关键是政府按效付费、金融机构融资支持 一则新规，让与民生相关的超10万亿元项目各方重新寻找利益均衡点。 8月20日，国务院办公厅转发财政部《关于规范政府和社会资本合作存量项目建设和运营的指导意见》 （下称《意见》）的通知，表态这一《意见》得到国务院同意，要求各地及国务院各部门认真贯彻落 实。 这则不到3000字的《意见》，无疑是破解当前投资总额超10万亿元存量政府和社会资本合作（下 称"PPP"）项目各类问题的关键，防止在建PPP项目烂尾而造成更大损失，让已经运营的存量PPP项目各 方寻找利益均衡点，按合同履约，确保项目平稳运行。 多位接受第一财经采访的PPP业内人士表示，《意见》出台总体符合各方预期，目前最为关键就是要使 得相关举措能够真正落地，这样才能真正解决部分存量PPP项目融资难、政府拖欠账款、监管缺失等诸 多问题。此次《意见》核心还是突出效益，避免投资浪费，形成有效投资。 破解在建项目融资难题 PPP模式被认为有利于充分发挥市场机制作用，提升公共服务的供给质量和效率，实现公共利益最大 化。中国自2014年大力推广PPP模式后，四年左右时间里项目数量迎来井喷，各地借PPP模式建设了污 水处理厂、垃圾发 ...

本次《指导意见》要求规范PPP存量项目建设和运营，支持提升公共服务和民生保障水平。地方政府要 根据经济社会发展需要、项目性质和财力状况，按照轻重缓急合理排序，优先实施具有一定收益的项 目，持续保障项目建成完工。对接近完工的项目，要抓紧推进建设、及时验收决算、及早投入运营。对 推进缓慢的项目，要进一步论证建设内容，减少不必要建设成本。 《指导意见》同时规定，政府方、社会资本方要及时足额缴纳项目资本金。2024年底前未开工的项目原 则上不再采取PPP存量项目模式实施。 为保障PPP存量项目合理融资需求，《指导意见》要求金融机构应当按照市场化、法治化原则客观评 估，依法合规积极支持在建项目融资。要优化信贷审批流程，不得无故终止，不得要求地方政府或相关 部门出具承诺或证明文件。 自2014年推行实施以来，PPP模式对改善我国公共服务、拉动有效投资发挥了一定作用。2023年11月， 国家发展改革委、财政部发布《关于规范实施政府和社会资本合作新机制的指导意见》，要求2023年2 月PPP项目清理核查前未完成招标采购程序的项目，以及今后启动的PPP项目均按照新机制执行。 实施PPP新机制之前，各地已建设、运营一定规模的PP ...

风险提示：市场有风险，投资需谨慎。 万邦达属于环保行业，业务涵盖工业水处理、固废处理等领域，同时涉及医废处理、PPP模式等概念。 公司总部位于北京，是创业板上市公司。 资金流向方面，8月20日主力资金净流出1462.82万元，近五个交易日累计净流出3340.79万元。 截至2025年8月20日15时，万邦达股价报6.50元，较前一交易日下跌0.06元，跌幅0.91%。当日开盘价为 6.53元，最高触及6.55元，最低下探至6.38元，成交量为14.18万手，成交额0.92亿元。 ...

Group 1 - The stock price of Meili Eco fell to 4.44 yuan on August 14, down 0.07 yuan or 1.55% from the previous trading day [1] - The trading volume on that day was 1.33 million hands, with a transaction amount of 613 million yuan and a turnover rate of 17.02% [1] - The stock reached a high of 4.86 yuan and a low of 4.44 yuan during the day, with a fluctuation of 9.31% [1] Group 2 - Meili Eco's main business is ecological environment construction, which falls under the engineering construction industry sector [1] - The company is registered in Shenzhen, Guangdong Province, and is involved in new urbanization and PPP model business areas [1] - The current total market capitalization is 5.104 billion yuan, with a circulating market value of 3.470 billion yuan [1] Group 3 - In the early trading session on August 14, Meili Eco experienced a rapid decline, with a drop of over 2% within 5 minutes at 9:37 AM, pricing at 4.63 yuan and a transaction amount of 140 million yuan [1] - On August 14, the net outflow of main funds was 2.1008 million yuan, accounting for 0.06% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds reached 10.4 million yuan, representing 3.01% of the circulating market value [1]

