Core Viewpoint - The article highlights the positive impact of the Belt and Road Initiative (BRI) on foreign employees involved in various projects, showcasing their personal growth and contributions to local economies through their work in modernized facilities and infrastructure projects [15][17][19]. Group 1: Employee Experiences - Mukula Kabale from South Africa has become a key technical force at a local automotive parts factory, which has modernized operations with 24-hour mechanized work, leading to a satisfactory income level [16]. - Ganesh, a young engineer from Guyana, expresses gratitude for participating in the construction of a world-class bridge, experiencing significant professional milestones during the project [17]. - Adil from Pakistan has worked for 10 years at a Chinese company, overseeing a major oil pipeline project, and plans to travel to China, reflecting on the BRI's role in connecting nations [18]. Group 2: Economic and Social Impact - Zhenrui from Cambodia transitioned from a low-income job to becoming a highway administrator after joining a Chinese construction project, significantly improving his family's living conditions [19]. - Argen, who joined a hydropower project in Kazakhstan, emphasizes the importance of his work in contributing to green energy initiatives and aims to foster cultural exchange through his children's education [20].

证券研究报 告 【策略专题】 分红能力盘点：周期&公用篇 ——自由现金流资产系列 12 工业金属：25Q1 现金流比例 33%，具备较大股东回报提升空间 石化：25Q1 现金流比例 26%，盈利周期熨平、现金流稳定 港口： 25Q1 现金流比例 33%，市场或已充分认知其稳定现金创造能力 2）行业逻辑演变带来现金流改善：航运受益于近年来地缘事件频繁、运价 大波动的时代背景，农业则正发生开支周期转向平稳阶段的积极变化： 航运：25Q1 现金流比例 41%，地缘事件频繁、运价大波动时代 农业：25Q1 现金流比例 34%，开支周期进入平稳阶段 3）景气周期承压：虽然资本开支力度下降，但 EPS 压力较大，包括煤炭、 钢铁、建材、航空机场、地产： 煤炭：25Q1 现金流比例 25%，煤价下跌与开支高位持续矛盾 钢铁：25Q1 现金流比例 42%，去库影响显著 建材：25Q1 现金流比例 28%，股东回报提升空间有限 航空机场：25Q1 现金流比例 64%，盈利规模与疫情前接近 地产：25Q1 现金流阶段性修复，去库补充现金流 4）仍处高资本开支阶段：资本开支力度均在 2 以上，行业逻辑仍以扩张为 主，包括贵金属、能 ...

Group 1 - The core viewpoint emphasizes the importance of promoting coordinated development in the Beijing-Tianjin-Hebei region as a major national strategy initiated by the central government, aimed at enhancing regional coordination and creating new growth poles [1] - In the first quarter of this year, the GDP of the Beijing-Tianjin-Hebei region reached 2.8 trillion yuan, with a year-on-year growth of 5.6%, and the added value of the service industry was 2.0 trillion yuan, growing by 5.5% [1] - Fixed asset investment in the Beijing urban sub-center and Xiong'an New Area increased by 13.5% and 12.8% year-on-year, respectively, indicating strong momentum for coordinated development [1] Group 2 - The transportation system in the Beijing-Tianjin-Hebei region is rapidly being constructed, with over 11,000 kilometers of railway and highway operational. The first regional rapid transit line, the 22nd subway line, has completed over 80% of its construction [2] - The integration of data services is accelerating, with 417 government service items now available through a single online platform, covering various fields such as housing security and healthcare [2] - A new super-scale intelligent computing center in Zhangjiakou is expected to be operational by July, catering to advanced technology applications in the region [2] Group 3 - The number of national advanced manufacturing clusters in the Beijing-Tianjin-Hebei region has increased to seven, with five being jointly built by the three areas [3] - The region is focusing on key industrial chains such as new energy vehicles, hydrogen energy, and robotics, implementing actions to establish an industrial chain map [3] - The three areas are working together to deepen major reforms and form a development synergy, focusing on the decongestion of non-capital functions in Beijing and the construction of a modern metropolitan area [3]

