On September 6th, Huatai Securities released a research report stating that according to Chinese accounting standards, China Communications Construction's revenue and net income in the first half of the year decreased by 2.5% and 0.6% respectively compared to the previous year. After deducting non-recurring gains and losses, the net income decreased by 3%. In the second quarter alone, revenue and net income decreased by 5% and 10.6% respectively compared to the previous year. The profit performance was lower than expected, mainly due to the slow implementation of investment in the first half of the year, leading to a decline in revenue. The bank maintains its profit forecasts for China Communications Construction for 2024 to 2026 at 25.9 billion, 28 billion, and 30 billion yuan, respectively. Considering that China Communications Construction's domestic business mainly focuses on urban renewal and its overseas business is growing rapidly, with a strong operating resilience, the bank's new signed orders in the first half of the year increased by 8.4% compared to the previous year, and its overseas new signed orders performed well, with a growth rate of 39%. Therefore, the bank maintains a "buy" rating and lowers the target price from HKD 7.01 to HKD 6.97.