Group 1 - The core viewpoint of the news is that China State Construction (601668.SH) has shown stable performance in its business operations for the first half of 2025, with new contract amounts reaching 2501 billion yuan, reflecting a year-on-year growth of 0.9% [1] - In the construction business, the new contract amount was 2326.5 billion yuan, with a year-on-year increase of 1.7%. Infrastructure business contracts amounted to 823.7 billion yuan, showing a robust growth of 10.0% [1] - Domestic business contracts totaled 2211.7 billion yuan, marking a year-on-year growth of 2.2%. The physical indicators included a construction area of 1501.07 million square meters, new construction area of 129.49 million square meters, and completed area of 81.85 million square meters [1] Group 2 - In the real estate sector, the company reported a contract sales amount of 174.5 billion yuan and a sales area of 6.33 million square meters for the first half of 2025. The new land reserve acquired was 5.2 million square meters, with a total land reserve of 76.27 million square meters at the end of the period [1] - The company has recently secured several major projects totaling 21.53 billion yuan, including four housing construction projects across Fujian, Sichuan, and Guangdong, and four infrastructure projects such as the total contracting of the Runze Digital Industry Park in Langfang, Hebei [1] - On July 10, the company announced a cash dividend of 0.2715 yuan per share, totaling approximately 11.218 billion yuan, with a corresponding dividend yield of 4.68%, reflecting a commitment to a stable dividend policy [2] - The recent central urban work conference highlighted a shift in urban development from large-scale expansion to quality improvement, with China State Construction positioned to leverage its integrated advantages in urban renewal and smart construction [2]