Investment Rating - The report maintains an "Overweight" rating for the construction and decoration industry [1] Core Viewpoints - Infrastructure investment remains stable in the first five months, with high growth rates in water transportation and water management sectors. Attention should be paid to the issuance of special bonds and the continuity of fiscal policies impacting physical investment [2][11] - The construction PMI has shown a slight recovery, indicating an acceleration in construction projects. The expectation of increased fiscal support and improved financing conditions is anticipated to gradually manifest in investment and physical volume [2][11] - The report suggests focusing on state-owned enterprises and local state-owned enterprises with low valuations and stable performance, recommending companies such as China Communications Construction, China Electric Power Construction, and China Railway [2][11] Summary by Sections Industry Dynamics - The report highlights the adjustment of housing provident fund policies in various cities, which is expected to lower the burden on homebuyers and stimulate housing demand [14][15] - The central government has issued opinions on comprehensive river protection and governance, which is expected to boost investment in water-related projects and material demand [16][17] - In the first five months, China's foreign contracted projects saw a 5.4% year-on-year increase in completed turnover, with a 13% increase in new contracts. Notably, contracts in Belt and Road countries grew by 20.7% [18][19] Market Performance - The construction and decoration sector experienced a weekly increase of 3.61%, outperforming the CSI 300 and Wind All A indices [23] - The report lists top-performing stocks in the sector, including Hopson Development and Hangzhou Garden, which have shown significant gains [23]

Report Investment Rating No investment rating information is provided in the report. Core Viewpoints - In May 2025, under the strategic guidance of the April Politburo meeting and the support of relevant policies, China's bond market "Science and Technology Board" was officially launched. The issuance management system of the bond market "Science and Technology Board" shows new changes compared with previous innovation - related bonds. - In the first month of operation, the bond market "Science and Technology Board" boomed, with a sharp increase in issuance scale, enhanced diversity of issuers, contributions to technological innovation from different perspectives, relatively low financing costs, and active participation of rating services. - Looking forward, the bond market "Science and Technology Board" has broad development prospects. It is necessary to improve the bond market system management, diversify the market subject structure, and enhance the capabilities of the intermediary support system [3][4][5]. Summary by Directory 1. Institutional Environment Clarity - **Previous Situation**: From May 2022 to April 2025, relevant institutions successively launched innovation - related bond varieties, promoting the rapid rise and development of the innovation - related bond market. In 2024, the issuance amount of innovation - related bonds reached 122.4124 billion yuan, a year - on - year increase of 58.28%. From January to April 2025, the cumulative issuance of innovation - related bonds was 40.1264 billion yuan, a year - on - year increase of 8.62%. However, there is still room for significant improvement in terms of scale growth, structural optimization, and support for technological innovation [8]. - **New Policies**: On May 7, 2025, relevant institutions issued a series of rules and documents, providing strong institutional support for the launch of the bond market "Science and Technology Board". - **Bank - Inter - market**: Compared with "Science and Technology Notes", "Science and Technology Bonds" have changes in bond identification, issuer subject classification, and use of raised funds. For example, the bond name is more prominently labeled, the issuer includes technology - based enterprises and equity investment institutions, and the use of raised funds is broadened [9][10][11]. - **Exchange - Market**: Compared with previous systems, the new regulations have changes in the type of issuers, information disclosure, and clause design. For example, financial institutions and equity investment institutions are newly supported to issue bonds, information disclosure is simplified, and innovative bond clauses are encouraged [15][16][18]. 2. Rapid Market Upturn - **Surge in Issuance Market Scale**: In the first month of the bond market "Science and Technology Board" (from May 8 to June 7, 2025), 209 bonds were issued, with a total issuance face value of 389.777 billion yuan, an increase of 308.63% compared with the same period last year. The issuance scale of the inter - bank market and the exchange market both increased significantly year - on - year, with the inter - bank market being the main force [21][23][24]. - **Enhanced Diversity of Issuers**: - **Financial Institutions**: They became an important highlight. During the inspection period, financial - type science and technology bonds issued a total of 227.4 billion yuan, accounting for 58.34% of the total issuance of science and technology bonds. Banks, securities companies, and policy banks actively participated [28]. - **Equity Investment Institutions**: A number of venture capital institutions and state - owned asset operation companies issued science and technology bonds, injecting capital into technology - based enterprises [29]. - **Industrial Enterprises**: They are distributed in multiple fields such as non - ferrous