日前，广州市增城区住房和城乡建设局对全区建筑工地开展2025年建筑工地第一季度质量安全文明施工检查，共检查工地185个，发出整 改通知书185份，责令局部停工整改5个，对11个项目管理不到位的建筑工地进行警示通报。 本报注意到，酒仙集团华南总部暨新零售全国总部项目被通报并处罚。 据通报信息显示—— 项目名称：酒仙集团华南总部暨新零售全国总部项目； 6. 现场主要道路积尘较多，项目需做好文明施工降尘工作。 7. 抽查3号楼7层，模板拆除作业未按照施工方案执行，整层架体提前拆除； 8. 抽查3号楼6层，悬挑卸料平台未提供说好验收记录； 9. 抽查现场砂浆罐与基础连接稳定性不足，预留钢筋点焊； 10. 抽查1号楼，室内 电梯井架体整层连墙件缺失； 建设单位及项目负责人：广东鸿泰景润信息科技有限公司 郭永庆； 施工单位及项目经理：唐山盾石建筑工程有限责任公司 赵健； 监理单位及项目总监：广东天衡工程建设咨询管理有限公司 肖全祥； 现场情况： 1. 抽查地下室，存在以下安全问题：（1）有限空间作业公示牌缺失，局部区域安全照明不足，有限空间作业须严格按照方案实施，现场 配备通风、含氧量检测设备，完善作业审批制度。（2）负 ...

Report Industry Investment Rating - Not provided in the content Core Views of the Report - The trading volume and liquidity of ultra-long credit bonds have significantly increased in the past two weeks, approaching the historical high in July and August 2024. The market's pursuit of duration for returns is expected to continue this week. The ultra-long credit bond strategy has a certain probability of success but a low odds. Short-duration credit enhancement remains a highly certain strategy [5][8]. - The convertible bond market has a relatively cautious style. In an environment where the equity market is expected to fluctuate, the upward momentum of convertible bonds is limited. However, the current valuation of convertible bonds is not significantly overestimated, and there may be opportunities for capital inflow into high-quality, low-volatility individual bonds. The potential credit risk in June is coming to an end, and if unexpected events occur, the opportunities are considered greater than the risks [5][19]. Summary According to Relevant Catalogs 1 Credit Bond and Convertible Bond Views: How Long Can the Ultra-Long Credit Bond Market Last? - When short-term trading becomes crowded, the market starts to seek returns from duration. This phenomenon is expected to continue this week. The narrowing of short-term spreads has reached an extreme level, forcing liquidity to shift to longer-term bonds of medium-quality issuers. The expansion of fixed-income asset management products and the increasing insurance allocation willingness are expected to bring incremental funds, and the market's offensive on long-term credit bonds is unlikely to end soon [5][8]. - The ultra-long credit bond strategy has execution problems, such as the need for significant interest rate declines or spread compressions to achieve better returns and the lack of stable institutional investors, resulting in rapid loss of liquidity during market corrections. Short-duration credit enhancement is a more certain strategy, and if the liability side is stable, extending duration through secondary perpetual bonds is recommended rather than ultra-long credit bonds [5][13]. - The convertible bond market has a cautious style, with high-rated and low-priced convertible bonds performing better. The three characteristics of the convertible bond market in 2025 remain unchanged. In an environment where the equity market is expected to fluctuate, the upward momentum of convertible bonds is limited, but the long-term allocation logic remains valid, and there may be opportunities for high-quality, low-volatility individual bonds. The potential credit risk in June is ending, and if unexpected events occur, the opportunities are greater than the risks [5][19]. 2 Credit Bond Review: The Spread Compression Market is Becoming More Extreme 2.1 Negative Information Monitoring - There were no bond defaults or overdue payments during the week from June 16 to June 22, 2025. Several companies had their主体评级 or展望下调, and some overseas companies had their ratings downgraded. There were also several significant negative events, such as companies being issued warning letters by regulatory authorities and being listed as dishonest被执行人 [21][22][23]. 2.2 Primary Issuance: Net Financing Continues to Remain at the Billion-Level - From June 16 to June 22, 2025, the primary issuance of credit bonds reached 411.4 billion yuan, with a net financing of 105.4 billion yuan, maintaining a billion-level net financing for three consecutive weeks. Three credit bonds were canceled or postponed for issuance, with a total planned issuance scale of 3.6 billion yuan. The primary issuance costs of medium and high-grade bonds showed a differentiated trend last week [24]. 2.3 Secondary Trading: Liquidity Continues to Strengthen, and Urban Investment Slightly Outperforms Industry - The valuation of credit bonds declined across the board, and the risk-free interest rate curve flattened bullishly. Except for the passive widening of the spreads of low-grade long-term bonds, the spreads of other bonds narrowed or remained unchanged. The term spreads of each grade were mainly flat, but the 3Y - 5Y part of medium and low-grade bonds slightly underperformed. The long-term grade spreads were under pressure to widen. The credit spreads of urban investment bonds in most provinces narrowed by 1 - 3bp last week, with Qinghai having the largest narrowing of 4bp. The industry bonds slightly underperformed urban investment bonds, and the real estate industry's spreads continued to widen by 27bp. The liquidity of credit bonds continued to strengthen, with the turnover rate increasing by 0.27 percentage points to 2.31% [26][30][33]. 3 Convertible Bond Review: The Equity Market Pulled Back, and the Convertible Bond Index Slightly Declined 3.1 Overall Market Performance: The Stock Market Fluctuated and Closed Lower, with Banks and Communications Leading the Gains - From June 16 to June 20, 2025, the Shanghai Composite Index, Shenzhen Component Index, and other major indices mostly closed lower. Only the banking, communications, and electronics sectors rose, while the beauty care, textile and apparel, and pharmaceutical sectors had the largest declines. Most of the leading convertible bonds outperformed their underlying stocks, and the list of popular individual bonds changed little [36]. 3.2 Convertible Bonds Slightly Declined, and the Opportunities Outweighed the Risks - Last week, the convertible bonds slightly declined, with the average daily trading volume significantly decreasing to 61.305 billion yuan. The CSI Convertible Bond Index decreased by 0.17%, the parity center decreased by 1.6% to 94.5 yuan, and the conversion premium rate center increased by 2.2% to 28.7%. High-rated, low-priced, and low-premium convertible bonds performed better, while high-priced, low-rated, and small-cap convertible bonds underperformed. The view on convertible bonds has changed little. In an environment where the equity market is expected to fluctuate, the upward momentum of convertible bonds is limited, but the current valuation of convertible bonds is not significantly overestimated. The long-term allocation logic of the convertible bond market remains valid, and there may be opportunities for capital inflow into high-quality, low-volatility individual bonds. The potential credit risk in June is ending, and if unexpected events occur, the opportunities are greater than the risks [39].

