Investment Rating - The investment rating for China Resources Cement Technology (1313.HK) is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 10.206 billion yuan for the first half of 2025, a year-on-year decrease of 1.0%, while the net profit attributable to shareholders was 307 million yuan, reflecting an increase of 85% year-on-year [2][4]. - The overall industry demand is under pressure, but the Guangdong and Guangxi regions are performing relatively better than the national average. National cement production decreased by 4.3% year-on-year to 820 million tons in the first half of 2025 [5]. - The company’s cement sales volume decreased by 13% year-on-year to 25.31 million tons, while concrete sales volume increased by 36% year-on-year to 68.77 million tons, and aggregate sales volume increased by 23% year-on-year to 36.34 million tons [5]. - The average price of cement products was 247 yuan per ton, an increase of 9 yuan per ton year-on-year, while the average price of commercial concrete was 303 yuan per ton, a decrease of 41 yuan per ton year-on-year [5]. Summary by Sections Company Overview - The company is primarily located in the Guangdong and Guangxi regions, which are expected to see better demand growth compared to the national average. The production line utilization rates for cement, concrete, and aggregates were 56.8%, 32.0%, and 80.2%, respectively, compared to 64.2%, 27.1%, and 75.1% in the same period of 2024 [5][7]. Market Dynamics - The mid-term outlook for the South China market is positive due to the construction momentum from the Greater Bay Area. The regional supply has stabilized, and the market is entering a rebalancing phase. The company, as a regional leader, has comprehensive advantages in scale and distribution [7]. Financial Projections - The industry is expected to gradually optimize its structure, with the company projected to achieve net profits of 700 million yuan and 1 billion yuan for 2025 and 2026, respectively, corresponding to price-earnings ratios of 17 and 12 times [7].

【深圳商报讯】(首席记者董思)《河套深港科技创新合作区深圳园区发展规划》2023年8月正式发布。 两年来，作为河套深港科技创新合作区（下称"河套合作区"）的电力守护者，深圳福田供电局以技术硬 实力筑牢电网稳定。截至7月，河套合作区客户平均停电时间从2017年的11.2分钟压缩至趋近于零，一 条"强网架、优服务、促转型"的电网之路正成为河套高质量发展的生动注脚。 "如果电压不稳，实验鼠脑电监测数据就会全乱套。"香港神经科学研究所助理教授陈薇指着恒温饲养箱 说。过去，河套合作区的电源点"困"在广深高速以北，片区内老旧专变占比近90%，影响供电质量。 2024年5月，110千伏言晨变电站挺进这片创新腹地，提前半年送电，承接住了当年新增24%的用电需 求。 值得一提的是，在河套深港开放创新中心还"绽放"着一朵钢芯铜线的"紫荆花"。这是国内首次应用同母 合环接线技术，即使遇到多路电源同时故障也能实现毫秒级复电。该接线自去年2月投运以来一直保 持"零停电"纪录，相关技术被中电联组织的专家组评定为国际先进水平。 自2017年《深化粤港澳合作推进大湾区建设框架协议》签署以来，深圳福田供电局已投入1.78亿元，推 动河套片区配 ...

展出星星 ■ ■ ■ ■ ■ ■ N ■ ■ ■ ■ .... 2025年8月8日，"科创驱动·共创未来"项目路演暨母基金研究中心粤港澳大湾区办事处挂牌活动在香蜜湖国际风投创投街区综合服务平台成功举办。本次活 动由福田区金融服务和风险防控中心指导，福田资本运营集团、母基金研究中心主办，福田创业投资公司承办，广东省科学院控股有限公司、澳银资本支 持。 活动伊始，福田区金融服务和风险防控中心领导冯向阳发表致辞。他表示，福田作为深圳中心城区，金融业态丰富，为创投机构及科技企业深耕"福田沃 土"提供完善配套。福田区不断谋划创新举措，加强金融与实体经济的融合，持续提升金融服务的质量和效率。期待未来母基金研究中心、广东省科学院与 福田区的深化合作，充分发挥自身的专业优势，在行业研究、人才集聚、科技成果转化等工作中发挥积极作用，推动资本与产业深度融合。 深圳商报·读创客户端记者 刘虹辰 and and No 00 and and the state 屏制管助 科 the state FRAN 注贝车 ps and 7 I 1 4 中 dir r Ar r 最后，活动进行了企业的路演环节，来自中科云图、中科谛听、万物传感、昇 ...

Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score of 1.92, which places it in the 25.9% percentile of the non-innovation system AHP model [2][7]. Core Insights - Guangdong Jianke is a comprehensive testing and inspection service provider in the Guangdong province, with a strong market position and a focus on large-scale engineering projects [2][9]. - The company has a diversified service portfolio, including construction, municipal, transportation, water conservancy, energy conservation, and safety production, with over 70% of its revenue coming from the construction and municipal sector [9][10]. - The company has established itself as a leader in engineering testing and green building material certification, holding numerous qualifications and certifications, including the first green building quality inspection center in South China [9][10]. - The demand for testing services is expected to grow significantly due to the ongoing construction in the Guangdong-Hong Kong-Macao Greater Bay Area and the increasing complexity of construction projects [15][16]. - The company is expanding its operations beyond Guangdong, targeting markets in Hainan and Yunnan, and is well-positioned to benefit from the industry's consolidation trend [15][17]. Summary by Sections AHP Score and Expected Allocation - The AHP score for Guangdong Jianke, after excluding liquidity premium factors, is 1.92, indicating a mid-to-low tier position in the market [7][8]. - Expected allocation ratios for offline investors are 0.0252% for Class A and 0.0225% for Class B under neutral conditions [8]. Company Fundamentals and Highlights - Guangdong Jianke is recognized for its comprehensive service capabilities in large-scale engineering testing and has received various accolades for its contributions to the industry [10][12]. - The company has developed advanced technologies and equipment, including 3D laser detection technology and the first domestic 5G intelligent detection vehicle [10][12]. Comparable Company Financial Metrics - From 2022 to 2024, Guangdong Jianke's revenue and net profit growth rates are modest, with compound annual growth rates (CAGR) of 5.67% and 2.23%, respectively [19][23]. - The company's gross margin remains stable and above the average of comparable companies, with rates of 48.59%, 47.44%, and 48.28% from 2022 to 2024 [23][24]. - Operating cash flow has improved significantly, with net cash flow of -0.19 million, 0.40 million, and 1.24 million from 2022 to 2024 [26][29]. Fundraising Projects and Development Vision - The company plans to raise funds for the construction of an innovation technology research headquarters and the establishment of a testing and marketing service network [34][35]. - The expected internal rate of return for the innovation technology research headquarters project is 10.59%, while the testing and marketing service network project is projected at 19.92% [35].

1995年，东莞常平以"京九第一镇"的豪迈，登顶东莞镇街经济榜首。广九铁路、京九铁路的汽笛声，是它响彻时代的荣耀。三十载风云变幻，当松山湖、长 安迈入GDP千亿俱乐部，常平却退居全市第七，在激烈的区域竞争中，常平如何重归"C位"？ 面对新枢纽崛起的"虹吸效应"与自身枢纽功能老化的双重挑战，常平能否凭借谋划常平站、东莞东站的高铁（动车）始发站改造、TOD项目建设、产业迭代 升级……完成从"交通枢纽"到"生态枢纽"的蜕变？南都、N视频推出《京九第一镇如何再复辉煌》深调研报道，关注常平的自我重构之路。 1995年的东莞镇街经济版图上，常平力压虎门登顶榜首。三十年后，当松山湖、长安跻身GDP千亿俱乐部，常平站在全市第七的坐标上，叩问着自己的湾区 生存命题——"京九第一镇"如何再回"C位"？ 广九铁路的汽笛声，曾是常平崛起的号角。然而，随着大湾区建设加快，广东省内市市通高铁成为现实，"大湾区大号"地铁实现一日逛五市，交通优势的相 对性正在改变。市内虎门高铁站节假日日均客流突破3万人次，东莞南站逐渐成为区域枢纽，常平的铁路枢纽面临"虹吸效应"与"功能老化"的双重挑战。 与此同时，城市新的增长极持续"长大"，松山湖用科学城 ...

