南都讯 重大科技基础设施是推动科技创新发展的重要力量。在国家科技强国战略的大背景下，深圳积 极践行科技强国战略，全面深化科技体制改革，坚定不移地实施科教兴国战略、人才强国战略以及创新 驱动发展战略。 近期，哈尔滨工业大学(深圳)重点实验室集群项目全面封顶。该项目位于深圳市南山区大学城，总建筑 面积约18.09万平方米，由5个国家级重点实验室、3个院士领衔的重点实验室组成。 项目落地后，将形成布局完整、技术先进的国家级实验室集群，为深圳科技产业提供科研支撑，加速成 果转化，巩固其科技高地地位，加快深圳建设成为粤港澳大湾区国际科技创新中心。 项目建设初期，项目紧邻深圳地铁7号线及在建的27号线，地质结构复杂，基坑边线紧贴用地红线，机 械难以回转，场地内可利用的空间有限，如何在如此局促的空间内建造8个顶尖实验室，考验的是建设 者"绣花穿针"之功。项目由深圳市建筑工务署组织建设、中建二局三公司承建。 项目技术部成立4支攻坚小队，以精细化部署破解难题，打破传统支护结构施工，创新采用双排桩+施 工栈桥板的组合方案，推动工序穿插"零空闲"，"挤"出3000平方米的作业面。6台塔吊高效作业，实现 每日3000吨物料调度。 要 ...

Core Insights - The JP Magufuli Bridge in Tanzania officially opened on June 19, 2025, and is the longest low-pylon cable-stayed bridge in Africa, built by China Railway Construction Corporation Limited (CRCC) [1][3] - The bridge significantly reduces commute times and freight costs, enhancing local economic activities [4] Company Insights - China Railway Construction Corporation Limited successfully completed the bridge project despite challenges such as the COVID-19 pandemic and supply chain disruptions [3][6] - The project reflects CRCC's commitment to high construction standards and professionalism [3] Industry Insights - The bridge is expected to drive economic growth in the region by improving transportation efficiency, benefiting agriculture, tourism, and commerce [4] - The design of the bridge incorporates local cultural elements and environmentally conscious features, symbolizing cooperation and prosperity [5][6]

Core Viewpoint - China Railway Construction Co. (CRCC) reported a decline in sales and net profit for 2024, with expectations for modest recovery in 2025, maintaining a BUY rating with a target price of HK$6.69, indicating a 23% upside [1][3]. Financial Performance - In 2024, CRCC's sales and net profit decreased by 6.2% and 14.9% year-on-year (YoY) respectively, while in the first quarter of 2025, sales and net profit further declined by 6.6% and 14.5% YoY [1]. - The gross margin remained stable at 9.9% in 2024, compared to 10% in 2023 [1]. - Finance costs surged by 70.5% YoY in 2024, primarily due to delays in cash collection from local governments [1]. - Operating cash flow was negative at RMB31 billion in 2024, with a 29.6% YoY increase in accounts receivables and a 50.1% YoY increase in interest-bearing debt [1]. Future Outlook - CRCC aims to achieve positive operating cash flow in 2025 and maintain a cash dividend payout ratio of 18% [3]. - New orders are expected to grow by 2% YoY in 2025, despite a 7.8% YoY decline in 2024 [3]. - The company forecasts a 3% YoY increase in sales and a 6.1% YoY rise in net profit for 2025 [3]. Industry Context - Local governments face fiscal challenges, impacting infrastructure investments, with only tier-one and some strong tier-two cities continuing to invest [2]. - Leading contractors are gaining market share at the expense of private-run contractors and are exploring overseas markets [2].

