Group 1 - The core viewpoint of the news is that Southbound funds have significantly increased their holdings in China State Construction International (03311.HK), indicating growing investor confidence in the company [1] - Over the past five trading days, Southbound funds have increased their holdings for four days, with a total net increase of 1.228 million shares [1] - In the last twenty trading days, there have been eighteen days of net increases, totaling 24.812 million shares [1] Group 2 - As of December 30, 2025, Southbound funds hold a total of 514 million shares of China State Construction International, representing 9.72% of the company's issued ordinary shares [1] - The daily changes in shareholding show a fluctuation, with the most recent increase being 536,000 shares, which is a 0.10% change [2] - The company primarily engages in construction business, infrastructure project investment, toll road operations, project supervision services, and other related activities [2]

Core Viewpoint - The "2025 Annual Excellent Case of Green Development" was announced at the "2025 Green Development Summit," highlighting the importance of sustainable urban renewal projects in China [1] Group 1: Project Overview - The Huapicun Hutong No. 8 project, developed by China State Construction International Group, is recognized as the first modular integrated construction (MiC) technology project for the renovation of dilapidated buildings in Beijing [1][2] - The project utilized an "original demolition and reconstruction" model, significantly enhancing safety, livability, and property value, with completion from demolition to construction taking only three months [2][3] Group 2: Technological Innovation - MiC technology, developed by China State Construction International, allows over 90% of construction processes to be completed in a factory, reducing construction waste by 75% and material waste by 25% compared to traditional methods [2][4] - The project incorporated advanced design features such as noise reduction, waterproofing, and energy-efficient installations, addressing the living conditions of residents effectively [3][4] Group 3: Future Projects and Impact - Following the success of Huapicun Hutong No. 8, another project at Sanlihe District No. 28 has also adopted MiC technology, marking a shift from pilot projects to mature applications in urban renewal [4][5] - The project aims to meet the "good housing" construction standards and includes features like barrier-free elevators and enhanced kitchen and bathroom spaces, increasing the overall building area by approximately 17% [4][5] Group 4: Broader Implications - The development of the Dinghuisi project as Beijing's first concrete modular affordable housing project will provide 241 rental units, contributing to a multi-tiered housing security system [6] - The establishment of the Zhongjian Hailong Intelligent Construction Industrial Park aims to create a comprehensive base for MiC technology, promoting green building practices and supporting regional economic development [6]

Group 1 - The "Annual ESG Pioneer Award (Large Market Capitalization)" recognizes companies that balance economic efficiency with social responsibility, highlighting their contributions to environmental, social, and governance (ESG) practices [1] - Ten companies, including Aier Eye Hospital, Beike, Bosideng, Mengniu Dairy, CATL, Tongcheng Travel, Weichai Power, China Feihe, China State Construction International, and Sinotruk, received the award [1] - The evaluation process involved quantitative data analysis and expert review to determine the final results of the award [1] Group 2 - The "Golden Award" aims to create a reference list of the most valuable listed companies and unicorns in the investment community, covering all listed companies on major exchanges including HKEX, SSE, SZSE, NYSE, and NASDAQ [2]

Core Insights - The "Golden Award" annual excellence company selection by Gelonghui will reveal a list of notable companies, highlighting those recognized for their contributions to ESG (Environmental, Social, Governance) principles [1][2] Group 1: Award Winners - Ten companies have been awarded the "Annual ESG Pioneer Award (Large Market Capitalization)," including Aier Eye Hospital, Beike, Bosideng, Mengniu Dairy, CATL, Tongcheng Travel, Weichai Power, China Feihe, China State Construction International, and Sinotruk [1] - The award aims to identify companies that balance economic efficiency with social responsibility, recognizing their outstanding contributions to promoting ESG concepts and pursuing high-quality sustainable development [1] Group 2: Evaluation Process - The selection process for the awards involved quantitative data analysis and evaluation by an expert review panel to determine the final results [1] - The "Golden Award" aims to create a reference list of the most valuable listed companies and unicorns in the investment community, covering all listed companies on major exchanges including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [2]

