Core Viewpoint - The article discusses the implementation of the Ecological Environment-Oriented Development (EOD) model in Sanming City, Fujian Province, focusing on integrating ecological advantages with economic development through innovative practices in livestock pollution management and the cultivation of fast-growing Paulownia trees [1][2][3]. Group 1: EOD Model Implementation - The Sanming City Ecological Environment Bureau is promoting the EOD model to address livestock pollution, particularly in the Hu Fang Town pilot project, aiming to combine livestock waste management with the development of a new Paulownia industry [1][2]. - The EOD model emphasizes a collaborative approach involving government, enterprises, banks, and insurance to ensure project success and risk management [2][4]. Group 2: Ecological and Economic Benefits - The new Paulownia trees have a waste absorption capacity approximately five times greater than that of rice paddies, significantly improving pollution management and enhancing ecological quality [3]. - The project has a bid price of 5.77 billion yuan, with plans to establish a 40,000-acre Paulownia base, potentially generating annual profits of 30 million yuan, indicating strong economic viability [3][4]. Group 3: Social and Environmental Impact - The project aims to enhance local ecological quality, creating a more attractive living environment and boosting local employment opportunities, thereby improving the overall quality of life for residents [3][4]. - The initiative serves as a model for other regions, demonstrating how to effectively utilize livestock waste and promote green transformation in the livestock industry [4].

近日，信用中国公布了对中铁建工集团有限公司的行政处罚决定。金交工罚﹝2025﹞903行政处罚决定书文号显示，2025年5月14日8时49分,武义县交通运输 局行政执法人员在武义县一县一县道白杨线莹乡路至冷水坑段改建工程项目部检查时发现中铁建工集团有限公司存在交通运输行政违法行为,经调查,中铁建 工集团有限公司交通建设工程施工单位主要管理人员未按规定在岗履职。行政处罚的种类和依据:依据《浙江省交通建设工程质量和安全生产管理条例》第 三十三条第二款的规定,责令改正并罚款人民币壹万元整。 国家企业信用信息公示系统显示，中铁建工集团有限公司成立于1990年5月25日，法定代表人王玉生，为中国中铁股份有限公司子公司。 产经新闻热线：0531-85193242 除此之外，北京市房山区住房和城乡建设委员会安全质量监督站于2025年4月15日对位于房山区长阳镇由北京长阳众联置业有限责任公司建设,中铁建工集团 有限公司施工的房山区长阳镇北广阳城2号地集体产业项目(集体产业项目用房)工程进行了抽查。经查,中铁建工集团有限公司存在下列事故隐患:现场东侧基 坑上下马道未设置挡脚板,DB11/T945.1-2023第3.4.22条的规 ...

6月16日，A股市场多个重要指数完成样本调整，此次调整涉及深证成指、创业板指、深证100、创业板 50、上证50、上证180、上证380、科创50、沪深300、中证500、中证1000等指数。其中，深证成指、创 业板指、深证100指数、创业板50指数样本股调整的数量分别为20只、8只、3只、5只。 指数样本股调整简单来说就是指数编制机构根据一定的标准和规则，对组成指数的股票进行更换和更 新。指数在编制后，其成分股也不是一成不变的，指数公司会定期优化指数的成分股，来实现优胜劣 汰。 深市核心指数样本更新 据深交所此前发布的关于调整深证成指、创业板指、深证100等深市指数样本股的公告，根据指数编制 规则，对深证成指、创业板指、深证100、创业板50等指数实施样本定期调整。本次调整于6月16日正式 实施，深证成指更换20只样本、创业板指将更换8只样本、创业板50将更换5只样本、深证100将更换3只 样本。 创业板50指数样本股调入机器人、蓝色光标、长盈精密、光线传媒、全志科技5只个股，调出乐普医疗 （300003）、东方日升、沃森生物（300142）、兴齐眼药、迈为股份（300751）5只个股。 深证100指数样本 ...

