7月24日，厦门市住房和建设局(市重点办)公布2025年上半年各部门和单位省市重点项目建设成果。这 份凝聚着实干与担当的建设答卷，既是贯彻落实党的二十届三中全会精神的具体实践，更是厦门在服务 国家战略、融入新发展格局中交出的"期中答卷"，为全市经济高质量发展注入澎湃动能，也为"十四 五"收官与"十五五"谋划奠定坚实基础。 从整体数据来看，今年上半年厦门市省市重点项目建设推进成效显著。1—6月，132个省重点项目实际 完成投资501.9亿元，完成年度计划53.8%，超序时进度3.8个百分点；开工14个，竣工2个。其中，思明 区政府、轨道交通建设指挥部、市交通局完成情况较好。1—6月，552个市重点项目实际完成投资817.4 亿元，完成年度计划54.9%，超序时进度4.9个百分点；开工70个，竣工18个。其中，海沧区政府、临空 经济片区指挥部、市交通局、翔业集团完成情况较好。 从交地情况来看。1—6月，40个省市重点项目计划交地923.37亩，实际交地1511.49亩，完成序时计划 163.69%，其中，同安区、翔安区完成情况较好。 这些亮眼的数据，离不开厦门市委市政府的坚强领导，也得益于各区政府、管委会、指挥部 ...

Group 1 - The company, Jin Jing New Energy Holdings (stock code: 1783), announced a financing plan through the issuance of consideration shares, raising approximately HKD 150 million by issuing 19,674,185 shares at a price of HKD 7.98 per share, which represents a premium of 7.11% over the closing price of HKD 7.45 on the announcement date [1] - The issuance of consideration shares accounts for about 1.43% of the total shares outstanding as of the announcement date, and approximately 1.41% of the total shares after the issuance is completed, assuming no changes in the total shares outstanding during the issuance period [1] - The funds raised will be used for a sales collaboration with FMG to expand the recycling and green product market and to broaden the revenue base, among other general corporate purposes [1] Group 2 - The financing is advised by Jianquan Financing Limited and VBG Capital Limited [1] - Jin Jing New Energy Holdings is primarily engaged in upper structure construction, maintenance, renovation, and extension engineering services, as well as reverse supply chain management and environmental services, including industrial materials trading [1]

Core Viewpoint - The construction of barrier-free environments is a hallmark of a country's and society's civilization, with recent research highlighting significant issues in the barrier-free facilities of commercial complexes in Zhuhai, prompting responses from relevant authorities [1]. Group 1: Research Findings - The average layout rate of barrier-free facilities in surveyed commercial complexes is 55.9%, with an average compliance rate of 60.2%, indicating various construction and management issues, particularly concerning parking spaces, elevators, and restrooms [1]. Group 2: Government Response - The Zhuhai Housing and Urban-Rural Development Bureau will enforce compliance with barrier-free design standards and conduct quality checks on ongoing construction projects, focusing on the integration of new facilities with existing ones [2][3]. - The bureau will also enhance the supervision of design and construction phases to ensure that barrier-free facilities are designed, constructed, and accepted simultaneously with the main projects [3]. Group 3: Business Sector Actions - The Zhuhai Commerce Bureau plans to conduct inspections and urge businesses to rectify issues such as obstructed access and non-compliant facilities, having already conducted 40 inspections in 2024 across various commercial entities [4]. - The bureau will organize training sessions for merchants to improve awareness and compliance with regulations regarding barrier-free facilities [4][5]. Group 4: Expert Recommendations - Experts suggest that government departments should strengthen awareness of barrier-free requirements and manage the entire construction process, ensuring compliance with national standards [6][7]. - It is recommended to involve representatives from disabled and elderly communities in the planning and evaluation of barrier-free facilities to enhance their effectiveness [7].