Investment Rating - The report recommends a "Buy" rating for several construction companies, highlighting their potential for high returns based on expected dividend yields and low valuations [9][32]. Core Insights - The current policy environment is driving an increase in insurance capital allocation to the stock market, with a notable acceleration in Q3 this year. Insurance capital is favoring construction stocks with high ROE, high dividend yields, and low valuations, particularly focusing on companies like China Electric Power Construction, China State Construction, and Sichuan Road and Bridge [1][2][14]. - It is estimated that the construction sector will receive an additional allocation of 28.6 billion yuan by 2026, representing 3.5% of the free float market value. Key A-share stocks recommended include Sichuan Road and Bridge (6.3% yield), Jianghe Group (6.5%), and others, while H-share stocks include China State Construction International (7.2%) and China Communications Construction (6.0%) [1][8][32]. Summary by Sections Insurance Capital Trends - As of Q3 2025, the total balance of insurance capital in China reached 37.5 trillion yuan, a year-on-year increase of 16.5%. The allocation to stocks and funds was 3.6 trillion and 2.0 trillion yuan, respectively, accounting for 15.5% of total investments, with a significant increase noted in Q3 [2][22]. - The top three construction stocks held by insurance capital are China Electric Power Construction, China State Construction, and Sichuan Road and Bridge, which together account for 75% of the insurance capital's construction sector holdings [2][22]. Expected Capital Allocation - The projected allocation of insurance capital to the construction sector is estimated at 50.8 billion yuan in 2025 and 79.4 billion yuan in 2026, with an incremental increase of 28.6 billion yuan in 2026 [3][28]. - The overall allocation ratio for the construction sector is expected to rise from 1.31% in 2025 to 1.60% in 2026, driven by the sector's attractive dividend yield compared to other sectors [3][28]. Recommended Stocks - Key A-share stocks with expected dividend yields over 5% include Sichuan Road and Bridge (6.3%), Jianghe Group (6.5%), and others. H-share stocks include China State Construction International (7.2%) and China Communications Construction (6.0%) [1][29][32]. - The report also highlights semiconductor cleanroom leaders such as Yaxiang Integration and Shenghui Integration, which are expected to benefit from the ongoing AI investment wave [1][8][32].

Group 1 - The current policy is driving insurance capital to increase allocation in the stock market, with a significant acceleration observed in 2023, particularly in Q3 [1][2] - Insurance capital is favoring high ROE, high dividend yield, and undervalued stocks in the construction sector, with major holdings in China Power Construction, China State Construction, and Sichuan Road and Bridge [1][2] - Sichuan Road and Bridge has recently received a stake increase from Zhongyin Life, indicating a trend of insurance capital focusing on high-quality construction stocks [2] Group 2 - It is estimated that insurance capital will allocate 286 billion yuan to the construction sector by 2026, representing 3.5% of the free float market value [3] - The projected allocation for the construction sector from insurance capital is expected to be 508 billion yuan in 2025 and 794 billion yuan in 2026, with incremental increases of 271 billion yuan and 286 billion yuan respectively [3] - The construction sector is expected to attract long-term capital due to the presence of stable performance, high dividends, and low valuations among key A-share companies [4] Group 3 - The global demand for computing power is expected to grow significantly, driven by AI development, leading to a new growth cycle for cleanroom engineering [5] - Major semiconductor companies are increasing their capital expenditures, with TSMC projecting a doubling of its AI business by 2025 and a compound annual growth rate of approximately 40% over the next five years [5] - The cleanroom investment in the semiconductor industry is projected to reach approximately 168 billion yuan globally and 50.4 billion yuan in China by 2025, representing about 15% of the total industry capital expenditure [5]

