（文章来源：新华财经） 2025年，天府新区仅在2月出让万安街道的两宗宅地，并由中国中铁以底价11000元／m²成交。此次土 拍，为今年内天府新区的第二次宅地出让，是《成都市城市规划管理技术规定（2024）》（以下简 称"新规"）于2024年6月实施后麓湖板块的第一次供地。 中指研究院成都公司总经理黄雪说，自新规出台以来，成都新规产品在得房率、舒适性等当面具备明显 优势，但也存在不同项目赠送尺度不统一等现象。今年9月9日，成都市规划和自然资源局发布了关于公 开征求《〈成都市城市规划管理技术规定（2024）〉 的补充规定》意见的公告。据悉，本次政策调 整，是对先前市场赠送方式不规范的约束手段，旨在保障住宅项目的整体品质。同时，《征求意见》也 作出了更具适应性的优化，放宽了部分限制，以精准施策满足当前改善型及高端市场的合理需求，支持 高品质住宅产品的供给。 《征求意见》提出，在提升房屋附属空间品质方面，阳台、飘窗、入户花园等附属空间的水平投影面 积，不得超过项目住宅计容建筑面积的30%，兼顾居住舒适度与规划合理性；阳台无论封闭与否，均按 水平投影面积的1/2纳入容积率计算，促进建筑立面协调统一。回溯2024版新规 ...

Group 1 - The core viewpoint of the report indicates a slowdown in infrastructure investment, with a cumulative year-on-year increase of 2.0% from January to August, which is a 1.2 percentage point decrease compared to the previous month [1][3][4] - In August, infrastructure investment saw a significant year-on-year decline of 5.9%, reflecting a notable drop compared to the same period last year [1][4] - The report highlights that various sectors such as railway transportation, road transportation, water conservancy management, and public facility management experienced different growth rates, with all sectors showing a slowdown compared to July [1][3][4] Group 2 - The cement production from January to August decreased by 4.8% year-on-year, with a monthly decline of 6.2% in August, indicating weakened physical demand [1][3][4] - The retail sales of construction and decoration materials increased by 1.8% year-on-year from January to August, suggesting a potential for growth pending the implementation of consumption-boosting policies [3][4] - The report suggests that while the infrastructure and real estate sectors face pressure, there is potential for policy support to enhance growth, particularly through major central infrastructure projects and debt reduction efforts [3][4] Group 3 - The international engineering sector shows promise, with a 9.3% year-on-year increase in completed contract value for foreign engineering projects in the first half of 2025, and a 13.7% increase in new contracts signed [5] - The report emphasizes the importance of the Belt and Road Initiative, with a 21% year-on-year increase in new contracts signed in participating countries, indicating sustained overseas engineering demand [5] - The semiconductor industry is highlighted as a growth area, with international companies increasing capital expenditures, suggesting investment opportunities in related sectors [5]

Group 1 - The core viewpoint of the news is the initiation of the construction of the "Tibet-Guangdong DC Project," which is the world's most advanced and largest clean energy direct current transmission project, with a total investment of approximately 53.2 billion yuan [1] - The project includes an additional investment of over 150 billion yuan for the supporting "water-wind-solar integrated" power generation base [1] - The project is a collaboration between two major state-owned enterprises, China Southern Power Grid and State Grid Corporation, which have jointly established the Guangdong Tibet-Guangdong DC Power Operation Co., Ltd. to manage the operation [1] Group 2 - As of September 22, 2025, the National Enterprise Win ETF (159719) has shown a cumulative increase of 2.05% over the past six months and a net value increase of 46.45% over the past three years, ranking 346 out of 1871 in the index stock fund category [2] - The ETF has a historical maximum monthly return of 14.61% since its inception, with the longest consecutive monthly increase lasting 7 months and a maximum increase of 24.70% [2] - The ETF closely tracks the FTSE China National Enterprises Open Win Index, which reflects the performance of Chinese state-owned enterprises listed in mainland China and Hong Kong, focusing on globalization and sustainable development [3]

