9月30日，黑牡丹（维权）盘中下跌2.06%，截至11:27，报7.60元/股，成交5438.83万元，换手率 0.69%，总市值78.43亿元。 黑牡丹今年以来股价涨60.71%，近5个交易日跌2.19%，近20日涨6.74%，近60日涨48.15%。 责任编辑：小浪快报 资料显示，黑牡丹(集团)股份有限公司位于江苏省常州市青洋北路47号，成立日期1993年5月28日，上 市日期2002年6月18日，公司主营业务涉及城镇化建设业务、纺织服装业务和产业投资业务。主营业务 收入构成为：工程施工46.67%，地产业务27.94%，纺织服装20.86%，其他3.52%，土地前期开发 1.02%。 分红方面，黑牡丹A股上市后累计派现27.20亿元。近三年，累计派现3.91亿元。 黑牡丹所属申万行业为：房地产-房地产开发-住宅开发。所属概念板块包括：土地流转、创投、 OLED、新型城镇化、储能等。 机构持仓方面，截止2025年6月30日，黑牡丹十大流通股东中，香港中央结算有限公司位居第五大流通 股东，持股722.80万股，相比上期增加25.89万股。南方中证房地产ETF发起联接A（004642）位居第六 大流通股东，持 ...

建筑业务方面，新签合同额26,644亿元，同比增长1.8%。其中，房屋建筑业务17,606亿元，同比增长 0.2%；基础设施业务8,954亿元，同比增长5.0%。按地区划分，境内业务25,306亿元，同比增长2.2%。 实物量指标方面，房屋建筑施工面积155,615万平方米；新开工面积18,041万平方米；竣工面积12,479万 平方米。 中证报中证网讯（王珞）近日，中国建筑（601668）（601668.SH）公布2025年1-8月经营情况简报。 2025年前8个月，中国建筑实现新签合同总额28,799亿元，同比增长1.0%，业务规模保持稳健增长态 势。 地产业务方面，中国建筑2025年前8个月合约销售额2,155亿元，合约销售面积812万平方米，同比降幅 较上月环比收窄。新购置土地储备576万平方米，期末土地储备7,473万平方米。 此外，中国建筑近期披露的重大项目正在稳步推进，合计金额85.9亿元。其中包括房屋建筑类项目3 项：沙特阿拉伯德拉伊耶二期歌剧院街区项目、浙江金华金东区金漪湖未来产业科技园配套基础设施建 设项目（未来产业科技园及配套工程）、上海浦东新区张家浜楔形绿地F1b-01地块住宅项目；各 ...

Core Viewpoint - China State Construction Engineering Corporation (CSCEC) reported a stable performance in the first half of 2025, with a slight decrease in revenue but an increase in net profit, indicating resilience in a challenging market environment [1][3]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1,108.31 billion yuan, a year-on-year decrease of 3.17% - The net profit attributable to shareholders reached 30.40 billion yuan, an increase of 3.24% year-on-year - Basic earnings per share (EPS) was 0.73 yuan, reflecting a year-on-year growth of 2.8% [1] Profitability Metrics - The gross margin for the first half of 2025 was 9.43%, up by 0.02 percentage points year-on-year - The net profit margin improved to 3.65%, an increase of 0.12 percentage points year-on-year - The period expense ratio showed improvement, with selling expenses down by 0.04 percentage points to 0.37%, management expenses down by 0.08 percentage points to 1.51%, and financial expenses down by 0.11 percentage points to 0.80% [1] Business Structure and Contract Performance - The total value of new contracts signed in the first half of 2025 was 2,501 billion yuan, a year-on-year increase of 0.9% - The construction business saw new contracts of 1,496.4 billion yuan, a decrease of 2.3%, while the infrastructure business grew by 10% to 823.7 billion yuan - The energy engineering sector led with a contract value of 350.1 billion yuan, marking a significant year-on-year increase of 34.2% [2] Real Estate Sector Insights - The real estate segment experienced a slight decline, with contract sales amounting to 174.5 billion yuan, down 8.9% year-on-year - The company added 5.2 million square meters of land reserves, with a total acquisition cost of 85.8 billion yuan, focusing on first-tier and second-tier cities [2] Investment Outlook - As a leading player in the global construction industry, the company has shown stable performance amid cyclical downturns in real estate and construction - The growth in new contracts, particularly in infrastructure, is expected to support future performance - The company is projected to have EPS of 1.17 yuan and 1.21 yuan for 2025 and 2026, respectively, with corresponding PE ratios of 4.76 and 4.58, suggesting a "buy" rating [3]