metals, electronics, and automobiles. Some large - scale issuing enterprises include Sinopec and Syngenta Group [29]. - **Support for Technological Innovation from Different Perspectives**: By supporting different types of issuers, science and technology bonds can directly or indirectly support technological innovation, such as helping technology - based enterprises repay debts, supporting equity investment institutions to increase capital for technology - based enterprises, and enabling financial institutions to provide funds for technology - based SMEs [32][33]. - **Relatively Low Financing Costs**: The average issuance interest rate of science and technology bonds during the inspection period was 1.95%, lower than the 2.25% of the same - period credit bonds (excluding science and technology bonds), which is related to the relatively high credit ratings of science and technology bond issuers [34]. - **Active Role of Rating Services**: Since 2024, domestic credit rating agencies have developed and launched rating methods and models for technology - based enterprises. In actual rating operations, different types of issuers use different rating models, such as commercial bank rating models for commercial bank science and technology bonds [36][37][38]. 3. Broad Market Prospects - **Improvement of Bond Market System Management**: - **Reasonable Market Access Threshold**: It is necessary to set reasonable access thresholds for different types of issuers, balance the pros and cons of different access policies, and ensure that the use of funds is in line with the purpose of promoting technological innovation [44][45]. - **Effective Information Disclosure**: Information disclosure should be diversified and unified, involving multiple parties such as issuers, bond intermediaries, and public sectors. The quality of information disclosure should be emphasized [46]. - **Market Feedback and Adjustment Mechanism**: Strengthen the whole - process management of science and technology bonds, and establish a feedback and adjustment mechanism for the use of funds to ensure that funds are used for technological innovation [47]. - **Connection with Regional Policies**: The management system of science and technology bonds should be integrated with regional technological innovation policies, and resources should be allocated reasonably according to regional characteristics [48]. - **Diversification of Subject Structure**: - **Extension from Market Institutions to Public Institutions**: Local governments have the possibility and necessity to become issuers of science and technology bonds to support semi - public scientific research projects and diversify financing channels [50]. - **Extension from Large - scale to Small - and Medium - sized Technology Enterprises**: More support should be given to high - growth potential small - and medium - sized technology enterprises, and the high - yield bond market should be developed [52]. - **Enhancement of Intermediary Support System**: - **Credit Rating Services**: Strengthen the construction and application of credit rating technology for science and technology enterprises and their bonds, and get rid of the traditional rating concept centered on assets and revenue scale [53]. - **Technology Evaluation and Certification Services**: Develop evaluation and certification services in the science and technology field, improve resource utilization efficiency, and complement other intermediary services [54]. - **Technology Credit Enhancement Services**: Prudently develop credit enhancement services for science and technology enterprises, including science and technology insurance and science and technology guarantee markets [55].

Core Viewpoint - Brazil's soybean exports remain robust amid a global market that is generally at low levels, with a notable increase in supply to China, supporting high premiums for Brazilian soybeans [1][2]. Group 1: Brazilian Soybean Market - As of early June, Brazil's soybean exports for 2024 exceeded 51 million tons, marking a significant year-on-year increase, with exports to China growing by 7% [2]. - China continues to be Brazil's largest soybean buyer, accounting for nearly 66% of Brazil's total soybean imports in 2023, with projections for 2024 indicating that 71.1% of China's 105 million tons of soybean imports will come from Brazil [2]. - The CNF premium for Brazilian soybeans to China remains between $1.00 and $1.30 per bushel, significantly higher than historical averages, indicating strong export demand [2][3]. Group 2: Global Soybean Market Dynamics - In contrast to Brazil's strong soybean premiums, Chicago soybean futures have been fluctuating between 950 to 1100 cents per bushel, reflecting a low price range since August 2024 [3]. - The USDA's report indicates that U.S. soybean planting is progressing well, with a completion rate of 96% and a good-to-excellent rating for 66% of the crop, which may exert downward pressure on U.S. soybean prices [4][5]. Group 3: Investment and Infrastructure in Brazilian Agriculture - Global capital is increasingly focusing on Brazil's agricultural sector, with significant investments in logistics and infrastructure to support the growing export capacity [6][7]. - Chinese companies are actively investing in Brazilian agriculture, with notable projects including a $285 million investment by COFCO for port automation and expansion, and logistics improvements by China Merchants Group [8]. - Analysts believe that Brazil's position as the world's largest soybean exporter will become increasingly important in the global food supply chain, despite potential challenges from U.S. soybean production and geopolitical factors [8].

