Investment Rating - The report maintains a "Positive" outlook for the building materials industry [2] Core Insights - The building materials sector continues to experience historical lows in 2024 and early 2025, but signs of improvement are emerging [4][40] - Revenue for the building materials sector in 2024 was 682.93 billion, a year-on-year decline of 12.41%, ranking second to last among 31 industries [4][16] - In Q1 2025, revenue decreased by only 1.60% to 129.83 billion, showing a significant improvement in ranking to 18th among industries [5][40] - The net profit margin and return on equity (ROE) remain at historical lows, with the sector's net profit margin dropping to 2.61% in 2024 [25][28] Summary by Sections 1. Industry Performance Overview - The building materials sector's revenue and net profit continued to decline in 2024, remaining at the bottom of industry rankings [4][16] - Q1 2025 showed a narrowing revenue decline and improvements in net profit and cash flow [5][40] 2. Segment Performance - In Q1 2025, cement and glass fiber segments showed positive revenue growth, ending long streaks of decline [6][55] - Most segments, except for pipes, showed year-on-year improvements in net profit, with notable recoveries in cement, glass fiber, refractory materials, and coatings [6][58] 3. Investment Strategy - The report suggests focusing on valuation recovery and a new supply-demand balance as the real estate sector stabilizes [8][82] - Recommended companies include Beixin Building Materials, Weixing New Materials, Shandong Pharmaceutical Glass, and others, highlighting their potential for performance recovery [8][84]

商报记者 周坚洪 大江东推出2宗姊妹商住地块，就在规划向景路的南北两侧，紧邻地铁8号线青西三路站，两站可达大江 东宝龙广场、江东天街等商业配套，直线距离也只有2公里左右，可以快速通达。 杭政储出[2025]55号地块，位于规划向景路的南侧，出让面积31788平方米，容积率3.5，建筑面积 111258平方米，起价42764万元，楼面起价3844元/平方米。 5月13日，5月杭州的首场土拍落下大幕，钱塘区推出的3宗涉宅地块，全部底价成交，一共收获25.73亿 元出让金，中交独揽2宗，建发完成在下沙沿江的补仓。 值得一提的是，4月以来杭州土地市场出现的冷热分化情况仍在继续，钱塘区更是感受明显。除了今天 这3宗地块外，钱塘区在4月出让的2宗低密纯宅地，也都是底价成交。 建发补仓下沙沿江 中交包揽大江东姊妹地块 杭政储出[2025]54号地块，位于钱塘江北岸的下沙沿江板块，东至拾里路，南至柳岸街，西至浪淘巷， 北至22号大街绿化。 从地图来看，地块西面一路之隔就是在售的大盘建发·云启钱湾，南面到钱塘江畔和沿江湿地公园约800 米，东面则临近钱塘轮滑中心。 该地块出让面积94270平方米，容积率1.08，地上建筑面积1 ...

Core Viewpoint - Central state-owned enterprises (SOEs) are addressing the issue of stock prices falling below net asset value (known as "破净") by implementing valuation enhancement plans to boost company value and investor confidence [2][3] Group 1: Valuation Enhancement Plans - 27 central SOEs have disclosed targeted valuation enhancement plans this year, with over 50 SOEs revealing their market value management systems [2] - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of addressing the long-term "破净" issue as a key annual task [2] - Companies are focusing on improving core business operations as the primary task in their disclosed valuation enhancement plans [3] Group 2: Strategic Development Initiatives - China Electric Power Construction plans to develop strategic emerging industries such as offshore wind power, hydrogen energy, and artificial intelligence in engineering [3] - China State Construction Engineering is focusing on industrialization, digitalization, and green transformation to enhance its competitive edge [4] Group 3: Mergers and Acquisitions - High-quality mergers and acquisitions are seen as essential for optimizing business layout and expanding market share in the steel industry [5] - China Communications Construction Company is planning to integrate its subsidiaries to reduce costs and enhance efficiency [5][6] Group 4: Long-term Return Mechanisms - The "three-piece set" of dividends, share buybacks, and stock repurchases is crucial for enhancing investor returns and is a significant part of the market value management toolbox [7] - Daqin Railway plans to maintain a cash dividend ratio of at least 55% of net profit by 2025, while other companies like China Merchants Port and Shanghai Energy are also increasing their dividend payouts [7][8] Group 5: Market Stabilization Efforts - Since April, central SOEs have initiated share buybacks and repurchases exceeding 30 billion yuan to stabilize the capital market [8] - A rapid response mechanism has been established by many central SOEs to address market fluctuations effectively [8]

