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]

每日晨报 2025年6月16日 银河观点集萃 责任编辑 周颖 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 从日本经验看,如果经济一旦陷入通缩陷阱,会极大压制居民和企业的消费和投资意愿,并 导致货币和财政政策的传导机制有效性下降,政策效果由此也会大打折扣。去年以来,决策层反 复强调当前面临的困难之一是国内有效需求不足,明确提出要全面提振内需。针对由于需求不足 导致的物价低迷问题,今年两会工作报告中把 CPI 的目标值从 3%下调至 2%,这意味着 CPI 目 标已经从约束性目标变为成果性目标,从之前防止 CPI 突破 3%,变为推动物价水平回归 2%的 正常水平。对此,央行在一季度货币政策报告中也明确表示"把促进物价合理回升作为把握货币 政策的重要考量，推动物价保持在合理水平"。 前五个月社融资增量累计为 18.63 万亿元 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 宏观:"新"供给侧改革的"加减乘除"。未来十年,国内经济在 AI 驱动下, ...

齐鲁晚报·齐鲁壹点 张頔 | 索引号: | 000014345/2025-00269 | 分 类: | 公示公告 | | --- | --- | --- | --- | | 发布机构: | 上海铁路监督管理局 | 生成日期: | 2025年03月25日 | | 名 称 | 上海铁路监督管理局行政处罚公开信息〔2025〕第 文 号: | | 元 | | | 5를 | | | | | | 内容概述: | 上海铁路监督管理局行政处罚公开信息〔2025〕第 | | 时效性: | 有效 | | 5를 | 齐鲁晚报·齐鲁壹点记者于国家铁路局官网了解到，6月13日，其公示了广州铁路监督管理局行政处罚公开信息〔2025〕第13号。据悉，被行政处罚的单位为 中国中铁（601390.SH/00390.HK）旗下的中铁四局集团有限公司（下称"中铁四局"）。 内容显示，监督检查发现，中铁四局在广州铁路监督管理局辖区内的铁路工程建设中存在违法分包行为，违反了《建设工程质量管理条例》第二十五条第三 款的规定。 2025年6月12日，广州铁路监督管理局根据《建设工程质量管理条例》第六十二条第一款和《铁路建设工程质量监督管理规定》第六十三条 ...

证券研究报告 | 行业周报 gszqdatemark 2025 06 15 年 月 日 当前为何要重视建筑央企港股投资机会？ 央企港股估值极低，A/H 价差大，股息率具备较强吸引力 。截至 2024/6/13，中国中铁、中国铁建、中国交通建设的 H 股 PE（ TTM）均小 于 4 倍；中国中铁、中国铁建、中国交通建设、中国中冶、中国能源建设 PB（ MRQ）均小于 0.4 倍，建筑央企港股估值处于极低位置。从 A 股与 H 股的价差看，两地上市的中国中铁、中国铁建、中国交通建设、中国中冶、 中国能源建设 5 家公司 A/H 价差平均为 86% 所有两地上市公司 A/H 价 差平均为 73%），其中中国中冶、中国能源建设 A/H 价差超过 100%。从 股息率看，我们统计的 7 家建筑央企 见表 1）H 股的平均股息率 TTM） 为 5.16%，其中中国中铁、中国铁建、中国交通建设、中石化炼化工程 H 股股息率 TTM）均高于 5%，具备较强吸引力。 对保险等长周期资金来说，建筑央企港股配置性价比凸显。监管政策积极 引导中长期资金入市，证监会等六部委印发《关于推动中长期资金入市工 作的实施方案》，预计增量中长 ...

另外，在曾毅商业布局中，还有一些企业因内部管理、战略决策等多方面原因走向终结。例如，曾毅此前投资的深圳本业贸易公司，由于经营不善，在 2016 年面临高达 1.5 亿元的执行金额，曾毅需认缴 2200 万。2018 年，因未能按时认缴，被法院强制执行，这一事件对该公司运营产生了致命打击，最终导 致公司注销，投资化为泡影。 曾毅涉足商业领域由来已久，早年便积极布局。在他名下的企业中，涉及房地产开发、建筑工程、建材销售、水电能源等多个行业。例如，东源路桥房地产 开发有限公司、东源路桥建筑工程有限公司以及深圳毅鑫建材工程有限公司等，在各自领域均有过业务拓展尝试。其中，东源路桥房地产开发有限公司曾参 与当地部分房地产项目开发规划，试图在竞争激烈的房地产市场分得一杯羹；东源路桥建筑工程有限公司则承接各类建筑工程项目，从居民住宅到商业建 筑，业务范围较广。然而，随着市场环境变化以及行业竞争加剧，这些公司在经营过程中逐渐面临困境。房地产市场调控政策趋严，开发成本上升，销售周 期拉长，使得房地产开发公司利润空间被压缩，东源路桥房地产开发有限公司最终难以支撑，走向注销。建筑工程行业也面临原材料价格波动、人力成本上 升等问题，项 ...