Group 1 - The world's largest diameter underwater shield tunnel has successfully completed the Yellow River section excavation, marking a significant milestone in the construction of this project [1] - The project team has implemented innovative techniques to adapt to the unique geological conditions of the Yellow River basin, including increasing the shield machine's cutter head opening rate and installing a high-flow central flushing system [1] - The "Shanhe" shield machine has completed 1,376 rings and 2,752 meters of excavation, achieving 83% of the construction progress [1] Group 2 - Longxin Zhongke has partnered with Beihang University to launch China's first cross-satellite instant data service system based on Longxin, aimed at providing reliable navigation and communication coverage in complex environments [1] - This system is expected to support various sectors, including low-altitude economy, smart oceans, and emergency management, extending its influence to countries along the Belt and Road Initiative [1] Group 3 - Chuangye Huikang Technology Co., Ltd. has signed a cooperation agreement with Zhejiang University to establish a joint laboratory focused on AI applications in medicine, particularly centered around medical large models [1] - The laboratory will be located at Chuangye Huikang's headquarters and will concentrate on research and transformation of AI+medical innovations [1] Group 4 - Huawei is set to launch the new generation commercial tablet, the Qingyun C5, which features an 11.5-inch 120Hz full-screen display and runs on the HarmonyOS operating system [1]