Core Viewpoint - Yong'an Xing has shown significant financing activity with a net buy of 19.96 million yuan last week, ranking 402nd in the market, indicating investor interest and potential growth opportunities [1] Financing Activity - Last week, Yong'an Xing had a total financing buy of 171 million yuan and repayment of 151 million yuan [1] - Over the past 5 days, the main capital inflow was 56.65 million yuan with a price increase of 4.16% [1] - In the last 10 days, the main capital inflow reached 130 million yuan with a price increase of 5.62% [1] Company Profile - Yong'an Xing Technology Co., Ltd. was established in 2010 and is located in Changzhou, primarily engaged in the manufacturing of computers, communications, and other electronic devices [1] - The company has a registered capital of 2.406 billion yuan and a paid-in capital of 2.394 billion yuan [1] - The legal representative of the company is Yang Lei [1] Investment and Intellectual Property - Yong'an Xing has invested in 44 companies and participated in 1,146 bidding projects [1] - The company holds 249 trademark registrations and 395 patents, along with 983 administrative licenses [1]

Group 1 - The core viewpoint of the article highlights the financing activities of Chuangye Environmental Protection, which saw a net financing inflow of 14.36 million yuan last week, ranking 495th in the market [1] - The company had a total financing amount of 48.72 million yuan and repayment amount of 34.36 million yuan during the same period [1] - Chuangye Environmental Protection is involved in various sectors including environmental protection, Tianjin region, and PPP models, among others [1] Group 2 - Over the past 5 days, the main capital inflow for Chuangye Environmental Protection was 1.04 million yuan, with a price increase of 0.3% [1] - In the last 10 days, the main capital outflow was 8.79 million yuan, resulting in a price decrease of 1.39% [1] - The company, established in 1993, primarily engages in water production and supply, with a registered capital of 1.57 billion yuan [1] Group 3 - Chuangye Environmental Protection has invested in 56 companies and participated in 3,004 bidding projects, holding 113 patents and 88 administrative licenses [1]

Core Viewpoint - The Wuhu Longwan Yangtze River Tunnel, as the first cross-river tunnel in Anhui Province and a key project for the integration of the Yangtze River Delta, significantly reduces travel time between Wuhu's northern and southern districts from 40 minutes to 5 minutes, facilitating regional connectivity and development [1][3]. Group 1: Project Overview - The tunnel spans 6009 meters, with nearly 4000 meters being a shield tunnel that traverses a complex geological environment, including a 1800-meter bedrock section [4]. - The project was initiated in 2014, with China International Engineering Consulting Corporation (CIECC) providing comprehensive consulting services, including planning, design, and risk assessment [3][6]. Group 2: Technical Challenges and Solutions - The geological conditions of the tunnel are described as a "geological maze," with varying soil types and significant water pressure, necessitating specialized engineering solutions [4][5]. - CIECC proposed 17 optimization suggestions during the design phase, addressing key technical aspects such as shield machine selection and anti-corrosion techniques [3][4]. Group 3: PPP Model Implementation - The Wuhu Longwan Yangtze River Tunnel is the first standardized PPP project in Wuhu, serving as a model for market-oriented infrastructure development in China [6][7]. - The project features a 30-year cooperation period, balancing government interests and private capital returns through a structured equity model of 5% government and 95% social capital [6][7]. Group 4: Economic and Social Impact - The tunnel enhances the efficiency of transportation networks, allowing access to key locations like Wuhu Xuancheng Airport and Wuhu Port within one hour, thus promoting the flow of resources and integration in the Yangtze River Delta [5][6]. - The project has also stimulated local employment and established a PPP management mechanism, fostering deeper collaboration between the government and construction enterprises [7].

