Group 1 - The meeting emphasized the importance of high-quality development as a primary task and the need to deepen the "Three Years" activities while focusing on key regions, industries, enterprises, and products [2] - It was highlighted that the focus on steady growth should be placed on high-quality project construction, with an emphasis on improving investment efficiency and enhancing project lifecycle management [2] - The meeting called for coordinated efforts to address challenges in project construction and enterprise development, while also enhancing service quality and expanding the supply of high-quality markets [2] Group 2 - The meeting outlined the necessity of implementing various policies to stimulate consumption market vitality and ensure safety production, disaster relief, and employment increase [2] - It stressed the importance of precise scheduling, responsibility enforcement, and strengthening supervision to achieve steady growth and high-quality project construction in the third quarter [2] - The overall goal is to lay a solid foundation for completing annual targets through effective coordination and management [2]

Core Viewpoint - A new round of growth stabilization plans for ten key industries has been launched, focusing on maintaining reasonable growth rates and improving efficiency and structure in the context of changing external environments and internal economic adjustments [1][2]. Group 1: Reasons for Launching the New Plans - The previous growth stabilization plan was initiated when the industrial added value growth rate was only 3.8%, amidst pressures from domestic demand contraction, supply shocks, and weakened expectations [2]. - Currently, the industrial economy is showing a positive trend, with a 6.4% year-on-year growth in industrial added value in the first half of the year, but challenges remain due to external complexities and structural contradictions [2][4]. - The new plans aim to enhance the quality of supply, optimize the development environment, and achieve both qualitative and reasonable quantitative growth in key industries [2][6]. Group 2: Key Industries Identified - The ten key industries targeted in the growth stabilization plans include steel, non-ferrous metals, petrochemicals, chemicals, building materials, machinery, automobiles, electric equipment, light industry, and electronic information manufacturing [3][4]. - These industries collectively account for approximately 70% of the industrial output above designated size, indicating their critical role in stabilizing the industrial and national economy [4]. Group 3: Policy Focus Areas - The plans emphasize stimulating innovation by addressing both supply and demand sides, including enhancing technological innovation, quality standards, and promoting digital, intelligent, and green transformations [6][10]. - Artificial intelligence is highlighted as a key driver for innovation across the entire industrial chain, with specific initiatives in electronic information manufacturing and electric equipment sectors [7][8]. - The plans also propose measures to upgrade traditional consumption, expand new consumption scenarios, and promote new business models [10]. Group 4: Opportunities for Enterprises - The plans signal a shift from irrational competition to a focus on technology, quality, and brand, encouraging enterprises to develop high-value-added products [10]. - Specific guidance is provided for technological and industrial innovation, including the development of new terminal devices and support for key product innovation projects in renewable energy and smart grid equipment [10]. - Support measures for enterprises include tax incentives, platform construction for testing, and encouragement for small and specialized enterprises to focus on differentiated development [10][11].

