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 ...

Group 1 - The Guangzhan High-Speed Railway is set to open within the year, reducing travel time from Guangzhou to Zhanjiang to 1.5 hours, enhancing connectivity in the Guangdong-Hong Kong-Macao Greater Bay Area [1][2] - The Guangzhan High-Speed Railway spans approximately 400 kilometers and will facilitate a direct link between major cities, promoting integrated development in the region [2] - The construction of the main station building at Foshan Station has been completed, laying a solid foundation for the railway's operational requirements [2] Group 2 - The Shenjiang Railway, a key intercity corridor in the Pearl River Delta, has completed the pile foundation construction for the first station, Henglan Station, marking significant progress in the project [3] - The Shenjiang Railway will connect Shenzhen to Jiangmen, covering a total length of 116.12 kilometers and featuring seven stations, significantly improving travel times within the region [3] - Upon completion, the Shenjiang Railway will enhance coastal connectivity and integrate with the Guangzhou-Shenzhen-Hong Kong High-Speed Railway, further promoting the Greater Bay Area's development [3] Group 3 - The construction of the Deep-Shan Station, a major railway hub connecting the Greater Bay Area to the eastern Guangdong region, has entered the above-ground structural phase [4][5] - Deep-Shan Station will serve as a strategic node for the Greater Bay Area, facilitating a "Shenzhen half-hour" and "Guangzhou 40 minutes" travel circle [5] - The station's construction is crucial for improving transportation capacity in the Deep-Shan Special Cooperation Zone and enhancing communication between the Greater Bay Area and eastern Guangdong [5]

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]

Investment Rating - The investment rating for China State Construction International (3311.HK) is "Buy" and is maintained [9]. Core Views - The company's revenue for Q1 2025 was approximately RMB 22.887 billion, representing a year-on-year growth of about 3.62%. The operating profit and share of profits from joint ventures totaled approximately RMB 3.963 billion, an increase of 10.84% year-on-year [7][11]. - The resumption of investment activities has positively impacted revenue, with an increase in EPC business undertakings. However, new contract signings saw a decline of 29% year-on-year, primarily due to a high base effect from a significant project in the previous year [11]. - The introduction of Dongfang International as a strategic shareholder is expected to enhance business collaboration, particularly in project cooperation and capital operations [11]. - The outlook for mainland China and Hong Kong businesses is promising, with significant government spending projected in infrastructure, which could lead to a dividend yield of approximately 5.8% based on a 33% payout ratio [11]. Summary by Sections Financial Performance - In Q1 2025, the total revenue was approximately RMB 22.887 billion, a 3.62% increase from the previous year. The operating profit and share of profits from joint ventures were about RMB 3.963 billion, reflecting a 10.84% year-on-year growth [7][11]. New Contracts - New contract signings for Q1 2025 amounted to RMB 50.51 billion, down 29% year-on-year. The breakdown shows that technology-driven new contracts accounted for RMB 21.3 billion, a 56% decline, while investment-driven new contracts increased by 5% to RMB 11.4 billion [11]. Strategic Developments - The strategic partnership with Dongfang International, which involved a premium subscription of 244.6 million new shares at HKD 12.26 each, is expected to foster collaboration in various areas, including project management and capital operations [11]. Market Outlook - The company is focusing on expanding its MiC (Modular Integrated Construction) business in major cities like Beijing, Guangzhou, and Shanghai. The Hong Kong government has increased its projected average annual infrastructure spending from HKD 90 billion to HKD 120 billion, which is expected to benefit the company significantly [11].

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]

今年以来广深港高铁跨境客流破千万人次 刷新开通以来最快纪录 金十数据4月29日讯，记者4月29日从广铁集团了解到，截至4月28日，广深港高铁跨境客流今年已突破 1000万人次大关，刷新这条线路开通以来最快突破千万人次的纪录，比2024年提早16天。其中，单日客 运量最高峰曾达13.6万人次。据了解，广深港跨境客流中，香港客源和内地客源比例约为4∶6，客流流 向城市主要为香港往来深圳、广州地区，分别占比达36.3%、34.1%。此外，香港往来东莞、惠州、汕 尾等线路周边城市的客流比例也在逐渐上升，占比达到近10%。周末自由行的客流量，同比增长高达 16.7%。这条串联粤港澳大湾区的高铁黄金通道，正助力大湾区"一小时生活圈"的加速融合发展。 （央 视新闻） ...

Core Viewpoint - K11 ECOAST, a flagship project in Shenzhen, has officially commenced phased operations, featuring a total construction area of 228,500 square meters and a significant investment of over 10 billion yuan [5][6]. Group 1: Project Overview - K11 ECOAST is located in the Prince Bay area of Shenzhen and includes multiple components such as K11 ECOAST, K11 HACC, K11 ATELIER, and a seaside promenade [5]. - The project benefits from its prime coastal location, adjacent to the Shekou Cruise Homeport and Shenzhen Bay Port, enhancing its appeal as a cultural and artistic hub [5]. Group 2: Cultural and Community Engagement - The project aims to integrate art into retail environments, fostering community engagement through diverse cultural activities, including markets, performances, and festivals [6]. - Notable features include the first NBA-themed venue in Shenzhen, a flagship Cool Ride store, and the first d'strict art museum in South China [6]. Group 3: Connectivity and Economic Impact - A cross-border bus service from Hong Kong to K11 ECOAST has been launched, improving accessibility for residents and promoting cross-border consumption [6]. - The project is positioned as a platform for deepening cultural integration between Shenzhen and Hong Kong, aiming to attract international visitors and enhance the Greater Bay Area's economic dynamism [7].

香港卫生署署长林文健医生指出："特区政府感谢中央政府的批准和国家药监局的支持，把简化港澳注 册中成药注册审批安排由外用药油扩展至口服中成药。卫生署一直与内地相关单位保持紧密联系，并积 极协助内地当局的调研工作，亦参与商讨有关政策的制订及简化审批注册的要求。这项新措施将大大简 化评审要求及缩短审批时间，为有意开拓内地庞大市场的香港中药业界开辟更便捷的途径，进一步便利 香港中成药制造商开拓内地市场，推动中医药产业发展，亦是实现了香港特区行政长官2024年施政报告 下有关推动大湾区医疗协作的另一里程碑！要实现中华民族的伟大复兴，中国香港会继续发挥卓越医疗 卫生、中西文化汇萃、国际超级都会等各领域的优势，担当中医中药走向全球的桥头堡，做好超级联系 人的角色。" 智通财经APP获悉，4月28日，香港卫生署表示，会重锤夯基，加强宣传和推广，协助业界掌握在新安 排下申请人需要提交的资料和技术要求，让更多合资格的香港注册传统口服中成药早日顺利开拓内地市 场，并推动香港中医药产业发展。自简化港澳注册传统外用中成药注册审批流程于2021年实施至今，已 有13款香港注册传统外用中成药透过简化流程于内地上市。截至今日，香港注册中成药 ...