Investment Rating - The report suggests a positive outlook on Sichuan Road and Bridge as a leading player in Southwest infrastructure, highlighting its current combination of regional infrastructure growth and dividend yield [3][15]. Core Insights - The report emphasizes the importance of local manufacturing in Africa, particularly for companies like Keda Manufacturing, which is positioned as a leader in localized production and sales [4][16]. - The report notes a price increase in RTF copper foil, indicating a high demand for HVLP products, and suggests continued investment in copper foil and electronic cloth sectors [5][17]. - The report tracks the performance of various materials, indicating a downward trend in cement prices and a mixed outlook for glass and fiberglass markets [6][18][22]. Summary by Sections Weekly Discussion - Sichuan Road and Bridge is highlighted for its strong position in Southwest infrastructure, with a reported investment of 134.9 billion yuan in transportation construction, ranking second nationally and showing a 3.5% increase year-on-year [3][15]. Cyclical Linkage - Cement prices averaged 340 yuan per ton, down 43 yuan year-on-year, with an average shipment rate of 44.7% [6][18]. - Glass prices increased to 1295.28 yuan per ton, reflecting a 4.58% rise, while concrete mixing stations reported a capacity utilization rate of 7.12% [6][18]. - The report warns of potential price declines in steel due to market fundamentals [6][18]. National Subsidy Tracking - The report mentions the allocation of 690 billion yuan for consumer goods replacement subsidies, with plans for further funding in October [7][19]. Important Changes - Notable acquisitions include Defu Technology's purchase of Circuit Foil Luxembourg for 174 million euros and the listing of Hanhai Group on the A-share market [8][20][21]. Market Performance - The construction materials index fell by 3.96% over the week, with specific declines in glass manufacturing and fiberglass sectors [24]. Material Price Changes - Cement prices continued to decline, with a national average of 340 yuan per ton, while glass prices showed a slight increase [32][41]. - Fiberglass prices remained under pressure, with a reported average of 3595.25 yuan per ton [66].

金融界消息 截至2025年8月1日收盘，四川路桥（600039）报收于8.27元，下跌0.48%，换手率0.29%， 成交量19.24万手，成交金额1.59亿元。 资金流向方面，今日主力资金净流入1273.01万元，占比成交额7.99%。其中，超大单净流入661.73万 元、占成交额4.15%，大单净流入611.28万元、占成交额3.84%，中单净流出流出684.77万元、占成交额 4.3%，小单净流出588.24万元、占成交额3.69%。 四川路桥最新一期业绩显示，截至2025一季报，公司营业总收入229.86亿元、同比增长3.98%，归属净 利润17.74亿元，同比增长0.99%，扣非净利润17.76亿元，同比增长2.05%，流动比率1.275、速动比率 1.211、资产负债率77.62%。 天眼查商业履历信息显示，四川路桥建设集团股份有限公司，成立于1999年，位于成都市，是一家以从 事土木工程建筑业为主的企业。企业注册资本871226.3805万人民币，实缴资本15000万人民币。公司法 定代表人为孙立成。 通过天眼查大数据分析，四川路桥建设集团股份有限公司共对外投资了22家企业，参与招投标项目225 ...

Investment Rating - The report maintains a "Buy" recommendation for the construction industry [1] Core Viewpoints - Infrastructure investment growth remains robust, with a broad infrastructure investment growth rate of 8.9% in the first half of 2025, despite a slight decline from previous values [3][30] - Real estate investment continues to face pressure, with a 11.2% year-on-year decline in real estate development investment in the first half of 2025 [44] - The construction sector is experiencing a slight increase in fund holdings, with a fund holding market value ratio of 0.43% in Q2 2025, which is still below the standard allocation ratio of 1.77% [65][66] Summary by Sections Special Debt Issuance - The pace of special debt issuance has accelerated, with a total of 2.16 trillion yuan issued in the first half of 2025, a year-on-year increase of 45% [6][3] - The government plans to issue 4.4 trillion yuan in new local government special bonds in 2025, focusing on investment construction and land acquisition [6] Infrastructure Investment - Fixed asset investment growth has slowed, with a total of 248,654 billion yuan in the first half of 2025, reflecting a 2.8% year-on-year increase [27] - Infrastructure investment remains resilient, with significant growth in the electricity, heat, gas, and water supply sectors, which saw a 22.8% year-on-year increase [35][30] Real Estate Market - Real estate investment and sales continue to decline, with a 3.5% decrease in commodity housing sales area in the first half of 2025 [44] - New construction and completion areas have seen a narrowing decline, with new construction down 20.0% year-on-year but improving from previous months [46] Fund Holdings in Construction - Fund holdings in the construction sector have slightly increased, with a market value of 132.95 billion yuan in Q2 2025, reflecting a 9.24% increase from Q1 2025 [65] - The construction sector remains underweight compared to the standard allocation, indicating potential for growth [65][66] Recommendations - The report recommends focusing on stable growth, high dividends, overseas expansion, and regional construction projects, highlighting companies such as China State Construction, China Railway, and others [3][1]