1. Report Industry Investment Rating - No information provided in the content. 2. Core Views of the Report - For coke, as of the week ending September 12, the combined daily coke output of independent coking plants and steel - mill coking plants was 1.1336 million tons, a weekly increase of 33,200 tons per day. The latest ton - coke profit dropped by 29 yuan per ton to 35 yuan per ton due to the implementation of coke price cuts. The daily hot - metal output of 247 steel mills nationwide was 2.4055 million tons, a weekly increase of 117,100 tons per day, returning to the pre - parade production level. The total coke inventory increased slightly to 9.0624 million tons, mainly accumulating in the steel - mill segment. The market has mixed factors, and coke is oscillating within a range. Attention should be paid to potential new benefits from "stable growth" and "anti - involution" policies [5][35]. - For coking coal, as of the week ending September 12, the daily raw - coal output of 523 coking coal mines nationwide was 1.856 million tons, a weekly increase of 155,000 tons, still 170,000 tons lower than the same period last year after the resumption of mine production post - parade; the daily clean - coal output was 728,000 tons, a weekly increase of 35,000 tons and 60,000 tons lower year - on - year. The combined daily coke output of independent coking plants and steel - mill coking plants was 1.1336 million tons, a weekly increase of 33,200 tons per day. The coking - coal inventory at all industrial - chain links decreased. The latest total inventory was 22.0288 million tons, a weekly decrease of 565,200 tons. The main de - stocking segment was independent coking plants, with an inventory decrease of 365,100 tons to 8.8354 million tons. The decline in downstream inventory was due to the weakening of the spot - market atmosphere and increased wait - and - see sentiment on the demand side. The coking - coal supply has gradually stabilized after the previous "anti - involution" capacity verification. Short - term demand faces some pressure due to the shrinking steel - mill profits. The fundamentals are slightly bearish, but the policy expectations of "anti - involution" and "stable growth" support market sentiment. The coking - coal main contract is oscillating within a range, and attention should be paid to future policy changes [6][36]. 3. Summary by Relevant Catalogs 3.1 Industry News - The Ministry of Natural Resources encourages market - based approaches to revitalize idle land. On September 11, Kong Weidong, the director of the Department of Natural Resources Development and Utilization of the Ministry of Natural Resources, stated that the ministry will guide pilot areas for comprehensive reform of factor market allocation to explore and promote the orderly flow and efficient allocation of land factors. It will refine the criteria for identifying inefficient land, promote the withdrawal of inefficient urban land, and encourage market - based revitalization of idle land [8]. - Mongolia's ETT Company held an online auction for coking coal on September 12. The starting price of 1/3 coking raw coal (A27.5, V33, S1.1, G75, Mt4.0) was $57.4 per ton, and all 64,000 tons on offer were unsold [9]. 3.2 Spot Market - For coke, the ex - warehouse price of quasi - first - grade coke at Rizhao Port was 1,520 yuan, a weekly decrease of 3.18%, a monthly decrease of 3.18%, an annual decrease of 10.06%, and a year - on - year decrease of 7.32%. The ex - warehouse price of quasi - first - grade coke at Qingdao Port was 1,430 yuan, a weekly increase of 0.70%, a monthly decrease of 3.38%, an annual decrease of 11.73%, and a year - on - year decrease of 13.33% [10]. - For coking coal, the price of Mongolian coking coal at Ganqimaodu Port was 1,140 yuan, a weekly decrease of 3.39%, a monthly decrease of 3.39%, an annual decrease of 3.39%, and a year - on - year decrease of 18.57%. The price of Australian - produced coking coal at Jingtang Port was 1,510 yuan, a weekly decrease of 1.95%, a monthly decrease of 4.43%, an annual increase of 1.34%, and a year - on - year decrease of 9.58%. The price of Shanxi - produced coking coal at Jingtang Port was 1,550 yuan, with no weekly change, a monthly decrease of 4.91%, an annual increase of 1.31%, and a year - on - year decrease of 10.40% [10]. 3.3 Futures Market - The closing price of the active coke futures contract was 1,625.5 yuan, with a gain of 0.43%. The highest price was 1,640.5 yuan, the lowest was 1,595.0 yuan, the trading volume was 27,338 lots, an increase of 4,745 lots, and the open interest was 47,597 lots, an increase of 658 lots [14]. - The closing price of the active coking - coal futures contract was 1,144.5 yuan, with a gain of 0.88%. The highest price was 1,152.0 yuan, the lowest was 1,125.0 yuan, the trading volume was 959,111 lots, a decrease of 105,254 lots, and the open interest was 697,002 lots, a decrease of 21,073 lots [14]. 3.4 Relevant Charts - The report provides various charts showing the inventory of coke (including independent coking plants, steel - mill coking plants, ports, and total inventory) and coking coal (including mine - mouth, ports, steel mills, and independent coking plants), as well as other relevant industry data such as domestic steel - mill production, Shanghai terminal screw - thread steel procurement, coal - washing plant production, and coking - plant operation [15][22][28] 3.5 Market Outlook - The outlook for coke is that it will oscillate within a range due to mixed market factors. Attention should be paid to potential new benefits from "stable growth" and "anti - involution" policies [35]. - The outlook for coking coal is that it will maintain a range - bound oscillation. Although the supply has stabilized, short - term demand faces pressure, and policy expectations support market sentiment. Attention should be paid to future policy changes [36].

