Core Insights - The transportation infrastructure in Qiannan Prefecture is undergoing significant development, with multiple projects expected to enhance connectivity and support economic growth by 2025 [1][2] Group 1: Highway and Waterway Developments - The Gui-Ping Expressway has recently opened, and the Lijiang River Expressway is on track for completion in the first half of 2026 [1] - The Weng'an Port, set to operate in 2025, will be the first automated terminal in Guizhou, significantly improving water transport efficiency [1] - The construction of the Longtan Hydropower Station's navigation facilities is underway, facilitating the full resumption of navigation on the Hongshui River [1] Group 2: Railway Infrastructure Expansion - The Wengma Railway's southern extension has been successfully completed, and the Gui-Gui Railway's second line is under construction with a total investment of 17.28 billion [1] - The total railway mileage in Qiannan has reached 805 kilometers, with high-speed rail accounting for 428 kilometers, positioning the region second in total railway length and first in high-speed rail in the province [1] Group 3: Road Network Improvements - In 2025, 22 projects for upgrading national and provincial roads and constructing rural roads are in progress, covering a total of 454 kilometers, with 283 kilometers already completed [2] - The accessibility of rural roads has improved significantly, with 90% of the 87 townships now connected to roads above the third level, facilitating the transport of agricultural products [2] Group 4: Overall Impact on Economic Development - The comprehensive development of the transportation network in Qiannan is expected to enhance regional connectivity and expand development opportunities, supporting high-quality economic and social growth [2]

未来五年江苏出行将有何种新图景？是跨越长江天堑愈发便捷，是高铁网络将更多城镇纳入"同城生活 圈"，还是在城市低空体验"打飞的"的科幻感？1月7日，江苏交通运输工作会议在南京召开，勾勒出"十 五五"时期江苏交通运输现代化建设的清晰路径与开局之年的施工图。记者从会上获悉，未来五年江苏 交通固定资产投资规模超过"十四五"时期（1万亿元），一批关乎市民日常出行的重大项目将取得实质 性进展。 京沪高速广靖段 今年完成改扩建 2026年，京沪高速公路广陵枢纽至靖江枢纽段扩建工程、东台至兴化高速公路将率先建成。顺接宁扬长 江大桥的南京都市圈环线338省道至沪蓉高速段、连霍高速林东枢纽至苏皖省界段、盐城至靖江高速公 路扩建工程、沈海高速赣榆至灌云段扩建等一批项目开工建设。 江阴靖江长江隧道、南京建宁西路过江通道今年通车 苏通二、锦文路过江通道开工在即 过江通道是化解长江天堑阻隔、促进两岸融合发展的生命线。未来五年，将加快拥堵过江通道分流路径 建设。到2030年，全省累计建成的过江通道将达到28座，较2025年底将新增7座，长江两岸发展再深 融。 备受关注的几条关键通道建设也明确了时间表。根据部署，2026年，江阴靖江长江隧道 ...

南京地铁4号线二期过江隧道近日顺利贯通。在江北新区市民中心站地下45米深处，"新征程号"盾构机平稳抵达接收井，标志着 这一隧道核心工程完成关键节点。该隧道掘进最低点位于长江水面下68.58米，刷新长三角区域过江地铁隧道建设的最深纪录， 为南京跨江轨道交通网络织密再添关键动脉。 地铁4号线二期过江隧道顺利贯通 创长三角之最，江底68.58米"穿针引线" 地铁4号线二期工程起自珍珠泉东站，沿浦乌路、定山大街敷设，先后下穿长江主江段、潜洲、江心洲及夹江后，接入一期工程 起点站龙江站。线路全长约10公里，全线采用地下敷设方式，共设车站6座。此次贯通的过江隧道段是全线核心控制性工程。 施工单位中铁十四局相关负责人介绍，该过江隧道全长3062.6米，采用单洞双线设计，依托一台大直径泥水平衡盾构机掘进施 工，开挖直径达11.64米。其掘进最低点位于长江水面下68.58米，刷新了长三角过江地铁隧道建设的深度纪录。 盾构机从建邺区江心洲始发，依次下穿江心洲堤岸、潜洲、长江主航道和江北侧长江大堤后，最终在江北新区市民中心站完成 接收，实现江底"穿针引线"，为后续线路铺轨、机电安装等工程奠定坚实基础。 水下"极限挑战"，穿越13种 ...

