Core Viewpoint - The article highlights the significant contributions of the Armed Police Guangdong Corps Zhuhai Detachment in supporting the construction of the Hong Kong-Zhuhai-Macao Bridge and the development of the Guangdong-Hong Kong-Macao Greater Bay Area, emphasizing their dedication and commitment over the years [1][2][3] Group 1: Contributions to Infrastructure - The Zhuhai Detachment has been stationed at the forefront of the special economic zone for many years, playing a crucial role in the construction of the Hong Kong-Zhuhai-Macao Bridge [1] - The detachment willingly vacated their 17,000 square meter barracks for the bridge construction, moving into an old barrack built in the 1980s, demonstrating their commitment to the mission [2] - The establishment of the "Red Frontline Square" serves as a cultural education platform and a showcase for the city's spirit, further solidifying the bond between the military and the local community [2] Group 2: Operational Preparedness - The detachment has accelerated the information-based construction of their operations, preparing for various potential situations through research and drills [2] - They have developed a three-tiered response strategy for emergencies, ensuring effective support and control in critical situations [2] - During peak travel times, the detachment sets up "convenience posts" in crowded areas to assist tourists, ensuring their safety and smooth travel [2] Group 3: Commitment to Development - The officers of the detachment express a strong resolve to protect the prosperity of the special economic zone and contribute to the economic and social development of the Greater Bay Area [3] - The detachment's experiences reflect their understanding of the importance of reform and opening up, reinforcing their commitment to the region [3]

Group 1 - The report analyzes the talent development status in the Guangdong-Hong Kong-Macao Greater Bay Area, highlighting the region's economic growth and the need for effective talent strategies to enhance competitiveness [1][2][5] - The Greater Bay Area, covering 56,000 square kilometers, aims to become a model for high-quality development, with a GDP of 12.63 trillion yuan in 2021, including five cities with over one trillion yuan in GDP [1][2][24] - The report indicates a significant increase in talent attraction, with a 19.98% year-on-year growth in talent, while corporate recruitment demand has decreased by 15.92% [2][45] Group 2 - Talent supply and demand in strategic emerging industries are imbalanced, with difficulties in attracting high-quality talent, particularly in sectors like electronic communications and finance [2][46] - The report emphasizes the need for innovative talent attraction models and multi-level recruitment mechanisms to address the challenges faced by the Greater Bay Area [2][3] - The region's talent pool is characterized by a high proportion of bachelor's degree holders, but lower representation of master's and doctoral graduates compared to other regions [2][42]

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 Viewpoint - Dongguan Bank's performance has declined in 2024, with both revenue and net profit decreasing, which may negatively impact its long-awaited A-share IPO process [1][3][4]. Financial Performance - In 2024, Dongguan Bank reported operating revenue of 10.197 billion yuan, a decrease of 3.69% year-on-year [3]. - The net profit attributable to shareholders was 3.738 billion yuan, down 8.1% compared to the previous year [3]. - The bank's interest income fell by 14.57% to 7.119 billion yuan, primarily due to a decrease in loan interest income [3]. - Non-interest income, including investment income, showed some growth, with investment income increasing by 35.95% to 2.086 billion yuan [3]. IPO Progress - Dongguan Bank has been attempting to list on A-shares for 17 years, facing multiple interruptions due to incomplete disclosures and expired financial data [5]. - The bank's IPO application has been suspended three times, with the latest suspension due to outdated financial information [5][6]. - The complex shareholding structure and previous regulatory penalties have complicated the IPO process [5]. Shareholding Structure - As of the end of 2024, Dongguan Bank has no controlling shareholder, with 5,190 shareholders, including 5,111 individual shareholders [6]. - The proportion of state-owned shares increased from 37.52% to 42% following a recent share transfer [6][7]. Market Opportunities - Dongguan Bank is exploring new business opportunities, including the establishment of a subsidiary in Hong Kong to enhance its presence in the Greater Bay Area [8][9]. - The bank aims to leverage its Hong Kong branch to provide cross-border financial services and support local businesses [9]. - There is a focus on enhancing financial services for technology enterprises transitioning from traditional manufacturing [10].

