Summary of Key Points from the Conference Call Industry or Company Involved - The conference call primarily discusses the Chinese economy, focusing on various sectors including real estate, infrastructure, consumer services, and the impact of external trade policies. Core Insights and Arguments 1. **Economic Growth and Risk Management**: The Political Bureau meeting emphasized the dual focus on stabilizing growth and managing risks, indicating a stronger policy response to economic challenges, particularly in service consumption and support for foreign trade enterprises [1][2][3]. 2. **Real Estate Strategy**: The meeting highlighted the importance of real estate, proposing a new development model that includes increasing the supply of high-quality housing and optimizing land acquisition policies to stabilize the market [1][19][20]. 3. **Infrastructure Investment**: Government investment is seen as a key driver, with a focus on major projects in economically advantageous regions like the Yangtze River Delta and Greater Bay Area, as well as significant projects in western regions [1][28][29]. 4. **Service Consumption Growth**: There is a strong signal to boost income for low- and middle-income groups and develop service consumption, with expectations that service retail will account for over 40% of total retail sales by 2027 [1][37][41]. 5. **Impact of Tariffs on Textile and Apparel**: Chinese textile and apparel companies are adapting to U.S. tariff policies by relocating production to Southeast Asia, while maintaining competitiveness through price adjustments [1][42][44]. 6. **Cross-Border E-commerce**: The cross-border e-commerce market is thriving despite tariff challenges, with companies like Dunhuang.com performing well in the U.S. market [1][43]. 7. **AI and Technology in Retail**: The integration of AI technology is transforming the retail landscape, with major Chinese internet companies investing heavily in AI infrastructure and applications [1][50][51]. Other Important but Potentially Overlooked Content 1. **Challenges in Land Acquisition**: The government faces challenges in land acquisition policies, including pricing and funding issues, which may hinder the execution of real estate strategies [1][22][23]. 2. **Slow Progress in Urban Village Renovation**: Urban village renovation has been slow, with various obstacles such as funding models and compensation mechanisms affecting progress [1][24]. 3. **Consumer Behavior Trends**: New consumption trends are emerging, with a focus on personalized and unique experiences driving growth in sectors like beauty care and personal grooming [1][48][49]. 4. **Investment Opportunities in Infrastructure**: The emphasis on urban renewal and infrastructure investment presents significant opportunities for growth in the construction and related sectors [1][31][32]. 5. **Potential for High-Quality Housing**: The trend towards high-quality housing is gaining momentum, with local governments implementing new standards to enhance living conditions [1][21][25]. This summary encapsulates the key points discussed in the conference call, providing insights into the current economic landscape and potential investment opportunities within various sectors.

看好 ——政治局会议点评 建筑装饰 2025 年 04 月 27 日 "两重"建设与城市更新行动有望加快发力 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 (8621)23297818× tangmeng@swsresearch.com 事件： ⚫ 2025 年 4 月 25 日，中共中央政治局召开会议，会议指出：我国经济持续回升向好的 基础还需要进一步稳固，外部冲击影响加大。要强化底线思维，充分备足预案，扎实做 好经济工作。统筹国内经济工作和国际经贸斗争，坚定不移办好自己的事，坚定不移扩 大高水平对外开放。加大资金支持力度，扩围提质实施"两新"政策，加力实施"两 重"建设。加力实施城市更新行动，有力有序推进城中村和危旧房改造。 点评： 行 业 及 产 业 表 1：建筑行业重点公司估值表 | 证券简称 | 证券代码 | 收盘价（元/股） | | EPS（元/股） | ...

Investment Rating - The report maintains a positive outlook on the construction and decoration industry, indicating a "Look Favorably" investment rating [2]. Core Insights - The construction sector is expected to benefit from increased domestic investment, particularly through the implementation of "two重" construction initiatives, which will likely stimulate infrastructure investment recovery in 2025 [3][17]. - The report highlights a significant performance in the construction sector, with the SW Construction Decoration Index rising by 0.76%, outperforming the Shanghai Composite Index [4][6]. - Key companies such as Zhengzhong Design and Shanshui Bide have shown substantial revenue and profit growth, indicating strong performance within the sector [20][21]. Summary by Sections Industry Performance - The construction industry experienced a weekly increase of 0.76%, outperforming the Shanghai Composite Index, with the best-performing sub-industry being international engineering [4][6]. - The top three sub-industries for weekly gains were infrastructure state-owned enterprises (+2.34%), design consulting (+1.55%), and professional engineering (+1.44%) [3][6]. Key Company Developments - Zhengzhong Design reported a 2024 revenue increase of 8.49% and a net profit increase of 296.90% [20]. - Shanshui Bide's revenue grew by 37.84% in 2024, with a net profit increase of 126.42% [21]. - China Communications Construction Company plans to repurchase A-shares worth 500 million to 1 billion yuan and increase H-shares by 250 million to 500 million yuan [21]. Investment Recommendations - The report suggests focusing on cyclical high-elasticity sectors, recommending companies like Honglu Steel Structure and Shenzhen Ruijie for urban renewal projects [3]. - It emphasizes the potential for undervalued companies to recover in valuation, particularly state-owned enterprises like China Railway and China State Construction [3].

