全力冲刺年内通车！湖北宜昌北站建设正酣，站房主体结构已施工完成，项目进入收尾阶段。全长313 公里的沿江高铁武汉至宜昌段，是沿江高铁全线首个开工项目。通车后，将与汉宜铁路等一道，在湖北 省内形成"武汉往返武汉"高铁环线，助力武汉、襄阳、宜昌三地实现1小时互通。 "渝宜高铁、渝万高铁、合武高铁、北沿江高铁等沿江高铁项目建成后，将与既有铁路网络深度融合、 多向联通，形成川渝与华中、华东地区的快速客运通道，助推长江经济带高质量发展。"国铁集团有关 负责同志表示。 从沿江高铁、沿江机场、沿江干线公路等沿长江交通基础设施，到"三北"工程、城市地下管网、高标准 农田建设等，"两重"建设正扎实推进。日前，国家发展改革委安排超3000亿元支持2025年第三批"两 重"建设项目，这也意味着今年8000亿元"两重"建设项目清单已全部下达完毕。 稳投资、促就业，支撑经济稳定增长—— 7毫秒，新疆绿电瞬间抵达2200多公里外的重庆。哈密—重庆±800千伏特高压直流输电工程投产送 电，"疆电外送"有了第三条直流通道。 投资286亿元、带动上下游投资超1000亿元，1万余人投身工程建设，3万余人在装备制造、能源服务等 领域获得稳定岗位， ...

Group 1: Infrastructure Development - The construction of Yichang North Station is progressing well, with the main structure completed, and the project entering the final stages [1] - The Wuhan-Yichang section of the Yangtze River High-speed Railway, spanning 313 kilometers, is the first project to commence along the entire line, aiming to enhance connectivity within Hubei province [1] - The National Development and Reform Commission has allocated over 300 billion yuan to support the third batch of "two重" construction projects, indicating that the 800 billion yuan project list for this year has been fully issued [1] Group 2: Economic Impact - The Hami-Chongqing ±800 kV UHVDC transmission project has been launched, providing a third direct current channel for electricity transmission from Xinjiang to Chongqing, with an investment of 28.6 billion yuan [3] - The project is expected to drive over 100 billion yuan in upstream and downstream investments, creating over 30,000 stable jobs in related sectors [3] - Infrastructure investment increased by 4.6% year-on-year in the first half of the year, outpacing overall investment growth by 1.8 percentage points [3] Group 3: Technological Advancements - The "Linghang" shield machine is currently operating at the Changtai Yangtze River Tunnel, utilizing advanced techniques such as intelligent tunneling and geological forecasting [4] - Domestic shield machines have captured nearly 70% of the global market share, indicating a strong position in the industry [4] - The Jinsha River Silver River Hydropower Station's unit 3 has achieved an Asian record with a capacity of 65 megawatts, showcasing advancements in energy technology [4] Group 4: Strategic Planning - The National Development and Reform Commission has reported significant progress on 102 major projects under the 14th Five-Year Plan, with expectations to meet all targets by the end of the year [5] - The focus will continue on enhancing collaboration between departments and ensuring the successful completion of major projects to support China's modernization efforts [5]

强基础、增功能，服务国家重大战略—— 东海之滨，施工繁忙。上海港洋山港区小洋山北作业区西1区陆域已吹填完成，集装箱码头正在稳步建 设。未来，这里将成为上海港最大的单体自动化码头。 晋陕峡谷，机械轰鸣。国家水网重要节点工程——黄河古贤水利枢纽工程稳步推进，导流洞施工全面进 入主洞开挖阶段，两条超千米的"地下巨龙"在山体中逐渐成形。 世界屋脊，攻坚正酣。位于西藏安多县的土硕100兆瓦光热电站正建设得如火如荼。该电站是在4650米 超高海拔、超低温度、极弱电网环境"三重挑战"下建设的光热电站。 全力冲刺年内通车！湖北宜昌北站建设正酣，站房主体结构已施工完成，项目进入收尾阶段。全长313 公里的沿江高铁武汉至宜昌段，是沿江高铁全线首个开工项目。通车后，将与汉宜铁路等一道，在湖北 省内形成"武汉往返武汉"高铁环线，助力武汉、襄阳、宜昌三地实现1小时互通。 "渝宜高铁、渝万高铁、合武高铁、北沿江高铁等沿江高铁项目建成后，将与既有铁路网络深度融合、 多向联通，形成川渝与华中、华东地区的快速客运通道，助推长江经济带高质量发展。"国铁集团有关 负责同志表示。 从沿江高铁、沿江机场、沿江干线公路等沿长江交通基础设施，到"三北"工 ...