孟买世界贸易中心贸易及投资推广总监Priya Pansare表示：孟买世界贸易中心非常高兴与投资推广署共 同探索合作机遇发挥协同效应，促进印度与香港之间更紧密的经济联系。这是一个宝贵机会，透过分享 资讯、创新发展和促进贸易，联系双方市场、推动跨境投资，以及助力两地企业拓展业务。 吴国才在演讲中强调香港作为领先国际金融及商业枢纽的地位，同时拥有充满活力的初创生态圈、蓬勃 的资本市场，以及资讯、人才和资金的自由流通。他亦介绍了新资本投资者入境计划，该计划为高资产 净值人士及其家人提供具吸引力的居港途径。吴国才表示：十分荣幸能与印度具前瞻性的商界领袖交 流，并展示香港的最新发展。期望协助更多印度企业深入了解香港的有利位置、强大的资本市场及多元 人才库，从而支援他们拓展亚洲市场，甚至走向全球。 智通财经APP获悉，4月23日，香港投资推广署、香港驻新加坡经济贸易办事处和香港贸易发展局在孟 买合办研讨会。投资推广署助理署长吴国才在孟买和德里访问期间，与多位来自不同行业的大型家族企 业、大型企业、家族办公室、企业创始人和企业家进行深入讨论，阐述香港在一国两制下的独特优势， 并向他们介绍香港和粤港澳大湾区的优势、商机和投资 ...

Group 1 - The "Opportunities in the Bay Area" theme interview activity was launched in Shenzhen to report on the achievements and prospects of the Guangdong-Hong Kong-Macao Greater Bay Area, coinciding with the 6th anniversary of the release of the development plan [1] - In 2024, Shenzhen's advanced manufacturing value-added is expected to grow by 11.4%, with integrated circuits, industrial robots, smartwatches, and mobile phones accounting for 14.8%, 24.1%, and 23.4% of national production respectively [1] - Shenzhen has over 4,000 innovation carriers and 25,000 national high-tech enterprises, with a continuous lead in PCT international patent applications for 21 years [1] Group 2 - In 2024, Qianhai's GDP is projected to reach 300.88 billion yuan, with a year-on-year growth of 8.6%, fixed asset investment of 169.1 billion yuan, and total import and export volume of 706.65 billion yuan, reflecting a vibrant development trend [2] - Qianhai aims to focus on modern service industries, leveraging Hong Kong's advantages to create a high-quality modern service system, promoting the integration of industries and supply chains [2] - The area will support innovation in fields such as artificial intelligence, robotics, data, and marine economy, enhancing the synergy between modern services and advanced manufacturing [2]

Core Viewpoint - The Governor of Guangdong Province, Wang Weizhong, emphasizes the need for Jiangmen to seize opportunities and accelerate development by leveraging strategic transportation channels and optimizing the business environment to enhance industrial connections with the eastern Pearl River Delta cities [1] Group 1: Economic Development Strategy - Jiangmen is encouraged to utilize the Shenzhong Channel and Huangmaohai Cross-Sea Channel to improve infrastructure connectivity and optimize the business environment [1] - The focus is on strengthening industrial connections with Shenzhen and Dongguan to attract high-quality resources and elevate development levels [1] Group 2: Industrial Focus - There is a strong emphasis on project development and solidifying the manufacturing sector as the core of the economy [1] - The strategy includes accelerating the construction of large industrial clusters and main platforms, enhancing industrial chain investment attraction, and actively undertaking industrial transfers [1] Group 3: Industry Upgrading and New Industries - Traditional industries such as home appliances, motorcycles, and food are targeted for optimization and upgrading [1] - The development of emerging industries is prioritized, including new energy, new materials, next-generation electronic information, high-end equipment manufacturing, artificial intelligence, and robotics [1]