Core Points - The third National Skills Competition is being held in Zhengzhou, focusing on new competition categories such as shield tunneling technology and intelligent connected vehicles [1][3] - A total of 106 competition projects are set, with new categories emphasizing cutting-edge technology, traditional culture, and rural revitalization [3][4] Group 1: New Competition Categories - The shield tunneling technology project is included for the first time, assessing participants' equipment operation, geological parameter settings, and fault diagnosis capabilities [3][4] - The intelligent connected vehicle assembly and maintenance project is also newly established, requiring participants to perform various tasks including equipment assembly, parameter settings, and fault diagnosis in both simulated and real environments [3][4] - The traditional craft category includes a lacquer art project, focusing on the integration of traditional techniques and innovative design [4][5] Group 2: Traditional Projects and Trends - The Chinese cooking (lamb roasting) project is making its debut at the national skills competition, previously being an important project for rural revitalization [6] - Traditional projects have undergone significant changes, such as the introduction of aluminum body repair questions in the vehicle body repair project to align with the trend of lightweight manufacturing [9] - The fashion technology project has reduced the number of questions, now focusing more on women's suit production, while the rail vehicle technology project has incorporated intelligent maintenance techniques [9]

Macro Strategy - The current round of growth stabilization policies is focused on support rather than strong stimulus, aiming to balance growth and risk prevention. The economic growth rate for Q3 is expected to be between 4.7% and 4.9%, with an annual target of around 5% achievable if Q4 growth exceeds 4.5% [1] Multi-Asset Report - The correlation coefficient between stock and bond returns is projected to rise from -0.238 in August to between -0.216 and -0.229 from September to November 2025, indicating a continued upward trend [2] - For controlling maximum drawdown and volatility in investment portfolios, a stock index allocation of only 3% to 5% may be considered [2] - The expected return of investment portfolios may not increase monotonically with rising volatility, with the critical allocation ratio for stocks estimated between 18% and 21% [2] Economic Index Weekly Report - The growth rate of commodity consumption and real estate sales is expected to remain under pressure due to high base effects [3] - The Federal Reserve's recent interest rate cut and successful negotiations regarding TikTok have positively impacted the US stock market, although hawkish statements from Powell have dampened rate cut expectations [3] Construction and Decoration Industry - Infrastructure investment growth has slowed, with a cumulative year-on-year increase of 2.0% from January to August 2025, and a significant decline of 5.9% in August compared to the same month last year [9] - The demand for cement has decreased, with a year-on-year drop of 4.8% in cement production from January to August [9] - Despite weak infrastructure and real estate investment, there is potential for increased support from government policies, particularly in major infrastructure projects [9] Building Materials Industry - The US economy shows resilience, with recent retail data indicating strength, while domestic data reflects pressure on the real estate chain [10] - The construction materials sector is expected to see a recovery in retail growth in the second half of the year, with recommendations for companies like Huaxin Cement and Conch Cement [10] Environmental Industry - The Ministry of Ecology and Environment is promoting high-quality completion of the "14th Five-Year Plan," with ongoing support for the "dual carbon" policy [13] Gas Industry - The gas supply is expected to remain loose, with cost optimization for gas companies and a continued adjustment of pricing mechanisms [14] - Key recommendations include New Energy and China Gas, with a focus on companies with quality long-term resources and cost advantages [14] Non-Bank Financial Industry - The non-bank financial sector is showing a positive trend, with insurance and brokerage valuations expected to recover [23] - Key recommendations include China Ping An and CITIC Securities, with a focus on the insurance sector benefiting from economic recovery and rising interest rates [23] Machinery Equipment Industry - The engineering machinery sector is expected to outperform, with a focus on non-excavation machinery [24] - The development of domestic computing power chips is beneficial for the semiconductor equipment sector [24] Coal Mining Industry - Coal prices have risen due to pre-holiday stockpiling, with recommendations for companies like Haohua Energy and Guanghui Energy [25] Battery Industry - The battery industry is experiencing a technological breakthrough, with signs of profitability emerging [26] - The largest battery-themed ETF is tracking the core leaders in the new energy vehicle and storage sectors, indicating long-term investment value [27]

