近日，中国建筑（601668.SH）公布2025年1-7月经营情况简报。2025年前7个月，中国建筑实现新签合 同总额26,798 亿元，同比增长1.4%，整体订单形势稳中前进。 地产业务方面，中国建筑2025年合约销售额1,930亿元，合约销售面积721万平方米，与上年同期增长的 降幅环比收窄。新购置土地储备576万平方米，期末土地储备7,783万平方米。 此外，中国建筑近期披露的重大项目也取得新进展，合计283.3亿元项目金额实现新高。其中包括，房 屋建筑类项目6项，除商业服务工程外还包括广东深圳后海沄玺花园施工总承包工程和浙江丽水纳爱斯 生态综合园项目等生态环境项目建设；基础设施类项目3项，包括湖北武汉东西湖大道扩容改造及周边 路网完善工程勘察设计施工总承包项目、新疆伊犁察布查尔县光伏发电工程总承包项目、山东日照东港 区涛雒镇海洋生态保护与渔业融合发展 EOD 项目。 2025年7月，全国百城新建住宅均价环比上涨0.18%，同比上涨2.64%，呈现结构性回暖态势。8月18 日，国务院第九次全体会议强调，要采取有力措施巩固房地产市场止跌回稳态势，结合城市更新推进城 中村和危旧房改造，多管齐下释放改善性需求 ...

Core Viewpoint - China State Construction has recently announced that it has secured major project contracts totaling 28.33 billion yuan, indicating strong growth and opportunities in the construction sector [1] Summary by Category Housing Projects - The company has obtained several significant housing project contracts, including: - Construction of the core business center unit F-2 in Wenzhou, Zhejiang, valued at 5.52 billion yuan - Construction of the Houhai Chongxi Garden project in Shenzhen, Guangdong, valued at 3.49 billion yuan - Construction of the second phase of the two hospitals and one center project in Zhengzhou Airport Economic Zone, valued at 3.14 billion yuan - Construction of the Naiesi Ecological Comprehensive Park project in Lishui, Zhejiang, valued at 2.91 billion yuan - Construction of the Beautiful Countryside CBD project in Zhaoqing, Guangdong, valued at 2.70 billion yuan - Construction of the commercial office project in Yangpu District, Shanghai, valued at 2.22 billion yuan [1] Infrastructure Projects - The company has also secured several infrastructure project contracts, including: - Survey and design for the expansion and improvement of Dongxihu Avenue and surrounding road networks in Wuhan, Hubei, valued at 3.33 billion yuan - General contracting for the photovoltaic power generation project in Chabuchaer County, Ili, Xinjiang, valued at 2.57 billion yuan - EOD project for marine ecological protection and fishery integration development in Donggang District, Rizhao, Shandong, valued at 2.46 billion yuan [1]

Group 1 - The core viewpoint of the news is that China State Construction (601668.SH) has shown stable performance in its business operations for the first half of 2025, with new contract amounts reaching 2501 billion yuan, reflecting a year-on-year growth of 0.9% [1] - In the construction business, the new contract amount was 2326.5 billion yuan, with a year-on-year increase of 1.7%. Infrastructure business contracts amounted to 823.7 billion yuan, showing a robust growth of 10.0% [1] - Domestic business contracts totaled 2211.7 billion yuan, marking a year-on-year growth of 2.2%. The physical indicators included a construction area of 1501.07 million square meters, new construction area of 129.49 million square meters, and completed area of 81.85 million square meters [1] Group 2 - In the real estate sector, the company reported a contract sales amount of 174.5 billion yuan and a sales area of 6.33 million square meters for the first half of 2025. The new land reserve acquired was 5.2 million square meters, with a total land reserve of 76.27 million square meters at the end of the period [1] - The company has recently secured several major projects totaling 21.53 billion yuan, including four housing construction projects across Fujian, Sichuan, and Guangdong, and four infrastructure projects such as the total contracting of the Runze Digital Industry Park in Langfang, Hebei [1] - On July 10, the company announced a cash dividend of 0.2715 yuan per share, totaling approximately 11.218 billion yuan, with a corresponding dividend yield of 4.68%, reflecting a commitment to a stable dividend policy [2] - The recent central urban work conference highlighted a shift in urban development from large-scale expansion to quality improvement, with China State Construction positioned to leverage its integrated advantages in urban renewal and smart construction [2]

Core Viewpoint - China State Construction continues to demonstrate steady growth in 2023, with significant project acquisitions and a focus on its core construction business while facing challenges in its real estate sector [1][2]. Group 1: Major Projects and Financial Performance - In June 2023, China State Construction announced the acquisition of eight major projects totaling 21.53 billion yuan, representing 1% of the audited revenue for 2024 [1]. - The new contracts signed from January to May 2025 amounted to 1.84 trillion yuan, reflecting a year-on-year increase of 1.7%, with the construction business contributing 1.71 trillion yuan, up 2.2% [1][2]. - The real estate business saw a contract sales figure of 130.4 billion yuan, which is a decline of 4% year-on-year [1]. Group 2: Financial Metrics and R&D Investment - As of the end of Q1 2025, the company's contract liabilities stood at 358.4 billion yuan, marking a year-on-year increase of 17.63% [3]. - For Q1 2025, China State Construction reported revenue of 555.3 billion yuan, a 1.1% increase year-on-year, and a net profit attributable to shareholders of 15.01 billion yuan, up 0.61% [3]. - The company has maintained high R&D investment, with expenditures exceeding 40 billion yuan annually since 2021, totaling 181.3 billion yuan from 2021 to 2024 [3]. - By the end of 2024, China State Construction held approximately 68,600 valid patents, including around 10,400 invention patents, showcasing its industry-leading position in innovation [3]. Group 3: Shareholder Returns - Since its listing in 2009, China State Construction has consistently paid dividends, distributing cash dividends 16 times, totaling 104 billion yuan, with a payout ratio of 159.68% [3].

Core Insights - China State Construction Engineering Corporation (CSCEC) reported a total new contract value of 1,520.2 billion yuan for the first four months of 2025, reflecting a year-on-year growth of 2.8% [1] - The construction business segment achieved a new contract value of 1,424.7 billion yuan, with a year-on-year increase of 3.7%, driven by a significant 24.0% growth in infrastructure contracts [1] - The real estate segment saw a contract sales value of 95.6 billion yuan, with a narrowing decline compared to the previous months, and a total land reserve of 7,592 million square meters at the end of the period [1] Construction Business Performance - New contracts in the infrastructure sector reached 505.3 billion yuan, marking a robust growth of 24.0% [1] - Domestic business accounted for 1,354.7 billion yuan, with a year-on-year increase of 4.2% [1] - The physical indicators included a construction area of 146,501 million square meters and a new construction area of 9,293 million square meters, which represents a year-on-year growth of 29.7% [1] Major Projects and Future Outlook - CSCEC is rapidly advancing major projects, with a total project amount of 39.52 billion yuan disclosed recently, the highest this year [2] - Key projects include four housing construction projects totaling 11.08 billion yuan and nine infrastructure projects amounting to 28.44 billion yuan [2] - The construction industry is experiencing a weak recovery driven by "policy efforts + supply optimization," with infrastructure investment remaining a core support for growth [2] - CSCEC aims for sustainable development through business structure optimization, strengthening technological barriers, and expanding new market opportunities under the dual drivers of policy dividends and technological innovation [2]