Group 1 - The steel industry is experiencing an optimization of supply and demand due to "anti-involution" and "stabilizing growth" policies, benefiting related enterprises [3] - Daming International (01090.HK) reported a net profit of 22.8 million RMB for 2025, a significant increase of 141.6% year-on-year, with gross profit rising by 7.6% to 554 million RMB [3] - The company's processing business showed steady growth, with sales volume increases of 3.1% for stainless steel and 0.4% for carbon steel in the first half of 2025, and a 6.6% increase in carbon steel processing volume [3] Group 2 - Daming International has ten processing centers and one manufacturing base in China, providing customized metal material processing and high-end equipment manufacturing services to 70,000 companies across various industries [3] - The company has successfully entered the high-end shipbuilding market in Europe and has exported pressure storage tank products in the chemical sector [3][4] - The company’s new 40,000-ton deep-water terminal at the Jingjiang base significantly enhances its international logistics capabilities [4] Group 3 - Daming International aims to create a high-quality and efficient global supply chain through its "materials + processing center + equipment manufacturing" service model [4] - The company is expanding its overseas presence with a subsidiary in Germany and plans to further penetrate Southeast Asia and the Americas [4] - Daming International is enhancing its competitive edge through collaboration in the special materials sector and has signed agreements to empower smart manufacturing and energy equipment business [4] Group 4 - Overall, Daming International's profitability has significantly improved in the first half of 2025, with fruitful project outcomes and accelerated overseas expansion [5] - The company is expected to benefit from steady infrastructure investment, ongoing manufacturing development, and increased export growth [5] - Currently, the company's price-to-book ratio is below the industry average, indicating potential for valuation recovery [5]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [10]. Core Insights - As of August 29, 2025, the construction industry has experienced a decline in scale and performance, with overall revenue down by 5.57% year-on-year, totaling 39,639.92 billion yuan, while net profit decreased by 5.18% to 938.27 billion yuan [21][22]. - The industry's profitability remains relatively stable despite the decline in revenue, attributed to prior adequate impairment provisions [6][19]. - The second quarter of 2025 showed a slight improvement in profitability, with net profit margin increasing due to reduced expense ratios and impairment loss rates [6][19]. Summary by Sections Industry Overview - The construction industry faced a decline in revenue and performance in the first half of 2025, with a more significant drop in revenue compared to net profit [19][21]. - The overall industry is constrained by sluggish demand, but companies have managed to maintain stable profitability due to prior impairment provisions [6][19]. Profitability - The overall gross margin for the industry decreased to 10.09%, while the net profit margin slightly increased to 2.37% [28][30]. - The expense ratio saw a minor increase, with the financial expense ratio rising to 0.91% [28][30]. Cash Flow - The net cash outflow from operations decreased to 4,872.31 billion yuan, a reduction of 144.56 billion yuan year-on-year, indicating improved cash flow management [37]. - The collection ratio increased to 95.29%, while the payment ratio rose to 107.01% [37]. Subsector Performance - The construction sector's performance varied significantly across subsectors, with most experiencing revenue declines [48]. - The oil engineering subsector showed a notable profit increase of 13.38%, while the international engineering subsector faced a profit decline of 24.15% [52][53]. - The gross margin improved in seven subsectors, with the international engineering subsector achieving a gross margin of 15.14% [55][56].

