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].

Core Viewpoint - China Railway Group Limited (601390) has officially initiated a share buyback program, aiming to enhance shareholder value amidst declining revenues and profits due to pressures in the construction and real estate sectors [1][2]. Group 1: Share Buyback Details - The company plans to repurchase shares between June 20, 2025, and June 19, 2026, with a total buyback amount ranging from 800 million to 1.6 billion yuan, at a maximum price of 8.5 yuan per share [1]. - The estimated number of shares to be repurchased is approximately 94.11 million to 188 million, representing 0.38% to 0.76% of the total share capital [1]. - China Railway has secured a loan commitment from Industrial and Commercial Bank of China (ICBC) for up to 1.6 billion yuan, which will be used specifically for the share buyback [1]. Group 2: Financial Performance - In 2024, the company reported a revenue of 1.16 trillion yuan, a decrease of 8.17% year-on-year, and a net profit of 27.887 billion yuan, down 16.71% [2]. - The net profit excluding non-recurring items was 24.325 billion yuan, reflecting a decline of 21.21% year-on-year [2]. - New contracts signed in the engineering construction business totaled 1.87 trillion yuan, a decrease of 16.9%, with significant declines in road, municipal, and housing construction contracts [2]. Group 3: International Business Performance - The company has improved its international business management system, with overseas contract signing showing a notable increase [3]. - In the first quarter, new contracts amounted to 560.1 billion yuan, with domestic contracts declining by 13.6% and international contracts increasing by 33.4% [3]. - As of the end of the first quarter, the total uncompleted contract amount exceeded 7.23 trillion yuan, marking a growth of 5.1% compared to the end of the previous year [4].

Summary of China Railway Group's Conference Call Company Overview - **Company**: China Railway Group - **Industry**: Infrastructure and Construction Key Points and Arguments Financial Performance - In Q1, the new contract signing amount showed a good performance, but revenue growth did not keep pace, leading to limited actual performance contribution. The company needs to improve operational capacity and project execution efficiency [2][17] - The new signed contracts in asset management increased by 123.7% year-on-year, driven by a few large projects due to the relatively small total volume [4] - The company plans to repurchase shares worth 800 million to 1.6 billion yuan and aims for a mid-term dividend in 2025 [4][20] Strategic Focus - The company is implementing a "Big Business Management" and debt reduction initiative to cope with industry pressures, but results will take time [2][18] - The overseas emerging business grew approximately 33% in Q1, reflecting a good development momentum in overseas operations [2][3] - The company is adopting a cautious approach to investment operations, focusing on intelligent and green sectors such as water conservancy, ecological protection, and clean energy [2][6] Sector Performance - In the infrastructure sector, the railway segment remained stable with slight growth, while the road and urban rail transit sectors saw significant declines. The construction sector, although declining, still holds the largest share [2][8] - The gross profit margin for railway business increased by nearly 5%, with future potential for further improvement, while margins for road and urban rail have decreased [10][11] Mining Operations - The company owns five mines, with the Congo copper mine and Heilongjiang molybdenum mine being the main sources of income and profit. Plans are in place to expand mining operations, targeting a profit contribution of 20% from this sector within two to three years [2][13] - The mining business has a gross profit margin of about 50%, but its impact on overall performance is limited due to its smaller scale [10][11] Real Estate Strategy - The company maintains a cautious development attitude in real estate, focusing on quality locations in first-tier and core second-tier cities. The strategy is to develop projects based on sales capabilities to avoid blind expansion [9][6] Cash Flow and Debt Management - The company has been managing cash flow as a priority since last year, with measures in place to ensure positive cash flow by the end of the year [26] - The current PPP contract stock is approximately 500 to 600 billion yuan, with a more cautious approach to future investments due to recent national adjustments [7][6] Overseas Business Development - The company is focusing on traditional business areas while striving for new business shares and adopting a more aggressive policy for overseas business development. The "Overseas Two Priorities" strategy prioritizes resources for overseas markets [27][28] - The goal is for overseas business to account for about 10% of total business volume, with expectations for further growth in this area [29] Future Outlook - The overall gross profit margin is expected to stabilize around 9.9% to 10%, with potential improvements in railway business margins [11][16] - The company is optimistic about its future prospects, especially in overseas markets and mining resources, and encourages investors to pay attention to its developments [30]

