重要的消息有哪些 1．国务院印发《关于深入实施"人工智能+"行动的意见》，到2027年，率先实现人工智能与6大重点领 域广泛深度融合，新一代智能终端、智能体等应用普及率超70%，智能经济核心产业规模快速增长，人 工智能在公共治理中的作用明显增强，人工智能开放合作体系不断完善。到2030年，我国人工智能全面 赋能高质量发展，新一代智能终端、智能体等应用普及率超90%，智能经济成为我国经济发展的重要增 长极，推动技术普惠和成果共享。到2035年，我国全面步入智能经济和智能社会发展新阶段，为基本实 现社会主义现代化提供有力支撑。 2．8月26日，外交部发言人郭嘉昆主持例行记者会。有记者提问，特朗普周一表示，他预计将在今年或 不久之后访问中国。郭嘉昆表示，中方一贯按照相互尊重、和平共处、合作共赢的原则，处理和推进中 美关系，同时坚定维护自身的主权、安全和发展利益。我们希望美方相向而行，推动中美关系稳定、健 康、可持续发展。元首外交对中美关系发挥着不可替代的战略引领作用。中美两国元首保持着密切的交 往和沟通。 3．根据国家发展改革委消息，新一轮成品油调价窗口将于8月26日24时开启。本次油价调整具体情况如 下：从8月2 ...

