The Changjiang Securities Research Report points out that China's construction orders are resilient, and the margin of safety is sufficient under high dividends. The company achieved net profit of 23.00 billion yuan in 2026H1, a year-on-year decrease of 24.34%; net profit attributable to the second quarter of a single quarter was 9.119 billion yuan, a decrease of 40.74% year-on-year. Housing and infrastructure revenue declined, real estate settlement and overseas revenue increased; net interest rates declined due to improved gross margins, rising cost ratios, and increased impairment losses. The company signed a new contract amount of 2,464.7 billion yuan in 2026H1, a year-on-year decrease of only 1.5%. New industrial plant signings increased 24.2% year-on-year, and new data center and computing power center signings increased sharply by 328.3% year-on-year. In 2026, the company's order target is 4.6 trillion yuan, revenue is 2.1 trillion yuan, and the overall operation is steady. The company maintains a long-term and stable dividend policy. In May 2026, the shareholders' meeting decided to distribute 0.2718 yuan per share, which remained basically stable from 2023-2025. The dividend rate reached 6%, with a sufficient margin of safety.

The Changjiang Securities Research Report points out that China's construction orders are resilient, and the margin of safety is sufficient under high dividends. The company achieved net profit of 23.00 billion yuan in 2026H1, a year-on-year decrease of 24.34%; net profit attributable to the second quarter of a single quarter was 9.119 billion yuan, a decrease of 40.74% year-on-year. Housing and infrastructure revenue declined, real estate settlement and overseas revenue increased; net interest rates declined due to improved gross margins, rising cost ratios, and increased impairment losses. The company signed a new contract amount of 2,464.7 billion yuan in 2026H1, a year-on-year decrease of only 1.5%. New industrial plant signings increased 24.2% year-on-year, and new data center and computing power center signings increased sharply by 328.3% year-on-year. In 2026, the company's order target is 4.6 trillion yuan, revenue is 2.1 trillion yuan, and the overall operation is steady. The company maintains a long-term and stable dividend policy. In May 2026, the shareholders' meeting decided to distribute 0.2718 yuan per share, which remained basically stable from 2023-2025. The dividend rate reached 6%, with a sufficient margin of safety.