华南城市研究会创会会长、暨南大学教授胡刚接受南方财经记者采访时表示，随着广湛高铁、汕汕高铁 通车，让粤东、粤西的产业、人才与大湾区的联系变得极为便捷，相当于实现了大湾区的软性扩 容。"对比长三角来看，大湾区仅5.6万平方公里，虽然产业比较密集，但亟需扩容。其北部是粤北山 区，而粤东、粤西临海，自然条件优越，大湾区之间过去往返需三四个小时，如今高铁1.5小时可达， 实质上推动了大湾区的扩容进程。" 这一"扩容"的底气，来自实打实的轨道延伸。对比来看，山东省2024年全省高铁通车里程突破3000公 里，2025年山东省交通运输工作会议的消息显示，2024年山东省高速铁路里程达到3047公里。 随着广湛高铁、汕汕高铁开通，广东高铁版图扩展至3411公里，今年有望一举超越山东，登顶"中国高 铁里程第一省"。 两条高铁，一东一西，如同两条腾跃的"巨龙"，将曾被群山与海湾长久隔断的粤东、粤西，纳入粤港澳 大湾区"1.5小时生活圈"。 一个更均衡、更融合、更具韧性的广东，正在轨道上加速驶来。 12月22日10时30分许，随着一声悠长的汽笛长鸣，首发车G9785次自广州白云站缓缓驶出，与此同时， G9786次列车也从湛江北站 ...

Core Viewpoint - The Guangzhou-Zhanjiang High-Speed Railway (广湛高铁) has officially opened, marking the entry of western Guangdong into the 350 km/h high-speed rail era, significantly improving travel convenience between Guangzhou and Zhanjiang [1][5]. Group 1: Project Overview - The Guangzhou-Zhanjiang High-Speed Railway spans 401 kilometers with a design speed of 350 km/h, connecting major cities including Guangzhou, Foshan, Zhaoqing, Yunfu, Yangjiang, Maoming, and Zhanjiang [1][5]. - It is the most complex, longest, and largest investment railway project in Guangdong Province, with a bridge-tunnel ratio of 76.8% [3]. Group 2: Engineering Challenges - The project faced significant construction challenges due to complex terrain and geological conditions, including key projects like the Zhanjiang Bay underwater tunnel and the Foshan Grand Bridge [3]. - The Zhanjiang Bay underwater tunnel, measuring 9,640 meters, is the longest underwater high-speed rail tunnel in China, utilizing advanced shield tunneling technology [3]. - The construction team implemented an intelligent management system for comprehensive control over progress, safety, and quality, achieving tunnel completion in 33 months with millimeter-level settlement control [3]. Group 3: Environmental Considerations - To minimize noise and vibration from high-speed trains, a 2.5-kilometer circular fully enclosed sound barrier was installed on the Foshan Grand Bridge, creating a "soundproof tunnel" [3]. - This soundproof tunnel is the first of its kind applied to a 350 km/h high-speed rail project in the Guangdong-Hong Kong-Macao Greater Bay Area, providing a new solution for noise reduction in densely populated urban areas [3]. Group 4: Station Design and Cultural Integration - The design of the Yangjiang North Station incorporates elements of the sea, with a focus on aesthetics and wind resistance, creating a unique urban reception area [5]. - Maoming South Station's design reflects local cultural characteristics, integrating themes of the South China Sea and local fishing culture into its architecture [5]. - The project utilized BIM technology for efficient collaboration across disciplines, overcoming challenges in constructing complex architectural shapes [5]. Group 5: Strategic Importance - The Guangzhou-Zhanjiang High-Speed Railway is a crucial part of the national "eight vertical and eight horizontal" high-speed rail network and serves as a key passenger transport corridor along the coast [5]. - The completion of this railway will significantly shorten travel times between western Guangdong and the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing transportation development and improving travel conditions for local residents [5].

Investment Rating - The report rates the industry as "Overweight" [7] Core Insights - The potential for investment growth in new infrastructure remains significant, with a focus on expanding effective investment space and enhancing private investment vitality [2][3] - Central enterprises are encouraged to identify new growth areas, particularly in renewable energy, aerospace, and low-altitude economy sectors [4] - The government is increasing support for capital in key infrastructure projects, including railways and smart construction initiatives [5] Summary by Relevant Sections Recent Key Reports - The report highlights the importance of strategically expanding investment in new infrastructure and emphasizes the need for a coordinated approach to urbanization and rural revitalization [3][4] Key Company Recommendations - Recommended companies include China Railway, China Communications Construction, and China State Construction, all of which are expected to benefit from high dividend yields and stable growth [8][11] - Specific sectors such as clean rooms, commercial aerospace, and controlled nuclear fusion are highlighted for their growth potential, with recommended stocks including Yaxiang Integration and Shanghai Port [6][10] Macro/Meso/Micro Data - The report indicates a projected increase in broad infrastructure funding by 7.3% in 2025, driven by enhanced fiscal policies and the issuance of special bonds [31][32] - It also notes that the construction industry is experiencing a decline in net profit margins, with a 10% year-on-year decrease in net profit reported [14][15]

