Core Viewpoint - The company, Shenzhen Tianjian Group, has released its third-quarter financial report for 2025, ensuring the accuracy and completeness of the disclosed information [9][12]. Financial Data - The third-quarter financial report has not been audited [8]. - The company does not require retrospective adjustments or restatements of previous accounting data [3]. - There are no non-recurring profit and loss items applicable for the reporting period [4]. Shareholder Information - The total number of ordinary shareholders and the situation of the top ten shareholders have been disclosed, with no changes reported in the lending of shares due to transfer and financing [6]. Board Meeting - The board of directors held its 35th meeting on October 27, 2025, where they approved the third-quarter report and a financial assistance proposal to a wholly-owned subsidiary [12][13].

Core Viewpoint - The Yangtze River Delta region demonstrates strong economic resilience and growth potential, contributing significantly to China's overall economic stability and high-quality development [1] Economic Performance - GDP totals for the Yangtze River Delta show Guangdong (10,517.7 billion), Jiangsu (10,281.1 billion) surpassing the 10 trillion mark, while Zhejiang (684.95 billion), Shanghai (407.21 billion), and Anhui (397.70 billion) also report substantial figures [2] - Economic growth rates in the region outpace the national average of 5.2%, with Zhejiang leading at 5.7%, followed by Shanghai at 5.5%, and both Jiangsu and Anhui at 5.4% [2] - Shanghai's service sector remains a key economic driver, with a growth rate of 5.9% in the tertiary industry, particularly in information technology services (15.5% growth) and finance (9.8% growth) [2] Domestic Demand and Consumption - The domestic market in the Yangtze River Delta shows a stable recovery with an emphasis on quality consumption, particularly in Zhejiang where smart consumption and green products are on the rise [3][4] - Retail sales of wearable smart devices and smartphones in Zhejiang increased by 105.6% and 62.6% respectively, while green appliances and new energy vehicles saw growth rates of 58.4% and 14.9% [3] - In Jiangsu, retail sales of home appliances and communication equipment grew by 16.9% and 17.4%, with green and smart appliances also seeing significant increases [3] New Quality Productivity - The Yangtze River Delta has made notable progress in cultivating new quality productivity, which is crucial for regional economic growth and industrial structure optimization [5] - Jiangsu's equipment manufacturing sector saw a 9.4% increase in value added, contributing 73.7% to the overall industrial growth, with significant growth in electronics and transportation equipment [5][6] - Zhejiang's digital economy and high-tech service sectors reported revenue growth of 13.3% and 12.9% respectively, with internet data services growing by 33.4% [6][7] Future Development Strategies - The Yangtze River Delta is focusing on project construction, investment, and industrial development to meet annual goals and the "14th Five-Year Plan" objectives [8][9] - Shanghai aims to enhance economic recovery through major projects and open cooperation, while Zhejiang emphasizes investment stability and market expansion [8][9] - Jiangsu's cities are prioritizing technology innovation and project execution, while Anhui is focusing on investment and project construction with a total investment of 332.38 billion for 587 major projects [9]

Core Insights - The average net salary for employees in Bosnia and Herzegovina in August 2025 was 1579 marks, showing a nominal month-on-month decrease of 1.4% and a real decrease of 1.2% [1] - Year-on-year, the nominal salary increased by 13.5%, while the real salary increased by 9% [1] Salary by Industry - The information and communication sector had the highest average monthly salary at 2155 marks, followed by the financial and insurance sector at 2055 marks, and the energy supply sector at 1939 marks [1] - The accommodation and food services sector had an average salary of 1137 marks, and the construction sector had an average salary of 1257 marks, both below the national average [1] Overall Wage Trends - The overall average monthly salary was 2449 marks, which also saw a month-on-month decrease of 1.4% but a year-on-year increase of 13.7% [1] - Despite significant year-on-year nominal wage increases, the recent month-on-month decline indicates adverse effects of economic fluctuations on residents' real purchasing power [1]

Core Insights - The Bank of Greece forecasts a 2.2% year-on-year GDP growth and a 0.7% quarter-on-quarter growth for Q3 2025 [1] - Economic sentiment index rose to 109.6 points from July to August, indicating high confidence in the industrial and construction sectors [1] - The unemployment rate dropped to 8% in July, marking the lowest level in 17 years [1] Economic Contributions - The tourism sector continues to significantly contribute to economic growth, with international passenger traffic at Athens airport increasing by 7% year-on-year in July and August [1] - Loans to the private sector increased by 10.5% year-on-year in July, with consumer loans growing by 6.2% [1] - VAT revenue rose by 9.8% year-on-year, while public investment and recovery fund expenditures maintained a double-digit growth of 15% [1]

