格隆汇12月15日丨中国中冶(01618.HK)公告，公司2025年1-11月新签合同额人民币9,581.3亿元，较上年 同期降低8.6%，其中新签海外合同额人民币750.0亿元，较上年同期增长0.4%。 ...

本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而發表。 以下為中國冶金科工股份有限公司（「本公司」）於二零二 五 年 十二月十 五 日 在 上 海 證 券 交 易 所 網 站 刊 發 的 資 料 全 文，僅 供 提 供 信 息 之 用。 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倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 承董事會命 中國冶金科工股份有限公司 常 琦 聯席公司秘書 北 京，中 國 二零二五年 十二月 十 五 日 於 本 公 告 日 期，本 公 司 董 事 會 包 括 執 行 董 事：陳 建 光 先 生 及 白 小 虎 先 生； 非 執 行 董 事：郎 加 先 生 及 閆 愛 中 先 生（職工代表董事）；以 及 獨 立 非 執 行 董 事：劉力先生、吳 嘉 寧 先 生 及 周 國 萍 女 士。 * 僅供識別 A 股简称：中国中冶 A 股代码：601618 公告编号：临 2025 ...

中国冶金科工股份有限公司 2025 年 1-11 月新签合同情况简报 中国冶金科工股份有限公司董事会 中国冶金科工股份有限公司（以下简称"本公司"）董事会及全体董事保证本 公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、 准确性和完整性承担法律责任。 2025 年 12 月 15 日 本公司 2025 年 1-11 月新签合同额人民币 9,581.3 亿元，较上年同期降低 8.6%， 其中新签海外合同额人民币 750.0 亿元，较上年同期增长 0.4%。 11 月份，本公司部分新签单笔合同额在人民币 10 亿元以上的重大工程承包合同 如下： 1 单位：人民币亿元 序 号 合同签订主体 项目（合同）名称 合同 金额 1 中国一冶集团有限公司 南阳市盆窑、李八庙片区城市更新提质 项目(一期、二期)EPC 工程总承包合同 56.0 2 中冶京诚工程技术有限公司 新疆恒泰绿能金属铸造有限公司太阳能 光伏风能发电制氢气在氢基竖炉加工 DRI（120 万吨/年）绿色高纯精密铸件项 目工程总承包（EPC）合同 29.5 3 中国三冶集团有限公司 阿左旗嘉镇浩依尔呼都格石膏矿及伴生 矿开采及加工厂区建 ...

格隆汇12月15日丨中国中冶(601618.SH)公布，本公司2025年1-11月新签合同额人民币9,581.3亿元，较上 年同期降低8.6%，其中新签海外合同额人民币750.0亿元，较上年同期增长0.4%。 ...

人民财讯12月15日电，中国中冶（601618）12月15日公告，公司2025年1—11月新签合同额人民币 9581.3亿元，较上年同期降低8.6%，其中新签海外合同额人民币750.0亿元，较上年同期增长0.4%。 ...

格隆汇12月15日丨中国中冶(601618.SH)公布，本公司2025年1-11月新签合同额人民币9,581.3亿元，较上 年同期降低8.6%，其中新签海外合同额人民币750.0亿元，较上年同期增长0.4%。 ...

Investment Rating - The industry investment rating is "Overweight" [2][25]. Core Insights - Fixed asset investment in China showed a cumulative year-on-year decline of 2.6% from January to November 2025, with manufacturing investment increasing by 1.9% [2][3]. - Traditional infrastructure investment has seen a widening decline, necessitating a stabilization of investment. Infrastructure investment (including all categories) grew by only 0.1% year-on-year, a decrease of 1.4 percentage points compared to the previous month [4][3]. - Real estate investment remains low, with a year-on-year decline of 15.9% from January to November 2025, indicating a weak recovery trajectory [11][3]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year decline in fixed asset investment is 2.6%, with a decrease of 0.9 percentage points from the previous month [3]. - Manufacturing investment has increased by 1.9%, but this is still a decline of 0.8 percentage points compared to the previous month [2]. Infrastructure Investment - Infrastructure investment (excluding electricity) has a year-on-year decline of 1.1%, with a decrease of 1.0 percentage points from the previous month [4]. - Specific sectors such as transportation, storage, and postal services saw a decline of 0.1%, while water, environment, and public facilities management experienced a decline of 6.3% [4]. Regional Investment Trends - Eastern regions reported a year-on-year decline of 6.6%, while central and western regions saw declines of 1.7% and 0.2%, respectively. The northeastern region faced a significant decline of 14.0% [4]. Real Estate Investment - Real estate investment has decreased by 15.9% year-on-year, with construction starts down by 20.5% and completions down by 18.0% [11]. - The current cycle is characterized by excessive clearing of supply entities and difficulties in inventory replenishment, leading to a slow recovery in investment [11]. Investment Recommendations - For 2026, the industry is expected to stabilize, with emerging sectors likely to benefit from major national strategies. Key companies to watch include Sichuan Road and Bridge, China Chemical, and others in new infrastructure and overseas markets [16].

