丨证券研究报告丨 张弛 张智杰 袁志芃 龚子逸 [Table_scodeMsg1] 公司研究丨点评报告丨中钢国际（000928.SZ） [Table_Title] Q3 收入业绩承压，关注现金流同比转正 报告要点 [Table_Summary] 公司前三季度实现营业收入 91.75 亿元，同比减少 27.20%；归属净利润 5.56 亿元，同比减少 13.21%；扣非后归属净利润 5.50 亿元，同比减少 5.02%。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 中钢国际（000928.SZ） cjzqdt11111 [Table_Title2] Q3 收入业绩承压，关注现金流同比转正 [Table_Summary2] 事件描述 公司前三季度实现营业收入 91.75 亿元，同比减少 27.20%；归属净利润 ...

Group 1: Business Operations - The company's main business operations include engineering construction and clean energy generation, with a strong focus on equipment manufacturing [2] - As of September 30, 2025, the total remaining contract amount for signed but uncompleted construction projects is approximately CNY 185.1 billion, and the amount for projects that have been bid but not yet signed is about CNY 26 billion [2] - The gross profit margins for construction projects in the first half of the year are as follows: residential construction at 6.84%, hydropower at 7.30%, municipal engineering at 6.47%, and an overall construction gross profit margin of 7.27% [2] Group 2: Market Opportunities - The company aims to leverage its superior qualifications in four categories and five types of engineering construction to capture opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on infrastructure projects in transportation, water conservancy, and municipal sectors [3] - The company has not yet engaged in overseas clean energy investment projects [3] Group 3: Financial Performance - The net cash flow from operating activities for the first three quarters has significantly decreased, primarily due to local government debt resolution policies and the annual budget arrangement for fiscal funds, with a concentration of payments expected by the end of 2024 [3] Group 4: Clean Energy Projects - As of September 30, the total installed capacity of clean energy projects that have been put into operation is 4.8614 million kilowatts, including hydropower (380,500 kW), wind power (772,400 kW), photovoltaic power (3,608,500 kW), and energy storage (100,000 kW) [3] - The main regions for the company's clean energy projects include Xinjiang, Gansu, Guangdong, Hunan, and Shandong [3] Group 5: Equipment Manufacturing - The company's equipment manufacturing includes clean energy equipment such as wind turbine towers, photovoltaic brackets, and construction machinery, with an annual design capacity of approximately 300,000 tons [3] Group 6: Accounts Receivable Management - The company emphasizes accounts receivable management by actively pursuing collections on construction projects, ensuring timely cash flow recovery [3]

Core Points - Company announced winning construction projects exceeding 500 million yuan in October 2025 [2] - The projects include the "Belt and Road" China-Africa Cooperation General Equipment Intelligent Manufacturing Project and the construction of the Chongqing Road Bridge in Yining City, Ili Prefecture [2] - The bid amounts for the projects are 512 million yuan and 504 million yuan respectively [2]

Summary of Key Points Core Viewpoint - China Nuclear Engineering Corporation (601611.SH) announced its profit distribution plan for the first half of 2025, detailing a cash dividend of 0.01 yuan per share, totaling 30.1383 million yuan [1]. Group 1: Profit Distribution Details - The profit distribution is based on a total share capital of 3.014 billion shares [1]. - The cash dividend of 0.01 yuan per share is inclusive of tax [1]. - The total cash dividend payout amounts to 30.1383 million yuan [1]. Group 2: Important Dates - The record date for the profit distribution is set for November 19, 2025 [1]. - The ex-dividend date is scheduled for November 20, 2025 [1].

格隆汇11月12日丨中国铁建(01186.HK)发布公告，中国铁建股份有限公司2024年面向专业投资者公开发 行科技创新可续期公司债券(第六期)(债券简称：铁建YK22、铁建YK23，债券代码：242023、242024) 将于2025年11月21日开始支付自2024年11月21日至2025年11月20日期间的利息。"铁建YK22"的票面利 率为2.22%，每手"铁建YK22"面值1,000元派发利息为22.20元(含税)；"铁建YK23"的票面利率为2.40%， 每手"铁建YK23"面值1,000元派发利息为24.00元(含税)。 ...

