Group 1 - In July, the financing balance increased by over 130 billion yuan, marking the highest monthly growth in financing balance for the year [2] - Six industries attracted over 10 billion yuan in net financing, including electronics, pharmaceuticals, electric equipment, non-ferrous metals, computers, and non-bank financials [2] - The top three industries by net financing in July were electronics (14.7 billion yuan), pharmaceuticals (14.1 billion yuan), and electric equipment (12.7 billion yuan) [2] Group 2 - Among individual stocks, nine stocks saw net financing exceeding 1 billion yuan, with notable mentions being Xinyi Technology, Northern Rare Earth, and Shenghong Technology [2][3] - Xinyi Technology experienced a nearly 50% increase in July, with its stock price nearly doubling over the past two months [3] - The top five stocks with the highest net selling amounts included Wuliangye, Sunshine Power, BeiGene, Muyuan Foods, and Hengli Petrochemical, each exceeding 300 million yuan [3] Group 3 - As of July 30, six companies had financing balances exceeding 10 billion yuan, including Dongfang Wealth, China Ping An, Kweichow Moutai, CITIC Securities, BYD, and Yangtze Power, all of which are large-cap blue-chip stocks [3]

证券日报网讯志特新材7月31日在互动平台回答投资者提问时表示，公司与中国电建的现有项目合作暂 不涉及雅鲁藏布江下游水电工程项目，其他业务进展请以后续公告为准。 （文章来源：证券日报） ...

上午九时左右，记者刚走进班古洛村，就遇见村民祖维娜端着水盆走到家门口的水龙头旁边，缓慢拧开水龙 头——"哗啦！"清澈水流奔涌而出，迅速装满水盆。她弯着腰，手背抹了把眼睛，笑着说："自从家里通水以后， 再也不用起早去背水了。"水滴在她脚边绽开，仿佛开出了花。 "中国企业建设的供水项目不仅让大家用上了干净的自来水，也为我们的经济发展注入了活力。"坦桑尼亚达 累斯萨拉姆班古洛地方政府主席古德勒克·姆韦莱日前对记者说，"大家终于不用再为缺水而烦恼，可以喝上放心 水了！" 今年1月，由中国电力建设集团有限公司（中国电建）承建的坦桑尼亚班古洛供水项目正式建成。该项目覆盖 达累斯萨拉姆南部包括班古洛地区在内的多个区域及偏远村庄，为当地45万居民提供干净、安全的生活用水。坦 桑尼亚水利部长阿韦索表示，班古洛供水项目对解决坦桑尼亚城镇供水矛盾及社会民生问题具有重大意义，"不仅 解决了当地'喝水难'问题，也进一步助力坦桑尼亚现代化进程。" "供水项目是利国利民的民生项目" 祖维娜今年45岁，是班古洛村的村民。以前，她每天早上3点不到就得起床，和丈夫孩子一起拿着水桶，步行 到十多公里外的姆辛巴齐河取水，每天大约可以运回25升水供一 ...

智通财经7月31日电，大禹节水在互动平台表示，7月24日，中国电建一行领导到公司参观考察，双方围 绕重大引调水、重大水利、大中型灌区、智慧水利等领域合作进行深入座谈交流并对公司北京研发中心 以及慧图科技进行现场参观。双方将强化多层级对接机制，深化合作内涵，依托各自优势实现互补，协 同探索创新合作模式与路径，达成互利共赢、共同发展的目标。 大禹节水：与中国电建探讨重大水利工程项目合作 ...

Company Overview - China Power Construction Group Co., Ltd. (China Power Construction) was established on November 30, 2009, and listed on the Shanghai Stock Exchange in 2011 under the stock code 601669 [2][3] - The company is a subsidiary of China Power Construction Group, a large state-owned enterprise approved by the State Council in September 2011, headquartered in Haidian District, Beijing [2] Industry Position - China Power Construction ranks first globally in integrated hydropower construction capabilities and performance [2] - The company has been listed among the top 150 of the Fortune Global 500 for four consecutive years and has consistently topped the ENR Global Engineering Design Companies list [3][5] - The company has a domestic hydropower engineering market share exceeding 90% and operates in over 130 countries [5] Business Development - The company aims to become a "world-class green and low-carbon energy supplier" by 2024, with a target of over 90% of its installed capacity coming from clean energy by 2025 [3] - Major projects include the Three Gorges Project and the Baihetan Hydropower Station, as well as international collaborations such as the Poland railway restoration project and the Laos hydropower station [3] Financial Performance - In 2024, the company reported revenue of 633.685 billion yuan, a year-on-year increase of 4.07%, and a net profit of 12.015 billion yuan [11] - The company’s operating cash flow increased by 10.34% year-on-year, reaching 24.546 billion yuan [11] - The total contract backlog was 2.13 trillion yuan, reflecting a 15.37% year-on-year growth [11] Market Dynamics - The announcement of the 1.2 trillion yuan investment in the Yarlung Tsangpo River downstream hydropower project has generated significant interest in the capital market, leading to a three-day stock price surge [10][9] - The company’s market capitalization reached approximately 120 billion yuan as of July 30, 2025 [11] Technological and Competitive Advantages - The company holds a leading position in the engineering contracting sector, ranking 6th among global contractors and leading in the domestic market [11] - It has a comprehensive service model that integrates surveying, design, construction, and operation across the entire industry chain [11] - The company has a strong focus on R&D, with 24.3 billion yuan allocated for research expenses in 2024, marking a 4.3% increase [11]

