近日，信用中国公布了对中铁建工集团有限公司的行政处罚决定。金交工罚﹝2025﹞903行政处罚决定书文号显示，2025年5月14日8时49分,武义县交通运输 局行政执法人员在武义县一县一县道白杨线莹乡路至冷水坑段改建工程项目部检查时发现中铁建工集团有限公司存在交通运输行政违法行为,经调查,中铁建 工集团有限公司交通建设工程施工单位主要管理人员未按规定在岗履职。行政处罚的种类和依据:依据《浙江省交通建设工程质量和安全生产管理条例》第 三十三条第二款的规定,责令改正并罚款人民币壹万元整。 国家企业信用信息公示系统显示，中铁建工集团有限公司成立于1990年5月25日，法定代表人王玉生，为中国中铁股份有限公司子公司。 产经新闻热线：0531-85193242 除此之外，北京市房山区住房和城乡建设委员会安全质量监督站于2025年4月15日对位于房山区长阳镇由北京长阳众联置业有限责任公司建设,中铁建工集团 有限公司施工的房山区长阳镇北广阳城2号地集体产业项目(集体产业项目用房)工程进行了抽查。经查,中铁建工集团有限公司存在下列事故隐患:现场东侧基 坑上下马道未设置挡脚板,DB11/T945.1-2023第3.4.22条的规 ...

今日早参 2025 年 6 月 17 日 策略首席研究员兼金融工程联席首席 研究员 座机：021-28972202 邮箱：hekang@htsc.com 今日热点 宏观：5 月经济数据: 消费走强，生产偏弱 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 何康 5 月经济活动数据点评 由于 2024 年 5 月经济活动基数走低，今年 5 月经济数据总体呈现出"环比 放缓、同比稳健"的态势，具体看，外需和工业生产环比减速，地产销售和 投资增长同比降幅走阔，而消费增长大幅超预期，但部分受一次性因素提 振。随着"抢出口"退坡，关税不确定性下出口订单增长放缓，5 月出口、 发电量、工业增加值同比同步回落。同时，虽然广义（一般公共预算+政府 性基金）财政支出同比保持高速增长，但环比增长在 4 月后有所放缓，短期 对总需求贡献有所回落（图表 1）。内外需因素共振下，短期增长不确定性加 强，市场主体风险偏好边际回落，也部分可以解释为何地产销售环比减速。 社零同比增长较为亮眼，主要受益于"618"错位及五一假期出行活跃同比 增速超预期增长。考虑到后续"以旧换新"政策退坡、整治违规聚餐等政策 的影响、社零高增的持续 ...

Core Viewpoint - The article highlights the innovative use of a "balloon" structure, known as a pit gas membrane, at the Honglou 1905 construction site in Jinan to mitigate dust and noise pollution during construction activities [2][3]. Group 1: Project Overview - The Honglou 1905 project is located in a sensitive area near Shandong University and other institutions, necessitating measures to minimize environmental impact [3]. - The gas membrane covers an area of approximately 20,000 square meters, with dimensions of over 150 meters in length, over 100 meters in width, and about 50 meters in height, totaling a surface area of around 30,000 square meters [3]. Group 2: Environmental Impact Mitigation - The gas membrane structure is designed to achieve "three protections": it can reduce dust by approximately 90%, lower construction noise by over 80%, and prevent rainwater infiltration, thus ensuring environmental protection, noise reduction, and operational capability during rainy seasons [3][4]. - The membrane is made of PVDF material, which is only 1 millimeter thick but blocks over 90% of ultraviolet rays, and features ventilation systems to maintain a comfortable internal environment [5]. Group 3: Construction Timeline and Technology - The project is expected to begin earthworks by the end of June, primarily involving mechanical operations until the end of September, with underground foundation work starting in October [4]. - The gas membrane incorporates advanced technology, including a PLC intelligent control system that allows for real-time adjustments of internal conditions, ensuring safety and efficiency during construction [5].