Core Insights - Comfort Systems USA (FIX) is expanding its presence in healthcare construction, which is expected to see steady long-term demand due to demographic shifts and infrastructure needs [1][4] - Healthcare now represents approximately 10% of Comfort Systems' overall business, with real growth in project value and activity levels [2][11] - The company is well-positioned to capture healthcare-related contracts due to its skilled labor force and national scale [3][11] Company Performance - In Q1 2025, institutional markets, including healthcare, accounted for 24% of total revenues, supported by strong customer demand and large projects [3][11] - Comfort Systems' stock has increased by 48.5% over the past three months, outperforming the industry and S&P 500 [12] - Earnings estimates for 2025 and 2026 have increased by 3.8% and 1.8%, respectively, indicating year-over-year growth of 32.1% and 5.8% [16] Industry Trends - Other companies like EMCOR Group and Jacobs Solutions are also capitalizing on the growing healthcare construction market [5] - EMCOR reported a 10.2% revenue growth in Q1 2025, with healthcare-related obligations reaching $1.5 billion, up 38% year over year [6][7] - Jacobs has a backlog of $22.16 billion, up 20% year over year, driven by strong project wins in healthcare infrastructure [9]

Core Insights - The public infrastructure sector in the U.S. is experiencing robust demand, driven by the Infrastructure Investment and Jobs Act (IIJA) and FEMA initiatives, benefiting companies like Great Lakes Dredge & Dock Corporation (GLDD) and Orion Group Holdings, Inc. (ORN) [1][7] Company Analysis: Great Lakes Dredge & Dock (GLDD) - GLDD, with a market cap of approximately $825.3 million, is capitalizing on large-scale capital and coastal protection projects, with a significant dredging backlog of $1 billion as of March 31, 2025, up from $879.4 million year-over-year [3][4] - The company focuses on government-funded projects, which minimizes payment failure risks and enhances revenue visibility, with adjusted EBITDA margin increasing by 230 basis points to 24.7% and gross margin by 570 basis points to 28.6% in Q1 2025 [4][6] - GLDD has invested over $500 million in its new build program, expecting to spend an additional $140 million to $160 million in 2025 to modernize its fleet for coastal restoration projects [5] - Despite growth opportunities, GLDD faces challenges from rising expenses, particularly in incentive compensation and employee benefits, leading to a 52% decline in maintenance revenues year-over-year in Q1 2025 [6] Company Analysis: Orion Group (ORN) - ORN, with a market cap of about $350.5 million, is also benefiting from public infrastructure demand, with its backlog growing by 11% to $839.7 million as of March 31, 2025, with the Marine segment contributing over 70% [9][10] - The company secured nearly $350 million in new contracts, with a significant portion in the Marine segment, indicating strong growth potential [9] - ORN's adjusted EBITDA margin was 4.3% in Q1 2025, up 180 basis points year-over-year, reflecting its operational resilience [10] - However, ORN's selling, general and administrative expenses increased by 18.7% year-over-year to $22.5 million, impacting profitability [11] Stock Performance & Valuation - GLDD's stock has outperformed ORN's in the past month, with both stocks performing well above the Zacks Building Products - Heavy Construction industry average [12] - Over the last five years, GLDD has traded at a lower forward P/E ratio compared to ORN, suggesting a more attractive entry point for investors [13] - The Zacks Consensus Estimate for GLDD's 2025 earnings has increased by 39.1% to $0.96 per share, while ORN's 2025 earnings estimate has risen by 128.6% to $0.16 per share [17][19] - GLDD's trailing 12-month return on equity (ROE) stands at 15.7%, significantly higher than ORN's average of 5.1%, indicating better efficiency in generating shareholder returns [20] Investment Outlook - GLDD is positioned as a strong investment option for those seeking steady growth and substantial returns, given its discounted valuation and robust market fundamentals [20][22] - Conversely, while ORN shows promising growth potential, its premium valuation may pose challenges for short-term investors [21][22]

Group 1 - Dycom Industries has shown a year-to-date return of approximately 37.2%, significantly outperforming the average return of -1.3% for the Construction sector [4] - The Zacks Consensus Estimate for Dycom's full-year earnings has increased by 17% over the past quarter, indicating improved analyst sentiment and a stronger earnings outlook [4] - Dycom Industries holds a Zacks Rank of 1 (Strong Buy), suggesting it has favorable characteristics to outperform the market in the near term [3] Group 2 - Dycom Industries is part of the Building Products - Heavy Construction industry, which ranks 3 in the Zacks Industry Rank, with an average gain of 10.9% this year [6] - Comfort Systems, another stock in the Construction sector, has a year-to-date return of 21.1% and a Zacks Rank of 2 (Buy) [5] - The Building Products - Air Conditioner and Heating industry, to which Comfort Systems belongs, is currently ranked 190 and has seen a gain of 5.8% this year [7]

