Core Insights - The construction and renovation of traditional infrastructure can release long-term economic and social benefits, while new infrastructure is a key pillar for the rapid growth of new technologies, industries, business formats, and models [1] Group 1: New Infrastructure Investment - Since 2025, investments in new infrastructure such as low-altitude economy, computing power, and electric power infrastructure have shown strong growth [1] - In Hubei Yichang, a low-altitude economy equipment production line has started operations in Q3, with an annual production capacity of 2,000 firefighting drones and associated automated airports [3] - The market revenue for the drone business is expected to be three to five times that of 2024, with significant expansion planned in the firefighting sector by 2026 [5] Group 2: Technological Advancements - In Tianjin, the North Chen low-altitude airspace Internet of Things project has been launched, establishing a three-dimensional airspace grid and management systems for low-altitude flights [7] - A professor from Peking University is developing a low-altitude intelligent network system that integrates aerial vehicles into a communication-based network, indicating a pre-explosion phase for the industry [9] Group 3: Computing Power Infrastructure - In Jiangsu Yangzhou, the construction of a green computing power base is progressing, with total investment exceeding 10 billion yuan, aiming to become a significant computing power hub in the Yangtze River Delta [11] - The overall electricity demand in the park is projected to reach 360 megawatts by 2026, supporting the deployment of at least 15,000 high-power cabinets [13] Group 4: Investment Opportunities - TCL Huaxing has commenced construction of the world's first 8.6-generation printed OLED production line in Guangzhou, with an investment of approximately 29.5 billion yuan, expected to be completed by Q4 2027 [15] - China possesses a large-scale market, a complete industrial system, an optimized business environment, and stable macro policies, providing predictable future investment opportunities [17] Group 5: Key Performance Indicators - As of mid-2025, investments in new infrastructure such as computing networks and mobile communications are rapidly increasing, with over 40 billion yuan invested in 5G networks by the three major telecom operators [19] - China has built over 4.6 million 5G base stations, leading globally in technology and user numbers, with over 20,000 "5G + industrial internet" construction projects [21] - By September 2025, the number of electric vehicle charging infrastructure units reached 18.063 million, a year-on-year increase of 54.5% [22]

Group 1 - The core viewpoint of the articles highlights the significant increase in new contracts signed by major state-owned construction companies in China, particularly in the "new infrastructure" sector, which includes digital projects, intelligent computing centers, and renewable energy projects [1][2][3] - China Electric Power Construction (China Electric) reported a total of 904.53 billion yuan in new contracts signed from January to September, marking a year-on-year increase of 5.04%, with overseas contracts reaching 213.75 billion yuan, up 21.45% [1][2] - China Electric's strategic emerging industries, such as new energy storage and digital business, have driven contract growth, with 407 pumped storage projects signed, totaling 65.39 billion yuan, a 15.26% increase [1] - China State Construction Engineering Corporation (China State) signed new contracts totaling 3.2936 trillion yuan from January to September, reflecting a year-on-year growth of 1.4%, with infrastructure contracts increasing by 3.9% [3] Group 2 - China Electric's international strategy has shown significant results, with overseas contracts accounting for 23.63% of total contracts, including a notable project in Saudi Arabia worth approximately 11.72 billion yuan [2] - China Metallurgical Group Corporation (China Metallurgical) also reported a double-digit growth in overseas contracts, totaling 669 billion yuan, a 10.1% increase year-on-year [2] - China Energy Engineering Corporation (China Energy) signed three renewable energy engineering contracts in Saudi Arabia, with a total contract value of approximately 19.55 billion yuan [3]

