转自：新华财经 作为根植安徽，服务地方经济发展的主流银行，徽商银行持续优化金融资源配置，加大皖北地区信贷支持力度，促进该区域全面高质量发展。截至今年10月 末，该行在皖北六市四县对公信贷业务余额已超2070亿元，同比增长9.4%，重点聚焦工业升级、乡村振兴、基建提速三大领域，为加速推进皖北新型工业 化、城镇化发展，助力和美乡村建设，以及全面提升皖北基础设施建设注入强劲金融动力。 锚定工业转型，筑牢高质量发展"产业根基" 皖北是安徽发展举足轻重的板块，是长三角地区极具发展潜力的区域。作为华东煤炭资源腹地，在新型工业化和城镇化建设中具有独特优势。在淮北市，徽 商银行紧盯煤电一体化核心项目进展，精准发力重大项目融资，针对淮北国安电厂二期扩建项目，该行迅速完成5亿元贷款审批，目前已投放近3亿元，既响 应了国家节能减排政策，也为皖北地区电网"十四五"期间电力负荷保障提供坚实支撑。 围绕"安徽（淮北）新型煤化工合成材料基地"这一皖北振兴"1号工程"，徽商银行联动当地政府及龙头企业，推动传统高耗能产业向绿色转型。该行累计 为"临涣焦化10亿Nm³／年焦炉煤气分质深度清洁利用项目"等多个能源及煤炭资源综合利用项目审批贷款20 ...

赛强调，国家沿海地区管理与发展委员会的核心任务是，将柬埔寨沿海地带打造成为一条国家重要的经 济走廊。他指出，当前是发展沿海省份区域经济走廊的最佳时机，该新经济走廊将横跨从国公省占亚地 区直至贡布省白章地区的广阔区域。 柬埔寨政府宣布，将集中力量推动沿海地区实现高质量发展，致力于把白马、贡布、西哈努克和国公四 省建设成为区域内强大且具竞争力的经济增长基地。 该发展规划于11月18日在白马省举行的"柬埔寨沿海地区管理与发展战略规划草案"研讨会上正式发布， 柬埔寨副首相兼国土规划和建设部大臣、国家沿海地区管理与发展委员会主席赛桑奥主持会议。 与此同时，赛桑奥进一步分析了各省的差异化发展路径，指出沿海各省具有不同的发展潜力。针对白马 省和贡布省，政府下一步将重点考虑发展海产品养殖业。此举旨在有效满足国内外市场对海产品的需 求，并显著增加沿海地区居民的收入，助力经济多元化发展。 在基础设施建设方面，赛特别提及白马省正在积极推进通往安高海滩等关键沿海地区的道路项目，以增 强连通性。 ...

Shares of Smith-Midland Corporation (SMID) have fallen 12.7% since the company released its latest quarterly results, underperforming the S&P 500 Index’s 3.2% decline over the same period. Over the past month, the stock has retreated 11.4%, lagging the S&P 500’s 1.2% decrease. This weaker-than-market performance reflects a reset in investor expectations following softer service-revenue comparisons and a pullback in barrier rental activity versus last year’s unusually strong period.Earnings & Revenue Perform ...

"如果这些经验能够在印尼得到有效推广，我相信印尼也能以更快速度摆脱贫困。"伊夫提塔赫说，"有人说，印尼的贫困率很高是可以理解的，因 为我们人口基数大，有2.85亿。好吧，请看看中国，拥有14亿人口却消除了绝对贫困，那我们还有什么理由为自己开脱？" 要想富，先修路。伊夫提塔赫对基础设施建设在减贫中的作用深有体会。他说："在北马鲁古省的哈马黑拉岛，以前当地人将椰子运输出去需要8 个小时，但现在道路基础设施改善后，只需1到2个小时，生产力提高了，成本也随之降低。因此，基础设施建设不再被视为成本，而是被视为提 高生产力的投资。这就是我从中国学到的做法和经验。" 伊夫提塔赫说，印尼有广袤的土地、丰富的自然资源和人力资源，而中国有资金、技术、市场，以及活跃的企业家群体。他在武汉杂交水稻基地 看到优质稻种可以使产量翻番，于是决定邀请中国专家来印尼实地考察，希望中国先进的杂交水稻技术能帮助印尼落后地区的农民提高粮食产 量，早日实现脱贫。 "我们合作潜力巨大，而且我相信这是互利共赢的合作。中国企业扎根印尼，为当地民众创造就业机会，我相信未来会有更多印尼人爱上中 国。"伊夫提塔赫说。 新华社雅加达11月18日电 专访丨中国减贫的 ...

