Investment Rating - The investment rating for China Railway (601390) is "Buy" (maintained) [2] Core Views - The company is facing pressure on revenue and profit, with a planned mid-term dividend in 2025 to enhance shareholder returns [1] - The 2024 forecast shows a decline in net profit by 16.7% compared to the previous year, slightly below prior expectations [7] - The company aims to achieve a total revenue of approximately 1.13 trillion yuan in 2025, with new contract amounts projected at 2.80 trillion yuan [7] Financial Summary - Total revenue for 2023 is projected at 1,263,475 million yuan, with a year-on-year growth rate of 9.5% [6] - For 2024, total revenue is expected to decline to 1,160,311 million yuan, a decrease of 8.2% [6] - The net profit attributable to the parent company for 2024 is forecasted at 27,887 million yuan, down 16.7% year-on-year [6] - The company plans to distribute a cash dividend of 0.178 yuan per share for 2024, with a payout ratio of 15.79% [7] - The operating cash flow for 2024 is expected to be 28.1 billion yuan, a decrease of 10.3 billion yuan from the previous year [7] Segment Performance - The infrastructure construction segment is projected to generate revenue of 992.9 billion yuan in 2024, down 8.71% year-on-year [7] - The design consulting segment is expected to achieve revenue of 17.4 billion yuan, a decrease of 4.59% [7] - The equipment manufacturing segment is forecasted to generate 24.8 billion yuan, down 9.36% [7] - The real estate development segment is projected to earn 48.3 billion yuan, a decline of 5.71% [7] Order Trends - New contracts signed in 2024 are expected to total 2.72 trillion yuan, a decrease of 12.4% year-on-year [7] - The railway business is expected to see a slight increase in new contracts, with 319.4 billion yuan, up 0.3% [7] - Domestic new contracts are projected at 2.49 trillion yuan, down 14.0%, while overseas contracts are expected to rise to 220.9 billion yuan, up 10.6% [7] Profit Forecast - The profit forecast for 2025-2027 has been adjusted downwards, with net profits expected to be 28.1 billion yuan, 28.9 billion yuan, and 29.5 billion yuan respectively [7] - The growth rates for these years are projected at 0.6%, 2.9%, and 2.2% respectively [7]

Project Overview - The project is named "Erduoke Qianqi Mongolian Medicine General Hospital Preparation Room Renovation Project" with a budget of 510,289.58 yuan [1] - The procurement method is competitive negotiation, and suppliers are invited to participate [1] Supplier Qualification Requirements - Suppliers must meet the conditions outlined in Article 22 of the "Government Procurement Law of the People's Republic of China," including having the ability to independently assume civil liability, good commercial reputation, and necessary equipment and technical capabilities [2] - Suppliers must not be listed as dishonest executors or on tax violation blacklists, and their credit status will be verified through platforms like "Credit China" [2][3] - The project does not accept joint bids, and suppliers must possess a construction administrative department-issued qualification certificate for mechanical and electrical installation engineering [2] Document Confirmation and Submission - Suppliers must confirm their contact information to ensure timely communication regarding any changes or clarifications [3] - The confirmation period for procurement documents is from March 30, 2025, to April 7, 2025, with specific hours for confirmation [4] - The deadline for submitting bid documents is April 8, 2025, at 09:00 AM, and late submissions will not be accepted [5]