在锂化物新能源业务方面，天铁科技主要通过全资子公司昌吉利和全资孙公司安徽天铁进行研发、生产 和销售。其中，昌吉利的核心产品氯代正丁烷、正丁基锂、无水氯化锂均为国内行业领军产品，在市场 具有较强的竞争力。此外，公司积极布局全固态锂电池、锂硫电池等前沿领域材料，助力锂电材料技术 迭代升级。 根据年报披露，天铁科技年产5.3万吨锂电池用化学品及配套产品项目和年产2600吨锂材系列产品项目 已基本建设完成，并在2024年10月正式投产。公司表示，待项目全部投产后，公司锂化物新能源业务实 力将进一步提升。 天铁科技（300587）4月26日发布2024年年报。年报数据显示，2024年公司营业收入达21.36亿元，同比 增长41.69%；归属于母公司净利润为1520.42万元，同比大幅增长102.33%，并实现扭亏为盈。 近年来，天铁科技持续推进减振(震)业务与锂化物新能源业务协同发展，形成双轮驱动格局。在减振 (震)业务领域，天铁科技聚焦自主创新，通过设立大型现代化研发中心，配备数据采集分析软件及动力 学模拟软件，为研发工作提供有力支持。报告期内，公司轨道工程橡胶制品收入4.65亿元，同比增长 54.69%，毛利率提升 ...

Primary Market - A total of 19 offshore bonds were issued this week, including 6 offshore RMB bonds, 6 USD bonds, 4 HKD bonds, and 3 EUR bonds, with issuance sizes of 54.2 billion RMB, 615 million USD, 798.8 billion HKD, and 1.9 million EUR respectively [1] - The largest single issuance in the offshore RMB bond market was 1 billion RMB by the Asian Development Bank, while the highest coupon rate was 6.5% issued by Huangshi Chantuo Holdings Group [1] - In the USD bond market, the largest single issuance was 200 million USD by Chengdu Economic Development Investment Group, with the highest coupon rate of 7.0% from two issuers: Fuzhou Digital Economy Investment Group and Emei Mountain Modern Agriculture Development Group [1] Secondary Market - The yield on Chinese offshore USD bonds rose across the board this week, with the Markit iBoxx Chinese USD bond composite index increasing by 0.33% to 240.93 [2] - The real estate USD bond index saw a significant increase of 1.94%, closing at 180.28, while the city investment bond index rose by 0.14% to 148.05 [2] Price Movements - The largest weekly price increase in Chinese offshore bonds was for the MOLAND 8% 12/30/24 bond from Contemporary Land, which rose by 56% to 2.75 [3] - The largest weekly price drop was for the HONGSL 5% 8/19/29 bond from Hongyang Group, which fell by 125.84% to 6.72 [5] Benchmark Spread - The spread between the 10-year benchmark government bonds of China and the US narrowed to 265.35 basis points, a decrease of 3.21 basis points from the previous week [6] Rating Changes - Moody's maintained the "A3" issuer ratings for China Railway Group and China Railway Construction, changing the outlook from "stable" to "negative" on April 24 [9] - Moody's also maintained the "Baal" issuer rating for China Communications Construction Group, adjusting the outlook to "negative" on April 25 [9] Defaults and Extensions - Xinyuan (China) Real Estate's bond "H20 Xinyuan 1" received approval for a 2-year extension, with the new maturity date set for November 13, 2027 [10] - Sunshine City Group failed to make timely payments on its 2020 first phase medium-term notes, with the company unable to raise sufficient funds by the accelerated maturity date [11] Market News - The issuance of the 2025 ultra-long special treasury bonds began on April 24, with a total planned issuance of 1.3 trillion RMB [12] - The first data center holding-type real estate ABS in the country was listed on the Shanghai Stock Exchange, raising a total of 1.6092 billion RMB [13] - The People's Bank of China conducted a 600 billion RMB MLF operation to maintain liquidity in the banking system [14] Overseas News - Some Federal Reserve officials hinted at the possibility of earlier interest rate cuts if economic conditions worsen [15] - Demand for US Treasury bonds from overseas reached a new low, with indirect bidders accounting for only 56.2% of the latest auction [16] Offshore Bond Alerts - Zhengrong Real Estate's proposal to extend the "H20 Zhengrong 2" bond was not approved, leading to a failure to repay interest [17] - Futong Group plans to pay interest on "H21 Futong 1" by April 28, 2025 [18] - The proposal for delisting 18 company bonds from AVIC Industrial was not approved, and the bonds will resume trading [19] - Aoyuan Group announced that three bonds, including "H20 Aoyuan 1," will be suspended from trading starting April 28 [20]