说白了，任何试图、疑似在投标文件中对投标单位的信息作识别性标记，涉嫌向评标专家予以某种暗示， 都可能会影响招投标结果的公正性。更何况，正式递交的投标响应文件，同样也是投标企业专业化水准、 能力的一层表现，这么说来，几家投标企业在普通公众看来只是标点、格式"瑕疵"的疏漏，被认定违反暗 标编制要求也不算太冤。 甚至更进一步说，既然因违反暗标编制要求而被否决，相应疑似存在暗示评标专家的行为主体，除了被公 示否决，是否也需要作为案件线索反馈到相应监管部门予以必要核查？看是否确实存在"投标人以向招标 人或者评标委员会成员行贿的手段谋取中标"等情形，还是真的仅是格式校对瑕疵。以公示形式被否决却 再无任何后续，容易给被否决方的行业声誉带来不利信息。 但从另一方面也可以看到，招标投标市场作为全国统一大市场的重要组成部分，涉及到地方市场环境的公 平与公正，各地招投标的过程所涉一些格式类投标要求，是否也存在过度以格式苛求投标者的情况？2019 年7月，财政部《关于促进政府采购公平竞争优化营商环境的通知》中明确提出，采购人、采购代理机构 对投标（响应）文件的格式、形式要求应当简化明确，不得因装订、纸张、文件排序等非实质性的格式、 ...

Credit Bond Yield Performance - In June, overall credit bond yields declined, with short-term credit bond spreads widening while medium to long-term spreads narrowed [1][4] - The AA- rated credit bond spreads mostly narrowed, while other ratings saw mixed results in 1-year and 3-year spreads, indicating a market trend towards longer durations and lower credit quality for yield enhancement [4][10] Industry-Specific Credit Bond Spreads Industrial Bonds - In June, the credit spreads for AAA-rated industrial bonds varied across industries, with the financial holding sector experiencing the largest narrowing of 12.31 basis points, while the textile and apparel sector saw the largest widening of 3.26 basis points [12][13] - The pharmaceutical and biological sector in private placements had the largest narrowing of spreads at 8.83 basis points, while the public utility sector experienced the largest widening of 9.65 basis points [12][13] Local Government Financing Bonds - The credit spreads for local government financing bonds showed a mixed trend, with lower-rated spreads continuing to narrow while mid to high-rated spreads fluctuated upwards [1][4] - In May, most provinces and entities saw a narrowing of credit spreads, with private placements showing a more significant reduction [1][4] Financial Bonds - In June, the credit spreads for bank perpetual bonds exhibited mixed results, with the lowest-rated spreads compressing the most, while the spreads for securities company subordinated bonds and insurance company capital replenishment bonds all declined [1][4]

Core Viewpoint - 德才股份 has been awarded the "ESG New Benchmark Enterprise Award" for its outstanding practices in environmental, social, and governance (ESG) areas [1] Group 1: Company Overview - 德才股份 is the first A-share listed construction enterprise in Shandong Province, holding 88 industry qualifications including a special grade qualification for general contracting of construction projects [4] - The company actively responds to the national "dual carbon" goals and adheres to the mission of "creating a green, intelligent, and beautiful living environment" [4] Group 2: ESG Management - 德才股份 has established a comprehensive and efficient ESG management structure, clarifying responsibilities across all levels and departments to support ESG initiatives [6] - The company maintains high standards of corporate governance, continuously improving its governance system based on company bylaws, shareholder meetings, board meetings, and supervisory meeting rules [6] Group 3: Strategic Focus - The company aims to become a pioneer in the full industry chain of the construction sector with a global layout, intelligent production, and green development, integrating carbon emission management into its management system [6] - 德才股份' wholly-owned subsidiary, 德才高科, focuses on green construction and is actively developing the smart system window sector, leading technological innovation and product upgrades [6] Group 4: Future Outlook - Looking ahead, the company will continue to promote low-carbon, environmentally friendly, and sustainable development methods through the research and application of new green and energy-saving technologies [6]

