Group 1 - The deep earth economy is emerging as a new economic growth engine, focusing on the development of deep earth resources and related industries, including exploration, underground space construction, core equipment manufacturing, and technical services [2][3] - The Ministry of Natural Resources has indicated plans to accelerate the standardization of emerging industries in deep sea and deep earth, leading to increased market activity and investment interest [1][2] - The deep earth economy is projected to reach a market size of over 5 trillion yuan in China between 2026 and 2030, with an initial commercialization growth rate of 40% [2] Group 2 - Several companies in the A-share market are actively responding to the strategic opportunities presented by the deep earth economy, with firms like Yipuli and Surveying and Mapping Co. expressing their commitment to developing technologies related to deep earth resource exploration [3] - China Communications Construction Company is leading a consortium focused on deep underground space utilization, achieving significant advancements in geological exploration and construction technologies [4] - Some companies, such as Construction Industry, Chujian New Materials, and Baotailong, have clarified that they are not involved in deep earth economy-related businesses [4] Group 3 - The deep earth economy sector is characterized by varying competitive landscapes across its value chain, with high market concentration in upstream equipment manufacturing due to technical barriers, moderate concentration in midstream development, and low concentration in downstream application services [3] - The exploration of deep earth resources has significant potential, with China's deep and ultra-deep oil and gas resources estimated at 671 million tons of oil equivalent, representing about 34% of the country's total oil and gas resources [2] - Recent breakthroughs in deep earth exploration, such as the drilling of the Deep Earth Sichuan Well, have marked significant progress in the field, indicating the potential for further advancements in energy exploration [2]

Market Overview - On October 23, the infrastructure sector rose by 0.45% compared to the previous trading day, with China Nuclear Engineering leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Top Gainers in Infrastructure Sector - China Nuclear Engineering (601611) closed at 12.42, with a significant increase of 10.01%, trading volume of 2.4354 million shares and a turnover of 2.91 billion [1] - Other notable gainers include ST Lingnan (002717) with a 5.26% increase, closing at 1.80, and ST Jianhai (002586) with a 5.06% increase, closing at 4.36 [1] Top Losers in Infrastructure Sector - Xinjiang Jiaojian (002941) experienced the largest decline, down 6.65% to 18.38, with a trading volume of 909,200 shares and a turnover of 1.677 billion [2] - Other significant losers include Beixin Road and Bridge (002307) down 5.92% to 5.24, and ST Yuancheng (603388) down 4.55% to 1.05 [2] Capital Flow Analysis - The infrastructure sector saw a net inflow of 138 million from institutional investors, while retail investors contributed a net inflow of 128 million [2] - However, speculative funds experienced a net outflow of 266 million [2] Individual Stock Capital Flow - China Nuclear Engineering had a net inflow of 666 million from institutional investors, representing 22.90% of its trading volume, while it faced a net outflow of 343 million from speculative funds [3] - Tunnel Shares (600820) saw a net inflow of 44.3 million from institutional investors, but a net outflow of 38.6 million from speculative funds [3]

Investment Rating - The industry investment rating is "Overweight" [6][24]. Core Viewpoints - The Shanghai government has initiated a comprehensive action plan to promote high-quality development in the construction industry, focusing on demand stimulation, supply optimization, and transformation cultivation towards green, industrial, and digital advancements [2][5]. - The plan aims to address growth bottlenecks in Shanghai's construction sector, providing clear transformation paths for enterprises and optimizing the industrial ecosystem, which is expected to benefit leading construction groups and specialized small and medium enterprises [2][3]. - The action plan is seen as a potential model for nationwide construction industry reforms, offering insights into demand exploration, market integration, and innovation-driven growth [5]. Supply Summary - The plan encourages the formation of a differentiated market structure by promoting "large and strong" and "small and refined" enterprises, while also addressing issues of internal competition and payment mechanisms [3]. - It emphasizes the establishment of construction groups with full industry chain capabilities and aims to cultivate specialized small and medium enterprises focusing on niche markets [3]. Demand Summary - The action plan seeks to stabilize the traditional market by enhancing real estate investment and accelerating urban renewal projects [4]. - It encourages innovative project participation models, such as "value-added investment + operational sharing" and "general contracting + operational investment" [4]. - The plan also supports enterprises in expanding into international markets through a comprehensive service platform [4]. Recommended Companies - The report recommends focusing on leading state-owned enterprises in Shanghai, such as Shanghai Construction Group and Tunnel Shares, as well as other construction companies with significant business in the Shanghai region [2][8].

