格隆汇8月15日丨浙江建投(002761.SZ)公布，子公司浙江省建投交通基础建设集团有限公司（简称"浙 江交建"）于近日收到中标通知书，浙江交建与其他四家公司组成联合体（浙江交建为联合体牵头 人），成功中标工程项目—奉化山海经济走廊莼尚智造产业园及配套基础设施建设项目合作商，中标价 为49.12亿元。 ...

Core Viewpoint - Boleton (01333.HK) has signed a construction contract worth RMB 99,500,000 with Hunan Bairui for the Electric Wide-body Dump Truck and Unmanned Driving Innovation Center project, ensuring project execution by a reputable contractor [1] Group 1 - The total contract value for the construction project is RMB 99,500,000 [1] - The project is located in Xiangtan Economic Development Zone, Hunan Province [1] - Hunan Bairui is recognized for its extensive experience and good reputation in construction, which is expected to ensure high-quality and timely project completion [1]

Group 1 - The core point of the article is that *ST Chuangxing (600193.SH) has signed a framework agreement for related party transactions due to its involvement in construction engineering projects [1] - The company will undertake multiple construction projects from related party Liou Co. and its subsidiaries, which constitutes related party transactions [1] - The related party transactions are necessary for the company's long-term cooperation with its clients in the construction sector [1]

Core Viewpoint - The company, Baofa Holdings (08532), anticipates a significant financial loss for the fiscal year ending March 31, 2025, with an expected gross loss of approximately HKD 91.2 million, contrasting with a gross profit of about HKD 24.1 million for the fiscal year ending March 31, 2024 [1] Financial Performance - The expected gross loss for the upcoming fiscal year is projected to be at least HKD 91.2 million [1] - For the fiscal year ending March 31, 2024, the company reported a gross profit of approximately HKD 24.1 million [1] - The anticipated loss attributable to equity holders of the company will not be less than approximately HKD 114.7 million, compared to a profit of about HKD 1.2 million in the previous year [1] Contributing Factors - The decline in revenue from the installation of curtain wall systems in Hong Kong is a major factor contributing to the expected gross loss [1] - Increased employee retention costs due to project delays have also impacted financial performance [1] - The company faced high defect repair costs due to substandard construction quality as a subcontractor [1] - Several subcontractors withdrew from unfinished projects, leading to higher labor costs for the company as it took over the completion of these projects [1]

Core Viewpoint - The company, Baofa Holdings (08532), anticipates a significant financial loss for the fiscal year ending March 31, 2025, with an expected gross loss of approximately HKD 91.2 million, contrasting with a gross profit of about HKD 24.1 million for the fiscal year ending March 31, 2024 [1] Financial Performance - The expected gross loss for the reporting year is attributed to several factors, including a substantial decline in revenue from the Hong Kong curtain wall system installation [1] - The anticipated loss attributable to equity holders of the company is projected to be no less than approximately HKD 114.7 million, compared to a profit of about HKD 1.2 million in the previous year [1] Operational Challenges - The company faces increased employee retention costs due to project delays [1] - Quality issues in construction as a subcontractor have led to high defect repair costs [1] - Several subcontractors have exited unfinished projects, resulting in the company incurring higher labor costs to complete these projects [1]

Core Points - The chairman of Shenzhen Baoying Construction Holding Group Co., Ltd., Mr. Lv Haitao, has submitted his resignation due to personal reasons, effective immediately upon delivery to the board [2] - Mr. Li Peng has been elected as the new chairman of the company, with his term starting from the date of the board's approval until the end of the current board's term [2] - Mr. Li Peng does not hold any shares in the company and has no conflicts of interest with other board members or senior management [5] Summary by Sections - **Resignation of Chairman** - Mr. Lv Haitao has resigned from all positions within the company and its subsidiaries, and his resignation does not affect the minimum number of board members required by law [2] - The board expressed gratitude for Mr. Lv's contributions during his tenure [2] - **Election of New Chairman** - Mr. Li Peng has been unanimously elected as the new chairman and legal representative of the company [2] - His term will last until the current board's term expires [2] - **Profile of New Chairman** - Mr. Li Peng, born in 1980, is a senior engineer in construction management and currently holds multiple leadership roles in various subsidiaries of Zhuhai Dahongqin Group [4] - He has no shareholding in the company and is not subject to any disqualifications as per the Company Law [5]

Core Points - The company Beixin Road and Bridge (002307) announced on August 15 that its subsidiary, Xinjiang Production and Construction Corps Transportation Construction Co., Ltd., has been awarded a contract for the construction of a highway project in Xinjiang [1] - The joint venture with Xinjiang Xiaohai Water Conservancy Construction and Installation Engineering Co., Ltd. was selected as the winning bidder for the first contract section of the Tumushuke City - Keping County - Wushi County highway [1] - The total bid amount for the project is 284 million yuan [1]