Group 1: Air Cargo Industry - In the first eight months of this year, over 150 new international air cargo routes have been established in China, with 15 routes opened in August alone [1][4] - The new routes primarily connect to Asia and Europe, with 76 and 55 routes respectively, and 14 routes to North America [4] - The cargo transported mainly consists of cross-border e-commerce goods, high-end manufacturing products, high value-added goods, and electronic products [4] Group 2: Road Logistics Market - The China Road Logistics Freight Index for August was reported at 105.1 points, showing a slight month-on-month increase of 0.01% and a year-on-year increase of 0.8% [7][10] - The index for full truckload freight, which is mainly driven by bulk commodities and regional transport, reached 105.6 points, reflecting a month-on-month increase of 0.01% and a year-on-year increase of 1% [10] - The road logistics market remains active, supported by stable economic growth and robust production and consumption [12] Group 3: Future Outlook - As September progresses, weather-related factors are expected to diminish, and a series of policies aimed at stabilizing growth and promoting consumption will likely enhance market activity [14] - The logistics market is anticipated to remain active, with the freight index expected to continue its slight upward trend [14]

Core Viewpoint - The Chinese government is shifting its fiscal policy focus towards enhancing people's livelihoods and promoting consumption, marking a strategic transition from infrastructure investment to human resource investment and social welfare [1][2]. Fiscal Policy and Expenditure - The scale and proportion of fiscal spending on social welfare have both increased, with national public budget expenditure reaching 16.1 trillion yuan from January to July, a year-on-year growth of 3.4%. Spending on social security, education, and health has grown by 9.8%, 5.7%, and 5.3% respectively, significantly outpacing overall fiscal expenditure growth [2]. - Social welfare expenditures now account for over 40% of total fiscal spending, and when including community services, this figure exceeds 47%, indicating that nearly half of fiscal funds are directly allocated to social welfare [2]. - Central and local governments are collaborating effectively to ensure the successful implementation of social welfare policies, with the central government’s transfer payments exceeding 1 trillion yuan this year, focusing on education, health, social security, and employment [2]. Targeted Social Welfare Policies - Social welfare subsidies are being precisely targeted to specific groups, such as families with young children, the elderly, and youth, effectively alleviating their financial burdens in areas like childcare, education, and daily living expenses [3]. - New initiatives include a childcare subsidy of 3,600 yuan per child per year for families with children under three, with the central government allocating approximately 90 billion yuan for the first year, and free preschool education set to begin in the fall of 2025, benefiting around 12 million children [3]. Consumption Promotion Policies - The government is innovating fiscal interest subsidy policies to stimulate consumption, effectively lowering the cost of consumer credit and unlocking domestic consumption potential [4]. - The policy combines "small-scale universal support" with "large-scale targeted support," covering both everyday small purchases and significant expenditures in key areas such as automobiles, elderly care, education, and healthcare [4]. - The implementation of personal consumption loan interest subsidies and service industry loan interest subsidies aims to enhance supply capacity and optimize the consumption service environment, thereby invigorating the consumption market [4]. Future Outlook - The macroeconomic policy will continue to maintain a proactive stance, focusing on stabilizing overall demand, promoting moderate price recovery, and ensuring economic improvement while enhancing social welfare [5]. - Future fiscal policies are expected to further tilt towards social welfare, continuously improving the support system for childbirth and expanding the coverage and effectiveness of consumption stimulus policies [5].

Group 1: Metal Industry Insights - The steel industry is expected to see a rebound in demand in September, traditionally a peak consumption month, with potential price stability due to supply constraints from production limits and maintenance in regions like Tangshan [2][4] - Copper prices are supported by tight supply and potential demand recovery, with a focus on the upcoming Federal Reserve meeting which may influence price movements [2][5] - Aluminum prices are anticipated to remain stable, with demand expected to improve in the peak season, while supply is expected to hold steady [2][5] - Gold prices may see a moderate increase if inflation data meets expectations and employment data is weak, particularly ahead of the Federal Reserve's September meeting [3][7] - The rare earth market is experiencing increased overseas demand due to export controls, with potential