Group 1 - The company reported its major operational situation for the fourth quarter of 2025, including new contract signing and ongoing contract status [1] - The company has a total uncompleted contract amount of 6,645,512.77 thousand RMB, which represents a decrease of 0.6% compared to the previous reporting period and an increase of 11.28% year-on-year [2] - The significant project progress includes the Zambia Central Africa Cement Company's 5,000 tons per day clinker production line and supporting engineering project, with a contract amount of 480 million USD, currently in the financing stage and not yet executed [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is a high-quality international engineering state-owned enterprise, with engineering, equipment, and operation & maintenance forming the "three driving forces" for growth. The company will further focus on three major areas: the building materials chain, mining chain, and green energy & environmental protection chain during the 14th Five-Year Plan, enhancing its long-term growth logic [3][4]. Summary by Relevant Sections - The company has significantly reduced its reliance on domestic cement engineering, with overseas orders accounting for 69% of total orders and domestic engineering orders only 9%. The company’s return on equity (ROE) is 15%, the highest among construction state-owned enterprises, with a debt-to-asset ratio of 61% [10]. - The overseas cement engineering business is driving stable growth in engineering operations. The equipment segment has a gross margin and cash flow significantly higher than other businesses, with new equipment orders of 7.2 billion yuan in the first three quarters of 2025, a year-on-year increase of 45%. The overseas equipment orders grew by 79%, while domestic equipment orders increased by 20% [10]. - The company expects steady growth during the 14th Five-Year Plan, with revenue and performance growth projected at 5-10%. If acquisitions and business transformations are realized, the growth rate could be further revised upwards. The company anticipates significant contributions from its equipment and operation & maintenance businesses in 2026, with an optimistic growth outlook of over 10% [10]. - The company’s high dividend yield provides a safety margin, with a projected dividend payout ratio of approximately 44% and 48% for 2025 and 2026, respectively, leading to a dividend yield of 5.3% in 2026. Even with a 20% increase in stock price, the dividend yield remains above 4.4%, indicating a significant safety margin [10].

（编辑 楚丽君） 证券日报网讯 1月14日，中材国际在互动平台回答投资者提问时表示，中材国际是全球水泥技术装备与 工程服务领域的领导者。作为业内唯一实现从矿山开采到智慧运维全产业链覆盖的集成服务商，公司构 建了贯穿技术研发、数字设计、智能制造、智慧建设及售后服务的全生命周期价值体系。凭借这一独特 优势，公司不仅是全球水泥生产商的核心伙伴，更在特种水泥等高端材料领域积累了专业能力和定制化 服务经验。面向未来，公司将持续以系统解决方案赋能产业升级，积极开拓新增长机遇。 ...

| 证券代码：600970 | 证券简称：中材国际 | | 公告编号：临 2026-001 | | --- | --- | --- | --- | | 债券代码：241560 | 债券简称：24 国工 | K1 | | 中国中材国际工程股份有限公司 | 境内 | 763,257.60 | 64% | 2,621,090.02 | -4% | | --- | --- | --- | --- | --- | | 工程技术服务 | 279,710.26 | 881% | 809,397.25 | -16% | | 高端装备制造 | 114,301.70 | -2% | 455,808.09 | 13% | | 生产运营服务 | 364,031.53 | 26% | 1,221,003.31 | -2% | | 其他 | 5,214.11 | -83% | 134,881.37 | 26% | | 境外 | 372,019.48 | -38% | 4,502,418.13 | 24% | | 工程技术服务 | 102,616.00 | -69% | 3,461,587.48 | 26% | | 高端装备制造 | 93 ...

Core Viewpoint - The company reported a year-on-year increase in new contract amounts for 2025, indicating growth in its business operations and market presence [1] Summary by Category New Contracts - In Q4 2025, the company signed new contracts worth 11.353 billion yuan, a 7% increase year-on-year [1] - The total new contract amount for the year reached 71.235 billion yuan, reflecting a 12% year-on-year growth [1] Product Segmentation - The new contract amounts by product for the year were as follows: - Engineering technical services: 42.710 billion yuan, up 15% year-on-year [1] - High-end equipment manufacturing: 9.304 billion yuan, up 30% year-on-year [1] - Production operation services: 17.011 billion yuan, down 2% year-on-year [1] Regional Performance - New contract amounts by region for the year were: - Domestic: 26.211 billion yuan, down 4% year-on-year [1] - Overseas: 45.024 billion yuan, up 24% year-on-year [1] Unfinished Contracts - As of the end of the reporting period, the amount of unfinished contracts stood at 66.455 billion yuan, a decrease of 0.6% from the previous period but an increase of 11.28% year-on-year [1] Project Financing - The financing for the Zambia project, which involves a production line with a capacity of 5,000 tons of clinker, remains unexecuted [1]