| | | 1.加拿大总理马克 ·卡尼近日宣布,已确定第二批纳入国家重大项目办公室推进的项目名单,这批项目此前已在本周经媒体 | | --- | --- | --- | | | | 扰露。加拿大政府此举旨在加快基础设施建设进程。卡尼于11月13日在不列颠哥伦比亚省表示,第二批项目包括Northofff | | | | Resources拟在新不伦瑞克省推进的Sisson纯矿项目、Nouveau Monde的Matavenie# 山项目以及Canada Nickel在安大鸣省带明斯市 | | | 资讯 | 的Crawford项目。其中,Crawford操矿项目拥有全球第二大银储量与资源堂。根据2023年10月的可行性研究报告,该项目分两 | | | | 期推进,总投资达35亿加元。在长达41年的开采周期内,该矿预计将产出35亿磅镍、5290万磅份、49万盎司把铂含金、5800 | | | | 万吨铁以及620万磅铬。(上海金属网) | | | | 11月17日,沪铁主力合约低位震荡,成交量为102915手（-15806）,持仓量为107341手（-4908）,伦操跌1.45%。现货市场成交 | | | | 较弱 ...

Core Viewpoint - Public REITs are evolving from financial innovation tools to significant drivers of infrastructure construction and high-quality economic development in China, with over 100 REITs projects recommended by the National Development and Reform Commission, expected to mobilize over 1 trillion yuan in new investments [2][3]. Group 1: Role of Public REITs - Public REITs play a crucial role in revitalizing a vast amount of existing assets, facilitating a sustainable path for new investments of over 1 trillion yuan [3]. - The development of the secondary market for public REITs provides a pricing benchmark for the primary market, attracting various social capital, including private enterprises, to explore infrastructure construction needs [3]. - The structure of infrastructure securities investment funds creates a virtuous cycle of investment, operation, exit, and reinvestment, guiding capital towards major national strategic areas [3]. Group 2: Financial Structure Optimization - Public REITs improve corporate balance sheets and alleviate debt financing pressures for original equity holders [4]. - They broaden social capital investment channels and enhance asset diversification, reducing concentration risks [4]. - Policy support for private investment projects in issuing REITs has simplified the fundraising process and encouraged healthy market development [4]. Group 3: Operational Efficiency - Public REITs compel infrastructure operators to shift focus from construction to operation, enhancing operational efficiency [5]. - Strict information disclosure and market scrutiny of operational quality promote efficiency improvements in infrastructure projects [5]. - The mechanism linking value and operational efficiency drives the transformation of the infrastructure sector towards specialization and precision [5]. Group 4: Market Expansion and Future Outlook - The public REITs market is expected to expand further, with increased liquidity anticipated [6]. - The inclusion of public REITs in the investment scope of long-term funds, such as social security funds and pension funds, is expected to enhance market participation [6]. - The investment structure of public REITs is primarily composed of institutional funds, with potential for increasing the proportion of trading-type investors to improve market liquidity [6]. Group 5: Current Market Conditions - The public REITs market has experienced a downturn, with the CSI REITs Total Return Index dropping over 6% from its mid-year peak [18][20]. - Factors contributing to this adjustment include profit-taking by investors, declining distribution rates, and a shift of funds to the stock market [20][21]. - Despite the recent downturn, there is optimism for market recovery, driven by the inherent cash flow characteristics of public REITs and the potential for long-term value [21][23]. Group 6: Investment Strategies - Investors are advised to focus on stable, defensive, and policy-supported REITs assets in the current market environment [14][16]. - Emphasis should be placed on assets with stable cash flows, such as toll roads and clean energy projects, as well as growth-oriented assets that have been undervalued [14][16]. - The importance of assessing asset quality, valuation rationality, and operational capabilities is highlighted for making informed investment decisions [24].

安徽铜陵：G3铜陵长江公铁大桥正式通车 安徽铜陵：G3铜陵长江公铁大桥正式通车【2】 安徽铜陵：G3铜陵长江公铁大桥正式通车【3】 安徽铜陵：G3铜陵长江公铁大桥正式通车【6】 安徽铜陵：G3铜陵长江公铁大桥正式通车【7】 安徽铜陵：G3铜陵长江公铁大桥正式通车【4】 安徽铜陵：G3铜陵长江公铁大桥正式通车【5】 ...