Core Insights - The infrastructure state-owned enterprises in China, including China State Construction, China Power Construction, and China Metallurgical Group, have reported significant growth in new contracts signed for the first three quarters of 2025, driven by digital projects, intelligent computing centers, and new energy initiatives [1][2][3] Group 1: New Contract Performance - China Power Construction reported a total of new contracts amounting to 904.53 billion yuan, a year-on-year increase of 5.04%, with overseas contracts reaching 213.75 billion yuan, up 21.45% [1][2] - China Metallurgical Group achieved a new contract total of 760.67 billion yuan, with overseas contracts growing by 10.1% to 66.90 billion yuan [2] - China State Construction signed new contracts totaling 3,293.6 billion yuan, reflecting a year-on-year growth of 1.4%, with infrastructure contracts increasing by 3.9% [3] Group 2: Key Projects - China Power Construction secured 407 pumped storage projects, with a total contract value of 65.39 billion yuan, marking a 15.26% increase [1] - Significant overseas projects for China Power Construction include contracts for solar projects in Saudi Arabia worth approximately 11.72 billion yuan [2] - China State Construction's new contracts include projects related to data centers and artificial intelligence, such as the Guangzhou AI Industrial Park project valued at 2.91 billion yuan [3] Group 3: Strategic Focus - The growth in new contracts is attributed to strategic emerging industries, including new energy storage and digital business initiatives [1][2] - The internationalization strategy of these companies has shown significant results, with a notable increase in overseas contract values [2][3]

在湖北宜昌夷陵区，一条低空经济装备生产线在三季度投入运行，它主要生产全自主消防无人机系统， 项目满产后，年产能可达2000架消防无人机和配套的全自动机场。企业负责人告诉记者，今年无人机业 务呈现爆发式增长，应用场景包括电力、新能源、消防应急、城市综合治理、林业、智慧文旅等六大领 域。他们将持续加大投资力度。 （央视财经《经济信息联播》）传统基础设施的建设和改造，能释放长期经济社会综合效益，而新型基 础设施建设，则是新技术、新产业、新业态、新模式快速成长的关键支柱。随着新质生产力发展支持力 度不断加大，今年以来，低空经济、算力、电力基础设施等"新基建"投资增长强劲。 云圣智能联合创始人 朱胜利：我们看到我们的市场（营收）是去年的三到五倍，我们这样一个新的工 厂明年会在消防领域进行大规模的拓展，目前有11个省（份）都有我们相应的投资，不仅有投产业、投 研发、投生产，同时我们在整个的运维服务，在整个场景打造中也都"全面开花"。 在天津，北辰低空空域智联网系统工程项目也在三季度投运，项目建立了低空飞行三维网格立体空域 图、低空飞行红绿灯管理应用系统、低空飞行管控与服务中心等基础设施，将天津北辰低空空域打造成 类似现代 ...

Group 1: Report Summary - The bearish logic for zinc prices in 2025 was due to the rapid increase in domestic smelting supply after the recovery of mine supply. After 10 months, the zinc price dropped from a high of 25,000 yuan/ton to 22,000 yuan/ton. Now, although the domestic supply pressure remains, fundamental factors have changed marginally, and the decline in zinc prices may have ended [1][6][39] Group 2: Domestic Mine Supply Falling Short of Expectations - From January to September, the cumulative output of zinc concentrate was 2.727 million tons, a cumulative year-on-year decrease of 3.9%. In October, production is expected to decline by about 15,000 tons to around 300,000 tons. With high-altitude mines entering the shutdown cycle in the fourth quarter, domestic mine supply growth expectations have basically failed [7] - Due to the continuous strong overseas and weak domestic situation, the cost - performance of imported mines is low. As winter storage approaches and smelter raw material inventories decline, domestic mine TC has started to fall, showing a marginal positive factor [7] - As of the end of September, smelter raw material inventories had decreased by 15,000 tons from the peak, and the number of available days had decreased by 3 days [7] Group 3: Overseas Deficit to be Filled by China - From January to the third quarter, overseas refined zinc production totaled 5.132 million tons, a cumulative year-on-year decrease of 1.5%. The annual output is expected to be 6.836 million tons, a cumulative year-on-year decrease of 1.4%. Low long - term contract prices and high energy costs have inhibited overseas smelter production enthusiasm [15] - LME inventory has dropped from a high of 230,000 tons at the beginning of the year to less than 40,000 tons. The continuous decline in inventory along with rising premiums indicates real consumption. The long - standing strong overseas and weak domestic pattern has opened the window for Chinese refined zinc exports, which will significantly relieve China's supply pressure [15][17] Group 4: Consumption Exceeding Expectations - Apparent consumption has been boosted by the expansion of integrated and processing enterprises. The zinc alloy production capacity of 53 major smelters in China is 2.06 million tons, accounting for 25.4% of the total zinc smelting capacity. In 2024, the zinc alloy output of sample enterprises was 1.099 million tons, a year - on - year increase of 3.5%. If social inventory accumulates to 200,000 tons, the year - on - year growth rate of apparent consumption can reach about 5.9%. If inventory reduction occurs around November, it will be a positive factor [24] - In terms of actual consumption, exports and domestic demand are resilient. Real estate drags zinc consumption by 2.5% - 3%. Infrastructure investment has a 3.4% cumulative year - on - year growth from January to September 2025, with grid investment growing at 14%. The investment in railway, ship, aerospace transportation, etc., is strong, and it is estimated that this sector, combined with infrastructure, will drive consumption growth of 3.5% - 5%. Automobiles, "two heavy and two new" industries, and exports also contribute to consumption growth. The actual consumption growth rate of zinc for the whole year is estimated to reach about 5%, and the apparent consumption may reach over 7% [28][29][34]

