电动化已成为2020年代决定性的基础设施挑战与机遇。2024年全球乘用电动汽车销量突破1700万辆，预 计2025年底将超过2000万辆。与此同时，大量资金正涌入充电基础设施、储能和电网升级领域（图 1）。 当交通与能源和数字技术碰撞，这种融合正在重塑整个价值链。尽管电动汽车普及率和投资头条令人印 象深刻，但盈利能力并未得到保证。许多电动汽车基础设施领域的先行者和原始设备制造商，特别是那 些通过特殊目的收购公司上市的公司，估值已经大幅缩水。 这给投资者带来了一个根本性困境：如何配置资金，既能推动转型，又能获得可靠的基础设施式回报。 传统基础设施投资框架围绕现金流可预测、资产寿命长和需求稳定的资产设计，而电动化引入了商业、 技术和政策风险，通常这些风险会同时出现。 然而，它也带来了创造价值的独特机会，尤其是在那些 可以 通过合同确保和结构化利用率的领域 。 投资者的权衡日益体现在有形基础设施和数字平台之间：前者能 锚定现金流但依赖利用率 ；后者提供 可扩展性和防御性但往往缺乏合同基础 。服务化模式则是一种混合体，将物理资产与数字控制相结 合，以增强整个价值链的防御能力。 从核心资产到核心增强资产： 新范式正在形 ...

山东路桥（000498）(000498.SZ)公告，公司子公司山东省路桥集团有限公司及公司其他控股子公司拟 采取施工与投资相结合的投标方案参与潍坊至邹城高速公路沂源至邹城段工程施工一至三标段投标。根 据招标人发布的招标计划，本项目一至三标段合同预估金额102亿元。根据本项目招标文件，公司各参 与子公司对应承诺投资额最高不超过14.57亿元，最终承担的施工工程量按中标额确定，最终承担的出 资额按不低于中标价的1/7比例确定。 本项目路线全长176.031公里，其中临临高速完全利用段落40.041公里，新建135.99公里，新建段主线采 用双向四车道高速公路标准建设，设计速度120公里/小时，整体式路基宽27.0米，分离式路基宽度13.25 米。新建段全线设特大桥3座，大桥39座，中桥34座，小桥2座，涵洞151道;隧道3座;互通立交13处(其中 枢纽互通立交6处)，分离立交36处，通道100处，天桥102座;服务区3处、养护工区3处、监控通信分中 心1处、桥隧养护管理站1处、桥隧监控通信站1处、匝道收费站7处。招标范围：主线工程所含路基工 程、路面工程、桥涵工程、隧道工程、交叉工程(不含涉铁工程)、排水工程、防 ...

经济观察网据央视新闻客户端消息，近日，亚洲基础设施投资银行理事会已批准哥伦比亚加入亚投行的 申请，至此，亚投行成员总数增至111个，遍布世界六大洲，覆盖全球81%的人口和世界65%的GDP。 ...

AECOM (NYSE:ACM) reported mixed fourth-quarter fiscal 2025 results on Tuesday and launched a strategic review of its Construction Management unit.The company reported revenue growth of 2% year over year (Y/Y) to $4.175 billion, missing the consensus of $4.315 billion. Adjusted EPS of $1.36 (+7% Y/Y) beat the consensus of $1.34.Lara Poloni, AECOM's president, said, "The secular megatrends of global investments in infrastructure, in sustainability and resilience, and in meeting growing energy demand have acce ...

本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 据IPO早知道消息，11月18日，高盛资产管理发布题为"于复杂环境中捕捉新契机" （Seeking Catalysts Amid Complexity）的2026年投资展望报告。报告突出了以下主题： S基金和延续基金将继续是GP和LP的关键流动性来源。 公开市场领域 ，各股票市场差异或将扩大，倾向全球股票多元化配置、基本面与量化策略结合。固 定收益强调久期和战略性曲线仓位的多元配置，以应对复杂的宏观信号。证券化、高收益及新兴市场 信用产品可能出现良机。 私募市场方面 ，新交易和退出活动整体环境利好，私募股权基金管理人业绩表现的分散性扩大。私 募信贷违约率历史上低于银团贷款，收益仍将高于公开市场收益。严谨的承销发挥关键作用，并且在 AI和能源转型驱动下，基础设施领域正在出现新的机会。 公开市场：股票市场由AI、地缘政治和货币政策驱动，基本面与量化策略 结 合 美国："七巨头"凭借强大的核心业务和战略再投资继续扩大市场份额，这些公司强劲的盈利能力可 能为进一步的增长奠定基础。超大规模企业（包括亚马逊、谷歌、Meta、微软和甲骨文）的人工智 ...

