Group 1 - The report emphasizes the need to regulate low-price disorderly competition among enterprises and promote the orderly exit of backward production capacity, aiming to address the issue of "involution" in market competition [2][8] - Historical cases show that supply-side clearance driven by policy typically begins with market expectations, while the main upward trend requires improvements in industry structure to support cash flow and balance sheet recovery [8][10] - The current round of overcapacity is primarily concentrated in mid- and downstream industries, unlike the previous cycle which was focused on upstream resource sectors [9][10] Group 2 - The report suggests focusing on two main strategies: industries that have experienced prolonged supply-side clearance and are likely to see improvements in supply-demand dynamics, and industries that may benefit from policy-driven accelerated clearance [10][11] - For natural clearance, the report recommends monitoring demand-side indicators for upstream industries and supply-side indicators for mid- and downstream sectors, highlighting sectors such as agricultural chemicals, general machinery, pharmaceuticals, and components [10] - For policy-driven clearance, attention should be given to industries mentioned in recent policies aimed at addressing "involution," including photovoltaic, lithium batteries, automobiles, and cement [10][17]

Group 1 - The successful launch of Shenzhou 20 is supported by "Luoyang-made" bearings, showcasing the strength of state-owned enterprises in Henan [1] - The establishment of the world's first "5600mm+5500mm dual ultra-wide frame" thick plate production line highlights significant industrial advancements in the region [1] - The provincial government is enhancing the construction level of state-owned enterprises through party leadership, emphasizing their role as a "pillar" and "ballast" for economic stability [1] Group 2 - The provincial government has implemented a "Five New" party-building initiative to strengthen the core functions and competitiveness of state-owned enterprises [2] - As of May, provincial enterprises achieved a total profit of 12.39 billion, a year-on-year increase of 2.5%, with 17 out of 24 monitored enterprises reporting profits [2] Group 3 - Research and development funding reached 3.24 billion, reflecting a year-on-year increase of 23.9%, with an R&D intensity of 1.6%, up by 0.3 percentage points [3] Group 4 - The "Five-Star" party branch initiative has been successful, with branches demonstrating strong leadership and achieving significant production milestones, such as a monthly coal output of 150,000 tons [4] - The provincial government has established party branches at all levels within state-owned enterprises, enhancing operational efficiency and service delivery [5] Group 5 - The party's construction is closely integrated with enterprise development, as demonstrated by the successful completion of the Yuanwan Reservoir project ahead of schedule due to strong party leadership [6] - A total of 200 "Five-Star" party branches have been recognized, fostering a competitive and collaborative environment within state-owned enterprises [6] Group 6 - The provincial government is committed to building a clean and efficient state-owned enterprise system, focusing on political integrity and governance clarity [7] - Measures have been implemented to combat corruption and improve transparency, including the establishment of a unified platform for state-owned asset transactions [7] Group 7 - The government has prioritized the resolution of local corruption issues, successfully clearing 1.05 billion in debts owed to small enterprises and ensuring timely wage payments to over 7,200 employees [8] - The provincial government aims to further enhance the role of state-owned enterprises in promoting modernization and economic development in the region [8]

Core Viewpoint - The article emphasizes the importance of enhancing cooperation between Kenya and China in the transportation sector, focusing on multi-modal transport infrastructure to facilitate trade and connectivity in the region [1][10]. Group 1: Infrastructure Projects - Kenya has partnered with China to develop significant infrastructure projects under the Belt and Road Initiative, including the Standard Gauge Railway (SGR), which is the largest infrastructure project since Kenya's independence [2]. - The SGR project includes the Mombasa-Nairobi railway, which spans 472 kilometers and began operations in May 2017, and the Nairobi-Naivasha railway, which extends 120 kilometers and started in October 2019 [2]. - Future plans for the SGR involve extending the railway from Naivasha to Kisumu and Malaba, and further into Uganda, South Sudan, Rwanda, and the Democratic Republic of the Congo [4][5]. Group 2: Strategic Importance of Ports - Mombasa Port is highlighted as East Africa's largest port, with a cargo throughput of 35.98 million tons and approximately 1.62 million TEUs in 2023, making it a critical hub for regional trade [2]. - The development of the "Lamu Corridor" is prioritized, which aims to connect Lamu Port with South Sudan and Ethiopia, enhancing regional connectivity and trade opportunities [3][7]. Group 3: Financial and Sustainability Challenges - The high cost of infrastructure development is identified as a significant challenge, prompting the need for innovative financing solutions to attract private investment [8][9]. - There is a focus on creating sustainable and resilient infrastructure that can withstand climate change impacts, ensuring longevity and environmental considerations in project planning [8]. Group 4: Future Cooperation and Development - The Kenyan government aims to deepen cooperation with China across various transportation sectors, including railways, ports, inland waterways, and airports, to establish a multi-modal transport system [10][11]. - The ongoing collaboration is expected to yield more projects that align with the goals of the Belt and Road Initiative, fostering mutual growth and development in both countries [11].

