Quantitative Models and Construction Methods 1. Model Name: Coal Industry Profit Forecast Model - **Model Construction Idea**: The model estimates monthly revenue and profit growth rates for the coal industry based on changes in price and capacity factors[10] - **Model Construction Process**: - The pricing mechanism is determined by the last price index of the previous month, which sets the sales price for the next month[10] - The model incorporates price factors and capacity factors to estimate revenue and profit growth rates on a monthly basis[10] - **Model Evaluation**: The model provides a systematic approach to track and predict industry profitability trends, but no significant improvement signals were observed for July 2025[13] 2. Model Name: Hog Supply-Demand Gap Estimation Model - **Model Construction Idea**: The model leverages the stable proportional relationship between hog slaughter and sow inventory lagged by six months to estimate future supply-demand gaps[14] - **Model Construction Process**: - The slaughter coefficient is calculated as: $ \text{Slaughter Coefficient} = \text{Quarterly Hog Slaughter} / \text{Sow Inventory (Lagged 6 Months)} $[14] - Future potential supply is estimated as: $ \text{6-Month Potential Supply} = \text{Current Sow Inventory} \times \text{Slaughter Coefficient (6 Months Ago)} $[15] - Future demand is projected based on historical quarterly slaughter data[15] - **Model Evaluation**: Historical data shows that this method effectively identifies hog price upward cycles[15] 3. Model Name: Steel Industry Profit Forecast Model - **Model Construction Idea**: The model predicts monthly profit growth rates and calculates per-ton profit for the steel industry by considering steel prices and raw material costs[17] - **Model Construction Process**: - The model integrates steel prices with the costs of raw materials such as iron ore, coke, pulverized coal, and scrap steel to estimate profit growth rates[17] - **Model Evaluation**: The model highlights the industry's profit trends but indicates a negative profit growth rate for June 2025[21] 4. Model Name: Glass and Cement Industry Profitability Tracking Model - **Model Construction Idea**: The model tracks profitability changes in the glass and cement industries using price and cost indicators, and designs allocation signals based on these changes[23] - **Model Construction Process**: - For the glass industry, the model calculates gross profit based on price and cost data[27] - For the cement industry, the model incorporates coal fuel price changes to predict profit growth rates[27] - **Model Evaluation**: The model effectively tracks profitability trends but maintains a neutral signal for both industries due to the lack of significant positive indicators[27] 5. Model Name: Refining and Oilfield Services Profitability Model - **Model Construction Idea**: The model estimates profit growth rates and cracking spreads for the refining industry based on changes in fuel prices, crude oil prices, and new drilling activity[28] - **Model Construction Process**: - The model uses variations in fuel and crude oil prices to calculate profit growth rates and cracking spreads[28] - Allocation signals are designed based on observed changes in oil prices, cracking spreads, and new drilling activity[28] - **Model Evaluation**: The model predicts stable profit growth for June 2025 but maintains a neutral signal due to the lack of significant upward trends in oil prices and drilling activity[35][38] --- Backtesting Results of Models 1. Coal Industry Profit Forecast Model - **Excess Return**: The model tracks the historical excess return of the coal industry relative to the Wind All-A Index, showing a declining profit trend for July 2025[13] 2. Hog Supply-Demand Gap Estimation Model - **Supply-Demand Balance**: The model predicts a balanced supply-demand scenario for Q4 2025, with potential supply at 18,226 million heads and demand at 18,244 million heads[16] 3. Steel Industry Profit Forecast Model - **Profit Growth**: The model forecasts a negative profit growth rate for June 2025, with no significant improvement in PMI rolling averages[21] 4. Glass and Cement Industry Profitability Tracking Model - **Glass Industry**: Gross profit for float glass continues to decline year-on-year as of June 2025[27] - **Cement Industry**: Profit growth is predicted to be positive for June 2025, driven by lower coal fuel prices[27] 5. Refining and Oilfield Services Profitability Model - **Profit Growth**: The model predicts stable profit growth for the refining industry in June 2025, with oil prices and new drilling activity showing no significant upward trends[35][38]

