Core Viewpoint - The company has successfully signed a subcontract for the Saudi Qiddiya Cultural and Arts Center project, amounting to 650 million Saudi Riyals (approximately 1.23 billion RMB), which represents 6.7% of the company's most recent audited revenue [1] Group 1 - The project will become an important cultural landmark in Saudi Arabia [1] - The successful signing of the project reflects the positive outlook of the Saudi market and customer recognition of the "Jinggong International" brand [1] - This contract further enriches the company's overseas order reserves and signifies the effectiveness of its overseas market strategy [1] Group 2 - The project has positive implications for the company's deepening layout in the Middle East and expansion into overseas markets [1]

Core Viewpoint - The company has successfully signed a subcontract for the Saudi Qiddiya Cultural and Arts Center project, amounting to 650 million Saudi Riyals (approximately 1.23 billion RMB), which represents 6.7% of the company's most recent audited revenue [1] Group 1 - The project will become an important cultural landmark in Saudi Arabia [1] - The successful signing of the project reflects the positive outlook of the Saudi market and customer recognition of the "Jinggong International" brand [1] - This contract further enhances the company's overseas order reserves and signifies the effectiveness of its overseas market strategy [1] Group 2 - The project has positive implications for the company's deepening presence in the Middle East and expansion into overseas markets [1]

Core Viewpoint - The company has successfully signed a subcontract for the Saudi Qiddiya Cultural and Arts Center project, with a contract value of 6.5 billion Saudi Riyals, equivalent to approximately 1.23 billion RMB, representing 6.7% of the company's most recent audited revenue [1]. Group 1 - The contract amount for the project is 6.5 billion Saudi Riyals [1]. - The equivalent value of the contract in RMB is approximately 1.23 billion [1]. - The project will become an important cultural landmark in Saudi Arabia upon completion [1].

精工钢构10月23日公告，公司董事会于近日收到公司高级副总裁王爱民的书面辞职报告，王爱民因达到 法定退休年龄，申请辞去公司高级副总裁职务。王爱民所负责的相关工作已进行了良好交接，不会影响 公司相关工作的正常运行。 ...

Core Viewpoint - The company has successfully signed a subcontract for the Saudi Qiddiya Cultural and Arts Center project, with a contract value of 650 million Saudi Riyals, equivalent to approximately 1.23 billion RMB, representing 6.7% of the company's most recent audited revenue [1] Group 1 - The project is expected to become an important cultural landmark in Saudi Arabia upon completion [1] - The contracting parties are the client Nesma & Partners Contracting Co., UJSC and the subcontractor, Seiko International Steel Structure Co., Ltd [1] - The estimated construction period is until 2027, with payments to be made according to the progress as stipulated in the contract [1]

Investment Rating - The report recommends a "Buy" rating for several key companies in the construction and infrastructure sectors, including 精工钢构 (Jinggong Steel Structure), 鸿路钢构 (Honglu Steel Structure), 国检集团 (Guojian Group), and others [14]. Core Insights - The construction industry is entering a "stock era," focusing on urban renewal and high-quality construction, driven by the need for green, low-carbon, and smart living environments [1][18]. - Prefabricated construction is identified as a long-term trend, with steel structures expected to show high prosperity due to labor shortages and sustainability requirements [2][21]. - The demand for inspection and testing services is anticipated to peak as the existing building stock ages, with significant market potential estimated at over 20 billion yuan [3][24]. - New infrastructure initiatives, particularly in low-altitude economy and energy sectors, are expected to see rapid growth supported by government policies [4][31]. - The report highlights the strategic importance of regions like Xinjiang and Sichuan, which are set to benefit from increased investment and infrastructure development [10][12][39]. Summary by Sections Construction and Decoration - The construction industry is transitioning from extensive expansion to intensive development, focusing on urban renewal and infrastructure maintenance [1][18]. - The urbanization rate is projected to reach 67% by the end of 2024, indicating a shift in investment focus [1][18]. Prefabricated Construction - The labor force in construction is declining, with the number of construction workers dropping to 42.86 million in 2024, a significant decrease from previous years [2][21]. - The average monthly salary for construction workers is expected to rise to 5,743 yuan in 2024, reflecting a 26% increase since 2019 [2][26]. - The report sets targets for the penetration rate of prefabricated construction at 30% by 2025 and 40% by 2030 [2][21]. Inspection and Testing - The existing building area is projected to reach approximately 38.4 billion square meters by the end of 2024, leading to a surge in demand for building inspections [3][24]. - The establishment of a housing pension system and regular inspection policies in various cities is expected to drive the inspection market [3][24]. New Infrastructure - The low-altitude economy is projected to grow to 2 trillion yuan by 2030, with related infrastructure investments estimated at 300-400 billion yuan [4][31]. - Government policies are increasingly supporting the development of low-altitude infrastructure, with significant funding expected [4][31]. Strategic Regions - Xinjiang is highlighted for its robust economic growth and infrastructure investment, with over 800 billion yuan allocated for coal chemical projects by 2025 [12][41]. - Sichuan is identified as a strategic region for national development, with ongoing support for infrastructure projects [10][39].