Core Insights - Beijing Union University is the largest municipal comprehensive university in Beijing, focusing on applied education and closely aligning its development with the capital's construction [1][3] - The university emphasizes interdisciplinary collaboration and social service, contributing significantly to the development of the capital [1][3] Group 1: Educational Philosophy and Structure - The university's mission is to develop applied education and cultivate application-oriented talents, with a focus on meeting the needs of the capital [3] - It has established a comprehensive academic system covering 11 disciplines, including economics, law, and education, to support its educational goals [3] - The university's talent cultivation model emphasizes practical application and societal needs, continuously supplying a large number of versatile application-oriented talents to various industries in the capital [3] Group 2: Cultural and Social Contributions - The university plays a vital role in cultural heritage preservation, participating in national projects such as the Beijing Central Axis heritage application and the Grand Canal cultural belt protection [4] - It has established the first Cultural Heritage Excellence Engineer Academy in China, creating a talent training system for archaeology and cultural relic protection [4] - The university actively engages in community service and cultural initiatives, enhancing the spiritual life of rural areas through projects like the "Red Culture Brand" in Qingshan Lake Town [5] Group 3: Industry Collaboration and Innovation - The university promotes industry-education integration by collaborating with leading companies like Siemens and China Railway to establish research and training bases [4] - It has developed advanced technologies such as "Intelligent Editing Assistant" and "Vertical Model for Publishing," significantly improving the intelligence level in the publishing and cultural tourism sectors [4] - In 2024, the university was granted 914 patents and received various awards, including the Wu Wenjun Artificial Intelligence Science and Technology Progress Award [4] Group 4: International Cooperation and Future Goals - The university has expanded its international cooperation, partnering with over 260 institutions in more than 50 countries, and established the first Sino-foreign cooperative education institution in China [5] - It aims to cultivate application-oriented talents with a global perspective through programs like the joint undergraduate program in bioengineering with the University of Bari, Italy [5] - The university is committed to becoming an internationally renowned, domestically first-class high-level application-oriented university, contributing to the high-quality development of the capital [6]

A 股代码：601390 A 股简称：中国中铁 公告编号：临 2025-040 H 股代码：00390 H 股简称：中国中铁 中国中铁股份有限公司 关于以集中竞价交易方式回购公司部分 A 股股票 的回购报告书 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。 重要内容提示： ●回购股份的种类：中国中铁股份有限公司（以下简称"本公司"或 "公司"）已发行的人民币普通股（A 股）股票。 ● 回购股份金额：本次回购的资金总额不低于人民币 8 亿元，不超 过人民币 16 亿元，具体回购资金总额以回购完毕或回购期满时实际回购 股份使用的资金总额为准。 ● 回购股份资金来源：公司自有资金及股票回购专项贷款。 ● 回购股份用途：本次回购的股份将用于减少注册资本。 ● 回购股份价格：回购价格上限不高于公司董事会审议通过回购股 份方案决议前 30 个交易日公司股票交易均价的 150%，即不超过人民币 ● 回购股份方式：通过上海证券交易所交易系统以集中竞价交易方 式进行股份回购。 ● 回购股份期限：2025 年 6 月 20 日至 2026 年 ...