Investment Rating - The report assigns an "Accumulate" rating for Dongguan Holdings [3]. Core Views - Dongguan Holdings focuses on its core highway business, committing to absolute dividends to enhance shareholder returns. The company has been divesting non-core operations and is expected to maintain stable operations in its main business [1][7]. - The company has announced a shareholder return plan for 2025-2027, promising a minimum cash dividend of 0.475 CNY per share, which corresponds to an attractive dividend yield of 4.5% based on the latest closing price [7][43]. Financial Data and Valuation - Revenue projections for Dongguan Holdings show a significant decline in 2024, with total revenue expected to be 1.692 billion CNY, a 64% decrease from 2023. However, a gradual recovery is anticipated in subsequent years [2][47]. - The company’s net profit for 2024 is projected at 955 million CNY, with a compound annual growth rate (CAGR) of 7.4% from 2010 to 2024 [32][47]. - The company’s asset-liability ratio is 42.7%, indicating a relatively low level of debt compared to industry peers [41][42]. Business Overview - Dongguan Holdings operates the Dongguan-Shenzhen Expressway, which is a critical transportation artery in the Guangdong-Hong Kong-Macao Greater Bay Area, with a total length of 55.7 kilometers [11][18]. - The company has shifted its focus to core business operations, exiting from non-core sectors such as rail transit and trust businesses, thereby enhancing operational stability [7][49]. - The company’s revenue structure indicates that over 75% of its income is derived from transportation infrastructure, with the expressway business contributing the majority of gross profit [21][29]. Investment Opportunities - The report highlights that the return on investment (IRR) for the Dongguan-Shenzhen Expressway expansion project is estimated at 5.7%, which is above the industry average. The project is expected to be completed by December 2028 [38][39]. - The company’s commitment to dividends and its strong cash flow position suggest a robust capacity for shareholder returns in the future [41][43]. Profitability Forecast - The forecast for net profit from 2025 to 2027 is 911 million CNY, 906 million CNY, and 971 million CNY respectively, with a projected price-to-earnings (PE) ratio of 12x for 2025 [47][49]. - The gross margin for the expressway business is expected to remain stable, with projections of 72.4% for 2025 [46].

Core Insights - Hongchuan Wisdom (宏川智慧) announced the establishment of a holding subsidiary, Huizhou Hongzhi Chemical Logistics Co., Ltd., in collaboration with Huizhou Daya Bay Petrochemical Investment Group Co., Ltd. and Huizhou Port Development Co., Ltd. The total investment is 60 million RMB, with Hongchuan holding a 51% stake, making it the controlling shareholder [3]. Company Overview - Hongchuan Wisdom was founded on November 6, 2012, with a registered capital of approximately 460.28 million RMB. The company specializes in comprehensive warehousing services for domestic and international petrochemical product manufacturers, traders, and end-users [4]. - The company has 47 subsidiaries, including Chengdu Hongchuan Highway Port Automotive Service Co., Ltd. and Nantong Hongzhi Chemical Logistics Co., Ltd. [4]. Financial Performance - The company's revenue for the years 2021 to 2023 was 1.088 billion RMB, 1.263 billion RMB, and 1.547 billion RMB, reflecting year-on-year growth rates of 28.25%, 16.10%, and 22.48% respectively. - The net profit attributable to shareholders for the same period was 272 million RMB, 224 million RMB, and 296 million RMB, with year-on-year growth rates of 19.54%, -17.63%, and 32.03% respectively [4]. Strategic Initiatives - The establishment of Huizhou Hongzhi aims to enhance the company's comprehensive service capabilities and participate in the industrial upgrade of Huizhou, focusing on chemical warehousing and value-added services. The new company plans to develop a storage project covering approximately 53,000 square meters [3].