Core Viewpoint - The cultural exchange event "Silk Road Youth Exchange - Shenzhen University Visits Chinese Enterprises in Saudi Arabia" was organized by China Harbour Engineering Company and Sultan Prince University Confucius Institute, highlighting the importance of cultural and educational collaboration in international business [1] Group 1: Event Overview - The event took place at the China Harbour's Sedra housing project site, showcasing advanced technologies and management experiences in smart city construction in Saudi Arabia [1] - A delegation from Shenzhen University participated, engaging in performances that included traditional Chinese music and dance, which received enthusiastic responses from the audience [1] Group 2: Corporate Social Responsibility - China Harbour Engineering Company emphasized its corporate social responsibility by facilitating this cultural exchange, aiming to broaden the international perspectives and social experiences of contemporary university students [1]

Core Viewpoint - Guangdong Construction (002060.SZ) has announced the signing of a design and construction general contracting (EPC) contract for the Shenshan Special Cooperation Zone Blue Jun Energy Storage Power Station project, which is expected to enhance the company's operational performance and profitability [1] Group 1: Project Details - The project is located in the Shenshan Special Cooperation Zone and involves the construction of a 300MW/1200MWh electrochemical energy storage power station, consisting of four main components: energy storage system, energy storage booster station, outgoing lines, and expansion interval on the opposite side [1] - The total contract amount is 1.888 billion yuan, with Guangdong Yuantian responsible for 1.876 billion yuan of the engineering tasks [1] - The contract duration is set for 120 days [1] Group 2: Business Implications - The undertaking of this engineering project by Guangdong Yuantian is aimed at expanding the scale of construction business and improving profitability, which is expected to positively impact the operational performance of both Guangdong Yuantian and the company [1]

Core Viewpoint - Guangdong Construction announced the signing of a design and construction general contracting (EPC) contract for the Shenshan Special Cooperation Zone Blue Jun Energy Storage Power Station project, which is expected to enhance the company's operational performance and profitability [1] Group 1: Project Details - The project is located in the Shenshan Special Cooperation Zone and involves the construction of a 300MW/1200MWh electrochemical energy storage power station, consisting of four main components: energy storage system, energy storage booster station, outgoing lines, and expansion interval on the opposite side [1] - The total contract amount is 1.888 billion yuan, with Guangdong Yuantian responsible for 1.876 billion yuan of the engineering tasks [1] - The contract duration is set for 120 days [1] Group 2: Business Implications - The undertaking of this engineering project by Guangdong Yuantian aims to expand the scale of construction business and improve profitability [1] - The project is expected to have a positive impact on the operational performance of both Guangdong Yuantian and the parent company [1]

2025年1至6月份，广东建工的营业收入构成为：工程施工占比91.01%，发电占比3.84%，智能装备制造 占比3.66%，勘测设计与咨询服务占比0.97%，其他占比0.51%。 （记者 王晓波） 每经AI快讯，广东建工（SZ 002060，收盘价：3.7元）11月21日晚间发布公告称，2025年11月21日，公 司的全资子公司广东省建筑工程集团有限公司（以下简称"广东建工集团"）和广东省建科建筑设计院有 限公司（以下简称"建科设计院"）收到广东翠湾项目管理有限公司（招标代理）发来的《中标通知 书》。该《中标通知书》确定广东建工集团与建科设计院组成的联合体为"粤建科·中山数智荟项目二区 工程设计施工总承包（EPC）"的中标单位，中标价格约4.16亿元，最终金额以实际签订合同为准。 每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 截至发稿，广东建工市值为139亿元。 ...

Core Points - China Nuclear Engineering Corporation (601611.SH) announced that by October 2025, it has achieved a total of new signed contracts amounting to 123.84 billion yuan [1] - The company has reported a cumulative operating revenue of 81.33 billion yuan [1] Summary by Category Contracts - The total new signed contracts reached 123.84 billion yuan by October 2025 [1] Revenue - Cumulative operating revenue stands at 81.33 billion yuan [1]

关于经营情况简报的公告 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。 现将公司 2025 年 10 月主要经营情况公布如下，供各位投资者参考： 截至 2025 年 10 月，公司累计实现新签合同 1238.40 亿元，累计实现营业收 入 813.34 亿元。 以上数据未经审计，由于客观情况变化等因素，与未来签约额及营业收入并 不完全一致，特别提醒投资者注意。 证券代码：601611 证券简称：中国核建 公告编号：2025-075 中国核工业建设股份有限公司 特此公告。 中国核工业建设股份有限公司董事会 2025 年 11 月 21 日 ...