Economic Performance - Hubei Province achieved a GDP of 44,875.62 billion yuan in the first three quarters, with a year-on-year growth of 6.0%, surpassing the national average by 0.8 percentage points [2] - Hubei's economic growth rate accelerated by 0.2 and 0.3 percentage points compared to the previous year and the same period last year, respectively [2] Economic Drivers - The three main drivers of Hubei's economic growth include retail sales totaling 19,533.95 billion yuan (up 5.2%), fixed asset investment increasing by 6.5%, and exports reaching 4,351.0 billion yuan (up 30.8%) [2][3] - Hubei's industrial output value increased by 7.7%, with high-tech manufacturing growing by 13.5%, contributing 26.7% to the overall industrial growth [3] Investment and Innovation - High-tech industry investment in Hubei rose by 8.3%, outpacing total investment growth by 1.8 percentage points [3] - R&D expenses for large industrial enterprises increased by 8.9% from January to August, accelerating by 0.9 percentage points compared to the previous year [3] Future Goals - Hubei aims to achieve an economic total of over 60 trillion yuan by the end of the "14th Five-Year Plan" period, with a target growth rate of around 6% for this year [4] - By 2030, Hubei plans to reach an economic total of approximately 90 trillion yuan, establishing itself as a key strategic hub in Central China [5]

Investment Rating - The industry investment rating is "Overweight" [6][24]. Core Viewpoints - The Shanghai government has initiated a comprehensive action plan to promote high-quality development in the construction industry, focusing on demand stimulation, supply optimization, and transformation cultivation towards green, industrial, and digital advancements [2][5]. - The plan aims to address growth bottlenecks in Shanghai's construction sector, providing clear transformation paths for enterprises and optimizing the industrial ecosystem, which is expected to benefit leading construction groups and specialized small and medium enterprises [2][3]. - The action plan is seen as a potential model for nationwide construction industry reforms, offering insights into demand exploration, market integration, and innovation-driven growth [5]. Supply Summary - The plan encourages the formation of a differentiated market structure by promoting "large and strong" and "small and refined" enterprises, while also addressing issues of internal competition and payment mechanisms [3]. - It emphasizes the establishment of construction groups with full industry chain capabilities and aims to cultivate specialized small and medium enterprises focusing on niche markets [3]. Demand Summary - The action plan seeks to stabilize the traditional market by enhancing real estate investment and accelerating urban renewal projects [4]. - It encourages innovative project participation models, such as "value-added investment + operational sharing" and "general contracting + operational investment" [4]. - The plan also supports enterprises in expanding into international markets through a comprehensive service platform [4]. Recommended Companies - The report recommends focusing on leading state-owned enterprises in Shanghai, such as Shanghai Construction Group and Tunnel Shares, as well as other construction companies with significant business in the Shanghai region [2][8].

证券代码：002307 证券简称：北新路桥 公告编号：2025－58 | 项目名称 | 业务 | 签订日 | | 工期 | 合同价款 | 履行情况 | | --- | --- | --- | --- | --- | --- | --- | | | 模式 | 期 | | | （万元） | | | | | | | | | 截至 年 月 日，项目 2025 9 30 | | 合川双槐 | 施工 | 2020 | 年 | | | 已完成项目施工的 100%，对 | | 至钱塘高 | 总承 | 月 2 | 28 | 年 3 | 324,900.00 | 上计量 32 期。不存在未按合 | | 速公路项 | | | | | | 同约定及时结算与回款的情 | | 目 | 包 | 日 | | | | 况，交易对手方的履约能力不 | | | | | | | | 存在重大变化。 | | | | | | | | 截至 年 月 日，项目 2025 6 30 | | G3 京 台 | | | | | | 已完成项目施工的 100%，对 | | | 施工 | 2022 | 年 | | | | | 高速复线 | | | | | | 上计量 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - After a high - level oscillation in September, the stock index is expected to enter a direction - selection phase again. The domestic liquidity environment is likely to remain loose, and domestic residents may increase their allocation of equity assets. With the Fed's interest rate cuts and RMB appreciation, external funds are also expected to flow into the domestic market. In terms of market style, although technology growth has been the core theme of the current upward market trend, considering the possible intensification of Q4 growth - stabilization policies and the potential resonance of global monetary and fiscal policies, the market style in Q4 may shift towards value and become more balanced compared to Q3 [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous two - day closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 