Market Overview - The professional engineering sector experienced a decline of 2.07% on October 17, with Libat leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Notable gainers included: - Jinggong Steel Structure (600496) with a closing price of 4.24, up 3.92% on a trading volume of 1.6463 million shares and a turnover of 702 million yuan [1] - Haibo Heavy Industry (300517) closed at 11.50, up 1.14% with a trading volume of 90,300 shares and a turnover of 10.3 million yuan [1] - Major decliners included: - Libat (605167) with a closing price of 10.38, down 5.29% on a trading volume of 106,800 shares and a turnover of 113 million yuan [2] - Aiman Co. (605289) closed at 71.35, down 4.93% with a trading volume of 31,800 shares and a turnover of 230 million yuan [2] Capital Flow - The professional engineering sector saw a net outflow of 444 million yuan from institutional investors, while retail investors contributed a net inflow of 398 million yuan [2][3] - The capital flow for specific stocks showed: - Zhongcai International (600970) had a net inflow of 17.09 million yuan from institutional investors, while retail investors contributed a net inflow of 24.17 million yuan [3] - Beifang International (000065) recorded a net inflow of 16.92 million yuan from institutional investors, but a net outflow of 15.16 million yuan from retail investors [3]

Group 1 - The steel sector experienced a significant rise on October 17, with companies like Guangdong Mingzhu and Lingang Co. reaching the daily limit, while others like Jinggong Steel Structure and Hainan Mining saw increases of over 4% [1] - The China Iron and Steel Association held a meeting on October 15 to discuss the "14th Five-Year" development plan, indicating a general downward trend in domestic steel demand during this period, emphasizing the need for production adjustment in response to carbon emission regulations [1] - The association highlighted opportunities for market expansion, particularly in green steel structure buildings, which are seen as having unmatched advantages under high-quality development requirements [1] Group 2 - Guotai Junan Securities noted that over 40% of steel companies are currently operating at a loss, indicating a market clearing process is beginning [2] - The recently released "Steel Industry Stabilization and Growth Work Plan (2025-2026)" emphasizes continued production reduction policies to support advanced enterprises and phase out inefficient capacities, aiming for a balance between supply and demand [2] - Long-term trends in the steel industry point towards increased concentration and a focus on high-quality development, with companies that have product structure and cost advantages expected to benefit significantly [2]

Group 1 - The core point of the news is the performance of Jinggong Steel Structure, which saw a 5.15% increase in stock price, reaching 4.29 CNY per share, with a trading volume of 119 million CNY and a turnover rate of 1.42%, resulting in a total market capitalization of 8.538 billion CNY [1] - Jinggong Steel Structure, established on June 28, 1999, and listed on June 5, 2002, is primarily engaged in the design, manufacturing, installation, and engineering services of steel structure buildings, with its main business revenue composition being 92.32% from the steel structure industry, 5.85% from integrated and EPC services, and 1.83% from other sources [1] Group 2 - From the perspective of the top ten circulating shareholders, Xingsheng Global Fund holds a position in Jinggong Steel Structure, with the XQ Multi-Dimensional Value Mixed A Fund (007449) maintaining 6.7361 million shares, unchanged from the previous period, accounting for 0.34% of the circulating shares, and generating an estimated floating profit of approximately 1.4146 million CNY today [2] - The XQ Multi-Dimensional Value Mixed A Fund, established on June 12, 2019, has a latest scale of 3.081 billion CNY, with a year-to-date return of 45.91%, ranking 1144 out of 8160 in its category, a one-year return of 55.55%, ranking 885 out of 8021, and a cumulative return since inception of 152.27% [2]

Market Overview - The professional engineering sector experienced a decline of 1.61% on October 16, with Huadian Technology leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - Notable gainers in the professional engineering sector included: - China Aluminum International (601068) with a closing price of 5.26, up 1.35% [1] - Southeast Network Framework (002135) at 4.71, up 1.29% [1] - China National Materials International (600970) at 9.42, up 0.96% [1] - Significant decliners included: - Huadian Technology (601226) at 7.44, down 4.25% [2] - Zhongyan Dadi (003001) at 23.62, down 3.83% [2] - Jinggong Steel Structure (600496) at 4.08, down 3.32% [2] Capital Flow - The professional engineering sector saw a net outflow of 541 million yuan from institutional investors, while retail investors contributed a net inflow of 411 million yuan [2][3] - The capital flow for specific stocks indicated: - Roman Co. (605289) had a net inflow of 28.30 million yuan from institutional investors [3] - Jinggong Steel Structure (600496) saw a net inflow of 61.01 million yuan from retail investors [3] - ST Tianlong (300029) had a net inflow of 1.50 million yuan from retail investors [3]