Core Viewpoint - China State Construction International (03311) has seen a decline of over 5% in its stock price, currently trading at HKD 9.54, with a transaction volume of HKD 40.1983 million [1] Financial Performance - For the nine months ending September 30, 2025, the group's revenue and share of joint venture revenue were approximately RMB 77.703 billion and RMB 2.684 billion, representing a year-on-year decrease of 4.69% and an increase of 17.46% respectively [1] - The unaudited operating net profit and share of joint venture profit amounted to approximately RMB 11.923 billion, reflecting a year-on-year increase of 0.18% [1] Contractual Activity - As of September 30, 2025, the group signed new contracts totaling approximately RMB 128.01 billion, with an uncompleted contract amount of approximately RMB 393.61 billion [1]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [13]. Core Insights - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasized the need to achieve economic and social development goals, highlighting the importance of stabilizing employment, enterprises, and market expectations [7][11]. - The "15th Five-Year Plan" proposes building a modern infrastructure system, improving rural infrastructure, and promoting regional coordinated development, with an expected investment demand exceeding 5 trillion yuan for urban underground pipeline construction [8]. - The report identifies significant opportunities in the construction sector, particularly in state-owned enterprises with low valuations and high dividends, as well as private enterprises engaged in new production capacities and clean energy projects [11]. Summary by Sections Economic Outlook - The report discusses the macroeconomic situation and the need for steady growth to support economic operations, indicating that the long-term positive trend of the economy remains unchanged [7]. Infrastructure Development - The "15th Five-Year Plan" emphasizes the construction of a modern infrastructure system, including the enhancement of transportation networks and the promotion of new urbanization, which is expected to create substantial domestic demand [8]. Energy Transition - The report outlines plans for a green and low-carbon energy transition, focusing on increasing non-fossil energy development and establishing a new power system to meet the growing electricity demand [9]. International Cooperation - The report highlights the importance of the Belt and Road Initiative, advocating for cooperation with partner countries on major projects and enhancing trade and investment ties [10]. Market Performance - The construction sector has shown resilience, with various sub-sectors experiencing positive growth, such as international engineering and construction consulting, which have outperformed the broader market indices [22][32].

Core Viewpoint - China State Construction International (03322.HK) reported its unaudited financial results for the first three quarters of 2025, showing a mixed performance in revenue and profit metrics [1] Financial Performance - The group's revenue was approximately RMB 77.703 billion, representing a year-on-year decrease of 4.69% [1] - The revenue attributable to joint ventures was approximately RMB 2.684 billion, reflecting a year-on-year increase of 17.46% [1] - The unaudited operating net profit and profit attributable to joint ventures totaled approximately RMB 11.923 billion, showing a slight year-on-year increase of 0.18% [1]

Core Viewpoint - China State Construction International (03311.HK) reported its financial results for the nine months ending September 30, 2025, showing a slight decline in revenue compared to the previous year while maintaining stable operating profit levels [1] Financial Performance - The group's unaudited revenue for the nine months was approximately RMB 77.703 billion, down from RMB 81.523 billion for the same period in 2024 [1] - The share of profit from joint ventures was approximately RMB 2.684 billion, an increase from RMB 2.285 billion in the previous year [1] - The unaudited operating profit for the group was approximately RMB 11.923 billion, slightly up from RMB 11.902 billion year-on-year [1] Contractual Performance - The total new contracts signed by the group amounted to approximately RMB 128.01 billion for the nine months [1] - As of September 30, 2025, the group's uncompleted contract value stood at approximately RMB 393.61 billion [1]

Core Insights - The housing construction sector experienced a slight increase of 0.31% on October 27, with high-tech development leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Sector Performance - High-tech development (code: 000628) closed at 51.08, with a gain of 0.95% and a trading volume of 90,400 shares, amounting to a transaction value of 461 million [1] - China State Construction (code: 601668) closed at 5.74, up 0.53%, with a trading volume of 2,488,200 shares and a transaction value of 1.428 billion [1] - Chongqing Construction (code: 66009) remained unchanged at 3.41, with a trading volume of 109,400 shares and a transaction value of 37.068 million [1] - Zhejiang Construction Investment (code: 002761) closed at 9.40, down 0.11%, with a trading volume of 102,300 shares and a transaction value of 96.080 million [1] - Shaanxi Construction (code: 600248) closed at 3.95, down 0.25%, with a trading volume of 182,600 shares and a transaction value of 72.172 million [1] - Ningbo Construction (code: 601789) closed at 5.44, down 0.37%, with a trading volume of 289,200 shares and a transaction value of 158 million [1] - Shanghai Construction (code: 600170) closed at 2.89, down 0.69%, with a trading volume of 2,580,700 shares and a transaction value of 749 million [1] - Longyuan Construction (code: 600491) closed at 3.55, down 1.93%, with a trading volume of 349,800 shares and a transaction value of 125 million [1] Capital Flow - The housing construction sector saw a net outflow of 13.12 million from main funds, while speculative funds had a net inflow of 31.79 million, and retail investors experienced a net outflow of 18.67 million [1] - China State Construction had a main fund net inflow of 36.89 million, but a net outflow of 30.47 million from retail investors [2] - Shaanxi Construction had a main fund net inflow of 3.60 million, with a net outflow of 1.82 million from retail investors [2] - Longyuan Construction experienced a significant main fund net outflow of 9.13 million, while speculative funds had a net inflow of 4.70 million [2] - High-tech development saw a main fund net outflow of 11.52 million, with a small net inflow of 0.77 million from retail investors [2] - Shanghai Construction had a main fund net outflow of 24.60 million, with a net inflow of 4.64 million from retail investors [2]