Core Viewpoint - The overall performance of real estate companies in the first half of 2025 shows signs of stabilization, with nearly 45% of the top 100 companies experiencing year-on-year growth, although challenges remain due to buyer confidence and inventory pressures [1][9][13]. Group 1: Sales Performance - The cumulative sales amount of the top 100 real estate companies from January to May 2025 was 13,137.2 billion yuan, a decrease of 7% year-on-year, while the total sales amount was 14,113 billion yuan, down 8.4% [3]. - The threshold for the top 10 companies in terms of total sales increased to 43.26 billion yuan, an 8.1% rise year-on-year, contrasting with a 13.1% decrease in the threshold for the top 20 companies, which fell to 15.15 billion yuan [4]. - Among the top 100 companies, 45% reported year-on-year growth, with 20 companies achieving growth rates exceeding 30% [9]. Group 2: Company Classification and Performance - In the top 100 companies, there are 47 private enterprises, a decrease of one compared to the entire year of 2024. Only one private company is in the top 10, indicating a trend where capital favors state-owned and large enterprises amid ongoing liquidity crises for many private firms [6]. - The performance of state-owned enterprises is notably stronger, with 70% of central enterprises and 53% of state-owned enterprises reporting growth, compared to only 38% of mixed-ownership companies and 32% of private companies [9]. Group 3: Market Outlook - The market is in a phase of bottoming out, with local policies being optimized and some restrictions being eased in key cities, signaling a potential stabilization in the real estate market [13]. - Despite the positive signals, challenges remain as buyer confidence is still recovering, and companies face increasing inventory pressures, necessitating proactive measures in marketing and product innovation to capture market opportunities [13].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The expansion rhythm of index constituent bonds is significantly slower than the growth rate of credit bond ETF scale. Amid the bond - snatching market, low - valuation transactions of constituent bonds emerge. There are three aspects to consider: "far", "发", and "扩". "Far" involves the conduction mechanism of corporate bond - China Securities - China Bond interest rates; "发" means that buying in the primary market can still be profitable during the bond - snatching period; "扩" refers to the analysis of constituent bonds benefiting from the issuance and expansion of science and technology innovation bond ETFs [1]. Summary According to the Table of Contents 1. Review of the Bond - Snatching Market Driven by the Expansion of Credit Bond ETFs - As of June 20, 2025, the total scale of 8 benchmark market - making credit bond ETFs reached 106.6 billion yuan, an increase of 77.7 billion yuan compared to the end of March, with a 41.7 - billion - yuan increase since June. The expansion rhythm of index constituent bonds is significantly slower than the growth rate of credit bond ETF scale. In the Shanghai market - making aspect, the scale of Shanghai - based benchmark market - making ETFs accounts for 11.0% of the credit bond index constituent bonds, a 4.5 - percentage - point increase compared to the end of May. In the Shenzhen market - making aspect, it accounts for 12.4%, a 4.8 - percentage - point increase compared to the end of May [1][3]. - During the bond - snatching market, low - valuation transactions of constituent bonds emerge. ETF product preferences lean towards constituent bonds with larger outstanding scales and higher valuation stability. For example, in the Shanghai market, the number of low - valuation transactions and transaction amounts of the top 3 constituent entities have significantly increased since June, with an average low - valuation amplitude of - 1.7BP, a 1BP increase compared to May, and the transaction amount from June 1 to June 20 was 5.37 billion yuan, a 1.61 - billion - yuan increase compared to the whole of May. In the Shenzhen market, trading volume has increased significantly since the second quarter, with an average low - valuation transaction amplitude of - 4.5BP in June, a 0.9BP increase compared to May, and the transaction amount from June 1 to June 20 was 3.94 billion yuan, a 1.26 - billion - yuan increase compared to the whole of May [1][7]. 2. Game "Far": The Conduction Mechanism of Corporate Bond - China Securities - China Bond Interest Rates - The impact of low - valuation transactions on bond valuations is mainly reflected in two dimensions. Firstly, the valuation divergence between exchange - traded corporate bonds and comparable inter - bank bonds. For example, the valuation difference between 24 Zhonghua 16 and its comparable inter - bank bond 25 Zhonghua MTN001 was within 2BP before the end of May, but has widened to 7BP since June. Secondly, the impact of the surge in credit bond ETFs on the yield curve. The duration of Shenzhen credit bond ETF is 3.05 years, and that of Shanghai credit bond ETF is 4.11 years. The surge in credit bond ETFs boosts the allocation demand for 3 - 5 - year credit bonds, flattens the yield curve, narrows the credit spreads of medium - and high - grade bonds, and drives down the overall valuation of high - grade credit bonds [1][12]. 