price growth in September if overall demand remains strong [4][7] Group 2: Investment Strategies - For the steel sector, the "anti-involution" policy is expected to gradually improve the oversupply situation, with a focus on green and low-carbon transformation as a key driver for future growth [4][5] - In the copper sector, the tight supply situation is expected to support prices, and the "anti-involution" policy may improve the processing sector, making it a favorable investment area [5] - The aluminum sector is projected to benefit from new project capacities and supportive policies, with a recommendation to focus on companies with strong resource guarantees and environmental standards [5] - The rare earth sector is viewed positively due to regulatory changes and the strategic value of resources, with a recommendation to focus on companies involved in resource extraction and processing [7] Group 3: Machinery and Equipment Sector - The machinery and equipment sector has shown strong performance, with the industry index rising 12.67% from August 3 to September 2, outperforming the broader market [8] - The demand for construction machinery is expected to continue growing due to ongoing infrastructure projects and improved market conditions, particularly in the domestic market [8][9] - The humanoid robotics sector is gaining traction with advancements in computing platforms, indicating a critical phase for industry development and investment opportunities [9]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Policy - based financial tools are carriers of policy - based finance, aiming to provide capital for national strategic projects, with a strong "quasi - fiscal" attribute. Historical practices include the special construction funds from 2015 - 2017 and the policy - based and development financial tools in 2022. The upcoming new policy - based financial tools may continue the feature of monetary - fiscal coordination [14][18][108]. - If the new policy - based financial tools are established in the third quarter of 2025 and fully invested within the year, they are expected to boost RMB credit growth by 0.33 - 1.00 percentage points and infrastructure investment growth by 5.67 - 12.38 percentage points in 2025 [4][101]. 3. Summary by Relevant Catalogs 3.1 What are Policy - based Financial Tools? - "Policy - based finance" emphasizes government macro - control. Policy - based financial tools are carriers of policy - based finance, providing capital for national strategic projects and having a "quasi - fiscal" attribute. The concept of new policy - based financial tools was first proposed in 2025, which may inject new vitality into infrastructure investment and help stabilize economic growth in the second half of the year [13][14]. 3.2 Looking Back at the Historical Practice and Evolution of Policy - based Financial Tools 3.2.1 Special Construction Funds with "Second Fiscal" Characteristics - **Establishment Background**: In 2015, to expand effective investment and relieve economic downward pressure, the NDRC proposed to issue special bonds to raise funds for special construction funds. Externally, the Fed tightened liquidity, and internally, the economy was in the "three - phase superposition" new normal, with domestic investment in real estate, infrastructure, and manufacturing declining [19]. - **Funding Sources**: Initially, policy banks issued special bonds to the Postal Savings Bank, with 90% central fiscal discount. Later, it was changed to public issuance in the market, and the discount was adjusted to different levels [22]. - **Investment Areas**: It mainly supported key construction projects, covering five major categories and 33 special projects such as people's livelihood improvement, "three rural" construction, and infrastructure. It also began to expand to transformation and upgrading fields [26]. - **Operation Mode**: Policy banks established special construction fund companies. Local governments and state - owned enterprises submitted project applications to the NDRC, which formed a project list. The funds were invested in an equity form, with a fixed return and an exit mechanism such as equity transfer or repurchase [30][32][33]. - **Investment Effect**: Theoretically, it could leverage 4 - 6.67 times the investment scale, and in practice, it could leverage 3.45 - 4.29 times. It played a role in stabilizing infrastructure investment, and the growth rate of fixed - asset investment in industries such as water conservancy increased significantly [40][41]. 