智通财经APP讯，南山控股(002314.SZ)公告，公司控股子公司宝湾物流控股有限公司(简称"宝湾物流") 作为有限合伙人，与普通合伙人招商致远资本投资有限公司(简称"致远资本")、有限合伙人深圳担保集 团有限公司(简称"深圳担保")于近日签署了《招商宝湾深担(佛山)股权投资合伙企业(有限合伙)合伙协 议》，共同投资设立招商宝湾深担(佛山)股权投资合伙企业(有限合伙)，其中宝湾物流认缴出资1.53亿 元，首期实缴出资1000万元。该合伙企业主要投向持有基础设施项目资产的被投资企业，通过投资项目 的运营获得收益，实现投资回报。 ...

智通财经APP讯，南山控股(002314.SZ)公告，公司控股子公司宝湾物流控股有限公司(简称"宝湾物流") 作为有限合伙人，与普通合伙人招商致远资本投资有限公司(简称"致远资本")、有限合伙人深圳担保集 团有限公司(简称"深圳担保")于近日签署了《招商宝湾深担(佛山)股权投资合伙企业(有限合伙)合伙协 议》，共同投资设立招商宝湾深担(佛山)股权投资合伙企业(有限合伙)，其中宝湾物流认缴出资1.53亿 元，首期实缴出资1000万元。该合伙企业主要投向持有基础设施项目资产的被投资企业，通过投资项目 的运营获得收益，实现投资回报。 ...

Financial Data and Key Metrics Changes - Net revenue grew to CAD 1.7 billion in Q3 2025, an increase of almost 12% compared to Q3 2024, driven by organic and acquisition growth, each over 5% [3][8] - Adjusted EBITDA increased by close to 18% year over year, achieving a record margin of 19% [3][8] - Adjusted EPS grew by 17.7% compared to Q3 2024, reaching CAD 1.53 [9] - Year-to-date operating cash flows increased by 86% compared to 2024, from CAD 296 million to CAD 551 million [9] Business Line Data and Key Metrics Changes - The water business delivered almost 13% organic growth, while energy and resources achieved nearly 10% organic growth [3] - In the U.S., net revenue increased over 14% in Q3, driven by 4.6% organic growth and almost 9% acquisition growth [4] - The buildings business saw net revenue increase by more than 40% in Q3, attributed to the acquisition of Page and continued organic growth [4] Market Data and Key Metrics Changes - In Canada, net revenue grew 7.6% in Q3, driven entirely by organic growth, with double-digit growth in water and energy resources [5][6] - Global business delivered net revenue growth of almost 11% in Q3, achieving 5.5% organic and 2.8% acquisition growth [7] - The U.K. and Australia saw continued double-digit organic growth in the water business due to public sector investment [7] Company Strategy and Development Direction - The company maintains its net revenue growth guidance for the full year while increasing adjusted EBITDA margin outlook to 17.2%-17.5% [13] - The company is optimistic about growth in Canada and globally, expecting mid to high single-digit organic net revenue growth [13] - The company is focused on diversifying its business and pursuing M&A opportunities to support growth [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong demand driven by ongoing needs and priorities of clients, despite some near-term challenges in the U.S. market [13][18] - The recent federal budget in Canada is expected to prioritize infrastructure investments, providing long-term support for the industry [13] - Management remains positive about the prospects for 2026, citing strong momentum in various sectors [19] Other Important Information - The contract backlog stood at CAD 8.4 billion at the end of Q3, an almost 15% increase year over year [11] - Significant project wins include a CAD 7 billion high-voltage project for Manitoba Hydro and a $745 million project in South Carolina [12] Q&A Session Summary Question: Thoughts on 2026 outlook - Management indicated strong momentum going into 2026, with continued support in the water business and infrastructure projects in Canada [17][18] Question: Canadian infrastructure opportunities - Management highlighted solid organic growth in Canada, particularly in land development and water projects, with no slowdown expected [22][23] Question: Concerns about U.S. market conditions - Management acknowledged some uncertainty in the U.S. but emphasized strong macro fundamentals and ongoing demand drivers [31][32] Question: Update on M&A pipeline - Management confirmed a robust M&A environment with ongoing discussions and a positive outlook for future acquisitions [35] Question: Margin sustainability into 2026 - Management expressed confidence in continued EBITDA margin expansion, driven by organic revenue activity [58][59] Question: Exposure to defense spending - Management noted limited exposure to defense but sees potential growth opportunities in related infrastructure projects [61][62] Question: Free cash flow performance - Management attributed strong free cash flow to effective working capital management and expects continued positive trends [64][65]