Investment Rating - The report recommends a "Buy" rating for several construction companies, highlighting their potential for high returns based on expected dividend yields and low valuations [9][32]. Core Insights - The current policy environment is driving an increase in insurance capital allocation to the stock market, with a notable acceleration in Q3 this year. Insurance capital is favoring construction stocks with high ROE, high dividend yields, and low valuations, particularly focusing on companies like China Electric Power Construction, China State Construction, and Sichuan Road and Bridge [1][2][14]. - It is estimated that the construction sector will receive an additional allocation of 28.6 billion yuan by 2026, representing 3.5% of the free float market value. Key A-share stocks recommended include Sichuan Road and Bridge (6.3% yield), Jianghe Group (6.5%), and others, while H-share stocks include China State Construction International (7.2%) and China Communications Construction (6.0%) [1][8][32]. Summary by Sections Insurance Capital Trends - As of Q3 2025, the total balance of insurance capital in China reached 37.5 trillion yuan, a year-on-year increase of 16.5%. The allocation to stocks and funds was 3.6 trillion and 2.0 trillion yuan, respectively, accounting for 15.5% of total investments, with a significant increase noted in Q3 [2][22]. - The top three construction stocks held by insurance capital are China Electric Power Construction, China State Construction, and Sichuan Road and Bridge, which together account for 75% of the insurance capital's construction sector holdings [2][22]. Expected Capital Allocation - The projected allocation of insurance capital to the construction sector is estimated at 50.8 billion yuan in 2025 and 79.4 billion yuan in 2026, with an incremental increase of 28.6 billion yuan in 2026 [3][28]. - The overall allocation ratio for the construction sector is expected to rise from 1.31% in 2025 to 1.60% in 2026, driven by the sector's attractive dividend yield compared to other sectors [3][28]. Recommended Stocks - Key A-share stocks with expected dividend yields over 5% include Sichuan Road and Bridge (6.3%), Jianghe Group (6.5%), and others. H-share stocks include China State Construction International (7.2%) and China Communications Construction (6.0%) [1][29][32]. - The report also highlights semiconductor cleanroom leaders such as Yaxiang Integration and Shenghui Integration, which are expected to benefit from the ongoing AI investment wave [1][8][32].

Group 1 - The current policy is driving insurance capital to increase allocation in the stock market, with a significant acceleration observed in 2023, particularly in Q3 [1][2] - Insurance capital is favoring high ROE, high dividend yield, and undervalued stocks in the construction sector, with major holdings in China Power Construction, China State Construction, and Sichuan Road and Bridge [1][2] - Sichuan Road and Bridge has recently received a stake increase from Zhongyin Life, indicating a trend of insurance capital focusing on high-quality construction stocks [2] Group 2 - It is estimated that insurance capital will allocate 286 billion yuan to the construction sector by 2026, representing 3.5% of the free float market value [3] - The projected allocation for the construction sector from insurance capital is expected to be 508 billion yuan in 2025 and 794 billion yuan in 2026, with incremental increases of 271 billion yuan and 286 billion yuan respectively [3] - The construction sector is expected to attract long-term capital due to the presence of stable performance, high dividends, and low valuations among key A-share companies [4] Group 3 - The global demand for computing power is expected to grow significantly, driven by AI development, leading to a new growth cycle for cleanroom engineering [5] - Major semiconductor companies are increasing their capital expenditures, with TSMC projecting a doubling of its AI business by 2025 and a compound annual growth rate of approximately 40% over the next five years [5] - The cleanroom investment in the semiconductor industry is projected to reach approximately 168 billion yuan globally and 50.4 billion yuan in China by 2025, representing about 15% of the total industry capital expenditure [5]

来源： 转自：北京日报客户端 近日，中铁二十三局集团成都龙泉山生态保护修复暨国家储备林项目的产业工人巡山时发现一只受伤的 草原雕（国家一级野生保护动物）。中国铁建、公安民警与专业机构迅速接力成功救助。草原雕掉落的 这片区域正是入川猛禽南北迁徙关键停歇带，随着生态廊道功能提升，过境猛禽目击记录较往年增长三 倍，脆弱山地已经变身 131 种鸟类的迁徙 "服务区"。 r an 1 4 东部影 lle y 83 E 6 @中国铁建 中国铁建 @ ...

12月19日拍摄的通泰扬特大桥跨京杭运河斜拉桥合龙施工现场。 12月19日，由中国铁建大桥局承建的沪渝蓉高铁通泰扬特大桥跨京杭运河斜拉桥顺利合龙，通泰扬特大 桥控制性工程取得突破性进展。本次合龙的跨京杭运河斜拉桥位于江苏扬州，全长564.3米，主跨300 米，主塔高128米，桥面距离航道水位约30米。沪渝蓉高铁是国家"八纵八横"高铁骨干通道之一，线路 总长约2100公里，设计时速350公里。新华社图文 ...

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格隆汇12月19日丨中国铁建(01186.HK)公告，中国铁建股份有限公司2023年面向专业投资者公开发行科 技创新可续期公司债券(第二期)(品种一)(简称"铁建YK07")于2025年12月29日开始支付自2024年12月27 日至2025年12月26日期间的利息。票面利率及付息金额：按照《中国铁建股份有限公司2023年面向专业 投资者公开发行科技创新可续期公司债券(第二期)票面利率公告》，"铁建YK07"的票面利率为2.97%， 每手"铁建YK07"面值1,000元派发利息为29.70元(含税)。 ...