Core Viewpoint - The article emphasizes the significance of urban renewal in Hainan as a transformative approach to enhance urban living conditions, optimize city structures, and support the development of the Hainan Free Trade Port [1][2][3]. Group 1: Importance of Urban Renewal - Urban renewal is a necessary requirement for the transformation of urban development models, especially as Hainan's urbanization rate reaches 63.08% by the end of 2024, with Haikou and Sanya at 83.52% and 73.29% respectively [2]. - The initiative aligns with the "People's City" concept, focusing on improving living conditions and public services for residents, particularly the elderly and children [3]. - Urban renewal serves as an effective means to stimulate economic growth and domestic demand, especially in the context of slowing economic growth and rising global protectionism [3]. Group 2: Unique Features and Advantages of Hainan's Urban Renewal - Hainan benefits from the policy advantages of the Free Trade Port, with specific support measures introduced to facilitate urban renewal, including 20 targeted policies for planning, land supply, project supervision, and funding [5]. - The region's excellent ecological environment, highlighted by successful ecological restoration projects in Sanya, enhances the appeal of urban renewal efforts [6]. - Hainan's diverse cultural landscape, including various cultural influences, enriches the urban renewal process, fostering a sense of cultural identity and community among residents [6]. Group 3: Strategies for Advancing Urban Renewal - The focus should be on creating livable spaces that enhance residents' quality of life through the renovation of old neighborhoods and the development of public amenities [7]. - Building resilient cities is crucial, particularly in enhancing infrastructure to withstand natural disasters, as demonstrated by Sanya's upgraded drainage systems [7]. - Incorporating advanced technology into urban renewal initiatives can lead to smarter, more efficient urban living environments, as seen in the intelligent management systems in Haikou and Boao [8]. - Preserving historical and cultural resources is essential, with a proposed mechanism for protecting and utilizing these assets to maintain the city's heritage while promoting modern development [8]. Group 4: Overall Vision - The ongoing urban renewal efforts aim to create a vibrant, attractive, and sustainable Free Trade Port, ensuring that residents experience improved living conditions and a renewed sense of community [9].

四季青花园房屋拆除工程。 缙山府小区一期地面停车场目前被实施封闭管理。 受访者供图 日前，罗湖区缙山府小区业主向南都奥一新闻反映，自5月中下旬起，清水河重点片区棚户区改造项目 房屋拆除工程(四季青花园房屋拆除工程)在未征询小区业主意见的情况下，占用小区红线范围内的地面 停车场并实施封闭管理。同时，有业主认为，该工程压缩了小区人行道通行空间，拆除小区部分围墙， 并计划安排工程机械设备经小区出入口进场，影响居民日常生活。 对此，罗湖区清水河街道办事处回应称，因四季青花园建成时间较早，距缙山府红线退线不足6米，为 保障周边安全，隔离危险源，确保缙山府小区业主人身及财产安全，在施工期间，需暂停使用该停车 场。街道将持续督促建设单位和施工单位，进一步优化施工方案，确保小区安全，最大限度减少对小区 的影响。 现场工程概况牌显示，该工程为"清水河重点片区棚户区改造项目房屋拆除工程"，建设单位为深圳市罗 湖投控置地有限公司，施工单位为深圳市新朗建设工程有限公司。企查查数据显示，深圳市罗湖投控置 地有限公司成立于2020年11月12日，经营范围包含重点片区开发及基础设施建设。深圳市新朗建设工程 有限公司成立于2003年11月6 ...

Core Viewpoint - The announcement details the completion of the repurchase and cancellation of restricted stocks under the 2023 incentive plan by Shaanxi Construction Group Co., Ltd, involving a total of 27,847,000 shares [1][3]. Group 1: Decision and Disclosure - The company’s board approved the repurchase and cancellation of restricted stocks for 14 individuals due to job changes and for 430 individuals who did not meet the conditions for the second release period, totaling 27,847,000 shares [1][2]. - The adjusted repurchase price for the restricted stocks is set at 1.98 yuan per share [1]. Group 2: Repurchase and Cancellation Details - The repurchase and cancellation process has been completed, with the shares transferred to a dedicated repurchase account and officially canceled by June 30, 2025 [3]. - The company will proceed with the necessary business registration changes following the cancellation [3]. Group 3: Impact on Share Structure - Post-cancellation, the total number of shares with limited sale conditions will decrease from 61,843,000 to 33,996,000, while the total shares will reduce from 3,767,582,286 to 3,739,735,286 [3]. Group 4: Compliance and Future Outlook - The repurchase and cancellation comply with legal regulations and will not materially affect the company's financial status or operational results, nor will it harm the rights of the incentive targets or creditors [3]. - The management is committed to creating value for all shareholders [3].

