Group 1 - Typhoon "Bamboo Grass" is approaching Shanghai, prompting multiple operators like Shanghai Shentong Metro and Tunnel Corporation to establish a "three-dimensional defense" to ensure the safe operation of the mega city [1] - The Tunnel Corporation's urban operation services cover nearly 3,000 kilometers of transportation infrastructure in the Yangtze River Delta, utilizing a smart urban management platform for 24/7 monitoring and analysis of water accumulation on key roads [2] - Emergency preparedness includes over 300 emergency bases and 2,000 personnel equipped with various emergency vehicles to enhance flood response capabilities [2] Group 2 - Prior to the typhoon, Shanghai Metro conducted thorough inspections of high-risk areas in the rail network, ensuring safety measures like anti-slip mats and sandbags are in place [3] - The dispatch command center is closely monitoring the typhoon's trajectory and has implemented a real-time tracking system to assess potential impacts on operations [3] - All construction sites in the city are undergoing comprehensive safety checks to prevent flooding and ensure the integrity of major ongoing projects [4]

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]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The commencement of the Yarlung Zangbo River downstream hydropower project marks a significant opportunity for the infrastructure sector, with a total investment of approximately 1.2 trillion yuan, which is five times the investment of the Three Gorges Dam project [5][7] - The project is expected to have a total installed capacity of 60 million kilowatts, accounting for 1.8% of the national cumulative installed capacity and 13.8% of the hydropower installed capacity in 2024 [7] - The project will not only contribute to direct power generation but is also anticipated to stimulate comprehensive economic upgrades in Tibet and potentially connect with the power grid of South Asian countries in the future [8] Summary by Sections Industry Overview - The traditional energy sector in China is maintaining stable development, with major power generation enterprises completing investments of 1,168.7 billion yuan in 2024, a year-on-year increase of 12.1% [7] - The hydropower installed capacity reached approximately 440 million kilowatts in 2024, reflecting a year-on-year growth of 3.2% [7] Project Details - The Yarlung Zangbo River downstream hydropower project will utilize a five-level cascade development model, leveraging a natural drop of 2,230 meters, with a water utilization rate exceeding 85% [7] - The overall construction period of the project is expected to exceed 10 years, with annual infrastructure investments exceeding 100 billion yuan, representing 0.71% of the total broad infrastructure investment in 2024 [7] Investment Recommendations - Recommended investment targets include leading domestic hydropower construction companies such as China Power Construction and China Energy Engineering, which possess advanced technology in plateau hydropower and ultra-high voltage supporting fields [8] - Additionally, major transportation infrastructure companies like China Communications Construction and Tunnel Corporation are highlighted for their advantages in large-scale infrastructure and complex geological conditions [8]

Summary of Key Points Core Viewpoint - The announcement provides a summary of new project orders and their distribution across various business segments, highlighting a significant increase in above-ground business while noting a decline in underground business orders compared to the previous year [1]. Group 1: New Project Orders - Total order value for underground business is approximately 1,413.94 million RMB, accounting for 35.91% of total orders, which represents a decrease of 39.84% year-on-year [1]. - Total order value for above-ground business is approximately 2,523.02 million RMB, making up 64.09% of total orders, with an increase of 61.56% year-on-year [1]. - Orders from within Shanghai amount to approximately 1,678.73 million RMB, representing 42.64% of total orders, which is a decrease of 12.97% year-on-year [1]. - Orders from outside Shanghai (excluding Hong Kong and Macau) total approximately 1,931.89 million RMB, accounting for 49.07% of total orders, with an increase of 13.98% year-on-year [1]. - Overseas business orders are valued at approximately 326.34 million RMB, representing 8.29% of total orders, with an increase of 13.29% year-on-year [1]. Group 2: Business Segmentation - The municipal engineering segment, which includes projects like cross-river tunnels and sewage treatment plants, has orders totaling approximately 1,027.23 million RMB, accounting for 26.09% of total orders, with a decrease of 15.70% year-on-year [1]. - The total order value across all business segments is approximately 3,936.96 million RMB, which is a slight increase of 0.64% year-on-year [1]. - The overall total order value, including all business types, is approximately 4,620.74 million RMB, reflecting a marginal increase of 0.18% year-on-year [1].

