施政报告强调北部都会区，持续推荐中建国际

Investment Rating - The report maintains a "Positive" investment rating for the industry [9]. Core Insights - The Hong Kong government's recent policy report emphasizes the development of the Northern Metropolis, which is strategically significant due to its proximity to Shenzhen and potential to create numerous jobs and enhance productivity [2][6]. - The establishment of the Northern Metropolis Development Committee and its sub-groups aims to clarify the organizational structure for the area's development [10]. - The report highlights the introduction of social capital in the development process, utilizing mechanisms such as 1.5-level development and BOT (Build-Operate-Transfer) models to enhance project execution [10]. - Infrastructure projects in the Northern Metropolis are progressing rapidly, with significant transportation developments planned to support the area's growth [10]. - China State Construction International is expected to benefit significantly from the Northern Metropolis projects, with a projected market share increase in Hong Kong's infrastructure sector [10]. - The company maintains a double-digit profit guidance for 2025, with a projected dividend yield of approximately 6.6% based on a 33% payout ratio [10].