Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the **Yalong River Yazi Hydropower Station Project**, which has a total investment of **1.2 trillion** (1.2万亿) and is expected to generate significant revenue from geotechnical engineering, estimated to be **15%-20%** of the total investment, approximately **200 billion** (2000亿) [2][4]. Key Points and Arguments - The company anticipates securing around **100 billion** (1000亿) in orders due to its core competencies in **dam foundation treatment** and **slope support** [2]. - The peak order release for the Yazi project is expected to occur after the completion of the diversion tunnel construction, which will take about **three years** [5]. - The company has an in-house R&D team capable of customizing equipment based on performance requirements, with core components patented and primarily used internally, while some patents are licensed out [6][7]. - In tunnel engineering, geotechnical engineering accounts for **70%-80%** of the work, indicating the company's significant position in this core application area [8]. - The company’s **super jet grouting technology** is suitable for ground reinforcement, and its solidifying agent and anchor rod technology can be applied to slope protection [10]. - The technical difficulty of the Yazi project is considered higher than that of nuclear power and port sectors, potentially leading to higher profit margins, although actual realization depends on future developments [3][17]. Additional Important Insights - The company collaborates with large state-owned enterprises like **PowerChina** and **EnergyChina**, leveraging its proprietary technology and problem-solving capabilities as competitive advantages [13]. - Compared to competitors like **Shanghai Port and China Geotechnical**, the company’s technology allows for deeper reinforcement applications, achieving depths of **50 to 70 meters** [14]. - Smaller geotechnical companies face challenges in participating in large hydropower projects, often limited to labor or less critical tasks [15]. - The company is tracking additional projects in the water conservancy and hydropower sector, including the **Pinglu Canal** and the **Three Gorges Waterway New Channel**, which is currently in the design phase [19]. - The company has made personnel adjustments and talent reserves to meet the anticipated peak in business in the second half of the year, with a strategic cooperation agreement signed with **Gezhouba Municipal** to support future projects [20]. Conclusion The Yalong River Yazi Hydropower Station Project presents substantial opportunities for the company, with significant expected orders and a strong competitive position in geotechnical engineering. The company's technological capabilities and strategic partnerships are key factors in navigating the complexities of large-scale hydropower projects.

世纪级水电工程催生万亿级大市场 雅鲁藏布江下游水电工程堪称世纪级水电工程，催生超级旋喷巨大市场。雅鲁藏布江下游高低落差大、 降水量足，预计发电量约为三峡核电站3倍，拉动万亿级投资体量，其中岩土工程难度极高：抗震：喜 马拉雅东构造分布有诸多断裂带，墨脱设防烈度为最高的9度，能量约为三峡的3.3万倍；地质结构：雅 江沿线分布着坡积物、洪积物等第四系沉积物，地质条件差。水电岩土工程复杂，包括地连墙、碎石 桩、旋喷等多工法。 7月19日上午，总投资约1.2万亿元的雅鲁藏布江下游水电工程正式开工。雅鲁藏布江下游水电工程位于 西藏自治区林芝市。工程主要采取截弯取直、隧洞引水的开发方式，建设5座梯级电站，工程电力以外 送消纳为主，兼顾西藏本地自用需求。 雅鲁藏布江下游水电工程的正式开工，不仅是中国清洁能源发展的里程碑事件，更为岩土工程领域企业 带来了前所未有的发展机遇。中岩大地（003001）(003001.SZ)作为国内岩土工程技术的领军企业，凭 借其在复杂地质环境处理、高海拔施工等领域的核心技术优势，有望在这一超级工程中实现技术价值与 市场效益的双重突破。 中岩大地拥有全方位解决能力，包括SJT超级旋喷、固化剂等核心创 ...