证券代码：002374 证券简称：中锐股份 公告编号：2025-043 山东中锐产业发展股份有限公司 关于子公司重庆华宇园林有限公司 2025 年第二季度经营情况的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在虚假记载、 误导性陈述或者重大遗漏。 2 / 3 二、重大项目履行情况 1、2015 年 9 月，华宇园林与四川省巴中市巴州区人民政府（以下简称"巴 州政府"）签订了《巴中市巴州区津桥湖城市基础设施和生态恢复建设（PPP） 项目合作协议书》，工程总投资额约为 55,000 万元，业务模式为 PPP 模式。2021 年 2 月，华宇园林与巴州政府、巴中华丰建设发展有限公司（系项目 SPV 公司） 签订了《巴中市巴州区津桥湖城市基础设施和生态恢复建设（PPP）项目合作协 议书补充协议》，计划提前支付项目服务费，截至报告期末，其中 54,300 万元 1 / 3 业务类型 二季度新签合同 截至报告期末累计 已签约未完工订单 二季度已中标 尚未签约订单 数量 金额（万元） 数量 金额（万元） 数量 金额（万元） 工程 0 0 1 0 0 0 设计 0 0 0 0 0 0 合计 0 0 1 0 ...

Core Insights - The number of PPP projects in China is steadily increasing as the domestic COVID-19 situation improves, with a total of 7,093 projects recorded and a total investment of 20.42 trillion yuan [1][2] - The PPP model is seen as an effective way for local governments to develop infrastructure and public service projects without increasing their debt burden, while also attracting social capital [1][4] Group 1: Project Distribution - The top five provinces by project count are Guizhou (525 projects, 744.4 billion yuan), Guangdong (505 projects, 490.9 billion yuan), Anhui (492 projects, 464.8 billion yuan), Shandong (457 projects, 349 billion yuan), and Zhejiang (454 projects, 852.3 billion yuan), accounting for 34% of total projects and 14% of total investment [2] - The leading sectors for PPP projects include urban infrastructure (2,817 projects, 42.028 trillion yuan), agriculture, forestry, and water conservancy (893 projects, 11.8188 trillion yuan), social undertakings (819 projects, 588.3 billion yuan), transportation (771 projects, 21.539 trillion yuan), and environmental protection (757 projects, 38.09 billion yuan), which together represent 85% of total projects and 94% of total investment [2] Group 2: Investment and Policy Recommendations - The PPP model is recognized as a stabilizing factor in investment, particularly in balancing government debt pressure and encouraging private capital participation [2][3] - To better attract private investment in major projects, three key areas need to be addressed: improving and stabilizing the policy environment, increasing financing support, and enhancing information disclosure [3][4] - The government should actively promote high-quality projects to private enterprises, provide policy incentives for capital tools like special bonds and asset-backed securities, and ensure comprehensive financial support from banks for capable private enterprises [4]

Investment Rating - The industry investment rating is "Overweight" [11] Core Insights - The low valuation of major construction state-owned enterprises (SOEs) in recent years is attributed to the demographic dividend and investment peak occurring in 2010, leading to a decline in savings and investment growth rates, which negatively impacts demand in the construction industry. Additionally, these enterprises bear significant social responsibilities, limiting the potential for substantial gross margin increases. High proportions of receivables and inventory in their assets raise concerns about bad debt risks, compounded by high debt ratios [6][16][18] - Historical market trends indicate that major construction stocks have previously surged due to various factors, including the "Belt and Road" initiative, PPP models, and government stimulus measures aimed at stabilizing growth during economic downturns [25][33] - The future market performance of major construction SOEs warrants attention, as five out of eight major SOEs rank among the top ten in R&D expenditure in A-shares. For instance, China State Construction's R&D expenditure is projected to reach 45.5 billion yuan in 2024, positioning it second in A-shares, indicating a commitment to future growth [8][40] Summary by Sections 1. Why are major construction SOEs valued low in recent years? - The demographic and investment peaks have led to a downturn in construction demand, with major SOEs facing high social responsibilities and limited gross margin improvement potential. Concerns about bad debt risks arise from high proportions of receivables and inventory, alongside significant debt burdens [6][16][18] 2. Review of previous market cycles: Why did major construction stocks rise? - Major construction stocks experienced price increases during several key periods, including the "Belt and Road" initiative and government-led infrastructure spending. Factors such as the introduction of the "Shanghai-Hong Kong Stock Connect" and national reforms also contributed to the rising valuations of these stocks [25][33] 3. Future market performance of major construction SOEs deserves attention - The R&D expenditures of major construction SOEs are significant, with five of them ranking in the top ten for A-share R&D spending. This investment in R&D is seen as a foundation for future growth, and the current state of these enterprises suggests a potential for recovery in valuations [8][40]