与此同时，中国建筑披露近期获得重大项目，合计106.7亿元项目金额。其中包括，房屋建筑类项目2 项，主要聚焦四川绵阳惠科新型显示产业园基础设施建设项目及广东清远灏嵩绿色循环科创园建设工 程；基础设施类项目1项，为中建八局、中建基础和中建三局联合开发的辽宁大连金州湾国际机场工程 航站楼、楼前高架桥及附属设施工程施工项目。 近期中央经济工作会议对房地产及建筑领域释放了明确的支持信号。业内人士指出，中央经济工作会议 的政策导向为中国建筑提供了更加清晰和有利的宏观环境，凭借中国建筑作为行业龙头的综合实力、全 产业链布局以及与国家战略的高度协同，中国建筑不仅能够在当前"稳市场、防风险"的进程中担当重 任，更有望在构建房地产发展新模式、推动建筑业现代化转型的进程中引领行业发展，实现自身长期 的、高质量的可持续发展。其未来表现将更加紧密地与国家城镇化进程、民生改善战略及经济结构升级 相结合，成长路径更具韧性和确定性。 （编辑 张昕） 本报讯 （记者向炎涛）近日，中国建筑股份有限公司（以下简称"中国建筑"）公布2025年1月至11月经 营情况简报。2025年前11个月，中国建筑实现新签合同总额40408亿元，同比增长0.9% ...

1 | | 项 目 | | | 数 额 比上年同期增长 | | --- | --- | --- | --- | --- | | | 二、地产业务情况 | | | | | 1. | 合约销售额（亿元 | RMB） | | 3,246 -9.9% | | 2. | 合约销售面积（万 m | 2） | | 1,215 -4.1% | | 3. | 期末土地储备（万 m | 2） | | 7,190 | | 4. | 新购置土地储备（万 | m | 2） | 831 | 注：由于存在各种不确定性，上述经营指标和数据与定期报告披露的数据可能 存在差异，因此相关数据为阶段性数据，仅供参考。 证券代码：601668 证券简称：中国建筑 公告编号：临 2025-079 2025 年 1-11 月经营情况简报 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 1-11 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） | ...

Core Viewpoint - China State Construction Engineering Corporation (CSCEC) has recently secured three major projects totaling 10.67 billion yuan, which represents 0.5% of the company's audited revenue for 2024 [1][3]. Group 1: Recent Projects - The three major projects include the EPC general contracting for the Sichuan Mianyang Huike New Display Industry Park, the construction of the Guangdong Qingyuan Haosong Green Circular Science and Technology Innovation Park, and the construction of the Dalian Jinzhou Bay International Airport terminal and associated facilities [1][3]. - The contract amounts for these projects are 3.6 billion yuan, 2.8 billion yuan, and 4.27 billion yuan respectively [3]. Group 2: Financial Performance - In the first ten months of 2025, CSCEC signed new contracts worth 3.61 trillion yuan, a year-on-year increase of 1% [2][3]. - The company’s main revenue sources are from housing construction, infrastructure construction and investment, and real estate development [2]. - Cumulatively, from 2021 to 2024 and in the first three quarters of 2025, CSCEC achieved a net profit attributable to shareholders of approximately 241.1 billion yuan [2][6]. Group 3: Business Segments - In the first ten months of 2025, the housing construction segment generated new contracts worth 2.2 trillion yuan, up 1.5% year-on-year, while the revenue from this segment decreased by 5.3% to 988.9 billion yuan [4]. - The infrastructure construction segment signed new contracts worth 1.11 trillion yuan, a 3.1% increase year-on-year, with revenue slightly declining by 3.6% to 370.6 billion yuan [4]. - The real estate development segment saw a contract sales amount of 287.1 billion yuan, down 9.5% year-on-year, indicating challenges in the real estate market [4]. Group 4: Shareholder Support - To bolster market confidence, CSCEC's controlling shareholder, China State Construction Group, announced plans to increase its stake in the company, having already invested 623 million yuan to acquire 112 million shares [7].