Group 1: Institutional Trading Highlights - A total of 39 stocks were listed on the institutional trading leaderboard, with 20 stocks seeing net purchases and 19 stocks experiencing net sales [1] - The top three stocks with the highest net purchases by institutions were: Yipin Hong (79.39 million), Kanghong Pharmaceutical (77.90 million), and Yong'an Pharmaceutical (69.46 million) [1][2] - Yipin Hong's subsidiary, Paracetamol Sodium, has passed CDE technical review, which is a selective COX-2 inhibitor developed by the US company Pharmacia, providing anti-inflammatory and analgesic effects [2] Group 2: Major Projects and Economic Impact - The opening ceremony for the Yarlung Zangbo River downstream hydropower project was held, with significant implications for the economy, potentially showing a U-shaped impact on economic growth [3][4] - The project is expected to enhance hydropower generation, boost local economies, and promote the development of the clean energy industry, involving multiple sectors such as civil explosives, infrastructure, cement, and energy conversion [4] Group 3: Robotics Industry Developments - Changsheng Bearing is advancing its cooperation with Yuzhu Technology, having signed a cooperation agreement and secured orders [5] - Yuzhu Technology has initiated its IPO guidance with CITIC Securities and has received a significant order worth 90.51 million from Miyi (Shanghai) Automotive Technology [5] - According to IDC, Yuzhu Technology is projected to capture a 32.4% share of the global robotics market in 2024, with expected sales of 23,700 robotic dogs, accounting for approximately 69.75% of the global market [6]

Group 1 - The forum focused on "Major Geotechnical Engineering Challenges in Extreme Environments," addressing the scientific issues and technical bottlenecks faced in geotechnical engineering under complex and extreme natural conditions [3][4] - The event was attended by over 50 experts and scholars from various universities and research institutions, emphasizing the collaborative nature of the discussions [3][4] - Key topics included disaster mechanism analysis, information perception and intelligent technology, structural stability theory innovation, and multi-field coupling and system regulation [3][4] Group 2 - Featured reports included topics such as "Disaster Mechanism and Engineering Countermeasures for High-Energy Geological Environment Tunnels" and "Key Technologies for Geological Information Transparency in Ultra-Deep Buried Tunnels" [4] - Experts discussed the increasing complexity and challenges of major geotechnical engineering in extreme environments, highlighting the need for continuous integration of theory and technology [4] - There was a consensus on the importance of developing systematic solutions and enhancing technological empowerment in the field [4]

Group 1: Shanghai Portway - The company focuses on geotechnical engineering and aims for sustainable growth by seizing domestic and international market opportunities and adhering to technological innovation [1] - In the field of perovskite solar cells, the company has advantages in close cooperation between industry, academia, and research, top talent and patent advantages, differentiated technology routes, full-chain layout, and global support [1] - Perovskite materials offer high conversion efficiency and cost advantages, indicating a broad future market development space [1] - The company provides lightweight, low-cost, high-performance space energy system solutions for satellites and spacecraft, successfully applied in multiple satellites [1] - The theoretical design lifespan of the company's perovskite batteries can reach 20 years, covering the entire lifecycle power demand of satellites and other spacecraft [1] Group 2: *ST Chengchang - The company, as a front-end player in the industry chain, has sensed a significant acceleration in downstream procurement demand, with increased order volume and delivery pace [2] - The star-mounted T/R chips have achieved large-scale application in multiple satellite series, and low-orbit satellite communication chips have entered the stage of mass delivery [2] - Revenue in the airborne sector is growing rapidly, while ground projects are gradually entering mass production [2] - The company has completed the iterative research and development of satellite communication T/R chip solutions and plans for mass delivery, with optimistic market expectations [2] - Through cost reduction and efficiency enhancement measures, the company is confident in maintaining a reasonable gross margin [2] - The company plans to increase R&D investment and optimize supply chain management to ensure timely and high-quality order delivery [2]

Core Viewpoint - The company, Hongyeji, is facing challenges in its overseas listing application due to regulatory feedback and ongoing financial difficulties, particularly related to its reliance on the real estate sector [5][6]. Group 1: Regulatory Feedback - The China Securities Regulatory Commission (CSRC) has requested additional information regarding production safety incidents and their potential impact on financing and listing eligibility [1]. - The company is required to clarify the impact of its real estate property mortgages on its business operations and the upcoming issuance [2]. - The CSRC has also asked for details on whether the shares held by shareholders participating in the "full circulation" plan are subject to pledges, freezes, or other rights defects [3]. Group 2: Financial Performance - Hongyeji's revenue has been declining from 1.228 billion yuan in 2022 to an estimated 1.011 billion yuan in 2024, while net profit has shown a slight increase from 47.48 million yuan to 75.67 million yuan during the same period [6]. - The company has seen a significant increase in trade receivables and notes, with average turnover days rising from 174 to 286 days, indicating cash flow challenges [6]. - As of February 28, 2025, the company has outstanding bank and other borrowings of 468 million yuan, with cash and cash equivalents dropping to 10.4 million yuan, which is below the average interest payment over the past three years [6]. Group 3: Market Position and Industry Context - Hongyeji specializes in geotechnical engineering services, particularly in pile foundation and excavation projects, and holds a leading market share of 1.9% in large geotechnical projects in South China [5]. - The company has a strong workforce with 50 professionals holding advanced qualifications, which positions it favorably within the industry [5]. - The ongoing downturn in the real estate market since 2021 has led to significant asset impairment losses for the company, highlighting its vulnerability to sector fluctuations [6][7].

