"洛阳造"轴承助力神舟二十号成功发射；中国飞龙正式落户河南；世界首条"5600mm+5500mm双超宽 机架"宽厚板生产线全线贯通…… 上半年，河南一系列"大国重器"接连上新，多项重要项目惊艳亮相，彰显了我省国资国企的"硬核"实 力。 在这份可圈可点的亮眼答卷背后，跃动着党建引领的有力脉搏：省政府国资委党委持续提升国有企业党 的建设水平，以党建优势引领企业发展胜势，国资国企"顶梁柱""压舱石"作用日益彰显。 "五新"党建架梁 坚持党的领导、加强党的建设，是国有企业的"根"和"魂"。 省政府国资委党委建立并推进锚定新目标、构建新格局、明确新路径、打造新支点、成就新标志的"五 新"党建，持续开展党建领航行动，增强企业核心功能和提高核心竞争力。 塑造国资铁军。始终把学习贯彻习近平总书记重要讲话精神作为重大政治任务，省政府国资委党委组织 本系统坚持"首学重要思想"，严格落实"第一议题"，坚持"首抓班子领学"建立党委理论学习中心组示范 领学机制，坚持不懈用习近平新时代中国特色社会主义思想凝心铸魂。创新开展"党的创新理论万场宣 讲进基层"活动，塑造忠诚不贰跟党走、始终如一听指挥的国资铁军。 提前实现双过半。充分发挥企业党 ...

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - This week, the China Securities REITs Index closed down. The average weekly price changes of property - type REITs and franchise - type REITs were - 2.1% and - 1.8% respectively. From the comparison of the weekly price changes of major indices, CSI Convertible Bonds > CSI 300 > CSI All - Bond > CSI REITs. The average daily turnover rate of REITs throughout the week increased slightly compared to the previous week. All types of REITs in the entire market closed down, with energy, ecological, and municipal facilities REITs having smaller declines. As of June 27, the average annualized cash distribution rate of public - offering REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property REITs was 143BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury bond yield was 209BP. The central bank and other six departments issued the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption", supporting the issuance of REITs for eligible consumer infrastructure, bringing new opportunities for the development of consumer REITs. China Asset Management Beijing Affordable Housing REIT completed the first domestic rental housing expansion and fundraising, realizing a "first - issuance + expansion - fundraising" closed - loop for rental housing REITs and establishing a paradigm for normalizing refinancing [1]. Summary by Directory Market Trends - **Secondary Market Trends** - As of June 27, 2025, the closing price of the CSI REITs (closing) index was 880.9 points, with a weekly price change of - 1.46%, performing worse than the CSI Convertible Bonds Index (+2.08%), the CSI 300 Index (+1.95%), and the CSI All - Bond Index (- 0.09%). Year - to - date, the price change rankings of major indices were: CSI REITs (+11.6%) > CSI Convertible Bonds (+6.6%) > CSI All - Bond (+1.2%) > CSI 300 (- 0.3%). In the past year, the return rate of the CSI REITs index was 11.4%, with a volatility of 7.0%. The return rate was lower than that of the CSI 300 Index and the CSI Convertible Bonds Index but higher than that of the CSI All - Bond Index. The volatility was lower than that of the CSI 300 Index and the CSI Convertible Bonds Index but higher than that of the CSI All - Bond Index. The total market value of REITs rose to 206.1 billion yuan on June 27, a decrease of 500 million yuan from the previous week. The average daily turnover rate throughout the week was 0.61%, an increase of 0.01 percentage points from the previous week [2][8][14]. - Energy, ecological, and municipal facilities REITs had smaller declines. The average weekly price changes of property - type REITs and franchise - type REITs were - 2.1% and - 1.8% respectively. Among different project - type REITs, all closed down, with the three project types with the smallest average declines being energy (- 0.8%), ecological (- 0.9%), and municipal facilities (- 1.3%). The top three REITs in terms of weekly price increases were AVIC Jingneng Photovoltaic REIT (+0.95%), China Asset Management China Resources Commercial REIT (+0.64%), and CICC Shandong Expressway REIT (+0.47%) [3][19][23]. - In terms of trading activity, municipal facilities REITs were the most active this week, and transportation infrastructure REITs had the highest proportion of trading volume. The former had an average daily turnover rate of 2.4% during the period, accounting for 2.8% of the total REITs trading volume. The latter had an average daily turnover rate of 0.6%, accounting for 25.9% of the total REITs trading volume. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were China Asset Management China Resources Commercial REIT (21.81 million yuan), Penghua Shenzhen Energy REIT (16.2 million yuan), and China Asset Management Heda High - tech REIT (10.79 million yuan) [3][24][25]. - **Primary Market Issuance** - As of June 27, 2025, there were 2 REIT products in the declared stage on the exchange, 3 products had been accepted, 5 products had received feedback, 5 products had passed and were waiting to be listed, and there were 7 first - issued products that had passed and were already listed [27]. Valuation Tracking - REITs have both bond and equity characteristics. From the bond perspective, under the constraint of mandatory high dividends, the average annualized cash distribution rate of public - offering REITs as of June 27 was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. From the equity perspective, the valuation of REITs is judged through relative net - value premium rate, IRR, and P/FFO. The relative net - value premium rate reflects the relationship between the market value and fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated using the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations. The relative net - value premium rate is a long - term perspective, evaluating the secondary - market valuation level from the valuation of underlying assets; P/FFO is a short - term perspective, valuing the distributable cash flow based on the recent asset operation situation to judge the current investment return rate [29]. - Different project types of REITs have different valuation indicators. For example, municipal facilities REITs had a relative net - value premium rate of 79.1%, a P/FFO of 8.7, an IRR of 7.5%, and an annualized dividend rate of 13.6%. In addition, the dividend yield of property - type REITs was compared with the CSI Dividend stock dividend yield, and the internal rate of return of franchise - type REITs was compared with the 10 - year Treasury bond yield. As of June 27, 2025, the dividend yield of property REITs was 143BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury bond yield was 209BP [30]. Industry News - On June 19, the central bank and other six departments issued the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption", proposing to support the issuance of public - offering REITs for eligible consumer infrastructure, further expanding the "asset pool" for consumer REITs and strengthening the institutional and financial foundation for project implementation [35]. - On June 24, the winning bid results of Jiangxi Water Group's public - offering REITs were announced, with Huatai - PineBridge Fund winning the fund manager qualification. On the same day, the tender for Wenzhou Shanxi Water Conservancy's public - offering REITs was completed, with CICC and CICC Fund's consortium winning the bid [35]. - On June 25, China Asset Management Beijing Affordable Housing REIT completed the first domestic rental housing expansion and fundraising, raising approximately 946 million yuan. The expansion included 4 affordable rental housing projects, and rental housing REITs achieved a "first - issuance + expansion - fundraising" closed - loop [35]. - On June 26, CICC Yizhuang Industrial Park REIT was listed on the Shanghai Stock Exchange, the first domestic infrastructure REIT focusing on the automobile manufacturing industry chain, raising a total of 1.088 billion yuan [35]. - On June 27, CICC China Green Development Commercial REIT was listed on the Shenzhen Stock Exchange and hit the daily limit on the first day, with a 30% increase from the issue price, showing the strong attractiveness of consumer - type commercial assets in the REITs market [36].