Macro Strategy - Economic resilience is observed in May, with industrial added value increasing by 5.8% year-on-year and service production index rising by 6.2% year-on-year, indicating a slight weakening in industrial supply and a slight strengthening in services [1] - Retail sales grew by 6.4% year-on-year, showing a recovery in domestic demand, while fixed asset investment showed a cumulative year-on-year increase of 3.7%, reflecting a decline in investment growth [1] - The report highlights three distinct economic narratives: (1) sectors supported by policies such as infrastructure and durable goods consumption, (2) new productive forces with strong endogenous momentum, and (3) real estate and non-subsidized consumption sectors showing weaker performance [1] - The overall economic growth target of around 5% for the year is expected to be achieved, but the pace and structure of economic growth will depend on the evolution of these narratives [1] Industry Insights Construction and Decoration Industry - The State Council emphasizes the need to promote the construction of "good houses" and stabilize the real estate market, indicating potential policy support for real estate investment [10] - Infrastructure investment remains stable, with significant growth in water conservancy and transportation sectors, suggesting a focus on major infrastructure projects [10] - The report recommends focusing on state-owned enterprises and local state-owned enterprises with low valuations and stable performance, such as China Communications Construction and China Electric Power [10] Retail Industry - Non-American exports show resilience, with a focus on the strategic position of small commodity cities as export hubs [11] - The automotive sector is expected to perform well, driven by technological innovation and market dynamics, despite some challenges in the supply chain [11] Public Utilities Industry - Investment opportunities in hydropower and thermal power are highlighted, with recommendations for companies like China Power Investment and Huadian International [13] - The report notes the potential for growth in nuclear power and renewable energy sectors, with specific recommendations for companies involved in these areas [13] Renewable Energy and Storage - The report indicates a significant demand for energy storage in emerging markets, with expectations of a 20-30% growth in installations in the US [18] - Companies like CATL and BYD are recommended as leading players in the lithium battery sector, benefiting from the growing demand for energy storage solutions [18] Non-Banking Financial Industry - The insurance sector is expected to benefit from economic recovery and rising interest rates, with a focus on health and pension insurance [19] - The securities industry is poised for growth due to favorable market conditions and policy support, with recommendations for companies like CITIC Securities and China Ping An [19]

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3389 | 0.35 | 0.63 | -0.32 | | 深证综指 | 2013 | 0.59 | 1.33 | -0.66 | | 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表现 | | --- | --- | --- | --- | | | （％） | （％） | （％） | | 大盘指数 | 0.25 | -0.68 | -0.68 | | 中盘指数 | 0.44 | 1 | -4.62 | | 小盘指数 | 0.59 | 1.21 | -0.94 | | 行业涨幅 | 昨日涨 | 1 个月涨 | 6 个月涨 | | --- | --- | --- | --- | | 影视院线 | 6.68 | 12.18 | -2.9 | | 风电设备Ⅱ | 4.3 | 5.37 | -1.16 | | 非金属材料 | 4.21 | 2.29 | 6.14 | | Ⅱ 游戏Ⅱ | 3.19 | 15.14 | 1 ...

本期债券票面利率簿记建档区间为1.50%-2.50%。本期债券票面利率将根据网下询价簿记结果，由发行 人与主承销商按照国家有关规定在利率询价区间以内以簿记建档方式确定。 本期债券简称为"25铁工K2"，债券代码为"243146.SH"。专业机构投资者通过交易所信用债券集中簿记 建档系统或向簿记管理人提交《中国中铁股份有限公司2025年面向专业投资者公开发行科技创新公司债 券(第二期)网下利率询价及申购申请表》的方式参与网下询价申购。专业机构投资者网下最低申购金额 为1,000万元(含1,000万元)，超过1,000万元的必须是1,000万元的整数倍，簿记管理人另有规定的除外。 智通财经APP讯，中国中铁(00390)发布公告，该公司面向专业投资者公开发行面值总额不超过500亿元 的公司债券(以下简称"本次债券")已于2025年4月3日获得中国证券监督管理委员会(以下简称"证监会") 注册批复(证监许可〔2025〕693号)。发行人批文有效期截止日为2027年4月3日，本期债券缴款结束日 不晚于批文到期日。 本次债券采取分期发行的方式，其中中国中铁股份有限公司2025年面向专业投资者公开发行科技创新公 司债券( ...