Group 1 - The apparent demand for crude steel in China from January to May is 42.888 million tons, a year-on-year decrease of 1.4%, with the decline rate expanding by 0.2 percentage points compared to the previous year [1] - Crude steel consumption in China during the same period is 37.260 million tons, a year-on-year decrease of 3.6%, primarily driven by a 12.7% decrease in real estate crude steel consumption [1] - Crude steel exports from January to May reached 5.628 million tons, showing a year-on-year growth of 15.7%, contributing to a 1.7 percentage point increase in crude steel demand [1] Group 2 - The real estate sector's crude steel consumption is expected to maintain negative growth due to ongoing inventory pressure, with new construction and construction area decreasing by 22.8% and 9.2% respectively [2] - The housing inventory sales ratio has remained high, indicating that further inventory reduction is needed, with projections suggesting it will only decrease to 19.5 months by year-end, still above the warning line of 18 months [2] Group 3 - Infrastructure steel consumption support is weakening, with significant project investment declining after a strong start in early 2023, leading to a slowdown in infrastructure-related steel consumption growth [3] - The issuance of long-term special bonds for major projects is planned to be 800 billion yuan for 2025, which is 100 billion yuan more than in 2024, but the support for infrastructure steel consumption may weaken in the second half of the year [3] Group 4 - Manufacturing steel consumption is facing challenges due to insufficient support for equipment upgrades and a slowdown in high-tech manufacturing investment growth [4][5] - The support for "old-for-new" consumption in consumer goods is expected to decrease in the second half of the year, which may further weaken the demand for related crude steel consumption [5] Group 5 - Steel exports are anticipated to be lower in the second half of the year due to anti-dumping measures affecting exports to Southeast Asia and the Middle East, with a significant reduction in exports to Vietnam [6] - The export of steel billets has increased significantly, raising concerns within the industry, leading to suggestions for export restrictions [6] Group 6 - In a neutral demand scenario, crude steel daily average demand from June to December is expected to decrease by 5.6% compared to May, with an annual demand decline projected at 1.5% [7]

Financial Performance - In Q1 2025, the company achieved a net profit of 249 million CNY, representing a year-on-year increase of 1.89% [2] - Revenue increased by 1.95% year-on-year [2] - Net cash flow from operating activities grew by 81.03% year-on-year, indicating improved cash flow management [3] Business Development - A new wholly-owned subsidiary, Shandong Highway Engineering Equipment Co., Ltd., was established in March 2025, focusing on high-end equipment manufacturing [3] - The company plans to deepen its road and bridge construction business while expanding into new sectors, including water conservancy, environmental protection, and high-speed rail [4] - The 2025 revenue target is set at 74.02 billion CNY, a 3.74% increase from 2024, with a net profit target of 3.13 billion CNY, reflecting a 3.59% growth [4] Industry Outlook - The civil engineering construction industry is supported by national policies, solidifying its status as a pillar of the national economy [5] - In Shandong Province, a total investment of 250 billion CNY in comprehensive transportation is planned for 2025, with highway mileage expected to exceed 9,300 kilometers [5][6] - Nationally, the goal is to establish a comprehensive transportation network of approximately 700,000 kilometers by 2035, with significant investments planned for infrastructure [7][8] Competitive Position - The company maintains a stable development trend amid complex domestic and international environments, leveraging its comprehensive service capabilities across multiple sectors [8] - The company is positioned as a full-spectrum engineering service provider, enhancing its risk resistance through a diversified business structure [8]