Core Viewpoint - Xiamen Municipal Group Co., Ltd. has been rated "AAA" for its 2023 first phase medium-term notes, reflecting its strong financial position and operational stability [1][2]. Group 1: Economic and Operational Overview - Xiamen has significant geographical advantages and a solid industrial foundation, with expected growth in economic levels and general budget revenue in 2024 [2]. - The company has undergone a change in its controlling shareholder from Xiamen Municipal Government State-owned Assets Supervision and Administration Commission to Xiamen State-owned Capital Operation Co., Ltd., while the actual controller remains the same [2]. - The company will focus more on its core business after a major asset restructuring in October 2024, which will lead to a significant reduction in asset and revenue scale due to decreased area development and planning design activities [2]. Group 2: Revenue Sources and Business Focus - In 2024, the company's total operating revenue will primarily come from engineering construction, water supply, and waste incineration power generation, with engineering construction being a strong and sustainable source of income [2]. - The water supply business remains exclusive in Xiamen, showing revenue growth, while the waste incineration power generation business holds a leading position in the city, contributing to increased revenue [2]. Group 3: Financial Position - The company's assets are mainly non-current, with average liquidity, and its interest-bearing debt is primarily long-term, indicating a light overall debt burden [2]. - The company demonstrates strong debt repayment indicators, with accessible indirect financing channels and manageable potential liability risks [2].