4519.80, 4506.80, 4482.00, and 4447.20 respectively, and the previous day's closing prices were 4588.60, 4577.60, 4550.20, and 4515.00 respectively. The price increases were 71.00, 73.40, 71.20, and 71.00 respectively, and the corresponding price increase rates of the CSI 300 were 1.57, 1.63, 1.59, and 1.60. The trading volumes were 29776.00, 77133.00, 12638.00, and 2919.00 respectively, and the open interests were 41688.00, 157558.00, 56187.00, and 3333.00 respectively. The changes in open interests were 1009.00, 1159.00, - 780.00, and - 73.00 respectively [1] - **IH Contracts**: The previous two - day closing prices of IH contracts were 2972.00, 2970.40, 2972.00, and 2969.80 respectively, and the previous day's closing prices were 3004.20, 3004.80, 3005.60, and 3004.00 respectively. The price increases were 33.00, 35.20, 35.20, and 35.20 respectively, and the corresponding price increase rates of the SSE 50 were 1.11, 1.19, 1.19, and 1.19. The trading volumes were 12905.00, 35150.00, 4265.00, and 1113.00 respectively, and the open interests were 14510.00, 62330.00, 13436.00, and 1032.00 respectively. The changes in open interests were - 484.00, 1866.00, - 42.00, and 76.00 respectively [1] - **IC Contracts**: The previous two - day closing prices of IC contracts were 6972.00, 6909.20, 6747.40, and 6567.00 respectively, and the previous day's closing prices were 7108.80, 7052.80, 6886.20, and 6709.80 respectively. The price increases were 138.40, 144.00, 140.40, and 145.40 respectively, and the corresponding price increase rates of the CSI 500 were 1.99, 2.08, 2.08, and 2.22. The trading volumes were 33289.00, 89215.00, 17433.00, and 5710.00 respectively, and the open interests were 50505.00, 139981.00, 52019.00, and 6571.00 respectively. The changes in open interests were 1557.00, 4488.00, - 549.00, and 364.00 respectively [1] - **IM Contracts**: The previous two - day closing prices of IM contracts were 7137.60, 7059.20, 6841.60, and 6637.40 respectively, and the previous day's closing prices were 7261.00, 7182.80, 6966.80, and 6753.60 respectively. The price increases were 126.40, 129.40, 130.20, and 126.40 respectively, and the corresponding price increase rates of the CSI 1000 were 1.77, 1.83, 1.90, and 1.91. The trading volumes were 44744.00, 151318.00, 26613.00, and 10398.00 respectively, and the open interests were 72051.00, 190486.00, 80131.00, and 12634.00 respectively. The changes in open interests were 985.00, 832.00, - 2419.00, and 1567.00 respectively [1] - **Inter - month Spreads**: The current inter - month spreads of IF (next month - current month), IH (next month - current month), IC (next month - current month), and IM (next month - current month) were - 11.00, 0.60, - 56.00, and - 78.20 respectively, while the previous values were - 13.00, - 1.60, - 62.80, and - 78.40 respectively [1] 3.2 Stock Index Spot Market - **CSI 300 Index**: The previous value of the CSI 300 index was 4607.87, with a trading volume of 215.71 billion lots and a total trading value of 5513.90 billion yuan. The previous two - day value was 4538.22, with a trading volume of 218.42 billion lots and a total trading value of 5057.99 billion yuan. The price increase rate was 1.53 [1] - **SSE 50 Index**: The previous value of the SSE 50 index was 3007.26, with a trading volume of 55.30 billion lots and a total trading value of 1472.70 billion yuan. The previous two - day value was 2974.86, with a trading volume of 53.18 billion lots and a total trading value of 1283.62 billion yuan. The price increase rate was 1.09 [1] - **CSI 500 Index**: The previous value of the CSI 500 index was 7185.62, with a trading volume of 205.97 billion lots and a total trading value of 3449.91 billion yuan. The previous two - day value was 7069.64, with a trading volume of 176.83 billion lots and a total trading value of 3146.75 billion yuan. The price increase rate was 1.64 [1] - **CSI 1000 Index**: The previous value of the CSI 1000 index was 7344.05, with a trading volume of 237.25 billion lots and a total trading value of 3481.59 billion yuan. The previous two - day value was 7239.18, with a trading volume of 218.58 billion lots and a total trading value of 3284.45 billion yuan. The price increase rate was 1.45 [1] - **Industry Indexes**: Different industries in the CSI 300 had different price increase rates. For example, the price increase rates of energy, raw materials, industry, and optional consumption were - 0.58%, 1.10%, 1.53%, and 0.60% respectively; the price increase rates of major consumption, medical and health, real - estate and finance, and information technology were 0.16%, 0.97%, 0.52%, and 3.74% respectively; the price increase rates of telecommunications services and public utilities were 5.72% and - 0.36% respectively [1] 3.3 Basis between Futures and Spot - **CSI 300 - related Basis**: The previous values of the basis between IF contracts (current month, next month, next quarter, far - quarter) and the CSI 300 were - 19.27, - 30.27, - 57.67, and - 92.87 respectively, and