Core Insights - The Guangdong-Hong Kong-Macao Greater Bay Area is experiencing a significant increase in cross-border traffic during the May Day holiday, indicating strong connectivity in infrastructure, consumer scenarios, and cross-border payment methods [1] Group 1: Traffic Statistics - As of May 3rd, over 255,000 people have crossed the Hengqin Port, with vehicle traffic exceeding 20,000, representing a year-on-year increase of 55% and 54% respectively [1]

1. 大湾区发展概况：2017年大湾区建设启动，"9+2"城市群模式，面积5.6万平方公里。其战略定位高远，目标是成为高质量发展典范。2021年经济总量达 12.63万亿元，有5个万亿城市。上市公司表现出色，109家入围中国市值500强，反映出经济实力与企业高质量发展态势。 今天分享的是：猎聘：2024珠联璧合智启湾区：粤港澳大湾区就业趋势报告 报告共计：48页 《2022年粤港澳大湾区人才发展报告》由猎聘大数据研究院发布，基于大量数据和多种研究方法，剖析了粤港澳大湾区人才发展状况，为相关各方提供决策 依据。 2. 人才洞察 - 供需情况：人才吸引力增强，但企业招聘需求放缓。战略新兴产业人才供需失衡，电子通信等行业招聘难，金融、地产人才溢出。广深人才"虹吸效应"显 著，人才市场供需两旺。 - 人才现状：本科学历人才占比高，硕博人才占比低于京津冀和长三角，但对年轻硕博人才吸纳力强，且薪酬优势明显。职场女性比例上升，人才呈年轻 态，3 - 8年工龄人才最多，毕业院校地缘特色突出。 - 人才流动：与北京、上海人才互流频繁，人才多来源于周边城市。广深对周边城市人才吸纳力强，人才倾向在周边就业。惠州与深圳、珠海与广深人 ...

Financial Performance - In 2024, the company achieved operating revenue of 4.739 billion yuan, a year-on-year increase of 13.80% [1] - The net profit attributable to shareholders was 443 million yuan, up 11.68% year-on-year; the net profit after deducting non-recurring gains and losses was 354 million yuan, a significant increase of 326.31% [1] - Revenue from aviation services reached 2.095 billion yuan, growing by 16.22% year-on-year; ground services revenue was 768 million yuan, up 10.58%; leasing and franchise income was 963 million yuan, increasing by 10.64%; logistics revenue was 410 million yuan, up 30.57%; advertising revenue was 390 million yuan, growing by 3.28%; other non-aviation income was 109 million yuan, increasing by 7.07% [1] Operational Highlights - The company recorded a passenger throughput of 61.477 million, a year-on-year increase of 16.6%, marking the first time it surpassed 60 million [2] - The number of flight takeoffs and landings reached 428,000, up 8.9% year-on-year; cargo and mail throughput was 1.881 million tons, increasing by 17.6% [2] - The company ranks second in domestic passenger throughput and third in cargo and mail throughput nationally [2] Infrastructure Development - The construction of the third runway is progressing as planned, expected to be completed by 2026 [3] - The company is enhancing its customs environment with policies like 144-hour visa-free transit and 24-hour direct transit for passengers [3] - Future plans include a comprehensive transportation hub integrating air, land, and rail services, with a target of achieving a 20% share of international flights [3] Diversification and Non-Aviation Revenue - The company is focusing on diversifying non-aviation revenue, with a strong performance in duty-free business [4] - Efforts include the establishment of outdoor advertising media and the opening of international brand stores in Terminal 3 [4] - The cross-border e-commerce sector is growing rapidly, with international cargo volume surpassing domestic for the first time [4]

丨证券研究报告丨 港股研究丨公司点评丨中国建筑国际（3311.HK） [Table_Title] 投资业务重启， 内地、港澳业务景气可期 报告要点 [Table_Summary] 4 月 25 日，中国建筑国际公布 2025 年一季度业绩：集团营业总额约为人民币 228.87 亿元， 较去年同期增长约 3.62%；经营溢利及应占合营企业盈利合计约为人民币 39.63 亿元，同比增 长 10.84%。 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 中国建筑国际（3311.HK） cjzqdt11111 [Table_Title2] 投资业务重启， 内地、港澳业务景气可期 [Table_Summary2] 事件描述 4 月 25 日，中国建筑国际公布 2025 年一季度业绩：集团营业总额约为人民币 228.87 亿元， 较去年同期增长约 3.62%；经营溢利及应占合营企业盈利合计约为人民币 3 ...

