1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In the context of a volatile bond market and a passive widening of credit spreads, investors should prioritize high - coupon assets for certain returns and prepare in advance for the spread compression market driven by the seasonal inflow of wealth management funds in July [1][5]. - The current core contradiction in the credit bond market is the co - existence of weakening allocation demand and a passive widening of spreads in a volatile environment. Investors should seize pricing deviation opportunities under the protection of coupon safety cushions [5]. - The volatile market pattern caused by the interplay of multiple factors will continue, providing tactical opportunities for layout during market adjustments [6]. - The coupon strategy is the optimal solution in a volatile market, and portfolios should be constructed in a stratified manner according to the characteristics of liabilities [7]. - Investors should "pre - position" for the seasonal spread compression market in July and seize structural opportunities in specific bond varieties [8]. 3. Summary by Relevant Catalog 3.1 Yield and Spread Overview 3.1.1 Yields and Changes of Each Tenor - Yields of various types of bonds at different tenors are presented, along with their weekly changes and historical percentiles. For example, the 0.5 - year Treasury yield is 1.41%, down 4.0bp from last week, with a historical percentile of 8.4% [14]. 3.1.2 Spreads and Changes of Each Tenor - Credit spreads of various types of bonds at different tenors are shown, including their weekly changes and historical percentiles. For instance, the 0.5 - year credit spread of public non - perpetual urban investment bonds is 25bp, up 2.1bp from last week, with a historical percentile of 12.7% [16]. 3.2 Yields and Spreads of Credit Bonds by Category (Hermite Algorithm) 3.2.1 Yields and Spreads of Urban Investment Bonds by Region - **Yields and Changes of Each Tenor**: Yields of public non - perpetual urban investment bonds in different provinces at key tenors, their weekly changes, and historical percentiles are provided. For example, the 0.5 - year yield of Anhui's public non - perpetual urban investment bonds is 1.77%, up 2.6bp from last week, with a historical percentile of 1.1% [19]. - **Spreads and Changes of Each Tenor**: Credit spreads of public non - perpetual urban investment bonds in different provinces at key tenors, their weekly changes, and historical percentiles are given. For example, the 0.5 - year credit spread of Anhui's public non - perpetual urban investment bonds is 30.41bp, up 4.6bp from last week, with a historical percentile of 7.2% [22]. - **Yields and Changes of Each Implied Rating**: Yields of public non - perpetual urban investment bonds in different provinces for each implied rating, their weekly changes, and historical percentiles are presented. For example, the AAA - rated yield of Anhui's public non - perpetual urban investment bonds is 1.80%, up 3.8bp from last week, with a historical percentile of 5.1% [26]. - **Spreads and Changes of Each Implied Rating**: Credit spreads of public non - perpetual urban investment bonds in different provinces for each implied rating, their weekly changes, and historical percentiles are shown. For example, the AAA - rated credit spread of Anhui's public non - perpetual urban investment bonds is 28.96bp, up 4.8bp from last week, with a historical percentile of 32.2% [31]. - **Yields and Changes of Each Administrative Level**: Yields of public non - perpetual urban investment bonds in different provinces at each administrative level, their weekly changes, and historical percentiles are provided. For example, the provincial - level yield of Anhui's public non - perpetual urban investment bonds is 1.80%, up 3.5bp from last week, with a historical percentile of 3.7% [35].

Core Viewpoint - The article provides a detailed guide on how to declare and pay the environmental protection tax for construction projects in Shanghai, emphasizing the use of the national unified electronic tax bureau for tax declaration and payment processes [1][5][15]. Group 1: Tax Declaration Process - The first step involves collecting tax source information by selecting the environmental protection tax in the electronic tax bureau [1][3]. - After entering the tax source details, the next step is to calculate the tax amount and submit the declaration [5][6]. - The tax declaration is done quarterly, with monthly entries required for specific indicators and coefficients [7][8]. Group 2: Tax Calculation Method - The calculation of the air pollution emission involves three steps: determining the emission amount, calculating the equivalent number of pollutants, and finally calculating the tax amount based on the applicable tax rate [12]. - The emission amount is calculated using the formula: Air Pollution Emission = (Dust Generation Coefficient - Dust Reduction Coefficient) × Construction Area [12]. - Specific coefficients for dust generation and reduction are provided in a reference table, which outlines the applicable values for different construction types [14]. Group 3: Policy References - The article cites several policy documents that govern the environmental protection tax, including announcements from the National Taxation Bureau and the Shanghai Local Taxation Bureau [15][16].