Core Viewpoint - China State Construction International (03311) has entered into a factoring arrangement to enhance liquidity and diversify financing channels, which is expected to optimize the company's asset structure and improve operational efficiency [1] Group 1: Factoring Arrangement - On December 19, 2025, China State Construction International's indirect wholly-owned subsidiary, China State Construction International Investment, established a factoring arrangement [1] - The company signed an accounts receivable transfer contract with Wenzhou Haisheng and a factoring contract with China State Commercial Factoring [1] - Under the factoring contract, China State Commercial Factoring will provide a principal amount of RMB 300 million at a discount rate of 91% for a period not exceeding 24 months [1] Group 2: Benefits of the Arrangement - The factoring arrangement is expected to provide immediate available funds for operational and business development needs [1] - It allows the company to meet its working capital development requirements and diversify its financing channels [1] - The arrangement aims to optimize the company's asset structure, enhance fund efficiency, and strengthen operational capabilities [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依賴該等內容而 引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：3311） 於本公告日期，中建股份為本公司的中介控股公司。因此，根據上市規則第十四 A 章，中建商業保理（中建股份的間接全資附屬公司）為本公司的關連人士及交易事 項構成本公司的關連交易。 提述本公司分別日期為二零二五年五月三十日及二零二五年八月二十日的公告所 定的關連交易。 根據上市規則第 14A.81 條，如有連串關連交易全部在同一個十二個月期內進行或 完成，又或相關交易彼此有關連，該等交易須合併計算，並視作一項交易處理。交 易事項與本公司日期為二零二五年五月三十日及二零二五年八月二十日的公告所 定的關連交易相關並在同一個十二個月期內進行。據此，該等交易應被合併計算並 視為一項交易，並應使用合併交易的合計數字來計算適用的百分比率。 由於合併交易的所有適用百分比率均超過 0.1%惟低於 5%，故交易事項或合併交易 須遵守上市規則第十四 A 章的申報及公告規定 ...

Group 1 - The core viewpoint of the article emphasizes the collaboration between Shanxi Province and China State Construction Engineering Corporation (CSCEC) to enhance urban development and construction industry transformation [1] - Shanxi's Vice Governor and Governor Lu Dongliang highlighted the strong foundation and significant potential for cooperation with CSCEC, aiming to leverage the full industrial chain advantages to meet Shanxi's development needs [1] - Key areas of focus for collaboration include urban renewal, transportation infrastructure, green construction, property quality improvement, and ecological governance, with an emphasis on innovative cooperation models and implementation of high-quality projects for mutual benefits [1] Group 2 - CSCEC's Chairman Zheng Xuexuan stated that the company is actively transforming into a comprehensive urban development service provider and plans to increase investment in Shanxi [1] - The company aims to strengthen strategic alignment and deepen project cooperation to cultivate new productive forces in the construction sector, contributing significantly to Shanxi's transformation and development [1]

由於本公司就新金融服務協議項下於各財政年度之存款服務的上限，按上市規則定義 計算所得的一項或多項適用百分比率超過0.1%但低於5%，因此，中建財務向本集團提 供新金融服務協議項下之存款服務須遵守上市規則第十四A章之申報、公告及年度審 閱的規定，惟獲豁免遵守獨立股東批准之規定。 由於本公司就新金融服務協議項下於各財政年度之存款服務的上限，按上市規則定義 計算所得的最高適用百分比率超過5%但低於25%，因此，中建財務向本集團提供新金 融服務協議項下之存款服務構成本公司的須予披露交易，須遵守上市規則第十四章之 通知、公告及申報的規定，惟獲豁免遵守股東批准之規定。 - 1 - 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承 擔任何責任。 (於開曼群島註冊成立之有限公司) (股份代號 : 3311) 有關新金融服務協議 之須予披露交易及持續關連交易 茲提述本公司日期為二零二二年十二月六日的公告，內容有關本公司與中建財務訂立 的現有金融服務協議，其將於二零二五年十二月三十一日 ...