the previous two - day values were - 18.42, - 31.42, - 56.22, and - 91.02 respectively [1] - **SSE 50 - related Basis**: The previous values of the basis between IH contracts (current month, next month, next quarter, far - quarter) and the SSE 50 were - 3.06, - 2.46, - 1.66, and - 3.26 respectively, and the previous two - day values were - 2.86, - 4.46, - 2.86, and - 5.06 respectively [1] - **CSI 500 - related Basis**: The previous values of the basis between IC contracts (current month, next month, next quarter, far - quarter) and the CSI 500 were - 76.82, - 132.82, - 299.42, and - 475.82 respectively, and the previous two - day values were - 97.64, - 160.44, - 322.24, and - 502.64 respectively [1] - **CSI 1000 - related Basis**: The previous values of the basis between IM contracts (current month, next month, next quarter, far - quarter) and the CSI 1000 were - 83.05, - 161.25, - 377.25, and - 590.45 respectively, and the previous two - day values were - 101.58, - 179.98, - 397.58, and - 601.78 respectively [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Main Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 3916.33, 13077.32, 8038.31, and 3083.72 respectively. The previous two - day values were 3863.89, 12813.21, 7870.96, and 2993.45 respectively. The price increase rates were 1.36%, 2.06%, 2.13%, and 3.02% respectively [1] - **Overseas Indexes**: The previous values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26027.55, 49185.50, 6735.35, and 24330.03 respectively. The previous two - day values were 25858.83, 47582.15, 6735.13, and 24258.80 respectively. The price increase rates were 0.65%, 3.37%, 0.00%, and 0.29% respectively [1] 3.5 Macroeconomic Information - US President Trump said he would visit China early next year. The Chinese Foreign Ministry spokesman responded that no information could be provided for the time being [2] - Chinese Minister of Commerce Wang Wentao held a video conference with EU Commissioner for Trade and Economic Security Valdis Dombrovskis, discussing key China - EU economic and trade issues such as export controls and the EU's anti - subsidy case against Chinese electric vehicles. He also had a phone call with Dutch Minister of Economic Affairs Micky Adriaansens, discussing issues related to Nexperia. Wang stated that China's recent measures on rare - earth export controls were normal actions to improve the export control system in accordance with laws and regulations, and urged the Dutch side to resolve issues related to Nexperia properly [2] - The Ministry of Commerce held a policy - interpretation round - table meeting for foreign - invested enterprises, with over 170 representatives of foreign - invested enterprises and foreign business associations in China attending. Deputy Minister of Commerce Ling Ji emphasized that China's export controls were responsible actions to maintain world peace and regional security and stability and fulfill non - proliferation obligations, while also approving compliant trade in accordance with laws to maintain the stability of the global industrial and supply chains [2] - The Ministry of Culture and Tourism released data showing that in the first three quarters, the number of domestic tourist trips was 4.998 billion, an increase of 0.761 billion year - on - year, representing a growth rate of 18%. The domestic tourism consumption was 4.85 trillion yuan, a year - on - year increase of 11.5% [2] 3.6 Industry Information - The National Medical Products Administration will further improve the legal and standard systems, increase support for R & D innovation, improve the quality and efficiency of review and approval, strengthen the safety bottom - line for high - level medical devices, accelerate the launch of innovative products, and promote the innovative and high - quality development of the medical device industry [2] - As of the end of June 2025, the total asset management scale of China's trust industry reached 32.43 trillion yuan, a year - on - year increase of 20.11%. This was the first time that China's trust scale exceeded 30 trillion yuan, ranking third after insurance asset management and public funds in terms of asset scale [2] - Guangzhou announced a new blueprint for future industries, planning to develop six core future industries, including intelligent unmanned systems, embodied intelligence, cell and gene technology, future networks and quantum technology, advanced new materials, and deep - sea and deep - space exploration [2] - Shanghai issued an action plan to promote the high - quality development of the construction industry, proposing 21 specific measures in eight aspects, such as encouraging the integration of homogeneous businesses of construction enterprises, building a new model for real - estate development, and accelerating urban renewal [2] 3.7 Stock Index Views - The three major US stock indexes showed mixed performance. In the previous trading day, the stock index rose significantly, with the communication and electronics sectors leading the gains and the coal sector leading the losses. The market trading volume was 1.89 trillion yuan. On October 20, the margin trading balance increased by 396 million yuan to 2.413231 trillion yuan. The volatile situation of China - US tariffs has led to frequent shifts between long and short positions in the stock index. Meanwhile, during the Fourth Plenary Session of the 20th CPC Central Committee from October 20th to 23rd, market funds were relatively cautious [2]