Core Insights - The AI-driven bull run of 2023 and 2024 has continued into 2025, with significant interest in old economy stocks from sectors such as industrials, finance, auto, materials, and construction [1][2] Company Summaries Wells Fargo & Co. (WFC) - Wells Fargo has consistently surpassed earnings estimates in the last four quarters, benefiting from the Federal Reserve's removal of a $1.95 trillion asset cap, which allows for growth in deposits, loans, and fee-based services [6][7] - The bank's expected revenue and earnings growth rates for the current year are 5.4% and 11.7%, respectively, with a 0.7% improvement in the Zacks Consensus Estimate for earnings over the last 30 days [8] MasTec Inc. (MTZ) - MasTec is positioned to benefit from a surge in infrastructure spending related to AI data centers and electrification trends, with an expected revenue growth rate of 8.4% and earnings growth rate of 28.3% for the current year [11][13] - The company operates in four segments: Communications, Power Delivery, Pipeline Infrastructure, and Clean Energy and Infrastructure, all of which are experiencing growth due to increased infrastructure spending [12][13] Curtiss-Wright Corp. (CW) - Curtiss-Wright is benefiting from the global shift towards alternative energy, particularly in nuclear power, and has an expected revenue growth rate of 6.9% and earnings growth rate of 11.6% for the current year [14][16] - The company plays a significant role in the construction of new nuclear power plants, which is expected to drive long-term growth in commercial nuclear energy [15] Leidos Holdings Inc. (LDOS) - Leidos Holdings has a solid backlog of $47.66 billion, driven by increased orders from the Pentagon and other U.S. allies, which enhances its revenue-generation prospects [17] - The expected revenue and earnings growth rates for the current year are 3.4% and 4.8%, respectively, with a slight improvement in the Zacks Consensus Estimate for earnings over the last 30 days [19] Parker-Hannifin Corp. (PH) - Parker-Hannifin is experiencing steady demand in both commercial and military markets, with its Aerospace Systems segment revenues increasing approximately 13.3% year over year in the first quarter of fiscal 2026 [20][21] - The expected revenue and earnings growth rates for the current year are 6.1% and 10.6%, respectively, with a minor improvement in the Zacks Consensus Estimate for earnings over the last 30 days [23]

