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Summary of the Conference Call on the "Belt and Road" Initiative Industry Overview - The "Belt and Road" initiative is actively promoted by China, with high-level meetings and state visits enhancing connections with participating countries, such as President Xi Jinping's visits to Vietnam, Malaysia, and Cambodia in April 2023, and the upcoming summit organized by the UN Global Compact in Indonesia, indicating positive international response [1][4][2] Core Insights and Arguments - Chinese construction companies exhibit strong competitiveness in the international market, with firms like China Communications Construction Company, China State Construction Engineering, China Electric Power Construction, and China Railway Construction ranking among the top ten in the ENR Global 250 International Contractors list. They have undertaken significant projects along the "Belt and Road," showcasing their scale and technical advantages [1][5] - The current market for the "Belt and Road" sector is favorable, with international engineering business sentiment surpassing domestic conditions. Core companies have valuations with safety margins, as historical data shows that market performance is closely linked to policy announcements and related meetings [1][6] - Countries along the "Belt and Road," particularly in Central Asia, Africa, and Southeast Asia, are experiencing high GDP growth rates, benefiting from foreign investment and rising prices of commodities and mineral resources. Major infrastructure projects like the China-Kyrgyzstan-Uzbekistan railway are driving revenue growth for construction companies [1][8] Valuation and Investment Opportunities - As of May 9, 2024, core companies in the "Belt and Road" sector, such as Northern International, China Steel International, China National Materials, and China Chemical, have low valuations with P/E TTM ratios of 10x, 12x, 11x, and 8x, respectively. Their dividend yields are also high, with China Steel International and China National Materials nearing 5%, indicating defensive investment value [1][9] - The "Belt and Road" sector is seen as having high allocation value, especially in light of global trade tensions and the increasing importance of this market for China's exports. Recent meetings and communications with countries along the initiative further emphasize its significance [2] Growth in Overseas Orders - Chinese state-owned construction enterprises are experiencing robust growth in overseas orders, with significant increases in new contracts compared to domestic orders. For instance, China Steel International's overseas new orders grew by 54% year-on-year in 2024, while China National Materials and China National Machinery also reported growth [3][10] - Notable companies with high overseas business ratios include China Steel International, China National Materials, and China National Machinery, which have shown impressive performance and significant compound growth in overseas revenue and gross profit [3][11] Responses to the "Belt and Road" Initiative - There is a positive international response to China's "Belt and Road" initiative, with events like the first summit on high-quality "Belt and Road" construction organized by the UN Global Compact in Indonesia and Colombia expressing interest in joining the initiative [4] Future Expectations - The valuation of state-owned enterprises in the "Belt and Road" sector is expected to improve, driven by long-term debt management measures and ongoing market value management. The importance of the "Belt and Road" initiative is increasingly highlighted in the current global context, suggesting these enterprises possess good time and allocation value [17]