Financial Data and Key Metrics Changes - CRH reported total revenues of $11.1 billion for Q3 2025, a 5% increase year-over-year, driven by positive underlying demand and pricing momentum [6][7] - Adjusted EBITDA reached $2.7 billion, marking a record for CRH and a 10% increase compared to the previous year, with a margin expansion of 100 basis points [6][7][16] - Diluted earnings per share increased by 12% year-over-year, reflecting the company's strong financial performance [7] Business Line Data and Key Metrics Changes - Americas Materials Solutions saw total revenues and adjusted EBITDA increase by 65%, supported by strong demand and pricing momentum, with aggregates pricing up 4% [11] - Americas Building Solutions experienced a 2% revenue growth, translating into a 22% increase in adjusted EBITDA, driven by robust demand in data centers and outdoor living [13][14] - International Solutions reported a 5% revenue increase and a 15% rise in adjusted EBITDA, with margin expansion of 170 basis points, benefiting from pricing momentum and acquisitions [14][15] Market Data and Key Metrics Changes - The company is well-positioned to capitalize on megatrends in transportation, water, and reindustrialization, which are expected to drive above-market growth [8][29] - Strong state and federal funding for transportation infrastructure continues to support CRH's growth, with 60% of the IIJA funds yet to be deployed [29][30] Company Strategy and Development Direction - CRH's strategy focuses on investing in high-growth markets and leveraging its connected portfolio across four platforms: aggregates, cementitious, roads, and water [5][19] - The company aims to maintain its leadership position in North America by capitalizing on infrastructure megatrends and enhancing its operational efficiencies [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed a positive outlook for 2026, highlighting strong demand in transportation and water infrastructure, as well as continued growth in reindustrialization [29][30] - The company anticipates a 10% growth in adjusted EBITDA for the full year 2025, with net income expected between $3.8 billion and $3.9 billion [28] Other Important Information - CRH has invested $3.5 billion in 27 acquisitions year-to-date, strengthening its market position and connected portfolio [5][17] - The company has returned over $700 million to shareholders through dividends and share buybacks, with a quarterly dividend increase of 6% [17][18] Q&A Session Summary Question: Expectations for 2026 regarding volume, price, and M&A contributions - Management indicated a positive outlook for 2026, particularly in transportation and water infrastructure, with strong funding and demand expected [35][36] - Volume and pricing for aggregates and cement are projected to improve, with a positive bidding environment and increased backlogs [44][46] Question: Margin trends and pricing across divisions - Management noted a consistent margin improvement trend, with no structural ceiling anticipated, and emphasized the importance of the CRH Winning Way in driving performance [50][51] - The company expects another year of margin expansion, supported by ongoing operational improvements and pricing momentum [54] Question: Key drivers of updated 2025 guidance - The updated guidance reflects strong Q3 performance, contributions from acquisitions, and a solid demand backdrop [56][58] - Management highlighted the importance of land sales and asset optimization in driving performance [59] Question: Performance drivers in Americas Building Solutions - Strong demand in reindustrialization, particularly for data centers, has driven performance, with a focus on quality and speed of delivery [66][67] - Outdoor living business has shown resilience, supported by effective customer engagement and logistics [69] Question: Visibility on infrastructure funding and highway bill reauthorization - Management confirmed strong visibility in the roads business, with significant IIJA funds yet to be deployed and positive early discussions regarding new highway legislation [75][80]

