9月24日，三一集团党委书记、轮值董事长、三一重工董事长向文波一行到访中国铁建大厦，与中国铁 建党委书记、董事长戴和根举行会谈，双方就深化合作、推动高质量发展进行了广泛深入的交流。双方 明确由三一集团大客户部董事长周涤非担任后期项目总对接人，统筹合作落地。 ...

Core Insights - Chengdu's central urban area successfully auctioned three residential land plots, with a total transaction amount of 2.278 billion yuan [1] - The auction included two plots in Tianfu New District and one in Eastern New District, with two plots sold at a premium and one at the base price [1] Group 1: Tianfu New District - Two plots in Tianfu New District were sold using a "combined supply" model, with a starting floor price of 14,000 yuan per square meter [1] - The first plot (TF(070102):2025-14) has a planned construction area of 44,192.6 square meters and a starting price of 619 million yuan [1] - The second plot (TF(070102):2025-15) has a planned construction area of 82,435.94 square meters and a starting price of 1.154 billion yuan [1] - The winning bid for the Tianfu New District plots was made by a consortium of China Railway Construction and Chengdu Investment, with a final floor price of 16,300 yuan per square meter and a premium rate of 16.4% [1] Group 2: Eastern New District - The plot in Eastern New District was acquired by Chengdu Transportation Investment at the base price, with a transaction floor price of 3,750 yuan per square meter and a total price of 214 million yuan [2] - The Eastern New District plot has a total land area of 37,972.08 square meters (approximately 56.96 acres) and a planned construction area of 56,958 square meters, with a floor area ratio of 1.5 [2]

Core Viewpoint - The meeting between China Railway Construction Corporation (CRCC) and SANY Group aims to deepen cooperation and promote high-quality development in the construction and engineering machinery sectors [1][3]. Group 1: Cooperation and Strategic Alignment - CRCC's Chairman Dai Hegen expressed gratitude for SANY Group's long-term support and highlighted SANY's leadership in the engineering machinery industry, noting its high management standards and effective execution [3]. - Both companies have established a strong relationship based on mutual trust and support, with a focus on enhancing cooperation in areas such as high-end intelligent equipment, lighthouse factories, supply chain collaboration, management mechanisms, and research [3]. - SANY Group's Chairman Xiang Wenbo acknowledged the strong foundation for cooperation and emphasized the complementary nature of both companies' industries, aiming to leverage their strengths in infrastructure, new equipment, new energy, overseas business, and technological innovation [3]. Group 2: Future Development and Goals - The collaboration aims to create a model of cooperation between state-owned and private enterprises, focusing on achieving mutual benefits and higher quality development [3]. - Both companies are committed to exploring overseas markets together and providing customized solutions to meet CRCC's needs [3].

Market Overview - On September 24, the infrastructure sector experienced a slight decline of 0.03%, with Xinjiang Communications Construction leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Notable gainers in the infrastructure sector included: - Chengbang Co., Ltd. (603316) with a closing price of 13.92, up 10.04% and a trading volume of 275,000 shares, totaling a transaction value of 366 million yuan [1] - Jiaojian Co., Ltd. (603815) closed at 12.60, up 7.14% with a transaction value of 312 million yuan [1] - ST Huawang (603007) closed at 5.70, up 4.97% with a transaction value of 156 million yuan [1] - Conversely, Xinjiang Communications Construction (002941) saw a significant decline of 7.18%, closing at 16.15 with a trading volume of 1,038,100 shares and a transaction value of 1.679 billion yuan [2] Capital Flow Analysis - The infrastructure sector experienced a net outflow of 161 million yuan from institutional investors, while retail investors saw a net inflow of 76.34 million yuan [2] - Key stocks with notable capital flows included: - Pudong Construction (600284) with a net inflow of 25.82 million yuan from institutional investors [3] - Oriental Garden (002310) had a net inflow of 21.25 million yuan from institutional investors [3] - Zhejiang Communications Technology (002061) recorded a net inflow of 19.09 million yuan from institutional investors [3]

（文章来源：新华财经） 2025年，天府新区仅在2月出让万安街道的两宗宅地，并由中国中铁以底价11000元／m²成交。此次土 拍，为今年内天府新区的第二次宅地出让，是《成都市城市规划管理技术规定（2024）》（以下简 称"新规"）于2024年6月实施后麓湖板块的第一次供地。 中指研究院成都公司总经理黄雪说，自新规出台以来，成都新规产品在得房率、舒适性等当面具备明显 优势，但也存在不同项目赠送尺度不统一等现象。今年9月9日，成都市规划和自然资源局发布了关于公 开征求《〈成都市城市规划管理技术规定（2024）〉 的补充规定》意见的公告。据悉，本次政策调 整，是对先前市场赠送方式不规范的约束手段，旨在保障住宅项目的整体品质。同时，《征求意见》也 作出了更具适应性的优化，放宽了部分限制，以精准施策满足当前改善型及高端市场的合理需求，支持 高品质住宅产品的供给。 《征求意见》提出，在提升房屋附属空间品质方面，阳台、飘窗、入户花园等附属空间的水平投影面 积，不得超过项目住宅计容建筑面积的30%，兼顾居住舒适度与规划合理性；阳台无论封闭与否，均按 水平投影面积的1/2纳入容积率计算，促进建筑立面协调统一。回溯2024版新规 ...

