Core Viewpoint - The renovation of sports venues in Guangzhou for the 15th National Games and the 12th National Paralympic Games aims to enhance public fitness and showcase the city's commitment to sustainable and modern sports infrastructure [1][8]. Group 1: Venue Renovation and Upgrades - The Tianhe Sports Center has been transformed into a new landmark for public fitness, reflecting the enthusiasm for the upcoming national sports events [1]. - The Guangdong Olympic Sports Center has undergone significant upgrades, incorporating new technologies and materials to enhance energy efficiency and aesthetic appeal [2][3]. - The renovation projects have achieved a 20% energy savings and a 45% reduction in carbon emissions through advanced systems like smart lighting and heat recovery [3]. Group 2: Historical Significance and Modern Functionality - The Yuexiu Mountain Stadium, a historical site established in 1926, has been renovated to blend modern design with its historical context, enhancing its role as a cultural landmark [5]. - The Guangdong People's Stadium, dating back to 618 AD, has been updated to include features that reflect Lingnan cultural characteristics while improving functionality for events [6]. Group 3: Community Engagement and Accessibility - The renovations include the removal of barriers and the addition of pedestrian pathways, creating a more accessible environment for the public [7]. - The Tianhe Sports Center has been designed to be a "zero-barrier" zone, enhancing the experience for all visitors, including those with disabilities [8]. - The venue upgrades are aligned with the principle of dual-use, ensuring that facilities can serve both competitive events and community needs post-event [7][8].

Summary of China Energy Engineering Corporation Conference Call Company Overview - **Company**: China Energy Engineering Corporation (中国能建) - **Industry**: Construction and Energy Key Points Financial Performance - New contracts, revenue, and profit reached historical highs, with nearly double-digit growth, leading among state-owned construction enterprises [2][3] - Domestic power business contract signing increased by approximately 4 percentage points year-on-year [3] Market Strategy - Optimized market layout with a focus on regional strategic alignment, resulting in the formation of a core market worth over 100 billion and multiple markets worth 50 billion [4] - New contract value expected to reach 1.4 trillion yuan in 2024, with over 300 billion yuan in Q1 2025 [4] Renewable Energy and Smart Energy - Contracts in renewable and integrated smart energy sectors accounted for nearly 40% of total contracts, showing significant year-on-year growth [6] - By the end of 2024, the company secured 70 GW of renewable energy development indicators, with a controlled installed capacity exceeding 15 GW [6] Research and Development - R&D expenditure for 2024 is close to 15 billion yuan, with an intensity of 3.35% [7] - Nearly 2,000 patents granted, with several projects recognized as national demonstration projects [7] Data Center Business - The company is strategically positioned in five key regions for data center development as part of the East Data West Computing initiative [8] - The first phase of the data center in Gansu Qinyang has been leased, with plans to start construction in Beijing and Shanxi [8] - Total investment in data centers is projected at approximately 17 billion yuan, excluding renewable energy and computing investments [10] Cost Management - Long-term electricity price agreements with clean energy sources are expected to significantly reduce operational costs for data centers [9] Storage and New Energy Projects - The company is actively developing various forms of energy storage, including pumped storage and compressed air storage [13][15] - Plans to establish 100 compressed air storage projects, with ongoing developments in Gansu and Hubei [15] Market Challenges and Adaptations - The company is adapting to regulatory changes, including the 136 document, which necessitates more cautious investment strategies [21] - Despite cash flow pressures due to increased asset-liability ratios, the company is implementing measures to stabilize financial conditions [21] Shareholder Engagement and Market Management - The company is committed to improving shareholder value through increased dividend payouts and potential share buybacks [22] - A planned directed issuance of 9 billion yuan is underway, with expectations for completion within the year [23][24] Future Outlook - The company is optimistic about future growth, particularly in the renewable energy and data center sectors, and aims to share development benefits with shareholders [22] Additional Insights - The company is focusing on technological innovation and has established a hydrogen energy company to enhance its market position [19] - The integration of energy and data center operations is expected to improve capital returns [11]

Group 1 - The annual general meeting of Chongqing Construction Group Co., Ltd. is scheduled for June 25, 2025, at 14:30 [1][3] - The meeting will be held at the company's office located at 1596 Jinkai Avenue, Chongqing Liangjiang New Area [1][3] - Shareholders can participate in the voting through the Shanghai Stock Exchange's online voting system on the same day [1][3] Group 2 - The agenda includes the review of the 2024 annual salary execution and the 2025 salary distribution plan for directors and supervisors [2][4] - Other items on the agenda include the execution of daily related transactions for 2024 and the expected transactions for 2025 [2][4] - The meeting will also discuss providing guarantees for the controlling shareholder's credit applications to financial institutions [2][4] Group 3 - Shareholders must register to attend the meeting, with the registration deadline set for June 23, 2025 [5][6] - The registration can be done in person or through written authorization for representatives [5][6] - Multiple accounts held by shareholders can participate in the voting, but the first voting result will be considered valid [4][6] Group 4 - The company will provide contact information for inquiries related to the meeting, including a phone number and address [7] - Shareholders are responsible for their own travel and accommodation expenses when attending the meeting [7]