| 》 龙虎榜 | | | Q、输入问司,你想知道的都在这里 | | 叶始搜索 | | --- | --- | --- | --- | --- | --- | | 2025-07-22 | | | | | 历史龙虎榜信息>> | | 上榜原因: 日涨幅偏离值达7%的证券 | | | | | 更多个股解读> | | 营业部名称 | 买入金额(元) | 占总成交比例 | 卖出金额(元) | 占总成交比例 | 净额(元) | | 广发证券股份有限公司深圳深南东路证券营业部 | 9792.83万 | 5.33% | 0.00 | 0.00% | 9792.83万 | | 国联民生证券股份有限公司宁波战船街证券营业部 | 5898.93万 | 3.21% | 0.00 | 0.00% | 5898.93万 | | 申万宏源证券有限公司上海杨浦区黄兴路证券营业部 | 2542.91万 | 1.38% | 0.00 | 0.00% | 2542.91万 | | 华鑫证券有限责任公司上海云锦路证券营业部 | 2499.97万 | 1.36% | 0.00 | 0.00% | 2499.97万 | | 沪股通专用 | 1709 ...

上海隧道工程股份有限公司 | 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-032 | | --- | --- | --- | --- | --- | --- | | 债券代码：185752 | 债券简称：22 | 隧道 | 01 | | | | 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 | | | | | | 小计 | 3,936,958.120 | 100 | 0.64 | | --- | --- | --- | --- | --- | --- | | 设计 | 订单总 | 1366 | 155,354.762 | 100 | 46.02 | | 业务 | 个数 | | | | | | 运营 | 订单总 | 505 | 511,668.165 | 100 | 31.31 | | 业务 | 个数 | | | | | | 数字 | 订单总 | 91 | 16,761.056 | 100 | -27.54 | | 业务 | 个数 | | | | | | | 合计 | | 4 ...

Group 1 - The core viewpoint is that the A-share market is experiencing a significant increase in risk appetite, with the CSI A500 Index rising over 6% in the past month, leading to a recovery in the net asset values of related ETFs [1][2] - The CSI A500 ETF (560510) has seen a 0.50% increase, marking its fourth consecutive rise, with a trading volume of 175 million yuan and a turnover rate of 3.35% [1] - Major constituent stocks of the CSI A500 Index, such as China Energy Engineering and Tunnel Engineering, have experienced substantial gains, with increases exceeding 10% [1] Group 2 - According to Shenwan Hongyuan Securities, the economic growth rate in the second half of 2025 may decline compared to the first half, but the A-share market remains strong due to stable capital market expectations and a controlled risk outlook [2] - The market is expected to break upward in Q4 2025, supported by improved supply-demand dynamics and a rebound in net profit growth for A-shares in 2026 [2] - The CSI A500 ETF serves as a differentiated investment tool for investors looking to capitalize on the "big and beautiful" A-share market [3]