Core Viewpoint - The "2025 Phoenix Star Listed Company Awards" ceremony was held in Guangzhou, recognizing companies for their performance in innovation, returns, responsibility, growth, brand influence, and globalization [1] Award Categories and Winners - The awards included categories such as Best Innovative Listed Company, Best Shareholder Return Listed Company, Most Socially Responsible Listed Company, Best Employer Award, Most Growth Potential Listed Company, Most Brand Influential Listed Company, Best Global Business Contribution Listed Company, Best Overseas Globalization Case, and Best IPO Company [1] - Six companies were awarded the title of "Most Brand Influential Listed Company": China Railway Construction Corporation, China Pacific Insurance, Guangzhou Baiyunshan Pharmaceutical, Yiling Pharmaceutical, Master Kong, and Haier Smart Home [1][3] Company Highlights - **China Railway Construction Corporation**: Recognized for its significant role in the "Belt and Road" initiative, operating in over 140 countries, and has been listed among the Fortune Global 500 for 19 consecutive years. The company emphasizes high-quality development and innovation in infrastructure [5][6] - **Master Kong**: Acknowledged for its long-term respect for consumers and commitment to quality. The company aims to promote Chinese culinary culture globally while focusing on technological upgrades and cultural heritage [8][9] - **China Pacific Insurance**: The company has a strong brand value and influence, providing comprehensive protection to 180 million customers. It has been ranked among the top five global insurance brands for several years [11] - **Guangzhou Baiyunshan Pharmaceutical**: As a World Fortune 500 company, it emphasizes high-quality products and social responsibility, with a brand value of 31.79 billion yuan, leading the pharmaceutical health sector in China [13] - **Haier Smart Home**: Transitioned from a home appliance leader to a smart living pioneer, serving over 1 billion users globally. The company focuses on technological innovation and sustainable development, holding the highest number of smart home invention patents for 13 consecutive years [15][16] - **Yiling Pharmaceutical**: Known for its innovative traditional Chinese medicine products, with 17 patented drugs, 11 of which are included in the national medical insurance directory. The company has successfully expanded its market presence in over 50 countries [17][18]

Core Points - The Huai-Su-Beng Intercity Railway has officially entered the contact network installation phase with the successful completion of the first contact wire installation [1][3] - The contact network project is crucial for the high-speed rail's power supply system, delivering a rated voltage of 27.5 kV to the trains [3] - The railway spans approximately 162 kilometers with a design speed of 350 km/h, connecting cities in northern Anhui to the Hefei metropolitan area and other regions [3] Summary by Sections - **Contact Network Installation**: The first contact wire installation marks a significant milestone in the construction of the Huai-Su-Beng Intercity Railway, which requires a total of 426.6 kilometers of contact wire to be installed [1][3] - **Importance of Contact Network**: The contact network serves as the "lifeline" of the high-speed rail's power supply, directly affecting the stability and reliability of power delivery to the trains, which is essential for safe operations [3] - **Regional Impact**: Once completed, the railway will enhance connectivity between the northern Anhui urban cluster and the Hefei metropolitan area, contributing to the development of the "Railway Triangle" and promoting regional economic coordination [3]

Core Insights - The forum on marine economy technology was held in Zhuhai, focusing on high-quality development paths and models for the marine economy [1][3] - Experts discussed key topics such as marine energy utilization, marine resource development, and smart fishery construction [3][6] Group 1: Forum Highlights - The forum featured discussions on floating wind power development and the critical technology for UHPC floating body design and construction [3][4] - The event emphasized the importance of a collaborative platform for technology transformation, aiming to create a new production force in the marine sector [3][4] Group 2: Technological Advancements - UHPC technology is seen as a key breakthrough for the commercialization of floating offshore wind power, significantly reducing costs and enhancing large-scale application potential [4] - The forum covered the entire marine industry chain, including marine engineering, new energy, fisheries, and cultural tourism [6] Group 3: Institutional Developments - China Railway Construction Corporation (CRCC) established the Marine Industry Technology Research Institute, which will focus on key marine technology and innovation [6] - The research institute aims to create a national-level marine technology R&D platform, leveraging unique policy and location advantages [6][7] Group 4: Strategic Importance - The forum is aligned with national strategies for marine power construction and regional development needs, highlighting its significant practical implications [3][6] - The focus on overcoming key technological bottlenecks is crucial for strengthening the foundation of marine power construction in China [6][7]