Core Viewpoint - Zhejiang Jiaokao has secured significant contracts, indicating a strong position in the infrastructure sector and a stable revenue stream supported by its parent company, Zhejiang Transportation Group [1][8]. Group 1: Recent Contracts and Orders - On June 20, Zhejiang Jiaokao announced it became the first candidate for a major project on the 638 National Road, with a proposed bid of 1.897 billion yuan [1][3]. - In Q1 2025, the company secured 334 new orders amounting to 18.575 billion yuan, with 318 projects signed and 16 projects pending [6]. - The company has a total of 1.32516 billion yuan in uncompleted contracts as of the end of Q1 2025 [6]. Group 2: Financial Performance - In 2024, the company reported revenue of 47.772 billion yuan, a year-on-year increase of 3.75%, while net profit slightly decreased by 2.78% to 1.31 billion yuan [2][9]. - For Q1 2025, revenue reached 8.171 billion yuan, up 5.74% year-on-year, and net profit increased by 18.82% to 221 million yuan [2][9]. - The total assets of the company exceeded 73.85 billion yuan by the end of Q1 2025, reflecting a 14.06% year-on-year growth [2][9]. Group 3: Market Position and Strategy - Since refocusing on infrastructure in 2021, the company has seen a significant increase in contract signings, with a record high of 95.212 billion yuan in new contracts in 2023 [5]. - The company is actively expanding its market presence both domestically and internationally, with operations in over 20 countries and across more than 30 provinces in China [10]. - The parent company, Zhejiang Transportation Group, plays a crucial role in stabilizing the company's profitability and supporting its growth in the infrastructure sector [8][9].

Group 1 - The article highlights the efforts of the Quanzhou Municipal Commission for Discipline Inspection and Supervision in improving the business environment and addressing water pollution issues through accountability measures [2][3] - The third discipline inspection office has focused on optimizing the business environment, particularly for the private economy, which constitutes over 80% of the GDP in Quanzhou [3][4] - The office has implemented targeted supervision projects to address specific pain points for businesses, such as intellectual property rights protection in the ceramics industry [4][5] Group 2 - The third discipline inspection office has established a closed-loop mechanism for supervision and rectification, enhancing the effectiveness of governance in key areas like bidding and procurement [6][7] - A notable case involved the investigation of a former construction company manager for manipulating bidding processes, leading to recommendations for comprehensive reforms in the bidding system [6][7] - The office has also addressed historical issues in property registration, successfully facilitating the issuance of property certificates for residents in a local community [7][8] Group 3 - The third discipline inspection office is actively involved in various sectors, including food safety in schools and property management, to combat corruption and ensure accountability [8][9] - The office emphasizes preventive measures against misconduct and promotes legal awareness among local officials through educational initiatives [8][9] - The commitment to continuous improvement and adherence to high standards is reflected in the office's recognition as an advanced collective within the national discipline inspection system [9]

Core Viewpoint - The article highlights the significant contributions of Chinese builders, particularly from Henan, in infrastructure development across Africa, fostering economic growth and enhancing local living conditions through the Belt and Road Initiative [1][2][3]. Group 1: Infrastructure Development - Infrastructure construction is a vital component of China-Africa cooperation, with Chinese technical experts training local workers to become skilled laborers and technical backbones [2]. - In Zambia, the refurbishment of the 50-year-old Kafue River Bay Bridge utilized overall lifting technology to ensure structural safety while protecting the local ecosystem [3]. - In Namibia, Chinese builders quickly repaired the Aris Bridge after a storm, demonstrating their commitment to local development and emergency response [3]. Group 2: Cultural Exchange and Human Connection - The emotional bonds between Chinese builders and local communities are strengthened through cultural exchanges, such as cooking traditional dishes and teaching local languages [4]. - Local workers express gratitude and a sense of family with Chinese builders, indicating a deepening friendship and mutual respect [4][5]. - Young builders from Henan are increasingly taking on roles in Africa, embodying the principles of genuine and sincere cooperation [5].

