Making Procedures - Certain decisions, such as issuing shares or financial assistance, require a two-thirds majority of the board [4][5] - The board can delegate some powers to the chairman or CEO under specific conditions, but cannot delegate statutory powers [5][6] Specialized Committees - The board has specialized committees, including the Audit and Risk Committee, which oversees financial reporting and internal controls [7][8] - Committees must establish rules and report to the board, enhancing decision-making processes [12][13] Meeting Procedures - The board must hold at least two regular meetings each year and can convene special meetings under specific circumstances [12][13] - Meeting notifications must include details about the agenda, time, and location, and require a majority of directors to be present for decisions [15][16] Voting and Resolutions - Decisions are made through a voting process where each director has one vote, and a majority is required for resolutions to pass [19][20] - Directors must avoid conflicts of interest and may need to abstain from voting on related matters [21][22] Documentation and Record-Keeping - The board must maintain detailed records of meetings, including attendance, discussions, and resolutions, which are to be preserved for at least ten years [57][58] - Meeting records must be accessible to directors and relevant parties, ensuring transparency [57][58]

（2011 年 3 月 25 日经 2011 年度第二次临时股东大会批 准，2018 年 11 月 20 日经 2018 年度第一次临时股东大会第 一次修订，2021 年 11 月 18 日经 2021 年第一次临时股东大 会第二次修订，2025 年 6 月 16 日经 2024 年度股东会第三次 修订） 第一章 总则 第一条 为规范中国交通建设股份有限公司（简称公司） 的关联（连）（简称关联）交易行为，保护公司、股东、特 别是中小股东和债权人的合法权益，保证公司关联交易决策 行为的公允性，根据《中华人民共和国证券法》《上海证券 交易所股票上市规则》和《香港联合交易所有限公司证券上 市规则》（简称两地上市规则）、《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》（上证发〔2023〕193 号）、《上海证券交易所上市公司自律监管指引第 5 号—— 交易与关联交易》（上证发〔2023〕6 号）等法律、法规和 规范性文件以及《中国交通建设股份有限公司章程》的相关 规定，制定本办法。 第二条 公司在上海证券交易所和香港联合交易所有限 公司（分别简称为上交所和联交所）两地上市，关联交易管 理应当同时遵守两地 ...

2025年6月12日，中诚信国际公布评级报告，中交一公局集团有限公司2025年面向专业机构投资者公开 发行可续期公司债券(第三期)(品种二)获"AAA"评级。 资料显示，公司前身为中国人民解放军公路一师，原隶属于国家交通运输部，后经过一系列改制重组， 2006年成为中国交通建设股份有限公司（以下简称"中国交建"）的全资子公司，并更名为中交第一公路 工程局有限公司。2018年9月8日，公司收到中国交建《关于印发的通知》（中交股战发【2018】824 号），同意公司与中交隧道工程局有限公司（以下简称"中交隧道局"）合并重组，同时更为现名。目 前，公司以基础设施工程建设为主业，形成了以公路工程为主，辅以铁路、市政等工程的业务体系， 2024年实现营业总收入1,312.92亿元。 来源：金融界 中诚信国际肯定了中交一公局集团有限公司（以下简称"中交一公局"或"公司"）在公路、隧道工程等施 工领域市场地位较高；新签合同额稳步增长，多元化程度较高且项目质量较优；融资渠道畅通且备用流 动性相对充足，具备一定财务弹性等方面的优势对公司整体信用实力提供的有力支持。同时，中诚信国 际关注到在手资本运营项目规模较大，后续投资及运营 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [4] Core Viewpoints - The western fixed asset investment (FAI) is experiencing high growth, with the issuance of special bonds accelerating, which will provide stronger support for infrastructure [1][21] - The GDP growth rate in the western region from 2019 to 2024 has reached a compound annual growth rate (CAGR) of 7%, with significant support from central financial policies and national strategic planning [28][32] - The issuance of special bonds in the central and western regions has significantly accelerated, with a notable increase in new special bonds in provinces like Sichuan and Shaanxi [21][32] Summary by Sections 1. High Prosperity of Western Fixed Asset Investment - The western region has maintained double-digit growth in FAI, with provinces like Inner Mongolia, Xinjiang, and Tibet showing strong performance [1] - The issuance of special bonds has increased significantly, with Sichuan's issuance up by 162% year-on-year [21] 2. Investment Opportunities in Key Regions - **Sichuan-Chongqing**: The transportation planning investment in Sichuan during the 14th Five-Year Plan is expected to increase by 16.5% compared to the previous plan, benefiting local construction companies [2][36] - **Tibet**: Active mining and robust infrastructure projects are expected to drive high regional investment demand, with significant projects like the construction of major copper mines [2][48] - **Xinjiang**: The coal chemical industry is thriving, with nearly 500 billion yuan invested in the past five years, and the region is expected to see continued infrastructure support [3][60] 3. Major Infrastructure Projects Boosting Regional Investment - The construction of the Pinglu Canal is expected to significantly enhance water transport infrastructure in Guangxi, with a total investment of approximately 727 billion yuan [3] - The Western Land-Sea New Corridor is projected to connect multiple provinces and enhance regional infrastructure growth, with completion expected by 2035 [3][60] 4. Investment Recommendations - Key stocks recommended include Sichuan Road and Bridge, China Chemical, and China Energy Engineering, all rated as "Buy" [9][47]