Core Viewpoint - The recent completion of the Haixin Bridge Square marks a significant enhancement in urban public spaces along the Pearl River, contributing to the overall quality improvement of Guangzhou's waterfront area [1][3]. Group 1: Haixin Bridge Square Renovation - The Haixin Bridge Square has been expanded by approximately 30%, increasing its total area to about 6,300 square meters, which includes a newly added 2,600 square meters of gathering space [3][5]. - The renovation has improved pedestrian flow efficiency by about 50%, with a newly established three-tiered circulation system consisting of a sightseeing path, a quick passageway, and a running track [5][6]. - The square features a 300-meter vegetation isolation belt to manage crowd flow and has upgraded facilities, including around 60 courtyard lights to enhance safety and aesthetics [5][6]. Group 2: Urban Connectivity Projects - The Guangzhou Tower's large steps area is under construction and is expected to be completed by the end of August, enhancing the tourism infrastructure around the tower [7]. - The Huangpu River pedestrian bridge, which recently completed its main structure, is set to be finished by the end of August and will serve as a cultural landmark while improving connectivity along the waterfront [9][12]. - The Haizhu River pedestrian bridge is nearing completion and will connect key waterfront areas, significantly shortening travel distances and enhancing the urban slow-moving network [12][14].

Summary of Conference Call Records Industry and Company Involved - The discussion primarily revolves around the **Chinese capital market** and the **Yajiang Investment** project related to the construction of hydropower stations on the Yarlung Tsangpo River, with a total investment of **1.2 trillion yuan** (approximately **$173 billion**) [1][9][12]. Core Points and Arguments - **Market Sentiment and Inflation Expectations**: The current market is experiencing inflation expectations driven by the anti-involution policy and Yajiang Investment, but there is caution regarding the sustainability of the cyclical sector's rise [1][2]. - **Steps to Overcome Deflation**: China needs to undergo three steps to exit deflation: monetary easing (already implemented in 2024), structural policies (which have limited but necessary effects), and balance sheet clearing (anti-involution) [1][5]. - **Impact of Yajiang Investment**: While Yajiang Investment is crucial for the construction of hydropower stations, its macro contribution to overall infrastructure investment and GDP growth in China is limited, necessitating observation of its sustained impact on cyclical stocks [1][6][9]. - **Risk Appetite in Capital Markets**: The increase in risk appetite in the Chinese capital market this year is attributed to expectations surrounding anti-involution and Yajiang Investment, as well as a rebound in dollar liquidity [1][7]. - **Stock Market Bullishness**: The Shanghai Composite Index surpassing **3,600 points** has sparked discussions about the onset of a bull market, but there is a cautious outlook on its sustainability [2][3][4]. - **Investment Projections**: The new hydropower project is expected to have an annual investment of approximately **120 billion yuan** (around **$17 billion**), which is about **0.8%** of the projected **14 trillion yuan** infrastructure scale for 2024 [3][13]. - **Multiplier Effect on GDP**: The actual multiplier effect of the new hydropower project on GDP may be less than one due to factors like capital outflow from imported equipment, leading to limited short-term GDP impact [14][16]. Other Important but Possibly Overlooked Content - **Infrastructure Investment Calculation**: Since 2018, specific amounts for infrastructure investment by industry are no longer published, making accurate calculations challenging. Current estimates suggest the infrastructure scale is around **14 trillion yuan**, which is significantly lower than some extrapolated figures [11]. - **Long-term Economic Effects**: While the short-term impact of the new hydropower project on GDP is limited, it is expected to generate positive spillover effects in the long run, potentially increasing GDP by over **0.1 percentage points** annually [14][17]. - **Incremental Investment Uncertainty**: There is uncertainty regarding whether the new hydropower project constitutes purely incremental investment, which could significantly affect the assessment of its economic impact [15][16]. This summary encapsulates the key insights from the conference call, highlighting the current state of the Chinese capital market, the implications of the Yajiang Investment project, and the broader economic context.