证券代码：601668 股票简称：中国建筑 公告编号：临 2025-062 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 投资者可于 2025 年 11 月 4 日 12:00 前登录上海证券交易所上证路演中心 "提问预征集"栏目（网址： http://roadshow.sseinfo.com/questionCollection.do） 或通过公司投资者邮箱 ir@cscec.com 向公司提问，公司将在业绩说明会上对投 资者普遍关注的问题进行回答。 中国建筑股份有限公司（以下简称"公司"）将于 2025 年 10 月 31 日在上海 证券交易所网站（www.sse.com.cn）、《中国证券报》《上海证券报》《证券时报》 和《证券日报》披露公司 2025 年第三季度报告。为便于广大投资者更全面深入 地了解公司 2025 年第三季度经营情况、财务状况和发展成果，公司计划于 2025 年 11 月 4 日举行 2025 年第三季度业绩说明会，就投资者关心的问题进 ...

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector and a "Buy" rating for non-metallic building materials [5]. Core Insights - The report highlights the acceleration of the commercial aerospace industry development, with the recent successful launch of the Long March 6A rocket, which deployed 18 satellites, enhancing communication capabilities [1]. - Shanghai's action plan aims to promote high-quality development in the construction industry, focusing on optimizing competition, expanding development space, and improving the industry ecosystem [2][3]. - The report notes a decline in cement demand during the traditional peak season, with a cumulative cement production of 1.259 billion tons in the first three quarters of 2025, down 5.2% year-on-year, and a September production of 154 million tons, down 8.6% year-on-year [3]. Summary by Sections Commercial Aerospace - The central government has prioritized the construction of a "strong aerospace nation," which is expected to accelerate the development of the commercial aerospace industry [1]. Construction Industry Development - Shanghai's action plan includes measures to optimize competition by encouraging business integration and supporting the formation of construction groups with full industry chain capabilities [2]. - The plan also aims to expand development space through new real estate models and urban renewal projects, while enhancing operational capabilities in energy and environmental sectors [2][3]. - The report emphasizes the need for a robust industry ecosystem, including payment guarantees and a quality-based regulatory framework [2]. Cement Industry - The report indicates that the cement industry is experiencing a weak recovery, with production and shipment rates showing a decline due to funding shortages and adverse weather conditions [3]. - It anticipates that supply reductions will drive price trends and improve industry profitability, with expectations for accelerated capacity replacement [3]. Investment Recommendations - The report suggests focusing on companies in the new materials sector, such as China Jushi and Guoen Co., and in the infrastructure and real estate chain, including China State Construction and Conch Cement [4].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Insights - The "14th Five-Year Plan" emphasizes high-quality economic development, with a focus on technological innovation and new productive forces as the main development line [13][14] - Expectations for infrastructure stimulus in Q4 are rising, with the construction sector likely to benefit from incremental funds and policy catalysts [18][31] Summary by Sections 1. "14th Five-Year Plan" and Infrastructure Stimulus - The "14th Five-Year Plan" highlights the importance of high-quality development, emphasizing the need for a strong real economy and technological innovation [13][14] - Q4 infrastructure stimulus expectations are increasing, with significant issuance of special bonds and government bonds, totaling 3.68 trillion yuan in special bonds issued by September 2025, accounting for 83.6% of the annual quota [18][23] 2. Market Review - The construction index rose by 2.87% during the week of October 20-24, underperforming the broader market by 0.54 percentage points [25] - Notable stock performances included Huylv Ecological (+33%), China Nuclear Engineering (+23%), and Shikong Technology (+21%) [25] 3. Investment Recommendations - Focus on infrastructure investment opportunities in high-growth regions such as Xinjiang and Tibet, and consider companies involved in water conservancy, railways, and aviation projects [31] - Emphasize the nuclear power sector, recommending companies like China Nuclear Engineering and Libat, which are positioned well in the nuclear construction chain [33][15] - Highlight the importance of emerging business directions, including cleanroom technology and AI-driven computing infrastructure, suggesting companies like Boche and Shenghui Integration [33]

