Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report indicates that the total investment in the industry is expected to stabilize, with a focus on advancing modern infrastructure systems without excessive preemption [1][3] - The National Development and Reform Commission (NDRC) has stated that all 102 major projects outlined in the "14th Five-Year Plan" are expected to be completed by the end of the year [11] - The report highlights that regional investments are likely to gain significant elasticity as national strategic layouts deepen [3] Industry Performance - The construction industry saw a weekly increase of 2.59%, outperforming major indices such as the Shanghai Composite Index (+1.09%) and the Shenzhen Component Index (+1.78%) [4][6] - The best-performing sub-industries for the week were Ecological Landscaping (+5.49%), International Engineering (+5.34%), and Design Consulting (+4.20%) [6][9] - Year-to-date, the top three sub-industries are Ecological Landscaping (+27.48%), Decorative Curtain Walls (+15.98%), and Design Consulting (+15.74%) [6][9] Key Company Developments - Anhui Construction won contracts for the S27 Hohhot to Ordos Expressway and G4212 Hefei to Anqing Expressway, totaling 8.085 billion yuan, which represents 8.38% of its 2024 revenue [13] - Zhejiang Communications won a contract for the G2531 Hangzhou to Shangrao Expressway, valued at 4.222 billion yuan, accounting for 8.84% of its 2024 revenue [13] - The report recommends low-valuation state-owned enterprises such as China Chemical, China Railway, and China Railway Construction, while also highlighting private companies like Zhite New Materials and Honglu Steel Structure [3][11]

Investment Rating - The industry rating is maintained as "Outperform the Market" [5] Core Insights - The construction sector has seen a significant increase in attention towards urban renewal, with undervalued large-cap stocks showing signs of stabilization. The sector's performance is driven by improved demand-side policy expectations and a shift away from excessive competition, benefiting both large and small-cap stocks. The report suggests focusing on high-growth segments such as urban renewal, coal chemical, nuclear power, and steel structures, while also considering the beta opportunities in large-cap stocks [1][13][14]. Summary by Sections Urban Renewal - Urban renewal is accelerating, with policies from the central government outlining goals and support measures. The focus includes the renovation of old residential areas, establishing safety management systems for buildings, and creating resilient and smart cities. The report identifies four key categories for investment: design and testing, construction and decoration, urban infrastructure renovation, and resilient/smart city initiatives, highlighting specific companies in each category [2][15][17]. Market Performance - The construction index rose by 2.77% in the week of July 7-11, outperforming the Shanghai and Shenzhen 300 index by 1.76 percentage points. Notable performers included Guosheng Technology (+42.98%), New City (+34.73%), and Beautiful Ecology (+34.46%) [4][21][26]. Investment Recommendations - The report emphasizes the cyclical opportunities arising from improved physical work volume in infrastructure. It suggests focusing on high-demand areas such as water conservancy, railways, and aviation, particularly in regions like Sichuan, Zhejiang, Anhui, and Jiangsu. Recommended companies include Sichuan Road and Bridge, Zhejiang Communications, and major state-owned enterprises like China Communications Construction and China Railway Construction [27][28]. Emerging Business Directions - The report highlights the growing demand for computing power driven by AI applications, recommending companies like Hainan Huatie for their transition into computing power leasing. It also notes the potential in cleanroom sectors due to the ongoing domestic replacement in the semiconductor industry, suggesting companies like Baicheng and Shenghui Integration [29][30]. Major Projects and Themes - The report identifies significant investment opportunities in major hydropower projects, deep-sea economy, and low-altitude economy, recommending companies involved in these sectors, such as China Power Construction and China Energy Engineering [32][30].

Group 1 - The controlling shareholder, Zhejiang Provincial Transportation Investment Group Co., Ltd., has initiated a share buyback plan for Zhejiang Transportation Science and Technology Co., Ltd. [1][2] - The buyback plan commenced on April 9, 2025, with a duration of six months, aiming to acquire between 1% and 2% of the total shares at a price not exceeding 8.77 RMB per share [1][2] - As of July 8, 2025, the controlling shareholder has purchased 31,389,143 shares, representing 1.175% of the total share capital of 2,670,551,430 shares, with a total investment of 121,154,892 RMB [2] Group 2 - The funding for the share buyback has been sourced from the controlling shareholder's own funds and a special loan for the buyback [2] - The controlling shareholder has committed to not reducing its stake in Zhejiang Transportation Science and Technology Co., Ltd. during the buyback period and will complete the plan within the specified timeframe [2][3]