Core Viewpoint - The construction of major transportation projects, such as the He-Ruo Railway, is significantly enhancing regional economic development and improving connectivity in China, particularly in remote areas like Xinjiang [1][5]. Group 1: Transportation Infrastructure Development - The He-Ruo Railway, built by China Railway Construction Corporation, has transformed the previously inaccessible Taklamakan Desert region into a vital economic corridor, ending the history of no train access for five counties [1]. - The railway construction faced extreme challenges, with 460 kilometers traversing a desert with no water, electricity, or roads, showcasing the engineering capabilities of state-owned enterprises [1][2]. - The introduction of innovative construction techniques, such as the "bridge instead of road" approach, has significantly reduced transportation distances by over 1,000 kilometers [2]. Group 2: Investment and Economic Impact - From 2021 to 2024, state-owned enterprises (SOEs) completed fixed asset investments totaling 19 trillion yuan, with an average annual growth rate of 6.3% [5]. - The opening of the He-Ruo Railway has reduced transportation costs for local products by over 20%, boosting tourism and local economies [15]. - The completion of the Changtai Yangtze River Bridge has drastically cut travel time between Changzhou and Taizhou from 1 hour and 20 minutes to approximately 20 minutes, enhancing local connectivity [4][15]. Group 3: Technological Innovation - SOEs are leading in technological advancements, with the introduction of the world's largest diameter shield tunneling machine and innovations in high-speed rail technology, such as the development of high-speed train wheels that improve performance [9][11]. - The use of advanced construction methods and equipment has resulted in significant time savings in infrastructure projects, with some urban subway construction periods reduced by 1 to 2 years [9][11]. - SOEs have been involved in 22 major national technology projects, contributing to the development of key products in the manufacturing sector [13]. Group 4: Future Outlook - The investment focus of SOEs is expected to shift towards high-quality development, optimizing multi-modal transportation structures, and integrating smart and green technologies into infrastructure [7]. - The ongoing development of transportation infrastructure is anticipated to further enhance economic opportunities and improve the quality of life for citizens [17].

Investment Rating - The investment rating for the construction industry is "Positive" (maintained) [4] Core Viewpoints - The construction industry is experiencing revenue and profit pressure, but recovery momentum is gradually accumulating under supportive policies [4][8] - In the first half of 2025, the construction sector achieved revenue of 3.97 trillion yuan, a year-on-year decrease of 6.02%, and a net profit attributable to shareholders of 91.5 billion yuan, down 6.60% year-on-year [4][8] - Despite the overall decline, the gap between revenue and net profit growth rates has narrowed significantly compared to the first half of 2024, indicating a temporary easing of profit pressure [4][8] - The issuance of 4.4 trillion yuan in special bonds and ongoing investment stabilization policies are expected to gradually open up profit recovery space for the sector [4][8] Summary by Sections Industry Overview - The construction sector's revenue growth is slowing, with profits under pressure. In the first half of 2025, the sector's revenue decreased by 6.02% year-on-year, while net profit fell by 6.60% [8] - The revenue growth rate has declined by 3.04 percentage points compared to the first half of 2024, but the net profit growth rate has improved by 2.77 percentage points [8] - The overall gross margin for the construction sector in the first half of 2025 was 10.02%, down 0.16 percentage points year-on-year, while the net margin was 2.87%, down 0.04 percentage points [13] Subsector Performance - The performance of subsectors is mixed, with the steel structure sector showing revenue growth of 2.02%, driven by overseas industrial building orders [4][32] - The landscaping sector and chemical engineering saw significant profit growth, with net profits increasing by 70.48% and 19.81% respectively [4][32] - The gross margin improvements are concentrated in landscaping, chemical engineering, and international engineering, while the net margin for steel structures and central enterprises has declined [34] Central Enterprises and Orders - In the first half of 2025, the nine major central construction enterprises signed new orders totaling 7.79 trillion yuan, a slight increase of 0.17% year-on-year, despite an overall industry decline [4][56] - The central enterprises' new orders in overseas markets grew by 16.35% year-on-year, becoming a significant support for order structure optimization [56] - The valuation of central enterprises remains low, with expected PE ratios around 5 times and PB ratios below 0.5 times, indicating strong shareholder returns [59]