Investment Rating - The report maintains a "Positive" investment rating for the industry [16]. Core Insights - Africa is identified as a fertile ground for the outbound capacity of building materials, presenting a second growth curve market. The analysis highlights investment opportunities in Africa from perspectives of development potential, representative countries, and construction companies. Economic growth in Africa is expected to accelerate against a backdrop of a weakening US dollar [5][11]. - Key local leaders in the African building materials sector include Huaxin Cement, West Cement, Keda Manufacturing, and Leshushi, which are experiencing rapid growth and high profitability. The low market share of these companies is attributed to the later timing of their international expansion and the significant asset nature of cement, glass, and tiles, making market positioning crucial for achieving favorable competitive dynamics and profitability [5][12]. Summary by Sections Market Potential in Africa - Africa is the second-largest continent with 54 countries and a population of 1.4 billion. The UN projects that the population in sub-Saharan Africa will grow from 1.24 billion in 2024 to 2.09 billion by 2050, contributing over half of the global population increase. The African Development Bank forecasts GDP growth rates of 3.2%, 3.9%, and 4.0% for 2024-2026 [11][29]. Representative Countries - Outbound enterprises are focusing on underdeveloped regions in West and East Africa. Ghana serves as a significant port and distribution center in West Africa, impacting a market of 430 million people. The East African Community, comprising eight member states, is projected to have a total population of approximately 331 million by 2024 [11][50]. Construction Company Landscape - Chinese companies have a strong presence in Africa, with infrastructure projects accounting for 31.4% of total project value in 2020. Major players like China State Construction, China Railway Construction, and China National Materials are expanding their projects in Africa, indicating a positive outlook for the construction industry over the next 2-3 years [12][16]. Growth Characteristics of African Building Material Leaders - The outbound capacity of building materials is essential, with local leaders like Huaxin Cement and Keda Manufacturing showing rapid growth and high profitability. The expected cement demand in Africa for 2024 is 250 million tons, with a production capacity of 440 million tons. Huaxin Cement's capacity in Africa is 20.6 million tons, holding a market share of about 5% [13][14]. Keda Manufacturing and Leshushi - Keda Manufacturing is recognized as a rare building materials platform in Africa, with overseas revenue growing from 800 million yuan in 2018 to 4.7 billion yuan in 2024. Leshushi, a brand specializing in hygiene products, ranks first in the African market for baby diapers and sanitary napkins, with market shares of 20.3% and 15.6%, respectively [14][15].

Investment Rating - The industry investment rating is "Outperform the Market" [4] Core Viewpoints - Infrastructure investment in September showed a month-on-month decline, but the new investment demand for underground pipeline networks during the 14th Five-Year Plan is expected to exceed 5 trillion yuan [3][19] - The overall infrastructure investment has maintained steady growth since the beginning of the year, but the growth rate has been declining month-on-month. Q4 is typically a peak construction season, and infrastructure investment is expected to accelerate [2][17] - The 14th Five-Year Plan emphasizes expanding domestic demand and effective investment, with a focus on underground pipeline construction as a key direction [3][19] Summary by Sections Industry Dynamics Analysis - In the first three quarters, the GDP reached 101.50 trillion yuan, with a year-on-year growth of 5.2%. Fixed asset investment (excluding rural households) was 37.15 trillion yuan, down 0.55% year-on-year [1][16] - Infrastructure investment grew by 1.1% year-on-year, while real estate development investment fell by 13.9% [1][16] Market Performance - The construction industry rose by 2.91%, outperforming the Shanghai Composite Index [20][21] - The top five stocks in the industry saw significant gains, with Huylv Ecology up 32.77% [21] Company Announcements - Major contracts were awarded, including a project by Anhui Construction with a total bid of 10.295 billion yuan [31] - China State Construction reported a new contract amount of 3.29 trillion yuan in the first nine months, a year-on-year increase of 1.4% [32] Industry News - The Ministry of Industry and Information Technology emphasized the need for high-quality development in the cement industry, aiming for a revenue target of over 300 billion yuan for green building materials by 2026 [33][34] - The Fourth Plenary Session of the 20th Central Committee highlighted the importance of expanding domestic demand and effective investment [34]