Core Viewpoint - The stock of Feirongda has shown significant volatility, with a year-to-date increase of 67.08%, but a recent decline of 5.40% over the last five trading days, indicating potential market fluctuations and investor sentiment shifts [1]. Financial Performance - For the first half of 2025, Feirongda achieved a revenue of 2.883 billion yuan, representing a year-on-year growth of 32.92%. The net profit attributable to shareholders was 166 million yuan, marking a substantial increase of 193.70% [2]. - Cumulatively, since its A-share listing, Feirongda has distributed a total of 143 million yuan in dividends, with 41.12 million yuan distributed over the past three years [3]. Shareholder and Market Activity - As of October 10, 2025, the number of shareholders for Feirongda decreased to 44,100, a reduction of 6.94%. The average number of circulating shares per shareholder increased by 7.46% to 8,975 shares [2]. - The stock's trading activity on October 21 showed a net inflow of 5.7855 million yuan from major funds, with significant buying and selling activity from large orders [1]. Business Overview - Feirongda, established on November 10, 1993, specializes in the research, design, production, and sales of electromagnetic shielding materials and thermal management materials. The main revenue sources are thermal management materials (39.94%), electromagnetic shielding materials (28.83%), and lightweight functional devices (27.97%) [1]. - The company operates within the electronic industry, specifically in the consumer electronics sector, and is associated with concepts such as new infrastructure, Huawei HiSilicon, charging piles, liquid cooling, and BYD [1].

Report Summary 1. Investment Rating of the Industry No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The progress of the new policy - based financial instruments' release may exceed 60%, and it is expected to be fully released by the end of October. The investment leverage ratio has increased, but the high - frequency data reaction is not obvious, and subsequent key data verification nodes should be focused on [1][3][4]. 3. Summary by Relevant Catalogs 3.1 New Policy - based Financial Instruments Release Progress - As of October 17, the two policy banks (CDB and ADBC) have released approximately 290 billion yuan of new policy - based financial instruments, with a release progress close to 70%. The CDB has released 189.35 billion yuan, with a progress of about 75.74%, and the ADBC has completed 100.111 billion yuan of fund release, with a progress close to 66.74%. By linear extrapolation, about 356.2 billion yuan of the 500 - billion - yuan new policy - based financial instruments established since the end of September may have been released. It is expected to be fully released by the end of October [1]. 3.2 Fund Allocation - More funds are allocated to major economic provinces. The CDB has released 146.58 billion yuan to 12 major economic provinces, accounting for 77.41%, and the ADBC has invested 67.136 billion yuan in 407 projects in these provinces, accounting for 67.06%. - The new policy - based financial instruments also support private investment and new infrastructure. Private investment has received 63.879 billion yuan of support from the two policy banks, and the new infrastructure field, mainly invested by the CDB, has received 71.05 billion yuan in projects related to digital economy, artificial intelligence, and consumption [2]. 3.3 Investment Leverage Ratio - The investment leverage ratio of the new policy - based financial instruments is between 12.59 - 14.79 times, slightly stronger than the previous round (10 - 13.2 times in 2022) [3]. 3.4 High - Frequency Data and Follow - up Monitoring - High - frequency data shows that the operating rates of petroleum asphalt plants and major steel mills' rebar production have signs of bottoming out and rebounding, while other indicators are still weak. It is recommended to continuously track high - frequency indicators to judge the implementation of physical work volume and its support for Q4 GDP. The next important data verification time points are the October credit data (sub - items such as medium - and long - term corporate loans/entrusted loans) and economic data (infrastructure investment, etc.) to be released in early November [4].

