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]

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 ...