证券代码：002061 证券简称：浙江交科 公告编号：2025-062 浙江交通科技股份有限公司 关于控股股东增持公司股份计划时间过半的进展公告 1.本次增持行为符合《证券法》《上市公司收购管理办法》等有关法律、行 政法规、规范性文件及深圳证券交易所业务规则等有关规定。 2.浙江交通集团承诺在增持期间、增持股份计划完成后 6 个月内以及法律法 规规定的期限内不减持浙江交科股份，并承诺将在上述实施期限内完成增持计划。 3.本次增持不会导致公司股权分布不具备上市条件，不会导致公司控股股东 — 1 — 公司控股股东浙江省交通投资集团有限公司保证向本公司提供的信息内容 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 浙江交通科技股份有限公司（以下简称"公司"或"浙江交科"）于 2025 年 7 月 8 日收到控股股东浙江省交通投资集团有限公司（以下简称"浙江交通集 团"）出具的《关于增持计划期限过半的告知函》，现将具体内容公告如下： 一、前期增持计划基本情况 基于对浙江交科长期投资价值的认可及未来发展前景的信心，浙江交通集团 计划自 2025 ...

Transaction Overview - Zhejiang Transportation Technology Co., Ltd. (the "Company") has signed an agreement for the transfer and capital increase of shares in Zhejiang Yitong Special Foundation Engineering Co., Ltd. (the "Target Company") with the shareholders of the Target Company. The Company will acquire 30% of the Target Company's shares for a total consideration of 147.939 million yuan and will also invest 211.3414 million yuan for capital increase, making the total transaction value 359.2804 million yuan. After the transaction, the Company will hold 51% of the Target Company, becoming its controlling shareholder [1]. Progress Update - The Company has completed the equity change for the Target Company and has become its controlling shareholder. Recently, the Company received a notification indicating that the Target Company has obtained a new business license from the administrative authority. The registered capital of the Target Company is 162.814286 million yuan, and it was established on October 13, 2017. The legal representative is Wu Youping, and the company is located in Ningbo Free Trade Zone [2].

证券代码：002061 证券简称：浙江交科 公告编号：2025-060 浙江交通科技股份有限公司 注册资本：壹亿陆仟贰佰捌拾壹万肆仟贰佰捌拾陆元（￥162,814,286.00） 类型：股份有限公司（非上市、自然人投资或控股） 成立时间：2017 年 10 月 13 日 法定代表人：吴佑平 关于子公司浙江交工签订投资协议的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、交易概述 浙江交通科技股份有限公司（以下简称"公司"）下属公司浙江交工集团股 份有限公司（以下简称"浙江交工"）与浙江易通特种基础工程股份有限公司（以 下简称"易通特基公司"或"目标公司"）股东方签订《关于浙江易通特种基础 工程股份有限公司股份转让和增资的协议书》，浙江交工以 14,793.90 万元受让 易通特基公司部分股东方持有的易通特基公司合计 30%股份，同时以 21,134.14 万元对易通特基公司实施增资扩股，交易总对价合计为 35,928.04 万元。交易完 成后，浙江交工持有易通特基公司 51%的股份，成为其控股股东，具体内容详见 公司于 2025 年 04 月 0 ...

证券代码：002061 证券简称：浙江交科 公告编号：2025-061 浙江交通科技股份有限公司 关于拟中标项目的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江交通科技股份有限公司（以下简称"公司"）下属公司浙江交工集团股 份有限公司、浙江交工金筑交通建设有限公司、浙江交工宏途交通建设有限公司 分别参与 G2531 杭州至上饶高速公路（杭淳开高速公路）杭州中环至浙赣界（衢 州段）第 TJ01-TJ05 标段投标。2025 年 07 月 07 日，招标人公示了评标结果，下 属公司分别为上述工程项目第一中标候选人，具体情况如下： 一、拟中标项目概况 1.拟中标工程概况：G2531 杭州至上饶高速公路（杭淳开高速公路）杭州中 环至浙赣界（衢州段）起点位于杭州市淳安县汾口镇与衢州市开化县大溪边乡交 界处（起点桩号为 K184+572.869），在淳开隧道内顺接杭州段，路线经开化县 村头镇、音坑乡、中村乡、池淮镇、长虹乡，终点位于开化县苏庄镇界首村西南 侧浙赣省界处（终点桩号为 K245+694.097），与拟建江西省境内的杭州至上饶 高速公路浙赣界至 ...