Group 1 - The Ministry of Transport of China will host the Global Sustainable Transport High-Level Forum and the 12th Meeting of Transport Ministers of Shanghai Cooperation Organization (SCO) from June 30 to July 2 in Tianjin, combining both events for efficiency [1][2] - The forum will focus on three main topics: the global sustainable transport development and cooperation framework document, the global sustainable transport development report, and the collection of best practice cases in sustainable transport [1][2] - A total of 22 representative sustainable transport best practice cases will be collected globally by 2025, including examples from the UN Asia-Pacific region on public transport electrification and Brazil's transportation infrastructure resilience [2] Group 2 - The theme of the 12th SCO Transport Ministers Meeting is "Promoting Sustainable Transport Cooperation," with discussions aimed at enhancing regional connectivity and stabilizing global logistics supply chains [2][3] - The Chinese side will advocate for the establishment of "Silk Road Service Stations" to provide essential services for international road transport drivers, addressing their basic needs [3] - The Tianjin Municipal Transportation Committee aims to deepen practical cooperation with global cities, especially those in SCO member states, to build comprehensive global transport corridors [3]

Core Viewpoint - The Qiantang High-speed New City is positioned as a key driver for the integration of the Yangtze River Delta, aiming to reshape the industrial economic geography of Hangzhou through infrastructure development and innovative urban planning [2][5][15] Infrastructure Development - The Qiantang High-speed New City will feature a 28.36 square kilometer area, with the Qiantang Station serving as a major transportation hub, integrating high-speed rail, intercity rail, and metro systems [5][6] - Seven roads are targeted for completion by the end of the year, with significant progress already made on various infrastructure projects [12][13] Urban Planning and Design - The design of the Qiantang Station emphasizes a blend of functionality and cultural experience, featuring flexible spaces that can transform based on passenger flow [9] - The urban layout includes ecological green belts and a focus on creating a livable environment, with plans for parks and public spaces that enhance community interaction [10][11] Economic and Industrial Growth - The new city aims to attract innovative industries and create a service-oriented economic community, focusing on technology and creative industries [7][14] - A dual strategy of simultaneous construction and targeted招商 (investment attraction) is being employed to ensure rapid development and economic integration [14][15] Community and Lifestyle - The development emphasizes a "people-centric" approach, aiming to create a vibrant urban center that integrates ecological, technological, and cultural elements [11][15] - The project envisions a future where residents enjoy easy access to green spaces and cultural activities, enhancing overall quality of life [10][11]

Core Viewpoint - The Ministry of Transport is promoting the integration of transportation and energy sectors, focusing on clean energy development and infrastructure enhancement to achieve effective results in this integration [1]. Group 1: Infrastructure Development - The installed capacity of clean energy sources such as wind and solar in national transportation infrastructure exceeds 890,000 kilowatts [1]. - A total of 35,000 charging piles and approximately 51,000 charging parking spaces have been established [1]. - The electrification rate of national railways has reached 75.3% [1]. Group 2: Policy Coordination - The Ministry will implement a series of special actions, including the "启曜" and "乘风" actions, to promote low-carbon transformation and the layout of charging infrastructure [1]. - There will be a focus on integrating clean energy projects into the electricity market and developing policies for direct green electricity connections within transportation infrastructure [1]. Group 3: Application Expansion - The Ministry aims to utilize land around service areas, toll stations, and monitoring centers along highways for the local development of clean energy [2]. Group 4: Promotion of New Energy Equipment - Continuous promotion of new energy vehicles in urban public transport, taxis, postal services, and logistics sectors is planned [3]. - There will be significant support for the development of new energy-powered vessels and the retrofitting of high-energy-consuming vehicles for energy efficiency [3]. Group 5: Technological Research and Development - Establishment of a research platform for the integration of transportation and energy technologies is a priority, focusing on collaborative innovation across industries and regions [3]. - Key technology research will include flexible interconnection of transportation energy systems, large-capacity solid-state batteries, and megawatt-level super-fast charging [3].