Group 1 - The China Securities Regulatory Commission (CSRC) is seeking public opinions on the revised draft of the "Securities Company Classification Evaluation Regulations" to optimize the classification evaluation system for securities companies [2] - The Ministry of Commerce reported that from January to May 2025, the number of newly established foreign-invested enterprises reached 24,018, a year-on-year increase of 10.4%, while the actual use of foreign capital amounted to 358.19 billion yuan, a year-on-year decrease of 13.2% [7] - The People's Bank of China and the Hong Kong Monetary Authority launched the "Cross-Border Payment Link," which will enhance cross-border payment efficiency and service levels between the mainland and Hong Kong, set to go live on June 22, 2025 [4] Group 2 - The Ministry of Finance reported that from January to May 2025, the national fiscal revenue totaled 966.23 billion yuan, a decrease of 0.3%, with tax revenue at 791.56 billion yuan, down 1.6% [6] - The National Medical Products Administration approved measures to support the innovation and development of high-end medical devices, including optimizing special approval procedures and enhancing post-market supervision [10] - The CSRC announced that starting from October 9, qualified foreign institutional investors will be allowed to trade a total of 100 futures and options products, including all 9 ETF options listed on the Shanghai and Shenzhen stock exchanges [5]

街 8 号华润大厦 20 层 编：100005 10) 8519-1300 10) 8519-1350 关于中国中铁股份有限公司 及 2025 年第一次 H 股类别股东会议 的法律意见书 致：中国中铁股份有限公司 | | 北京市君合律师事务所（以下简称"本所"）接受中国中铁股份有限公司 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | （以下简称"贵公司"）的委托，就贵公司2024年年度股东大会（以下简称"本 | | | | | | | | | 次年度股东大会"）、2025年第一次A股类别股东会议（以下简称"本次A股类 | | | | | | | | | 别股东会议"）及2025年第一次H股类别股东会议（以下简称"本次H股类别股 | | | | | | | | | 东会议"，与本次年度股东大会、本次A股类别股东会议合称为"本次会议"） | | | | | | | | | 召集、召开的有关事宜，根据《中华人民共和国公司法》（以下简称"《公司 | | | | | | | | | 法》"）、中国证券监督管理委员会（以下简称"中国证 ...

General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors while establishing a modern corporate governance system in accordance with relevant laws and regulations [2][3] - The company was established on November 5, 2007, with a registered capital of RMB 1,357,954.15 million [3][4] Business Objectives and Scope - The company's business objectives include lawful operation, integrity, and creating value for society while maximizing shareholder interests [5] - The business scope encompasses various engineering and construction services, including railways, highways, urban transit, and international project contracting [5][6] Shares - The company has issued a total of 1,357,954.15 million shares, with 84.71% being domestic ordinary shares and 15.29% being foreign-listed shares [7] - The issuance of shares follows principles of openness, fairness, and justice, ensuring equal rights for all shareholders of the same category [7][8] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, participation in meetings, and access to company documents, while also bearing responsibilities as per their shareholdings [14][40] - Shareholders must comply with laws and the company's articles of association, and they cannot withdraw their capital except as legally permitted [40][41] Shareholder Meetings - The company holds annual and extraordinary shareholder meetings, with specific procedures for convening and voting [48][49] - Shareholder proposals must be submitted in writing and are subject to legal and regulatory compliance [58][59] Voting and Resolutions - Resolutions can be classified as ordinary or special, with ordinary resolutions requiring a simple majority and special resolutions requiring a two-thirds majority [80][81]

中国铁建股份有限公司 董事会秘书工作制度 （经第六届董事会第二次会议修订） 第一章 总 则 第一条 为提高中国铁建股份有限公司（以下简称公司）治 理水平，规范公司董事会秘书的选任、履职、培训和考核等工作， 根据《中华人民共和国公司法》 （以下简称《公司法》） 民共和国证券法》《上市公司治理准则》、《上海证券交易所股票 上市规则》 （以下简称《上交所上市规则》 ）、《香港联合交易所有 限公司证券上市规则》 （以下简称《联交所上市规则》） 、《中国铁 建股份有限公司章程》 （以下简称《公司章程》）等有关规定，制 定本制度。 第二条 公司设董事会秘书一名，为公司的高级管理人员， 对公司和公司董事会负责。董事会秘书应忠实、勤勉地履行职责。 、《中华人 第三条 董事会秘书是公司与中国证监会、公司股票上市地 交易所之间的指定联络人，依据有关法律法规、《公司章程》及 公司股票上市地交易所的有关要求履行职责。 第四条 公司设立董事会办公室作为董事会的办事机构和 信息披露事务部门，由董事会秘书领导。董事会办公室负责公司 治理研究和相关事务，承担股东会相关工作的组织落实，筹备董 事会和董事会专门委员会会议，为董事会运行提供支持和 ...