Core Points - The Congolese Prime Minister, Sylvestre Ilunga, launched the rehabilitation project of Lumumba Avenue in Kalemie, emphasizing its significance for improving transportation, enhancing the city's image, and promoting regional economic and social development [1] - The project is funded by a company established by Chinese enterprises, including China Railway and China Power Construction, in collaboration with the Democratic Republic of the Congo's mining company [1] - The Prime Minister expressed gratitude for the contributions of Chinese companies and highlighted the positive impact of the comprehensive cooperation projects on infrastructure and economic development [1] Company Involvement - China Railway Resources Group and China-Congo Infrastructure Construction Co., Ltd. are key players in the project, with the latter being responsible for the construction [1] - The Chinese enterprises are committed to enhancing investment cooperation in infrastructure and ensuring high-quality project completion [1] Regional Context - Kalemie is strategically located by Lake Tanganyika, making it economically and geographically significant [1] - The area has faced challenges due to rising water levels since 2020, which have severely damaged Lumumba Avenue, affecting local transportation [1]

Investment Rating - The report maintains an "Overweight" rating for the construction and decoration industry [1] Core Views - Infrastructure investment growth is under pressure, with a cumulative year-on-year increase of 2.0% from January to August, slowing down by 1.2 percentage points compared to the previous month. In August, infrastructure investment saw a year-on-year decline of 5.9% [2][11] - The report highlights that while the construction and real estate sectors face challenges, there is potential for policy support to boost growth, particularly through major infrastructure projects and urban renewal initiatives [2][11] - The report recommends focusing on leading state-owned enterprises in infrastructure, such as China Communications Construction Company, China Electric Power Construction, and China Railway Group, which are expected to see valuation recovery [2][11] Summary by Sections Industry Views - From January to August, the year-on-year growth rates for various sectors are as follows: railway transportation +4.5%, road transportation -3.3%, water conservancy management +7.4%, and public facilities management -1.1%. All sectors showed a slowdown compared to the previous month [2][11] - Cement production from January to August decreased by 4.8% year-on-year, with a notable decline of 6.2% in August alone. The overall revenue and profit in the construction sector remain under pressure, although cash flow has improved [2][11][16] International Expansion - In the first half of 2025, China's overseas contracting projects saw a revenue increase of 9.3% year-on-year, with new contracts growing by 13.7%. Notably, contracts in Belt and Road Initiative countries increased by 21% [3][12] - The report suggests that the ongoing geopolitical tensions and trade frictions may lead to increased infrastructure cooperation abroad, benefiting companies involved in international engineering projects [3][12] Demand Structure and New Opportunities - The report identifies opportunities in the semiconductor cleanroom sector, driven by increased capital expenditures from international semiconductor giants and cloud service providers. Companies like Shenghui Integrated and Yaxiang Integrated are recommended for investment [3][12]

Core Insights - The China-Laos Railway has successfully operated over 80,000 passenger trains and transported more than 59 million passengers as of September 20, with over 580,000 cross-border travelers from 115 countries utilizing the service [1] - Due to high demand, the number of cross-border passenger seats has increased from 250 to 420 per train, and daily entry and exit numbers have surged from 300 to a peak of 1,300 [1] Group 1 - The railway has established dedicated ticket purchase windows for international travelers at stations along the route, and has enabled foreign bank card payments and various foreign traveler document purchases at multiple domestic stations [1] - The service enhancements have received positive feedback from international tourists, with travelers from Laos praising the affordability and convenience of the railway for travel within China [1] - A British tourist highlighted the comfort and efficiency of the Chinese railway system, expressing a desire to return for further exploration of China [1][2] Group 2 - A Laotian student studying at Kunming Railway Technical College commended the railway for being fast, convenient, and comfortable, indicating its popularity among local users [2]