Core Viewpoint - The news highlights the strong performance of the China Securities Dividend Low Volatility 100 Index and its associated ETF, indicating a favorable investment environment driven by high dividend yields and stable cash flows from leading companies like China Shenhua Energy [2][3]. Group 1: ETF Performance - As of July 22, 2025, the Dividend Low Volatility 100 Index rose by 1.26%, with notable gains from constituent stocks such as Tunnel Co. and Shanxi Coal [2]. - The Dividend Low Volatility 100 ETF (159307) has seen a recent price increase of 1.19%, marking its third consecutive rise, with a latest price of 1.1 yuan [2]. - Over the past week, the ETF has accumulated a 0.37% increase, with a trading volume of 1.27% and a total transaction value of 13.39 million yuan [2]. Group 2: Fund Flows and Growth - The Dividend Low Volatility 100 ETF has reached a new scale of 1.052 billion yuan, the highest in nearly a year [3]. - In the last two weeks, the ETF's shares increased by 7 million, ranking second among comparable funds [3]. - The ETF has experienced a net inflow of 1.0854 million yuan, with a total of 18.26 million yuan net inflow over the past five trading days [3]. Group 3: Leverage and Returns - The ETF's latest financing buy-in amount reached 249.11 thousand yuan, with a financing balance of 1.65053 million yuan [5]. - The ETF's net value has increased by 18.24% over the past year, ranking first among comparable funds [5]. - The ETF has a historical one-year profit probability of 100%, with an average monthly return of 3.47% during rising months [5]. Group 4: Fee Structure and Tracking Accuracy - The management fee for the Dividend Low Volatility 100 ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [6]. - The ETF has a tracking error of 0.069% over the past month, indicating the highest tracking precision among comparable funds [6]. Group 5: Index Composition - The China Securities Dividend Low Volatility 100 Index includes 100 stocks characterized by high liquidity, continuous dividends, high dividend yields, and low volatility [6]. - As of June 30, 2025, the top ten weighted stocks in the index accounted for 20.14% of the total index weight, including companies like Jizhong Energy and China Shenhua [6].

Core Insights - The G15 Shenhai Expressway Jiaoliu Section serves as a major connection between Shanghai and Jiangsu, handling 130,000 vehicles daily, with emergency response times improved by 35% and processing times reduced by 30% through smart upgrades [1] - The Intelligent Operation and Maintenance Division of Tunnel Corporation manages 56 infrastructure projects, including urban tunnels and highways, and has expanded the Shanghai model to various regions across the country [1][2] Group 1 - The Intelligent Operation and Maintenance Division was established in 2020, evolving from traditional industry practices and integrating modern digital transformation strategies [2] - The team consists of 187 members with an average age of 36, where 95% hold bachelor's degrees or higher, primarily from software development and digitalization backgrounds [2] - The division has developed a comprehensive smart operation platform that integrates seven specialized sub-platforms for various urban transportation infrastructures [3] Group 2 - The division has received "Shanghai Brand" certification, highlighting its commitment to innovation, service, and leadership in standards [4] - The team has developed advanced smart devices, such as the "Smart City Cloud Patrol" system, which can identify road damages with over 90% accuracy while traveling at 80 km/h [5] - The division has contributed to over 10 national and regional standards, including the first full lifecycle operation and maintenance management standard for a new tunnel in Hangzhou [6] Group 3 - The division's operational expertise has extended to the Guangdong-Macao Greater Bay Area, where it has established trust with local partners and is expanding the "Shanghai Standard" in smart maintenance projects [7] - The team is focused on emerging areas such as area-based smart maintenance and smart parking, aiming to deepen the influence of Shanghai's experience in the Greater Bay Area [7]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [10]. Core Insights - The Central Urban Work Conference held on July 14-15 emphasized the transition of urbanization in China from a rapid growth phase to a stable development phase, focusing on quality urban renewal rather than large-scale expansion [8][13]. - The conference outlined key tasks for urban development, including optimizing modern urban systems, building innovative cities, and enhancing livability and sustainability [13]. - The report highlights the historical significance of this conference, marking a shift towards high-quality urban development, contrasting with previous meetings that focused on rapid expansion and basic infrastructure [13]. - Future funding for urban renewal is expected to come from various sources, including special central budget investments and local government bonds, indicating potential for increased capital inflow into the sector [13]. - The report suggests that the construction sector should focus on leading companies and the entire design-construction-operation chain, particularly in urban renewal projects [13]. Summary by Sections Event Description - The Central Urban Work Conference took place in Beijing, with significant speeches from top leaders, indicating a strategic shift in urbanization policy [8][9]. Market Performance - The report includes a market performance comparison over the past 12 months, showing a relative performance of the construction and engineering sector against the CSI 300 index [11]. Related Research - The report references several related studies that discuss urban renewal and the construction industry's response to current challenges [12].