证券代码：601800 证券简称：中国交建 公告编号：临 2025-011 中国交通建设股份有限公司 关于 2025 年度融资担保计划的公告 中国交通建设股份有限公司（简称中国交建、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个别及连带责任。 重要提示： 预计被担保人：本公司全资子公司、控股子公司以及参股公司。 2025 年度，公司融资担保计划额度为 620.98 亿元，其中公司计划为子公 司（含控股）提供融资担保额度约为 45.00 亿元，公司各子公司（含控股）对其 子公司（含控股）提供融资担保额度约为 556.43 亿元，各子公司（含控股）对 参股公司提供融资担保额度约为 19.55 亿元。 本公司无逾期融资担保。 特别风险提示：部分被担保人的资产负债率超过 70%，敬请投资者关注 相关风险。 一、担保情况概述 为确保公司生产经营工作持续稳健开展，2025 年度公司对外融资担保计划 总额为 620.98 亿元，公司第五届董事会第四十五次会议审议通过《关于审议公 司 2025 年度融资担保计划的议案》。 (一) 中国交建对 ...

证券代码：601800 证券简称：中国交建 公告编号：临 2025-008 中国交通建设股份有限公司 第五届监事会第三十次会议决议公告 中国交通建设股份有限公司（简称公司或本公司）监事会及全体监事保证 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。 2025 年 3 月 17 日，公司以书面形式发出本次监事会会议通知。2025 年 3 月 27 日，本次监事会以现场方式召开。监事会会议应当出席的监事人数 3 名，实 际出席会议的监事人数 2 名。监事杨向阳因公务原因授权委托监事卢耀军代为 出席表决。会议由监事会主席王永彬主持，会议召开程序及出席监事人数符合 有关规定，表决结果合法有效。会议形成如下决议： 一、审议通过《关于审议公司 2024 年度业绩公告及年度报告的议案》 （一）同意公司 2024 年度业绩公告(H 股)及公司 2024 年年度报告(A 股)。 （二）监事会对年度报告发表意见如下： 公司 2024 年度报告的编制和审议程序符合法律、法规、公司章程和公司内 部管理制度的相关规定。公司 2024 年度报告的内容和格式符合中国证监会和上 海证 ...

中国交通建设股份有限公司（简称公司或本公司）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。 2025 年 3 月 21 日，公司以书面形式发出本次董事会会议通知。2025 年 3 月 27 日，本次董事会以现场方式召开。董事会会议应当出席的董事人数 7 名，实 际出席会议的董事人数 6 名，董事刘翔因公务原因授权委托董事王海怀代为出 席表决。会议由董事长王彤宙主持，会议召开程序及出席董事人数符合有关规 定，表决结果合法有效。会议形成如下决议： 一、审议通过《关于审议公司 2024 年度业绩公告及年度报告的议案》 （一）同意公司 2024 年度业绩公告（H 股）及公司 2024 年度报告（A 股）。 证券代码：601800 证券简称：中国交建 公告编号：临 2025-007 中国交通建设股份有限公司 第五届董事会第四十五次会议决议公告 （二）本议案在提交董事会审议前已经审计与内控委员会会议审议通过。 （三）本议案尚需提交公司 2024 年度股东会审议批准。 表决结果：同意【7】票，反对【0】票，弃权【0】票。 三、审议通过《关于审议 ...

证券代码：601800 证券简称：中国交建 公告编号：临 2025-009 中国交通建设股份有限公司 2024 年年度末期利润分配及股息派发方案的公告 中国交通建设股份有限公司（简称公司或本公司）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： 每股分配比例：A 股每股派发现金红利 0.16161 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。在实施权益分派的股权登记日前公司总股本 发生变动的，拟维持分配总额不变，相应调整每股分配比例。 本次利润分配未触及《上海证券交易所股票上市规则（2024 年 4 月修 订）》第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 截至2024年12月31日，公司经审计合并报表未分配利润为1,951.49亿元， 归属于上市公司股东的净利润为 233.84 亿元。经公司第五届董事会第四十五次 会议审议通过，公司 2024 年年度拟以实施权益分派股权登记日 ...