人民财讯11月20日电，中国核建（601611）11月20日公告，截至2025年10月，公司累计实现新签合同 1238.40亿元，累计实现营业收入813.34亿元。 ...

Core Viewpoint - China Railway Construction Corporation (CRCC) has recently won bids for eight major projects, with a total value of 49.629 billion yuan, accounting for 4.65% of the company's audited revenue for the fiscal year 2024 [2][6][7]. Project Details - The projects include: 1. New Hefei to Chizhou Railway, with a contract value of 6.684 billion yuan and a duration of 1,279 calendar days [6]. 2. New Wenzhou to Fuzhou High-Speed Railway (Fujian Section), with a contract value of 11.436 billion yuan and a duration of 1,826 calendar days [6]. 3. New Wenzhou to Fuzhou High-Speed Railway (Zhejiang Section), with a contract value of 11.551 billion yuan and a duration of 1,826 calendar days [6]. 4. Guiyang-Guangxi Railway (Guizhou Section) double-track line project, with a contract value of 2.615 billion yuan and a duration of 1,460 calendar days [6]. 5. Guiyang-Guangxi Railway double-track line project (Nanning section), with a contract value of 8.236 billion yuan and a duration of 1,460 calendar days [6]. 6. New Shanghai to Nanjing to Hefei High-Speed Railway (Huning Section), with a contract value of 1.728 billion yuan and a duration of 744 calendar days [7]. 7. Comprehensive upgrade of Jinan Zhangqiao Scenic Area, with a contract value of 2.440 billion yuan and a duration of 780 calendar days [7]. 8. G12 Hunchun to Ulanhot Highway and G1131 Mudanjiang to Yanji Highway construction, with a contract value of 4.939 billion yuan and a duration of 1,460 calendar days [7]. Company Background - CRCC, established from the People's Liberation Army Railway Corps, is a state-owned enterprise managed by the State-owned Assets Supervision and Administration Commission. It was listed in Shanghai and Hong Kong in 2008, with a registered capital of 13.58 billion yuan [9]. - The company is recognized as one of the largest and most powerful comprehensive construction groups globally, ranking 51st in the 2025 Fortune Global 500 list and has been in the list for 19 consecutive years [9]. - CRCC's business spans engineering contracting, planning and design consulting, investment operations, real estate development, industrial manufacturing, logistics, green environmental protection, and emerging industries, operating in over 140 countries and regions [9]. Financial Performance - For the first three quarters, CRCC reported a revenue of 728.403 billion yuan, a year-on-year decrease of 3.92%. The net profit attributable to shareholders was 14.811 billion yuan, down 5.63% year-on-year [9][10]. - The company's basic earnings per share were 0.26 yuan, reflecting a decrease of 5.88% compared to the previous year [10].

Core Viewpoint - China State Construction Engineering Corporation (CSCEC) maintains stable contract acquisition capabilities, with a total new contract amount of approximately 3.61 trillion yuan from January to October 2025, reflecting a year-on-year growth of 1% [2][3]. Contract Performance - The new contracts include 3.32 trillion yuan from construction business, a 2% increase year-on-year, accounting for 91.97% of the total new contracts [2][3]. - Real estate business contract sales amounted to 287.1 billion yuan, showing a decline of 9.5% year-on-year, indicating a contraction in this segment [3]. Domestic and International Orders - Most of the construction contracts, over 3.15 trillion yuan, are domestic orders, with a year-on-year growth of 1.9%. In contrast, international contracts reached 169.1 billion yuan, with a growth rate of 3.2%, surpassing domestic growth [3]. - CSCEC's international business has shown steady growth, with new contracts signed from 2021 to 2024 increasing from 163.6 billion yuan to 221.3 billion yuan [3]. Financial Performance - As of the end of Q3 2025, CSCEC's contract liabilities stood at 369.9 billion yuan, a year-on-year increase of 9.52%. However, operating revenue for the first three quarters of 2025 was 1.56 trillion yuan, down 4.2% year-on-year, and net profit attributable to shareholders was 38.18 billion yuan, down 3.83% [5]. - The company has managed to reduce operating costs, with costs for 2024 and the first three quarters of 2025 being 1.97 trillion yuan and 1.42 trillion yuan, respectively, reflecting decreases of 3.48% and 4.09% year-on-year [5][6]. Research and Development - CSCEC emphasizes technological innovation, with R&D expenditures totaling 239.8 billion yuan in the first three quarters of 2025, contributing to a cumulative investment of 205.28 billion yuan over the past five years [2][8]. - The company holds approximately 70,900 valid patents, including about 12,000 invention patents, showcasing its commitment to innovation in the construction sector [9]. Financial Health - As of Q3 2025, CSCEC's debt-to-asset ratio was 76.07%, slightly improved from the previous year, with financial expenses amounting to 13.56 billion yuan, a decrease of 4.81% year-on-year [9].