Group 1: Shenzhen Comprehensive Reform Pilot - The central government has issued opinions to deepen reform and innovation in Shenzhen, focusing on integrating education, technology, and talent systems to empower high-quality economic development [1] - This year marks the 45th anniversary of Shenzhen Special Economic Zone and the 5th anniversary of the comprehensive reform pilot, with plans to introduce new reform measures and innovative experiments [1] Group 2: Guangdong Lighting Industry - Guangdong's lighting products account for approximately 32% of the national total in export value, maintaining the leading position in the country [2] - The stability of Guangdong's lighting product exports plays a crucial role in safeguarding the overall interests of the national lighting industry amid complex global economic conditions [3] Group 3: Hong Kong Passenger Departure Tax Exemption - The Hong Kong government has expanded the exemption of the passenger departure tax, potentially benefiting around 830,000 air transfer passengers and 2.5 million multimodal transfer passengers annually, with a revenue reduction of approximately HKD 670 million [4] - The new exemption is expected to attract more passengers to Hong Kong International Airport, enhancing economic benefits through increased accommodation and consumption during their stay [5] Group 4: Greater Bay Area University - The Ministry of Education has proposed the establishment of Greater Bay Area University, which will be a public higher education institution supported by the Guangdong provincial government and Dongguan municipal government [6] - The university, with a total area of 2,350 acres across two campuses, is anticipated to drive talent support for the industrial transformation in the Greater Bay Area, thereby enhancing the region's economic development and overall strength [6] Group 5: Shenzhen Stock Market Performance - The Shenzhen Component Index closed at 10,246.02 points, reflecting an increase of 0.83% [7] - Notable gainers in the Shenzhen market included Meichen Technology, Qingmu Technology, and Xinrui Technology, each experiencing significant price increases [8] - Conversely, companies like *ST Jingang, Hongjing Optoelectronics, and Zhongchao Holdings faced notable declines in their stock prices [8]

Group 1 - The core event was the relocation ceremony of China Pacific Insurance's Guangdong branch, held in Guangzhou, attended by key executives from the company and partners [2] - The new office is located in the core business district of Tianhe, Guangzhou, and aims to enhance the company's service capabilities in the Guangdong-Hong Kong-Macao Greater Bay Area [3] - The company plans to implement its "Big Health, Big Region, Big Data" strategy to integrate deeply into the Greater Bay Area's development and provide comprehensive insurance services for residents [3] Group 2 - China Pacific Insurance's Guangdong branch reported a total premium income exceeding 9.935 billion yuan in 2024, marking a year-on-year growth of 10.5%, serving over 40.48 million customers [4] - The company is focusing on enhancing service efficiency through technology and innovation, including the use of online claims tools and exploring direct payment services in hospitals [4] - Future plans include exploring innovative models such as "Insurance + Health" and "Insurance + Elderly Care," while also providing wealth management services for high-net-worth clients [4]

Core Viewpoint - The Hong Kong government is implementing a salary freeze for all civil servants and political appointees in the 2025/2026 fiscal year to control government operating expenses amid a projected budget deficit of HKD 87.2 billion [1][5][6]. Economic Outlook - Hong Kong's economy is expected to grow by 2% to 3% in 2025, supported by stable employment, moderate inflation, and increased tourism [3][4]. - The government acknowledges challenges such as international geopolitical tensions affecting trade and investment sentiment, as well as high-interest rates impacting local asset prices [4]. Fiscal Measures - The government plans to reduce recurrent government expenditure by 7% by the 2027/2028 fiscal year, addressing the ongoing budget deficit [6][7]. - The total expenditure on civil servant salaries reached HKD 156.2 billion in the last fiscal year, marking a year-on-year increase of HKD 7.1 billion [7]. Housing Supply - The government aims to supply 190,000 public housing units over the next five years, with a long-term goal of 308,000 units in the next decade [10][9]. - The government will not sell commercial land in the upcoming year due to high vacancy rates and will consider converting some commercial land for residential use [11]. Technological Development - A budget of HKD 1 billion has been allocated to establish the Hong Kong Artificial Intelligence Research Institute, aimed at promoting AI research and application [12][13]. - The Northern Metropolis, including the Hong Kong section of the He Tao Cooperation Zone, is set to begin operations this year, with HKD 3.7 billion reserved for infrastructure development [15][16].