Core Viewpoint - Tunnel Corporation announced a cash distribution plan for the fiscal year 2024, proposing a dividend of 2.2 yuan per 10 shares (including tax), amounting to a total cash payout of 6.92 billion yuan, which represents 24.35% of the net profit and a dividend yield of 3.38% based on the average trading price for the year [1][2]. Financial Performance - The company reported a total revenue of 688.16 billion yuan for the fiscal year 2024, reflecting a year-on-year decline of 7.28% - The net profit for the same period was 28.41 billion yuan, down 3.54% year-on-year - Basic earnings per share were recorded at 0.9 yuan, with a weighted average return on equity of 9.4% [2]. Dividend History - The company has a history of 28 cumulative cash distributions since its listing - The latest proposed dividend of 2.2 yuan per 10 shares is compared to previous distributions, such as 2.3 yuan in 2023 and 2.7 yuan in 2022, indicating a slight decrease in the dividend amount [1][2]. Market Activity - The stock experienced a net outflow of 874,200 yuan in principal funds on the day of the announcement, with a total net outflow of 4.73 million yuan over the past five days [3]. - The latest margin financing balance for the stock was 485 million yuan, showing a decrease of 5.66 million yuan, or 1.15%, over the past five days [4]. Industry Comparison - In the construction and decoration industry, Tunnel Corporation's cash distribution ranks among the lower end compared to peers, with China State Construction leading with a cash payout of 112.18 billion yuan, followed by China Railway and China Railway Construction with payouts of 44.04 billion yuan and 40.74 billion yuan, respectively [5].

Core Viewpoint - Shanghai Jianke announced a cash dividend plan for 2024, proposing a distribution of 2.55 yuan per 10 shares, totaling approximately 103 million yuan, which represents 28.45% of the company's net profit, marking the third cash distribution since its listing [2][3]. Company Financial Performance - For the fiscal year 2024, Shanghai Jianke reported a revenue of 4.152 billion yuan, reflecting a year-on-year growth of 3.54%. The net profit reached 362 million yuan, an increase of 14.59%, with a basic earnings per share of 0.84 yuan and a weighted average return on equity of 9.73% [2]. Dividend Distribution History - The company has a history of cash distributions since its listing, with the following details: - 2024: 2.55 yuan per 10 shares, total cash of 1.03 billion yuan, dividend yield of 1.35% - 2023: 2.40 yuan per 10 shares, total cash of 980 million yuan, dividend yield of 1.21% - 2022: 2.10 yuan per 10 shares, total cash of 860 million yuan [2]. Industry Context - In the construction and decoration industry, 77 companies have announced their 2024 dividend plans. China State Construction leads with a total cash distribution of 11.218 billion yuan, followed by China Railway and China Railway Construction with distributions of 4.404 billion yuan and 4.074 billion yuan, respectively [3].

| A H | | | | | | | --- | --- | --- | --- | --- | --- | | | 股代码：601390 股代码：00390 | | | | | | | | A H | | | | | | | | 股简称：中国中铁 股简称：中国中铁 | | | | | | | | 公告编号：临 | 2025-025 | 中国中铁股份有限公司 2025 年第一季度主要经营数据公告 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。 一、主要经营情况 1.按业务类型统计 | 业务类型 | 2025 年 | 1-3 月 | 本年累计 | | 同比 增减 | | --- | --- | --- | --- | --- | --- | | | 新签项目 | 新签 | 新签项目 | 新签 | | | | 数量（个） | 合同额 | 数量（个） | 合同额 | | | 设计咨询 | / | 62.2 | / | 62.2 | -17.1% | | 工程建造 | 1194 | 4214.3 | 1194 | 4214.3 | ...

| 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 2025-026 | 中国中铁股份有限公司 关于 2025 年第一季度对外担保实际发生情况的公告 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个 别及连带责任。 重要内容提示： －1－ 被担保人名称：本期被担保人涉及公司12家全资子公司：中铁一局 集团物资工贸有限公司、中铁一局集团天津建设工程有限公司、 中铁一局集团电务工程有限公司、中铁电气化局集团西安电气化 工程有限公司、川铁国际经济技术合作有限公司、中铁国际集团 商贸有限公司、中铁武汉大桥工程咨询监理有限公司、中铁四川 生态城投资有限公司、中铁置业集团有限公司、中铁置业集团山 东有限公司、鲁班工业品（天津）有限公司、中铁物贸集团北京 有限公司。2家参股公司：汕头市牛田洋快速通道投资发展有限公 司、上海铧协房地产开发有限公司。 本期实际发生担保金额及累计担保余额：公司 2025 年第一季度实 际发生担保金额为 30. ...

中国中铁2025年第一季度新增担保的被担保人基本情况表 单位：万元 | 序号 | 被担保 | 注册地 | 法定 代表 | 经营范围 | 信用 | | | 2024年12月31日财务报表数据 | | | | 2025年3月31日财务报表数据 | | | 持股 与担保人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 人名称 | 点 | 人 | | 等级 | 资产总额 | 负债总额 | 净资产 | 营业收入 | 净利润 | 资产总额 | 负债总额 | 净资产 营业收入 | 净利润 | 比例 的关系 | | | | | | 一般项目：橡胶制品制造，门窗制造加工；砼结构构件制 | | | | | | | | | | | | | | | | | 造，水泥制品制造。玻璃纤维坩强塑料制品制造，新型建筑 | | | | | | | | | | | | | | | | | 材料制造(不含危险化学品);金属结构制造，建筑装饰、水 | | | | | | | | | | | ...