Core Viewpoint - The article emphasizes the importance of infrastructure construction in driving high-quality development in China amidst economic slowdown, while highlighting the complexities of the "NIMBY" (Not In My Backyard) effect that has evolved from pollution concerns to broader issues such as traffic, housing prices, and safety [2] Group 1: Infrastructure Development - Infrastructure construction is crucial for promoting high-quality economic growth in China as the economy faces downward pressure [2] - The "new infrastructure" sector, despite its potential for significant social benefits, still encounters NIMBY issues [2] Group 2: NIMBY Phenomenon - Residents' concerns have expanded beyond pollution to include traffic, housing prices, and safety, leading to increasingly diverse opposition sentiments [2] - Innovative designs that integrate sensitive facilities with public green spaces have been implemented in some areas to alleviate conflicts [2] Group 3: Global Perspective - The NIMBY phenomenon is not unique to China; it has historical roots in the United States, where movements against low-income housing and high-density residential developments have emerged [2] - The rise in housing prices and rents in major U.S. cities like San Francisco, Los Angeles, and New York has created housing difficulties for low-income and middle-class families [2] - In response to urban development and population pressures, the "YIMBY" (Yes In My Backyard) movement has gained traction in the U.S. to promote housing construction and alleviate supply shortages [2]

External Environment Trends - The global political and economic landscape is experiencing deep adjustments, with increasing polarization and geopolitical conflicts, leading to a more complex international environment [2][19][20] - The rise of "global south" countries is weakening the US-led unipolar system, resulting in a shift towards a multipolar world where developing countries seek strategic autonomy [2][19][24] - The global governance system is undergoing reconstruction, with traditional multilateral institutions losing effectiveness and the emergence of "mini-lateralism" and flexible alliances [2][20][21] Technological Competition - The technology sector is becoming the core battleground for global competition, with increasing "techno-nationalism" leading to technology blockades and export controls, particularly against China [3][22][23] - China's long-term investment in technological innovation is expected to yield results, potentially entering a period of technological explosion, especially in green, digital, and AI sectors [3][22][23] Economic Growth and Trade - Global economic growth is projected to slow down, with an average annual growth rate of 3.1% over the next five years, lower than the previous five years [2][23][24] - Trade protectionism is on the rise, with global trade growth expected to average 3% annually, below the economic growth rate, indicating a significant adjustment in global trade dynamics [2][26][27] Investment Focus - Investment during the "15th Five-Year Plan" period will prioritize human-centered development, focusing on improving living standards and future industries [10][11] - Key investment areas include infrastructure for public health, elderly care, and digital transformation, with a strong emphasis on green and smart technologies [11][12][13] Financial Market Dynamics - The international financial market is characterized by divergence, with major economies adopting different monetary policies, leading to increased volatility in currency exchange rates [4][32][33] - The dominance of the US dollar is declining, with a growing trend towards a multi-currency system, where the euro and renminbi are gaining prominence [5][34] Consumer Trends - Domestic consumption is expected to grow steadily, with a shift towards more personalized and diversified consumer demands driven by technological advancements [7][8][9] - The aging population is creating a burgeoning silver economy, with significant growth in demand for elderly care products and services [9][10]

Core Viewpoint - ShenNan Circuit has shown significant stock performance with a year-to-date increase of 111.89%, despite a recent decline of 6.08% over the past five trading days [1] Financial Performance - For the first half of 2025, ShenNan Circuit achieved a revenue of 10.453 billion yuan, representing a year-on-year growth of 25.63% [2] - The net profit attributable to shareholders for the same period was 1.36 billion yuan, reflecting a year-on-year increase of 37.75% [2] Shareholder Information - As of June 30, 2025, the number of shareholders for ShenNan Circuit was 53,200, a decrease of 9.48% from the previous period [2] - The average number of tradable shares per shareholder increased by 43.62% to 12,502 shares [2] Dividend Distribution - Since its A-share listing, ShenNan Circuit has distributed a total of 3.441 billion yuan in dividends, with 1.744 billion yuan distributed over the last three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the second-largest shareholder, holding 14.2369 million shares, an increase of 4.1809 million shares from the previous period [3] - Various ETFs, including Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, have increased their holdings in ShenNan Circuit, indicating growing institutional interest [3]