Core Viewpoint - Lin Gao, a prominent figure in China's seismic engineering and dam safety, has dedicated his life to advancing the field and educating future generations, demonstrating a commitment to both scientific research and national development [10]. Group 1: Contributions to Seismic Engineering - Lin Gao led a team to conduct close inspections of the damaged Zipingpu Reservoir dam after the 2008 Wenchuan earthquake, providing critical recommendations for its safety [2]. - He developed China's first mechanical vibration table and conducted the nation's first arch dam vibration tests, significantly advancing the understanding of dam safety [3]. - Lin Gao's research on the seismic safety of high dams, including the Baishan arch dam, utilized innovative electromagnetic vibration methods to achieve superior results compared to international standards [5]. Group 2: Educational Impact - Lin Gao has trained over 100 graduate students, with many becoming leaders in the fields of nuclear and hydropower engineering, emphasizing the importance of practical problem-solving skills [9]. - He has maintained a rigorous academic standard, guiding students through detailed thesis writing and research methodologies [8]. - Lin Gao continues to mentor doctoral students, instilling in them the values of perseverance and thorough understanding of their work [9]. Group 3: Recognition and Legacy - Lin Gao has received numerous accolades, including first and second-class National Science and Technology Progress Awards, highlighting his contributions to the field [2]. - His work has laid the foundation for seismic safety standards in nuclear power plants, reflecting his influence on national infrastructure development [6]. - Lin Gao's lifelong dedication to education and research embodies the spirit of continuous learning and contribution to society [10].

中国经济网北京9月12日讯（记者 杨秀峰）2025年中国国际服务贸易交易会正在举行。中建电力工程 （深圳）有限公司自主研发的"华龙一号"先进建造技术首次以成套体系的形式亮相。该技术深度融合模 块化、数字化和智能化建造理念，成功攻克了三代核电建造过程中面临的诸多施工难题。 在本次服贸会上，中建电力还全方位展示了自主研发的"龙擎"系列核岛智能建造平台以及龙川核电业务 集约化基地。这一系列展示系统呈现了中国建筑在核电工程领域完整的技术链条与强大的工程实力， 为"华龙一号"的批量化、标准化建设以及国家能源安全战略的顺利实施提供了坚实有力的支撑。 据介绍，此项技术涵盖多项核心突破，包括三代核电核岛复杂结构施工关键技术、核岛结构专用材料设 备及工艺技术等。其中，安全壳钢衬里"底板+ 截锥体"模块化吊装技术、核电预应力灌浆料涡轮式搅拌 机组等创新成果的应用，切实解决了三代核电建造中的一系列施工难题。目前，该技术已在广西防城 港、广东太平岭、山东石岛湾等重大核电项目中投入实际应用。 ...

Group 1 - The core viewpoint of the article highlights the significant improvement in the nuclear power industry, with the State Council approving five nuclear power projects and ten units in 2025, marking the fourth consecutive year of approving ten or more units annually [1] - From January to April 2025, the completed investment in nuclear power reached 36.256 billion yuan, a year-on-year increase of 36.64%, significantly outpacing the 1.6% growth in power source investment, indicating a new boom cycle in nuclear power construction [1] - The third-generation nuclear power units are expected to enter a peak construction phase, with modular construction technology showing promising prospects for shortening construction periods and improving efficiency [1] Group 2 - In the construction and decoration sector, the cement shipment rate has continuously rebounded to 47.8%, reflecting an acceleration in physical construction work [1] - The article suggests focusing on investment opportunities in key industries such as infrastructure in central and western regions, nuclear power, and coal chemical industries, while also monitoring improvements in orders from central state-owned enterprises and the subsequent realization of physical work [1] - The Infrastructure ETF (code: 159619) tracks the CSI Infrastructure Index (code: 930608), which selects listed companies involved in infrastructure construction from the A-share market, covering industries such as construction, building materials, and engineering machinery [1]

Group 1: Financial Performance - In 2024, the company achieved total operating revenue of 113.54 billion yuan, a year-on-year increase of 3.80% [1] - The net profit attributable to shareholders was 2.064 billion yuan, a slight increase of 0.07% year-on-year, while the non-recurring net profit rose by 12.11% to 1.915 billion yuan [1] - For Q1 2025, total operating revenue was 29.549 billion yuan, up 1.77% year-on-year, but net profit decreased by 1.01% to 551 million yuan [1][2] Group 2: Order Growth and Market Expansion - The company reported steady growth in new contracts, with Q4 2024 new contracts amounting to 55.633 billion yuan, a year-on-year increase of 1.3% [2] - In Q1 2025, new contracts reached 54.175 billion yuan, showing a significant year-on-year increase of 30.68% [2] - The company successfully entered new sectors such as offshore wind power, energy storage, and pumped storage, enhancing both quantity and quality of orders [2] Group 3: Profitability and Cost Management - The overall gross profit margin for the year was 11.72%, an increase of 0.37 percentage points, while the expense ratio rose slightly to 7.12% [3] - The net profit margin for the year was 1.82%, a decrease of 0.07 percentage points, with the non-recurring net profit margin improving by 0.13 percentage points to 1.69% [3] - In Q1 2025, the gross profit margin was 8.94%, up 0.41 percentage points, but the net profit margin decreased to 1.87% [3] Group 4: Cash Flow and Financial Health - The company experienced a net cash outflow from operating activities of 3.34 billion yuan in 2024, primarily due to increased payments to downstream [4] - The cash collection ratio for 2024 was 82.77%, down 3.57 percentage points year-on-year [4] - In Q1 2025, the net cash outflow was 10.195 billion yuan, with a cash collection ratio of 76.34%, which improved by 7.04 percentage points [4] Group 5: Nuclear Power Sector Outlook - The company has received approval for more than 10 nuclear units for four consecutive years, indicating a robust nuclear construction market [5] - In April 2024, five nuclear projects were approved, totaling 10 units, with an estimated investment exceeding 200 billion yuan [5] - The long-term outlook for the nuclear power sector is positive, with expectations of high margins and low impairments driving company performance [5]

Investment Rating - The report maintains an investment rating of "Outperform the Market-B" for the construction industry [9] Core Insights - The fiscal policy for 2025 is expected to be more proactive, with an emphasis on increasing deficits and expanding the issuance of special bonds, which will support steady growth in infrastructure investment [10][12] - The approval of 10 new nuclear power units indicates a positive trend in the nuclear power sector, with a total investment expected to exceed 200 billion yuan [4][18] - The construction industry is anticipated to benefit from improved government investment and debt resolution measures, leading to a marginal improvement in the industry's fundamentals [3][10] Summary by Sections Industry Dynamics - The political bureau meeting on April 25 emphasized the need for proactive macro policies, including the timely introduction of incremental reserve policies and enhanced counter-cyclical adjustments [3][16] - Infrastructure investment is expected to accelerate, driven by increased domestic demand and government support for local government debt issuance [3][17] Market Performance - The construction sector saw a weekly increase of 0.76%, underperforming the Shenzhen Composite Index but outperforming the CSI 300 and Shanghai Composite Index [20] - The chemical engineering sector performed notably well with a weekly increase of 5.34% [20] Company Announcements - The report highlights significant contract wins, including China Energy Construction winning a project worth approximately 5.118 billion yuan [33] - The report also notes the financial performance of various companies, with some showing substantial year-on-year growth in revenue and net profit [34][35] Key Focus Stocks - The report suggests focusing on undervalued construction state-owned enterprises such as China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from improved financial metrics and market conditions [10][11][12] - It also recommends attention to construction design firms and international engineering service providers that are expanding their overseas presence [11][12]