Core Viewpoint - China Railway Construction Corporation (CRCC) is recognized as one of the world's most powerful and large-scale comprehensive construction groups, with a diverse range of business operations [1] Group 1: Business Scope - The company’s business encompasses engineering contracting, planning and design consulting, investment operations, real estate development, industrial manufacturing, material logistics, green environmental protection, industrial finance, and strategic emerging industries [1] Group 2: Strategic Initiatives - In 2024, the company will issue the "Guidance on Accelerating the Cultivation and Expansion of Strategic Emerging Industries," which outlines eight major emerging industries, 24 key directional fields, and 80 main sub-sectors [1]

12月29日，中国电建跌0.38%，成交额4.04亿元。两融数据显示，当日中国电建获融资买入额4952.58万 元，融资偿还7691.32万元，融资净买入-2738.74万元。截至12月29日，中国电建融资融券余额合计 29.53亿元。 分红方面，中国电建A股上市后累计派现193.10亿元。近三年，累计派现66.06亿元。 融资方面，中国电建当日融资买入4952.58万元。当前融资余额29.44亿元，占流通市值的4.29%，融资 余额超过近一年60%分位水平，处于较高位。 机构持仓方面，截止2025年9月30日，中国电建十大流通股东中，中国证券金融股份有限公司位居第三 大流通股东，持股4.33亿股，持股数量较上期不变。香港中央结算有限公司位居第四大流通股东，持股 2.56亿股，相比上期减少2.53亿股。华泰柏瑞沪深300ETF（510300）位居第六大流通股东，持股1.46亿 股，相比上期减少700.92万股。易方达沪深300ETF（510310）位居第八大流通股东，持股1.06亿股，相 比上期减少337.88万股。华夏沪深300ETF（510330）位居第九大流通股东，持股7910.36万股，为新进 股东。 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 6.0 CNY, compared to the current stock price of 5.54 CNY [4]. Core Views - The company's revenue and performance are under pressure, with a year-on-year revenue decline of 6.21% to 248.56 billion CNY in Q1 2025, and a net profit decrease of 19.46% to 6.03 billion CNY [1][2]. - Despite the overall revenue decline, the real estate development segment saw significant growth, with a year-on-year increase of 59.48% [1]. - The company has a robust backlog of contracts, with a total of 7.23 trillion CNY in uncompleted contracts as of March 2025, which is a 5.1% increase from the previous year [3]. Revenue and Performance Summary - In Q1 2025, the revenue breakdown by segment is as follows: Infrastructure 216.80 billion CNY (down 7.99%), Design Consulting 4.67 billion CNY (down 2.21%), Equipment Manufacturing 6.25 billion CNY (down 5.77%), Real Estate Development 6.67 billion CNY (up 59.48%), and Other Businesses 14.90 billion CNY (up 3.15%) [1]. - The company's gross profit margin decreased to 8.46%, with specific margins for segments: Infrastructure 7.13%, Design Consulting 22.48%, Equipment Manufacturing 19.27%, and Real Estate Development 13.10% [2]. - The operating cash flow showed a net outflow of 77.40 billion CNY, which is an increase in outflow by 9.33 billion CNY year-on-year [2]. Contract and Order Summary - The new contract signing in Q1 2025 totaled 560.10 billion CNY, a decrease of 9.9% year-on-year, with domestic contracts at 494.43 billion CNY (down 13.6%) and international contracts at 65.67 billion CNY (up 33.4%) [3]. - The breakdown of new contracts by business area includes Engineering Construction 421.43 billion CNY (down 10.4%), Equipment Manufacturing 11.77 billion CNY (down 18.7%), Specialty Real Estate 6.92 billion CNY (up 2.8%), Asset Management 26.96 billion CNY (up 123.7%), Resource Utilization 6.45 billion CNY (down 16.7%), and Emerging Businesses 72.14 billion CNY [3].