2025.07. 10 本文字数：2189，阅读时长大约3分钟 作者 | 第一财经 马一凡 不盲目扩张及过度负债，坚决抵制违法转包、违规分包、围标串标，坚决抵制"内卷式"竞争——近 日，33家建筑工程行业巨头发布倡议书联手"反内卷"，对行业积弊坚决"说不"。 有建筑行业资深从业者表示，建筑工程业过去长期存在低价中标、带资承包、垫资施工、超长账期的 问题，如今行业联手"反内卷"有利于优胜劣汰、提升长远经营质量。 此外，作为上下游产业的建筑材料行业近期也有一系列"反内卷"动作，如水泥行业将切实推动熟料生 产线备案产能与实际产能的统一，推动行业转型升级；防水建材多家头部企业发出"涨价函"，以缓解 成本上行和利润微薄问题。 抵制行业乱象 7月7日，国务院国资委党委和全国工商联党组共同在北京举办高质量党建引领建筑行业高质量发展 主题活动暨行业倡议发布会。 除了建筑工程行业，近期作为建筑上下游的建材行业也有不少细分行业或企业响应"反内卷"号召。 在这场会议上，33家建筑类中央企业、地方国企以及民营企业基层党组织联合发出一份《关于号召 建筑行业党组织和广大党员在营造风清气正行业环境中走在前作表率的倡议书》（以下简称"倡议 ...

证券代码：002761 证券简称：浙江建投 公告编号：2025-073 浙江省建设投资集团股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 浙江省建设投资集团股份有限公司（以下简称"公司"）2024 年年度权益分派方案已获 一、股东大会审议通过利润分配方案等情况 议通过，具体内容为：拟以公司 2024 年 12 月 31 日总股本 1,081,782,939 股为基数，向全 体股东每 10 股派 0.50 元人民币现金股利（含税），共计分配股利 54,089,146.95 元，送红 股 0 股（含税），不以公积金转增股本。本利润分配预案实施前，公司总股本因股份回购、 可转债转股、再融资、新增股份上市等原因发生变动，公司将"以最新股本为基准，按照分 配比例不变的原则"对分配总额进行调整。股东大会决议公告、2024 年度利润分配预案的公 告刊登于《证券时报》《证券日报》《中国证券报》《上海证券报》和巨潮资讯网 （www.cninfo.com.cn）。 本总额由 1,081,782,939 股变更为 1,081,784,396 股。按照"维持每股分配比例 ...

证券代码：002949 证券简称：华阳国际 公告编号：2025-047 一、股东的基本情况 债券代码：128125 债券简称：华阳转债 深圳市华阳国际工程设计股份有限公司 关于持股 5%以上股东减持股份预披露公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 持有本公司股份 12,838,000 股（占本公司总股本比例 6.55%）的股东淮安旭 天企业管理合伙企业（有限合伙）（以下简称"淮安旭天"）、持有本公司股份 （有限合伙） （以下简称"淮安中天"）计划自本公告发布之日起 15 个交易日后的 公司总股本比例 1.00%。其中，淮安旭天减持不超过 1,043,500 股，占公司总股 本 0.53%；淮安中天不超过 916,500 股，占公司总股本 0.47%。 深圳市华阳国际工程设计股份有限公司（以下简称"公司"或"本公司"） 于 2025 年 7 月 10 日收到公司股东淮安旭天及淮安中天出具的《股份减持计划 告知函》 。现将有关情况公告如下： 截至本公告日，拟减持公司股份的股东具体持股情况如下： 序号 股东名称 持有股份总数（股） 占总股本 ...

Group 1 - The core achievement of the project is the significant breakthrough in the seepage prevention engineering of the Dongzhuang Water Conservancy Hub, with intelligent grouting construction exceeding 600,000 meters, laying a crucial foundation for the goal of water storage by November [1] - The Dongzhuang Water Conservancy Hub is recognized as one of the 172 major water-saving and water supply projects determined by the State Council, and it is the first high concrete double-arch dam project under construction in a world-class sediment-laden river section [1] - The total planned grouting volume for the seepage prevention project exceeds 1 million meters, which is 3 to 4 times that of a typical hydropower station, earning it the title of "the largest single seepage prevention project in the country" [1] Group 2 - The project faces complex geological conditions, including developed limestone karst areas and large fissures in the left bank rock layer, prompting the company to promote digital and intelligent technology innovations [1] - The intelligent grouting system developed by the company features fully independent intellectual property rights and utilizes multi-parameter sensors and artificial intelligence models for real-time monitoring of key parameters such as grouting pressure, flow, and slurry density [1] - The system ensures stable and controllable grouting quality, with automatic early warning and fault diagnosis to guarantee safe production, achieving a maximum monthly grouting progress of 57,000 meters [2] Group 3 - The Dongzhuang Water Conservancy Hub has been selected as a pilot project for intelligent dam construction by the Ministry of Water Resources in 2025, with plans to complete the application and enhancement of key intelligent construction technologies by the end of 2026 [2] - The intelligent grouting technology independently developed by the company has been professionally certified, reaching an internationally leading level [2]

