Group 1 - The Shanghai Composite Index decreased by 0.37%, while the Shanghai Urban Infrastructure Index fell by 0.46%, closing at 1237.37 points with a trading volume of 20.049 billion yuan [1] - The Shanghai Urban Infrastructure Index has increased by 6.04% over the past month and 6.76% over the past three months, but has declined by 1.59% year-to-date [2] - The index series reflects the performance of listed companies influenced by changes in economic and consumption structures, focusing on themes such as intensive, intelligent, and green low-carbon development [2] Group 2 - The top ten weighted stocks in the Shanghai Urban Infrastructure Index include China State Construction (9.44%), China Railway (6.99%), and Poly Development (6.86%) [2] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange, with the industrial sector accounting for 57.81%, real estate for 31.30%, and materials for 10.90% [3] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]

Core Insights - The construction industry is expected to outperform the market in the second half of 2025, driven by improvements in asset quality and a potential recovery in demand [1][4] - Downstream demand remains weak, leading to accelerated balance sheet contraction among construction companies [1][4] - Infrastructure investment is anticipated to become a key driver for expanding domestic demand and stabilizing growth [3][4] Summary by Sections Industry Performance - In the first half of 2025, the total contract amount for new projects in the construction industry reached 25 trillion yuan, a year-on-year increase of 22.5%, although still significantly lower than levels in 2022-2023 [1][30] - The industry is experiencing a decline in new orders and revenue, but signs of a profitability turning point are emerging as some local construction companies accelerate the collection of receivables and repay existing debts [1][4] Inventory Cycle Perspective - The construction industry is nearing the end of a "passive inventory replenishment" phase, characterized by a lagged response of inventory fluctuations to changes in downstream demand [2][77] - Since 2021, the industry has entered a phase of passive inventory accumulation due to prolonged project repayment cycles and a concentration of PPP projects transitioning to operational phases [2][82] Infrastructure Investment - Infrastructure investment is seen as a critical measure to expand domestic demand and stabilize economic growth, especially in light of pressures on price indicators and the need for effective investment [3][4] - The government is expected to increase fiscal support for infrastructure projects, particularly in areas related to public welfare and energy security [3][4] Investment Recommendations - The report maintains a positive outlook for the construction sector in the second half of 2025, suggesting that asset quality improvements will align with demand recovery [4] - Recommended stocks include Yaxiang Integration, Zhongyan Dadi, China Railway Construction, and others, which are expected to benefit from the anticipated recovery in infrastructure investment [4][8]

Core Insights - The article highlights the enhancements in tourist train services and routes during the peak summer travel season, focusing on improved convenience and accessibility for travelers [1][2]. Group 1: Service Enhancements - The "Tianshan" tourist train offers a seamless travel experience with direct routes and luggage handling, allowing tourists to spend more time at attractions [2][4]. - Special attention is given to elderly travelers on the red tourism train from Xi'an to Zhaojin, featuring age-friendly designs and dedicated assistance [6][8]. Group 2: Increased Capacity and Connectivity - The Chengyu high-speed railway has seen a significant increase in tourist traffic, with train frequency rising to one every five minutes during peak times [10][15]. - The number of daily high-speed trains has increased from 94 to 103, and public transport connections have been extended to facilitate easier transfers for travelers [15]. Group 3: Ticketing Innovations - New ticketing options, such as multi-journey tickets, allow travelers to visit multiple destinations with a single ticket, providing cost savings and flexibility [16][17]. - Various tourist joint ticket routes have been introduced, enabling travelers to explore multiple attractions with ease and at discounted rates [20].

7月31日，上证指数跌1.18%，收报3573.21点，恒生指数跌1.6%，收报24773.33点。 本文源自：金融界 作者：行情君 资料显示，中国中铁股份有限公司是集勘察设计、施工安装、工业制造、房地产开发、资源利用、金融 投资和其他新兴业务于一体的特大型企业集团,总部设在中国北京。作为全球最大建筑工程承包商之一, 中国中铁连续18年进入世界企业500强,2023年在《财富》世界500强企业排名第39位,在中国企业500强排 名第10位。 中国中铁拥有一百多年的历史源流。1950年3月为中国铁道部工程总局和设计总局,后变更为 铁道部基本建设总局。1989年7月,经国务院批准撤销基本建设总局,组建中国铁路工程总公司。2000年9 月,与铁道部实行政企分开,整体移交中央大型企业工作委员会管理。2003年5月由国务院国资委履行出资 人职能。 *注：AH股是指同时在A股和港股上市的公司，溢价（A/H）越大，说明H股相比A股越便宜。 中国中铁AH溢价达57.21%，位居AH股溢价率第68位。当日收盘，中国中铁A股报5.69元，跌幅 1.22%，H股报3.95港元，下跌2.47%。 ...

格隆汇7月30日丨中国中铁(00390.HK)公告，中国中铁股份有限公司(以下简称"公司"或"发行人")于2022 年10月21日发行了中国中铁股份有限公司2022年面向专业投资者公开发行可续期公司债券(第二期)(品种 一)(债券简称"22铁工Y3")。根据《中国中铁股份有限公司2022年面向专业投资者公开发行可续期公司 债券(第二期)募集说明书》，本期债券基础期限为3年，以每3个计息年度为1个周期，在每个周期末， 发行人有权选择将本期债券期限延长1个周期(即延长3年)，或选择在该周期末到期全额兑付本期债券。 公司决定不行使发行人续期选择权，即将本期债券全额兑付。 本期债券基础期限为3年，以每3个计息年度为1个周期，在每个周期末，发行人有权选择将本期债券期 限延长1个周期(即延长3年)，或选择在该周期末到期全额兑付本期债券。 ...