Core Viewpoint - Greenland Holdings Group Co., Ltd. reported significant declines in revenue and profit for the first half of 2025, reflecting challenges in the real estate market and broader economic conditions [1][2]. Financial Performance - The company achieved operating revenue of approximately 94.5 billion RMB, a decrease of 18.06% compared to the same period last year [2]. - Total profit for the period was a loss of approximately 3.59 billion RMB, a decline of 466.14% year-on-year [2]. - The net profit attributable to shareholders was approximately -3.51 billion RMB, down 1,772.40% from the previous year [2]. - The net cash flow from operating activities was approximately -2.48 billion RMB, an improvement of 52.48% compared to the previous year [2]. - As of June 30, 2025, the net assets attributable to shareholders were approximately 60.68 billion RMB, a decrease of 5.23% from the end of the previous year [2]. Industry Overview - The company operates primarily in real estate and infrastructure, with a strong presence in both domestic and international markets [3][4]. - In the real estate sector, the company reported a contract sales amount of 33.9 billion RMB, a year-on-year increase of 6.6% [4]. - The real estate market is experiencing a gradual recovery, supported by government policies aimed at stabilizing expectations and activating demand [4][5]. - The infrastructure sector is benefiting from national initiatives to strengthen infrastructure construction, with the company involved in various projects across over 20 countries [6][7]. Business Segments - The real estate segment remains the core business, with a diverse portfolio including residential and commercial properties [4]. - The infrastructure segment has a total project value of approximately 628.2 billion RMB, with a focus on both housing construction and infrastructure projects [6]. - The financial segment is evolving with a focus on supply chain finance, digital finance, and special opportunity investments [9][10]. Market Conditions - The overall real estate market is showing signs of recovery, but the pace is uneven across different regions, with lower-tier cities lagging behind [5][8]. - Infrastructure investment is maintaining steady growth, with a year-on-year increase of 4.6% in the first half of 2025 [8]. - The energy sector is also a key focus, with the company positioned as a coal supply platform in Shanghai, ensuring stable supply and cost control [12][13]. Strategic Initiatives - The company is actively pursuing new business opportunities in consumption, including trade, tourism, and automotive sectors, to diversify its revenue streams [15][19]. - The establishment of the Greenland Global Commodity Trade Port aims to enhance international trade and logistics capabilities [15]. - The company is leveraging its strengths in technology and design within the infrastructure sector to maintain a competitive edge [7].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views - Layout of the bottom - position is as important as flexible offense. A basket of "high - dividend × low - volatility" dividend assets can provide a natural "shock absorber" for the portfolio, and the combination can withstand extreme market conditions by suppressing volatility with stable cash flows and low β and then capturing market mismatches with the remaining positions [3]. - To amplify returns in the dividend pool, a dual - screening approach is more reliable than relying solely on the "high - dividend" indicator. Adding a second filter such as low - volatility, earnings quality, or institutional holdings can eliminate potential risks and further increase the returns of general dividend assets [3]. - On top of the dividend bottom - position, there are systematic excess opportunities from the left - to - right shift of the industrial cycle. Priority should be given to companies with stable cash flows despite pressured profits. Industries such as cement, silicone, and phosphate chemicals are currently in the preferred range, while the photovoltaic chain is still in a state of "double losses in profit and cash flow". The overall allocation strategy involves initially establishing an observation position, increasing the position after confirming the leading indicators of the profit inflection point, and exiting when profits weaken again or the gross margin is inverted [3]. 3. Summary by Relevant Catalogs 3.1 Bottom - Position Allocation Necessity: "Pure Left" and "Pure Right" Are Not Desirable - In a market with an increasing industry rotation center, it is crucial to build a long - term core position first. A 15 - year quarterly rotation experiment on 31 Shenwan primary industries shows that both extreme left - side bottom - fishing and extreme right - side chasing result in single - digit annualized returns and significant drawdowns. In contrast, a dividend portfolio characterized by "high - dividend × low - volatility" can provide double - digit annualized returns and keep drawdowns within an acceptable range. Therefore, increasing the exposure of "high - dividend + low - β" in the bottom - position can provide a safety cushion for the portfolio [7]. - Dividend assets are the optimal core bottom - position in terms of return - to - drawdown. Historical stress tests show that the dividend index has shallower drawdowns, a stable 3 - year rolling Sharpe ratio, and does not require market timing in the long - term perspective. It also has higher probabilities of achieving positive returns in different holding periods compared to most broad - based and style indices [10][12][21]. 3.2 Dividend Yield Single - Factor Trap - Selecting stocks based solely on the "high - dividend" factor often leads to choosing high - volatility stocks with limited return increases and large drawdowns. Adding a second filter such as low - volatility or earnings quality can improve the overall cost - effectiveness. Statistical regression shows that the dividend yield alone has a weak explanatory power for future returns [29]. - Several case studies illustrate different types of "false high - dividend" traps. For example, some companies rely on one - time gains to support high dividends, some have high dividends due to falling stock prices rather than improved profitability, and some have high dividends at the peak of the business cycle or due to high leverage. To avoid these traps, specific financial and operational criteria need to be set [37][40][44]. 3.3 High - Dividend Smart - Beta's Distortion Risk - Modified dividend indices such as "Dividend Quality" and "Dividend Potential" have larger fluctuations and deeper drawdowns than the CSI Dividend Index. Their style drift and uncontrolled risk exposure lead to higher volatility, especially in bear markets. The main reasons are their high - concentration weighting, high - valuation requirements, and frequent chasing of market highs [60][64]. - The CSI Dividend Index selects 100 stocks based on a three - year dividend yield with a diversified weighting, while the Dividend Quality and Dividend Potential indices select 50 stocks by adding factors such as ROE and EPS growth, with a more concentrated and high - chasing weighting. As a result, they are more likely to suffer from double - kills of earnings and valuation when the market weakens [64]. 3.4 Potential Ways to Enhance Dividend Low - Volatility - **Dividend + Pricing Power Approach**: Traditional high - dividend indices have several drawbacks, including style drift, inclusion of high - risk high - dividend stocks, and right - side trading characteristics. A comprehensive scoring system based on pricing power, price - to - earnings ratio, and stability can be used to select the top 20 stocks for a portfolio. A ten - year back - test shows that this combination has better performance in terms of cumulative return, annualized return, and drawdown control compared to the CSI Dividend Index [83][84]. - **Considering Institutional Participation Rate**: Incorporating institutional holdings into high - dividend screening reveals that stocks with high institutional participation (≥20%) from stable - cash - flow industries have better risk - return profiles, including higher cumulative returns, greater upside potential, and controlled drawdowns. In contrast, stocks with low institutional participation (<20%) from cyclical industries perform less well. Therefore, combining high - dividends with institutional recognition can build a safer and more sustainable dividend portfolio [89]. 3.5 Bottom - Position Is Not Just Dividends: Quality Low - Volatility and Cash Cows - The "quality + low - volatility" dual - screened bottom - position established in June 2020 can achieve a balance between offense and defense. By filtering out high - leverage and low - resilience companies and compressing risk thresholds, it has achieved a five - year rolling net value increase of about 1.6 times, with stable single - digit annualized returns and significantly reduced volatility and drawdowns compared to ordinary low - volatility strategies [94]. - The long - term returns of dividend assets mainly come from stable dividends and profits rather than valuation increases. From 2014 - 2025, the annualized total returns of Dividend Low - Volatility and CSI Dividend after reinvestment were 13.9% and 13.2% respectively, with dividend contributions exceeding 9 percentage points and accounting for over 70% of the total returns [98]. - The cash - cow enhancement framework uses six dimensions to examine potential risks in high - dividend portfolios and provides corresponding enhancement measures. These measures include equal - weighting industries and quality sorting to address concentration risks, using free - cash - flow and growth thresholds to eliminate "high - dividend traps", and implementing valuation gates and hedging strategies to manage valuation risks [108]. 3.6 Industrial Cycle Reversal: From Left to Right - At the inflection point of the industrial cycle, multi - dimensional indicators such as fundamentals, inventory, price, valuation, and funds often show concurrent inflection points. The consistency in the industry dimension, from raw material prices to mid - stream production and downstream demand, can improve the reliability of inflection - point signals. For example, the anti - involution market rhythm is often in line with this "consistency chain" [111][112]. - At the company level, by dividing samples into leading, mid - stream, and tail companies, monitoring the second - order derivatives of 10 key indicators can help identify the acceleration of marginal improvements in demand, pricing, or cash flows. When at least three indicators in any two of the three sample layers show positive second - order derivatives, it can be regarded as a company - level consistency inflection point [114]. - The industrial cycle reversal framework uses a "three - light" approach to determine investment opportunities. When the three conditions of valuation repair, profit - cash flow resonance improvement, and completion of inventory reduction and demand expansion are met simultaneously, it indicates a three - dimensional resonance of supply - demand, profit, and sentiment, and investors can make aggressive investments. Otherwise, they should continue to hold the dividend bottom - position [115].