Core Viewpoint - The article highlights the transformative efforts in rural revitalization in Luojiang, Sichuan, led by China Communications Construction Company (CCCC), focusing on comprehensive land consolidation and agricultural modernization to enhance farmland quality and address rural development challenges [1][3]. Group 1: Land Consolidation and Agricultural Modernization - CCCC's first national-level comprehensive land consolidation pilot project commenced in October 2024, covering 715,000 square meters for resettlement, 44,100 acres of agricultural land consolidation, 4,000 acres of homestead reclamation, and 273 acres of industrial land restoration [3]. - The project adopts a collaborative mechanism involving government leadership, central enterprise implementation, and farmer participation, significantly improving the efficiency of land planning and implementation [3]. - The initiative aims to transform fragmented farmland into organized agricultural plots, enhancing irrigation systems and agricultural productivity through systematic planning and construction [5][10]. Group 2: Community Development and Living Environment - The project includes the construction of 715,000 square meters of resettlement housing, ensuring that no resident lives more than a 10-minute walk from their home, while also integrating green infrastructure such as small gardens [7]. - The development emphasizes ecological preservation and cultural heritage, creating a new rural landscape that balances modern living with traditional values [8]. - Community amenities such as parks and artificial lakes have been established, improving the quality of life for approximately 6,000 households [7][8]. Group 3: Technological Innovation and Sustainable Practices - The project incorporates advanced technology for quality control, utilizing AI and drones for safety inspections, which has increased inspection efficiency by 40% [10]. - Research on carbon reduction and soil improvement techniques is being conducted, including the application of biochar-based organic fertilizers to enhance soil quality and agricultural yield [10]. - The construction process prioritizes minimal disruption to residents and environmental protection, employing noise reduction measures and waste recycling practices [10].

Group 1: Wind Power Gearbox Industry - The report highlights the scarcity of wind power gearboxes, with a focus on the expected performance and valuation elasticity due to increased production capacity and orders [2][24][25] - The company has completed its precision wind power gearbox production project, with a significant increase in sales expected in 2025, leading to a projected gross margin recovery to 16.6% by 2025, an increase of 10 percentage points from 2024 [2][25] - A strategic cooperation agreement with Goldwind Technology was signed in October 2024, establishing a foundation for future orders, with the gearbox (speed increaser) accounting for 23% of the value, which is nine times that of the reducer, indicating substantial growth potential [2][25][26] Group 2: Functional Sugar Industry - The report indicates that the company is the largest producer of oligosaccharides globally, with a focus on functional sugars, which are expected to see rapid growth in demand [27][30] - The company has optimized its operational strategies and management efficiency, leading to a return to growth in 2024, with significant contributions from prebiotics and sugar substitutes [27][28] - Future production expansions include a 20,000-ton alulose sugar project starting in March 2025 and the introduction of new products using synthetic biology technology, which are expected to enhance profitability [31][32] Group 3: Construction and Chemical Engineering Industry - The report emphasizes the rising investment opportunities in infrastructure in the central and western regions of China, particularly in Xinjiang and Tibet, driven by the Belt and Road Initiative [3][43][45] - The chemical engineering sector is expected to benefit from the acceleration of coal chemical projects, with a total investment exceeding 1.4 trillion yuan, indicating strong order support for chemical engineering companies [3][46] - The report recommends companies such as Sany Road and Bridge, China Energy Construction, and China Electric Power Construction as key players in the infrastructure and chemical engineering sectors [3][44][46]