西开投把债务化解摆在突出位置，坚持分类施策、精准发力，通过优化债务结构、置换高成本融资、推 进资产证券化等方式，稳妥化解存量债务，资产质量和抗风险能力显著增强。同时，深入推进"三资三 化"改革，积极探索资源资产化、资产证券化、资金杠杆化路径，不断提升国有资本配置效率。紧扣开 发区光通信等特色产业发展方向，西开投实施股权投资和产业并购，推动产业链条延伸，助力构建"光 纤预制棒-光纤-光缆"完整产业体系，为园区主导产业提质升级注入新动能。与此同时，依托旗下担保 和小贷平台，集团持续加大对园区企业的金融支持力度，为中小微企业纾困解难、稳健经营提供有力保 障，有效发挥了产投国企服务实体经济的重要作用。 作为西宁（国家级）经济技术开发区建设的主力军，西开投长期承担道路、地下管网、污水处理、标准 化厂房等基础设施建设任务，持续夯实园区宜居宜业的硬件基础。同时，集团聚焦债权清收、闲置房产 楼宇、厂房商业设施等低效资产系统化攻坚，纵深推进市场化转型，成功实现从传统"城投"向现代"产 投"的关键转变，为开发区发展持续注入强劲动能。通过资金融通、资源整合和项目孵化，积极服务新 能源、新材料、生物医药等主导产业发展，推动产业由分散 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the Latin American (LatAm) market, particularly regarding investment opportunities and risks in the region's economies and industries for 2026 [4][9][14]. Core Insights - **Investment Shift**: There is a significant potential for growth in LatAm markets after years of underperformance. Countries that transition from consumption and leverage to investment are expected to see the highest growth. Mexico is noted for its early advantage in nearshoring, while Brazil presents the best risk-reward scenario [4][9]. - **Policy Changes**: A shift away from populism towards fiscal responsibility is observed across several LatAm countries, which could lead to a new earnings cycle and improve the risk-reward balance for equity investors [13][14][17]. - **Equity Performance**: Brazilian equities have risen approximately 53% year-to-date and could increase another 20% while still being at a price-to-earnings (P/E) ratio of 10x. A policy shift could further reduce the cost of capital by 2-3 turns [9][20]. - **Investment Cycle**: The key to revitalizing LatAm economies is reigniting an investment cycle, which is essential for developing a new investment narrative. The current consumer cycle is seen as nearing its end, necessitating a focus on investment-led growth [18][20]. Country-Specific Insights - **Brazil**: Currently experiencing fiscal consolidation and policy confidence, with a focus on investment growth. The country is running out of fiscal road, and the investment narrative is crucial for future growth [18][20]. - **Mexico**: The USMCA negotiations are critical for the nearshoring narrative. The market has rallied significantly, but earnings growth remains muted, and the investment narrative is closely tied to USMCA developments [25][28]. - **Argentina**: Faces significant challenges with a weaker capital market but has potential for growth if an investment cycle can be established [4][9]. Risks and Challenges - **Consumer Cycle Limitations**: The consensus view suggests that the consumer cycle may be reaching its limits, and without meaningful fiscal consolidation and structural reforms, equities may continue to underperform [16][20]. - **USMCA Uncertainty**: The negotiations surrounding the USMCA are complex, and there is a material probability of a bear case scenario that could delay the nearshoring narrative and investment growth in Mexico [25][28][37]. - **Fintech Disruption**: In the banking sector, fintech companies are challenging traditional banks in Mexico, potentially leading to a significant reduction in profitability for incumbents if they are forced to raise deposit yields [87][97]. Investment Recommendations - **Equity Strategy**: The recommendation is to remain overweight in Brazil and Argentina, equal-weight in Mexico, and focus on sectors such as financial services, digitalization, energy, and nearshoring [23][70]. - **Cautious Approach**: A cautious stance is advised for agribusiness in Brazil due to current pressures on commodity prices and farmer margins, with a preference for selective exposure [74][80]. Conclusion - The LatAm market is at a pivotal point with potential for significant growth driven by policy shifts and investment cycles. However, challenges remain, particularly in the context of USMCA negotiations and the rise of fintech in the banking sector. Investors are encouraged to focus on sectors poised for growth while remaining cautious of the broader economic landscape [4][9][20][87].

Federally owned highways company Autobahn has selected a Hochtief-led joint venture (JV) for a road project valued at around €‎450m ($529.1m) in Duisburg, Germany. Dubbed 'Berliner Brückenzug', the project includes the widening of A59 highway to six lanes over roughly 2km and the renewal of the adjoining A40 interchange. Construction is set to commence in January 2026, with an expected completion date in late 2029. Hochtief takes the technical lead on the initiative, holding a share of approximately €1 ...

Core Insights - Shimmick Corporation has been awarded two significant projects in the Los Angeles market, totaling approximately $81.5 million, reflecting the company's strong position in complex infrastructure solutions [1][2]. Project Summaries - The first project, Berths 49–51 Outer Harbor Cruise Terminal Development, is valued at $61.3 million and involves substantial electrical, structural, and civil improvements to support shore power and modern cruise terminal operations. This project aims to enhance sustainability by allowing vessels to connect to shore power, thereby reducing emissions [2][3]. - The second project, Palmdale Water Reclamation Plant Influent Pump Station Modifications, is valued at $20.2 million and focuses on upgrades to influent pumping and electrical systems, along with the construction of a new utility building. This project is designed to improve operational reliability and support long-term water reclamation efforts in the region [3]. Timeline - Construction on both projects is anticipated to commence in 2026, pending the completion of final permitting and preconstruction activities [4]. Company Overview - Shimmick Corporation is recognized as a leader in delivering turnkey infrastructure solutions across various sectors, including water, energy, climate resilience, and sustainable transportation. The company combines technical excellence with collaborative project delivery methods to provide innovative, technology-driven solutions that foster economic growth and empower communities [5].

