报告导读： 中央财经委会议推进全国统一大市场建设，治理企业低价无序竞争，支持海洋 经济高质量发展，推动海上风电规范有序建设，推荐建筑板块龙头和海洋经济标的。 政策推进全国统一大市场建设，治理企业低价无序竞争。 (1)7月1日中央财经委召开第六次会议，强调纵 深推进全国统一大市场建设，要聚焦重点难点，依法依规治理企业低价无序竞争，引导企业提升产品品 质，推动落后产能有序退出。(2)当前国内基建市场较为饱和，存在部分低价竞争现象，政策支持治理低价 无须竞争提升产品品质，有利于建筑头部企业凭借技术优势提升利润空间，同时产业链受益也利好建筑板 块发展。 政策支持海洋经济高质量发展，推动海上风电规范有序建设。 (1)中央财经委会议指出，推动海洋经济高 质量发展，要加强顶层设计，加大政策支持力度，鼓励引导社会资本积极参与发展海洋经济。要做强做优 做大海洋产业，推动海上风电规范有序建设。(2)推荐世界最大港口设计及建设企业，布局新建深海原创技 术策源地。推荐具有新型岸桥等港口产品，海上风电业务包括风机塔筒的制造及安装等。推荐海上综合能 源一体化业务模式，建设运营海上风电等大数据平台。推荐加快构建海上风电、数字建造、新型储能 ...

Investment Rating - The industry rating is maintained as "Outperform" [6] Core Viewpoints - The construction sector has underperformed the broader market, with a weekly increase of 0.72% compared to the 1.78% rise in the CSI 300 index, resulting in a 1.06 percentage point lag [5][26] - There is an increasing market focus on low-valuation, high-dividend stocks within the construction sector, particularly among central state-owned enterprises (SOEs), local SOEs, international engineering firms, and private enterprises [14][34] - The construction sector's central SOEs, such as China Chemical, have significantly lower price-to-earnings (PE) ratios compared to their peers, with China Chemical's PE at 7.99, placing it in the 6.8% percentile since 2010 [15][14] - Local SOEs like Shandong Road and Anhui Construction show low PE ratios of 3.94 and 6.10, respectively, with dividend yields exceeding those of central SOEs [16][14] - Private enterprises such as Jianghe Group and Sanwei Chemical also demonstrate strong dividend capabilities, with yields of 8.90% and 4.83% respectively [19][14] Summary by Sections Low-Valuation Stocks Worth Attention - Central SOEs like China Chemical and China Railway Construction have low PB ratios, with China Railway at 0.41 and China Railway at 0.45 [14][15] - Local SOEs such as Shandong Road and Anhui Construction have PE ratios significantly below 10, indicating potential investment opportunities [16][14] - Private enterprises like Jianghe Group and Yaxiang Integration have returned to reasonable valuation levels, with PE ratios of 11.66 and 12.21 respectively [19][14] Market Performance Review - The construction index increased by 0.72% in the week from June 30 to July 4, lagging behind the CSI 300's 1.78% increase [5][26] - Notable individual stock performances included Chengbang Co. (+42.23%) and Hangzhou Garden (+31.16%) [5][26] Investment Recommendations - Focus on cyclical opportunities arising from improvements in construction activity, particularly in water conservancy, railways, and aviation sectors [34][35] - Highlight the potential of nuclear power investments and emerging business directions within the construction sector [36][34] - Emphasize investment opportunities in major hydropower projects and the deep-sea economy, with recommendations for companies involved in these sectors [37][34]

Macro Dynamics - The National Health Commission of China is intensifying efforts to regulate the internet health science popularization, addressing issues with "internet celebrity doctors" who misuse their authority for profit [1] - The commission emphasizes that medical quality and safety are non-negotiable, urging the public to be cautious and avoid scams [1] Market Data - The average price of pork in China's wholesale markets increased to 20.58 yuan per kilogram, up 1.7% from the previous week [3] Company Dynamics - Shanghai Lego Land officially opened on July 5, with plans for future expansion over the next 5-10 years [10] - Sales of 3C certified power banks have surged following a recall event, leading to stock shortages among some retailers [11] - Road Gang has been appointed as the chairman of Beijing Construction Group, replacing Fan Jun [12]

智通财经7月4日电，安徽建工(600502.SH)公告称，公司及所属子公司收到三个项目中标通知书，包括 G0323济宁至合肥高速公路凤阳至定远段特许经营者项目，估算总投资为74.87亿元；合肥一六八中学北 校区项目施工-1标段，中标价为5.32亿元；宿松路南延及连接线工程项目，中标价为11.37亿元。 安徽建工：中标三个项目 中标价合计91.56亿元 ...

