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]

证券日报网讯 7月30日晚间，上海建工发布公告称，经公司2024年年度股东大会审议通过，公司向中国 银行间市场交易商协会（简称"交易商协会"）申请发行中期票据。近日，公司收到交易商协会出具的 《接受注册通知书》，主要内容如下：一、公司中期票据注册金额为15亿元，注册额度自通知书落款之 日起2年内有效，由东方证券股份有限公司主承销。二、公司在注册有效期内可分期发行中期票据，接 受注册后如需备案发行，应事前先向交易商协会备案。公司应按照有权机构决议及相关管理要求，进行 发行管理。发行完成后，应通过交易商协会认可的途径披露发行结果。 （编辑 任世碧） ...

Group 1 - The stock price of Shanghai Construction Group remained stable at 2.53 yuan as of July 30, 2025, with a trading volume of 1.3354 million hands and a transaction amount of 338 million yuan [1] - Shanghai Construction Group is primarily engaged in construction, real estate development, and building industry, being a major state-owned construction enterprise in Shanghai with operations in various sectors including housing construction and municipal engineering [1] - The company announced on July 30 that it received approval for a medium-term note registration of 1.5 billion yuan, valid for two years from the date of the notice, with the funds intended for repaying maturing debts [1] Group 2 - In the first quarter of 2025, Shanghai Construction Group achieved an operating revenue of 40.316 billion yuan [1] - On July 30, the net outflow of main funds was 25.4219 million yuan, accounting for 0.11% of the circulating market value [1]

Market Overview - The housing construction sector experienced a slight decline of 0.01% on July 30, with high-profile company GaoXin Development leading the drop [1] - The Shanghai Composite Index closed at 3615.72, up 0.17%, while the Shenzhen Component Index closed at 11203.03, down 0.77% [1] Stock Performance - Notable stock performances in the housing construction sector included: - Ningbo Construction (601789) closed at 5.52, up 0.55% with a trading volume of 315,500 shares and a turnover of 173 million yuan - China State Construction (601668) closed at 5.76, up 0.17% with a trading volume of 1,512,200 shares and a turnover of 874 million yuan - GaoXin Development (000628) closed at 44.35, down 1.64% with a trading volume of 50,900 shares and a turnover of 227 million yuan [1] Capital Flow - The housing construction sector saw a net outflow of 103 million yuan from institutional investors, while retail investors contributed a net inflow of 93.48 million yuan [1] - Detailed capital flow for selected stocks showed: - Ningbo Construction had a net inflow of 6.65 million yuan from institutional investors, while retail investors had a net outflow of 4.08 million yuan [2] - China State Construction experienced a net outflow of 17.95 million yuan from institutional investors, but retail investors had a net inflow of 18.19 million yuan [2] - GaoXin Development faced a net outflow of 10.57 million yuan from institutional investors, while retail investors had a net inflow of 6.40 million yuan [2]

一、公司中期票据注册金额为15亿元，注册额度自通知书落款之日起2年内有效，由东方证券股份有限 公司主承销。二、公司在注册有效期内可分期发行中期票据，接受注册后如需备案发行，应事前先向交 易商协会备案。公司应按照有权机构决议及相关管理要求，进行发行管理。发行完成后，应通过交易商 协会认可的途径披露发行结果。 格隆汇7月30日丨上海建工(600170.SH)公布，近日，公司收到交易商协会出具的《接受注册通知书》 （中市协注〔2025〕MTN701号），主要内容如下： ...

一、公司中期票据注册金额为15亿元，注册额度自通知书落款之日起2年内 有效，由东方证券股份有限公司主承销。 | 证券代码：600170 | 证券简称：上海建工 | | | 公告编号：2025-047 | | --- | --- | --- | --- | --- | | 债券代码：240782 | 债券简称：24 | 沪建 | Y1 | | | 债券代码：240783 | 债券简称：24 | 沪建 | Y2 | | | 债券代码：241305 | 债券简称：24 | 沪建 | Y3 | | | 债券代码：241857 | 债券简称：24 | 沪建 | Y4 | | 上海建工集团股份有限公司 关于中期票据获准注册的公告 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。 经上海建工集团股份有限公司（简称"上海建工"或"公司"）2024年年度 股东大会审议通过，公司向中国银行间市场交易商协会（简称"交易商协会"） 申请发行中期票据。 近日，公司收到交易商协会出具的《接受注册通知书》（中市协注〔2025〕 MTN701号），主要内容如下 ...