新组建的中国雅江集团有限公司在国资委最新更新的99家央企名录中位列第22位，位于中国长江三峡集团之后，国家能源投资集团之前，甚至高于电信、 联通和移动三大运营商。 近期，雅鲁藏布江下游水电工程吸引了全球的关注。 这座计划投资1.2万亿耗时20年方能完工的庞大工程，开通后装机容量6000万千瓦、年发电量将超过3000亿千瓦时，能够满足3亿人全年用电需求，解决我 国东南沿海地区的用电紧张局面。 公开资料显示，这个工程国家足够重视。国家领导人出席雅江工程开工仪式，国家为此专门成立了副部级的中国雅江集团有限公司，由国务院国有资产监 督管理委员会代表国务院履行出资人职责，列入国务院国有资产监督管理委员会履行出资人职责的企业名单。 | 19 | 中国华电集团有限公司 | | --- | --- | | 20 | 国家电力投资集团有限公司 | | 21 | 中国长江三峡集团有限公司 | | 22 | 中国雅江集团有限公司 | | 23 | 国家能源投资集团有限责任公司 | | 24 | 中国电信集团有限公司 | | ર્ટ | 中国联合网络通信集团有限公司 | | 26 | 中国移动通信集团有限公司 | 该工程的启动将是中 ...

该项目自2024年5月1日正式开工以来，仅用十四个多月实现送电，总建设周期15.5个月。截至目前，该 项目光伏场区已完成机械施工与设备安装，离网调试工作也已完成，具备全面系统联调与并网发电条 件。 沙特电力采购公司（SPPC）项目负责人侯赛因·哈桑宁在送电仪式上表示："REPDO4-AHK项目展现出 极高的工程组织能力与专业交付效率，特别是在高温、沙尘与多工种交叉施工背景下能够如期、安全、 高质量完成各项关键节点，体现了中国电建团队强大的技术实力和可靠的国际履约能力。项目建设期间 严格落实沙特标准与ESG管理要求，是中方企业在沙特新能源建设领域的优秀典范。" 新华财经利雅得7月30日电 28日，沙特REPDO4-AHK光伏项目110千伏升压站6条回路一次性倒送电成功 实施，标志着该项目全面转入电气系统联合调试阶段，为后续全容量并网和商业运行奠定基础。 REPDO4-AHK光伏项目位于沙特西部城市麦地那沙漠区域，装机容量为1230MWp，是中国电建继多个 大型光伏工程后在沙特实施的又一吉瓦级新能源总承包项目，也是中沙两国在"一带一路"倡议下推动绿 色低碳转型合作的重要示范工程。该项目建设内容涵盖110千伏升压站 ...

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]

Core Viewpoint - As of July 30, a total of 663 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more, indicating a significant trend of capital withdrawal from these stocks [1]. Group 1: Stocks with Longest Net Outflow - Hengtong Optic-Electric has the longest streak of net outflows, with 23 consecutive days [1]. - Boshijie follows closely with 22 consecutive days of net outflows [1]. Group 2: Stocks with Largest Total Net Outflow - China Power Construction has the highest total net outflow amounting to 6.54 billion yuan over five days [1]. - Tibet Tianlu ranks second with a total net outflow of 4.566 billion yuan over the same period [1]. Group 3: Stocks with Highest Net Outflow Ratio - Anhui Natural Gas has the highest net outflow ratio, with 11.67% over the last five days [1]. - The stock has also seen a decline of 1.04% during this period [1]. Group 4: Summary of Key Stocks - China Power Construction: 5 days, 6.54 billion yuan, 11.67% outflow, 0.44% decline [1]. - Tibet Tianlu: 5 days, 4.566 billion yuan, 12.83% outflow, 40.47% increase [1]. - China Energy Construction: 6 days, 3.575 billion yuan, 11.79% outflow, 7.12% decline [1]. - Dongfang Electric: 6 days, 2.572 billion yuan, 10.95% outflow, 5.70% decline [1].

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 year-on-year decline of 11.2% in real estate development investment in the first half of 2025 [45] - The construction sector is experiencing a slight increase in fund holdings, indicating a low allocation compared to standard configuration ratios [66] Summary by Sections Special Bonds Issuance - The issuance of special bonds 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] - 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 (excluding rural households) reached 248,654 billion yuan in the first half of 2025, with a year-on-year growth of 2.8% [27] - The investment in the electricity, heat, gas, and water supply sector grew by 22.8% year-on-year, although it showed a decline from the previous month [35] Real Estate Market - The sales area of commercial housing decreased by 3.5% year-on-year in the first half of 2025, with the decline slightly widening [45] - New housing starts decreased by 20.0% year-on-year, but the decline has narrowed compared to previous months [47] Construction Sector Holdings - The fund's holdings in the construction sector increased slightly to 0.43% by the end of Q2 2025, still below the standard allocation ratio of 1.77% [66] - Major state-owned enterprises remain the focus of institutional investors, with significant increases in holdings for companies like China State Construction and Sichuan Road and Bridge [72]