Summary of Key Points Core Viewpoint - The company is providing additional collateral guarantees for its wholly-owned subsidiary, Chongqing Construction Eleventh Engineering Co., Ltd., to support its operational needs and ensure business continuity. Group 1: Guarantee Overview - The company is providing a joint liability guarantee of up to 50 million yuan for the loan application of Chongqing Construction Eleventh Engineering Co., Ltd. from Chongqing Bank [2] - The additional collateral is a residential property valued at 10.3135 million yuan, owned by Chongqing Construction Ninth Engineering Co., Ltd. [2][3] - As of March 31, 2025, the total guarantee amount provided to the Eleventh Engineering Company is 121.9 million yuan, excluding this new guarantee [1][2] Group 2: Financial Data of the Guaranteed Entity - As of December 31, 2024, the total assets of Chongqing Construction Eleventh Engineering Co., Ltd. were 1,909.4944 million yuan, with total liabilities of 1,665.1127 million yuan, resulting in a debt-to-asset ratio of approximately 87.2% [3] - As of March 31, 2025, the total assets were 1,845.7424 million yuan, with total liabilities of 1,599.095 million yuan, maintaining a debt-to-asset ratio of approximately 86.6% [3] Group 3: Internal Decision-Making Process - The board of directors approved the proposal for providing collateral guarantees, and the supervisory board also approved it unanimously [2][4] - Due to the debt-to-asset ratio exceeding 70%, the guarantee must be submitted for shareholder approval [2][4] Group 4: Necessity and Reasonableness of the Guarantee - The additional collateral is deemed necessary to meet the operational needs of the Eleventh Engineering Company and aligns with the company's overall development strategy [4] - The company maintains actual control over both the Ninth and Eleventh Engineering Companies, allowing it to manage credit risks effectively [4] Group 5: Cumulative Guarantee Information - As of March 31, 2025, the total amount of guarantees provided by the company and its subsidiaries is 5.549 billion yuan, within the annual guarantee limit [4] - The company has no overdue external guarantees [4]

Core Viewpoint - Chongqing Construction Group Co., Ltd. plans to hold a performance briefing on June 12, 2025, to discuss its 2024 annual and 2025 first-quarter results, allowing investors to engage in Q&A sessions regarding the company's performance and financial indicators [1][2]. Group 1: Meeting Details - The performance briefing is scheduled for June 12, 2025, from 9:30 to 11:00 [2][3]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center, accessible via the website: https://roadshow.sseinfo.com/ [2][4]. - The format of the meeting will combine video recording and online interaction [2][3]. Group 2: Participation Information - Investors can submit questions from June 5, 2025, to June 11, 2025, before 16:00, through the "Pre-Question Collection" section on the Roadshow Center website or via the company's email [3][4]. - The company will address commonly asked questions during the briefing [2][3]. Group 3: Attendees - Key attendees include Chairman Sun Lidong, General Manager Zhou Jin, Independent Director Zhao Yongjun, and Financial Director Huang Zijun [2].

证 券 研 究 报 告 战略引领，挖掘区域投资弹性 2025年建筑装饰中期投资策略 证券分析师：袁豪 A0230520120001 唐猛 A0230523080003 研究支持： 唐猛 A0230523080003 联系人： 唐猛 A0230523080003 2025.6.4 要点：战略引领，挖掘区域投资弹性 www.swsresearch.com 证券研究报告 2 ◼ 年初至今固定资产投资增速放缓，制造业、地产均呈现压力，总量偏弱背景下，基建投资保 持相对稳定，公用事业、水利形成支撑。 ◼ 区域投资有望随国家战略布局而获得弹性。2025年作为"十四五"收官、"十五五"谋划 之年，承上启下作用凸显，结合当前市场经济环境，中西部产业转移、西部大开发、城市更 新、低空经济、"一带一路"倡议等均有望在"十五五"期间迈入新的发展阶段。 ◼ 低估值破净央国企估值修复。建筑企业资产主要为应收账款类，长期现金流和资产可变现能 力遭遇质疑，市场估值折价，近两年国资委强调央企资产质量考核，聚焦价值创造能力，企 业端收入、利润承压背景下依旧保持分红政策稳定。展望未来，随着证监会市值管理办法、 公募新规等政策出台，同时企业经营受 ...