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - Fixed asset investment growth in China has further declined, with a cumulative year-on-year decrease of 2.6% for January to November 2025, a drop of 0.9 percentage points compared to the previous period [2][3]. - Traditional infrastructure investment has seen an expanded decline, necessitating measures to stabilize investment. Infrastructure investment (including all categories) grew by only 0.1% year-on-year, down 1.4 percentage points from the previous month [4]. - Real estate investment remains low, with a year-on-year decrease of 15.9% for January to November 2025, indicating a weak recovery trajectory [11]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is -2.6%, with manufacturing investment showing a slight increase of 1.9% [2][3]. - The decline in traditional infrastructure investment has intensified, with significant drops in various sectors, including transportation and public facilities [4]. Infrastructure Investment - Infrastructure investment (excluding electricity) has decreased by 1.1% year-on-year, with notable declines in transportation and environmental management sectors [4]. - Regional investment disparities are evident, with the eastern region experiencing a 6.6% decline year-on-year [4]. Real Estate Investment - Real estate investment has decreased by 15.9% year-on-year, with construction starts down by 20.5% and completions down by 18.0% [11]. - The report anticipates a slow recovery in real estate investment due to challenges in inventory replenishment and supply chain issues [11]. Investment Recommendations - The report suggests that in 2026, industry investment is expected to stabilize, with emerging sectors likely to benefit from national strategic initiatives [15]. - Specific companies are highlighted for potential investment, including Sichuan Road and Bridge, China Chemical, and others in the new infrastructure and overseas markets [15].

Group 1: Central State-Owned Enterprises (SOEs) Restructuring - China Metallurgical Group is divesting non-core assets worth approximately RMB 606.76 billion to refocus on its core engineering business[8] - The merger between Haiguang Information and Zhongke Shuguang was terminated due to market volatility, maintaining independent operations[14] - Hubei's state-owned assets have acquired around 15 listed companies, with over 50% of these being newly added through mergers in the past five years[16] Group 2: Asset Activation Strategies - The "14th Five-Year Plan" emphasizes asset activation as part of industrial upgrading strategies across various provinces[22] - Sichuan has introduced a three-year action plan to support enterprises in listing and mergers, focusing on a full lifecycle service[26] - Hubei's mergers are strategically aligned with the "51020" modern industrial cluster, targeting sectors like new energy and high-end equipment manufacturing[18] Group 3: Market Performance of Central SOEs - As of December 12, 2025, the total market capitalization of A-share listed central SOEs is RMB 35.1 trillion, accounting for 30.3% of the A-share market[32] - The National New SOE small-cap index has risen by 2.5% over the past two weeks, outperforming the Shanghai and Shenzhen 300 index by 1.3 percentage points[32] - The average price-to-earnings (P/E) ratio for central SOEs is 45.1 times, which is relatively high compared to the overall A-share market[32]

Core Viewpoint - The sudden drop in stock price of China Metallurgical Group Corporation (China MCC) is attributed to the announcement of a significant asset sale, leading to a market reaction that interpreted the move as a desperate divestment of valuable assets [4][6]. Group 1: Stock Performance - On December 9, China MCC's stock price fell to 3.05 CNY, marking a 10.03% decline, with a trading volume of 23.94 billion CNY and a turnover rate of 4.36%, the highest for the year [1][2]. - The Hong Kong-listed shares of China MCC plummeted over 20%, closing at 1.88 HKD, resulting in a market value loss of billions [1][4]. Group 2: Asset Sale Announcement - China MCC announced a plan to sell 100% equity of its subsidiary, China MCC Real Estate, and other core assets for 606.76 billion CNY, with the transaction to be settled in cash [4][6]. - The company claims this move aligns with the central enterprise's strategy for professional integration, focusing on its metallurgical engineering core business [4]. Group 3: Investor Concerns - Investors expressed anger over the sale of high-quality assets, particularly the resource assets expected to generate a combined net profit of 1.209 billion CNY in 2024, with some assets showing an appreciation rate exceeding 180% [6]. - The real estate division's assets were sold at a significant discount, with a devaluation rate of 45.18%, raising questions about the fairness of the transaction [6]. - The company's financial performance is under pressure, with a reported 18.79% year-on-year revenue decline and a 41.88% drop in net profit for the third quarter of 2025 [6][11]. Group 4: Market Reaction - The market reaction was severe, with institutional investors and northbound funds selling off shares, leading to significant losses for new shareholders, including a social security fund that recently acquired shares at a higher price [9][11]. - The drastic decline in stock price has raised concerns about the company's future performance and whether this asset sale will lead to a recovery or further decline [13].