Quantitative Models and Construction Methods 1. Model Name: IPCA Factor Model - **Model Construction Idea**: The IPCA factor model is designed to explain the returns of 46 option strategies, aiming to capture 80% of their returns while minimizing abnormal monthly returns to near zero[22] - **Model Construction Process**: The model integrates factors such as transaction costs and heterogeneous risk aversion to optimize derivative pricing. It also addresses the absence of reliable credit or liquidity premiums in pre-WWI corporate bond returns[25] - **Model Evaluation**: The model demonstrates strong explanatory power for option strategy returns and highlights the role of transaction costs in driving return volatility[22][25] 2. Model Name: Neural Functionally Generated Portfolios (NFGP) - **Model Construction Idea**: NFGP combines Transformer and diffusion models to enhance probabilistic time-series forecasting accuracy and improve decision reliability[35] - **Model Construction Process**: The model reduces forecasting errors by 42% compared to benchmarks and introduces dual uncertainty indicators to optimize portfolio decisions[35] - **Model Evaluation**: The model outperforms traditional approaches in terms of predictive accuracy and robustness in decision-making[35] --- Model Backtesting Results 1. IPCA Factor Model - **Explanatory Power**: 80% of option strategy returns explained[22] - **Abnormal Monthly Returns**: Approaching zero[22] 2. Neural Functionally Generated Portfolios (NFGP) - **Forecasting Error Reduction**: 42% compared to benchmarks[35] --- Quantitative Factors and Construction Methods 1. Factor Name: "Betting Against (Bad) Beta" (BABB) - **Factor Construction Idea**: The BABB factor improves the "Betting Against Beta" (BAB) strategy by managing transaction costs and isolating bad beta components[15] - **Factor Construction Process**: The factor is constructed using double sorting to isolate bad beta components. It achieves an annualized alpha exceeding 6%, independent of traditional sentiment indicators[15] - **Factor Evaluation**: The factor demonstrates strong performance in low-risk investment strategies, with significant alpha generation[15] 2. Factor Name: High-Speed Rail Network Centrality - **Factor Construction Idea**: This factor captures the impact of high-speed rail network centrality on corporate bond spreads by improving the information environment and regional trust[25] - **Factor Construction Process**: The factor is derived from the centrality of high-speed rail networks, showing a significant reduction in corporate bond spreads, particularly for non-state-owned enterprises and non-central cities[25] - **Factor Evaluation**: The factor effectively highlights the role of infrastructure in reducing financing costs and improving capital allocation efficiency[25] 3. Factor Name: Residual-Based Structural Change Detection - **Factor Construction Idea**: This factor robustly detects structural changes in factor models, accommodating over-specified factor numbers and error correlations[17] - **Factor Construction Process**: The factor employs residual-based tests to identify smooth or abrupt structural changes in factor models, enhancing robustness in model evaluation[17] - **Factor Evaluation**: The factor is highly effective in detecting structural changes and improving the robustness of factor model evaluations[17] --- Factor Backtesting Results 1. "Betting Against (Bad) Beta" (BABB) - **Annualized Alpha**: >6%[15] 2. High-Speed Rail Network Centrality - **Corporate Bond Spread Reduction**: Significant, especially for non-state-owned enterprises and non-central cities[25] 3. Residual-Based Structural Change Detection - **Robustness**: Effective in detecting both smooth and abrupt structural changes[17]

Core Insights - The article highlights the growing trend of Chinese companies expanding into Africa, particularly Nigeria, which is seen as a key market despite the increasing risks associated with social unrest and political instability [1][2]. Group 1: Economic and Trade Relations - Nigeria is identified as China's largest engineering contracting market in Africa, the second-largest export market, and a major investment destination, making it a focal point for Chinese enterprises looking to expand [1]. - The recent Nigeria-China bilateral trade and investment summit aimed to enhance trade and investment cooperation between the two nations [2]. Group 2: Risks and Challenges - Since 2025, Nigeria has recorded a total of 1,383 risk events, with an average of 223 events per month in the first half of the year, indicating a complex and severe security situation [3]. - The types of risk events include social security, political security, social unrest, and traffic safety, with social security events accounting for 46.90% and social unrest for 29.68% of the total [6]. - Violence and social unrest have escalated, with 2,266 deaths reported in the first half of 2025 due to violent conflicts, marking a 109% increase compared to the entire year of 2024 [11]. Group 3: Social and Political Dynamics - The rise in social unrest is attributed to ongoing terrorism, particularly from groups like Boko Haram and ISIS West Africa, which have caused significant casualties and displacement since 2009 [11]. - The Nigerian government is attempting to address violence through military reinforcement and legal reforms, but the effectiveness of these measures remains limited [12]. - Political competition and corruption are significant challenges, with the formation of a new political alliance indicating a major shift in Nigeria's political landscape [21][22].

