Core Viewpoint - The recent performance of the stock market has led to a short-term outflow of funds from the Dividend Low Volatility ETF (512890), but the long-term investment appeal of this strategy remains strong [1][3][6]. Group 1: Market Performance - On August 22, the three major stock indices rose, with the ChiNext Index reaching a three-year high [1]. - The Dividend Low Volatility ETF (512890) saw a decrease of 0.66%, closing at 1.206 yuan, with a turnover rate of 1.09% and a half-day trading volume of 228 million yuan [1][2]. Group 2: Fund Flow Dynamics - The ETF experienced a short-term net outflow of 670 million yuan over the past five days and 1.19 billion yuan over the past ten days [3]. - Despite the short-term outflows, there has been a net inflow of 3.41 billion yuan over the last 60 trading days, indicating a coexistence of short-term trading funds exiting and long-term investment funds entering [3]. Group 3: Institutional Investment Trends - As of August 19, 2025, insurance capital has made over 29 stake increases this year, marking a four-year high, with a focus on undervalued, high-dividend sectors such as banking, public utilities, and energy [3]. - This trend suggests that professional institutions view high-dividend assets as having long-term investment value, especially in a low-interest-rate environment [3]. Group 4: Historical Performance - The Dividend Low Volatility ETF (512890) has achieved a total return of 142.52% since its inception on December 19, 2018, significantly outperforming its benchmark and ranking 28th among 502 similar products [4]. Group 5: Investment Strategy Recommendations - The ongoing regulatory emphasis on cash dividends and steady inflow of long-term funds have enhanced the allocation value of the Dividend Low Volatility ETF [6]. - For investors with a long-term perspective, the current short-term outflows may present better allocation opportunities, and a systematic investment approach is recommended [6].

Investment Rating - The investment rating for the industry is "Positive" and maintained [8] Core Viewpoints - The State Council has issued a notice regarding the "Guiding Opinions on Regulating the Construction and Operation of Existing PPP Projects," which has received approval from the State Council, marking the arrival of regulatory guidance for existing PPP projects [2][6] - The report emphasizes the importance of ensuring the smooth progress of projects, with government debt clearly designated for the payment of existing projects [11] - The report highlights the need for mid-term focus on sustained growth, with fiscal efforts and major projects as two key drivers [11] Summary by Relevant Sections - **Regulatory Guidance**: The issuance of regulatory guidance for existing PPP projects aims to optimize credit approval processes and ensure the stability of credit funds, which will enhance the government's payment capacity for these projects [11] - **Asset Quality Improvement**: If the implementation of PPP projects is secured, it is expected to solidify the asset quality of construction companies, potentially leading to a recovery in price-to-book ratios [11] - **Fiscal and Project Initiatives**: The report outlines that the urgency for stabilizing growth has increased, with expectations for new policy financial tools and significant project investments to support infrastructure development [11] - **Investment Opportunities**: The report suggests focusing on state-owned enterprises with low price-to-book ratios and ecological landscape companies, particularly those benefiting directly from PPP projects and major regional developments [11]

