证券代码：601668 证券简称：中国建筑 公告编号：临 2025-067 2025 年 1-10 月经营情况简报 1 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。 现将本公司 2025 年 1-10 月主要经营情况公布如下，供各位投资者参阅。 | 项 目 | 数 额 | 比上年同期增长 | | --- | --- | --- | | 新签合同总额（亿元 RMB） | 36,065 | 1.0% | | 一、建筑业务情况 | | | | 1. 新签合同额（亿元 RMB） | 33,194 | 2.0% | | 2. 业务分部（亿元 RMB） | | | | 房屋建筑 | 21,991 | 1.5% | | 基础设施 | 11,103 | 3.1% | | 勘察设计 | 100 | -10.4% | | 3. 地区分部（亿元 RMB） | | | | 境内 | 31,502 | 1.9% | | 境外 | 1,691 | 3.2% | | 4.实物量指标（万 m 2） | | | | 房屋建筑施工面积 | 158,811 | ...

Public Funds - The current focus of clients is on previously underperforming sectors such as domestic AI and fruit supply chains, while there is cautious optimism regarding the AI sector's valuation [1] - Clients are making adjustments to their positions due to a lack of expectations for economic downturns in the second half of the year, leading to a generally optimistic market outlook for a bull market [1] - Some clients express caution regarding market performance in September and October [1] Private Funds - A-shares continue to show strength due to liquidity easing and the tech industry's trends, with a focus on growth sectors like AI computing power, innovative pharmaceuticals, and humanoid robots [2] - There is also attention on cyclical opportunities in real estate and consumer recovery, indicating a gradual acceptance of a slow bull market [2] - Clients are nearing full positions, reflecting confidence in upcoming market conditions [2] Hedge Funds - The US stock market has seen adjustments, with signs of reversal in momentum trading, leading to increased volatility and potential risks [3] - In A-shares, a preference for conservatively valued cyclical stocks is noted, with trading strategies taking precedence over fundamentals in the current market environment [3] - Investment opportunities are being sought in global fiscal spending as the economy seeks new growth points [3] Bond Market - The recent bond market adjustment has seen the Ping An Company Bond ETF (511030) maintain a strong performance with controlled drawdowns, ranking first in terms of stability [4] - Various bond ETFs are highlighted with their respective scales and performance metrics, indicating a diverse range of investment options in the bond market [4]

Core Insights - The total new contracts signed by the company from January to July 2025 reached 26,798 billion yuan, representing a year-on-year increase of 1.4% [1] - The new contracts in the construction business amounted to 24,868 billion yuan, with a year-on-year growth of 2.1% [1] Contract Breakdown - The new contracts for housing construction were 16,258 billion yuan, showing a slight decline of 0.4% year-on-year [1] - Infrastructure contracts totaled 8,533 billion yuan, reflecting a year-on-year increase of 7.4% [1] - Surveying and design contracts were 77 billion yuan, down 7.2% compared to the previous year [1] Regional Performance - Domestic contracts reached 23,595 billion yuan, marking a year-on-year growth of 2.6% [1] - Overseas contracts amounted to 1,273 billion yuan, which is a decline of 5.5% year-on-year [1] Real Estate Sector - The contract sales in the real estate sector were 1,930 billion yuan, down 7.4% year-on-year [1] - The contracted sales area was 7.21 million square meters, showing a slight decrease of 0.3% year-on-year [1]

Summary of Key Points from the Conference Call Industry or Company Involved - The discussion focuses on the price differences between China and the United States, particularly in relation to Consumer Price Index (CPI) and Producer Price Index (PPI) trends post-pandemic [2][3][4]. Core Insights and Arguments - **CPI Trends**: Since the end of 2020, China's CPI has consistently been lower than that of the U.S., with no significant convergence observed [2]. - **PPI Growth Divergence**: As of late 2024, U.S. PPI growth has bottomed out and is recovering, while China's remains weak, primarily due to differences in supply chain sensitivity, post-pandemic policy choices, and labor cost disparities [3][4]. - **Structural Differences**: The CPI structure in the U.S. is heavily weighted towards housing, while in China, food, tobacco, and alcohol dominate. This structural difference amplifies price variations across industries [3][5]. - **Key Sectors Influencing Price Differences**: Energy, real estate, and food are identified as the main sectors causing price discrepancies. The U.S. relies more on natural gas, while China is coal-dependent, leading to contrasting price trends [6]. - **Food Consumption Patterns**: The U.S. has a higher consumption of poultry, which has seen price increases due to avian influenza, while China's pork supply is robust, keeping prices low [6]. - **Contribution to Price Index Differences**: Energy factors account for approximately 40% of the PPI growth difference, while food and real estate together explain over 65% of the divergence [7][8]. - **Potential for Price Convergence**: As supply-demand imbalances are addressed, there is a possibility for gradual convergence of prices between the two countries [9]. Other Important but Possibly Overlooked Content - **Underestimation of Price Data**: Current CPI and PPI data in China may be underestimated due to the base year being set in 2020, which was influenced by the pandemic. Changes in economic conditions and consumption patterns could further affect this [10]. - **New vs. Old Energy Industries**: New energy industries, characterized by lower resource dependency and higher R&D investment, are expected to show more stable price trends compared to traditional industries, which are more volatile due to their resource-intensive nature [11]. - **Impact of Policy Choices**: The U.S. has implemented significant fiscal stimulus and quantitative easing, which contrasts with China's more restrained approach, affecting overall economic recovery and price stability [4]. This summary encapsulates the key points discussed in the conference call, highlighting the significant differences in price trends between China and the U.S. and the underlying factors contributing to these disparities.