Group 1 - The "Hundred Days of Millions of Recruitment Special Action" launched online recruitment events for four industries: artificial intelligence, modern services, light industry, and construction, with over 6,800 employers participating and a recruitment demand exceeding 95,000 positions [1] - The artificial intelligence sector will have 71 employers offering positions such as pre-sales solution managers, digital engineers, AI application engineers, and algorithm engineers, with a recruitment demand of over 900 positions [1] - The modern services sector will feature 38 employers providing roles like marketing specialists, after-sales engineers, and interior designers, with a recruitment demand exceeding 1,000 positions [1] - The light industry sector will involve over 6,700 employers offering positions such as mechanical engineers, process engineers, product quality inspectors, and polymer materials engineers, with a recruitment demand exceeding 93,000 positions [1] - The construction sector will have 68 employers offering roles like engineering technicians, project managers, mechanical designers, and cost estimators, with a recruitment demand exceeding 1,000 positions [1] Group 2 - The "Employment Online" platform hosted a live-streaming recruitment event featuring employment officials from Jiangxi, Hubei, and Hunan provinces, focusing on industries such as manufacturing, wholesale and retail, and information technology services [2] - Employers in the live-streaming event offered positions including equipment engineers, production managers, quality directors, electrical engineers, and software development engineers [2] - Job seekers can access recruitment events through various online platforms, including the China Public Recruitment Network and the National Talent Network, as well as the main event page of the special action [2]

Core Points - The 2025 Malaysia International Construction and Infrastructure Technology Exhibition opened in Kuala Lumpur, focusing on green building, smart construction, and new building materials [1] - Shandong Province organized nearly 80 enterprises in construction materials, engineering machinery, and smart construction to participate, forming a significant exhibition group [1] Group 1 - The exhibition featured 80 booths covering an area of approximately 800 square meters, showcasing representative new technologies and products such as new steel structure materials, energy-saving doors and windows, high-performance concrete, smart engineering machinery, construction robots, and BIM technology systems [1] - During the exhibition, Shandong participating enterprises received over 4,200 professional visitors from more than 10 countries and regions, achieving export intention orders of approximately 48 million USD [1] - Products such as prefabricated building components, smart tower crane equipment, environmentally friendly building materials, and digital construction management systems were particularly favored, demonstrating the strong competitiveness of "Shandong Construction" in the international market [1] Group 2 - The participation in the exhibition effectively enhanced the brand awareness and influence of Shandong's construction materials and engineering machinery in the Southeast Asian market, laying a solid foundation for deepening regional economic and trade cooperation and expanding international collaboration [2] - The successful participation will further promote the transformation and upgrading of Shandong's construction industry and international capacity cooperation, helping enterprises seize opportunities in the "Belt and Road" market [2]

Core Viewpoint - Jianpeng Holdings (01722.HK) reported a 3.1% year-on-year increase in total revenue to approximately 349 million Macanese Patacas for the six months ending June 30, 2025, primarily due to the scale of construction and supporting service projects undertaken during the period [1] Financial Performance - The group's comprehensive income totaled approximately 400,000 Macanese Patacas, compared to a comprehensive loss of about 11.3 million Macanese Patacas for the six months ending June 30, 2024, mainly due to the impact of the aforementioned projects [1] - Basic earnings per share were approximately 0.04 Macanese cents, a significant improvement from a basic loss per share of about 1.02 Macanese cents for the six months ending June 30, 2024 [1] Dividend Policy - The board of directors does not recommend the payment of an interim dividend for the six months ending June 30, 2025, consistent with the previous period where no dividend was declared [1]

Group 1: Industrial Production - Industrial production has shown signs of recovery, with the blast furnace operating rate increasing by 1.1 percentage points year-on-year to 5.9% [2][6] - Midstream production shows a mixed outlook, with PTA and automotive production performing poorly, down 6.6% and 5.9% year-on-year respectively, while soda ash and polyester filament production improved, up 0.1% to 5.8% and 0.9% to 3.1% respectively [2][16] - Cement production continues to improve, with the national grinding operating rate down 1.5 percentage points year-on-year to -5.6%, and cement shipment rates slightly up by 0.8% to -2.9% [28][32] Group 2: Demand Tracking - Daily average transaction area of new homes remains weak, up 2.9 percentage points year-on-year to -6.3%, with first-tier cities showing some recovery [52] - Port cargo throughput related to exports has significantly increased, with cargo throughput and container throughput up 7.1% to 9.7% and 6.1% to 14.8% year-on-year respectively [61][68] - The national migration scale index has decreased by 5.2 percentage points year-on-year to 16.6%, but domestic flight operations have increased by 1.0% to 2.7% [73] Group 3: Price Trends - Agricultural product prices are showing divergence, with pork and fruit prices down 0.1% and 0.8% respectively, while egg and vegetable prices increased by 1.7% and 2.5% [3][101] - The industrial product price index has generally declined, with the Nanhua industrial product price index down 1.4% [113] - The energy and chemical price index decreased by 0.9%, and the metal price index fell by 1.7% [113][120]