Report Industry Investment Rating No information about the industry investment rating is provided in the report. Report's Core View From May 12 to May 16, 2025, the secondary - market prices of China's listed public REITs showed an overall fluctuating upward trend. The weighted REITs index closed at 137.87 with a weekly return of 1.7%. Compared with other mainstream asset classes, REITs ranked second in terms of return. In terms of different project attributes and underlying asset types, there were also varying degrees of price increases. The trading volume and turnover rate of REITs showed differentiation, and the net inflow of main funds continued. There were no new REITs listed in the primary market this week, but the status of several REITs' initial projects was updated [1][10]. Summary According to the Directory Secondary Market Price Trend - **At the large - asset level**: The secondary - market prices of China's listed public REITs showed an overall fluctuating upward trend. The weighted REITs index closed at 137.87 with a weekly return of 1.7%. Compared with other mainstream asset classes, the return ranking from high to low was: US stocks > REITs > convertible bonds > A - shares > pure bonds > crude oil > gold [1][10]. - **At the underlying - asset level**: Both equity - type REITs and franchise - type REITs showed an upward trend, with equity - type REITs having a larger increase. In terms of underlying asset types, consumer - type REITs had the largest increase this week. The top three underlying asset types in terms of weekly return were consumer - type, park - type, and affordable housing - type [16][18]. - **At the single - REIT level**: This week, public REITs showed mixed performance, with 52 REITs rising and 13 falling. The top three in terms of increase were Huaxia Nanjing Transportation Expressway REIT, Jiashi Wumei Consumption REIT, and CICC Xiamen Anju REIT. The top three in terms of decrease were Guojin China Railway Construction REIT, AVIC Shougang Green Energy REIT, and AVIC Jingneng Photovoltaic REIT [22]. Trading Volume and Turnover Rate - **At the underlying - asset level**: The trading volume of public REITs this week was 2.442 billion yuan, and the average daily turnover rate of warehousing and logistics REITs was the highest among others. The top three REITs asset types in terms of trading volume were transportation infrastructure, park infrastructure, and warehousing and logistics. The top three in terms of average daily turnover rate were warehousing and logistics, affordable rental housing, and energy infrastructure [26]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Hongtu Innovation Yantian Port REIT, Dongwu Suyuan Industrial REIT, and Guotai Junan Dongjiu New Economy REIT. The top three in terms of trading amount were Guotai Junan Dongjiu New Economy REIT, Dongwu Suyuan Industrial REIT, and CICC Anhui Expressway REIT [29]. Net Inflow of Main Funds and Block Trading - **Net inflow of main funds**: The total net inflow of main funds this week was 26.7254 million yuan, and the market trading enthusiasm continued. The top three underlying asset types in terms of net inflow of main funds were warehousing and logistics, park infrastructure, and energy infrastructure. The top three single REITs in terms of net inflow were Hongtu Innovation Yantian Port REIT, Huaxia Shenzhen International REIT, and Huaxia China Resources Commercial REIT [32]. - **Block trading**: The total block trading amount this week reached 220.67 million yuan, a decrease compared with last week. There were block trading transactions on 4 trading days this week, and the highest single - day block trading amount was on May 13, 2025, which was 82.28 million yuan. The top three single REITs in terms of block trading amount were CICC Yinli Consumption REIT, Huaxia China Resources Commercial REIT, and Hua'an Zhangjiang Industrial Park REIT [33]. Primary Market Listed Projects As of May 16, 2025, the number of public REITs products in China reached 65, with a total issuance scale of 17.3026 billion yuan. In terms of underlying asset types, transportation infrastructure had the largest issuance scale, reaching 6.8771 billion yuan, followed by park infrastructure REITs with an issuance scale of 2.7062 billion yuan. No new REITs were listed this week [37][38]. Projects to be Listed According to the project dynamic disclosures of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, there were 27 REITs in the state of being to be listed, including 15 initial REITs and 12 REITs to be expanded. This week, the status of the initial project of "Chuangjin Hexin Electronic City Industrial Park Closed - end Infrastructure Securities Investment Fund" was updated to "declared"; the status of the initial project of "Huaxia Kaide Commercial Asset Closed - end Infrastructure Securities Investment Fund" was updated to "feedback received"; the status of the initial project of "Bank of China Sino - Sinotrans Warehousing and Logistics Closed - end Infrastructure Securities Investment Fund" was updated to "feedback received" [41].