Core Insights - The Hong Kong-Zhuhai-Macao Bridge has achieved a record of over 10 million passenger crossings in 2025, marking an increase of over 18.9% year-on-year, demonstrating the accelerated integration of the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The bridge has become a vital artery for personnel and goods movement in the Greater Bay Area, with daily vehicle flow exceeding 15,000 since its opening in October 2018 [2] - The bridge facilitates efficient cross-border logistics, significantly reducing transportation time and costs for businesses, thus enhancing the region's economic connectivity [2][3] Passenger and Vehicle Flow - The bridge's Zhuhai port has recorded over 30 days this year with daily passenger flow exceeding 100,000, doubling the figures from the same period in 2024 [1] - The average daily vehicle flow has reached over 15,000, reflecting the bridge's role in creating a "one-hour living circle" in the Greater Bay Area [2] Economic Impact - By the end of 2024, the total import and export value through the Zhuhai port of the bridge surpassed 1 trillion yuan, with a year-on-year growth of 11.3% to 232.9 billion yuan [2] - The bridge has enabled logistics companies to achieve "same-day delivery," enhancing operational efficiency and reducing costs significantly for businesses [2] Societal Benefits - The bridge has improved accessibility for cross-border students and facilitated entrepreneurial activities for young people from Hong Kong and Macao [3] - The infrastructure has fostered a sense of connection among residents, promoting both economic and social integration within the Greater Bay Area [3]

Core Viewpoint - The launch of the "Yongqing" large-diameter shield machine marks the commencement of the Guangzhou South Station to Guangzhou Station connection line project, which is crucial for the integration of transportation in the Guangdong-Hong Kong-Macao Greater Bay Area [1][2] Group 1: Project Overview - The Guangzhou South Station connection line is 16 kilometers long with a design speed of 200 kilometers per hour [1] - The project features a challenging construction phase, particularly the Xilang Tunnel, which requires precision in a high-risk environment [1] Group 2: Technological Innovations - The "Yongqing" shield machine is equipped with a high-precision measurement system and smart shield technology, enabling millimeter-level control at a depth of 25 meters [1] - A multi-layer grouting system and a digital command platform are utilized to mitigate construction risks in shallow cover sections [2] Group 3: Impact on Transportation - Upon completion, the connection line will facilitate direct access from Shenzhen and Macau high-speed rail to downtown Guangzhou, creating a seamless "one-hour living circle" [2] - The project is expected to enhance the operational capacity of the Guangzhou railway hub, reinforcing its status as an international transportation hub in the Greater Bay Area [2]

交通融合，湾区出行更便利。广发银行在广东省率先实现第三代社会保障卡加载"全国交通一卡通"功 能，支持在全国330多个地级及以上城市、香港地铁、澳门公交、港珠澳大桥跨境巴士等交通场景中使 用，实现"一卡在手，畅行无阻"，为湾区居民的日常生活提供了极大的便利。 社银一体化，打造服务新模式。在各级人社部门指导下，广发银行东莞、珠海、惠州、肇庆等分行挂牌 设立"社银一体化"网点，围绕参保人社保业务需求，开设社保服务专窗、自助专区、网办专区，开展社 保志愿活动等"一站式"服务，助力社保服务由人社窗口延伸到银行网点。 1999年，广发银行在广东省代理发行了第一张社保卡，为参保人解决了医疗费用结算难题，极大提升了 市民的就医体验。此后，广发银行始终紧跟时代步伐，不断优化社保服务，成为广东省社保服务的"主 力军"。 2018年，广发银行推出符合国家人社部标准的电子社保卡，集社保服务、政务服务、城市服务及移动支 付等功能于一体，让参保人足不出户即可享受便捷的线上社保服务。 2019年，广发银行第三代社保卡正式上线，不仅延续了身份认证、社保功能、金融功能三大核心属性， 还新增了非接触读卡功能，应用场景更加丰富多元。通过人脸识别技 ...