Group 1 - The Beijing Municipal Human Resources and Social Security Bureau announced six major cases of wage arrears by employers, with four cases classified as significant labor protection violations and two construction companies listed as untrustworthy for failing to pay migrant workers [1][2] - Beijing Yuanpeng New Energy Technology Co., Ltd. owes wages of 605,703.85 yuan to 24 workers; Beijing Qingpu Tongren Tourism Development Co., Ltd. owes 2,471,661.45 yuan to 15 workers; Guokai Quantum Technology (Beijing) Co., Ltd. owes 2,838,896.17 yuan to 20 workers; and Beijing Hongshunxin Construction Engineering Co., Ltd. owes 513,300 yuan to 20 workers [1] - The Human Resources Department has mandated these companies to pay the owed wages along with a compensation of 50% of the owed amount, and failure to comply will result in legal enforcement [1] Group 2 - Two construction companies, Beijing Fengtai Construction Engineering Co., Ltd. and Beijing Shengran Construction Engineering Co., Ltd., were added to the untrustworthy list for failing to pay wages to migrant workers, with debts of 595,011 yuan to 40 workers and 758,750 yuan to 32 workers, respectively [2] - The Human Resources Department has set a deadline for these companies to make payments, and their refusal to comply has led to their inclusion in the untrustworthy list, which is publicly available on government websites [2] - Being listed as untrustworthy will restrict these companies in areas such as government funding support, procurement, bidding, financing, market access, tax benefits, and transportation [2]

Key Insights - The report indicates that the A-share market is expected to experience a seasonal rebound in July, driven by policy and performance factors, with a stable upward trend anticipated [3][2][1] - The focus for July is on three main lines: consumption, technology, and dividends, with growth sectors like technology expected to have good development prospects and investment opportunities [3][2][1] - The construction industry is seeing a recovery in activity, with a business activity index of 52.8% in June, indicating expansion, while fixed asset investment growth is slowing [5][6] - Infrastructure investment remains high, with broad infrastructure investment growth at 10.44% year-on-year for the first five months of the year, although narrow infrastructure investment growth is at 5.6% [6][9] - The real estate sector is under pressure, with a 10.7% year-on-year decline in development investment for the first five months, but policy measures are expected to improve market confidence [7][9] - The floating rate bond market is developing, with a current market size of approximately 495.9 billion yuan, accounting for about 0.3% of the total bond market [13][12] - The banking sector is benefiting from a supportive monetary policy environment, with expectations of continued easing and structural policy tools to support key areas like technology and consumption [20][21][23]

Core Insights - The company, Jinggong Steel Structure (600496), has successfully won a bid for a new high school project in She Shan Town, Songjiang District, with a bid amount of 466 million yuan, which accounts for 2.52% of the company's most recent audited revenue [1] Group 1 - The project is another prefabricated school project following previous wins such as Liu'an Technician College, Shaoxing Technician College, and Shanghai Meilong Middle School [1] - The total construction area of the project is approximately 109,000 square meters, including various functional areas such as teaching buildings, dormitories, comprehensive buildings, and basements [1] - The project will be undertaken in a general contracting model, which will help the company transition from a specialized subcontractor in steel structures to a general contractor, further enhancing overall profitability [1]