Group 1 - The core viewpoint of the article highlights the shifting dynamics in salary growth between different sectors, particularly emphasizing that the hospitality and healthcare industries are experiencing higher wage increases compared to traditional white-collar jobs, which are struggling to keep pace with inflation [2][3][4]. - Since 2021, the hospitality sector has seen a salary increase of nearly 30%, exceeding inflation by over 4%, while healthcare workers have experienced a salary growth of approximately 25% over the past four years [2]. - In contrast, professionals in business services, finance, and education are facing salary growth that lags behind inflation, with teachers' salaries growing nearly 5% less than inflation [2][5]. Group 2 - Despite the higher salary growth in the hospitality sector, it is unlikely that Generation Z will flock to jobs in bars or coffee shops, as entry-level tech positions still offer relatively higher pay, averaging $19.57 per hour compared to the $16 per hour for baristas [3][4]. - The white-collar job market is experiencing a slowdown in hiring, particularly in finance and professional services, with companies like Meta halting recruitment in their AI departments after a period of aggressive hiring [4]. - The education sector is noted to have the largest salary gap compared to inflation, and even those fortunate enough to secure tech jobs may face obstacles in career advancement, as promotion rates have declined from a peak of 14.6% in May 2022 to 10.3% in May 2025 [5].

公告称，楼宇建筑工程产生的收益由截至2024年6月30日止6个月的约24.14亿港元增加约7.28亿港元或约 30.1%至截至2025年6月30日止6个月的约31.42亿港元。收益增加乃由于报告期间内新项目及现有项目为 集团带来的收益增加。 华营建筑(01582)发布截至2025年6月30日止6个月的中期业绩，该集团取得收益35.71亿港元，同比增加 28.76%;公司拥有人应占溢利2427.8万港元，同比减少32.27%;每股基本盈利4.86港仙。 ...

Group 1 - The Chinese government is emphasizing infrastructure investment to stimulate economic growth, with fixed asset investment reaching 288,229 billion yuan from January to July, a year-on-year increase of 1.6%, and infrastructure investment growing by 3.2% [1] - Major infrastructure projects are being initiated or accelerated, providing support for sand and gravel demand, thus creating new revenue growth opportunities for sand and gravel equipment companies [1][13] Group 2 - The Yarlung Tsangpo River downstream hydropower station project has a total investment exceeding 1.2 trillion yuan, with a planned construction of five hydropower stations and a total installed capacity of 60 million kilowatts, which is equivalent to three Three Gorges projects [3][4] - The project is expected to generate a sand and gravel demand of over 100 million tons, significantly benefiting the sand and gravel industry [4] - The engineering machinery investment in this project is estimated to exceed 180 billion yuan, with a potential profit space of 18 billion yuan for the industry [4] Group 3 - The China-Kyrgyzstan-Uzbekistan railway, a key project under the Belt and Road Initiative, will reduce transportation distance to Europe and the Middle East by 900 kilometers, with a total estimated cost of 4.665 billion USD [6] - This railway project will also create substantial demand for sand and gravel, benefiting construction companies and stimulating the engineering machinery market [6][15] Group 4 - The New Tibet Railway project has a total investment estimated at 400 billion yuan, marking another significant infrastructure initiative following the Yarlung Tsangpo project [8] - The project will span approximately 2,000 kilometers and is expected to take up to 10 years for completion, with construction phases planned for different segments [8] Group 5 - Other major infrastructure projects scheduled for 2025 include the Changgan High-Speed Railway, the Shenzhen-Zhuhai Channel, and the Zhejiang-Guangdong Canal, which will collectively enhance transportation and connectivity [10][11] - The ongoing and upcoming projects are expected to further accelerate the demand for sand and gravel, as well as engineering machinery, contributing to the overall growth of the construction and related industries [15][16]