Core Insights - The construction industry is officially entering a platform period, with infrastructure investment maintaining resilience but showing signs of decline in revenue among major state-owned enterprises [5][28][30] - The overall investment tone for infrastructure in the second half of 2025 will focus on stability, supported by proactive fiscal policies and accelerated government bond issuance [2][37] - Structural opportunities are emerging, particularly in manufacturing, power, water conservancy, and water transport sectors, driven by special government bonds [5][6] Industry Overview - The construction industry has seen a decline in total revenue for the first time in 2024, confirming a turning point for the industry [30] - The total revenue for the construction industry in 2024 was 86,962.78 billion, a decrease of 4.29% year-on-year, with net profit dropping by 13.74% [30][32] - The share of real estate in GDP has been declining since its peak in 2021, while infrastructure investment has been rising but not enough to offset the decline in real estate [26][28] Investment Strategy - Long-term investment should focus on manufacturing-oriented companies like Honglu Steel Structure, while short-term strategies should prioritize high-dividend stocks and significant changes in individual companies [6][7] - The report emphasizes the importance of structural opportunities in the construction sector, particularly in areas aligned with national strategic initiatives and safety capabilities [60] State-Owned Enterprises - There is a growing divergence among state-owned construction enterprises, with only a few, such as China State Construction and China Energy Engineering, showing positive growth in Q1 2024 [7][28] - The report recommends focusing on companies with strong dividend stability and growth potential, such as China Chemical Engineering and China Communications Construction [7][8] Professional Engineering and International Opportunities - The international engineering sector is expected to benefit from ongoing orders and the deepening of cooperation along the Belt and Road Initiative [8] - Companies like China National Materials and China Steel International are highlighted for their low valuations and high dividend yields, indicating strong performance potential [8] Mergers and Acquisitions - The construction industry is moving towards maturity, necessitating mergers and acquisitions to find new growth points [10] - The report anticipates that future mergers will primarily come from smaller, weaker segments of the industry, such as design and decoration [10]

Core Viewpoint - Zhejiang Jiaokao has secured significant contracts, indicating a strong position in the infrastructure sector and a stable revenue stream supported by its parent company, Zhejiang Transportation Group [1][8]. Group 1: Recent Contracts and Orders - On June 20, Zhejiang Jiaokao announced it became the first candidate for a major project on the 638 National Road, with a proposed bid of 1.897 billion yuan [1][3]. - In Q1 2025, the company secured 334 new orders amounting to 18.575 billion yuan, with 318 projects signed and 16 projects pending [6]. - The company has a total of 1.32516 billion yuan in uncompleted contracts as of the end of Q1 2025 [6]. Group 2: Financial Performance - In 2024, the company reported revenue of 47.772 billion yuan, a year-on-year increase of 3.75%, while net profit slightly decreased by 2.78% to 1.31 billion yuan [2][9]. - For Q1 2025, revenue reached 8.171 billion yuan, up 5.74% year-on-year, and net profit increased by 18.82% to 221 million yuan [2][9]. - The total assets of the company exceeded 73.85 billion yuan by the end of Q1 2025, reflecting a 14.06% year-on-year growth [2][9]. Group 3: Market Position and Strategy - Since refocusing on infrastructure in 2021, the company has seen a significant increase in contract signings, with a record high of 95.212 billion yuan in new contracts in 2023 [5]. - The company is actively expanding its market presence both domestically and internationally, with operations in over 20 countries and across more than 30 provinces in China [10]. - The parent company, Zhejiang Transportation Group, plays a crucial role in stabilizing the company's profitability and supporting its growth in the infrastructure sector [8][9].

Group 1 - The company, Zhejiang Transportation Technology Co., Ltd., is part of a consortium that has been selected as the first candidate for the bidding of the reconstruction project of National Highway 638 from Jingning Hongxing to the boundary of Qingyuan County [1][2] - The project involves a total engineering quantity of approximately 1,884,786,666.00 yuan, with Zhejiang Provincial Investment Transportation Infrastructure Group Co., Ltd. responsible for 40% of the construction tasks and China Highway Engineering Consulting Group Co., Ltd. handling all surveying and design tasks [2] - Winning this bid aligns with the company's strategic business layout and is expected to strengthen its market competitiveness and market share in the Yangtze River Delta region, positively impacting the company's performance if the project is successfully implemented [2]