Core Viewpoint - The article provides an overview of China's GDP calculations for the third quarter of 2025, highlighting growth rates across various sectors and the overall economic performance compared to previous periods [2][4]. GDP Overview - China's GDP for Q3 2025 is estimated at 35,450 billion yuan, with a year-on-year growth of 4.8% and a growth of 5.2% for the first three quarters [2]. - The primary industry shows a growth of 4.0%, while the secondary industry grows at 4.2%, and the tertiary industry leads with a growth of 5.4% [2]. Sector Performance - The agricultural sector (including agriculture, forestry, animal husbandry, and fishery) has a GDP of 28,401 billion yuan, growing by 4.1% year-on-year [2]. - The manufacturing sector shows a robust growth of 6.3%, with a GDP of 84,866 billion yuan [2]. - The construction industry, however, faces a decline with a growth rate of -2.3% [2]. - The financial sector grows by 5.2%, contributing 26,789 billion yuan to the GDP [2]. - The information transmission, software, and IT services sector exhibits significant growth at 11.7% [2]. Historical Context - The article compares the current GDP growth rates with historical data, indicating a recovery trend from the pandemic lows in 2020, where Q1 saw a decline of -6.8% [4][6]. - The GDP growth rates for 2023 are projected to be 4.7% in Q1, 6.5% in Q2, and 5.0% in Q3, indicating a stable economic recovery [4]. Calculation Methodology - The GDP is calculated using the production method, which reflects the value added by various sectors after deducting intermediate consumption [8][9]. - The article outlines the three methods of GDP calculation: production, income, and expenditure, emphasizing the production method as the basis for the quarterly GDP data [8][9]. Data Quality and Release - The article discusses the importance of data quality in GDP calculations, ensuring that the statistics accurately reflect economic conditions [35][36]. - Quarterly GDP data is released approximately 15 days after the end of the quarter, with final revisions published in January of the following year [39][41].

Core Viewpoint - The Shanghai government has released an action plan to promote high-quality development in the construction industry, focusing on enterprise integration, international expansion, and digital transformation [1][3][7]. Group 1: Enterprise Integration and Upgrading - The action plan encourages construction companies to integrate similar businesses, achieve differentiated competition, and complement each other in the supply chain [1][3]. - It aims to establish construction groups with full industry chain capabilities, targeting the consolidation of at least three groups comparable to the ENR Top 250 global contractors [3]. Group 2: Real Estate and Infrastructure Development - The plan emphasizes stabilizing real estate investment and promoting the construction of high-quality housing, including the development of high-performance components [3][4]. - It outlines the need to accelerate major engineering projects, focusing on those that can drive growth, investment, and improve living standards [3][4]. Group 3: Digital Transformation and Industrialization - The action plan promotes the digitalization and smart transformation of the construction industry, advocating for the extensive use of BIM technology throughout the project lifecycle [4]. - It encourages the industrialization of construction methods, particularly through prefabricated buildings and smart construction, with financial support for qualifying projects [4]. Group 4: Urban Renewal and Innovation - The plan accelerates urban renewal initiatives, enhancing the sustainability of urban development and optimizing project generation mechanisms [6]. - It supports innovative revenue models for construction companies, promoting collaborative platforms and shared risk models in urban renewal projects [6]. Group 5: International Expansion - The action plan aims to optimize services for foreign engineering contracts, providing comprehensive support for companies looking to expand internationally [7]. - It encourages state-owned enterprises to lead international market expansion in collaboration with small and private construction firms [7]. Group 6: Market Outlook - Analysts predict that the construction industry will see marginal improvements due to the commencement of key national projects and the implementation of debt policies [1][7]. - Investment opportunities are expected to arise in urban renewal, high-quality construction, and new infrastructure, particularly in western regions of China [7].