Group 1 - The Shanghai Composite Index opened lower and fluctuated, with the CSI 300 Transportation Infrastructure Index reported at 1307.84 points [1] - The CSI 300 Transportation Infrastructure Index has decreased by 1.18% over the past month, 1.77% over the past three months, and 7.38% year-to-date [1] - The CSI 300 Index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The CSI 300 Transportation Infrastructure Index has a market share of 71.89% from the Shanghai Stock Exchange and 28.11% from the Shenzhen Stock Exchange [1] - Within the CSI 300 Transportation Infrastructure Index, the airport sector accounts for 44.63%, the highway sector for 36.91%, and the port sector for 18.47% [1] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its asset optimization and growth potential [4][6]. Core Views - The company is expected to benefit from a young asset structure and value reassessment driven by asset optimization. The focus on operational efficiency and network expansion is anticipated to enhance revenue and profitability [4][5][8]. Summary by Relevant Sections Financial Performance - The company forecasts revenue of RMB 6,825 million for 2025, with a slight decline of 2.06% year-on-year, followed by a recovery to RMB 7,017 million in 2026 and RMB 7,438 million in 2027. Net profit attributable to shareholders is projected to grow from RMB 1,002 million in 2025 to RMB 1,150 million in 2027, reflecting a compound annual growth rate (CAGR) of 5.32% [4][6]. - The company’s earnings per share (EPS) is expected to increase from RMB 0.45 in 2025 to RMB 0.51 in 2027, with a price-to-earnings (P/E) ratio decreasing from 10.92x to 9.52x over the same period [4][6]. Business Structure - The company primarily operates toll roads, with toll revenue accounting for approximately 63.98% of total revenue in 2024. The construction service segment contributes 33.22%, while real estate sales account for only 1.25% [5][15]. - The company has a total of 808 kilometers of managed highways, with a weighted average remaining toll collection period of 17.04 years, providing ample time for traffic growth and revenue generation [5][42]. Dividend Policy - The company emphasizes shareholder returns, committing to a minimum cash dividend payout ratio of 40% of net profit from 2025 to 2027. The dividend payout ratio was 40.42% in 2023 and is expected to rise to 43.40% in 2024 [5][35]. Market Position - The company benefits from a strategic location in Henan Province, a key transportation hub in China, enhancing its operational advantages and potential for traffic growth [5][36]. - The company is part of the Henan Transportation Investment Group, which holds a significant share of the province's toll road assets, providing a strong backing for its operations and growth prospects [12][57].

"这不是一条普通的公路，"刚果（金）国家大型工程局局长尼科·恩扎乌·恩扎乌说，"这是连接金沙萨未 来发展的主动脉。"他说，环线建成后将彻底打破城市发展过程中对于中心城区的依赖。 新华社金沙萨6月25日电 题：路所至，发展即来——记中企承建刚果（金）首都环线公路开工一周年 新华社记者史彧 从刚果（金）首都金沙萨西南郊区的红土地出发，穿越丘陵与村落，直通东部恩吉利国际机场，一条双 向四车道的城市主干道正一路向前延展。 5月31日，在刚果（金）首都金沙萨环线公路项目上，施工人员为道路铺设沥青。 新华社发（中刚基础 设施建设股份有限公司供图） 这是由中国企业承建的首都环线公路项目，主线全长约72公里，分为西南环线与东南环线两段推进。 2024年6月22日，刚果（金）总统齐塞克迪登上装载机，为项目正式奠基。一年过去，环城公路主线已 具雏形。 5月26日，公路全线沥青铺装启动，标志着项目进入快速推进阶段。整个环线预计于2028年底全面建成 通车。 "路所至，发展即来。"这是刚果（金）国务部长兼基础设施和公共工程部部长亚历克西斯·吉萨罗·穆文 伊最常说的话。他表示，刚中在基建领域的多项合作有利于加强刚果（金）公路互联互通， ...

Group 1 - The "Deep Sea No. 1" Phase II project has been fully put into operation, marking it as the largest offshore gas field in China, capable of supplying over 4.5 billion cubic meters of natural gas annually to the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan [1] - The "Deep Sea No. 1" gas field has a proven geological reserve of over 1500 billion cubic meters and operates at the deepest water depth and highest temperature and pressure conditions in China, with a maximum temperature of 138 degrees Celsius [1] - The Shaanbei to Anhui ±800 kV UHVDC transmission project has commenced the core equipment electrical installation phase, with a total length exceeding 1000 kilometers and expected to deliver over 36 billion kilowatt-hours of electricity annually to Anhui by mid-2026 [1] Group 2 - The construction of the Chongqing to Chengdu high-speed railway's main navigation hole bridge has entered the steel beam construction phase, with the bridge being a key node for the railway and expected to be fully operational by 2027 [2] - The Jin-Ha Highway expansion project in the Panjin section has achieved mainline connectivity, spanning 238 kilometers and set to become the first long-distance ten-lane highway in northern China upon completion [2] - The construction of the station building for the Xining to Chengdu railway in Sichuan has commenced, which is a significant part of China's "eight vertical and eight horizontal" high-speed rail network, aimed at promoting economic and social development along the route [2]