Investment Rating - The report assigns a "Buy" rating for China Railway Group Limited (601390.SH) based on its robust market position in infrastructure and overseas development opportunities [4]. Core Views - China Railway Group is a leading state-owned enterprise in the infrastructure sector, benefiting from fiscal policy support and the deepening of the Belt and Road Initiative. The core business is expected to maintain steady growth, with projected net profits of CNY 31.2 billion, CNY 32.3 billion, and CNY 33.7 billion for 2024-2026, corresponding to a PE ratio of 4.6, 4.5, and 4.3 times respectively [4][8]. - The company has a solid order backlog, with an uncompleted contract amount of CNY 6.22 trillion as of mid-2024, reflecting a 5.9% increase from the previous year, providing a stable foundation for future performance [7]. - The report highlights the potential for valuation recovery driven by state-owned enterprise market value management initiatives and the expansion of emerging businesses, particularly in resource development [4][7]. Summary by Sections Financial Performance - The company reported a revenue of CNY 1,260.84 billion in 2023, with a projected slight decline to CNY 1,217.31 billion in 2024, followed by a recovery to CNY 1,230.66 billion in 2025 and CNY 1,254.99 billion in 2026 [8][10]. - The net profit attributable to shareholders is expected to decrease to CNY 31.21 billion in 2024, before increasing to CNY 32.33 billion in 2025 and CNY 33.65 billion in 2026 [8][10]. Market Position and Strategy - China Railway Group holds a significant market share in railway and urban rail construction, with over two-thirds of the national railway mileage and 90% of electrified railways constructed by the company [7]. - The company is actively expanding into emerging sectors such as water conservancy, clean energy, and mineral resources, with new orders in these areas increasing by 11.3% year-on-year in 2024 [7]. Dividend and Valuation - The company has a strong track record of dividend payments, with a cumulative dividend of CNY 40.76 billion since 2009 and a dividend rate of 15.52% in 2023, translating to a dividend yield of 3.61% [7]. - The report anticipates that ongoing market value management efforts by the state will enhance investor confidence and support valuation recovery [7].

证券代码：601800 证券简称：中国交建 公告编号：临2025-006 中国交通建设股份有限公司 关于召开2024年年度业绩暨现金分红说明会的公告 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个别及连带责任。 重要内容提示： 会议召开时间：2025年3月31日（星期一）下午15:00-16:30 会议召开方式：现场转播+网络直播+网络互动 投资者可以在2025年3月28日至3月30日16:00前登录上证路演中心网页 点击"提问预征集"栏目或通过互联网发送公司邮箱（ir@ccccltd.cn）进行提问， 公司将在说明会上就投资者普遍关注的问题进行回答。 公司将于2025年3月28日于上海交易所网站（www.sse.com.cn）、《中国证 券报》、《上海证券报》、《证券时报》和《证券日报》披露本公司2024年年度 报告。 为方便广大投资者更全面深入了解公司经营业绩及年度现金分红的具体情 况，公司定于2025年3月31日举行"2024年年度业绩暨现金分红说明会"，与投 资者进行交流，并对投资者普遍 ...

深海科技是近年来中国政府重点发展的领域之一，其发展背景可以追溯到对海 洋经济的重视。自 2012 年十八大以来，国家提出建设海洋强国，并在 2021 年 的"十四五"规划中继续强调拓展海洋经济的发展空间。2024 年的中央工作会 议进一步提到大力发展海洋经济和湾区经济。根据 2024 年的统计公报，海洋经 济生产总值约为 10 万亿元，占 GDP 的 7.8%，其中增量占 GDP 增量的 12%。主要 • 2024 年中国海洋经济生产总值达 10 万亿元，占 GDP 的 7.8%，增量占 GDP 增量的 12%，海洋经济已成为国家经济增长的重要驱动力，预示着相关产 业的巨大发展潜力。 • 今年两会首次将深海科技纳入政府工作报告，深海科技市场空间约为 3 万 亿元，超过低空经济，标志着深海科技上升为国家战略重点，将吸引更多 政策支持和资源投入。 • 深海科技产业链长，覆盖上游原材料、中游装备制造、下游资源开发等多 个环节，商业化潜力和远期前景广阔，为投资者提供了多元化的投资机会。 • 中国交建作为全球最大的港口设计建造企业，积极响应国家战略，超前布 局深海科技原创策源地，市值 1,500 亿元，自由流通市值仅 ...