Investment Rating - The report maintains a "Buy" recommendation for the construction industry [1] Core Viewpoints - Infrastructure investment growth remains robust, with a broad infrastructure investment growth rate of 8.9% in the first half of 2025, despite a slight decline from previous values [3][30] - Real estate investment continues to face pressure, with a year-on-year decline of 11.2% in real estate development investment in the first half of 2025 [45] - The construction sector is experiencing a slight increase in fund holdings, indicating a low allocation compared to standard configuration ratios [66] Summary by Sections Special Bonds Issuance - The issuance of special bonds has accelerated, with a total of 2.16 trillion yuan issued in the first half of 2025, a year-on-year increase of 45% [6] - The government plans to issue 4.4 trillion yuan in new local government special bonds in 2025, focusing on investment construction and land acquisition [6] Infrastructure Investment - Fixed asset investment (excluding rural households) reached 248,654 billion yuan in the first half of 2025, with a year-on-year growth of 2.8% [27] - The investment in the electricity, heat, gas, and water supply sector grew by 22.8% year-on-year, although it showed a decline from the previous month [35] Real Estate Market - The sales area of commercial housing decreased by 3.5% year-on-year in the first half of 2025, with the decline slightly widening [45] - New housing starts decreased by 20.0% year-on-year, but the decline has narrowed compared to previous months [47] Construction Sector Holdings - The fund's holdings in the construction sector increased slightly to 0.43% by the end of Q2 2025, still below the standard allocation ratio of 1.77% [66] - Major state-owned enterprises remain the focus of institutional investors, with significant increases in holdings for companies like China State Construction and Sichuan Road and Bridge [72]

Investment Rating - The report maintains a "Recommended" rating for the construction industry [1] Core Viewpoints - Infrastructure investment growth remains robust, with special bond issuance accelerating to support major projects [3][6] - Real estate investment and sales are under pressure, but the decline in new construction and completion has narrowed [3][44] - The construction sector is experiencing a slight increase in fund holdings, indicating a low allocation compared to standard benchmarks [3][65] Summary by Sections Special Bond Issuance - The pace of special bond issuance has accelerated in 2025, with a total of 2.16 trillion yuan issued in the first half of the year, a 45% year-on-year increase [6] - The government plans to issue 4.4 trillion yuan in new local government special bonds this year, focusing on infrastructure and housing projects [6] Infrastructure Investment - Fixed asset investment (excluding rural households) reached 24.87 trillion yuan in the first half of 2025, with a year-on-year growth of 2.8% [3][27] - Broad infrastructure investment growth was 8.9%, while narrow infrastructure investment growth was 4.6% [30] - Investment in electricity, heat, gas, and water supply grew by 22.8%, while transportation and storage investment increased by 5.6% [3][35] Real Estate Market - Real estate development investment totaled 46.66 billion yuan, down 11.2% year-on-year, with sales area declining by 3.5% [44] - New construction area decreased by 20.0%, but the decline rate has narrowed [46] - The policy measures are expected to improve the supply-demand structure in the real estate market [3][44] Fund Holdings in Construction - As of Q2 2025, the fund holdings in the construction sector accounted for 0.43% of the total market, slightly up from the previous quarter [65] - The construction sector remains underweight compared to the standard allocation ratio of 1.77% [65] - Institutional investors are increasingly favoring segments such as housing construction, decoration, and engineering consulting [65][71]