Core Viewpoint - Zhonghua Rock and Soil announced a contract worth 181 million yuan for the Urumqi airport expansion project, which is expected to positively impact the company's future operating performance [1][2]. Group 1: Project Details - The project involves the renovation of existing facilities in the southern area of the Urumqi airport, with a contract duration of 134 days [1]. - The scope of work includes foundation treatment, earthworks, pavement engineering, drainage, fire protection, and other related tasks [1]. Group 2: Company Background - Since its establishment in 2001, Zhonghua Rock and Soil has expanded its business into various fields, including engineering services, general aviation, cultural tourism, and investment [1]. - The company specializes in geotechnical engineering, underground space development, and environmental remediation, holding a first-class qualification in foundation engineering contracting [1]. Group 3: Technological Capabilities - Zhonghua Rock and Soil utilizes advanced technologies such as BIM, green construction methods, and digital management platforms, contributing to its participation in major national projects like Beijing Daxing International Airport and the Hong Kong-Zhuhai-Macao Bridge [1]. - The company has established itself as a leading provider of geotechnical and underground engineering services, leveraging core equipment and technologies in foundation treatment, underground continuous walls, shield tunneling, and offshore engineering [1]. Group 4: Financial Impact - The 181 million yuan contract is expected to inject strong momentum into the company's revenue growth, enhance profitability, and further improve market competitiveness and market share [2].

1. Report Industry Investment Rating - Most of the covered companies have investment ratings such as "Buy" and "Add", including China National Building Material Co., Ltd., China National Steel & Machinery Corporation, etc. [21][24] 2. Core Viewpoints - Suggest paying attention to investment opportunities related to the Belt and Road Initiative, including four major international engineering companies and companies like Shanghai Harbor and Keda Manufacturing. [3][18] - Although the real - estate market is on the path of stabilizing after a series of policies since the December 2024 Politburo meeting, it still needs to be consolidated in April, and continuous policy support is expected. [3] - Currently, it is recommended to focus on companies such as Honglu Steel Structure, China Jushi, etc., due to factors like improved foreign trade environment, expected increase in downstream demand, and product price increases. [3] 3. Summary by Directory 3.1 Week - Special Topic: Focus on Belt and Road - Related Investment Opportunities - The Belt and Road Initiative aims to achieve infrastructure connectivity and sustainable development among countries along the routes. After more than a decade of construction, the infrastructure connectivity among countries along the routes has taken shape, with significant growth in railway transportation and an increase in the proportion of trade with BRI countries in China's total foreign trade. [3][5][8] - Investment opportunities related to the Belt and Road Initiative are suggested, including four major international engineering companies (Northern International, Sinomach, Sinoma International, and Sino - steel International) and companies like Shanghai Harbor and Keda Manufacturing. [3][18] 3.2 Profit Forecasts and Valuations of Main Covered Companies - The report provides profit forecasts and valuations for multiple companies from 2024 to 2027, including EPS, PE, PB, etc., and gives investment ratings such as "Buy" and "Add". [21][24] 3.3 Weekly Market Review - In the weekly market, the building and building materials industries showed different degrees of decline. Among them, the building index and building materials index both decreased, and different sub - sectors also had varying performance. [28][30][32] - Infrastructure public REITs also had different price fluctuations, with an average weekly increase of 1.73%, a monthly increase of 4.23%, and significant increases in the year - to - date and since IPO. [36][37] 3.4 Aggregate Data Tracking - In the real - estate market, data on new construction, construction, completion, and sales areas showed different trends. In addition, data on land transactions, real - estate transactions, social financing, and infrastructure investment are also provided. [39][48][58] - The new - signed contract data of eight major construction central enterprises from 2022Q1 to 2025Q1 are presented, showing different growth rates in different quarters. [87] 3.5 High - Frequency Data Tracking - High - frequency data on various building materials such as cement, glass, photovoltaic glass, fiberglass, carbon fiber, and magnesium sand are provided, including price, production, inventory, etc. [99][102][110] - Data on upstream raw material prices and physical workloads are also included, such as waste paper, PVC, HDPE prices, and high - altitude machine rental rates, excavator working hours, etc. [148][156]