Investment Rating - The investment rating for the construction industry is "Positive" (maintained) [4] Core Viewpoints - The construction industry is experiencing revenue and profit pressure, but recovery momentum is gradually accumulating under supportive policies [4][8] - In the first half of 2025, the construction sector achieved revenue of 3.97 trillion yuan, a year-on-year decrease of 6.02%, and a net profit attributable to shareholders of 91.5 billion yuan, down 6.60% year-on-year [4][8] - Despite the overall decline, the gap between revenue and net profit growth rates has narrowed significantly compared to the first half of 2024, indicating a temporary easing of profit pressure [4][8] - The issuance of 4.4 trillion yuan in special bonds and ongoing investment stabilization policies are expected to gradually open up profit recovery space for the sector [4][8] Summary by Sections Industry Overview - The construction sector's revenue growth is slowing, with profits under pressure. In the first half of 2025, the sector's revenue decreased by 6.02% year-on-year, while net profit fell by 6.60% [8] - The revenue growth rate has declined by 3.04 percentage points compared to the first half of 2024, but the net profit growth rate has improved by 2.77 percentage points [8] - The overall gross margin for the construction sector in the first half of 2025 was 10.02%, down 0.16 percentage points year-on-year, while the net margin was 2.87%, down 0.04 percentage points [13] Subsector Performance - The performance of subsectors is mixed, with the steel structure sector showing revenue growth of 2.02%, driven by overseas industrial building orders [4][32] - The landscaping sector and chemical engineering saw significant profit growth, with net profits increasing by 70.48% and 19.81% respectively [4][32] - The gross margin improvements are concentrated in landscaping, chemical engineering, and international engineering, while the net margin for steel structures and central enterprises has declined [34] Central Enterprises and Orders - In the first half of 2025, the nine major central construction enterprises signed new orders totaling 7.79 trillion yuan, a slight increase of 0.17% year-on-year, despite an overall industry decline [4][56] - The central enterprises' new orders in overseas markets grew by 16.35% year-on-year, becoming a significant support for order structure optimization [56] - The valuation of central enterprises remains low, with expected PE ratios around 5 times and PB ratios below 0.5 times, indicating strong shareholder returns [59]

苏州姑苏古城智慧城服平台 这套系统改变了空间管理和物业服务的底层逻辑，之前"靠人"，增加单位面积的员工密度，增加巡检次数，让人去"找事"；现在，每个需要重点维护的点位 都装上智能传感器，靠工具和AI巡检，让"事找人"。尤其到了"具身"时代，"移动巡检机器人"的出现更进一步在夜间、节假日等人工覆盖薄弱的时段，彻底 解决了漏检与误报问题。在服务被装进"无形工厂"，变成了一套准工业化方案。解决问题跑到了感知问题的前面，每天的市民报事数量也下降到了个位数。 凭借自研并融合了AI的数字化系统技术，千丁数科成为了很多空间、企业的AI领路人，除了在龙湖自有的物业、商业、办公等空间应用，同样被推广到了 街区治理、城市图书馆、市政公园、康养园区等更多场景中。在这些场景里，从"人找事"到"事找人"只是关键的第一步，终极的目标，是通过数智化架设一 套"神经系统"，让建筑完成高效、睿智的进化。 寒山寺，因唐朝诗人张继的《枫桥夜泊》闻名中外，到了今天，每年会有超200万人慕名而来。 在面积14.2平方公里的苏州姑苏区古城，像寒山寺这样被列入文物保护单位的，有500多个，庞大的客流对街区的日常维护是一个高难度的挑战。仅在垃圾 桶满溢等" ...