Core Insights - The U.S. infrastructure construction sector is experiencing strong demand driven by public and private investments, particularly in transportation, utilities, energy infrastructure, and mission-critical development [1][2] - Sterling Infrastructure, Inc. (STRL) and Primoris Services Corporation (PRIM) are well-positioned contractors benefiting from long-term infrastructure spending trends and the complexity of large-scale, non-residential projects [1][2] Company Overview: Sterling Infrastructure, Inc. (STRL) - STRL's E-Infrastructure segment is a primary growth driver, with strong demand in data centers, manufacturing, and large-scale distribution projects [5] - The integration of CEC has expanded STRL's electrical services platform, contributing over $41 million in revenues during Q3 2025 and supporting consolidated margin performance [6] - STRL reported a signed backlog of $2.6 billion in Q3 2025, a 64% year-over-year increase, with total potential work exceeding $4 billion [8][9] Company Overview: Primoris Services Corporation (PRIM) - PRIM benefits from steady demand across its diversified Utilities and Energy segments, with solid activity in power, communications, renewables, and pipeline-related work [10] - The company raised its full-year adjusted EPS outlook to a range of $5.35 to $5.55, significantly above the previous range and the $3.87 reported in 2024 [11] - Despite strong execution, PRIM's consolidated margins declined by 120 basis points year-over-year to 10.8% due to lower contributions from higher-margin projects and increased costs [12] Financial Performance and Valuation - STRL's share price performance has outpaced PRIM and the Zacks Engineering - R and D Services industry year-to-date [14] - STRL is trading at a premium valuation compared to PRIM on a forward 12-month price-to-earnings (P/E) ratio basis [16] - The Zacks Consensus Estimate for STRL's 2026 EPS indicates a 14.6% year-over-year growth, with the estimate increasing to $11.95 [19] - In contrast, PRIM's 2026 EPS estimate implies a 5.3% year-over-year improvement, but has decreased to $5.78 [21] Investment Outlook - STRL is positioned for near-term outperformance due to stronger earnings momentum and margin expansion potential, holding a Zacks Rank 2 (Buy) [22] - PRIM, with a Zacks Rank 3 (Hold), remains stable but may need clearer margin recovery to enhance its investment appeal [22]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Economic Activity** and various macroeconomic indicators, including consumption, production, investment, and market policies [1][2]. Consumption and Mobility - **Property Transactions**: The daily property transaction volume in the primary market across 30 cities has decreased over the last two weeks and remains below last year's levels [3][8]. - **Traffic Congestion**: Traffic congestion levels are reported to be below those of the previous year, indicating reduced mobility [9][11]. - **Consumer Confidence**: Consumer confidence has remained depressed as of October, reflecting ongoing economic concerns [14]. - **Auto Sales**: Total auto sales volume has edged lower in November, falling below the levels seen in 2024, while new energy vehicle (NEV) sales have increased and remain above 2024 levels [15][19]. Production and Investment - **Steel Demand**: There has been a decrease in steel demand, which is currently below last year's levels [22]. - **Steel Production**: Steel production has also fallen over the last two weeks, remaining below last year's levels [25]. - **Coal Consumption**: Daily coal consumption in coastal provinces is reported to be below last year's levels [26]. - **Local Government Bonds**: RMB 4.5 trillion in local government special bonds have been issued out of a total quota of RMB 4.6 trillion for 2025, indicating a high issuance rate of 98.8% of the annual quota [28][29]. Other Macro Activity - **Port Activity**: Official port container throughput has decreased over the last two weeks but remains above the levels from a year ago [41]. - **Freight Volume**: The freight volume of departing ships at 20 major ports has increased over the last two weeks, surpassing last year's levels [44]. Markets and Policy - **Interbank Repo Rates**: These rates have remained largely stable over the last two weeks, indicating a steady liquidity environment [49]. - **Oil Demand**: The nowcast indicates that China's oil demand has declined to 17.7 million barrels per day in the latest reading [51]. - **Currency Movements**: The Chinese Yuan (CNY) has appreciated against the USD but depreciated slightly against the CFETS basket in recent weeks [56]. - **Policy Announcements**: Key macro policy announcements since September include a pro-growth policy stance suggested by the Central Economic Work Conference and measures to promote consumption and private investment [57]. Additional Insights - The report highlights a shift in data sources for traffic congestion from Gaode map to Baidu map, which may affect the comparability of data going forward [11]. - The "Others" category in local government bond proceeds spending has become the largest share, potentially indicating a focus on repayment for corporate arrears and delayed salaries [36]. This summary encapsulates the critical insights from the conference call, providing a comprehensive overview of the current economic landscape in China.