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。 四川路桥建设集团股份有限公司（以下简称公司或本公司）下属施工企业四 川公路桥梁建设集团有限公司（以下简称路桥集团）、四川省交通建设集团有限 责任公司（以下简称交建集团）以参股方式与中国华西企业股份有限公司（以下 简称华西股份）及公司关联方四川成渝高速公路股份有限公司（以下简称成渝公 司）、四川高路信息科技有限公司（以下简称高路信息）组成联合体，参与 G5 京昆高速公路成都至雅安段扩容工程（以下简称本项目）投资。本项目总投资 285.48 亿元，项目自筹资本金比例为 20.20%，约为 57.67 亿元。本公司持股比例 为 4%，其中路桥集团、交建集团分别持股 1%、3%，共需投入项目资本金约为 2.307 亿元。具体内容详见公司公告编号为 2025-079 的《四川路桥建设集团股份 有限公司关于下属施工企业参股投资 G5 京昆高速公路成都至雅安段扩容工程的 关联交易公告》。 此后，成渝公司、高路信息、路桥集团、交建集团、华西股份共同组建的联 合体参与了该项目投标。联合体于今日收到 ...

Group 1: Metal Sector - China Hongqiao's net profit forecast for 2024 is CNY 223.72 billion, with a PE ratio of 8.14[12] - Hualing Steel's net profit is projected to increase from CNY 20.32 billion in 2024 to CNY 28.54 billion in 2025, with a PE ratio of 19.72[12] - Xiamen Tungsten's net profit is expected to rise from CNY 17.28 billion in 2024 to CNY 21.01 billion in 2025, with a PE ratio of 22.97[12] Group 2: Construction and Transportation - Sichuan Road and Bridge's net profit is forecasted to grow from CNY 72.10 billion in 2024 to CNY 82.86 billion in 2025, with a PE ratio of 10.35[12] - YTO Express's net profit is expected to decrease from CNY 40.12 billion in 2024 to CNY 35.39 billion in 2025, with a PE ratio of 13.03[12] - China Merchants Highway's net profit is projected to be CNY 55 billion in 2025, with a PE ratio of 14.56[12] Group 3: Chemical and Energy Sector - Yara International's net profit is expected to rise from CNY 9.50 billion in 2024 to CNY 17.94 billion in 2025, with a PE ratio of 30.56[12] - Funiu Power's net profit forecast for 2025 is CNY 28.95 billion, with a PE ratio of 9.18[12] - Huajin's net profit is projected to recover to CNY 0.92 billion in 2025 after a loss of CNY 27.95 billion in 2024[12] Group 4: Strategic Metals and New Materials - Xiamen Tungsten's strategic metal segments are expected to contribute 79% to profits in 2024, with a focus on tungsten and rare earths[21] - Zhongcai Technology's special glass fiber is projected to see significant demand growth due to AI hardware requirements, with expected profits of CNY 0.2 billion in 2024[30] - The company anticipates a profit contribution from special glass fiber of CNY 7.2 billion by 2026[30]

Investment Rating - The industry rating is maintained as "Outperform" [5] Core Viewpoints - The construction sector has seen a significant increase of 7.1% this week, outperforming the Shanghai and Shenzhen 300 index by 5.9 percentage points, driven by infrastructure projects and the rise in specialized engineering and civil explosives sectors [1][29] - The report emphasizes the ongoing trend of "anti-involution" in the industry, suggesting investment opportunities in construction blue chips and steel structure sectors, particularly in the central and western regions of China [1][2][36] Summary by Sections Investment Logic - Four angles to capture investment opportunities in the construction sector: 1. **Price Elasticity**: Companies involved in resource development or trade, such as Northern International and China Railway, are recommended due to expected price increases in resources [2][15] 2. **Supply-Demand Optimization**: Focus on construction blue chips as the anti-involution movement may alleviate price pressures in the industry, with recommendations for quality local state-owned enterprises like Sichuan Road and Bridge [2][17] 3. **Transformation and Upgrading**: Companies with stronger technological attributes are expected to benefit from structural high prosperity in technology-driven infrastructure demands, with recommendations for Tunnel Corporation and China State Construction International [2][21] 4. **Downstream Profit Improvement**: If anti-involution policies improve profitability in steel and cement industries, there will be a rebound in capital expenditure needs, recommending companies like China National Materials and China Steel International [2][23] Market Performance - The report notes a slight decline in the operating rates of petroleum asphalt and cement shipment rates, with the cement shipment rate at 43.07%, down by 2.8 percentage points [3][26] - Central state-owned enterprises showed a positive trend in order data for Q2, with notable growth in orders for companies like China Railway and China Nuclear Engineering [3][26] Key Recommendations - The report suggests focusing on high-growth local state-owned enterprises in regions with strong infrastructure investment, such as Sichuan, Zhejiang, and Anhui, as well as major central state-owned enterprises like China Communications Construction and China Railway [36][37] - Emphasis is placed on the potential of nuclear power and emerging business directions within the construction sector, highlighting the high prosperity of nuclear power investments [38]