Core Viewpoint - The Hong Kong stock market has attracted significant investor interest due to its high dividend characteristics, which provide stable cash flow and defensive benefits amid increasing global economic uncertainty [1][2]. Group 1: Market Performance - Dividend assets have shown strong performance, with notable increases in stocks such as China Construction Bank, HSBC Holdings, and China Communications Construction, leading to a rise of over 1.4% in the Dividend Hong Kong Stock ETF (159331) [1]. - The improvement in the policy environment is expected to boost market risk appetite, enhancing the relative return performance of Hong Kong stocks [1]. Group 2: Investment Strategy - The Dividend Hong Kong Stock ETF (159331.SZ) tracks the CSI Hong Kong Stock Connect High Dividend Investment Index, which selects 30 highly liquid, consistently dividend-paying stocks with high dividend yields from companies eligible for the Hong Kong Stock Connect [1]. - The index primarily focuses on traditional high-dividend sectors such as banking, oil and petrochemicals, and transportation, including large state-owned banks, shipping ports, and coal mining [1]. Group 3: Investor Recommendations - The investment strategy of the Dividend Hong Kong Stock ETF aligns well with current market trends, allowing investors to gain stable dividend income while participating in the long-term growth potential of the Hong Kong stock market [2]. - The ETF is recommended as an ideal tool for investors looking to allocate to high-dividend assets in the Hong Kong market, suggesting that investors should pay attention and consider timely allocations [2].

Core Viewpoint - Shenzhou High-Speed Railway and China Communications Construction Company signed a strategic cooperation agreement to jointly expand the investment, construction, and operation market for rail transit [1] Group 1: Strategic Cooperation - The agreement focuses on collaboration in the rail transit business, including investment, construction, and operation [1] - Both companies aim to enhance technological innovation, particularly in the areas of smart and low-carbon technologies for railway and subway construction and operations [1]

在这一政策背景下，中交一航局积极响应、迅速推进，高效完成科技创新债券发行，体现了资本市场对 企业科技创新核心优势的高度认可，为建筑行业科技型企业提供了更为便捷高效的融资路径。中交一航 局相关负责人表示，本期债券募集资金将专项用于科技创新，加速企业科技转型，推动智能化、数字 化、绿色化发展，助力企业提升核心竞争力、培育新质生产力，推动建筑行业高质量发展。 据悉，中交一航局系中国交通建设集团有限公司核心子公司，拥有国家级企业技术中心，在港口航道、 跨海通道、海洋工程等领域形成了一批核心技术优势，具备大型沉管隧道、深水码头、海上风电等复杂 工程施工能力，高质量参与完成港珠澳大桥、深中通道、大连湾海底隧道等工程建设。 13日，记者从中交第一航务工程局有限公司（以下简称"中交一航局"）获悉，日前，其在中国银行间市 场成功发行全国首批科技创新债券，发行规模5亿元，期限180天，票面利率低至1.70%。这是5月7日中 国人民银行、中国证监会联合发布关于支持发行科技创新债券有关事宜的公告（以下简称《公告》） 后，中央企业发行的首单科技创新债券。 《公告》从丰富科技创新债券产品体系和完善科技创新债券配套支持机制等方面，对支持科 ...

技能水平；聚焦盾构掘进参数控制、管片拼装、螺栓复紧等关键环节严加管控，多措并举保障隧道外观 及实体质量，"三阶段验收"多次获评"A"级，整体隧道不渗不漏，顺利完成贯通任务。 下一步，青岛地铁8号线支线各项目团队将深入践行绿色低碳高质量发展理念，以创新为引擎，通过优 化施工工艺、强化质量管控，全面推进"双一流"地铁建设，着力打造安全可靠、低碳环保的品质工程， 持续为城市高质量发展注入新动能。 齐鲁晚报.齐鲁壹点赵波 在青岛市市政公用工程质量安全监督站、青岛地铁集团第三建设分公司及中国交建（601800）8号线支 线项目经理部的大力支持下，中交一航局项目团队克服软土地层易造成地表沉降等问题，通过超前地质 预报、地面及隧道专人监测、严格控制出土量确保土压稳定、严密开展同步注浆及二次注浆等措施确保 盾构掘进安全稳定；以班组建设为抓手广泛开展拼装手、防水材料粘贴等技能比武，持续提升作业人员 日前，青岛地铁8号线支线少海北站-太湖路站区间(以下简称"少太区间")左线隧道顺利贯通，标志着8号 线支线起点至站前大道站9.3公里区间盾构施工任务圆满完成。 少太区间全长721.8米，主要穿越粉质黏土、粗砂、强风化泥岩、强风化泥质 ...