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant price increases and dividend yields for various companies [1]. Group 1: Stock Performance - The top stock, Tunnel Co. (600820 SH), experienced a daily increase of 6.38% and a year-to-date increase of 0.67%, with a dividend yield of 4.57% [1]. - New Australia Co. (6038888 SH) saw a daily rise of 5.04% and an impressive year-to-date increase of 18.80%, with a dividend yield of 3.79% [1]. - Common Treasure Co. (002478.SZ) reported a daily increase of 4.46% and a year-to-date increase of 24.78%, with a dividend yield of 3.45% [1]. - Runna Co. (002483.SZ) achieved a daily rise of 4.19% and a remarkable year-to-date increase of 45.34%, with a dividend yield of 4.16% [1]. - Tianshan Aluminum (002532.SZ) recorded a daily increase of 3.26% and a year-to-date increase of 60.71%, with a dividend yield of 3.21% [1]. Group 2: Dividend Yields - The article lists several companies with notable dividend yields, including: - Tunnel Co. (4.57%) [1] - Runna Co. (4.16%) [1] - Tianshan Aluminum (3.21%) [1] - Jiangyin Bank (3.96%) [1] - Agricultural Bank (3.07%) [1]

Core Insights - The infrastructure sector experienced a significant increase of 2.11% on October 21, with Guan Zhong Ecological leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Infrastructure Sector Performance - Guan Zhong Ecological (300948) saw a closing price of 22.03, with a remarkable increase of 19.99% and a trading volume of 239,400 shares, amounting to a transaction value of 496 million [1] - Hui Lv Ecological (001267) closed at 17.88, up 10.03%, with a trading volume of 663,900 shares and a transaction value of 1.156 billion [1] - Hongrun Construction (002062) closed at 11.57, up 9.98%, with a trading volume of 621,900 shares and a transaction value of 689 million [1] - Other notable performers included Pu Bang Co. (002663) with a 9.81% increase, and Tunnel Co. (600820) with a 6.38% increase [1] Capital Flow Analysis - The infrastructure sector saw a net inflow of 505 million from institutional investors, while retail investors contributed a net inflow of 38.41 million [2][3] - Major stocks like Hui Lv Ecological and China Electric Power Construction (601669) experienced significant net inflows from institutional investors, while retail investors showed a net outflow [3] - The overall capital flow indicates a mixed sentiment, with institutional investors showing confidence in certain stocks while retail investors were more cautious [2][3]

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant price increases and dividend yields for various companies [1]. Group 1: Stock Performance - The top stock, Youfa Group (601686.SH), experienced a price increase of 10.03% and a year-to-date increase of 31.48%, with a dividend yield of 4.24% [1]. - Luorih Shares (002083.SZ) also saw a 10.00% increase, with a year-to-date performance of 29.75% and a dividend yield of 2.33% [1]. - Other notable performers include Su Yan Jingshen (603299.SH) with a 5.07% increase and a year-to-date performance of 5.26%, and COSCO Shipping Energy (600026.SH) with a 3.96% increase and a year-to-date performance of 10.89% [1]. Group 2: Dividend Yields - Yancoal Energy (600188.SH) offers a high dividend yield of 6.13% alongside a year-to-date increase of 15.60% [1]. - China Petroleum (601857.SH) has a dividend yield of 5.45% with a modest year-to-date increase of 1.78% [1]. - Agricultural Bank of China (601288.SH) stands out with a year-to-date increase of 51.65% and a dividend yield of 3.12% [1].

Core Viewpoint - Shanghai Tunnel Engineering Co., Ltd. corrected its major operating data for the first three quarters of 2025, revealing discrepancies in the reported figures for its construction business, specifically in the areas of external Shanghai business and overseas business [1][3]. Summary by Categories 1. Correction of Data - The company initially reported the following figures for external Shanghai business: contract amount of 2,251,377.57 million yuan, accounting for 38.43% of the business, with a year-on-year decrease of 10.59%. The corrected figures are 2,696,255.62 million yuan, 46.02%, and an increase of 7.08% respectively [1]. - For overseas business, the initial report stated a contract amount of 835,027.97 million yuan, accounting for 14.25% of the business, with a year-on-year increase of 189.88%. The corrected figures are 390,149.92 million yuan, 6.66%, and an increase of 35.44% respectively [1]. 2. Project Bidding Summary - In the first three quarters of 2025, the company and its subsidiaries reported project bidding results, although specific details on major projects were not provided [2]. 3. Commitment to Information Disclosure - The company expressed regret for any inconvenience caused to investors due to the correction and committed to enhancing the quality of information disclosure in the future [3].