3. Game "发": Buying in the Primary Market Can Still Be Profitable During the Bond - Snatching Period - Newly issued science and technology innovation bonds in the primary market are mainly issued at low valuations, with the coupon rate at issuance being on average - 6BP lower than the valuation. Among 53 non - financial science and technology innovation bonds with comparable bonds, 13 are issued at high valuations, 40 at low valuations, 13 with a low - valuation exceeding - 10BP, and the maximum low - valuation is - 25BP. Currently, most science and technology innovation bonds' valuations are within ±2BP of comparable bonds. The secondary bond - snatching market may spread to the primary market. Since May, the situation of weak profit - making effects caused by low - valuation issuance of science and technology innovation bonds may change. Some low - valuation issued bonds still have potential for discovery, and it is recommended to focus on science and technology innovation bonds with a low - valuation of within - 5BP in the primary market [1][17]. 4. Game "扩": Analysis of Constituent Bonds Benefiting from the Issuance and Expansion of Science and Technology Innovation Bond ETFs - There are two main lines for constituent bond discovery: bonds with a remaining term of over 5 years and an outstanding scale of over 1.5 billion yuan. Long - term science and technology innovation bonds can significantly enhance the portfolio duration and scale expansion. Bonds included in both the science and technology innovation bond index and the credit bond benchmark market - making index may benefit from both the expansion of credit bond ETFs and the issuance of the science and technology innovation bond index. Among them, non - perpetual bonds may have stronger allocation potential [1][19].

Core Viewpoint - Investor relations management is essential for listed companies to convey core value and stabilize market expectations, serving as a cornerstone for the stable operation of capital markets [2] Group 1: Performance and Strength - The 150 awarded companies have a total market capitalization of 11.93 trillion yuan, accounting for 13.70% of all A-shares, with over 30 companies having a market value exceeding 100 billion yuan [3] - In Q1 2025, these companies achieved a total revenue of 2.77 trillion yuan and a net profit of 227.89 billion yuan, representing 16.42% and 15.27% of all A-shares respectively [3] - The average revenue per company is 1.847 billion yuan, and the average profit is 151.9 million yuan, both nearly six times the average of all A-shares [3] Group 2: Profitability - The median return on equity (ROE) for these companies in Q1 is 3%, which is about 2 percentage points higher than the overall A-share market [4] - Companies like Kweichow Moutai and Dongpeng Beverage have maintained ROE above 30% for several years, while Wuliangye has consistently been above 20% [4] Group 3: Growth Potential - Two-thirds of the 150 companies reported year-on-year net profit growth in Q1, with the chemical, energy, and mining sectors showing significant revenue increases [5] - Companies such as Jinshi Resources and Shandong Gold saw revenue growth exceeding 50%, driven by the rise of AI-related companies like Guangxun Technology and Haiguang Information [5] Group 4: Market Value Management - In 2024, the awarded companies announced a total dividend of 392.81 billion yuan, accounting for 16.80% of all A-share dividends, with an average dividend of 2.62 billion yuan per company [7] - 96 of the awarded companies engaged in stock buybacks totaling 17.66 billion yuan, with nearly one-third of these companies repurchasing over 100 million yuan in stock [8] - The average stock price increase for these companies in 2024 was 19.30%, outperforming the Shanghai Composite Index by nearly 7 percentage points [8] Group 5: Information Disclosure and Investor Engagement - 118 of the 150 companies received an "A" rating for information disclosure, representing 78.70% of the total, with 78 companies maintaining this rating for three consecutive years [9] - The average response rate to investor inquiries among these companies is 99.10%, with nearly 80% achieving a 100% response rate [10] - On average, each company received 4.7 institutional research visits, significantly higher than the A-share average of 2.5 visits [10]

Core Viewpoint - The profit distribution plan for the fiscal year 2024 has been approved by the shareholders' meeting on June 20, 2025, and outlines the timeline for both H-share and A-share distributions [2]. Group 1: H-Share Profit Distribution - The suspension of H-share stock transfer registration will occur from July 11, 2025, to July 17, 2025, inclusive [2]. - The record date for H-share dividends is set for July 17, 2025 [2]. - The cash dividend payment date for H-shares is expected to be around July 31, 2025 [2]. Group 2: A-Share Profit Distribution - The record date for A-share dividends is also July 17, 2025 [2]. - The ex-dividend date and cash dividend payment date for A-shares is scheduled for July 18, 2025 [2]. - A separate announcement regarding the A-share distribution will be published within the timeframe specified by the Shanghai Stock Exchange and China Securities Depository and Clearing Corporation [2].