中国交通建设股份有限公司 董事会议事规则 （2006 年 10 月 8 日经 2006 年度第一次临时股东大会批准，2011 年 3 月 25 日经 2011 年度第二次临时股东大会第一次修订，2015 年 1 月 15 日经公司 2015 年第一次临时股东大会第二次修订，2020 年 6 月 9 日经公司 2019 年度股东周年大会第三次修订，2025 年 6 月 16 日经 公司 2024 年年度股东会第四次修订。） 第一章 总则 第一条为了进一步规范中国交通建设股份有限公司（以 下简称公司）董事会的议事方式和决策程序，确保董事会科学、 民主、依法决策，根据《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》、《上市公司治理准则》 等有关规定和《中国交通建设股份有限公司章程》（以下简称 公司章程），制订本规则。 第二条董事会是公司的经营决策主体，定战略、做决策、 防风险，根据公司章程和股东会的授权，决定公司的重大事项， 对股东会负责并报告工作。 第三条董事会坚持权责法定、权责透明、权责统一，把握 功能定位，忠实履职尽责，提高科学决策、民主决策、依法决 策水平，维护股东和公司利益、职工 ...

中国交通建设股份有限公司股东会议事规则 （2006 年 10 月 8 日经 2006 年度第一次临时股东大会批准，2011 年 3 月 25 日经 2011 年度第二次临时股东大会第一次修订，2015 年 1 月 15 日经公司 2015 年度第一次临时股东大会第二次修订，2020 年 6 月 9 日经公司 2019 年度股东周年大会第三次修订，2025 年 6 月 16 日 经公司 2024 年年度股东会第四次修订。） 第一章 总则 第一条 为维护中国交通建设股份有限公司（以下简称公 司）和股东的合法权益，明确股东会的职责和权限，保证股东 会规范、高效、平稳运作及依法行使职权，根据《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》、 《上市公司股东会规则》、《国务院关于开展优先股试点的指导 意见》、《优先股试点管理办法》等法律、法规及《中国交通建 设股份有限公司章程》（以下简称公司章程）的有关规定，制 定本规则。 第二条 本规则适用于公司股东会，对公司、全体股东、 股东授权代理人、公司董事、总裁、其他高级管理人员以及列 席股东会的其他有关人员均具有约束力。股东会应当在《公司 法》和公 ...

中国交通建设股份有限公司 (于中华人民共和国注册成立之股份有限公司) 章程 2006 年 10 月 8 日经公司临时股东大会批准 2009 年 6 月 18 日经公司 2008 年度股东周年大会第一次修订 2011 年 3 月 25 日经公司 2011 年度第二次临时股东大会第二次修订 第一章 总则 第一条 为维护中国交通建设股份有限公司（简称公 司）、股东、职工和债权人的合法权益，规范公司的组织和 行为，根据《中华人民共和国公司法》（简称《公司法》）、 《中华人民共和国证券法》（简称《证券法》）、《上市公 司章程指引》（简称《章程指引》）、《上海证券交易所股 票上市规则》、《香港联合交易所有限公司证券上市规则》、 《国务院关于开展优先股试点的指导意见》、《优先股试点 管理办法》、《中国共产党章程》（简称《党章》）、《中 规定，制定本章程。 第二条 公司系依照《公司法》《证券法》等中华人民 共和国（就本章程而言，不包括香港特别行政区、澳门特别 行政区和台湾地区，简称中国）有关规定成立的股份有限公 司。 2012 年 6 月 6 日经公司 2011 年度股东周年大会第三次修订 2015 年 1 月 15 日经公 ...