Core Viewpoint - Huayang International (002949) reported mixed financial results for the first half of 2025, with revenue growth but a significant decline in net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 reached 601 million yuan, a year-on-year increase of 15.6% [1] - Net profit attributable to shareholders was 34.99 million yuan, down 40.93% year-on-year [1] - In Q2 2025, total revenue was 337 million yuan, up 15.79% year-on-year, while net profit was 32.51 million yuan, down 42.07% year-on-year [1] - Gross margin decreased to 24.57%, down 11.43% year-on-year, and net margin fell to 5.6%, down 50.01% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 74.63 million yuan, accounting for 12.43% of revenue, a decrease of 6.06% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased, with a ratio to net profit reaching 372.71% [1][12] - Cash and cash equivalents increased by 100.52% due to the redemption of financial products and reduced dividends [11] - Inventory surged by 141.68% due to investments in short drama productions [3] - Contract assets rose by 11.07% due to extended settlement cycles [2] Cash Flow and Investment - Operating cash flow per share was -0.94 yuan, down 47.07% year-on-year [1] - Investment cash flow increased by 301.27% due to increased redemptions of financial products [11] - Financing cash flow rose by 58.54% due to reduced rent payments and lower dividends compared to the previous year [11] Operational Insights - The company's return on invested capital (ROIC) was 7.26%, indicating average capital returns [11] - The historical median ROIC since listing is 16.56%, suggesting generally good investment returns [11] - Analysts expect 2025 performance to reach 108 million yuan, with an average earnings per share of 0.55 yuan [12]

一、主要投资策略 整体采用大类资产配置的策略，多品种多周期多策略，资产的收益不单纯依赖某一个品种， 不参照某一个指数，短期内可以跑输某一资产类别，在任何时候以获取绝对收益为目标。主 要操作主要有以下几个部分：股权类策略（股指期权、高股息轮动）、转债策略（双低/三 低/多因子轮动）、商品期货价值投资策略（历史底部大网格操作）、商品期货套利策略及其 他一些非常规套利。各个大类资产根据估值高低配置相应的仓位，在各类资产类别之中，利 用轮动、吃贴水的方式获取相对该类资产的超额收益。各大类资产配置中尽量利用市场中有 杠杆的金融工具去配置，节省出来的资金做套利进一步增强收益，这样整体投资有2个方面的 超额收益增强，整体波动会更小，收益会更高。 二、目前各类资产仓位配置情况 （一）权益类 1.股指期权（仓位150%至200%）。利用期权配置股票权益类仓位可以节省大部分资金，节 余资金去做低风险套利。主要采用沪深300和中证1000股指期权类认购期权价差组合策略 ， 通过买入持有偏远期的浅实值认购期权，滚动卖出近月的虚值程度10%左右的认购期权来获 取权利金收益用来弥补买入看涨期权的部分成本，这样当行情大跌时由于持有浅虚值看 ...

瑞安建业(00983)发布截至2025年6月30日止6个月中期业绩，该集团取得营业额38.15亿港元，同比减少 6.9%;公司持有人应占亏损8300万港元，同比减少5.68%;每股基本亏损0.22港元。 尽管香港建筑业面临逆风，瑞安建业业务仍展现韧性，股东应占亏损较去年同期少6%。 集团建筑业务中的室内装修工程业务表现稳健，在香港及澳门市场均获得机构客户的大力支持，持续带 来稳定的贡献。 ...

智通财经APP讯，瑞安建业(00983)发布截至2025年6月30日止6个月中期业绩，该集团取得营业额38.15 亿港元，同比减少6.9%;公司持有人应占亏损8300万港元，同比减少5.68%;每股基本亏损0.22港元。 尽管香港建筑业面临逆风，瑞安建业业务仍展现韧性，股东应占亏损较去年同期少6%。 集团建筑业务中的室内装修工程业务表现稳健，在香港及澳门市场均获得机构客户的大力支持，持续带 来稳定的贡献。 ...

| 1866.13 | 1952.00 | 2071.00 | 2210.00 | | --- | --- | --- | --- | | 4.14 | 4.60 | 6.10 | 6.71 | | 56.88 | 60.83 | 66.05 | 72.15 | | 4.82 | 6.94 | 8.59 | 9.24 | | 10.11 | 9.78 | 9.87 | 9.92 | | 0.93 | 1.00 | 1.08 | 1.18 | | 8.11 | 7.58 | 6.98 | 6.39 | | 市场数据 | 2025-08-26 | | --- | --- | | 股票代码 | 601117 | | A 股收盘价(元) | 8.29 | | 上证指数 | 3,868.38 | | 总股本(万股) | 610,688 | | 实际流通 A 股(万股) | 606.958 | | 流通 A 股市值(亿元) | 503 | 公司点评报告 ·建筑行业 E券|CGS 附录: 公司财务预测表 | 资产负债表(亿元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | ...

Core Insights - The Shandong Provincial Department of Housing and Urban-Rural Development held a press conference to announce the leading cities, counties, and enterprises in the construction industry for 2024, along with the first batch of "Qilu Construction" brands for 2025 [2] - The evaluation identified five leading cities and ten leading counties, emphasizing the importance of scientific evaluation in guiding the development direction of the construction industry [2][3] - The total construction output value of the eight leading and developing cities accounts for 80% of the province's total, while the related counties and districts contribute 71% [3] Group 1 - The evaluation method considered various indicators such as development scale and outward orientation, including both traditional large-scale construction areas and rapidly developing regions [2] - The aim is to stimulate the internal motivation of local governments to strengthen the construction industry, creating a collaborative effort for high-quality development across provincial, municipal, and county levels [2][3] - The 50 leading enterprises in the construction industry are projected to have a total output value exceeding 900 billion, representing 45.4% of the total output from 13,000 enterprises in the province [3] Group 2 - The first batch of "Qilu Construction" brands includes 177 enterprise brands, 47 service brands, 37 component material brands, and 7 regional brands [3] - The provincial government plans to enhance the application of evaluation results and provide targeted support to leading regions and enterprises, encouraging smaller but rapidly developing areas to tap into their potential [4] - There will be a focus on brand management and development to leverage brand power for promoting the construction industry and achieving high-quality growth [4]