证券代码：002307 证券简称：北新路桥 公告编号：2025－37 新疆北新路桥集团股份有限公司 2025 年第二季度建筑业经营情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《深圳证券交易所股票上市规则》等相关规定，新疆北新路桥集团股份 有限公司现将 2025 年第二季度建筑业经营情况简报如下： 二、截至报告期末重大项目履行情况 由于上述相关数据为阶段性数据，且未经审计，因此上述数据与定期报告披 项目类型 新中标且签约项目 新中标未签约项目 截至报告期末累计已 签约未完工项目 数量 （个） 金额（万元） 数量 （个） 金额（万元） 数量 （个） 金额（万元） 施工项目 24 326,808.26 - - 205 3,907,889.64 合计 24 326,808.26 - - 205 3,907,889.64 一、总体情况 证券代码：002307 证券简称：北新路桥 公告编号：2025－37 露的数据可能存在差异，仅供投资者参阅。 特此公告。 新疆北新路桥集团股份有限公司董事会 2025 年 7 月 12 日 | 项目名称 | 业务 | 签 ...

Economic Performance - The UK economy has entered a recession for the second consecutive month, with May GDP declining by 0.1%, slightly better than April's 0.3% drop but still below economists' expectations of a 0.1% growth [1] - If June's output falls by 0.4% or more, the second quarter will show a significant deterioration compared to the 0.7% growth in the first quarter [1] Currency and Fiscal Pressure - Following the data release, the British pound fell by 0.3% to 1.3545 USD, reflecting ongoing economic concerns [1] - The Labour government faces dual pressures to support fiscal spending goals through economic growth while managing recent policy reversals that have exacerbated fiscal challenges [1] Sector Performance - Manufacturing and construction sectors were the main contributors to the economic decline, with May output experiencing the largest drop in nearly 18 months [3] - The decline is attributed to ongoing economic weakness from April, U.S. tariff pressures, and rising household energy bills and property taxes [3] - The services sector also showed weak performance, with only a 0.1% growth in May, and retail sales significantly decreased [3] Employment and Taxation - Employers are facing an additional £26 billion in new payroll taxes, alongside rising regulated prices for services like rail fares and water, which are contributing to the economic downturn [5] - Since the budget announcement last October, over 250,000 jobs have been cut as businesses respond to significant increases in minimum wage [5] Monetary Policy Outlook - With inflation pressures easing, the market anticipates that the Bank of England will initiate interest rate cuts in August, with another expected by the end of the year [5] - Analysts suggest that the growth seen in the first quarter was a one-off event, primarily driven by preemptive production increases before the implementation of U.S. tariffs [5]

Group 1 - The core point of the article indicates that the UK construction output in May decreased by 0.6%, which was below the expected increase of 0.2% and a decline from the previous value of 0.9% [1]

Group 1 - In August 2023, China Shipbuilding Technology (600072.SH) acquired 100% of China Haizhuang and 88.58% of China Ship Wind Power through a combination of share issuance and cash payment, aiming to enhance its renewable energy business [1] - The acquisition has drawn attention due to ongoing litigation involving a 50 million yuan contract dispute between Zhonghai Xinyuan and China Ship Wind Power Beijing, which could impact the company's profits significantly [1] - China Shipbuilding Technology's major shareholder is China Shipbuilding Group, with the State-owned Assets Supervision and Administration Commission as the actual controller, and wind power is projected to account for 56.04% of its revenue in 2024 [1] Group 2 - In 2024, after the restructuring of its wind power industry, the company reported total revenue of 8.423 billion yuan, a year-on-year decline of 41.85%, and a net profit of 146 million yuan, down 9.51%, indicating a continuous decline in performance [2] - The company has been actively selling assets to focus on its core business, with 16 announcements related to asset sales in 2024 alone, but these efforts have not reversed the downward trend in performance [2] - In Q1 2025, the company's net profit loss reached 310 million yuan, with a sales gross margin of 3.14%, the lowest since 2017, and total liabilities of 35.933 billion yuan, significantly exceeding net assets [2] Group 3 - The company's stock performance has weakened alongside its declining earnings, with a share price drop of 57.71% from its peak in July 2023 to around 13 yuan per share [5] - Institutional interest in the company has diminished, with no research reports published in the last two years, reflecting a lack of confidence in its future development [5] - Overall, the company faces multiple challenges, including potential impacts from ongoing litigation, continuous performance decline, low asset operational efficiency, and insufficient market confidence, leading to an uncertain future [5]