2025年6月26日，国务院国资委所辖央企之一——中国交通建设集团有限公司（下称"中交集团"）董事长、总经理双双易人。中国能源建设集团有限公司 （下称"中国能建集团"）党委书记、董事长宋海良取代王彤宙，任中交集团党委书记、董事长；中国林业集团有限公司（下称"中国林业集团"）总经理张炳 南取代王海怀，任中交集团党委副书记、董事、总经理。 2025年6月26日至6月27日，数位知情者向经济观察报记者确认了上述消息。 2018年10月，宋海良升任中交集团党委副书记、董事、总经理；一年多后，即2020年8月，宋海良离开中交集团，就任中国能建集团党委书记、董事长。 中交集团前任董事长王彤宙，1965年12月生，山西吕梁人。历任中国建筑海南开发公司副总经理；中建实业公司副总经理兼任中国建筑海南开发公司总经 理；中国建筑总公司总承包部（国内事业部）总经理兼中建国际建设公司常务董事、副总经理；中国建筑发展有限公司总经理；中国建筑工程总公司第六工 程局局长；中国水利水电建设股份有限公司副总经理；中国电力建设集团有限公司副总经理；中国节能环保集团公司总经理；中国有色矿业集团有限公司党 委书记、董事长；2020年8月开始，任中交集 ...

Core Insights - The partnership between Baixinou and Shoucheng Holdings marks a significant advancement in the autonomous delivery vehicle industry, integrating technology, scenarios, and operations into a cohesive model for commercial deployment [1][3] Group 1: Company Profiles - Baixinou is a leading L4 autonomous driving company with proprietary technology and extensive operational experience, successfully deploying its vehicles in over 100 cities globally across nine application scenarios including logistics and retail [2] - Shoucheng Holdings focuses on smart infrastructure asset services, managing multiple industry funds and investing in high-quality companies in robotics and new energy sectors [2] Group 2: Strategic Collaboration - The strategic collaboration aims to leverage Baixinou's advanced autonomous driving technology and Shoucheng's operational management capabilities to explore deeper applications of autonomous vehicles in various scenarios [3] - This partnership is seen as a critical milestone for Baixinou in establishing a closed-loop system of technology, scenarios, and operations, providing a "super testbed" for scalable and sustainable deployment [3] - The collaboration is expected to define new standards for urban smart services and contribute to the development of an efficient and green future urban logistics network [3]

Group 1 - The core viewpoint emphasizes the importance of high-standard farmland construction and the need for strict supervision and management to address issues in project execution and maintenance [1][2] - The local disciplinary inspection and supervision agencies are actively involved in monitoring the entire process of high-standard farmland projects, ensuring that problems are identified and resolved effectively [1] - A total of 1,870 problematic wells have been rectified, achieving a 95% rectification rate, with remaining issues scheduled for resolution after the wheat harvest [1] Group 2 - The focus is on preventing corruption risks in high-standard farmland construction by implementing a collaborative mechanism that includes local and functional departments for ongoing supervision [2] - As of now, 9 cases related to this field have been processed, resulting in disciplinary actions against 97 individuals for failing to fulfill their responsibilities [2] - The local authorities are working on revising and improving management methods for post-construction maintenance of high-standard farmland to address identified issues and enhance oversight [2]

Core Acquisition News - CoreWeave is in talks to acquire Core Scientific, a Bitcoin mining and hosting service provider, with potential completion in the coming weeks [1] - Following the news, Core Scientific's stock surged by 33%, reaching $16.36 per share, with a market capitalization nearing $5 billion [2] - Since April 22, Core Scientific's stock has increased by over 156% [3] Historical Context - Core Scientific previously rejected a non-binding acquisition offer from CoreWeave, which was valued at $1.02 billion (or $5.75 per share) [6][5] - Core Scientific stated that the offer significantly undervalued the company and was not in the best interest of its shareholders [7] - Currently, Core Scientific's market capitalization stands at approximately $4.872 billion, about five times the previous offer [7] Financial Impact - A partnership agreement between Core Scientific and CoreWeave is expected to generate $10.2 billion in revenue, which is crucial for Core Scientific's turnaround [9] - Since emerging from bankruptcy in January last year, Core Scientific has shifted focus towards AI infrastructure, repurposing much of its mining capacity for high-performance computing workloads [10] Market Performance - CoreWeave's stock has seen a remarkable increase of over 346% since April 22, with the latest price at $158.08 and a total market capitalization of $75.875 billion [12] - The CEO of CoreWeave, Michael Intrator, has seen his net worth rise to $10.3 billion, making him the 311th richest person globally [13] - Intrator achieved a significant milestone, growing his wealth from $5 billion to $10 billion in just 12 days, compared to an average of over three years for others in the Bloomberg Billionaires Index [14] Future Outlook - The potential acquisition of Core Scientific by CoreWeave is anticipated to enhance the performance of both companies in the evolving market [15]