Core Points - China Railway Construction Corporation (CRCC) reported a revenue of 1,067.171 billion yuan and a net profit attributable to shareholders of 22.215 billion yuan for the year 2024 [1] - The company plans to distribute a cash dividend of 3.00 yuan per 10 shares, totaling 4.074 billion yuan, which accounts for 20.60% of the profit available for distribution to shareholders [1] - CRCC signed new contracts totaling 3,036.968 billion yuan in 2024, marking the third consecutive year of exceeding 3 trillion yuan in new contracts [1] - The overseas new contract amount reached 311.978 billion yuan, representing a year-on-year growth of 23.39%, setting a new historical high [1] Strategic Development - In 2024, CRCC emphasized strategic top-level design, guided by the "1256" medium- and long-term development strategy to promote high-quality development [1] - The company focuses on upgrading traditional construction and nurturing strategic emerging industries, exploring five new tracks: new infrastructure, new equipment, new materials, new energy, and new services [1] - CRCC is accelerating its transformation in six areas: high-end, intelligent, green, refined, digital, and international [1] Project Progress - Key projects such as the Xiong'an New Area and the Sanbei Shelter Forest Project are progressing steadily, with major projects like the Hushu Lake High-speed Railway and the Yinkun Expressway completed successfully [2] - The company celebrated the completion of the Macau Bridge and the Macau Light Rail Hengqin Extension Line, marking the 25th anniversary of Macau's return [2] - The world's tallest hotel, the Dubai Blue Sky Hotel, was delivered, and the first 5,000-ton self-propelled full rotation crane ship in China was launched [2] Operational Efficiency - CRCC maintains a high-quality operational philosophy, moving away from scale obsession and optimizing operational strategies to enhance order landing rates, conversion rates, and profitability [2] - The company strengthens comprehensive refined management and supply chain management, implementing "three gold" controls to improve asset quality, resulting in overall stable economic operations [2]

Group 1 - The company reported a total revenue of 1,160.31 billion RMB for the fiscal year 2024, representing a year-on-year decrease of 8.2% [1] - Shareholder profit attributable to the company was 27.89 billion RMB, down 16.7% year-on-year, with basic earnings per share at 1.085 RMB and a proposed final dividend of 0.178 RMB per share [1] - The new contract amount signed by the group in 2024 was 2,715.18 billion RMB, a decline of 12.4% compared to the previous year, with domestic contracts decreasing by 14.0% and international contracts increasing by 10.6% [1] Group 2 - The group secured new contracts worth 1.87 trillion RMB in various sectors including railways, highways, urban rail, municipal projects, and housing construction, maintaining a leading market share in the railway and urban rail sectors [2] - Significant progress was made on key projects such as the Salt-Yi and Tong-Su-Jia-Ning railways, and the Huangshan Tourism T1 line, among others, contributing to the "Second Curve" business expansion [2] - The "Second Curve" business saw new contracts amounting to 425.7 billion RMB, an increase of 11% year-on-year, focusing on water conservancy, clean energy, and ecological protection markets [2] Group 3 - The company has deeply integrated into the high-quality co-construction of the "Belt and Road" initiative, enhancing its global brand influence and overseas operational capabilities [3] - In 2024, the new contract amount for overseas business was 220.9 billion RMB, accounting for 8% of the total new contracts, with a year-on-year growth of 10.6% [3] - Major international projects such as the Hungary-Serbia railway and the Peru Chancay tunnel are progressing steadily, showcasing the company's strength on the international stage [3]

中国交通建设股份有限公司 证券代码：601800 证券简称：中国交建 公告编号：临 2025-012 关于估值提升计划及市值管理方案的公告 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： ? 估值提升计划触发情形：2024 年 1 月 1 日至 2024 年 12 月 31 日，公司 股票已连续 12 个月内每个交易日收盘价低于最近一个会计年度经审计的每股归 属于公司普通股股东的净资产。 ? 估值提升计划审议程序：经公司第五届董事会第四十五次会议审议通过。 ? 公司计划通过持续聚焦主责主业，提升产业体系现代化水平，持续提高 信息披露质量，提升公司透明度，优化分红政策，稳健提升股东回报等措施推动 估值提升。 ? 风险提示：本估值提升计划仅为公司行动计划，不代表公司对业绩、股 价、重大事件等任何指标或事项的承诺。公司业绩及二级市场表现受到宏观形势、 行业政策、市场情况等诸多因素影响，相关目标的实现情况存在不确定性。 一、估值提升计划的触发情形及审议程序 (一) 触 ...

| 单位：人民币 | | | | | | | | | | | | | | | | | 元 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 增减变动幅度 | | | | | | | | | | | 项目 本报告期 上年同期 | | | | | | | | | | | | | | | | | | | | | | （％） | | | | | | | | | | | | | | | | | | 营业总收入 21,059,817,744.38 22,672,675,539.26 | | | | | | | | | | | | | | | -7.11 | | | | | 营业利润 386,586,985.35 384,880,292.67 | | | | | | | | | 0.44 | | | | | | | | | | | 389,622,320.51 379,653,131.67 利润总 ...