Financial Data and Key Metrics Changes - Net revenue grew to CAD 1.7 billion in Q3 2025, an increase of almost 12% compared to Q3 2024, driven by organic and acquisition growth, each over 5% [3][8] - Adjusted EBITDA increased by close to 18% year over year, achieving a record margin of 19% [3][8] - Adjusted EPS grew by 17.7% to CAD 1.53 compared to Q3 2024 [9] - Year-to-date operating cash flows increased by 86% compared to 2024, from CAD 296 million to CAD 551 million [9] Business Line Data and Key Metrics Changes - The water business delivered almost 13% organic growth, while energy and resources achieved nearly 10% organic growth [3] - In the U.S., net revenue increased over 14% in Q3, driven by 4.6% organic growth and almost 9% acquisition growth [4] - The buildings business saw net revenue increase by more than 40% in Q3, attributed to the acquisition of Page and continued organic growth [4] Market Data and Key Metrics Changes - In Canada, net revenue grew 7.6% in Q3, driven entirely by organic growth, with double-digit growth in water and energy resources [5][6] - Global business delivered net revenue growth of almost 11% in Q3, achieving 5.5% organic and 2.8% acquisition growth [7] - The U.K. and Australia saw continued double-digit organic growth in the water business due to public sector investment [7] Company Strategy and Development Direction - The company maintains its net revenue growth guidance for the full year while increasing adjusted EBITDA margin outlook to 17.2%-17.5% [13] - The company is optimistic about growth in Canada and globally, supported by ongoing high levels of activity in water and infrastructure sectors [14] - The company aims to deliver net revenue of CAD 7.5 billion by the end of next year, reflecting its strategic plan for 2024 to 2026 [14] Management's Comments on Operating Environment and Future Outlook - Management expressed strong momentum going into 2026, with continued support in the water business and infrastructure investments in Canada [17][18] - There are concerns about slower procurement cycles in the U.S. but management remains optimistic about long-term demand drivers [29][32] - The company sees strong demand for defense-related infrastructure projects, although current exposure is limited [60][61] Other Important Information - The contract backlog stood at CAD 8.4 billion, an almost 15% increase year over year, representing approximately 13 months of work [11] - The integration of the Page acquisition is progressing well, with expected revenue synergies [51][52] Q&A Session Summary Question: Outlook for 2026 - Management indicated strong momentum going into 2026, with continued support in the water business and infrastructure investments in Canada [17][18] Question: Canadian Infrastructure Opportunities - Management highlighted solid organic growth in Canada, particularly in land development and water projects, with no slowdown expected [22][23] Question: Concerns about Economic Data - Management acknowledged some uncertainty in the U.S. market but emphasized strong long-term demand drivers [29][32] Question: M&A Pipeline Update - Management confirmed a robust M&A pipeline with ongoing discussions and a positive outlook for future acquisitions [35][36] Question: Margin Sustainability - Management expressed confidence in continued EBITDA margin expansion, driven by organic revenue activity [57][58] Question: Free Cash Flow Performance - Management noted strong free cash flow performance due to effective working capital management and collection efforts [63][64] Question: Data Center Activity - Management reported working on over 100 data centers, with expectations for growth in this area [82][83]

Core Insights - The overall fixed asset investment in China for the first ten months of 2025 reached 4,089.14 billion yuan, showing a year-on-year decline of 1.7%. However, project investment excluding real estate development increased by 1.7% [2] Group 1: Equipment Investment - Investment in equipment and tools saw a significant increase of 13.0% year-on-year, contributing 1.9 percentage points to the overall investment growth. This category accounted for 17.0% of total investment, up 2.2 percentage points from the previous year [3] Group 2: Industrial Investment - Industrial investment grew by 4.9% year-on-year, contributing 1.7 percentage points to overall investment growth. Within this sector, mining investment increased by 3.8%, while manufacturing investment rose by 2.7%. Notably, investment in railway, shipbuilding, aerospace, and other transportation equipment surged by 20.1%, and automotive manufacturing investment grew by 17.5% [4] Group 3: High-Tech Service Investment - Investment in high-tech services increased by 5.5% year-on-year, representing 5.3% of total service investment, an increase of 0.5 percentage points from the previous year. Information service investment alone grew by 32.7% [5] Group 4: Infrastructure Investment - Infrastructure investment in key areas saw rapid growth, with internet and related services investment rising by 20.0% and water transportation investment increasing by 9.4%. Private investment in infrastructure grew by 4.5%, making up 22.6% of total infrastructure investment, an increase of 1.0 percentage points from the previous year [6] Group 5: Livelihood Investment - In the primary industry, forestry investment surged by 35.6%, and fishery investment grew by 10.9%. In the secondary and tertiary industries, investment in electricity and heat production increased by 14.6%, while accommodation and catering investment rose by 10.5% [7]