Core Viewpoint - Shanghai Construction Group (600170.SH) has received a registration notice from the trading association for a medium-term note issuance, indicating a strategic move to raise funds through bond issuance [1] Group 1: Registration Details - The company has a registered amount of 1.5 billion yuan for medium-term notes, valid for two years from the date of the notice [1] - The lead underwriter for this issuance is Dongfang Securities Co., Ltd [1] Group 2: Issuance Management - The company can issue medium-term notes in installments during the validity period of the registration [1] - Prior to any issuance, the company must file for record with the trading association [1] - The company is required to manage the issuance according to the resolutions of authorized institutions and relevant management requirements [1]

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]

Financial Performance Summary - The company reported total revenue of RMB 1,050.42 billion for the first half of 2025, a decrease of 28.04% compared to RMB 1,459.77 billion in the same period last year [1] - The net profit attributable to shareholders was RMB 7.10 billion, down 14.04% from RMB 8.26 billion year-on-year [1] - The basic earnings per share decreased by 16.67% to RMB 0.05 from RMB 0.06 in the previous year [1] - The weighted average return on equity was 1.39%, down from 1.82% in the previous year [1] Operational Highlights - The company achieved a new contract amount of RMB 133.69 billion in the construction segment, RMB 69.59 billion in the real estate development segment, and RMB 12.70 billion in the urban construction investment segment during the reporting period [2] - The company is actively responding to changes in industry and market conditions through reforms and innovation [2] Financial Data Changes - The decline in revenue is attributed to changes in industry demand, with a significant decrease in gross profit impacting overall profitability [2] - The net profit excluding non-recurring gains and losses saw a substantial drop of 69.13% due to underperformance in real estate and investment businesses [2]

Group 1: Regulatory Developments - The China Securities Regulatory Commission (CSRC) has approved the registration of monthly average futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene at the Dalian Commodity Exchange [1] - The Guangzhou Futures Exchange is actively promoting the research and listing of platinum, palladium, and lithium hydroxide futures, expected to launch this year [1] Group 2: Market Trends - The number of ETFs with over 10 billion yuan in assets has surpassed 90, with the total ETF scale exceeding 4.6 trillion yuan, driven by thematic products in technology, dividends, and innovative pharmaceuticals [1] - Bond funds are facing significant redemption pressure, with over 200 billion yuan in bond sales in the first four days of the week, including nearly 100 billion yuan in a single day [2] Group 3: Insurance Sector - The preset interest rate for traditional life insurance products has been lowered by 50 basis points to 2.0%, while the guaranteed interest rate cap for participating insurance has been reduced to 1.75% [3] Group 4: Company Performance - IMAX China reported a record 25 million moviegoers in the first half of 2025, generating approximately 416 million yuan in revenue, doubling the box office compared to the same period last year [4] - LVMH's net profit for the first half of 2025 fell by 22% to 5.7 billion euros, with a significant decline in sales in Japan due to currency appreciation [4] - Vanke has successfully sold the Shanghai Jinqiao Wanchuang Center project, with market speculation suggesting a transaction price of around 1.4 billion yuan [5] - China Communications Construction Company signed new contracts worth 991.05 billion yuan in the first half of the year, a year-on-year increase of 3.14% [5] - Fudan Fuhua terminated the transfer of a 28% stake in a subsidiary due to a lack of interested buyers [6] - Feima International received 437 million yuan in performance compensation from its controlling shareholder [7] - Shanghai Construction Group reported a net profit of 710 million yuan in the first half of the year, a decrease of 14.04% [8] - Funi Co., Ltd. achieved a net profit of 1.337 billion yuan in the first half of the year, an increase of 12.48% [10] - Western Mining reported a net profit of 1.869 billion yuan in the first half of the year, a growth of 15% [11] - Bomaike's net profit dropped by 80.42% to 12.39 million yuan in the first half of the year [12]