张园中区施工难度最大的区域，是采用原位顶升托换技术的7栋老建筑，其中最知名的就是始建于1928 年的"张园大客堂"。上世纪40年代，这里曾是向许多有志青年开展爱国主义和革命理想教育的"树群夜 校"。在桩基阶段，二建集团通过研发的迷你"坦克"——自行走低净空钻孔灌注桩桩机、自行走MJS旋 喷桩桩机，在老建筑内大显身手。它们由无线遥控器控制行走、折叠、转向，自由进出门洞，在房屋内 打下一排排工程桩。 章谊介绍，为了满足超低净空的施工条件，团队专门定制生产了小型挖土机器人，采用折叠式机械臂和 底盘集成设计，融合履带—轮式复合驱动技术，能在宽度不足1.2米的石库门里弄巷道内自主转向移 动。基于深度学习算法，挖土机器人还可准确区分黏土与障碍物，实现智能清障和路径规划。 上海静安置业集团副总经理陈汝俭介绍，此次张园地下三层空间开发深15米，可释放5.3万平方米空 间，将综合设置商业、文化、地下停车等设施，并实现轨道交通2、12、13号线南京西路站内换乘。待 张园整体开放后，将实现整个街区地上、地下空间的贯通及与周边楼栋、商场、街区的互联互通，形成 重历史文化、强沉浸体验的城市更新案例。 （文章来源：人民日报） 432个小 ...

Core Viewpoint - The company, Xizang Tianlu Co., Ltd., is facing challenges in its cement and construction business due to high costs and competitive pressures, leading to ongoing losses despite some improvements in profitability metrics [4][8][13]. Company Overview - Xizang Tianlu is a leading cement producer in the Tibet Autonomous Region, maintaining a significant market share and brand recognition [3][7]. - The company has a strong relationship with its major shareholder, Tibet Construction Group, which provides financial support and favorable financing conditions [4][5]. Financial Performance - The company reported a revenue decline of 23.40% in 2024, primarily due to a significant drop in construction business income, which fell by 43.24% [12][13]. - Despite a decrease in sales volume, the profitability of the cement business improved due to a larger decline in coal procurement prices compared to cement prices [8][9]. - The overall gross profit margin for the company was 0.52% in 2024, reflecting the impact of seasonal demand fluctuations and cost pressures [13]. Market Environment - The cement industry is experiencing a downturn, with a 10.30% year-on-year decline in real estate investment in 2024, which is a major driver of cement demand [9][10]. - Infrastructure investment growth remains positive, but the overall cement demand is projected to decrease by 9.50% due to weak performance in the real estate sector [9][10]. - The company’s operations are heavily influenced by regional market conditions, with significant reliance on infrastructure projects in Tibet [10][11]. Future Outlook - The company is expected to maintain its credit quality in the near term, but potential downgrades could occur if operational challenges persist [4][9]. - There is optimism for a recovery in cement demand in 2025, supported by government policies and infrastructure investments, although competition remains fierce [9][10].

Core Insights - The Lize Digital Financial Technology Demonstration Park project has reached a significant milestone with the completion of the last steel beam, marking the topping out of the first 5A super-class office building, transitioning from planning to reality [1] - The project is a key landmark for the "Digital China" strategy in Beijing, covering an area of approximately 67,800 square meters with a total construction area of 497,000 square meters, serving as a platform for financial technology innovation [2] Construction and Technology - The project utilizes a steel structure with a total steel usage of approximately 42,000 tons, presenting significant challenges in construction precision and component installation [2] - A "digital brain + intelligent touch" construction system has been established on-site, integrating over 20 types of intelligent construction robots with BIM technology, enhancing construction speed and efficiency [2][3] - The introduction of smart pit monitoring robots has reduced the data collection time from two days with a ten-person team to just one hour with a single operator [3] Efficiency and Cost Reduction - The establishment of a digital template processing factory on-site has enabled 24-hour continuous operation, increasing construction efficiency by 10 times and reducing costs by 10% [3] - The use of intelligent six-axis collaborative welding robots and three-dimensional scanning robots has improved construction speed while ensuring quality and safety [3] BIM Technology Application - The deep application of BIM technology acts as an "intelligent brain" for the project, facilitating real-time collaboration among various professional teams and significantly improving problem-solving efficiency [4] - For instance, issues that previously took four to five hours to resolve can now be addressed in 30 minutes through the BIM online system, enhancing efficiency by 8 to 10 times [4] Project Overview and Future Prospects - The Lize Digital Financial Technology Demonstration Park, with a total investment of 14 billion yuan, will include high-end office buildings, administrative apartments, and self-owned commercial spaces, creating a modern park that integrates industry innovation, financial services, and social life [5] - The project aims to focus on key areas such as digital currency, regulatory technology, and digital assets, establishing a new high ground for digital financial development in the capital [5]