Core Viewpoint - China Railway Group Limited is a leading construction group with strong performance in revenue and net profit, but faces challenges in debt levels and profit margins compared to industry averages [2][3]. Group 1: Company Overview - China Railway Group was established on September 12, 2007, and listed on the Shanghai Stock Exchange on December 3, 2007, with its registered and office address in Beijing [1]. - The company is one of the largest multifunctional construction groups globally, with core businesses including infrastructure construction, design and consulting services, equipment manufacturing, and real estate development [1]. Group 2: Financial Performance - As of Q3 2025, China Railway Group reported revenue of 773.814 billion yuan, ranking first in the industry, significantly above the industry average of 135.954 billion yuan [2]. - The net profit for the same period was 19.218 billion yuan, also the highest in the industry, exceeding the average of 3.645 billion yuan [2]. Group 3: Financial Ratios - The company's debt-to-asset ratio stood at 77.88% in Q3 2025, higher than the industry average of 72.81% [3]. - The gross profit margin was reported at 8.64%, lower than the industry average of 11.72% [3]. Group 4: Shareholder Information - As of June 30, 2012, the number of A-share shareholders decreased by 2.38%, with an average holding of 22,900 shares per shareholder, which increased by 2.43% [5]. - By September 30, 2025, major shareholders included China Securities Finance Corporation and Hong Kong Central Clearing Limited, with notable changes in their holdings [5]. Group 5: Market Outlook - The company experienced a slight revenue decline due to a decrease in infrastructure construction, but overseas income showed steady growth [5]. - New contract signings increased by 2.8% year-on-year, with overseas contracts rising by 51.6% [5]. - The mining resources segment maintained stable operations, contributing positively to profits due to lower operating costs and rising metal prices [6].

Core Viewpoint - China Railway reported a decline in revenue and net profit for the first three quarters of 2025, indicating challenges in the infrastructure sector [1][2]. Financial Performance - The company's revenue for the first three quarters was 773.814 billion yuan, a year-on-year decrease of 5.46% [1]. - The net profit attributable to shareholders was 17.490 billion yuan, down 14.97% year-on-year [1]. - The net profit after deducting non-recurring items was 15.201 billion yuan, a decline of 20.04% year-on-year [1]. - Basic earnings per share stood at 0.64 yuan [1]. Profitability Metrics - The gross profit margin for the first three quarters was 8.64%, a decrease of 0.15 percentage points year-on-year [2]. - The net profit margin was 2.48%, down 0.26 percentage points compared to the same period last year [2]. - In Q3 2025, the gross profit margin improved to 8.85%, an increase of 0.13 percentage points year-on-year [2]. - The net profit margin for Q3 was 2.31%, a decrease of 0.16 percentage points year-on-year [2]. Cost Management - Total operating expenses for the period were 39.167 billion yuan, a reduction of 2.256 billion yuan year-on-year [2]. - The expense ratio remained stable at 5.06% compared to the same period last year [2]. - Sales expenses decreased by 1.68%, management expenses decreased by 13.78%, and R&D expenses decreased by 15.01% [2]. - Financial expenses increased significantly by 80.11% [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 486,900, an increase of 24,800 or 5.38% from the end of the previous half [2]. - The average market value per shareholder decreased from 300,400 yuan to 280,000 yuan, a decline of 6.80% [2]. Company Overview - China Railway, established on September 12, 2007, and listed on December 3, 2007, is headquartered in Beijing [3]. - The company’s main business includes infrastructure construction, design and consulting services, equipment manufacturing, real estate development, and other services [3]. - The revenue composition is as follows: infrastructure construction 46.05%, municipal infrastructure 23.80%, railway construction 14.94%, highway construction 7.31%, and others [3].

Core Insights - China State Construction's new contract total for January to September 2025 reached 3,293.6 billion RMB, reflecting a year-on-year increase of 1.4% [1] - The construction business contributed 3,038.3 billion RMB to new contracts, up 1.7% year-on-year [1] Group 1: Contract Performance - New contracts in the housing construction sector amounted to 2,014.6 billion RMB, a year-on-year increase of 0.7% [1] - Infrastructure business new contracts totaled 1,014.4 billion RMB, showing a year-on-year growth of 3.9% [1] - Survey and design business new contracts were 9.2 billion RMB, down 7.4% year-on-year [1] Group 2: Regional Distribution - Domestic new contracts reached 2,886.8 billion RMB, reflecting a year-on-year increase of 2.0% [1] - Overseas new contracts totaled 151.5 billion RMB, representing a year-on-year decline of 4.4% [1] Group 3: Physical Indicators - The total construction area for housing was 1,570.51 million square meters, down 1.5% year-on-year [1] - New housing construction area was 194.54 million square meters, down 7.9% year-on-year [1] - Completed housing area was 141.91 million square meters, up 5.6% year-on-year [1] Group 4: Real Estate Business - Contract sales in the real estate sector for January to September 2025 were 255.3 billion RMB, down 2.0% year-on-year [1] - Contract sales area was 9.52 million square meters, showing a year-on-year increase of 0.7% [1] - At the end of the period, land reserves stood at 74.97 million square meters, with new land acquisitions totaling 6.95 million square meters [1]