Core Viewpoint - The A-share market showed mixed performance with the Shanghai Western Development Leading Enterprises Index rising by 0.2% to 6529.57 points, with a trading volume of 62.957 billion yuan [1] Group 1: Index Performance - The Shanghai Western Development Leading Enterprises Index increased by 4.75% over the past month and 3.46% over the past three months, but has decreased by 2.45% year-to-date [1] - The index is composed of leading companies from various secondary industries in selected regions, providing a reference for investors interested in China's regional economic development [1] Group 2: Index Holdings - The top ten weighted companies in the index are: Shaanxi Coal and Chemical Industry (15.2%), Kweichow Moutai (14.42%), Yili Industrial Group (14.27%), Seres (13.44%), TBEA (6.64%), Chengdu Bank (4.23%), Chongqing Rural Commercial Bank (3.33%), Sichuan Changhong (3.06%), Northern Rare Earth (2.83%), and Sichuan Road and Bridge (2.77%) [1] - The index's holdings are entirely composed of companies listed on the Shanghai Stock Exchange [1] Group 3: Industry Composition - The industry composition of the index includes: Consumer Staples (29.48%), Discretionary Consumer (16.92%), Energy (16.30%), Industrials (14.69%), Materials (12.04%), Financials (7.96%), Utilities (1.53%), Healthcare (0.76%), Information Technology (0.15%), Communication Services (0.14%), and Real Estate (0.02%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

Core Viewpoint - Several companies have announced significant investments, acquisitions, and strategic partnerships, indicating a trend of expansion and diversification in various sectors, including technology, energy, and manufacturing [3][4][15][26]. Group 1: Investments and Acquisitions - Guizhou Moutai plans to establish a research institute with its controlling shareholder, contributing a total of 10 billion yuan in registered capital, with Moutai contributing 4.9 billion yuan for a 49% stake [3]. - GoerTek intends to acquire 100% of Hong Kong Mia and Changhong Limited for approximately 104 billion HKD (around 95 billion yuan), enhancing its capabilities in precision metal components [4][5]. - China Nuclear Power is set to invest 1 billion yuan in China Fusion Energy Company, aiming to strategically position itself in the nuclear fusion energy sector [15]. - Hunan YN plans to invest approximately 9.5 billion yuan in a lithium battery cathode material project in Malaysia, enhancing its market presence in Southeast Asia [16]. - Tianrun Industrial proposes to acquire 100% of Shandong Altai for 135 million yuan, focusing on automotive lightweight components [18]. - Kema Technology aims to purchase 73% of Suzhou Kaixin Semiconductor for 102 million yuan, expanding its product offerings in silicon carbide materials [24]. Group 2: Project Developments - Sichuan Chengyu is part of a consortium that has been pre-selected for the G5 Jingkun Expressway expansion project, with an estimated total investment of 285.48 billion yuan, where the company plans to contribute approximately 49.02 billion yuan [8]. - Zhejiang Fu Holdings' subsidiary is involved in the research and development of large-scale hydropower generator sets, with a focus on the Yarlung Tsangpo River downstream hydropower project [6]. Group 3: Financial Performance - Anfu Technology reported a net profit of 107 million yuan for the first half of 2025, marking a 14.38% increase year-on-year, driven by overseas alkaline battery business expansion [26]. - Jieput's net profit is expected to increase by 57.03% to 82.6% in the first half of 2025, benefiting from rising global laser demand [27]. - Microelectrophysiology anticipates a net profit increase of 76.34% to 105.73% for the same period, attributed to successful product launches in the cardiac electrophysiology field [29]. - Jiangling Motors reported a net profit of 733 million yuan for the first half of 2025, a decline of 18.17% year-on-year, despite a slight revenue increase [30].