重要内容提示： 证券代码：601800 证券简称：中国交建 公告编号：2025-042 中国交通建设股份有限公司 关于召开2025年第一次临时股东会的提示性公告 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。 本公司于 2025 年 7 月 5 日在《中国证券报》《上海证券报》《证券时报》《证 券日报》和上海证券交易所网站（www.sse.com.cn）刊登了《中国交建关于召开 2025 年第一次临时股东会的通知》（公告编号：2025-040 号），并于同日在上海 证券交易所网站（www.sse.com.cn）刊登了《中国交建 2025 年第一次临时股东 会会议材料》。公司 2025 年第一次临时股东会（简称本次股东会）将使用上海证 券交易所股东大会网络投票系统，现就本次股东会发布提示性公告。 一、 召开会议的基本情况 （一） 股东会类型和届次 2025年第一次临时股东会 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 （四） 现场会议召开的日期、时间和地点 1. ...

Investment Rating - The report maintains an "Overweight" rating for the construction sector, emphasizing the investment opportunities presented by the Yaxia Hydropower Station project [6][8]. Core Insights - The Yaxia Hydropower Station project, with a total investment of approximately 1.2 trillion yuan, is expected to drive national water conservancy investment by 3.5-6.2% in 2024, with an estimated annual average main project investment of 48-84 billion yuan [6][8]. - The project is strategically significant as it is part of the "14th Five-Year Plan" and is expected to accelerate the construction of "two heavy" projects, supporting overall investment amid local government debt pressures [6][8]. - The construction of supporting infrastructure around the Yaxia Hydropower Station is anticipated to create substantial investment opportunities, particularly in high-voltage power grids and local production lines [6][8]. Summary by Sections Project Overview - The Yaxia Hydropower Station officially commenced construction on July 19, 2023, with significant political backing [2][6]. - The project will consist of five tiered power stations and is expected to take 10-15 years to complete, with the main engineering costs accounting for 60-70% of total investment [6][7]. Investment Implications - The report identifies several companies that are likely to benefit from the Yaxia project, including China Energy Engineering, China Power Construction, and local enterprises such as Tibet Tianlu [6][8]. - The construction of the Yaxia Hydropower Station is expected to catalyze the development of the national water network, with a projected investment of 1.35 trillion yuan in water conservancy projects in 2024, marking a 12.8% year-on-year increase [6][8]. Market Outlook - The report suggests that the construction sector is poised for growth, particularly in water conservancy projects, as the country seeks to enhance its infrastructure [6][8]. - The anticipated increase in investment in water conservancy projects aligns with national strategic goals, indicating a robust outlook for the sector [6][8].

Market Overview - A-shares opened higher on July 21, with the Shanghai Composite Index at 3549.89 points, up 0.44%, and the Shenzhen Component and ChiNext Index rising by 0.29% and 0.12% respectively. The total market turnover reached 110.26 billion yuan, an increase of 73.3 billion yuan compared to the same period the previous trading day, with over 3500 stocks rising [1] Company Highlights - Aowei New Materials (688585) hit a 20% limit up again, marking its ninth consecutive trading day of limit up, with a cumulative increase of 416.20% since July 9. The stock is currently priced at 40.16 yuan per share, with a market capitalization of 16.2 billion yuan. This performance has set a new record for consecutive limit up days in A-shares, surpassing the previous record of eight days held by AVIC Chengfei [3] - Aowei New Materials announced that Zhiyuan Robotics plans to acquire control of the company through a shareholding platform established by the company and its core team, with the controlling shareholder changing to Shanghai Zhiyuan Hengyue Technology Partnership after the transaction [3] Industry Developments - The launch of the Yarlung Zangbo River downstream hydropower project has spurred a surge in related sectors, including hydropower engineering and cement. Major companies like Xin Tunnel, China Power Construction, and others saw their stocks hit the limit up. The project, which involves the construction of five hydropower stations, has a total investment of approximately 1.2 trillion yuan [4] - The hydropower concept stocks cover nearly 30 companies across various fields, with a total market capitalization of 1.15 trillion yuan. Notable companies include Guodian NARI, Baosteel, and China Communications Construction, with High Contest Explosives leading the year-to-date stock price increase at 53.24% [4] Robotics Sector - The humanoid robot concept stocks became active again, with companies like Changsheng Bearing and Wanda Bearing rising over 10%. UBTECH Technology won a significant procurement project worth 90.51 million yuan, marking the largest order for humanoid robots globally [5] - Yushun Technology has initiated listing guidance, with CITIC Securities as the advisory institution. The controlling shareholder holds 34.76% of the company's shares [5] - Zhiyuan Robotics and Yushun Technology jointly won a 124 million yuan humanoid robot procurement order from China Mobile, marking the largest single order for domestic humanoid robot companies to date [5] Company Background - Aowei New Materials, listed on the Sci-Tech Innovation Board since September 28, 2020, focuses on the research, production, and sales of new materials, becoming a major supplier of environmentally friendly corrosion-resistant resins globally. The company has indicated that its thermosetting resins are primarily used in industrial robots, while humanoid robots typically utilize thermoplastic resins [6]