Investment Rating - The report provides a positive outlook on several sectors, particularly in chemicals, aviation, and refrigerants, indicating potential investment opportunities in leading companies like Baofeng and Wanhua [3][8]. Core Insights - The chemical sector has been in a downward cycle for over three years, but a significant decline in capital expenditure is expected in 2025, which may stabilize demand due to supportive domestic policies [3][5][6]. - The refrigerant sector is performing well, with rising market prices and expected profit increases in the second quarter [9]. - The aviation sector shows signs of recovery, with improving ticket prices and demand expected to rise during holiday periods [13][14]. - Companies like Manbang and China Civil Aviation Information Network are highlighted for their strong performance and optimistic growth forecasts [15][17]. Summary by Sections Chemical Sector - The chemical sector has faced a prolonged downturn, but capital expenditure is expected to decrease significantly in 2025, leading to a potential end to rapid capacity growth [3][5]. - Domestic demand is stabilizing as the real estate market's drag diminishes, supported by policies aimed at boosting consumption [6]. - High upstream energy costs, particularly for crude oil, continue to pressure midstream chemical companies, but a potential adjustment in oil prices could present investment opportunities [7][8]. Refrigerant Sector - The refrigerant market has shown strong performance, with both market and long-term prices on the rise, leading to improved profits for companies in this sector [9]. Aviation Sector - Recent trends indicate a recovery in the aviation sector, with domestic ticket prices showing a narrowing decline and expected demand increases during holiday seasons [13]. - Boeing's limited capacity recovery continues to tighten global aircraft supply, benefiting the aircraft leasing industry [14]. Company Performance - Manbang's performance exceeded expectations, with projected compound profit growth of over 30% for 2025 and 2026, supported by strong online transaction capabilities [15][16]. - China Civil Aviation Information Network is expected to see optimistic growth in 2025, with a low valuation and potential for value appreciation [17][18]. Fiberglass Sector - The fiberglass industry is experiencing demand growth driven by wind power and consumer electronics, with leading companies maintaining strong pricing power [19][20]. Cement Sector - The cement sector shows signs of recovery with improved shipment rates and stable demand, particularly in southern markets, suggesting potential for price increases [21]. Glass Industry - The float glass industry faces challenges but is seeing marginal improvements in production and sales rates, with specific companies like Xinyi Glass highlighted for their competitive advantages [22]. Non-Ferrous Metals - The non-ferrous metals market, particularly copper and aluminum, is experiencing upward trends due to supply constraints and increasing demand, indicating a potential reversal in market conditions [26]. Titanium Industry - The titanium industry is poised for growth due to strong domestic demand and reduced import supply, with companies like Hunan Gold being recommended for investment [27]. Bond Market Outlook - The bond market is expected to experience a downward trend in yields as monetary policy becomes more accommodative, indicating a favorable environment for bond investments [32].

Core Viewpoint - The Tianshan Victory Tunnel, the world's longest highway tunnel, has successfully connected after five years of construction, significantly reducing travel time and embodying the principle of "ecological priority and green development" [1][5]. Group 1: Project Overview - The Tianshan Victory Tunnel spans 22.13 kilometers and reduces the travel time across the Tianshan Mountains from 3 hours to 20 minutes [1]. - The tunnel is a critical component of the G0711 line, which connects Urumqi to Yili, and it traverses 16 geological fault zones with a maximum depth of 1112.6 meters [1][5]. Group 2: Environmental Protection Measures - The project team established strict environmental protection standards, including a dust collection rate of over 99% for concrete production and 100% recycling of construction wastewater [5][12]. - Innovative dust removal systems were implemented to ensure that dust generated during construction does not harm the surrounding environment [6][8]. - Three wastewater treatment plants were constructed, with a combined daily processing capacity of 17,500 cubic meters, ensuring that treated water meets surface water quality standards [13][12]. Group 3: Wildlife Conservation Efforts - The project includes measures to protect local wildlife, such as constructing oval-shaped water pools to facilitate access for animals and designing tunnels and bridges to maintain animal migration routes [16][17]. - Approximately 116 kilometers of the project route features rich biodiversity, with 17 tunnels and 36 large bridges designed to minimize ecological disruption [17][18]. Group 4: Community and Stakeholder Engagement - The project management emphasizes the importance of ecological protection alongside construction, ensuring that local communities and wildlife are respected throughout the process [18][15]. - The construction team actively engages with local wildlife, demonstrating a commitment to coexistence and environmental stewardship [16][18].

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 低估值的消费细分龙头具有较高胜率 2025 年 03 月 17 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 房大磊 执业证书：S0600522100001 fangdl@dwzq.com.cn 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 行业走势 -24% -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 2024/3/18 2024/7/16 2024/11/13 2025/3/13 建筑材料 沪深300 相关研究 《政策刺激力度符合预期》 2025-03-10 《建筑业 PMI 低位大幅反弹》 2025-03-03 东吴证券研究所 1 / 22 请务必阅读正文之后的免责声明部分 ◼ 本周（2025.3.10–2025.3.14，下同）：本周建筑材料板块（SW）涨跌幅 1.18%，同期沪深 300、万得全 A ...