8月20日，航拍新市金沙江特大桥。张元戎 摄（C视觉） 新市金沙江特大桥合龙现场。宜宾观察 罗顺 摄 控制性工程 ●新市金沙江特大桥连接四川屏山县新市镇与云南绥江县南岸镇，是宜攀高速重要控制性工程之一 ●全长1867米，主跨680米，是川滇最高索塔斜拉桥，也是四川省内同类型在建最大规模的钢桁梁斜拉桥 ●宜攀高速全线建成通车后，宜宾至攀枝花车程有望从10小时缩短至6小时左右 解决复合型难题 ●在国内首创板桁结合主梁形式，将桥体设计为多层结构，解决桥面易"疲劳"开裂问题 ●在距离合龙点300余米处设置两台牵引装置，逐步拉出足以安装最后一段钢结构体的空间，这项无应力合龙 技术处于国内领先水平 川滇交界处，宜宾市屏山县新市镇，金沙江在这里拐出一个几字弯，人们依水而居又因水分隔。如今，又一 座跨越金沙江的大桥在这里连接川滇—— ●大桥上布设的200余个智能传感器，将实时数据反馈至智慧管控平台，确保桥梁线性控制精准 传统钢桥的桥面容易出现"疲劳"开裂问题，为此，建设团队在国内首创板桁结合主梁形式，将桥体设计为多 层结构。其中，最底部的钢桁架提供力量支撑，其上覆盖一层钢板，接着在桥面上现场浇筑钢筋混凝土面板，最 后铺设沥青 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 001267 | 汇绿生态 | 13.31 | -7.31% | 68.53万 | 9.35 G | | 300536 | 农尚环境 | 11.27 | -3.10% | 35.53万 | 4.07亿 | | 002941 | 新疆交建 | 15.25 | -1.49% | 54.10万 | 8.20亿 | | 603955 | 大千生态 | 39.36 | -1.48% | 1 5.39万 | 2.11亿 | | 300948 | 冠中生态 | 12.12 | -1.14% | 14.08万 | 1.77亿 | | 603176 | 汇通集团 | 6.74 | -0.88% | 17.58万 | 1.17亿 | | 603815 | 交建股份 | 8.24 | -0.36% | 6.00万 | 4956.91万 | | 603778 | 圖晟科技 | 3.90 | -0.26% | 43.04万 | 1.69亿 | | 603359 | 东珠生态 ...

Core Viewpoint - The construction industry is experiencing a decline in prosperity, with a slowdown in fixed asset investment growth [2] Group 1: Construction Industry Indicators - In July, the construction industry Purchasing Managers' Index (PMI) was 50.6, a decrease of 2.2 percentage points from the previous month [2][1] - The construction business activity index was also 50.6%, down 2.2 percentage points from last month [2][1] - The new orders index for the construction industry was 42.7%, reflecting a decline of 2.2 percentage points from the previous month [2][1] - The input price index for the construction industry rose to 54.5%, an increase of 6.2 percentage points from last month [2][1] - The sales price index for the construction industry was 49.2%, up 0.9 percentage points from the previous month [2][1] - The employment index in the construction industry was 40.9%, an increase of 1.0 percentage point from last month [2][1] - The business activity expectation index was 51.6%, down 2.3 percentage points from the previous month [2][1] Group 2: Fixed Asset Investment - From January to July, national fixed asset investment (excluding rural households) reached 288,229 billion yuan, with a year-on-year growth of 1.6%, a decrease of 1.2 percentage points compared to January to June [2] - The broad infrastructure investment growth rate was 6.67%, down 2.31 percentage points from the previous value, while the narrow infrastructure investment growth rate was 2.89%, down 1.57 percentage points [3] - In the first seven months, investment in electricity, heat, gas, and water production and supply increased by 21.5%, while investment in transportation, warehousing, and postal services grew by 3.9% [3] Group 3: Real Estate Sector - From January to July, national real estate development investment was 53,580 billion yuan, a year-on-year decrease of 12.0%, with the decline expanding by 0.8 percentage points compared to January to June [4] - The sales area of commercial housing was 51,560 million square meters, down 4% year-on-year, with the decline expanding by 0.5 percentage points [4] - The area of new housing starts was 35,206 million square meters, down 19.4% year-on-year, with the decline narrowing by 0.6 percentage points [4] - The area of completed housing was 25,034 million square meters, down 16.5% year-on-year, with the decline expanding by 1.7 percentage points [4] Group 4: Infrastructure Projects - The establishment of the New Tibet Railway Company with a registered capital of 95 billion yuan is expected to boost infrastructure investment [5] - The total investment for the New Tibet Railway is estimated at approximately 175.4 billion yuan per year over a 10-year construction period [5] - The approval of the Yaxia Hydropower Project, with an investment of 1.2 trillion yuan, is expected to further enhance long-term infrastructure investment expectations [5] Group 5: Investment Recommendations - Recommendations include companies involved in stable growth, construction, and regional development such as China Power Construction, China Energy Construction, and Shanghai Construction [5] - Focus on companies benefiting from infrastructure investment and those with high dividends, including Anhui Construction, China National Materials, and China Railway Construction [5] - Attention is also drawn to growth sectors such as low-altitude economy and welding robots, with suggestions to monitor design and engineering firms [5]