Core Viewpoint - The transportation infrastructure industry is a fundamental and strategic sector in China's economy, playing a crucial role in national development and social progress [2][3]. Group 1: Current Status of Transportation Infrastructure - Transportation infrastructure is defined as fixed engineering facilities that provide transportation services for residents and goods, including roads, railways, bridges, tunnels, airports, ports, and urban transit systems [2]. - The construction of high-quality transportation infrastructure is essential for promoting high-quality economic development, with significant investments made in this area during the "13th Five-Year Plan" period, resulting in a comprehensive transportation network exceeding 6 million kilometers [2][3]. - In 2023, China's fixed asset investment in transportation reached 3.9142 trillion yuan, with a compound annual growth rate of 5.30% from 2011 to 2023 [3]. Group 2: Road Development Status - Road transportation is a vital component of the transportation system, with total investment in road construction increasing from 1.2596 trillion yuan in 2011 to 2.8240 trillion yuan in 2023, reflecting a compound annual growth rate of 6.96% [5][6]. - The total length of roads in China grew from 4.1064 million kilometers in 2011 to 5.4368 million kilometers in 2023, with expectations to reach 5.5 million kilometers by 2025 [6][8]. - The rapid development of road construction has alleviated transportation pressure and regional disparities, enhancing national competitiveness [8]. Group 3: Future Outlook and Investment Strategies - The transportation sector is expected to maintain a robust growth trajectory, with projections indicating that by 2030, road passenger traffic, freight volume, and other metrics will significantly increase, reaching 2.7 times, 2.2 times, and 3.2 times current levels, respectively [8]. - The government aims to enhance investment in transportation infrastructure through a combination of national, local, and social financing, focusing on major projects to support high-quality development [5][8]. - The ongoing construction of the national road network will expand coverage and create substantial market demand for related services and products [8].

本次合作是自2024年9月以来，申万宏源证券服务陕西交控集团发行的第五只中期 票据，五只中期票据的累计承销规模达85亿元，其中申万宏源证券实际承销规模超过 10亿元。历次发行过程中，申万宏源证券充分发挥专业精湛的承销优势，把握优质发行 窗口，深度洞察客户需求，圆满完成各项发行工作。这一系列成果不仅促成了双方从互 信默契到深度协同的进阶，更以长期稳定的合作关系为基石，持续夯实申万宏源证券在 陕西省债券市场的专业品牌形象，树立区域服务标杆。 免责 声 明 本内容最终解释权归申万宏源证券有限公司所有。 近日，由申万宏源证券担任主承销商的陕西交通控股集团有限公司2025年度第四 期中期票据成功发行，本期中期票据发行规模20.00亿元，期限5+N年，主体评级 AAA，票面利率2.22%。 陕西交通控股集团有限公司（简称"陕西交控集团"）成立于2021年1月30日，是陕 西省政府出资设立的大型国有独资企业。公司注册资本500亿元，经营范围涵盖交通基 础设施勘察设计、投资、建设、运营，交通运输、航空货运、物资贸易等。公司总资产 突破6,100亿元，养管公路里程6,582公里，其中高速公路5,783公里，占陕西省的 90%左 ...

Core Viewpoint - The successful issuance of the fourth phase of medium-term notes by Shaanxi Transportation Holding Group Co., Ltd. highlights the company's strong financial standing and the effective collaboration with Shenwan Hongyuan Securities, reinforcing its position in the bond market [1] Group 1: Company Overview - Shaanxi Transportation Holding Group Co., Ltd. was established on January 30, 2021, as a large state-owned enterprise funded by the Shaanxi provincial government [1] - The company has a registered capital of 50 billion yuan and operates in various sectors including transportation infrastructure design, investment, construction, operation, and logistics [1] - Total assets of the company exceed 610 billion yuan, with a management network of 6,582 kilometers of roads, of which 5,783 kilometers are expressways, accounting for approximately 90% of the expressways in Shaanxi province [1] Group 2: Financial Performance - The recent medium-term note issuance was for a scale of 2 billion yuan, with a term of 5+N years and a coupon rate of 2.22% [1] - This issuance marks the fifth medium-term note that Shenwan Hongyuan Securities has assisted in issuing for Shaanxi Transportation Holding Group since September 2024, with a cumulative underwriting scale of 8.5 billion yuan [1] - Shenwan Hongyuan Securities has successfully underwritten over 1 billion yuan of the total issuance, demonstrating its underwriting expertise and ability to meet client needs [1] Group 3: Strategic Collaboration - The partnership between Shaanxi Transportation Holding Group and Shenwan Hongyuan Securities has evolved from mutual trust to deep collaboration, establishing a long-term stable relationship [1] - This collaboration has solidified Shenwan Hongyuan Securities' professional brand image in the Shaanxi bond market and set a benchmark for regional service [1]