Group 1 - The macroeconomic and policy expectations remain weak entering June, with no significant changes anticipated in the US-China trade relations [1] - Factors such as the high school entrance examination, high temperatures, and rainy season are expected to impact certain demand segments, leading to a potential weakening of terminal demand [1] - It is projected that construction material consumption will decrease by approximately 3% month-on-month in June [1]

建筑装饰 三峡水运新通道项目启动，哪些标的有望受益？ 证券研究报告 | 行业周报 gszqdatemark 2025 06 08 年 月 日 三峡水运新通道项目启动设计招标，项目建设有望加快推进。本周中国三 峡电子采购平台发布《三峡水运新通道项目勘察设计招标公告》，项目位 于湖北省宜昌市，招标人为中国三峡建工（集团）有限公司。三峡水运新 通道项目可研阶段静态总投资约 766 亿元、总工期 100 个月（不含筹建期 12 个月），项目建设内容包含三峡枢纽新通道工程和葛洲坝航运扩能工程 两部分：1）三峡枢纽新通道：位于现有三峡船闸北侧，采用双线五级船闸 方案，线路总长 6680 米，通航吨级 10000 吨；2）葛洲坝航运扩能：拆除 既有三号船闸，新建两线船闸，闸室尺寸 280m×40m×8m，通航吨级 10000 吨。项目勘察设计已由项目审批机关批准，资金来源已落实。建设 三峡水运新通道是落实国家重大战略的政治任务，为区域经济发展提供重 要支撑，4 月交通运输部综合规划司在例行新闻发布会上表示项目力争年 内开工建设，后续建设有望加快推进。 三峡水运新通道项目将带动施工、民爆、水泥等需求释放，相关产业链龙 头及区 ...

Group 1: Investment Rating - No information about the industry investment rating is provided in the report Group 2: Core View - The report tracks the weekly data of green bonds from June 2, 2025, to June 6, 2025, including primary market issuance, secondary market trading, and valuation deviation of individual bonds [1][2][3] Group 3: Summary by Content Primary Market Issuance - This week, 10 green bonds were newly issued in the inter - bank and exchange markets, with a total issuance scale of about 9.57 billion yuan, a decrease of 12.436 billion yuan from last week. The issuance term is mostly 3 years, the issuer nature includes local state - owned enterprises, other enterprises, state - owned enterprises, and central enterprise subsidiaries, the issuer's main credit ratings are mostly AAA and AA, and the bonds are issued in various regions and types [1] Secondary Market Trading - The weekly trading volume of green bonds this week totaled 53.1 billion yuan, a decrease of 8.1 billion yuan from last week. By bond type, the top three in trading volume were non - financial corporate credit bonds, financial institution bonds, and interest - rate bonds, totaling 28.1 billion yuan, 17.1 billion yuan, and 6 billion yuan respectively. By issuance term, bonds with a term of less than 3 years had the highest trading volume, accounting for about 80.30%. By issuer's industry, the top three industries in trading volume were finance, public utilities, and construction, with trading volumes of 21.8 billion yuan, 11.6 billion yuan, and 3.3 billion yuan respectively. By issuer's region, the top three regions in trading volume were Beijing, Guangdong, and Hubei, with trading volumes of 18.1 billion yuan, 8.1 billion yuan, and 4.8 billion yuan respectively [2] Valuation Deviation of Top 30 Individual Bonds - The overall valuation deviation of the weekly average trading price of green bonds this week was not significant, with the discount trading amplitude greater than the premium trading amplitude and the proportion of discount trading greater than that of premium trading. Among the discount bonds, the top three in discount rate were G23 Dali 1 (- 1.6985%), 25 Bishuiyuan MTN001 (green science and technology innovation) (- 0.7796%), and 22 Vanke GN002 (- 0.7553%), and the main industries of the issuers were public utilities, real estate, and construction. Among the premium bonds, the top four in premium rate were 25 CNOOC Leasing MTN001 (green new - energy and new - technology) (0.3348%), 21 Shen G12 (0.2879%), 23 Shandong Energy GN001A (0.1197%), and 24 Greentown Real Estate GN001 (0.1174%), and the main industries of the issuers were transportation equipment, real estate, public utilities, and construction [3]