Core Viewpoint - The China Small and Medium Enterprises Development Index (SMEDI) for Q2 2025 is reported at 89.1, a decrease of 0.4 points from the previous quarter, but higher than the levels in 2023 and 2024. Overall, costs for SMEs have slightly decreased [1]. Industry Summary - The wholesale and retail industry index remained stable at 89.0, while seven other industries, including construction, transportation, real estate, social services, information transmission, and accommodation and catering, saw declines in their indices [2][3]. - The overall index for Q2 2025 is 89.1, down from 89.5 in Q1 2025, with all sub-indices showing a decrease, including macroeconomic sentiment, comprehensive operation, market, cost, funding, labor, input, and efficiency indices [4][5]. Regional Summary - The indices for the eastern, central, and western regions are 90.1, 89.7, and 88.6 respectively, all showing declines from the previous quarter, while the northeastern region saw a slight increase of 0.1 points to 81.5 [4]. Key Characteristics of SMEs - Business confidence is low, with the macroeconomic sentiment index at 98.2, down 0.8 points from the previous quarter, reflecting a decline across all surveyed industries [5]. - Market demand is contracting, as indicated by a market index of 81.2, which is a decrease of 0.3 points from the previous quarter [5]. - Funding conditions are tightening, with the funding index at 100.6, down 0.2 points, and six out of eight industries reporting declines in their funding indices [5]. - Labor supply is increasing while demand is decreasing, with the labor index at 105.9, down 0.1 points, and seven industries reporting a drop in labor demand [5]. - Investment willingness among enterprises is declining, with the input index at 82.3, down 0.6 points, particularly in construction, social services, and accommodation and catering sectors [5]. - Costs for enterprises have slightly decreased, with the cost index at 111.8, down 0.2 points, although the wholesale and retail sector saw a slight increase in costs [5]. - Efficiency has also declined, with the efficiency index at 74.2, down 0.3 points, and six industries reporting a decrease in their efficiency indices [6].

Group 1: Economic Policy and Supply-Side Reform - The current supply-side adjustment in China is expected to be milder compared to the previous round, but may take longer and involve a wider range of industries[2] - The "anti-involution" policy aims to guide enterprises to improve product quality and promote the orderly exit of backward production capacity, which is crucial for balancing supply and demand[4] - Historical experiences indicate that large-scale capacity reduction leads to a rapid decline in production factor costs and enhances the competitiveness of leading enterprises, ultimately stabilizing prices[5] Group 2: Demand-Side Measures and Consumer Confidence - Recent policies, such as birth subsidies and trade-in incentives, are being implemented to alleviate short-term financial pressures on families and enhance their willingness to have children[6] - Fiscal transfer payments are most effective in boosting long-term consumption when targeted at financially constrained households, as they have a higher marginal propensity to consume[7] - A stable and sustainable economic growth requires simultaneous efforts on both supply and demand sides, ensuring policy strength and predictability[8] Group 3: Asset Prices and Economic Impact - The interaction between rising asset prices and the real economy is still in its early stages, with recent "anti-involution" policies potentially improving fundamental expectations[9] - The ongoing expansion of active credit is crucial for maintaining a strong performance in equity markets, with a focus on the stability of financing balances across society[11] - Historical cases show that asset price increases can lead to recovery in the real sector demand, but also risk tightening regulations if bubbles form[10] Group 4: U.S. Economic Resilience - The U.S. labor market remains resilient, with June's non-farm employment increasing by 147,000, slightly above expectations[13] - The unemployment rate in June was 4.1%, down by 0.1 percentage points from the previous month, indicating a stable labor market[16] - Market expectations for U.S. Federal Reserve rate cuts have slightly decreased, with anticipated cuts of approximately 54 basis points later in the year[17]

Core Viewpoint - Chengdu Qionglai City has launched a comprehensive set of economic development policies aimed at promoting high-quality growth across five key sectors: industry, agriculture, services, real estate, and construction [1]. Group 1: Industrial Policies - The policies for promoting new industrialization include three main sections: attracting major investments, enhancing technological innovation, and fostering enterprise growth, with a total of 17 measures designed to support a modern industrial system [1]. - Incentives for attracting advanced manufacturing projects include rewards of up to 100 million yuan for investments over 100 million yuan from Fortune 500 companies, with a fixed asset investment reward of 5%-10% [1]. - Additional support for introducing large-scale industrial enterprises includes a reward of up to 200,000 yuan based on the first-year revenue of the introduced company [1]. Group 2: Agricultural Policies - The agricultural support policies consist of five parts, including modern seed industry development and facility agriculture, with a total of 22 measures aimed at enhancing agricultural productivity [2]. - For modern seed industry projects, support includes up to 3 million yuan based on a percentage of the actual fixed asset investment, with varying rates depending on the investment amount [2]. Group 3: Service Sector Policies - The service sector support policies focus on industrial clustering, market entity development, and e-commerce growth, comprising 14 measures to enhance service quality and capacity [3]. - Incentives for modern service projects with total fixed asset investments over 20 million yuan include one-time rewards of up to 40 million yuan based on a percentage of the investment [3]. Group 4: Real Estate and Construction Policies - The real estate policies aim to stabilize and promote healthy market development through measures that enhance consumer confidence and optimize market inventory [3]. - Construction policies emphasize enterprise qualification upgrades and technological innovation, providing financial support to drive transformation and boost regional economic growth [3].