证券代码：601668 证券简称：中国建筑 公告编号：临 2025-061 2025 年 1-9 月经营情况简报 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。 | 项 目 | 数 | 额 | 比上年同期增长 | | --- | --- | --- | --- | | 新签合同总额（亿元 RMB） | | 32,936 | 1.4% | | 一、建筑业务情况 | | | | | 1. 新签合同额（亿元 RMB） | | 30,383 | 1.7% | | 2. 业务分部（亿元 RMB） | | | | | 房屋建筑 | | 20,146 | 0.7% | | 基础设施 | | 10,144 | 3.9% | | 勘察设计 | | 92 | -7.4% | | 3. 地区分部（亿元 RMB） | | | | | 境内 | | 28,868 | 2.0% | | 境外 | | 1,515 | -4.4% | | 4.实物量指标（万 2） m | | | | | 房屋建筑施工面积 | | 157,051 | -1.5% | | 房屋 ...

Core Viewpoint - Guangdong Construction (002060) announced a cooperation framework agreement with the Maoming Binhai New Area Management Committee to collaborate on high-end marine equipment manufacturing, clean energy project investment and development, and infrastructure construction [1] Group 1 - The agreement was signed by Guangdong Construction's wholly-owned subsidiary, Guangdong Hydropower Second Bureau Group Co., Ltd [1] - The collaboration focuses on three main areas: marine high-end equipment manufacturing, clean energy projects, and infrastructure development [1]

Core Points - Guangdong Construction announced a cooperation framework agreement with the Maoming Binhai New Area Management Committee, signed on October 17, 2025 [1] - The agreement encompasses areas such as marine high-end equipment manufacturing, clean energy project investment and development, and infrastructure construction [1] - Specific cooperation matters will be signed in separate agreements after fulfilling the company's decision-making procedures [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is under short-term pressure, but order growth shows resilience [5] - Revenue for the first half of 2025 was 511.09 billion yuan, down 5.93% year-on-year, with net profit attributable to shareholders decreasing by 17.17% [6] - The company has seen a steady increase in new contracts, with a total of 1,108.69 billion yuan signed in the first half of 2025, up 2.8% year-on-year [6] Financial Performance Summary - The company reported a revenue of 5,110.93 billion yuan in H1 2025, a decrease of 5.93% year-on-year, with net profits of 118.27 billion yuan and 102.68 billion yuan for attributable and non-attributable profits respectively, down 17.17% and 21.59% [6] - The revenue breakdown for H1 2025 includes infrastructure construction (436.25 billion yuan, -7.78%), design consulting (8.91 billion yuan, -0.60%), equipment manufacturing (13.75 billion yuan, +14.39%), and real estate development (15.61 billion yuan, +7.83%) [6] - The company’s gross profit margin for H1 2025 was 8.53%, a decrease of 0.30 percentage points year-on-year [6] Market Performance - The company’s new contract value in H1 2025 was 1,108.69 billion yuan, with significant contributions from overseas markets, particularly in railway, construction, and municipal projects [6] - The company’s cash flow remains a concern, with a net cash outflow from operating activities of 79.63 billion yuan in H1 2025, an increase of 10.30 billion yuan year-on-year [6] Earnings Forecast and Valuation - The forecasted net profit for the company from 2025 to 2027 is 28.7 billion yuan, 29.7 billion yuan, and 30.8 billion yuan respectively, with year-on-year growth rates of 2.76%, 3.47%, and 3.73% [6][8] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 4.86 for 2025, 4.70 for 2026, and 4.53 for 2027 [6][8]