Group 1 - The Shenzhen Opera House project, located in Nanshan District, has entered the main steel structure construction phase with the successful completion of its first steel lifting [1] - The project is part of Shenzhen's "Top Ten Cultural Facilities of the New Era," covering a total construction area of approximately 211,500 square meters, including various performance venues and public service areas [1] - The project aims to become a new landmark for arts and culture in Shenzhen [1] Group 2 - Shenzhen has arranged a total of 798 major projects for 2025, with a total investment of approximately 3.2 trillion yuan, including 679 construction projects and an annual planned investment of 307.64 billion yuan [2] - From January to April, the cumulative investment in major projects reached 109.92 billion yuan, achieving an investment progress of 35.7% [2] Group 3 - The application of new materials, technologies, and processes has enabled major projects to be constructed more efficiently [5] - The total steel usage for the Shenzhen Opera House project is expected to reach 43,600 tons, utilizing Q690GJC steel, which is the first large-scale application of this material in the country [5] - This high-strength steel has double the yield strength of conventional steel, reducing material consumption by over 40% and aligning with modern green building standards [5] Group 4 - Shenzhen has initiated a new round of major project plan expansion to enhance effective investment and support high-quality growth in fixed asset investment [7] - The new projects must align with Shenzhen's industrial development orientation and have a significant impact on the local economy [7] - Major projects are categorized into construction projects and preliminary projects, with specific investment thresholds for different categories [8]

Core Viewpoint - The ISO 9001 three systems, comprising ISO 9001 Quality Management System, ISO 14001 Environmental Management System, and ISO 45001 Occupational Health and Safety Management System, provide a standardized framework for enterprises to enhance operational management and competitiveness [3][16]. Group 1: Enhancing Product and Service Quality - The ISO 9001 Quality Management System helps enterprises standardize production and service processes, leading to a significant reduction in defect rates, as seen in a furniture manufacturing company where defect rates dropped from 15% to below 5% after implementation [4][6]. - Customer satisfaction improved from 70% to 90% due to enhanced product quality, resulting in increased order volumes [4]. Group 2: Environmental Image and Sustainable Development - The ISO 14001 Environmental Management System encourages enterprises to adopt energy-saving and resource-recycling practices, enhancing their green image and market opportunities [5]. - For instance, an automotive manufacturer achieved a water savings of 500,000 tons annually through advanced purification equipment, and an 80% recycling rate of waste parts, leading to cost savings and a positive environmental impact [5]. Group 3: Employee Rights and Work Efficiency - The ISO 45001 Occupational Health and Safety Management System prioritizes employee health and safety, significantly reducing workplace accidents, as demonstrated by a construction company that saw an 80% decrease in accident rates after implementing the system [7]. - Employee satisfaction and loyalty increased, resulting in a 30% boost in work efficiency and improved project quality [7]. Group 4: Real-World Case Studies - A mechanical manufacturing company reduced its defect rate from 12% to 3% after implementing the ISO 9001 three systems, leading to a 50% increase in order volume and a 30% profit increase due to optimized production processes [8][9]. - A hotel chain improved customer satisfaction from 50% to 80% by standardizing service processes across its branches, resulting in the opening of 10 new locations [10]. Group 5: Implementation Steps - Companies must prepare thoroughly before pursuing ISO 9001 three systems certification, including understanding the standards and forming a dedicated certification team [11]. - Establishing management systems involves setting quality, environmental, and occupational health and safety policies and goals, such as achieving a product qualification rate of over 98% [12]. Group 6: Internal Audits and Management Reviews - Regular internal audits are essential for assessing the effectiveness and compliance of management systems, with findings leading to necessary corrective actions [13][14]. - Management reviews evaluate the ongoing suitability and effectiveness of the systems, ensuring they meet the evolving needs of the enterprise [14]. Group 7: Certification Process - Companies should select reputable certification bodies and submit necessary documentation for review, followed by on-site audits to verify compliance with the ISO standards [15]. - Successful completion of the certification process results in the issuance of ISO 9001 three systems certification, validating the enterprise's commitment to quality, environmental responsibility, and employee safety [15]. Group 8: Summary and Outlook - The ISO 9001 three systems empower enterprises to enhance their competitiveness by integrating quality control, environmental responsibility, and employee welfare into their operations [16]. - As market competition intensifies, more enterprises are encouraged to recognize the value of these systems and implement them effectively for sustainable growth [16].