Group 1: Agriculture and Livestock Industry - The probability of capacity reduction in the pig farming industry is high, with recovery difficulties greater than in previous cycles, indicating that the pig cycle is likely to return to normal gradually [2] - The overall output of large-scale pig enterprises is expected to increase year-on-year in 2025, while the industry may re-enter a loss state due to strong supply and weak demand for pig prices [2] - The pig farming sector is currently undervalued, with significant upside potential in stock valuations as many stocks are at historical low valuation ranges [2] Group 2: Light Textile Industry - The company, Shifeng Culture, is expected to turn a profit in 2024, with its toy business accounting for over 90% of revenue from 2018 to 2023 [3] - The integration of AI and IP in product development is leading the industry trend, with successful launches of AI toys that meet various functional needs [3] - The company plans to expand its market presence through diversified strategies and aims to enter overseas markets, projecting significant growth in net profit from 0.1 billion to 1.0 billion from 2024 to 2026 [3] Group 3: Healthcare Industry - The company, Weijian Medical, is actively responding to a crisis by enhancing its internal controls and implementing a traceability project for its sanitary products [5] - The brand, Nais Princess, has gained market recognition and improved rankings on e-commerce platforms due to its product quality and clean production environment [5] - The company aims to enhance product quality and innovation in its core product lines, focusing on consumer trust and product storytelling [5][27] Group 4: Human Resources Industry - Beijing Renli is embracing AI technology to drive digital transformation in the human resources sector, establishing a joint venture to focus on AI applications [9][30] - The company is developing a dual technology path to enhance operational efficiency and risk management through AI integration [30] - Profit forecasts for 2024-2026 have been adjusted downward, with expected net profits of 8.3 billion, 9.5 billion, and 10.4 billion respectively [9][32] Group 5: Energy Industry - Kunlun Energy reported a revenue of 1870.46 billion RMB in 2024, reflecting a year-on-year increase of 5.5% [33] - The company achieved a natural gas sales volume of 541.70 billion cubic meters, up 9.9% year-on-year, outperforming industry growth [33] - The LNG plant's operational efficiency has improved, with 13 plants achieving profitability, indicating a positive trend in the energy sector [35]

Group 1 - China Merchants Bank reported a net profit of 148.39 billion yuan for 2024, a year-on-year increase of 1.22%, with a proposed cash dividend of 2 yuan per share [1] - China Telecom announced a net profit of 33.01 billion yuan for 2024, reflecting an 8.4% year-on-year growth, with a proposed final dividend of 0.0927 yuan per share [2] - Double J Electric signed significant contracts worth 1.555 billion yuan, accounting for 44.35% of its audited revenue for 2023, which is expected to positively impact future performance [3] Group 2 - Yongding Co. clarified that it does not directly manufacture controllable nuclear fusion devices, and its related products will not significantly impact its financial performance [4] - Heng Rui Pharmaceutical entered a licensing agreement with Merck, potentially earning up to 1.77 billion USD in milestone payments [5] - Ruishun Technology plans to use 90 million yen (approximately 4.34 million yuan) of raised funds to acquire assets related to a high-precision parallel robot project from Panasonic [6] Group 3 - Dalian Heavy Industry expects a net profit of 160 million to 195 million yuan for Q1 2025, a year-on-year increase of 12.22% to 36.77%, driven by a projected revenue of around 3.5 billion yuan [9] - Rongsheng Development is planning to restructure its debts by consolidating assets and enhancing its operational capabilities [10] - Yunnan Copper's net profit for 2024 is projected to decline by 19.9%, with a proposed cash dividend of 2.4 yuan per share [11] Group 4 - Lianrui New Materials reported a net profit of 251 million yuan for 2024, a year-on-year increase of 44.47%, with a proposed stock dividend of 3 shares for every 10 shares held [11] - Yuan Zu Co. announced a net profit of 249 million yuan for 2024, a decrease of 9.98%, with a proposed cash dividend of 10 yuan per 10 shares [12] - Double Happiness Development reported a net profit of 4.989 billion yuan for 2024, a decrease of 1.26%, with a proposed cash dividend of 7.5 yuan per 10 shares [13] Group 5 - Morning Light Co. reported a net profit of 1.396 billion yuan for 2024, a decrease of 8.58%, with a proposed cash dividend of 10 yuan per 10 shares [14] - Ningbo Ocean's net profit for 2024 was 550 million yuan, reflecting a year-on-year growth of 9.86% [15] - Xinyue Kanglv reported a net profit of approximately 86.3 million yuan for 2024, a decrease of 42.2% [16] Group 6 - Zhongjian Technology expects a net profit of 100 million to 114 million yuan for Q1 2025, a year-on-year increase of 68.79% to 92.42% [17] - Kuaiyi Elevator reported a net profit of 132 million yuan for 2024, a decrease of 8.46%, with a proposed cash dividend of 3.6 yuan per 10 shares [18] - Rongsheng Environmental Protection reported a net profit of 286 million yuan for 2024, an increase of 5.79%, with a proposed cash dividend of 5 yuan per 10 shares [19] Group 7 - Minfeng Special Paper reported a net profit of 72 million yuan for 2024, an increase of 54.09%, with a proposed cash dividend of 0.17 yuan per 10 shares [20] - Huaiqi Environmental Protection announced that major shareholders plan to reduce their holdings by up to 1% [21] - Guoli Co. plans to repurchase shares worth 30 million to 50 million yuan [22]