本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 除息日） 一、回购股份的基本情况 证券代码：000680 证券简称：山推股份 公告编号：2025-048 山推工程机械股份有限公司 关于 2024 年度权益分派实施后调整股份回购价格上限的公告 本次权益分派实施后，实际参与分配的总股本为 1,494,601,562 股，实际现金分红 总额=实际参与分配的总股本*分配比例，即 89,676,093.72 元=1,494,601,562 股*0.06 元/股，每股现金红利=实际现金分红总额/总股本（含回购股份），即 0.0597783 元/股 =89,676,093.72 元/1,500,142,612 股。在本次利润分配方案不变的前提下，本次利润 分配后的除权除息价格=股权登记日收盘价－0.0597783 元/股。 本次权益分派股权登记日为 2025 年 7 月 14 日，除权除息日为 2025 年 7 月 15 日。 具体分派方案详见公司于 2025 年 7 月 8 日披露的《公司 2024 年度权益分派实施公告》 （公告编号：2025-047） 四、 ...

Group 1 - The construction industry has faced intense competition leading to low profit margins and unsustainable practices, prompting 33 major companies to jointly issue an initiative against "involution" [1][2] - The initiative emphasizes the need for the industry to focus on core responsibilities, enhance competitiveness, and resist illegal practices such as subcontracting and false bidding [2][3] - The construction sector has historically prioritized scale over quality, resulting in high output but low profitability, with issues like low-price bidding and excessive debt prevalent [3][6] Group 2 - The cement industry is responding to the "anti-involution" call by pushing for alignment between registered and actual production capacities, aiming for structural optimization and transformation [5][6] - Major waterproof material companies have announced price increases ranging from 1% to 13% to address rising costs and thin profit margins, indicating a shift towards better profitability [6][7] - The recent "anti-involution" movement has led to a rally in the A-share construction and materials sectors, with expectations of profit recovery for companies involved [6][7]

资料显示，徐淮阜高速作为连接徐州、淮北与阜阳的重要交通干线，由安徽建工投资建设运营的淮北 段、宿州段起于皖苏省界圣泉镇，串联萧县五大乡镇，由孙圩子互通跨连霍高速后，在洪碱河处无缝衔 接淮北，经相山区、濉溪县最终在临涣枢纽顺接盐洛高速，全长72.07公里。两段道路首尾相连，形成 贯通皖北、直达苏皖边界的"黄金通道"。 公司表示，自2023年2月开工建设以来，安徽建工充分发挥全产业链优势，推动全流程高效协同、全要 素深度融合。全体参建者直面古运河遗址保护、矿区复杂地质等多重困难和挑战，累计完成路基填挖土 方超千万方，桥梁飞架山河与铁路之上，6座钢箱梁桥顶推施工成功攻克"不断交通、不限车速"等行业 难题，最终提前10个月完成了徐淮阜高速淮北段、宿州段的建设，再次刷新"建工速度"。 安徽建工表示，这条提前通车的高速路作为淮河生态经济带的重要纽带，它将大幅压缩淮北与徐州、阜 阳的时空距离，推动皖北地区加速融入长三角一体化发展格局，促进区域人流、物流、资金流互联互 通，为皖北振兴和长三角高质量发展注入强劲动能。 7月10日，安徽建工(600502)投资建设运营的首条高速公路——徐淮阜高速淮北段、宿州段正式通车， 较计划工 ...

Group 1 - The core business of the company includes design consulting, EPC engineering contracting, construction, and equipment manufacturing, leveraging its leading technology, talent, qualifications, and international advantages in the non-ferrous metal industry [2] - The company has participated in over 500 projects that have received prestigious awards such as the China Construction Engineering Luban Award and the Civil Engineering Zhan Tianyou Award, establishing itself as a key player in the industry [2] - As of the first quarter of 2025, the company reported a revenue of 4.804 billion yuan, a year-on-year decrease of 3.63%, and a net profit of 65.797 million yuan, down 36.71% year-on-year, with a gross profit margin of 8.91% [2] Group 2 - The company's current price-to-earnings (PE) ratio is 77.38, significantly higher than the industry average of 14.02 and the industry median of 20.32, ranking it 59th in the engineering construction sector [1][3] - The total market capitalization of the company is 14.162 billion yuan, reflecting its position within the industry [1][3] - As of the first quarter of 2025, six institutions held shares in the company, with a total holding of 2.2801551 billion shares valued at 10.398 billion yuan [1]