关于回购股份事项前十大股东和前十大无限售条件股东 持股情况的公告 本公司董事会及其董事保证本公告所载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"本公司"或"公司"）于 2025 年 4 月 29 日召开第六届董事会第十次会议，审议通过了《关于中国中铁 回购公司部分 A 股股份方案的议案》，具体内容详见公司于 2025 年 4 月 有限公司关于以集中竞价交易方式回购公司部分 A 股股份方案的公告》 （公告编号：2025-030）。本次回购股份方案将于 2025 年 6 月 20 日提交 公司 2024 年年度股东大会、2025 年第一次 A 股类别股东会及 2025 年第 一次 H 股类别股东会进行审议。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管 指引第 7 号——回购股份》等有关规定，现将公司 2024 年年度股东大会、 日（2025 年 6 月 13 日）登记在册的前十大股东和前十大无限售条件股东 的名称、持股数量及持股比例情况公告如下： 一、前十名股东持股情况 | | | A股代码：601390 ...

| A股代码：601390 | A | 股简称：中国中铁 | 公告编号：临2025-037 | | --- | --- | --- | --- | | H股代码：00390 | H | 股简称：中国中铁 | | 中国中铁股份有限公司 | 序号 | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | 1 | 中国铁路工程集团有限公司 | 11,623,119,890 | 46.98% | | 2 | HKSCC Nominees Limited | 4,011,338,801 | 16.21% | | 3 | 国新发展投资管理有限公司 | 742,605,892 | 3.00% | | 4 | 中国证券金融股份有限公司 | 619,264,325 | 2.50% | | 5 | 香港中央结算有限公司 | 580,948,168 | 2.35% | | 6 | 中央汇金资产管理有限责任公司 | 230,435,700 | 0.93% | | 7 | 中国工商银行股份有限公司－华泰柏瑞沪深 300 交易型开 放式指数证券投资基金 | 186,701,689 | 0 ...

证券研究报告·行业跟踪周报·建筑装饰 建筑装饰行业跟踪周报 继续关注重大项目和区域基建领域，推荐 水利、洁净室工程板块 增持（维持） [Table_Tag] [投资要点 Table_Summary] （2）出海方向：2025 年前 4 个月我国对外承包工程完成营业额同比增 长 6.8%，新签合同额同比增长 22.4%；其中在共建"一带一路"国家 新签合同额 645.4 亿美元，同比增长 17.4%；美国关税摩擦和全球贸易 摩擦升级，后续外交博弈、贸易摩擦或加剧，一带一路战略推进或加 码，预期未来中欧合作、东盟地区合作有望更加密切，基建合作仍是 重要形式，海外工程需求景气度有望保持，海外工程业务有望受益， 后续预计逐渐兑现到订单和业绩层面。建议关注国际工程板块，个股 推荐中材国际、上海港湾，建议关注中工国际、北方国际、中钢国际 等。 （3）需求结构有亮点，新业务增量开拓下的投资机会：部分专业制造 工程细分领域、节能降碳以及新能源相关的基建细分领域景气度较 高，有相关转型布局的企业有望受益，建议关注鸿路钢构、华阳国际 等；半导体洁净室景气度有望延续，关注亚翔集成、柏诚股份等。 ◼ 风险提示：地产信用风险失控、政策 ...

Core Viewpoint - The article discusses the regulations and procedures regarding the deduction of value-added tax (VAT) for train ticket refunds and related fees, emphasizing the importance of electronic invoices for VAT input tax deduction [3][5]. Group 1: VAT Deduction for Train Ticket Refunds - The refund fees for train tickets can be subject to VAT under "other modern services" [2]. - Passengers can obtain electronic invoices through the railway 12306 platform after paying for refunds or changes, which can be used for VAT input tax deduction if the buyer is a general VAT taxpayer [3]. - The input tax amount from the electronic invoices must be reported in the VAT declaration form under the relevant section for certified VAT special invoices [3]. Group 2: Policy References - The article cites several policy documents that provide the basis for the VAT regulations, including announcements from the Ministry of Finance and the State Taxation Administration regarding VAT reforms and the use of electronic invoices in railway passenger transport [5]. Group 3: Common Questions - The article raises common questions regarding the eligibility of various purchases for VAT input tax deduction, including second-hand vehicle purchases and agricultural products [9].