Summary of Conference Call on the Construction Industry Industry Overview - The construction industry has initiated an anti-involution campaign, with responses from state-owned enterprises (SOEs), national enterprises, and private enterprises aimed at avoiding unfair competition such as bid-rigging and lowest-bid wins, which is expected to improve the industry ecosystem [1][2] - Major infrastructure projects like the Yalong River Hydropower Station, with an investment scale of 1.2 trillion yuan, are anticipated to become new growth points for infrastructure demand, alongside projects like the Zhejiang-Jiangxi-Guangdong Canal and the Pinglu Canal [1][3] Core Insights and Arguments - The construction industry is currently at the bottom of the chip, stock price, and supply-demand structure, with a strong push for steel structure buildings expected to increase penetration rates, shifting market expectations from pessimistic to optimistic [1][3] - Historical data indicates that supply-side contraction can lead to economic improvement, and reducing vicious competition can enhance corporate profit levels; policy support and improved market conditions are crucial for the sustainable development of the construction industry [1][4][5] - The construction industry does not have fixed capacity, allowing for flexible adjustments based on demand changes, which differentiates it from other cyclical industries like cement and steel [7] Investment Recommendations - Focus on Honglu Steel Structure, which is expected to benefit from rising steel prices, leading to a dual boost in valuation and performance; it has greater earnings elasticity compared to traditional SOEs [1][6] - Attention should also be given to undervalued SOEs such as China Power Construction and China Energy Construction, which may see valuation recovery as competition improves [9] - Other recommended stocks include high-dividend SOEs like China State Construction and Sichuan Road & Bridge, which are expected to improve operational quality [9] Marginal Changes and Policy Catalysts - The construction industry is experiencing its first revenue decline in 2024 due to severe internal competition, with leading firms reporting economic profits of only 1-2% [2] - The anti-involution measures, including avoiding bid-rigging and illegal subcontracting, are expected to bring about significant industry changes [2] Future Development Conditions - The sustainable development of the construction industry relies on continued policy support and market environment improvements, including the promotion of large-scale infrastructure projects [5] - Reducing vicious competition and enhancing corporate profitability are essential for future growth [5] Potential Risks and Opportunities - The steel structure industry may see similar opportunities as the steel sector experiences price increases due to potential joint production cuts and rising demand expectations [8] - Companies like Zhongcai International and Zhonggong International, which serve downstream cement and steel plants, may face short-term challenges due to reduced capital expenditures but could benefit from improved cash flow conditions in the long run [9]

Investment Rating - The report maintains an investment rating of "Outperform the Market-A" [4] Core Viewpoints - The ongoing urban renewal and the commencement of major projects are expected to accelerate infrastructure investment in the second half of the year [1][20] - The central government has emphasized the importance of urban village renovations and has set ambitious targets for the renovation of old urban residential areas, with 58,000 new projects planned for 2024 and 25,000 for the first half of 2025 [1][17] - The report suggests focusing on low-valuation state-owned enterprises in the infrastructure sector, as their fundamentals and operational metrics are expected to improve due to ongoing reforms and market conditions [9][11] Summary by Sections Industry Dynamics - The State-owned Assets Supervision and Administration Commission (SASAC) has called for state-owned enterprises to actively participate in urban development and infrastructure projects, emphasizing the need for safety and reliability in infrastructure [1][16] - The National Development and Reform Commission (NDRC) has allocated 735 billion yuan for central budget investments, focusing on modern infrastructure and urbanization projects [2][18] - Infrastructure investment growth rates for the first half of 2023 were reported at 4.60% for narrow definitions and 8.90% for broader definitions, with expectations for acceleration in the latter half of the year [9][20] Market Performance - The construction industry saw a weekly increase of 5.62%, outperforming major indices such as the Shenzhen Composite Index and the Shanghai Composite Index [21] - The municipal engineering sector experienced the highest growth within the construction industry, with a weekly increase of 14.33% [21] Company Announcements - Major contracts were awarded, including China Power Construction winning contracts worth approximately 57.52 billion yuan for a pumped storage power station [32] - China State Construction reported new contracts totaling 2.5 trillion yuan for the first half of 2025, reflecting a year-on-year increase of 0.9% [32] Valuation - As of July 25, the construction and decoration industry had a price-to-earnings (P/E) ratio of 11.65 and a price-to-book (P/B) ratio of 0.85, indicating a slight increase from the previous week [24] - The report highlights that the construction industry ranks 27th in P/E valuation among major sectors, suggesting potential for valuation improvement [24][25] Key Focus Stocks - The report recommends focusing on low-valuation state-owned enterprises such as China State Construction, China Railway, and China Communications Construction, which are expected to benefit from improved operational metrics and market conditions [11][12][28]