Core Insights - China State Construction Engineering Corporation (CSCEC) reported a stable growth in profit amidst intensified industry competition, with a net profit of 30.4 billion yuan, up 3.2% year-on-year [1][2] Group 1: Financial Performance - In the first half of 2025, CSCEC signed new contracts worth 2.5 trillion yuan, a year-on-year increase of 0.9% [1] - The company achieved operating revenue of 1.1 trillion yuan and a basic earnings per share of 0.73 yuan, reflecting a growth of 2.8% [1] - The total profit reached 49.8 billion yuan, with a gross profit margin of 9.4% and an operating profit margin of 4.5%, both showing stable growth [1] Group 2: Business Segments - The construction segment saw optimized revenue structure, generating 696.38 billion yuan in revenue, with new contracts in public buildings rising to 62% of total contracts [1] - The infrastructure segment maintained a positive trend, with operating revenue of 273.43 billion yuan, a 1.5% increase, and new contracts growing by 10% [1] Group 3: Strategic Initiatives - CSCEC is focusing on high-quality clients and projects, with approximately 80% of new contracts signed in strategic regions like Beijing-Tianjin-Hebei and the Yangtze River Delta [2] - The company is actively pursuing overseas development under the Belt and Road Initiative, achieving 59.81 billion yuan in overseas revenue, a 5.8% increase [2] - CSCEC is exploring new business areas such as urban renewal and strategic emerging industries, signing contracts worth 160 billion yuan in urban renewal projects, up 10% [2][3] Group 4: Emerging Industries - The company is expanding its presence in strategic emerging industries, focusing on new generation information technology, new materials, and renewable energy, with revenue from these sectors reaching 91.6 billion yuan, a 3.5% increase [3]

Core Viewpoint - Shenzhen Metro Group reported a significant decline in revenue and a net loss for the first half of 2025, highlighting challenges in both metro operations and integrated station-city development [1][2][3] Financial Performance - The company's total revenue for the first half of 2025 was approximately 7.284 billion yuan, a year-on-year decrease of 21.67% [1] - The net loss attributable to shareholders was about 3.361 billion yuan, with a reduction in loss of approximately 432 million yuan compared to the previous year [1] - Total assets reached 793.232 billion yuan, with total liabilities of 479.62 billion yuan, resulting in a debt-to-asset ratio of approximately 60.46%, slightly up from the previous year [1] Revenue Breakdown - Metro and railway operations, along with integrated station-city development, remain the two main revenue sources for the company, but their revenue contributions have diverged significantly [2] - Metro operations generated approximately 5.592 billion yuan in revenue, a year-on-year increase of 16.34%, while business costs rose to 6.86 billion yuan, up 13.66% [3] - There was a revenue shortfall of about 1.268 billion yuan between metro revenue and costs, indicating that ticket revenue does not cover operational costs [3] Integrated Station-City Development - Revenue from integrated station-city development dropped by 63% to approximately 1.625 billion yuan, with its revenue share falling to 22.3% [3] - The decline in revenue was attributed to the cyclical nature of real estate project completions [3] - Costs for this segment decreased by 69.90% to about 839 million yuan, with a gross margin increase of 11.84 percentage points to 48.38% [3] Operational Highlights - The company has maintained a strong operational performance, with daily passenger flow exceeding 10 million on 38 occasions this year, leading the nation among major cities [5] - As of June 2025, the company had 598.7 kilometers of rail under construction, with multiple projects progressing [5] - Fixed asset investment for the first half of 2025 was 44.282 billion yuan, a year-on-year increase of 34% [6] Industry Context - The company is a key player in Shenzhen's rail transit sector, responsible for the construction, operation, and management of various rail projects [5] - The integrated station-city development business is significantly influenced by the real estate market and regulatory policies, which poses risks to future profitability [4]

Core Insights - China State Construction Engineering Corporation (CSCEC) reported a total new contract value of 26,798 billion RMB for the first seven months of 2025, representing a year-on-year increase of 1.4% [1] Contract Performance - The new contract value for the construction business reached 24,868 billion RMB, showing a year-on-year growth of 2.1% [1] - Breakdown of new contracts: - Housing construction contracts amounted to 16,258 billion RMB, a slight decrease of 0.4% [1] - Infrastructure contracts totaled 8,533 billion RMB, with a year-on-year increase of 7.4% [1] - Survey and design contracts were 77 billion RMB, down 7.2% [1] Regional Distribution - Domestic new contracts were 23,595 billion RMB, reflecting a growth of 2.6% [1] - Overseas new contracts were 1,273 billion RMB, showing a decline of 5.5% [1] Construction Area Metrics - The total construction area for housing was 153,131 million square meters, a decrease of 1.2% [1] - New housing construction area was 15,708 million square meters, down 8.5% [1] - Completed housing area was 10,366 million square meters, an increase of 4.7% [1] Real Estate Business - Contract sales amounted to 1,930 billion RMB, a decline of 7.4% [1] - Contract sales area was 7,783 million square meters, down 0.3% [1] - The ending land reserve was 576 million square meters, with no new land acquisition data provided [1]