Group 1 - The Macao SAR government is planning over 40 key measures for rule alignment and mechanism connection in 2025, covering various aspects such as livelihood, economy, law, and management [1] - The government emphasizes the importance of the Hengqin Guangdong-Macao Deep Cooperation Zone as a major platform for the Greater Bay Area development, aiming for institutional innovation and successful experience exploration [1] - A leadership group headed by the Chief Executive has been established to coordinate key tasks related to the development of the cooperation zone, including rule alignment and mechanism connection [1] Group 2 - Utilizing the resource endowments and policy advantages of both Macao and Hengqin is crucial for promoting industrial collaborative development, which is a key measure for implementing the "Macao + Hengqin" new positioning [2] - The cooperation zone has initially formed development models such as "Macao R&D + Hengqin transformation" and "Macao registration + Hengqin production," contributing to cross-border industrial chain collaboration [2] - Future initiatives will include collaborations between Macao universities and Hengqin enterprises for technology development, as well as talent attraction and entrepreneurship models to facilitate overseas talent residing in Macao while working in Hengqin [2]

处于A股IPO冲刺期的东莞银行未能交出业绩稳健"答卷"。4月27日，北京商报记者注意到，东莞银行近日发布2024年年度报告，受市场变化、 持续支持实体经济等因素影响，该行营收、归母净利双双下滑，一改此前三年正增长的势头。这家总部位于广东省的银行，筹谋A股IPO已有十 七载，期间因未完成预披露、财务资料过期经历了多次中断和重启，至今仍在上市门外徘徊。如今，业绩的倒退或将为东莞银行上市之路蒙上 一层阴影。 | | | | | ギリ・八式リエル:70 | | --- | --- | --- | --- | --- | | 经营业绩 | 2024年 | 2023年 | 本年 Y. | 2022年 | | | | | 上年增减 | | | 营业收入 | 10,196,825 | 10,587,306 | -3.69 | 10,279,068 | | 营业利润 | 3,825,375 | 4,241,527 | -9.81 | 3,940,660 | | 利润总额 | 3.831.684 | 4,232,741 | -9.48 | 3.929.591 | | 净利润 | 3,732,824 | 4.066.192 | - ...

Core Viewpoint - The establishment of the Hong Kong Volunteer Service Team in Shenzhen aims to facilitate cross-border travel and enhance integration between Hong Kong and mainland China, reflecting a growing sense of community and support among residents [1][2][3]. Group 1: Volunteer Service Team Activities - The Hong Kong Volunteer Service Team, formed in July 2024, has grown to over 100 members, providing essential services such as transportation guidance, shopping assistance, medical help, and logistics support for cross-border travelers [1][2]. - Volunteers, like team leader Xu Yanu, actively engage in various tasks, including guiding schoolchildren and helping travelers with lost items, showcasing their commitment to community service [2][3]. Group 2: Cultural and Linguistic Integration - Xu Yanu's experience highlights the improvement in language skills and understanding of mainland development among Hong Kong residents, which is crucial for their integration into mainland life [3]. - The ongoing development of the Guangdong-Hong Kong-Macao Greater Bay Area is accelerating the integration of residents from both regions, with many Hong Kong residents choosing to retire or relocate to mainland cities [3][4]. Group 3: Impact on Families and Community - The volunteer experience has indirectly influenced Xu Yanu's son to consider starting a martial arts school in Shenzhen, demonstrating the personal and familial benefits of community engagement [4][5]. - The increasing emphasis on traditional cultural education among mainland parents presents significant entrepreneurial opportunities in the Greater Bay Area, as noted by Xu Yanu's son [5]. Group 4: Community Engagement and Future Aspirations - The enthusiasm of Hong Kong volunteers in providing services at border crossings reflects a strong community spirit, with rapid responses to volunteer recruitment efforts [5][6]. - The Shenzhen Futian Street has created new opportunities for Hong Kong volunteers to assist in remote areas, further bridging the gap between communities and fostering a sense of shared responsibility [6].