Group 1 - The core point of the news is the recent personnel changes at Beijing Zhuzong Group, with Zhang Suoquan appointed as the new Party Secretary and recommended as the Chairman candidate, while Xie Fuhai is no longer in leadership roles [1][2] - Beijing Zhuzong Group, established in May 1983, has a history of significant projects, including the construction for the 1990 Beijing Asian Games, and was restructured into a state-owned enterprise in 1996 [1] - The company primarily focuses on engineering construction and real estate, and was integrated into Beijing Urban Construction Group as a wholly-owned subsidiary during a 2019 merger [1] Group 2 - The leadership change is part of a strategic decision to enhance the integration of the real estate and engineering sectors, aiming to inject new momentum into the industrial upgrade of Beijing Urban Construction Group [2] - Zhang Suoquan has extensive experience within the Beijing Urban Construction Group system, having held various leadership positions across multiple subsidiaries [2] - The real estate business of Beijing Zhuzong Group is undergoing consolidation, with the integration of its subsidiary Beijing Zhuzong Real Estate Development Co., optimizing resource allocation [1]

Core Insights - Zhonggong International (002051) has signed a business contract with the Diwaniyah Health Bureau under the Iraqi Ministry of Health for the construction of a 100-bed hospital in Diwaniyah Province, Iraq, with a contract value of approximately 105.39 billion Iraqi Dinars, equivalent to about 57.12 million RMB, representing 4.68% of the company's projected total revenue for 2024 [1] Financial Performance - As of November 10, 2025, Zhonggong International's stock closed at 8.7 RMB, up 0.58% from the previous trading day, with a total market capitalization of 10.765 billion RMB [1] - The stock opened at 8.64 RMB, reached a high of 8.7 RMB, and a low of 8.61 RMB, with a trading volume of 96.73 million RMB and a turnover rate of 0.9% [1] Project Details - The hospital project will cover a construction area of approximately 30,000 square meters and will include medical buildings, supporting facilities, and the supply, installation, and commissioning of medical equipment [1] - The contract stipulates a maximum construction period of 1,095 days, indicating a significant commitment to the project timeline [1] Strategic Implications - This project is expected to have a positive impact on the company's operating performance over the next three years and will facilitate the company's market expansion in the healthcare sector in the Middle East [1]

预期该四个项目将产生的总收益估计将超过3000万新元，大致与集团过去两年的平均年度收益相若。主 要项目工程预计将于2026年年底前完成，展现了集团项目执行方面的效率。 该发电站项目因其技术复杂程度高而尤为重要。该项目涉及拆除新加坡其中一座主要发电设施的大型工 业构筑物及高耸烟囱，需要先进的拆卸工程技术、严格的环境保护措施以及严谨的安全管制。该项目突 显了集团在处理技术要求高及大规模工业工程方面的强大能力。 格隆汇11月10日丨BENG SOON MACH(01987.HK)发布公告，集团最近获授予四份在新加坡进行的拆卸 合约。该等项目涉及：(i)裕廊岛化学厂的拆卸工程；(ii)为裕廊集团(JTC)在不同地点的厂房拆卸工程； (iii)新加坡西部化学厂的拆卸工程；及(iv)发电站的构筑物拆卸工程("发电站项目")。 ...

(iv) 发电站的构筑物拆卸工程。 该发电站项目因其技术复杂程度高而尤为重要。该项目涉及拆除新加坡其中一座主要发电设施的大型工 业构筑物及高耸烟囱，需要先进的拆卸工程技术、严格的环境保护措施以及严谨的安全管制。该项目突 显了集团在处理技术要求高及大规模工业工程方面的强大能力。 预期该四个项目将产生的总收益估计将超过3000万新元，大致与集团过去两年的平均年度收益相若。主 要项目工程预计将于2026年年底前完成，展现了集团项目执行方面的效率。 董 事 会 相 信 ， 该 等 合 约 的 授 予 反 映 了 客 户 对 集 团 的 技 术 专 长 及 往 绩 的 持 续 信任，并预 期将对集团未来的业务及财务表现作出积极贡献。 智通财经APP讯，BENG SOON MACH(01987)发布公告，集团最近获授予四份在新加坡进行的拆卸合 约。该等项目涉及： (i) 裕廊岛化学厂的拆卸工程; (ii) 为裕廊集团(JTC)在不同地点的厂房拆卸工程; (iii) 新加坡西部化学厂的拆卸工程;及 ...

Core Viewpoint - Chongqing Construction Group's subsidiary, Chongqing Urban Construction Holding Group, has won two contracts for the Huangjueping Yangtze River Bridge project, with a total bid amount of approximately 1.839 billion yuan [1] Group 1: Company Information - Chongqing Construction Group's subsidiary, Chongqing Urban Construction Holding Group, formed a consortium with China Communications Construction Company and Chongqing Foreign Construction Group [1] - The consortium received two winning bid notifications for the first and second sections of the Huangjueping Yangtze River Bridge project [1] - The total bid amount for the two projects won by the Urban Construction Group is approximately 1.839 billion yuan, subject to final contract confirmation [1]