中国交通建设股份有限公司 关联（连）交易管理办法 （2011 年 3 月 25 日经 2011 年度第二次临时股东大会批 准，2018 年 11 月 20 日经 2018 年度第一次临时股东大会第 一次修订，2021 年 11 月 18 日经 2021 年第一次临时股东大 会第二次修订，2025 年 6 月 16 日经 2024 年度股东会第三次 修订） 第一章 总则 第一条 为规范中国交通建设股份有限公司（简称公司） 的关联（连）（简称关联）交易行为，保护公司、股东、特 别是中小股东和债权人的合法权益，保证公司关联交易决策 行为的公允性，根据《中华人民共和国证券法》《上海证券 交易所股票上市规则》和《香港联合交易所有限公司证券上 市规则》（简称两地上市规则）、《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》（上证发〔2023〕193 号）、《上海证券交易所上市公司自律监管指引第 5 号—— 交易与关联交易》（上证发〔2023〕6 号）等法律、法规和 规范性文件以及《中国交通建设股份有限公司章程》的相关 规定，制定本办法。 第二条 公司在上海证券交易所和香港联合交易所有限 公司（分别简称为上交所 ...

Group 1 - The report highlights a significant decline in stock repurchase and increase in shareholding activities in May 2025, attributed to market recovery and a high base effect from April [2][9][15] - In May 2025, the total amount of stock repurchase transactions in A-shares was approximately 94.8 billion, a decrease of 64% compared to April [9][20] - The report indicates that the largest three companies planning to repurchase shares are Baofeng Energy, China Communications Construction, and Siyuan Electric, with repurchase amounts of 10-20 billion, 5-10 billion, and 3-5 billion respectively [9][15] Group 2 - The report notes that in May 2025, the total amount of shareholding increases by controlling shareholders was 50.8 billion, a decrease of 3% from April [15][20] - The largest three companies with planned increases in shareholding are Tunnel Shares, Hubei Yihua, and China Gold, with amounts of 2.5-5 billion, 2-4 billion, and 1.7-3.4 billion respectively [15][20] - The report also mentions that the total repurchase amount in Hong Kong stocks was approximately 170.2 billion HKD, an increase of about 31% compared to April [20][27] Group 3 - The report discusses the structural monetary policy tools introduced by the State Council to support capital market stability, with a total combined quota of 800 billion, enhancing the convenience and flexibility of applications [2][5] - The report tracks the application amounts for stock repurchase and increase in shareholding loans, noting a total of 647 transactions amounting to approximately 125.2 billion, with repurchase transactions accounting for 63% [5][7] - The report identifies companies worth attention for repurchase and increase in shareholding based on their fundamentals, current valuations, and the proportion of repurchase/increase amounts [23][25]

Macro Strategy - Economic resilience is observed in May, with industrial added value increasing by 5.8% year-on-year and service production index rising by 6.2% year-on-year, indicating a slight weakening in industrial supply and a slight strengthening in services [1] - Retail sales grew by 6.4% year-on-year, showing a recovery in domestic demand, while fixed asset investment showed a cumulative year-on-year increase of 3.7%, reflecting a decline in investment growth [1] - The report highlights three distinct economic narratives: (1) sectors supported by policies such as infrastructure and durable goods consumption, (2) new productive forces with strong endogenous momentum, and (3) real estate and non-subsidized consumption sectors showing weaker performance [1] - The overall economic growth target of around 5% for the year is expected to be achieved, but the pace and structure of economic growth will depend on the evolution of these narratives [1] Industry Insights Construction and Decoration Industry - The State Council emphasizes the need to promote the construction of "good houses" and stabilize the real estate market, indicating potential policy support for real estate investment [10] - Infrastructure investment remains stable, with significant growth in water conservancy and transportation sectors, suggesting a focus on major infrastructure projects [10] - The report recommends focusing on state-owned enterprises and local state-owned enterprises with low valuations and stable performance, such as China Communications Construction and China Electric Power [10] Retail Industry - Non-American exports show resilience, with a focus on the strategic position of small commodity cities as export hubs [11] - The automotive sector is expected to perform well, driven by technological innovation and market dynamics, despite some challenges in the supply chain [11] Public Utilities Industry - Investment opportunities in hydropower and thermal power are highlighted, with recommendations for companies like China Power Investment and Huadian International [13] - The report notes the potential for growth in nuclear power and renewable energy sectors, with specific recommendations for companies involved in these areas [13] Renewable Energy and Storage - The report indicates a significant demand for energy storage in emerging markets, with expectations of a 20-30% growth in installations in the US [18] - Companies like CATL and BYD are recommended as leading players in the lithium battery sector, benefiting from the growing demand for energy storage solutions [18] Non-Banking Financial Industry - The insurance sector is expected to benefit from economic recovery and rising interest rates, with a focus on health and pension insurance [19] - The securities industry is poised for growth due to favorable market conditions and policy support, with recommendations for companies like CITIC Securities and China Ping An [19]