成都市玉林东路特色街区改造项目。四川省住房和城乡建设厅供图 "片区统筹"被划重点 以"片区"为单位推进城市更新，让更新点位从"单打独斗"进入"抱团发展"新阶段，能够撬动更多社会资本参 与其中 城镇老旧小区整治改造放在首位 今年5月，中共中央办公厅、国务院办公厅发布《关于持续推进城市更新行动的意见》（以下简称《意 见》），提出支持地方因地制宜进行探索创新，建立健全可持续的城市更新机制。那么，四川的城市更新工作如 何推进？ 《方案》中，"片区统筹"被划重点。相关权威人士介绍，片区式更新和传统小区改造有所不同，"片区"的地 理范围更广、受益群体更多元。以"片区"为单位推进城市更新，让更新点位从"单打独斗"进入"抱团发展"新阶 段，能够撬动更多社会资本参与其中。住房城乡建设厅城市更新处相关负责人也表示，四川的城市更新工作，目 前正处于由单点突破转向系统重构的重要阶段。 对此，四川已有实践。例如，成都市玉林东路特色街区改造项目统筹推进"由街区打造带动社区治理、片区发 展"的城市更新模式，全面更新沿线商铺153家、调整业态品牌70余家。同时，按照"政府规划、市场主导、注重时 序、资金平衡、专业运营"的开发思路及基本原则， ...

Group 1 - Israel launched airstrikes on Iran, targeting nuclear facilities and military sites, leading to a significant escalation in regional tensions [2] - Following the airstrikes, Iran retaliated with drone and missile attacks on Israeli cities, marking a severe escalation in hostilities [2] - The conflict caused a global market shock, with oil prices surging over 13% before retreating, and gold and other safe-haven assets rising [2] Group 2 - The Indian government is considering grounding Boeing 787 aircraft following a fatal crash, prompting safety reviews in other countries as well [3] - The Chinese government plans to further open its market to foreign investment, particularly in sectors like cloud computing and biotechnology [3][4] Group 3 - The People's Bank of China announced a 400 billion yuan reverse repurchase operation, indicating a focus on liquidity support amid high demand from financial institutions [5][6] - The central bank signed a currency swap agreement with Turkey, enhancing bilateral financial cooperation [6] Group 4 - The A-share market experienced a decline, with major indices falling due to geopolitical tensions, while sectors like oil and gold performed strongly [8] - The Hong Kong stock market also saw declines, particularly in technology and consumer sectors, while gold stocks surged [8][9] Group 5 - The China Securities Regulatory Commission is implementing new regulations for algorithmic trading in futures markets, effective from October 2025 [22] - International precious metals futures saw gains, driven by rising geopolitical tensions and market demand for safe-haven assets [22]

Core Points - The fourth China-Africa Economic and Trade Expo opened in Changsha, showcasing the growing economic ties and cooperation between China and Africa, with over 4,700 enterprises and more than 30,000 attendees participating, marking the largest scale in the event's history [1] - The theme of this year's expo is "China-Africa Joint Action to Pursue Modernization," highlighting the potential for deepening bilateral economic cooperation and shared development opportunities [1] Group 1: Expo Highlights - The expo featured over 800 African specialty products, the highest number to date, emphasizing the increasing attraction of African goods in the Chinese market [1] - The African Goods Exhibition, a key highlight, covered nearly 5,800 square meters and included a dedicated area for African brand products, allowing visitors to experience diverse cultural and economic offerings from over 20 African countries [2] - The introduction of the "African Goodies Exhibition" aimed to better integrate African products into the Chinese market, showcasing over 150 unique items from 13 African nations [3] Group 2: Economic Cooperation - Recent years have seen deepening China-Africa economic cooperation in infrastructure, technology, and local industrial development, with significant projects like the Congo-Brazzaville National Highway being highlighted [4] - The expo also showcased the first batch of China-Africa industrial chain cooperation projects, focusing on agriculture, industry, mining, infrastructure, and renewable energy, with 14 implementation plans and 5 support projects announced [5] - The collaboration aims to create a comprehensive industrial transformation in Africa, with a focus on enhancing local production capabilities and value-added manufacturing [6] Group 3: Future Prospects - African nations, such as Tunisia and Zambia, expressed aspirations to enhance trade routes and increase local production of higher-value goods, with China playing a crucial role in these developments [6][7] - Kenya's government invited increased Chinese investment in infrastructure projects, emphasizing the importance of collaboration in energy, transportation, and digital economy sectors for economic transformation [7] - The expo serves as a new platform for China-Africa cooperation, aiming to build a resilient community and drive modernization efforts in both regions [8]

Core Points - The China-Xi'an Kazakhstan Terminal, the largest logistics hub in Kazakhstan, has been officially completed and put into operation in Almaty [1][4] - The project covers an area of 9.8 hectares and includes comprehensive warehouses, container yards, railway operation lines, and supporting facilities [3] - The terminal is designed to handle an annual logistics capacity of approximately 115,000 TEUs, with a storage capacity of over 1,100 standard containers [3] Project Details - The logistics hub features a total area of approximately 92,000 square meters for logistics stations and yards, equipped with a 1.2-kilometer railway unloading line [3] - The construction involved the demolition of existing facilities and the establishment of new structures, including a 23,400 square meter steel structure warehouse and a 9,000 square meter container storage area, completed in 88 days [3] - The terminal is expected to facilitate 800 "Chang'an" trains and a throughput of 700,000 tons of goods annually, enhancing trade logistics between Xi'an and Almaty [3][4] Economic Impact - The modern logistics hub is anticipated to become a new growth point for Kazakhstan's economy, connecting major global markets and deepening economic cooperation between China and Kazakhstan [4] - It aims to improve international logistics efficiency and reduce operational costs, providing more convenient and efficient logistics services for trade between the two countries [4]