A股简称：中国中冶A股代码：601618公告编号：临2026-003 以上数据为阶段性数据，仅供投资者参考，最终数据以定期报告披露数据为准。 特此公告。 中国冶金科工股份有限公司董事会 2026年1月15日 中国冶金科工股份有限公司（以下简称"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2025年1-12月新签合同额人民币11,136.0亿元，较上年同期降低10.8%，其中新签海外合同额人民 币948.8亿元，较上年同期增长1.9%。 12月份，本公司部分新签单笔合同额在人民币10亿元以上的重大工程承包合同如下： 单位：人民币亿元 ...

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgency to invest now [1][13] - The energy demands of AI technologies are highlighted, with data centers consuming as much energy as small cities, leading to concerns about power grid strain and rising electricity prices [2][3] Investment Opportunity - A specific company is positioned as a critical player in the AI energy landscape, owning essential energy infrastructure assets that will benefit from the increasing energy demands of AI [3][7] - This company is described as a "toll booth" operator in the AI energy boom, profiting from the surge in electricity demand driven by AI advancements [4][5] Market Position - The company is noted for its unique capabilities in executing large-scale engineering, procurement, and construction (EPC) projects across various energy sectors, including nuclear energy [7][8] - It is completely debt-free and has a significant cash reserve, amounting to nearly one-third of its market capitalization, which positions it favorably compared to other energy firms burdened by debt [8][10] Growth Potential - The company also holds a substantial equity stake in another AI-related venture, providing investors with indirect exposure to multiple growth opportunities in the AI sector [9][10] - Analysts suggest that the company is undervalued, trading at less than seven times earnings, which presents a compelling investment case given its ties to the booming AI and energy markets [10][11] Industry Trends - The ongoing trends of onshoring, driven by tariffs, and the surge in U.S. LNG exports are expected to further enhance the company's market position [6][14] - The influx of talent into the AI sector is anticipated to drive continuous innovation and advancements, reinforcing the importance of investing in AI-related companies [12]

Core Viewpoint - Pudong Construction (600284.SH) reported significant growth in new project contracts for Q4 2025, with a notable increase in both the number and value of signed projects compared to the previous year [1] Group 1: Q4 2025 Performance - The company signed a total of 89 new engineering construction projects in Q4 2025 [1] - The total value of new contracts signed in Q4 2025 amounted to 3.684 billion yuan [1] - The number of new projects increased by 64.81% year-on-year, while the project value rose by 39.45% year-on-year [1] Group 2: Full Year 2025 Performance - For the entire year of 2025, the company signed a total of 241 new engineering construction projects [1] - The cumulative value of new contracts for the year reached 13.769 billion yuan [1] - The number of new projects increased by 33.89% year-on-year, but the total project value decreased by 22.72% year-on-year [1]

格隆汇1月15日丨中国中冶(01618.HK)公告，公司2025年1-12月新签合同额人民币1.11万亿元，较上年同 期降低10.8%，其中新签海外合同额人民币948.8亿元，较上年同期增长1.9%。 ...

2025年全年，公司累计新签工程施工项目数量总计为241个，累计新签项目金额为人民币137.69亿元， 累计新签项目数量较上年同期增加33.89%，累计新签项目金额较上年同期减少22.72%。 2025年第四季度，公司新签勘察设计咨询项目数量总计为177个，新签项目金额为人民币4,652.73万元， 新签项目数量较上年同期减少18.43%，新签项目金额较上年同期减少11.54%。2025年全年，公司累计 新签勘察设计咨询项目数量总计为680个，累计新签项目金额为人民币20,504.98万元，累计新签项目数 量较上年同期减少23.77%，累计新签项目金额较上年同期减少53.47%。 格隆汇1月15日丨浦东建设(600284.SH)公布，2025年第四季度，公司新签工程施工项目数量总计为89 个，新签项目金额为人民币36.84亿元，新签项目数量较上年同期增加64.81%，新签项目金额较上年同 期增加39.45%。 ...

格隆汇1月15日丨中国中冶(601618.SH)公布，本公司2025年1-12月新签合同额人民币11136.0亿元，较上 年同期降低10.8%，其中新签海外合同额人民币948.8亿元，较上年同期增长1.9%。 ...

中国中冶公告，公司2025年1-12月新签合同额人民币11,136.0亿元，较上年同期降低10.8%，其中新签海 外合同额人民币948.8亿元，较上年同期增长1.9%。 ...

Core Viewpoint - China National Materials International is identified as a high-quality international engineering state-owned enterprise, with engineering, equipment, and operation & maintenance forming the "three driving forces" for the company's growth [1] Group 1: Business Focus and Growth Strategy - The company will further focus on three major areas: the building materials chain, the mining chain, and the green energy and environmental protection chain during the 14th Five-Year Plan [1] - The long-term growth logic of the company is expected to be further strengthened [1] Group 2: Financial Performance and Valuation - If the company's performance growth can recover to 10%, the valuation may be adjusted to 11-12x PE, with an expected market value reaching between 33 billion to 40 billion [1] - The company is projected to have a dividend payout ratio of approximately 44% in 2025 and 48% in 2026, corresponding to a dividend yield of 5.3% in 2026 [1] - Even with a 20% increase in stock price, the dividend yield would still exceed 4.4%, indicating significant absolute safety margin [1] Group 3: Investment Recommendation - The current high win rate, combined with the potential for valuation and performance to deliver high elasticity expectations, suggests that investors should pay attention to China National Materials International [1]

事件描述 公司是优质国际工程央企，工程、装备、运维共同构成公司增长的"三驾马车"。"十五五"公司将进一步 聚焦建材链、矿业链、绿能环保链三大领域，长期成长逻辑进一步增强。 事件评论 摆脱国内水泥工程拖累，长期成长逻辑好。公司是优质国际工程央企，"三驾马车"工程、装备、运维前 三季度订单占比分别为65%、12%、20%，海外订单占总订单69%，国内工程订单仅占总订单9%，大幅 摆脱对国内水泥工程依赖。"十五五"公司将进一步聚焦建材链、矿业链、绿能环保链三大领域，长期成 长逻辑进一步增强。优质商业模式下，公司ROE 达15%为建筑央企最高，资产负债率仅为61%。 境外水泥工程带动工程业务稳健增长，关注"两外"（海外、水泥外）战略带动装备、运维业务迎来发展 新阶段。1）装备：毛利率与现金流显著高于其他业务，2025 年前三季度新签装备订单72 亿元，同比增 长45%，占总订单比例约为12%。其中境外装备增长79%，境内装备增长20%，高增的装备订单有望在 2026 年充分兑现业绩。2025H 装备收入中，境外占比51%，外行业占比37%。水泥工程装备自供比例持 续提升，并在金矿等行业成功开拓，收购的矿山装备公司德国 ...

Group 1 - The company reported a total of new contracts signed amounting to 148.476 billion yuan as of December 2025 [1] - The cumulative operating revenue reached 105.227 billion yuan by the end of December 2025 [1] - The data provided is unaudited and may not fully align with future contract amounts and operating revenue due to changes in objective circumstances [1]