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the past 30 days include Rongbai Technology, Jingzhida, Shouchuang Environmental Protection, World, and Jiufeng Energy [12] - In the last five days, the most researched companies were Dike Co., Jiuzhou Pharmaceutical, Aipeng Medical, Juzan Optoelectronics, and LiuGong [13] - Among the top twenty companies in the past 30 days, 11 had ten or more rating agencies, with Huafeng Measurement and Huichuan Technology expected to see significant growth in net profit for the first half of 2025 compared to 2024 [12] Group 2: Major Shareholder Increase in A-Share Companies - From October 13 to October 17, 2025, six A-share companies announced significant shareholder increases, with Luyin Investment and Beichen Industrial planning to increase their holdings by amounts exceeding 1% of the latest market value [17] - From January 1 to October 17, 2025, a total of 285 companies announced shareholder increases, with 81 having ten or more rating agencies, and 20 of these companies planning increases exceeding 1% of their latest market value [19] Group 3: A-Share Company Buyback Situation - From October 13 to October 17, 2025, 72 companies announced buyback progress, with 12 having ten or more rating agencies, and four companies expected to have buyback amounts exceeding 1% of their market value [24] - From January 1 to October 17, 2025, 1,768 companies announced buyback progress, with 383 having ten or more rating agencies, and 89 companies expected to have buyback amounts exceeding 1% of their market value [27]

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-047 | | --- | --- | --- | --- | --- | --- | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | 更正后： 上海隧道工程股份有限公司 关于 2025 年前三季度主要经营情况更正公告 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个别及连带责任。 上海隧道工程股份有限公司（以下简称"隧道股份"、"公司"） 于 2025 年 10 月 18 日披露了《公司 2025 年前三季度主要经营情况公 告》（公告编号：临 2025-046）。因工作人员统计失误，"施工、设 计、运营及数字业务"表格-施工业务一栏中， ——上海市市外业务-中标合同量（2,251,377.57 万元）、业务占 比（38.43%）、较上年同期增减（-10.59%）； ——海外业务-中标合同量（835,027.97 万元）、业务占比（14.2 ...

Core Insights - The main point of the article is the significant progress made in the construction of the Xiamen Tongxiang High-tech City PPP project, with the completion of the main structure of the first phase of the new housing project, marking a new stage in its development [1][2]. Group 1: Project Overview - The project is located in the core area of the Xiamen Tongxiang High-tech City development zone, covering a land area of 37,016 square meters and a total construction area of approximately 154,000 square meters [1]. - The construction includes 8 high-rise residential buildings, 3 single-story auxiliary buildings, and a two-level underground garage, with the tallest building reaching 32 stories and a maximum height of 97.65 meters [1]. Group 2: Challenges and Solutions - The project faced numerous challenges, including deep foundation pits, long anchor cable construction periods, multiple overlapping work areas, and complex construction environments, with the maximum excavation depth reaching 16.0 meters and a total foundation pit area of approximately 45,000 square meters [2]. - The construction team utilized innovative technologies and management optimizations to overcome these challenges, implementing a "pile + anchor + waterproof curtain" support scheme to address the difficulties of deep excavation and high water levels [2]. Group 3: Quality Control and Innovations - The project adopted a "first piece system" construction model to establish physical samples before starting various sub-projects, ensuring precise guidance for subsequent construction [3]. - Innovative integration of 3D modeling, virtual simulation, and dynamic handover techniques addressed traditional scaffolding construction challenges, leading to the award of the 2024 Excellent Technical Achievement by China Communications Construction Group [3]. Group 4: Impact and Significance - The completion of the first phase of the new housing project will enhance the functional layout of the area and promote the self-organization and self-circulation of the urban support system [3]. - The project is expected to significantly improve the living environment quality in the high-tech city area, facilitate industrial clustering, and accelerate the deep integration of "people, industry, and city" [3].