Group 1 - The Hang Seng Index closed down 0.63% at 24,069.94 points on July 3 [1] - Zhongshen Jianye (02503.HK) closed at HKD 0.82 per share, up 15.49%, with a trading volume of 8.668 million shares and a turnover of HKD 8.1581 million, showing a volatility of 36.62% [1] Group 2 - In the past month, Zhongshen Jianye has seen a cumulative decline of 10.13%, while it has increased by 10.94% year-to-date, underperforming the Hang Seng Index which has risen by 20.75% [2] - As of December 31, 2024, Zhongshen Jianye reported total revenue of RMB 751 million, a year-on-year decrease of 50.97%, and a net profit attributable to shareholders of RMB 1.944 million, down 93.89% year-on-year, with a gross margin of 5.51% and a debt-to-asset ratio of 71.12% [2] Group 3 - Currently, there are no institutional investment ratings for Zhongshen Jianye [3] - The average price-to-earnings (P/E) ratio for the construction industry (TTM) is 8.31 times, with a median of 0.42 times. Zhongshen Jianye has a P/E ratio of 208.94 times, ranking 106th in the industry [3] - Zhongshen Jianye Holdings Limited is a developing private general contracting construction company in China, holding five first-class construction contracting qualifications and several second and third-class qualifications covering various specialties [3]

Core Viewpoint - The completion of the China Communications Fourth Navigation Engineering Bureau's (CCCC Fourth Navigation Bureau) CCCC Fourth Navigation Technology Park project marks a significant step in the development of a supply chain and smart building research cluster in Guangzhou's Baiyun District, with a total investment of 360 million yuan and a focus on technological innovation and quality engineering [1][2][5]. Group 1: Project Overview - The CCCC Fourth Navigation Technology Park is located within the Yiyun Science and Technology Innovation Center, covering an area of 12,000 square meters with a total construction area of 39,000 square meters [1]. - The project includes a comprehensive experimental building, model testing hall, key laboratories, and engineering quality testing center, aimed at supporting enterprise development and promoting technological progress in the construction industry [1][5]. Group 2: Development Strategy - Baiyun District is accelerating the creation of a modern industrial cluster, focusing on high-quality development, with the CCCC Fourth Navigation Technology Park being a key component of this strategy [2]. - The project is part of the CCCC Fourth Navigation Bureau's commitment to regional innovation and industrial upgrading, emphasizing high-quality project management and the application of advanced technologies [2][3]. Group 3: Technological Innovations - The project team has implemented advanced insulation gel technology to enhance the building's thermal insulation performance, significantly reducing energy consumption and contributing to energy-saving goals [3]. - High-strength rebar direct thread connection technology has been widely applied to ensure structural safety and durability, while also minimizing construction pollution [4]. - The use of BIM technology has enabled effective project management through 3D modeling, helping to identify and resolve design conflicts early in the process [4]. Group 4: Future Prospects - The CCCC Fourth Navigation Technology Park is expected to be operational by July, providing a comprehensive platform for research, experimentation, and testing, which will attract more talent and innovation resources to Baiyun District [5]. - The CCCC Fourth Navigation Bureau plans to leverage the advantages of the technology park and collaborate with domestic and international research institutions to promote the integration of technological innovations with industry [5].

Regulatory News - The China Securities Regulatory Commission emphasizes maintaining market stability as a primary regulatory task and promotes the establishment of a normalized market stabilization mechanism [1][5] - Starting from August 1, cash purchases of gold exceeding 100,000 yuan will need to be reported [2][3] Industry News - In June, 1.65 million new A-share accounts were opened, representing a year-on-year increase of 53% [2][6] - The Guangzhou Housing Provident Fund Management Center is soliciting opinions on a draft policy for converting commercial loans to public housing loans when the personal loan rate is below 75% [7] - The Shanghai superconducting material and headquarters base, with an investment of 2.5 billion yuan, has officially started construction, marking it as the largest project in the superconducting field globally [8] - The average wholesale price of eggs in Beijing decreased by 11.23% month-on-month and 26.43% year-on-year in June [7] Company News - Luxshare Precision announced plans for overseas share issuance (H-shares) and listing on the Hong Kong Stock Exchange [10] - Yonghui Supermarket reported that JD World Trade has reduced its stake in the company by 1.26% during the reduction period [10] - Jiangnan Water announced that Lianan Life Insurance has increased its stake in the company through the secondary market [10] - Guizhou Moutai has repurchased 3.3821 million shares as of the end of June, with a total expenditure of 5.202 billion yuan [11] - Tianqi Lithium announced a lawsuit against Yongtai Technology for commercial secret infringement, with expected economic losses of 888 million yuan [13]