Core Viewpoint - The real estate market in Qingdao is entering a new development cycle characterized by increasing differentiation among regions and sectors, with specific areas like the Laosifang, Shiyuan, and Baiyunshan districts standing out due to unique advantages and strong brand developers [2][3]. Group 1: Laosifang District - The Laosifang district has seen a surge in real estate projects due to urban renewal, with notable developments such as Zhonghai Yun Jing and Poly He Song emerging [3]. - The market performance in Laosifang is above average, with a current absorption cycle of approximately 14 months, driven by local residents and overflow buyers from the main urban area [4]. - New housing supply in Laosifang has increased significantly this year, with average prices around 20,000 yuan per square meter, and some projects performing well due to competitive pricing [4][5]. Group 2: Baiyunshan District - Baiyunshan is recognized as a rising area in Qingdao, positioned as a "demonstration area for industry-city integration" and a "high-quality leisure living area" [7]. - The district boasts excellent ecological resources, with multiple natural attractions enhancing residential comfort, and has a current absorption cycle of about 9 months [7][8]. - New housing prices in Baiyunshan range from 15,000 to 22,000 yuan per square meter, with a strong demand for improved housing options [7][8]. Group 3: Dongli Shiyuan District - The Dongli Shiyuan district has evolved significantly since the launch of the Greentown project, with popular developments like Qingtie Fanghua Di and Shiyuan Jinmao Mansion gaining attention [9]. - The absorption cycle in Dongli Shiyuan is approximately 17 months, with projects appealing to both first-time buyers and those seeking improved living conditions [9][10]. - The district's strong market performance is attributed to its excellent location, comprehensive commercial facilities, and natural resources, making it a preferred choice for urban dwellers [10]. Group 4: Market Trends - The market is increasingly favoring improved housing products, with a noticeable trend towards quality and innovation in offerings, while first-time buyer products focus on lowering price thresholds [10]. - Each highlighted district—Laosifang, Baiyunshan, and Dongli Shiyuan—has distinct advantages, emphasizing the importance of considering both the district and the developer's reputation when purchasing property [10].

| H | A | | | --- | --- | --- | | 股代码：00390 | 股代码：601390 | | | H | A | | | 股简称：中国中铁 | 2025-041 | 股简称：中国中铁 公告编号：临 | 中国中铁股份有限公司 关于2024年度利润分配实施的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 中国中铁股份有限公司（以下简称"公司"或"本公司"）2024 年度 利润分配方案已于 2025 年 6 月 20 日经 2024 年年度股东大会审议通过。 公司作为 A+H 上市公司和沪港通、深港通标的股，公司利润分配方案的实 施需要分别适用 A 股和 H 股两地不同的市场规则和发放机制，因此公司 2024 年度利润分配的实施在沪港两地市场适用不同的时间安排。根据香 港联合交易所有限公司（以下简称"香港联交所"）关于沪深港股票市场 交易互联互通机制的解释性文件要求，公司于 2025 年 6 月 25 日在香港联 交所网站披露了《关于代扣代缴 2024 年度末期股息所得税事项的公告及 暂停 ...

Core Insights - The logistics sector in China is experiencing significant growth, particularly in railway and port operations, with a notable increase in the export of vehicles and goods [1][4][18]. Group 1: Railway Logistics - The Hefei Paihe Port Railway Logistics Base has sent a total of 12,785 rail-sea intermodal transport vehicles by the end of May, representing a year-on-year increase of 7.2% [4]. - In May, the Hefei China-Europe Railway Express operated 90 trains, marking a year-on-year growth of 35.05%, with a total cargo value of 8.05 billion yuan, up 17.35% year-on-year [18]. Group 2: Port Operations - The Wuhu Port has completed a cargo throughput of 65.76 million tons from January to May, reflecting a year-on-year increase of 5.7% [11][13]. - At the Wuhu Port, a large number of vehicles are waiting to be exported, indicating robust demand for logistics services [8].