Investment Rating - The industry investment rating is "Overweight" [2][25]. Core Viewpoints - Fixed asset investment continued to weaken in the first seven months of 2025, with a cumulative year-on-year increase of 1.6%, a decrease of 1.2 percentage points compared to the first half of the year. Manufacturing investment year-on-year increased by 6.2%, down 1.3 percentage points from the previous period [4][12]. - Infrastructure investment is under pressure, with transportation, water conservancy, and public utility investments showing declining growth rates. Total infrastructure investment (including all sectors) increased by 7.3% year-on-year, down 1.6 percentage points from the first half of the year. Infrastructure investment (excluding electricity) increased by 3.2%, down 1.4 percentage points [5][6]. - Real estate investment remained low, with a year-on-year decrease of 12.0% in the first seven months of 2025, a decline of 0.8 percentage points compared to the previous period. The number of new starts decreased by 18.3% year-on-year, while completions worsened with a decrease of 16.5% [12][18]. Summary by Sections Fixed Asset Investment - In the first seven months of 2025, fixed asset investment showed a cumulative year-on-year increase of 1.6%, with manufacturing investment increasing by 6.2%, indicating a synchronized decline in growth rates [4][6]. Infrastructure Investment - Infrastructure investment faced pressure, with transportation, water conservancy, and public utility sectors experiencing declining growth rates. The year-on-year increase for total infrastructure investment was 7.3%, while investment excluding electricity was 3.2% [5][6]. Real Estate Investment - Real estate investment remained at a low level, with a year-on-year decrease of 12.0% in the first seven months of 2025. The decline in new starts was 18.3%, and completions decreased by 16.5% [12][18]. Investment Analysis Recommendations - The current industry total is weak, but regional investments may gain elasticity as national strategic layouts deepen. Recommended low-valuation state-owned enterprises include China Chemical, China Energy Construction, China Railway, and China Railway Construction. Attention is also drawn to China Power Construction, China Communications Construction, and China Metallurgical Group [18].

南方财经8月15日电，中材国际公告称，公司及沙特子公司与卡西姆水泥公司签订了《沙特阿拉伯卡西 姆水泥公司10,000TPD熟料水泥生产线EPC总承包合同》，合同总价2.98亿美元。其中，公司执行的设 计、采购、供货合同金额为2.013亿美元，沙特子公司执行的施工、安装及设备调试、考核合同金额为 9,670万美元。合同自公司开具生效的预付款银行保函、履约保函并收到预付款，提交的地勘报告及技 术方案得到业主认可，业主开立信用证、完成场地移交开始计算工期，预计23个月出熟料，24个月出水 泥。该合同金额未构成公司特别重大合同。境外合同影响因素复杂，且履行时间较长，可能受到汇率等 不确定性影响。 ...

Investment Rating - Investment rating: Positive (maintained) [5] Core Viewpoints - The shipping capacity of the Three Gorges ship lock is under pressure, necessitating the expansion of the "golden waterway." The Three Gorges-Gezhouba hub has been a key shipping channel since its completion, with a designed annual throughput capacity of 100 million tons, which was exceeded in 2011. In 2023, the cargo volume reached 169 million tons, nearly 70% above the design capacity, leading to significant delays in shipping [5][6] - The Three Gorges New Channel project has been officially initiated, marking a systematic upgrade for water transport hubs. The project, with an estimated total investment of 76.6 billion yuan and a construction period of 100 months, aims to enhance the shipping capacity from 100 million tons to 280 million tons annually, significantly reducing waiting times for vessels [5][9][10] - The project is expected to save approximately 468 million yuan in shipping time, 61 million yuan in reduced cargo transport time, and 5.742 billion yuan in cost savings from replacing land transport, thereby lowering logistics costs and enhancing operational efficiency in the region [12][19] Summary by Sections 1. Shipping Hub Capacity Constraints - The Three Gorges hub's capacity is nearing saturation, with increasing shipping demands leading to significant bottlenecks. The average waiting time for vessels has exceeded 200 hours, with extreme cases reaching 400 hours, severely impacting logistics efficiency [6][9] 2. Project Development and Timeline - The Three Gorges New Channel project has undergone extensive planning and has now entered the implementation phase, with feasibility studies approved and construction set to begin in mid-August 2025. The project includes the construction of a new channel and the expansion of the Gezhouba lock [10][11] 3. Investment Analysis - The estimated investment for civil engineering in the Three Gorges New Channel project is approximately 38.3 billion yuan, with total project costs projected at 76.6 billion yuan. The project emphasizes the need for advanced design and construction capabilities, suggesting a focus on companies with expertise in large-scale infrastructure [14][16] 4. Key Companies to Watch - Companies such as China Communications Construction Company, China Electric Power Construction Company, and China Energy Engineering Group are highlighted as key players due to their extensive experience in similar large-scale projects and their capabilities in complex engineering [16][17][18] 5. Cement Demand and Regional Impact - The construction of the Three Gorges New Channel is expected to require approximately 930,000 cubic meters of concrete, leading to a demand for about 4.185 million tons of cement, significantly benefiting regional cement suppliers like Huaxin Cement [19][20]