Group 1 - Merlo America LLC and First Citizens Bank Equipment Finance have announced a new vendor finance agreement to provide leasing and lending solutions for Merlo customers to acquire new construction and agricultural equipment [1] - Merlo America is the North American subsidiary of Italy-based Merlo S.p.A, which is a leading producer of multi-use telehandlers and machinery for various applications including agriculture and construction [2][5] - The collaboration aims to empower clients by offering outstanding financing options that facilitate the acquisition of essential equipment for business operations and growth [3] Group 2 - First Citizens Bank Equipment Finance is focused on providing equipment financing solutions to original equipment manufacturers, vendors, and small to mid-size businesses through a unique sales coverage model and seasoned support staff [4][6] - First Citizens Bank is a top 20 U.S. financial institution with over $200 billion in assets, offering a wide range of banking services including commercial banking and innovation banking [6]

KH Group PlcPress Release 25 June 2025 at 8:30 am EEST KH Group: Indoor Group’s change negotiations concluded – profitability improvement measures continue On 12 May 2025, KH Group announced the start of change negotiations in order to improve profitability in Indoor Group. The change negotiations began on 19 May 2025 and the scope of the negotiations covered 83 employees. At the start of the negotiations, the company estimated that the planned changes would lead to the termination of up to 30 positions. T ...

Core Viewpoint - The project by China State Construction Engineering Corporation (CSCEC) in Zhangjiang is progressing with the commencement of the curtain wall engineering, marking a significant milestone towards achieving near-zero energy consumption goals and showcasing the project's green performance [1][3]. Group 1: Project Development - The curtain wall engineering has officially started, indicating a new phase in the project's external facade display and green performance efforts [1]. - The project aims to become a vibrant hub for leading enterprises in Zhangjiang Science City, focusing on innovative living and green technology [3]. Group 2: Energy Efficiency and Technology - The project utilizes a high-efficiency curtain wall system with four-glass two-chamber Low-E glass, achieving a thermal transmittance coefficient of 1.7 W/(㎡·K), surpassing near-zero energy consumption standards [5]. - An integrated smart control system has been implemented, allowing for the coordination of air conditioning, ventilation, and shading devices to optimize indoor comfort and energy efficiency [6]. - The project emphasizes the use of renewable energy through innovative applications of photovoltaic technology, including BIPV and BAPV systems, to balance and reduce grid load [7]. Group 3: Project Management and Execution - The project team has meticulously planned and executed the curtain wall engineering, overcoming challenges related to site coordination, multi-disciplinary integration, and safety risks [9]. - The company is committed to maintaining high quality and efficiency in the project execution, aiming to set a new benchmark for commercial and office projects in the Zhangjiang area [9].

在具体措施上，意见稿还提出，从2026年起全市出让的居住用地100%实施装配式建筑；每年度出让用 地中实施模块化建筑的建筑面积占新建筑总面积的比例不低于10%；新出让的商服用地，公共部分应采 用装配式装修。 此外，意见稿还提出，政府投资的学校、医院病房等公共建筑原则上均应实施模块化建筑，城中村改造 项目和公租房项目实施模块化建筑面积占项目新建建筑总面积的比例原则上不低于15%。政府投资或参 照政府投资管理的新建装配式建筑项目应采用装配式装修。城中村改造项目中建筑高度超过120米的新 建建筑工程应使用造楼机，鼓励其他高层建筑项目应用造楼机、建筑机器人等智能建造装备。上述对于 装配式建筑和模块化建筑的实施要求将纳入供地方案，落实到土地出让合同中，并纳入审批流程进行把 关。 白云机场三期扩建工程安置区项目的装配式建筑吊装现场。 南都讯 记者魏凯 在中央大力推广装配式建筑，提倡"像造汽车一样造房子"的背景下，广州拟从2026年 起要求全市出让的居住用地全部实施装配式建筑。日前广州市住建局在《关于大力发展智能建造与工业 化建筑加快建设建筑业现代产业的实施意见（征求意见稿）》中提出了上述要求。 因为存在上述优势，目前装配 ...