前不久，交通运输部公布2024年"十大最美农村路"系列推选名单，这三条农村公路在众多参选道路 中突出重围、成功入选，获评"最具人气路"。 内蒙古清水河，冯家塔至老牛湾公路依山就势、借水成景；江苏南通，龙游湾路临江而建、风景如 画；安徽宣城，广卢路穿越竹海、一驿一景……南北三条不同的农村公路，如今有了一个共同的响亮名 头：2024年"我家门口那条路"最具人气的路。 在冯家塔至老牛湾公路，公路延伸至老牛湾黄河大峡谷景区，搭建起爱情步道、千亩花海、诗词长 廊灯12处特色景观和40多个打卡点，"交通+旅游"模式成效显著。2024年，景区全年接待国内外游客约 131万人，同比增长68.4%，实现旅游收入3.95亿元，同比增长44.2%。 农村公路远离城市、沟通阡陌。火热的人气，究竟从何而来？ 高人气来自乡村美。 漫步在龙游湾路，薄雾轻笼、绿树摇曳，很难想象多年前，这里一度"临江不见江"，码头堆场企业 遍布、沿江岸线凌乱不堪。从无人问津到游人如织，背后是如皋市一场狠下决心的"生态伤疤"修复，通 过拆除多家非法码头、复垦复绿大片土地，昔日的工业岸线最终转变为如今5.5公里的生态农路长廊。 行走在广卢路上，路面整洁、绿化美观 ...

Core Points - The Beijing-Harbin Expressway Shenshan Section expansion project is progressing steadily, with the Beijing direction expected to open by the end of July and full dual-direction ten-lane operation by the end of September, one year ahead of schedule [1] - The Shenshan Section, serving as a crucial passage in Liaoning's transportation network, has been in operation for 22 years and the original six-lane design is no longer sufficient to meet increasing travel demands [1] - The expansion project, initiated in August 2022, spans 238.04 kilometers, involving multiple cities and counties, and includes significant infrastructure such as 15 toll stations and 58 overpass bridges [1] Construction Innovations - The construction company has adopted an innovative "construction while traffic" model, enhancing emergency response efficiency and optimizing traffic organization through various strategies [2] - New technologies such as "double-layer paving + 3D intelligent paving" have been implemented to improve road surface precision and paving efficiency, alongside a smart management platform for real-time monitoring of the construction process [2] - As of June 22, the project has achieved significant completion rates: 98.6% for the subgrade, 99.8% for bridges and culverts, 92.8% for pavement, and 94.3% for tunnels [2]

Group 1: Infrastructure Projects - The Bolivia Ruri Highway, constructed by China Railway Construction International Group, spans 508.07 kilometers and supports agriculture, forestry, animal husbandry, and tourism in Bolivia [1] - The highway project integrates green and low-carbon environmental concepts, protecting the natural and ecological environment along the route [1] - The Pakistan Sahiwal Power Plant, built by China Huaneng Group, has been awarded the "Environmental Excellence Award" six times and alleviates Pakistan's electricity shortage while reducing carbon emissions [1][2] Group 2: Environmental Initiatives - The Ruri Highway project includes measures such as animal passages and rare plant information signs to protect local biodiversity [1] - The Sahiwal Power Plant has transformed the surrounding environment into a large garden, playing a key role in restoring local biodiversity [2] - The Rossing Uranium Mine in Namibia emphasizes sustainable development and strict adherence to principles of protecting rare plants and animals [3] Group 3: Renewable Energy Projects - The Cox's Bazar Wind Power Project in Bangladesh, with a capacity of 66 MW, will provide approximately 145 million kWh of clean electricity annually, reducing coal consumption by 44,600 tons and CO2 emissions by 109,200 tons [4] - The Uzbekistan 1 GW photovoltaic project, the largest solar project in Central Asia, will generate about 2.4 billion kWh of electricity annually, contributing to the country's energy structure transformation [6]