Core Viewpoint - The article emphasizes the need for a new model of real estate development to stabilize and promote healthy growth in the real estate market, as highlighted in a recent State Council meeting led by Premier Li Qiang [3]. Group 1: Real Estate Policy Developments - The State Council meeting called for a focus on long-term strategies and the establishment of foundational systems to support real estate development [3]. - There is an emphasis on the construction of "good houses" and the integration of urban renewal mechanisms to enhance policy coordination across planning, land, finance, and other areas [3]. - The meeting proposed a nationwide assessment of supplied land and ongoing projects to optimize existing policies and improve their effectiveness [3]. Group 2: Local Government Initiatives - Guangzhou's proposal to eliminate restrictive measures and reduce down payment ratios and interest rates aims to stimulate consumer demand in the housing market [4]. - The plan includes significant investments in the renovation of old residential areas and the construction of new projects, with a target of over 150 old residential area renovations and 9,000 elevator updates by 2025 [4]. - The initiative to use special loans for purchasing existing commercial housing as resettlement housing is expected to further support the real estate sector [4]. Group 3: Market Performance and Data - The market performance indicators show a decline in the CITIC building materials index by 2.16% and the CITIC construction index by 1.27% [5]. - The average price of national PO42.5 cement increased slightly to 365.70 yuan/ton, while the national cement enterprise shipment rate decreased by 2.3 percentage points [5]. - Glass prices fell to 1,203 yuan/ton, with a slight decrease in inventory levels [6].

本期债券票面利率簿记建档区间为1.50%-2.50%。本期债券票面利率将根据网下询价簿记结果，由发行 人与主承销商按照国家有关规定在利率询价区间以内以簿记建档方式确定。 本期债券简称为"25铁工K2"，债券代码为"243146.SH"。专业机构投资者通过交易所信用债券集中簿记 建档系统或向簿记管理人提交《中国中铁股份有限公司2025年面向专业投资者公开发行科技创新公司债 券(第二期)网下利率询价及申购申请表》的方式参与网下询价申购。专业机构投资者网下最低申购金额 为1,000万元(含1,000万元)，超过1,000万元的必须是1,000万元的整数倍，簿记管理人另有规定的除外。 智通财经APP讯，中国中铁(00390)发布公告，该公司面向专业投资者公开发行面值总额不超过500亿元 的公司债券(以下简称"本次债券")已于2025年4月3日获得中国证券监督管理委员会(以下简称"证监会") 注册批复(证监许可〔2025〕693号)。发行人批文有效期截止日为2027年4月3日，本期债券缴款结束日 不晚于批文到期日。 本次债券采取分期发行的方式，其中中国中铁股份有限公司2025年面向专业投资者公开发行科技创新公 司债券( ...

特此公告 浙江省建设投资集团股份有限公司 董事会 二零二五年六月十六日 在授权额度和期限内，公司实际使用暂时闲置的募集资金共计人民币 30,000 万元暂时用 于补充流动资金。公司对这部分募集资金进行了合理安排与使用，未影响募集资金投资项目的 正常进行。截至 2025 年 6 月 16 日，公司已将上述暂时补充流动资金的募集资金共计人民币 集资金的归还情况通知了公司的保荐机构及保荐代表人。 证券代码：002761 证券简称：浙江建投 公告编号：2025-063 债券代码：127102 债券简称：浙建转债 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"）于 2024 年 6 月 17 日召开了第 四届董事会第三十九次会议及第四届监事会第二十六次会议，审议通过了《关于使用部分闲置 募集资金暂时补充流动资金的议案》，同意公司在保证募集资金投资项目建设的资金需求、保 证募集资金投资项目正常进行的前提下，拟使用发行可转债募集的总额不超过 30,000 万元人 民币的闲置募集资金暂时用于补充 ...

中国发展网讯 近年来，陕西省在清欠中小企业账款工作方面采取了一系列有力措施，取得了阶段性成效，有效维护了 中小企业的合法权益，优化了营商环境，为中小企业的健康发展提供了有力支持。 对于仍存在的问题,陕西省也列出下一步计划深化巩固清欠成果。 据了解,在组织领导方面,陕西省成立了专门的清欠工作领导小组，由省级领导挂帅，各相关部门作为成 员单位，明确职责分工，加强对清欠工作的统筹协调和指导。领导小组定期召开会议，研究解决清欠工 作中的重大问题，确保清欠工作有序推进。 在政策保障方面,陕西省相继出台了一系列清欠相关政策文件，明确清欠工作目标、任务、措施和时间 节点。这些政策从制度层面规范了账款清欠工作，为清欠工作提供了坚实的政策依据，如对拖欠账款的 认定标准、清偿责任主体、清偿方式以及处罚措施等都做了详细规定。 在工作机制方面,建立了台账管理制度，对全省拖欠中小企业账款情况进行全面排查，逐笔登记造册， 详细记录拖欠主体、金额、账龄、形成原因等信息，做到底数清、情况明。同时，实行定期调度制度， 各地区、各部门定期向领导小组汇报清欠工作进展情况，及时掌握工作动态，协调解决遇到的问题。 清欠金额显著 有力地优化了营商环境 ...