国家队强势出击，散户迎来最后的暴富契机！ 中央汇金紧急调配超万亿资金，迅速锁定6只股价仅2元的低价潜力股，机构们已疯狂争抢筹码！ 资深股民都清楚，中央汇金坐拥7万亿巨额资产，前段时间刚完成股权调整，如今资产规模已跃升至十 万亿元级别！ 此番以如此大规模资金抄底A股，释放出核弹级别的利好信号，三大历史规律即将在大A再度上演！ 当下，汇金再度果断出手，一口气重仓六大行业龙头企业。这些公司目前股价均在2元左右，且在各自 领域具有独特优势，极具关注价值！ 第一家，中国铁建，作为我国基建领域的超级巨头，在国内外承建众多大型项目，此次被中央汇金重仓 5500万股。 第二家，合肥百货，合肥地区商业零售的龙头企业，拥有广泛的市场布局和稳定客源，被中央汇金重仓 2300万股。 第三家，金融街，国内领先的商务地产开发运营商，具备丰富的项目运作经验，被中央汇金重仓4000万 股。 中央汇金万亿重仓名单，6大低价股！ 第四家，云南白药，国内知名的中成药品牌，在医药市场占据重要地位，被中央汇金重仓5200万股。 第五家，马钢股份，华东地区重要的钢铁生产企业，产品质量过硬，被中央汇金重仓8500万股。 最后一家实力堪称爆表，公司不仅拥有 ...

Core Viewpoint - The Indonesian stock market has experienced significant declines, with the Jakarta Composite Index dropping over 4% and falling below 6000 points for the first time since 2021, reflecting investor concerns over the new government's fiscal policies and external uncertainties [1][2][3]. Group 1: Market Performance - The Jakarta Composite Index has cumulatively decreased by approximately 17% over the past year, making it one of the worst-performing markets globally [2]. - The Indonesian Rupiah has also depreciated against the US dollar, with a decline of about 2% this year [2]. Group 2: Investor Sentiment - Investor sell-offs are primarily driven by strong concerns regarding the fiscal plans of the new President Prabowo Subianto and uncertainties stemming from Trump's tariff policies [3][4]. - The establishment of a new sovereign wealth fund, Danantara, which involves transferring state-owned enterprise shares, has raised investor fears about the loss of fiscal discipline established during the previous administration [4]. Group 3: Economic Conditions - There are growing concerns about weak consumer spending, which has historically been a strong driver of Indonesia's economic growth [7][8]. - Recent deflationary data has heightened worries, with the consumer price index showing a year-on-year decline for the first time in 25 years, and consumer confidence indices dropping for two consecutive months [9]. Group 4: Government Fiscal Policies - President Prabowo has introduced an ambitious nationwide free meal program for schoolchildren and pregnant women, expected to cost around $28 billion annually, which places significant pressure on the already strained fiscal budget [10][11]. - The implementation of this program has led to extensive austerity measures across various sectors, with national revenue reportedly declining by one-fifth in the first two months of the year [11]. Group 5: Political Stability - There are speculations regarding the potential resignation of Finance Minister Sri Mulyani Indrawati, which has added to market anxiety despite government denials [12].