Group 1: Major Investment Projects - The State-owned Assets Supervision and Administration Commission hosted a conference in Lhasa, resulting in 16 major investment project agreements with a total investment of 317.54 billion yuan [1][3] - The signed projects focus on key areas such as clean energy, infrastructure, and strategic emerging industries, addressing urgent needs in Tibet [3][4] Group 2: Energy Development Initiatives - The Yarlung Tsangpo River downstream hydropower development project officially commenced, marking a significant milestone in China's hydropower development [3] - Key leaders from major energy state-owned enterprises attended the project launch, indicating strong governmental support for energy initiatives in Tibet [3][4] Group 3: Company Involvement - State Grid, China Southern Power Grid, China Three Gorges Corporation, and China Power Construction Corporation were present at the project launch, highlighting their roles in the energy sector [3] - China Huaneng Group has been active in Tibet since 2005, focusing on hydropower development and supporting local energy needs [7][8] - China Huadian Corporation is also engaged in discussions to enhance energy cooperation and development in Lhasa [10] Group 4: Local Government Support - The Lhasa municipal government expressed strong support for energy companies, emphasizing the importance of clean energy development and collaboration with state-owned enterprises [10][11] - The local government aims to create a favorable environment for investment and operational activities of energy companies in the region [10]

Group 1 - The Central State-Owned Enterprises Innovation ETF (515600) has shown strong performance, with a 2.21% increase, marking three consecutive days of gains [1] - The ETF's latest scale reached 1.813 billion yuan, a new high in nearly a month [1] - Over the past five years, the ETF's net value has increased by 60.15%, ranking 69th out of 996 index equity funds, placing it in the top 6.93% [1] Group 2 - The CSI Central State-Owned Enterprises Innovation Driven Index (000861) evaluates the innovation and profitability of listed central enterprises, selecting 100 representative companies [2] - The top ten weighted stocks in the index account for 34.87% of the total, including companies like Hikvision and China Southern Power Grid [2] - A significant hydropower project, the Yarlung Tsangpo River downstream hydropower project, has commenced, with a total investment of approximately 1.2 trillion yuan [2] Group 3 - China Power Construction Corporation has a dominant market share in hydropower engineering, handling over 80% of river planning and more than 65% of large and medium-sized hydropower station construction tasks [3] - China Energy Engineering Corporation has completed over 90% of domestic thermal power design tasks and holds a significant share in hydropower construction [3] - Other central enterprises like China Railway, China Railway Construction, and China Communications Construction are expected to benefit from future hydropower infrastructure projects [3]

证券研究报告·行业跟踪周报·建筑装饰 建筑装饰行业跟踪周报 上半年基建投资平稳，继续关注城市更 新、重点工程项目 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 本周（2025.7.14–2025.7.18，下同）：本周建筑装饰板块（SW）涨跌幅 -0.71%，同期沪深 300、万得全 A 指数涨跌幅分别为 1.09%、1.4%，超 额收益分别为-1.8%、-2.11%。 ◼ 行业重要政策、事件变化、数据跟踪点评： （1）国家统计局发布 6 月经济数据：上半年 GDP 同比增长 5.3%，但 6 月消费、投资、地产数据均有所承压。1-6 月基建投资累计同比 +4.6%，较 1-5 月放缓 1.0pct，或反映财政前置后节奏放缓的影响。基 建投资结构上交通大类投资增速保持稳步加快的态势，同比增长 5.6%，较 1-5 月加快 1.6pct，但水利管理业投资增长 15.4%，增速较 1- 5 月回落 11.2pct，是主要下拉项，公共设施管理业同比增长 1.7%，也 较 1-5 月放缓 2.1pct。1-6月地产投资/销售/新开工/竣工面积累计分别同 比-11.2%/-3.5% ...