Financial Data and Key Metrics Changes - Primoris reported Q3 revenue of nearly $2.2 billion, an increase of $529 million, or 32% compared to the prior year, driven by double-digit growth in both the energy and utility segments [17] - Net income increased to $94.6 million, or $1.73 per fully diluted share, both up around 61% from the prior year [21] - Adjusted EPS increased by over 54% to $1.88 per fully diluted share, and adjusted EBITDA was $168.7 million, up 32% compared to the prior year [22] Business Line Data and Key Metrics Changes - In the utilities segment, Q3 revenue was up double digits from the prior year, with gas operations leading the growth [8] - The energy segment was up $475 million, or 47% from the prior year, driven by increased renewables and industrial activity [17] - The renewables business had a record revenue quarter, with project progress accelerating [12] Market Data and Key Metrics Changes - Utility segment backlog reached an all-time high of nearly $6.6 billion, driven by increased activity in power delivery and gas operations [11] - The industrial services segment saw impressive revenue growth from the prior year as natural gas generation activity rose significantly [14] - The pipeline business faced challenges but is beginning to see tailwinds develop, with bids materializing for several large projects [15] Company Strategy and Development Direction - The company is focused on improving margins, earnings growth, cash flow generation, and efficient capital allocation [26] - Primoris aims to capitalize on the significant demand for infrastructure solutions, particularly in power generation and data center services [6] - A disciplined approach to accretive M&A remains a focus, with a strong pipeline of acquisition targets [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in signing several high-value energy segment projects in the coming quarters, setting up for a successful 2026 [7] - The company anticipates a strong book-to-bill ratio in Q4, with over $600 million already booked in the energy segment [33] - Management noted that the outlook for Primoris remains strong, with a high degree of visibility to new awards in the coming quarters [26] Other Important Information - The company closed Q3 with approximately $431 million of cash and total liquidity of $746 million, having paid down $100 million on its term loan during the quarter [22] - Total backlog at the end of Q3 was around $11.1 billion, down around $430 million sequentially from Q2, but management views this decline as temporary [23] Q&A Session Summary Question: Can you provide additional color on how bookings might look in Q4? - Management indicated that bookings for energy segment jobs were pushed into Q4, with over $600 million already booked and expecting a book-to-bill ratio well north of one for Q4 [32][33] Question: How much of the Q3 revenue in the energy segment was attributable to pull forward of demand timing? - The pull forward on revenue was at least $100 million, with Q4 energy revenue expected to be around $1.2 billion [34][35] Question: Can you talk about the gas generation bookings and the funnel of opportunities? - There were delays in bookings due to pricing and material issues, but management expects strong bookings in Q4 and into 2026 [36] Question: What is the outlook for the utility side of the business? - Management expressed confidence in maintaining double-digit organic growth in the utility segment, driven by strong demand [41][42] Question: How does the pipeline business outlook look for 2026? - Management indicated significant revenue growth opportunities in the pipeline business, with potential for $100 million-$200 million of revenue growth going into next year [45][47] Question: Are there any attempts to surge solar completions in 2027? - Management stated that customers have enough safe harbor to avoid a surge in 2027, indicating a steady approach to project completions [57][60]

Financial Data and Key Metrics Changes - Revenue grew by 32% year-over-year, driven by a 58% increase in the e-infrastructure solutions segment and a 10% increase in the transportation segment [6][7] - Adjusted earnings per share increased by 58% to $3.48, while adjusted EBITDA rose by 47% to $156 million [6][7] - Gross profit margins expanded by 280 basis points to 24.7% [6] - Operating cash flow for the quarter was strong at $84 million, with backlog totaling $2.6 billion, a 64% year-over-year increase [6][7] Business Line Data and Key Metrics Changes - E-infrastructure solutions revenue grew by 58% year-over-year, with a 42% organic growth rate [6][8] - Transportation solutions revenue increased by 10%, with adjusted operating profit growing by 40% [9] - Building solutions segment revenue declined by 1%, with adjusted operating income down by 10% due to challenges in the housing market [10][19] Market Data and Key Metrics Changes - E-infrastructure backlog reached $1.8 billion, up 97% year-over-year, with a 45% increase excluding contributions from the recent acquisition of CEC [7][11] - Transportation solutions backlog was $733 million, a 23% year-over-year increase [9] - Building solutions faced a decline in revenue due to affordability challenges in the housing market [10][19] Company Strategy and Development Direction - The company aims to leverage its expanded service portfolio following the CEC acquisition, focusing on large mission-critical projects [8][17] - The strategy includes a commitment to sustainability and community engagement, referred to as "The Sterling Way" [7] - The company is looking for small to mid-size acquisitions to enhance service offerings and geographic footprint, primarily in e-infrastructure [19][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the multi-year growth opportunities across all markets, particularly in e-infrastructure and transportation solutions [16][18] - The company anticipates continued strong demand in the data center market and plans to align with partners for multi-year capital deployment [16][17] - Management noted that while the building solutions segment faces short-term challenges, long-term growth is expected due to population growth in key geographies [19] Other Important Information - The company increased its full-year guidance for 2025, projecting revenue between $2.375 billion and $2.39 billion, representing over 5% growth at the midpoint [14][20] - Adjusted diluted EPS guidance was raised to a range of $10.35 to $10.52, indicating a 9% increase at the midpoint [14] Q&A Session Summary Question: Growth in CEC signed and unsigned work - Management noted strong bookings in the data center sector and expressed excitement about the reception from customers regarding the CEC acquisition [25][26] Question: Margin expansion opportunities - Management highlighted that larger project sizes and improved productivity from recent acquisitions contribute to expected margin expansion [27][28] Question: Composition of the $4 billion forward pipeline - Management indicated that $3 billion of the pipeline is in e-infrastructure, primarily driven by data center projects [43] Question: Impact of government shutdown on transportation funding - Management confirmed no impact from the government shutdown, as funding for current jobs has already been allocated [61][62] Question: Data center growth breakdown - Management explained that data center growth is a combination of new projects and the conversion of future phases into backlog [66]