Core Viewpoint - The stock of China National Materials International (中材国际) has shown a slight increase, with a closing price of 10.5 yuan as of January 13, 2026, reflecting a 0.96% rise, while the trading volume and capital flow indicate mixed investor sentiment [1][2]. Group 1: Stock Performance - As of January 13, 2026, the stock closed at 10.5 yuan, up 0.96%, with a turnover rate of 1.56% and a trading volume of 350,300 hands, amounting to a total transaction value of 367 million yuan [1]. - In the capital flow data for January 13, 2026, the net outflow of main funds was 6.46 million yuan, accounting for 1.76% of the total transaction value, while retail investors experienced a net outflow of 17.87 million yuan, representing 4.87% of the total [1]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 32.998 billion yuan, a year-on-year increase of 3.99%, and a net profit attributable to shareholders of 2.074 billion yuan, up 0.68% year-on-year [2]. - The third quarter of 2025 saw a single-quarter main revenue of 11.322 billion yuan, reflecting a 4.48% year-on-year increase, while the net profit attributable to shareholders was 653 million yuan, down 1.18% year-on-year [2]. - The company’s debt ratio stands at 60.73%, with an investment income of 132 million yuan and financial expenses of -87.5637 million yuan, alongside a gross profit margin of 17.18% [2]. Group 3: Analyst Ratings - In the last 90 days, 15 institutions have provided ratings for the stock, with 14 recommending a buy and 1 recommending an increase in holdings; the average target price set by institutions is 14.07 yuan [2].

Group 1 - The core viewpoint of the news is that Zhongcai International (600970) has shown a slight increase in stock price and mixed financial performance in recent reports [1][2] - As of January 12, 2026, Zhongcai International's stock closed at 10.4 yuan, with a trading volume of 301,400 hands and a total transaction amount of 315 million yuan [1] - In the recent five days, the stock has experienced a net outflow of funds from major investors and retail investors, while showing a net inflow from small investors [1][2] Group 2 - For the first three quarters of 2025, Zhongcai International reported a main revenue of 32.998 billion yuan, a year-on-year increase of 3.99%, and a net profit attributable to shareholders of 2.074 billion yuan, a year-on-year increase of 0.68% [2] - The company's third-quarter performance showed a main revenue of 11.322 billion yuan, a year-on-year increase of 4.48%, but a decline in net profit and non-recurring net profit by 1.18% and 5.73% respectively [2] - The company has a debt ratio of 60.73%, with an investment income of 132 million yuan and a financial expense of -87.5637 million yuan, while maintaining a gross profit margin of 17.18% [2]