（以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 来源：金融界 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，建筑行业市盈率（TTM）平均值为14.78倍，行业中值-0.25倍。荣尊国际控股市盈 率-62.36倍，行业排名第121位；其他NIU HOLDINGS（08619.HK）为0.65倍、HPC HOLDINGS （01742.HK）为1.01倍、浦江国际（02060.HK）为1.01倍、靛蓝星（08373.HK）为1.58倍、艾硕控股 （08341.HK）为2.14倍。 资料显示，荣尊国际控股集团有限公司透过三间于香港注册成立为有限公司的主要营运附属公司嘉顺土 木工程有限公司、嘉顺承造有限公司及嘉建建筑有限公司经营业务。公司为于香港从事改建及加建工程 及土木工程的专业承建商。改建及加建工程一般包括新的结构工程、装修工程、变更设施配置、在现有 楼宇上进行新扩建、将现有楼宇改建成不同类型、装配、改装、拆除或安装硬件及设备;搭建、搬移或 拆除隔板和门窗;更换装饰和地板材料类型;而土木工程一般包括地盘平整工程(即为开展地基工程进行的 地盘清理及地盘平整)及 ...

攻坚克难，创新工装破解行业难题 在建筑行业的漫长征途中，李晓峰不仅是一位技艺高超的工程师，更是一位勇于挑战未知、敢于突破极限的探险家。面对工程中的重重难关，他从不退缩，反而将其视为锤炼技艺、创新突破的 宝贵机会。 在建筑行业深耕二十二载，中交三航局余姚梁周线高架项目总工李晓峰用一个个精品工程诠释着"质量是工程生命线"的深刻内涵。他主导研发的折臂吊工装突破空间限制，创新的大节段箱梁浇 筑工艺攻克裂缝难题，带领团队斩获"钱江杯""国家钢结构金奖"等多项殊荣。这位手握国家专利、勇攀技术高峰的工程专家，正以技术创新为笔，书写着中国基建质量提升的新篇章。 扎根一线，砺刃强技淬炼硬核能力 2003年参加工作以来，李晓峰从技术部长到项目总工，始终扎根施工一线。在参与10个码头项目和2个围海涂工程建设期间，他带领团队严把技术质量关，参建的大麦屿3万吨码头工程获评"三航 局优质工程"，乐清湾一期码头工程更是斩获"钱江杯"和"中国交建优质工程奖"。他常说："工程质量是企业的生命线，每一毫米的误差都可能埋下隐患。"正是这种对细节的极致追求，让他所在 的项目成为行业标杆。 李晓峰提到最具成就感的项目是台州路泽太高架工程。作为公司首个 ...

Core Viewpoint - The announcement of the first batch of "Qilu Construction" brands marks a significant achievement in brand development and lays the foundation for transforming the construction industry in Shandong Province [1] Group 1: Brand Selection and Management - The brand selection mechanism will be optimized by summarizing evaluation experiences and establishing a robust working mechanism [3] - Dynamic management of the brand will be strengthened through regular monitoring using big data, with training sessions planned for brand units to enhance management capabilities [3] Group 2: Brand Promotion and Value Assessment - There will be a strong push for brand promotion and marketing, including activities outside the province and internationally to enhance the brand's image and market reach [3] - A professional agency will be commissioned to regularly assess the brand's communication effectiveness, reputation, and value, allowing for timely adjustments in brand development strategies [3] Group 3: Brand Development and Integration - The focus will be on nurturing and developing the brand through categorized guidance and supporting the entire construction industry's brand-building efforts [3] - The integration of the "Qilu Construction" brand into the "Good Products Shandong" brand system will be actively promoted [3]

Market Overview - The A-share market opened lower and fluctuated, with the Shanghai Composite Index slightly up by 0.11% to 3888 points, while the Shenzhen Component Index rose by 0.73% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 169.98 billion yuan [1] Sector Performance - Strong performing sectors included gaming, aquaculture, beauty care, chemical fiber, agricultural product processing, IT services, environmental protection equipment, logistics, and software development [1] - Weaker sectors included small metals, new materials, medical services, military equipment, banking, electric machinery, and semiconductors [1] Concept Stocks - Notable concept stocks that saw gains included poultry, pork, Huawei's Euler, and Huawei's Ascend [1] Market Sentiment - Current A-share market sentiment is at a historically high level, with various indices such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000 experiencing high volatility [2] - The VIX for the E Fund ChiNext ETF has shown a phase of decline, indicating potential market stabilization [2] Institutional Focus - Institutions are currently focusing on the retail trade and non-bank financial sectors, while interest in the transportation sector has decreased from previous highs [2] - Many industries are approaching crowded indicator thresholds, indicating potential shifts in market dynamics [2] Future Outlook - Looking ahead to August 2025, there is optimism for relative returns in sectors such as non-ferrous metals, banking, electricity and utilities, construction, and food and beverage [2]