Employment Data - In June, the U.S. non-farm payrolls increased by 147,000, significantly exceeding the expected 106,000[3] - The unemployment rate fell to 4.1%, better than the anticipated 4.3%[3] - The labor force participation rate decreased to 62.3%, contributing to the decline in the unemployment rate[3] Employment Sector Performance - Government employment was the primary driver of the high job growth in June, adding 73,000 jobs compared to the previous month's 7,000[4] - Private sector job growth remained weak, with manufacturing jobs decreasing by 7,000 and wholesale trade jobs declining by 6,600[4] - The service sector added 68,000 jobs, but this was a slowdown from previous months[4] Structural Risks - The decrease in the labor force participation rate indicates underlying structural weaknesses in the labor market, despite the positive employment figures[5] - The rising number of unemployed individuals, despite a falling unemployment rate, suggests potential future challenges for the job market[5] - Immigration policies may lead to a continued decline in labor supply, potentially increasing unemployment rates without a corresponding rise in the unemployment rate[5] Market Implications - The strong employment data has raised expectations for interest rate cuts later in the year, with markets now betting on no rate cut in July and one cut each in September and December[5] - However, the long-term outlook for rate cuts has decreased significantly, reflecting increased risks to the U.S. economy[5] - The ongoing inflationary pressures from tariffs may complicate the fulfillment of market expectations for rate cuts[5]

Core Viewpoint - Chengdu is focusing on the high-quality development of its county-level new towns, including Qionglai, aiming to strengthen infrastructure, leverage advantages, and enhance capabilities to achieve significant economic growth by 2027, targeting a GDP of over 55 billion yuan [1][3]. Economic Development Policies - Qionglai has introduced a comprehensive set of policies to support high-quality economic development across five sectors: industry, agriculture, services, real estate, and construction, with a focus on creating a modern industrial system [3][5]. - The policies include 17 measures aimed at fostering industrial clusters, promoting technological innovation, and enhancing enterprise vitality through targeted support [5][7]. Industrial Support Measures - Incentives for advanced manufacturing projects include rewards of up to 10 million yuan for investments over 100 million yuan from Fortune 500 companies, and 200,000 yuan for introducing large-scale industrial enterprises [5][9]. - A high-tech enterprise doubling plan offers up to 1 million yuan in subsidies for increased R&D expenses, and additional rewards for national-level innovation platforms [5][9]. Agricultural Development Initiatives - Qionglai's agricultural policies consist of 22 measures to enhance modern agriculture, including support for seed industry development and smart agriculture through technology adoption [7][8]. - Financial support for fixed asset investments in modern agricultural projects can reach up to 3 million yuan, depending on the investment amount [7][8]. Service Industry Enhancement - The service sector will benefit from 14 measures aimed at improving market entities, promoting e-commerce, and enhancing foreign trade [9][11]. - Incentives for modern service projects with investments over 20 million yuan can provide up to 4 million yuan in rewards [11][12]. Real Estate Market Support - Qionglai has introduced ten measures to stabilize and promote the real estate market, including subsidies for homebuyers and incentives for real estate marketing agencies [14][15]. - Homebuyers can receive up to 150 yuan per square meter in subsidies when purchasing new homes, and additional rewards for using housing vouchers [14][15]. Construction Industry Policies - The construction sector will see support through a policy framework that includes financial incentives for companies achieving specific production targets and recognition for quality projects [17][18]. - New construction firms can receive up to 150,000 yuan for reaching certain revenue milestones in their first year [18].

Group 1: Manufacturing PMI - In June, China's manufacturing PMI rose to 49.7%, up from 49.5% in the previous month, indicating a slight recovery in manufacturing activity [1] - The production index increased by 0.3 percentage points to 51%, while the new orders index rose by 0.4 percentage points to 50.2%, suggesting improving demand [1] - The current PMI is primarily affected by the backlog of finished goods inventory, but as inventory is gradually digested, new order growth momentum is expected to be released further [1] Group 2: Non-Manufacturing PMI - The non-manufacturing PMI for June was 50.5%, an increase of 0.2 percentage points from the previous value [1] - The construction PMI rose by 1.8 percentage points to 52.8%, likely linked to the acceleration of "two heavy" projects and stronger policies to stabilize the real estate market [1] - The service sector PMI slightly declined by 0.1 percentage points to 50.1%, possibly due to reduced offline travel activity after holiday effects [1] Group 3: Government Debt Supply and Funding - In the first half of the year, the fiscal supply was robust, with 6.66 trillion yuan of government bonds issued, representing 51% of the annual quota [3] - Local government special bond issuance accelerated in June, with 4.4 trillion yuan of new quotas, and 48% already issued [3] - The overall issuance volume is expected to remain stable in the second half, with a projected issuance of 5.8 trillion yuan, keeping liquidity pressure manageable [3] Group 4: Future Outlook - The third quarter is expected to see a peak in local government special bond issuance, which may enhance funding for local-led projects [4] - The central bank's monetary policy tools are anticipated to support financing for "two heavy" and "two new" projects, potentially increasing infrastructure investment [4] - The economic recovery remains weak, with external demand showing marginal improvement, but internal economic momentum still requires strengthening [5]