Group 1 - The company will hold a performance briefing for the China Communications Construction Highway Closed-End Infrastructure Securities Investment Fund on July 28, 2025, to discuss operational performance, financial results, and underlying asset operations [1][2][6] - The briefing will take place in Beijing from 13:30 to 17:40 and will be conducted in a seminar format [6][4] - Participants will include the fund manager, original rights holders, external management personnel, investors, and industry researchers [4][5] Group 2 - Investors can register for the event by sending an email to the fund's investor relations team, with a registration deadline of July 25, 2025, at 12:00 [5][2] - After registration, the fund management will send a confirmation email to approved investors, who must present this email to attend the briefing [2][5] - The company emphasizes the importance of understanding the fund's risk-return characteristics before making investment decisions [8][10]

Investment Rating - The industry investment rating is "Outperform the Market - B" [6] Core Viewpoints - Infrastructure investment growth is slowing, but the commencement of the Yarlung Tsangpo River hydropower project is expected to create investment opportunities across the industrial chain [4][21] - In the first half of 2025, fixed asset investment (excluding rural households) reached 24.87 trillion yuan, a year-on-year increase of 2.8%, with infrastructure investment growing by 4.6% [1][17] - The issuance of special bonds by local governments has increased significantly, with a total of 2.39 trillion yuan issued by July 20, 2025, up 51.81% year-on-year, which is expected to support steady growth in infrastructure investment throughout the year [3][19] Summary by Relevant Sections Industry Dynamics - In the first half of 2025, narrow and broad infrastructure investments grew by 4.6% and 8.9% year-on-year, respectively [2][18] - The electricity, heat, gas, and water investment maintained a high growth rate of 22.8%, contributing 55.6% to overall investment growth [2][18] - The Yarlung Tsangpo River hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to generate an annual output of 300 billion kWh, equivalent to three times the Three Gorges Dam [4][20] Market Performance - The construction industry experienced a decline of 0.71%, underperforming compared to the Shenzhen Composite Index and the CSI 300 [22][24] - The industry’s overall price-to-earnings (P/E) ratio is 11.07, with a price-to-book (P/B) ratio of 0.80, indicating a relatively low valuation compared to other sectors [26][27] Key Investment Targets - Recommended stocks include state-owned enterprises with low valuations such as China State Construction, China Communications Construction, and China Railway Construction [11][12][30] - Focus on infrastructure design firms and international engineering service providers that are expanding their presence along the Belt and Road Initiative [12][13]

Group 1: Meteorological Work - Continuous high temperatures have led to the issuance of red heat warnings in Chongqing, with temperatures exceeding 40°C [2] - Meteorological workers are crucial for providing timely and accurate weather warnings, relying on extensive and reliable observational data [2] - Maintenance personnel are actively repairing equipment at monitoring stations, facing extreme conditions with surface temperatures exceeding 60°C [4][6] Group 2: Agricultural Monitoring - Meteorological workers are not only focused on weather warnings but also monitor soil moisture and investigate drought conditions in agricultural areas [8] - They provide guidance to farmers on scientific irrigation practices to mitigate the impact of high temperatures on crops [8] Group 3: Construction Work - Over 800 construction workers are engaged in high-temperature conditions at the Lion's Gate Bridge construction site, facing challenges such as prolonged outdoor work and physical strain [10] - Workers report severe discomfort, with protective gear melting and skin injuries due to the heat [11][13] - Construction schedules have been adjusted to mitigate heat exposure, with work hours shifted to cooler parts of the day [15] Group 4: Health and Safety Measures - The construction team has implemented health measures, including providing cooling drinks and ice to combat heat stress [15] - The Lion's Gate Tunnel project is significant, being the first multi-layer composite road tunnel in the Pearl River Estuary, highlighting the dedication of over 6,000 workers [15]

Group 1 - The State Council Information Office will hold two press conferences on July 18, focusing on the achievements of the "14th Five-Year Plan" for high-quality business development and the industrial and information development situation for the first half of 2025 [1] Group 2 - On July 18, a total of 11 companies will have their restricted shares unlocked, with a total of 49.2048 million shares, amounting to a market value of 872 million yuan based on the latest closing price [2] - China Communications Construction Company, Qingju Technology, and Meiri Interactive have the highest number of unlocked shares, with 31.2018 million, 8.601 million, and 2.577 million shares respectively [2] - In terms of market value, China Communications Construction Company, Qingju Technology, and Meiri Interactive also lead, with unlocked values of 279 million yuan, 224 million yuan, and 93.7255 million yuan respectively [2] - Qingju Technology, Zhecheng Electronics, and Jingzhida have the highest percentage of unlocked shares relative to total share capital, at 6.43%, 1.17%, and 1.0% respectively [2] Group 3 - On July 18, 12 companies disclosed 14 updates related to stock repurchases, with 4 companies announcing new repurchase plans and 7 companies completing their repurchase plans [3] - China Nuclear Power, Hongta Securities, and Suoling Co. have the highest repurchase plan amounts, proposing to repurchase up to 500 million yuan, 200 million yuan, and 1.04 million yuan respectively [3] - Longmag Technology has the highest repurchase amount approved by shareholders, proposing to repurchase up to 2.124 million yuan [3] - Feiwo Technology has completed the highest repurchase amount, totaling 1.5296 million yuan [3]