Core Viewpoint - The article highlights the significance of the New Fortune Gold Medal Secretary selection in the Chinese capital market, emphasizing the role of outstanding secretaries in enhancing corporate governance and investor relations, thus contributing to high-quality market development [1]. Group 1: Company Overview - Shanghai Port Bay (stock code: 605598) is a comprehensive service provider in the geotechnical engineering sector, offering a full range of services including surveying, design, construction, and monitoring [1]. - The company stands out among 74 listed construction companies in A-shares due to its unique overseas business strategy, focusing on the "Belt and Road" initiative and leveraging its technical and standard output capabilities [1]. - Shanghai Port Bay has established a global business network through excellent project management and localized operations, achieving continuous performance breakthroughs despite a complex international market environment [1]. Group 2: Leadership and Management - Wang Yiqian has been with Shanghai Port Bay since 2009 and has extensive experience in management, currently overseeing the securities, legal, and administrative departments [2]. - She has demonstrated a systematic management approach, transitioning from an administrative role to a strategic one, significantly contributing to the company's evolution from a professional contractor to a global service provider [2][4]. Group 3: Compliance and Governance - Wang Yiqian emphasizes compliance as a core focus, establishing a comprehensive governance system that includes precise information disclosure and robust institutional frameworks [5][6]. - The company has achieved "zero errors" in information disclosure during her tenure, significantly enhancing transparency and market trust [5]. - A structured decision-making process has been implemented, ensuring efficient governance and compliance training for key personnel, fostering a culture of "full compliance" [6]. Group 4: Investor Relations - Wang Yiqian has developed a multi-dimensional value transmission system in investor relations, focusing on investor needs and building a strong brand image for Shanghai Port Bay [9][10]. - The company has established a standardized communication matrix to ensure effective engagement with both retail and institutional investors, enhancing investor confidence through experiential communication [10]. - A professional investor relations team has been built to ensure accurate and complete value transmission, winning recognition from both regulatory bodies and investors [10]. Group 5: Strategic Development - The company has integrated legal risk management, capital operations, and organizational design into a collaborative management system, ensuring effective execution of global strategies [11]. - Wang Yiqian has led initiatives that resulted in significant advancements in the company's overseas business and the development of new growth areas, such as perovskite solar cells [12]. - The implementation of an employee stock ownership plan has strengthened team cohesion and innovation, signaling strong growth potential to the capital market [12]. Group 6: Future Outlook - Shanghai Port Bay aims to deepen innovation and expand its growth landscape while advancing its globalization strategy [14]. - The company plans to explore the commercial potential of perovskite materials in various cutting-edge fields, driving new business development [14]. - The acceleration of the company's globalization process is expected to create broader opportunities for employee growth and development [14].

Group 1: Technological Advancements - In 2024, the company achieved breakthroughs in geotechnical engineering technology, including the development of small-diameter four-axis mixing pile foundation treatment technology and ultra-thin, ultra-deep seepage prevention wall construction technology [3][4] - The "CGE series dynamic compaction machine remote monitoring and control system" is in progress, with initial success in remote data monitoring for projects in remote areas [3][4] Group 2: Financial Performance - The company's revenue in 2024 saw a year-on-year decline, primarily due to decreased new orders and lower contract prices, resulting in reduced income [4][5] - Future improvement measures include focusing on core business development, optimizing project costs, and enhancing operational efficiency [4][5] Group 3: Business Structure Adjustments - The company plans to divest its municipal engineering business to resolve competition issues with its controlling shareholder, Chengdu Xingcheng Investment Group [5][6] - The asset swap will involve exchanging municipal engineering assets for high-quality non-municipal engineering assets from Xingcheng Group, which will take time [5][6] Group 4: Market Expansion and Management - The company is actively expanding its overseas projects, particularly in the Middle East, Africa, and South Asia [5][6] - A special task force for market value management was established in 2025 to enhance shareholder returns and optimize corporate governance [6][7] Group 5: Cost Control Measures - Key measures for controlling operational expenses include establishing a budget and approval linkage mechanism, implementing a composite salary system for sales personnel, and optimizing funding management [6][7] - The company aims to improve funding efficiency and reduce financing costs through various financing channels [7] Group 6: Future Development Strategy - The company plans to focus on engineering construction and low-altitude economy sectors while expanding into environmental projects over the next three years [7]