关于以集中竞价交易方式回购公司部分 A 股股票 的回购报告书 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。 重要内容提示： ●回购股份的种类：中国中铁股份有限公司（以下简称"本公司"或 "公司"）已发行的人民币普通股（A 股）股票。 | H | A | | --- | --- | | 股代码：00390 | 股代码：601390 | | 股简称：中国中铁 H | 股简称：中国中铁 公告编号：临 A 2025-040 | 中国中铁股份有限公司 ● 回购股份金额：本次回购的资金总额不低于人民币 8 亿元，不超 过人民币 16 亿元，具体回购资金总额以回购完毕或回购期满时实际回购 股份使用的资金总额为准。 ● 回购股份资金来源：公司自有资金及股票回购专项贷款。 ● 回购股份用途：本次回购的股份将用于减少注册资本。 ● 回购股份价格：回购价格上限不高于公司董事会审议通过回购股 份方案决议前 30 个交易日公司股票交易均价的 150%，即不超过人民币 8.50 元/股。 ● 回购股份方式：通过上海证券交易所交易系统以集中竞价交易方 ...

Policy News - The Ministry of Natural Resources has included 24,000 existing real estate land plots in the "one land, one policy" disposal list to address issues related to the utilization, transfer, and recovery of idle land [1] - Shenzhen has introduced new regulations for urban renewal projects, mandating the construction of affordable housing in unapproved urban renewal units [2] - Hangzhou has launched a service allowing individuals to directly use their housing provident fund for down payments on homes [3] - Changsha has relaxed housing provident fund loan conditions, reducing the required continuous contribution period from 12 months to 6 months and increasing loan limits for families with multiple children [4] Market News - The Loan Prime Rate (LPR) for both 5-year and 1-year terms remains unchanged at 3.5% and 3% respectively [5] - In May, the sales prices of new residential properties in first-tier cities decreased by 0.2% month-on-month, while the year-on-year decline narrowed to 1.7% [6] Real Estate Transactions - Shanghai's fifth land auction of the year concluded with a total transaction amount of approximately 21.257 billion yuan, with significant sales in various districts [7] - A residential land plot in Longhua, Shenzhen, was sold for 1.212 billion yuan with a premium rate of 46.6% [8] - Two residential land plots in Chengdu were sold for a total of 3.837 billion yuan, with a premium rate of 75.7% for one of the plots [9] Company News - China Communications Construction Company is divesting its real estate development business, transferring assets and liabilities to its controlling shareholder for a nominal fee [10] - CIFI Holdings has announced a restructuring plan for approximately 10.061 billion yuan in corporate bonds, offering multiple options for bondholders [11] - China Resources Land has secured a 5.85 billion yuan offshore RMB loan, with a three-year term [12] - China Merchants Shekou has signed a strategic cooperation framework agreement with Beihome to collaborate on real estate development projects [14]

Investment Rating - The industry investment rating is "Outperform the Market - B" [6] Core Insights - Infrastructure investment in China has shown steady growth, with significant contributions from water conservancy projects, which have maintained a high growth rate of 26.6% year-on-year [2][19] - The issuance of special bonds and long-term government bonds has accelerated, leading to a robust government investment that supports infrastructure development [3][19] - The reform of state-owned enterprises is progressing, with an average completion rate of over 80% for key reform tasks as of the end of Q1 2025 [18] Summary by Relevant Sections Industry Dynamics - From January to May 2025, China's fixed asset investment reached 19.19 trillion yuan, a year-on-year increase of 3.7%, with narrow infrastructure investment growing by 5.6% [1][16] - The contribution rate of infrastructure investment to overall investment growth was 34.5%, an increase of 1.9 percentage points compared to the previous month [1][16] Market Performance - The construction industry experienced a decline of 2.24% from June 16 to June 20, underperforming compared to the broader market indices [20] - Among the sub-sectors, the housing construction sector had the smallest decline at -0.67% [20] Company Announcements - Major contracts were awarded, including a 50.05 billion yuan project by China Energy Construction and a 3.37 billion USD contract by China National Machinery Industry Corporation [32] - China Construction reported a new contract total of 1.8412 trillion yuan for the first five months of 2025, reflecting a year-on-year increase of 1.7% [33] Investment Opportunities - The report suggests focusing on undervalued construction state-owned enterprises, including China State Construction, China Communications Construction, and China Railway Construction, as their operational indicators are expected to improve [11][19] - It also highlights the potential of construction design firms and international engineering service providers, particularly those with strong overseas business growth [12][19]