据业主单位埃塞俄比亚公路局介绍，德雷达瓦靠近邻国吉布提，高速公路建设将进一步加强这一地区与 吉布提港的联系，不仅可以降低物流成本、提高运输效率，还有助于改善投资环境，增强这一地区的贸 易和投资吸引力。 责编：陈菲扬、李萌 埃塞俄比亚副总理特梅斯根·蒂鲁内在开工仪式上表示，建设完善的道路基础设施是推动国家社会经济 发展的重要动力和关键因素。在埃塞俄比亚，超过90%的人员和货物运输通过公路进行。米埃索至德雷 达瓦高速公路连接奥罗米亚州、索马里州和德雷达瓦特别行政市，在促进这些地区间的经济、社会和人 文交流方面将发挥重要作用。 这一项目由中国土木工程集团有限公司和四川路桥集团联合承建，全长约144公里，分为两个标段，施 工工期4年。 中国土木工程集团有限公司总经理陈思昌表示，这条高速公路不仅是推动东非区域互联互通、促进埃塞 经济社会发展的重要工程，更是中埃塞携手合作、共商共建共享繁荣的生动实践。 陈思昌说："本项目团队中，本地员工比例将达到75%，并将通过'导师带徒'培训计划，帮助埃塞工程师 掌握国际先进工程技术，培养一支可持续发展的本地交通建设力量，实现真正的'授人以渔'理念。" 新华社亚的斯亚贝巴8月19日电（ ...

Group 1 - Sichuan Road and Bridge announced the convening of its 59th board meeting on August 19, 2025, to review the mid-term adjustments to the 2025 investment plan [2] - The company's revenue composition for the year 2024 is as follows: logistics trade 6.25%, mining and new materials 3.12%, highway investment and operation 2.69%, other businesses 0.6%, and clean energy 0.57% [2]

Group 1 - The board meeting was held on August 19, 2025, with all 10 members present, including two participating via communication [2][3][4] - The board approved the establishment of new functional departments, including Asset Operation Management Department and Project Cost Management Center [5][6] - The board approved a mid-term adjustment to the 2025 investment plan, reducing the total planned investment by 483 million yuan to 4.888 billion yuan, while increasing the planned capital contribution by 172 million yuan to 3.047 billion yuan [7][8] Group 2 - The board approved a related party transaction for the investment in the Nanjing to Santai (Zhongjiang) Expressway project, with a total investment of 48.723 billion yuan and a self-raised capital ratio of 20.20%, amounting to approximately 9.842 billion yuan [9][10][19] - The company holds a total shareholding of 3.3% in the project, with specific contributions from its subsidiaries [9][10][19] - The board authorized the management to make decisions regarding any changes in capital contributions during the project [9][11][25] Group 3 - The supervisory board also approved the related party transaction for the expressway project, confirming that the transaction does not harm the interests of the company and its shareholders [17][18][48] - The transaction does not constitute a major asset restructuring and does not require approval from relevant authorities or the shareholders' meeting [21][49] Group 4 - The expressway project is part of the Sichuan Provincial Highway Network Layout Plan (2022-2035) and spans 270.603 kilometers, connecting multiple cities and counties [43][44] - The project will be implemented using a "Build-Operate-Transfer (BOT)" model, with a construction period of three years and a maximum tolling period of 30 years [43][44]

（文章来源：证券日报） 证券日报网讯 8月19日晚间，四川路桥发布公告称，公司第八届董事会第五十九次会议审议通过了《关 于成立总部相关职能部门的议案》等多项议案。 ...

（文章来源：证券日报） 证券日报网讯 8月19日晚间，四川路桥发布公告称，公司第八届监事会第四十六次会议审议通过了《关 于下属施工企业参股投资南江至三台（中江）高速公路项目的关联交易议案》。 ...