Core Viewpoint - The legal opinion letter confirms the legality and validity of the procedures, qualifications, and voting results of the 2024 annual general meeting of China Nuclear Engineering Construction Corporation [1][4][5]. Meeting Procedures - The meeting was convened by the company's board of directors and publicly announced on June 10 and June 21, 2025, detailing the time, location, and agenda [2][3]. - The meeting was held on June 30, 2025, combining on-site and online voting methods, with the on-site meeting taking place at a specified location in Shanghai [3][4]. Qualifications of Participants - The board of directors served as the convenor, meeting the legal requirements for conveners [4]. - A total of 815 shareholders participated, representing 2,117,475,962 shares, which is 70.2585% of the total voting shares [4]. Voting Procedures and Results - All proposed resolutions were reviewed and voted on in accordance with legal and regulatory requirements [5][8]. - The resolutions included reports from the board and supervisory committee, financial statements, profit distribution plans, and changes to the company's articles of association, all of which received majority approval [5][6][7][8]. - Specific voting results included: - Board work report: 2,113,764,243 votes in favor [5] - Supervisory committee report: 2,113,740,343 votes in favor [5] - Independent director report: 2,113,694,743 votes in favor [5] - Financial report: 2,113,693,643 votes in favor [5] - Profit distribution plan: 2,114,698,034 votes in favor [6] - Annual report: 2,113,720,534 votes in favor [6] - Independent director remuneration: 2,112,969,438 votes in favor [7] - Change of registered capital and articles of association: 2,113,660,343 votes in favor [7][8]. Conclusion - The legal opinion concludes that the meeting's procedures, participant qualifications, and voting results are all in compliance with relevant laws and regulations, affirming the legitimacy of the meeting [8].

Group 1 - The company plans to acquire a 13.05% stake in Zhejiang First Construction Group Co., Ltd., a 24.73% stake in Zhejiang Second Construction Group Co., Ltd., and a 24.78% stake in Zhejiang Third Construction Group Co., Ltd. through a share issuance [1] - The company will also issue shares to Zhejiang State-owned Capital Operation Co., Ltd. to raise supporting funds for this transaction [1] - The company disclosed the draft of the transaction report on April 29, 2025, detailing the share issuance and asset acquisition [1] Group 2 - On June 27, 2025, the company received a notice from the Shenzhen Stock Exchange regarding the acceptance of its application for the share issuance and asset acquisition [2] - The revised draft of the transaction report includes updates on the procedures already completed and those still pending, as well as arrangements for the protection of minority investors' rights [2] - The report has been updated to reflect changes in regulatory references due to amendments in the restructuring management measures [2]

Group 1 - The company announced the profit distribution plan for the fiscal year 2024, which was approved at the annual general meeting on June 20, 2025 [1] - The profit distribution implementation will follow different timelines for A-shares and H-shares due to the requirements of the Hong Kong Stock Exchange [1] - Key dates for the H-share profit distribution include: - Suspension of H-share transfer registration: July 16, 2025, to July 21, 2025 - Record date: July 21, 2025 - Ex-dividend date: July 14, 2025 - Cash dividend payment date: August 15, 2025 [1] Group 2 - The record date for A-shares is also set for July 21, 2025, with the ex-dividend date and cash dividend payment date on July 22, 2025 [1] - The company will issue a separate announcement regarding the A-share profit distribution within the timeframe specified by the Shanghai Stock Exchange and China Securities Depository and Clearing Corporation [1]

Group 1 - The core viewpoint is that the upward trend of the stock index is not yet over, with recent geopolitical issues causing only a slight pullback in mid-June, followed by a notable increase in A-shares as geopolitical tensions eased [3] - As of June 27, 2025, the best-performing sectors include banking and telecommunications, while food and beverage and coal industries show weaker performance [3] - The market's observation sentiment has improved with the index rebound, as evidenced by the annualized basis of IM stock index futures decreasing from a previous high of 17% to around 11% [3] Group 2 - The report recommends investing in dividend-paying construction state-owned enterprises at valuation bottoms, driven by market capitalization management and state-owned enterprise reform policies [7] - The report highlights the growth of China's foreign contracting business, with a revenue of 445.08 billion RMB from January to May 2025, marking a 6.6% year-on-year increase, and a new contract amount of 709.08 billion RMB, up 14.4% [8] - The report suggests investing in companies within the new productivity construction industry chain, which combines dividends and growth potential, particularly in areas like low-altitude economy and AI [8]