Group 1 - The construction sector's performance from Q4 2024 is primarily driven by debt resolution policies, external disturbances, and industry sentiment [1] - Since May, positive developments in US-China negotiations have improved market risk appetite, leading to a spillover of positive sentiment into the construction industry [1] - As of June 10, 2025, the construction sector's PE ratio is 10.73x, at the 58th percentile since 2014, while the PB ratio is 0.73x, at the 7.1st percentile since 2014, indicating a significant decline in profitability [1] Group 2 - Market risk appetite has been volatile, with construction dividend assets likely to benefit from changes in market preferences and policy support [2] - The construction dividend assets are mainly concentrated in eight major construction state-owned enterprises and high-dividend local infrastructure state-owned enterprises, with their profitability linked to operational performance and macroeconomic improvements [2] Group 3 - Fiscal policies have created a soft constraint on infrastructure spending, with a focus on economically developed regions and areas with sufficient investment from special bonds and central enterprises [3] - Since the implementation of debt resolution policies, 4.4 trillion yuan of refinancing special bonds have been issued to address local government debt issues [3] Group 4 - Investment opportunities are identified in low-valuation central state-owned enterprises, including China State Construction, China Railway, and others [4] - Companies benefiting from the Belt and Road Initiative, such as China National Materials, are also highlighted as potential investment targets [4] - High-growth infrastructure companies, including China Nuclear Engineering and others, are recommended for investment consideration [4]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [12] Core Insights - The construction sector is favored for high dividend investment opportunities, particularly in Hong Kong and A-shares [2] - Key companies highlighted include China State Construction, Sichuan Road and Bridge, and international engineering firms benefiting from the Belt and Road Initiative [2][10] - The report emphasizes the importance of stable growth and infrastructure as a cornerstone of economic development, with significant government spending planned for 2025 [9] Summary by Sections High Dividend Opportunities - The report continues to favor high dividend investment opportunities in the construction sector, particularly focusing on state-owned enterprises and local government enterprises [2] - China State Construction is identified as a top pick due to its strong fundamentals and high dividend yield [10] Performance of Hong Kong Construction Stocks - Hong Kong construction stocks have performed well, with notable increases in share prices for companies like China Communications Construction and China Railway Group [8] - The report attributes this performance to overall market strength and significant liquidity inflows [8] A-Share Recommendations - In A-shares, China State Construction is recommended for its high dividend yield and robust order growth, with new contracts expected to reach 1.4149 trillion yuan in 2024, a 21.1% increase year-on-year [10] - Sichuan Road and Bridge is highlighted for its increasing dividend payout ratio and confidence in future growth [10] International Engineering Opportunities - The report emphasizes the potential of international engineering firms, particularly those involved in the Belt and Road Initiative, with companies like China Steel International and China National Materials recommended for their high dividend yields [10] Market Outlook - The outlook for 2025 remains positive, with infrastructure investment expected to benefit from government policies and increased fiscal spending [9][10] - The report notes that the construction sector is positioned to capitalize on these trends, making it an attractive investment area [9]

Group 1 - The core viewpoint is that China State Construction International (03311) is expected to perform better in terms of profit growth and cash dividend payments compared to its peers affected by infrastructure investment slowdown and local government budget challenges [1][2] - The company achieved 43.3% of its revenue from the Hong Kong and Macau markets last year, with expectations that these markets will contribute over 50% of sales by 2025 [1] - China State Construction's competitive advantage lies in its HKD 2.1 billion positive operating cash flow and a 33% cash dividend payout ratio, which is a significant attraction in the current market [1] Group 2 - The company is considered safer than its peers due to its low involvement in real estate development in mainland China, focusing mainly on infrastructure projects in Hong Kong [2] - It is anticipated that by 2025, the sales contribution from mainland China may drop below 50%, reaching 45%, while the combined contribution from Hong Kong and Macau could surpass that of mainland China [2] - Slight downward adjustments have been made to the company's 2025 sales and net profit forecasts, estimating a year-on-year growth of 13% and 10.1% respectively [2]