Core Viewpoint - China Railway Group Limited (00390.HK) announced its decision to fully redeem the second phase of its publicly issued perpetual bonds, indicating a strategic choice not to extend the bond's maturity period [1] Group 1 - The company issued the perpetual bonds on October 21, 2022, with a basic term of 3 years and the option to extend for an additional 3 years at the end of each interest period [1] - The bonds were structured to allow the issuer to choose between extending the maturity or redeeming the bonds at the end of each cycle [1] - The company has opted not to exercise the extension option and will redeem the bonds in full at maturity [1]

格隆汇7月30日丨中国中铁(00390.HK)公告，中国中铁股份有限公司(以下简称"公司"或"发行人")于2022 年12月14日发行了中国中铁股份有限公司2022年面向专业投资者公开发行可续期公司债券(第三期)(品种 二)(债券简称"22铁工Y6")。根据《中国中铁股份有限公司2022年面向专业投资者公开发行可续期公司 债券(第三期)募集说明书》，本期债券以每3个计息年度为1个周期，在每个周期末，发行人有权选择将 本期债券期限延长3年，或选择在该周期末到期全额兑付本期债券。发行人决定不行使续期选择权，即 将本期债券全额兑付。 本期债券期限为3年，以每3个计息年度为1个周期，在每个周期末，发行人有权选择将本品种债券期限 延长1个周期(即延长3年)，或选择在该周期末到全额兑付本品种债券。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中國中鐵股份有限公司於2025年7月30日在上海證券交易所網站刊登的「中國中鐵 股份有限公司2022年面向專業投資者公開發行可續期公司債券（第二期）（品種一）不行使 發行人續期選擇權的公告」，僅供參閱。 承董事會命 中國中鐵股份有限公司 陳文健 董事長 2025年7月30日 於本公告日期，本公司的執行董事為陳文健先生（董事長）及王士奇先生；本公司的非執 行董事為文利民先生及房小兵先生；本公司的獨立非執行董事為修龍先生、孫力實女士 及屠海鳴先生。 证券代码： 601390.SH/0390.HK 证券简称：中国中铁 债券简称：22铁工Y3 债券代码： 137912.SH 中国中铁股份有限公司 2022 年面向专业投资者公开发行可续期公司债券 （第二期）（品种一）不行使发行人续期选择权的公告 本公司全体董事或具有同等职责的人员保证本 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中國中鐵股份有限公司於2025年7月30日在上海證券交易所網站刊登的「中國中鐵 股份有限公司2022年面向專業投資者公開發行可續期公司債券（第三期）（品種二）不行使 續期選擇權的公告」，僅供參閱。 承董事會命 中國中鐵股份有限公司 陳文健 2、债券简称：22 铁工 Y6 董事長 2025年7月30日 於本公告日期，本公司的執行董事為陳文健先生（董事長）及王士奇先生；本公司的非執 行董事為文利民先生及房小兵先生；本公司的獨立非執行董事為修龍先生、孫力實女士 及屠海鳴先生。 债券代码：138647.SH 债券简称：22 铁工 Y6 中国中铁股份有限公司 2022 年面向专业投资者公开发行可续期公 司债券(第三期)(品种二)不行使续期选择权的公告 本公司全体董事或具有同等职责的人员保证本公告内容不存 在任何虚假记载、误导性陈述或者重 ...

Investment Rating - The report maintains a "Buy" recommendation for the construction industry [1] Core Viewpoints - Infrastructure investment growth remains robust, with a broad infrastructure investment growth rate of 8.9% in the first half of 2025, despite a slight decline from previous values [3][30] - Real estate investment continues to face pressure, with a 11.2% year-on-year decline in real estate development investment in the first half of 2025 [44] - The construction sector is experiencing a slight increase in fund holdings, with a fund holding market value ratio of 0.43% in Q2 2025, which is still below the standard allocation ratio of 1.77% [65][66] Summary by Sections Special Debt Issuance - The pace of special debt issuance has accelerated, with a total of 2.16 trillion yuan issued in the first half of 2025, a year-on-year increase of 45% [6][3] - The government plans to issue 4.4 trillion yuan in new local government special bonds in 2025, focusing on investment construction and land acquisition [6] Infrastructure Investment - Fixed asset investment growth has slowed, with a total of 248,654 billion yuan in the first half of 2025, reflecting a 2.8% year-on-year increase [27] - Infrastructure investment remains resilient, with significant growth in the electricity, heat, gas, and water supply sectors, which saw a 22.8% year-on-year increase [35][30] Real Estate Market - Real estate investment and sales continue to decline, with a 3.5% decrease in commodity housing sales area in the first half of 2025 [44] - New construction and completion areas have seen a narrowing decline, with new construction down 20.0% year-on-year but improving from previous months [46] Fund Holdings in Construction - Fund holdings in the construction sector have slightly increased, with a market value of 132.95 billion yuan in Q2 2025, reflecting a 9.24% increase from Q1 2025 [65] - The construction sector remains underweight compared to the standard allocation, indicating potential for growth [65][66] Recommendations - The report recommends focusing on stable growth, high dividends, overseas expansion, and regional construction projects, highlighting companies such as China State Construction, China Railway, and others [3][1]