Investment Rating - Investment Rating: Positive (Maintained) [5] Core Views - The report suggests actively monitoring the business progress of Honglu Steel Structure and China National Materials International. Honglu Steel Structure's Q4 2025 production reached 1.41 million tons, up 11.94% year-on-year, with an annual production of 5.021 million tons, reflecting a 11.3% increase. The capacity utilization rate is approximately 96.55%, indicating a significant improvement from 2024, suggesting the company has entered a high-efficiency operational phase. The introduction of nearly 2,500 welding robots and supporting smart production lines is expected to enhance production efficiency and actual effective capacity. Additionally, the company has improved its overseas certification system, which may become a new growth point in the medium to long term. China National Materials International has maintained the world's leading market share in cement engineering for 17 consecutive years, with overseas markets being the primary source of business. In the first three quarters of 2025, the company signed new overseas orders worth 41.304 billion yuan, a year-on-year increase of 36.75%, indicating a high level of overseas order activity, providing a solid foundation for future business development. The company has also committed to a stable cash dividend policy, with a payout ratio of no less than 40% of the distributable profits for 2024-2026, enhancing its investment attractiveness [4][6][13][15]. Industry Performance - Recent data indicates that infrastructure and livelihood security construction in China continues to progress steadily. As of January 5, 2026, the high-speed railway network covers approximately 97.2% of cities with populations over 500,000, with operational mileage exceeding 50,000 kilometers, projected to grow by 32.98% during the 14th Five-Year Plan. Local governments are increasing efforts in affordable housing construction, with significant projects completed in regions like Xinjiang and Beijing. The national water network construction is accelerating, with 181 major water conservancy projects initiated during the 14th Five-Year Plan, with total investments reaching 5.68 trillion yuan [7][24][26]. Infrastructure Data Tracking - New special bonds issued this week amounted to 87.434 billion yuan, with a cumulative issuance of 1019.34 billion yuan as of January 11, 2026. The issuance of urban investment bonds this week was 90.859 billion yuan, with a net financing amount of 28.226 billion yuan, and a cumulative net financing amount of 19.408 billion yuan, reflecting a year-on-year increase of 30.98% [8][40]. Market Review - The Shanghai Composite Index rose by 3.82%, the Shenzhen Component Index by 4.40%, and the ChiNext Index by 3.89% this week. The Shenwan Construction Decoration Index increased by 5.72%, with other professional engineering, steel structure, and landscaping engineering sectors leading the gains at +16.91%, +11.93%, and +7.34%, respectively. A total of 142 stocks in the construction sector rose, with the top five performers being Zhite New Materials (+148.84%), China Nuclear Construction (+34.50%), Yaxiang Integration (+31.41%), Nongshang Environment (+30.90%), and *ST Tianlong (+28.95%) [9][32].

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector and the building materials sector [9] Core Insights - The construction activity indicators have shown significant improvement at the beginning of 2026, with increased operating rates for cement mills and concrete mixing stations, alongside a rise in building steel sales [12][20] - The commercial aerospace sector is expected to see a surge in demand for high-temperature materials and perovskite materials due to the acceleration of satellite launches [12][13] - The report suggests a balanced investment strategy between emerging industries and traditional sectors in Q1 2026, with a focus on companies like Jinggong Steel Structure, Sichuan Road and Bridge, and China Nuclear Engineering [12][10] Summary by Sections Construction and Engineering - The construction sector is benefiting from improved PMI indicators and government policies aimed at boosting domestic demand, with a focus on steel structures and fiberglass [12][13] - Key metrics include a national cement mill operating rate of 36.6%, up 6.6 percentage points month-on-month and 14.1 percentage points year-on-year [12] Building Materials - The report highlights a slight decrease in national cement prices by 0.1% to 358 CNY per ton, with a 38.7% shipment rate [20] - The average price of float glass is reported at 60 CNY per weight box, showing a week-on-week increase of 0.2% [21] Recommended Companies - The report recommends several companies for investment, including: - China National Materials (600970 CH) with a target price of 14.23 CNY and a "Buy" rating [10] - Sichuan Road and Bridge (600039 CH) with a target price of 13.48 CNY and a "Buy" rating [10] - Jinggong Steel Structure (600496 CH) with a target price of 5.75 CNY and a "Buy" rating [10] - Other recommended companies include China Glass (600176 CH), Oriental Yuhong (002271 CH), and Huaneng Renewables (600552 CH) [10][31]

Core Insights - The article highlights the top 20 performing stocks in the S&P China A-Share Dividend Opportunity Index as of January 9, 2026, showcasing significant daily and year-to-date gains along with their respective dividend yields [1][5]. Group 1: Stock Performance - The top performer is Jiufeng Energy (605090.SH) with a daily increase of 4.62% and a year-to-date increase of 8.24%, offering a dividend yield of 2.54% [1][5]. - Weichai Power (000338.SZ) follows with a daily rise of 4.32% and a year-to-date increase of 6.63%, with a dividend yield of 4.00% [1][5]. - Tianshan Aluminum (002532.SZ) shows a daily increase of 2.78% and a year-to-date increase of 12.05%, with a dividend yield of 2.25% [1][5]. - Other notable stocks include China Shenhua (601088.SH) with a dividend yield of 7.82% and a year-to-date increase of 4.81% [1][5]. Group 2: Dividend and Valuation Metrics - The overall dividend yield for the index is reported at 4.76%, with a price-to-book ratio of 1.34 times [2]. - The historical price-to-earnings ratio stands at 11.75 times, while the expected price-to-earnings ratio is slightly lower at 11.07 times [2].