Summary of Key Points Core Viewpoint - China State Construction Engineering Corporation (CSCEC) reported a total new contract amount of 26,798 billion RMB for the first seven months of 2025, reflecting a year-on-year growth of 1.4% [1] Group 1: New Contracts - The total new contracts signed in the construction business amounted to 24,868 billion RMB, showing a year-on-year increase of 2.1% [1] - The new contracts in the housing construction segment reached 16,258 billion RMB, which is a slight decline of 0.4% compared to the previous year [1] - The infrastructure segment saw new contracts worth 8,533 billion RMB, marking a growth of 7.4% year-on-year [1] - The surveying and design segment reported new contracts of 77 billion RMB, down by 7.2% year-on-year [1] Group 2: Construction Area - The total construction area for housing was 153,131 million square meters, which represents a decrease of 1.2% year-on-year [1] - The new construction area for housing was 15,708 million square meters, reflecting a significant decline of 8.5% year-on-year [1] - The completed housing area was 10,366 million square meters, showing an increase of 4.7% compared to the previous year [1] Group 3: Real Estate Business - The contract sales amount in the real estate sector was 1,930 billion RMB, which is a decrease of 7.4% year-on-year [2] - The contract sales area was 721 million square meters, showing a slight decline of 0.3% year-on-year [2] - The new land reserves acquired during the period amounted to 576 million square meters, with total land reserves at the end of the period reaching 7,783 million square meters [2]

Core Insights - The company reported a total new contract value of approximately RMB 26,798 billion for the period from January to July 2025, representing a year-on-year increase of 1.4% [2] Group 1: Construction Business - In the construction segment, the new contract value reached RMB 24,868 billion, showing a year-on-year growth of 2.1% [3] Group 2: Real Estate Business - In the real estate segment, the contract sales amounted to RMB 1,930 billion, reflecting a year-on-year decrease of 7.4% [3] - The contracted sales area was 7.21 million square meters, which is a slight decrease of 0.3% year-on-year [3] - The company had a land reserve of 77.83 million square meters at the end of the period, with new land acquisitions totaling 5.76 million square meters [3]

Core Viewpoint - Tianjian Group (000090) expects a significant decline in net profit for the first half of 2025, with projections indicating a drop of 80.56% to 86.63% compared to the same period last year [1] Financial Performance Summary - The net profit attributable to shareholders is estimated to be between 33 million yuan and 48 million yuan [1] - The net profit after deducting non-recurring gains and losses is projected to be between 16.43 million yuan and 31.43 million yuan, reflecting a decrease of 85.9% to 92.63% year-on-year [1] - Basic earnings per share are expected to range from 0.0028 yuan to 0.0108 yuan [1] Business Segment Analysis - The decline in performance is primarily attributed to a decrease in revenue from construction business compared to the same period last year [1] - There has been a significant reduction in the turnover of high-margin real estate projects year-on-year [1]

Core Viewpoint - China State Construction Engineering Corporation (CSCEC) reported a total new contract value of 1,841.2 billion yuan for the period from January to May 2025, representing a year-on-year increase of 1.7% [1] Contract Performance - The new contract value for construction business reached 1,710.8 billion yuan, with a year-on-year growth of 2.2% [1] - Breakdown of new contracts: - Residential construction contracts amounted to 1,112.0 billion yuan, showing a decline of 4.0% year-on-year [1] - Infrastructure contracts totaled 593.9 billion yuan, reflecting a significant increase of 16.2% year-on-year [1] - Survey and design contracts were valued at 4.9 billion yuan, down 15.3% year-on-year [1] Regional Performance - Domestic new contracts were 1,632.4 billion yuan, marking a year-on-year increase of 3.5% [1] - International new contracts stood at 78.4 billion yuan, which is a decline of 19.7% year-on-year [1] Construction Activity - The total construction area for residential buildings was 1.477 billion square meters, a slight decrease of 0.3% year-on-year [1] - New construction area reached 108 million square meters, showing a growth of 3.0% year-on-year [1] - Completed construction area was 54.97 million square meters, down 17.2% year-on-year [1] Real Estate Business - Contract sales in the real estate sector amounted to 130.4 billion yuan, reflecting a decline of 4.0% year-on-year [1] - Contract sales area was 4.55 million square meters, down 6.4% year-on-year [1] - As of the end of the reporting period, land reserves totaled 7.625 million square meters, with new land acquisitions of 2.71 million square meters [1]