Group 1 - WanTai Biologics' nine-valent HPV vaccine has been approved for market launch, targeting women aged 9-45, enhancing the company's product line and core competitiveness [3] - Hainan Huatie is planning to issue shares overseas and list on the Singapore Exchange to advance its international strategy and enhance brand influence [4] - HeXing Co. clarified that it is not involved in "unmanned logistics vehicles" or "autonomous driving" businesses, despite market speculation [5] Group 2 - Maiwei Co. intends to invest 100 million yuan in a fund focused on growth-stage companies in the new energy and semiconductor sectors [6] - SuKun Agricultural Development plans to acquire 28.75% of JinTaiSun Grain and Oil for 178 million yuan, increasing its stake to 80% [7] - CITIC Construction Investment has received approval to issue up to 8 billion yuan in technology innovation corporate bonds to professional investors [8] Group 3 - Beibu Gulf Port reported a cargo throughput of 30.86 million tons in May, a year-on-year increase of 6.43%, with a cumulative throughput of 143 million tons for the year, up 12.96% [10] - Kweichow Moutai has repurchased 3.31 million shares for a total expenditure of 5.1 billion yuan by the end of May [12] - Contemporary Amperex Technology has repurchased 6.64 million A-shares for a total of 1.55 billion yuan by May 31 [13] - Jialong Co. has adjusted its share repurchase price ceiling from 2.20 yuan to 3.50 yuan due to recent stock price increases [14] Group 4 - China Electric Power Construction's subsidiary has won a 6.282 billion yuan energy storage project contract [16] - Xili Technology has been awarded a 1.31 billion yuan project by the State Grid for smart energy meters [17]

文/梧桐数据中心 据同花顺数据统计，有5405家A股上市公司披露了2024年末在职员工人数，共有2771家上市公司的员工人数实现增长，26家上市公司的 员工人数保持不变，2604家上市公司的员工人数同比减少（另有4家公司未披露2023年年末员工人数，未统计2024年同比情况）。其中， 比亚迪（002594）是2024年员工人数增加最多的A股上市公司，由2023年的70.34万人增长至96.89万人，同比增长26.54万人。 2024年末员工人数 最多 的前十家A股上市公司分别为：比亚迪（968872人）、中国移动（455405人）、农业银行（454716人）、工商银 行（415159）、建设银行（376847人）、中国石油（370799人）、中国建筑（361249人）、中国石化（355952人）、中国银行（312757 人）、中国中铁（297359人）。 | 排名 | 股票代码 | 股票简称 | 在职员工人数 | 在职员工人数 | 同比增长(人) | | --- | --- | --- | --- | --- | --- | | | | | (人)2024.12.31 | (人)2023.12.31 | | ...

Core Viewpoint - Shanghai Construction Group (600170) announced the successful issuance of bonds by its wholly-owned subsidiary, Yongda Investment Co., Ltd., totaling $600 million with a maturity of 3 years and an interest rate of 4.60% [1] Group 1 - The bond issuance was completed on June 3, 2025, on the Hong Kong Stock Exchange [1] - The securities code for the issued bonds is 5603 [1] - The company provided an unconditional and irrevocable joint liability guarantee for this bond issuance, which will be included in the company's guarantee limit for the year 2025 [1]

Core Insights - The Tianjin Municipal Taxation Bureau's Fourth Taxation Division has formed an expert team to provide specialized guidance on corporate income tax settlement and clearance policies for two key enterprises in the region [1] - The initiative aims to address the unique needs of the construction company Bohai Petroleum Navigation Construction Engineering Co., Ltd. and the bidding company Tianjin CNOOC Bidding Agency Co., Ltd. [1] Group 1: Construction Industry - The tax team focused on the construction industry's long cycles and complex cost accounting, emphasizing compliance with cost invoice management and the risks of issuing false invoices [1] - Companies were advised on the confirmation of tax amounts related to investment income, with clear guidelines on revenue recognition timing for cross-year projects to avoid tax payment delays [1] Group 2: Bidding Industry - For the bidding company, the tax team concentrated on managing pre-tax deduction vouchers, reinforcing the alignment of expense deductions with preferential policies [1] - Guidance was provided on the documentation requirements for intermediary service fees and bidding costs to prevent tax adjustments due to incomplete vouchers [1] Group 3: Overall Impact - Both companies expressed gratitude for the professional services provided by the tax department, highlighting that precise guidance on revenue recognition helped mitigate potential risks [1] - The Fourth Taxation Division's approach combined policy interpretation, practical case studies, and risk alerts, effectively assisting enterprises in overcoming declaration challenges and ensuring they fully benefit from policy incentives [1]