Report Summary 1. Report Industry Investment Rating The report does not provide an industry investment rating. 2. Core Viewpoints - The transformation effect of market - oriented business entities remains to be seen, and it is difficult to expect significant incremental bond supply. The supply - demand relationship of traditional credit bonds remains tight, and the pricing of outstanding bonds among market - oriented entities may become more differentiated in the future [3][35] - The concentrated opening of amortized open - end bond funds may directly benefit general credit bonds (such as urban investment bonds and industrial bonds), especially 3 - 5Y medium - and long - term credit bonds. High - rated (AAA - and above) medium - term notes are recommended as key trading targets in the future [7][75][76] 3. Summary by Directory 3.1 Platform Market - Oriented Transformation - **Local Bond Issuance for Debt Resolution** - Special Refinancing Bonds: As of 2025/11/9, 19,934 billion yuan of the 2 - trillion - yuan debt quota allocated in 2025 has been issued, almost fully utilized. Except for Henan, all other regions have completed the issuance of special refinancing special bonds within the annual quota [14] - Special New Special Bonds: As of 2025/11/9, 12,818 billion yuan of special new special bonds have been issued in 2025, exceeding the annual limit of 80 billion yuan. The excess may be used to repay non - implicit debt corporate arrears [20] - **Progress of Bond - Issuing Urban Investment Entities Exiting the Platform** - From 2025/1/1 - 11/9, 179 bond - issuing urban investment entities announced exiting the platform. Most provinces have a progress of over 50%, while Liaoning and Guizhou are relatively lagging, and future debt - resolution resources may be tilted towards them [24][27] - **Effect of Platform Market - Oriented Transformation** - The number of market - oriented business entities is increasing, but it has not led to a significant increase in bond financing scale. The reasons may be weak asset quality, cautious regulatory review, and limited investor recognition. The transformation effect remains to be observed [3][34] 3.2 Primary Market - **Net Financing Scale** - This week, the net financing of credit bonds (excluding asset - backed securities) was 154.9 billion yuan, a decrease of 30.5 billion yuan from last week. The net financing of asset - backed securities was 35.9 billion yuan, an increase of 18.5 billion yuan from last week [36] - **Issuance Cost** - The issuance rate of AA industrial bonds increased by 30BP to over 3%. The issuance rates of other different - rated and different - type bonds fluctuated within 15BP compared to last week [45] 3.3 Secondary Market - **Trading Volume** - This week, the trading volume of credit bonds (excluding asset - backed securities) decreased by 51.8 billion yuan compared to last week. The trading volume of asset - backed securities increased by 1.4 billion yuan [46] - **Yield** - The yields of different - rated and different - term credit bonds fluctuated within 3BP compared to last week [49] - **Credit Spreads** - Except for the slight compression of credit spreads in AA+ electrical equipment, light manufacturing, and automobile industries, the credit spreads of other industries and ratings slightly widened. The credit spreads of urban investment bonds, industrial bonds, and bank capital bonds also had small - scale fluctuations [54] 3.4 This Week's Bond Market News - The implied ratings of 20 bond issues of Lionbridge Financial Leasing (China) Co., Ltd. were downgraded; the implied rating of "Yuanhe 4B" issued by China Power Construction Group Hubei Engineering Co., Ltd. was downgraded; the entity rating of Beijing Aerospace宏图 Information Technology Co., Ltd. was downgraded, and the bond rating of "Hongtu Convertible Bond" was also downgraded [72] 3.5 Investment Recommendations - The central bank achieved a net injection of 626.2 billion yuan this week. Except for a few industries, the credit spreads of most industries and ratings slightly widened. The credit spreads of urban investment bonds, industrial bonds, and bank secondary and perpetual bonds had small - scale fluctuations [74] - The concentrated opening of amortized open - end bond funds may benefit general credit bonds and 3 - 5Y medium - and long - term credit bonds. High - rated medium - term notes are recommended as key trading targets [75][76]