On August 7th, Guosen Securities research report pointed out that China Communications Construction proposed to promote the mid-term dividend distribution of China State Construction Engineering. The company's new contract amount in Q2 was RMB 453.6 billion, a year-on-year increase of 6%, of which the domestic/overseas were RMB 348.7/104.8 billion respectively, a year-on-year decrease of 6%/+82%. The company focuses on state-owned enterprise reform, promoting the dual realization of value creation and value realization. Domestically, the company has effectively developed the water conservancy investment market, optimized operational assets, and reduced investment scale. Overseas, the signing of high business volume continues, strengthening exchanges in the Middle East, Africa, and Southeast Asia. Maintain a reasonable value of RMB 10.27/share for A shares and HKD 5.48/share listed in Hong Kong for H shares, and maintain a "buy" rating.