Market Overview - Major global stock indices showed mixed performance, with the Dow Jones Industrial Average rising by 404.41 points (0.94%) to 43,386.84, while the S&P 500 increased by 48.86 points (0.80%) to 6,141.02 [1] - In contrast, the European Stoxx 50 declined by 7.98 points (-0.15%) to 5,244.03, and the Shanghai Composite Index fell by 7.52 points (-0.22%) to 3,448.45 [1] Trade and Economic Policies - U.S. trade partners, including Japan, India, and the EU, are hesitant to sign agreements due to uncertainty over potential tariffs on key exports like chips and pharmaceuticals [2] - The U.S. Treasury Secretary requested the removal of a "retaliatory tax" proposal from a tax bill, which could impose a 20% tax on foreign investors from countries deemed to impose unfair taxes on U.S. companies [2][5] Company Developments - Xiaomi announced that its Yu7 model received over 289,000 pre-orders within the first hour of availability, indicating strong consumer interest [3][4] - Nike's stock surged by 10% following the release of its quarterly earnings report, which showed earnings per share of $0.14, slightly above expectations [4] - Nike's CFO indicated that new tariffs could increase total costs by approximately $1 billion for the fiscal year 2026, prompting the company to adjust its supply chain and pricing strategies [5] Mergers and Acquisitions - CoreWeave is in talks to acquire Core Scientific to expand its cloud computing capabilities, with the deal expected to be finalized in the coming weeks [7][8] - Following the acquisition news, Core Scientific's stock price rose by 33%, reflecting investor optimism [9] Regulatory Changes - Apple modified its App Store policies in Europe to comply with the Digital Markets Act, aiming to avoid a potential €500 million fine [11][12] - The new policy introduces a complex fee structure for app developers, including a 5% commission on digital purchases made outside the App Store [12]

Core Viewpoint - Zhejiang Provincial Transportation Investment Group Co., Ltd. received an "AAA" credit rating for its 2020 public bond issuance, indicating strong financial health and industry position [1][2]. Group 1: Company Overview - The company is the largest entity in Zhejiang Province for transportation infrastructure investment, construction, and operation, highlighting its prominent industry position [2]. - The economic strength of Zhejiang Province, a major economic hub in southeastern China, continues to enhance the company's operational environment, with significant growth potential in the transportation infrastructure sector [2]. Group 2: Business Operations - As the largest operator of expressways in Zhejiang, the company manages high-quality road assets and has substantial operational scale, also overseeing railway investment and management in the province [2]. - The company is engaged in multiple construction projects with high-level qualifications, maintaining a large backlog of contracts and stable revenue from goods sales, although it faces low profit margins [2]. Group 3: Financial Performance - The company has experienced a decline in securities income due to reduced futures business revenue, which is sensitive to economic cycles and regulatory changes [2]. - With the inclusion of Nantong Jianghai Capacitor Co., Ltd., the company has expanded into electronic components, which is expected to significantly contribute to future revenue and profits [2]. - The company's asset scale is growing, with ample cash reserves and stable income from toll roads and financial assets, indicating strong overall asset quality and profitability [2]. - Although the debt scale has increased, it remains manageable, primarily consisting of bank loans, bond financing, and government special bonds, with strong debt repayment indicators and accessible financing channels [2].

Group 1 - The core viewpoint is that the relationship between Lebanon and China has seen positive developments, with increased investment from Chinese companies in Lebanon and growing cultural exchanges [1] - The "Belt and Road" initiative presents significant opportunities for Lebanon's development, especially if political stability and improved business environments are achieved [1] - Improvements in port infrastructure are expected to benefit Lebanon's economic development and contribute to regional supply chain stability [1] Group 2 - Lebanon can learn from China's development experience, particularly in areas such as high-speed rail, urban construction, and energy networks, which are crucial for socio-economic development [4] - China's poverty alleviation achievements, through precise design and implementation, have lifted millions out of poverty, serving as a model for Lebanon [4] - The shift in China's development focus from GDP to sustainable development and technological innovation reflects a commitment to high-quality growth [4] Group 3 - The concept of building a community with a shared future for mankind, along with global development and civilization initiatives, emphasizes mutual respect and collaboration to address common challenges [4] - The historical connections between Arab and Chinese civilizations through the ancient Silk Road highlight the importance of trade and cultural exchange [4] - The alignment of the "Belt and Road" initiative with the development strategies of various countries is expected to deepen cooperation and friendship between China and Arab nations [4]