3.2.2 Policy - based and Development Financial Tools Highlighting "Monetary - Fiscal Coordination" - **Establishment Background**: In 2022, due to the impact of the pandemic, the economy faced triple pressures. The government introduced a series of policies, including setting up policy - based and development financial tools to support economic growth. A total of about 7399 billion yuan was invested [44][48]. - **Funding Sources**: The first batch was mainly from market - based bond issuance, and the subsequent batches might have PSL funds as a supplement, reflecting the synergy between currency and finance [51]. - **Investment Areas**: The scope was further expanded to include some new infrastructure and green energy projects. However, in practice, traditional infrastructure fields were still the main focus [53][54]. - **Operation Mode**: Similar to special construction funds, policy banks established infrastructure fund investment companies. The central government provided appropriate interest subsidies for 2 years. The investment period was 15 - 20 years [59][60]. - **Investment Effect**: It significantly promoted infrastructure investment, boosting the growth of large - scale project investment and total fixed - asset investment. It also repaired the loan demand in the infrastructure industry [68][69]. 3.2.3 Comparison of the Two Types of Policy - based Financial Tools - Although there are differences in details such as funding sources, subsidy policies, and investment ratios, their core function is to provide project capital for major projects, essentially "capital loans" [71]. 3.3 Understanding the New Policy - based Financial Tools - The core function may still be to supplement project capital, but the investment areas may include new infrastructure such as digital economy and artificial intelligence, and the support may be tilted towards private enterprises [78][79]. - The funding sources may be market - based bond issuance by policy banks, supplemented by PSL funds and central fiscal subsidies. The total scale is about 50 billion yuan [80][81]. - The operation process is similar to the previous two rounds. It may participate in the form of equity investment, shareholder loans, and special bond capital bridging loans, with shareholder loans being the main form [85]. - The establishment speed is relatively slow, possibly to reserve policy space and allow sufficient time for project application. It is expected to be established and put into use in September - October 2025 to stabilize infrastructure growth [90][98]. 3.4 Calculation of the Stimulative Effect of New Policy - based Financial Tools on Stable Growth - **Credit Demand Stimulative Effect**: Referring to the 2022 experience, policy - based financial tools can leverage 1.55 - 4.73 times of credit demand. If 50 billion yuan of new policy - based financial tools are invested within the year, they can boost credit growth by 0.33 - 1.00 percentage points [102][104]. - **Infrastructure Investment Stimulative Effect**: They can leverage 10 - 13.2 times of total infrastructure investment. About 50 billion yuan of new policy - based financial tools can boost infrastructure investment growth by 5.67 - 12.38 percentage points in 2025 [105][106]. 3.5 Summary - Policy - based financial tools play a crucial role in providing capital for major projects. The upcoming new tools may continue the feature of monetary - fiscal coordination, with innovations in investment areas and participating subjects. Attention should be paid to the possibility of the central bank adjusting PSL interest rates [108].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in its financial performance while showing growth in overseas new contracts [1][2]. Financial Performance - The company achieved revenue of 511.09 billion yuan in 1H2025, a year-on-year decrease of 5.93% - The net profit attributable to shareholders was 11.83 billion yuan, down 17.17% year-on-year - The net profit excluding non-recurring items was 10.27 billion yuan, a decline of 21.59% year-on-year - In Q2 alone, revenue was 262.53 billion yuan, down 5.66% year-on-year, with net profit at 5.80 billion yuan, a decrease of 14.65% year-on-year [1]. Business Segment Performance - Revenue from various business segments included: - Infrastructure: 436.25 billion yuan, down 7.78% - Design Consulting: 8.91 billion yuan, down 0.60% - Equipment Manufacturing: 13.75 billion yuan, up 14.39% - Real Estate Development: 15.61 billion yuan, up 7.83% - Gross profit margins for these segments were: - Infrastructure: 7.37%, down 0.53 percentage points - Design Consulting: 24.80%, down 1.44 percentage points - Equipment Manufacturing: 18.16%, down 0.18 percentage points - Real Estate Development: 9.15%, down 3.42 percentage points - The equipment manufacturing segment showed relatively strong revenue growth and gross margin performance [2]. Geographic Performance - Domestic revenue was 475.53 billion yuan, down 6.83% year-on-year, with a gross margin of 8.94%, down 0.17 percentage points - Overseas revenue reached 36.97 billion yuan, up 8.34% year-on-year, with a gross margin of 6.05%, down 1.28 percentage points [2]. New Contracts - The company secured new contracts worth 1,108.69 billion yuan in the first half, an increase of 2.8% year-on-year - Domestic new contracts amounted to 983.82 billion yuan, down 1.2% year-on-year, while overseas new contracts were 124.87 billion yuan, up 51.6% year-on-year [2]. Investment Outlook - The company is expected to achieve net profits attributable to shareholders of 26.36 billion yuan, 27.96 billion yuan, and 30.04 billion yuan for the years 2025 to 2027, corresponding to price-to-earnings ratios of 5.3, 5.0, and 4.6 times respectively - The investment recommendation remains "Buy" [2].