Investment Rating - The investment rating for the construction and engineering sector is "Positive" and maintained [7]. Core Insights - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting the High-Quality Development of Public Funds" on May 7, which emphasizes the importance of performance benchmarks and strict regulation of fund companies' selection of benchmarks [2][6]. - The Action Plan aims to optimize fund operation models and establish a mechanism that binds fund company income to investor returns, addressing market concerns about fund companies profiting while investors do not [10]. - The plan encourages the issuance of actively managed equity funds with performance-based management fees, aiming for at least 60% of the top fund management institutions to issue such funds within a year [10]. - The Action Plan also stresses the need for long-term performance assessments and incentives for fund managers, with a significant weight on performance metrics [10]. - The focus on performance benchmarks is expected to reduce the tendency of funds to concentrate on single sectors or styles, promoting a more stable investment approach [10]. - The construction sector, particularly stocks with significant weight in the CSI 300 index, is highlighted as a key area for investment, with major state-owned enterprises included [10]. - Recommended stocks for weight allocation include Sichuan Road & Bridge, China State Construction, and others that align with high dividend characteristics and stable growth expectations [10]. Summary by Sections - **Event Description**: The CSRC's release of the "Action Plan" on May 7 [6]. - **Event Commentary**: The Action Plan's implications for fund management and investment strategies in the construction sector [10].

Core Insights - The overseas business of A-share listed companies has shown significant growth, becoming a new engine for performance improvement in 2024 [1][2][3] Group 1: Overall Performance - In 2024, companies listed on the Shanghai Stock Exchange achieved overseas revenue of 6.09 trillion yuan, a year-on-year increase of 7% [1] - The Shenzhen Stock Exchange reported that 2007 companies generated overseas revenue of 4.18 trillion yuan, reflecting a growth of 11.62% [2] - High-tech products such as high-end equipment, integrated circuits, smart home appliances, and electric vehicles have driven overseas revenue growth in various sectors [1] Group 2: Company Highlights - Notable companies with overseas revenue exceeding 100 billion yuan include Luxshare Precision, BYD, Midea Group, Weichai Power, and CATL [2] - Shandong Wantong Hydraulic's overseas market revenue grew by 62.71% in 2024, indicating strong demand for customized products [3] - Zoomlion's overseas revenue accounted for over 51% of total revenue, with significant international market presence [5] Group 3: Strategic Developments - Companies are increasingly focusing on localizing their operations abroad, with examples including the acquisition of Leoni Group by Luxshare Precision and the establishment of overseas warehouses by CIMC [6][7] - China Communications Construction Company reported a new contract value of 359.73 billion yuan for overseas projects, with a 12.5% increase year-on-year [4] - Arrow Home's overseas revenue surged by 137.73% in 2024, driven by enhanced organizational structure and targeted market strategies [8] Group 4: Market Trends - The trend of "going global" is evolving into "going local," with companies emphasizing local integration and development [6][7] - The focus on enhancing product and service competitiveness is evident, as companies invest in technology and innovation to support overseas projects [4][5] - The importance of cultivating local talent and improving cross-cultural communication is highlighted as essential for future success in international markets [8]

Group 1 - The report highlights a warming of market attention due to the easing of China-US relations and increased policy support, with a notable rise in the policy pulse index indicating strong market backing [1][20][21] - In April, the total amount of share buybacks by listed companies increased by 71% month-on-month, signaling optimism in the A-share market, as the companies involved showed strong financial health with a low average debt-to-asset ratio of 41.9% [1][26][31] Group 2 - The report suggests a combination of short-term tactical allocation and long-term value investment to capture industry rotation opportunities, emphasizing the importance of balancing core assets with high-growth sectors [3][32] - Long-term strategic allocation should focus on undervalued core assets with strong domestic demand attributes, such as financials, energy, and materials, which have historically outperformed the market [4][33] Group 3 - The report identifies potential investment opportunities in "DeepSeek moments" across industries driven by technological breakthroughs and strong global competitiveness, particularly in sectors like commercial aerospace, artificial intelligence, new energy, and quantum technology [5][40][45] - It emphasizes the need for balanced exposure in consumer sectors, recommending a mix of essential and discretionary consumption to capitalize on consumption upgrade trends [5][42] Group 4 - The report notes that the overall dividend payout ratio of state-owned enterprises remains stable, with the total declared dividends for all central enterprises in 2024 reaching a historical high of over 1 trillion [6][50][54] - The dividend yield for central enterprises in sectors such as coal, oil and gas, and banking is notably high, with yields exceeding 5% in certain industries, indicating strong income potential for investors [6][52][58]