General Provisions - Tibet Tianlu Co., Ltd. is established as a joint-stock company in accordance with the Company Law and other relevant regulations [1] - The company was approved to issue 40 million ordinary shares to the public on December 19, 2000, and was listed on the Shanghai Stock Exchange on January 16, 2001 [2] - The registered capital of the company is RMB 1,323,334,858 [2] Business Objectives and Scope - The company's business objective is to be market-oriented, focusing on intensive operations and utilizing capital markets to raise necessary development funds [5] - The approved business scope includes construction engineering, international road freight transport, and various other construction-related activities [6] Shares - The total number of shares issued by the company is 1,323,334,858, all of which are ordinary shares [7] - The company adheres to principles of openness, fairness, and justice in share issuance, ensuring equal rights for all shareholders [7] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends and participate in decision-making processes, including voting at shareholder meetings [11] - Shareholders are obligated to comply with laws and regulations, and they cannot abuse their rights to harm the company or other shareholders [14] Shareholder Meetings - The company holds annual shareholder meetings within six months after the end of the previous fiscal year [43] - Shareholder meetings can be convened by the board of directors or at the request of shareholders holding more than 10% of the shares [25] Voting and Resolutions - Resolutions at shareholder meetings can be classified as ordinary or special, with different voting thresholds required for approval [76] - Ordinary resolutions require more than half of the voting rights present, while special resolutions require two-thirds [76][78]

Meeting Details - The shareholders' meeting was held on May 9, 2025, at the company's conference room in Lhasa, Tibet [1] - The meeting was presided over by the company's deputy party secretary and general manager, Zhao Yunde, and combined on-site and online voting methods were used [1] - A total of 30.1006% of the shares were represented at the meeting [1] Voting Results - All proposed resolutions were passed with significant majority votes, including: - 99.2465% approval for the first resolution with 395,337,086 votes in favor [1] - 99.2789% approval for the second resolution with 395,466,193 votes in favor [1] - 99.2772% approval for the third resolution with 395,459,231 votes in favor [1] - 99.2689% approval for the fourth resolution with 395,426,401 votes in favor [2] - 99.2315% approval for the fifth resolution with 395,277,218 votes in favor [3] Legal Compliance - The meeting's procedures, attendance, and voting results were confirmed to comply with relevant laws and regulations, ensuring the legality and validity of the resolutions passed [4]

Group 1 - The company, Qingjian International, has recently been awarded two construction contracts in Hong Kong and one in Singapore, with a total contract value estimated at approximately HKD 20.9 billion [1] - The two Hong Kong contracts are for the Haoyung contract and the Shatin contract, expected to be completed in October 2026 and June 2028, respectively [1] - The Singapore contract is for the Woodlands contract, anticipated to be completed by March 2029 [1] - The total contract value includes potential amounts that may not be realized, indicating that the actual contract value received by the company may differ from the estimated contract value [1]

Group 1 - The company, Zhejiang Construction Investment Group Co., Ltd., is convening the first bondholders' meeting for the "Zhejiang Construction Convertible Bonds" on May 23, 2025, at 14:30 [3][4] - The meeting will be held both in-person and online, allowing bondholders to vote through the Shenzhen Stock Exchange trading system and internet voting system [5][15] - The bondholders' meeting will require a quorum of more than half of the voting bondholders present for resolutions to be valid [2][13] Group 2 - The company has decided to terminate certain fundraising projects and reallocate the remaining funds, totaling RMB 30 million, to new investment projects [25][43] - The terminated projects include the purchase of construction safety support equipment, the development of a smart construction management platform, and the research and application of robotic welding systems [30][31][34] - The new investment projects include the reconstruction of the 638 National Road and the design and construction of the Zhejiang Intelligent Ship Innovation Center, with total investments of RMB 62 million and RMB 87.68 million respectively [37][39]

每周一景： 云南玉龙雪山 点击右上角菜单，收听朗读版 【 宏观】 关税加剧滞胀担忧，通胀压力掣肘降息——2025年5月美联储议息会议点评 美东时间 2025 年 5 月 7 日，美联储发布议息会议声明，随后鲍威尔例行召开新闻发布会。 从议息会议 声明和鲍威尔发言中，我们认为主要有五处边际变化：一是美联储按兵不动，但是滞胀预期加剧；二是鲍 威尔不断强调经济前景的不确定性，并认为其与关税前景密切相关；三是鲍威尔认为当前通胀压力主要来 自于关税，而关税谈判存在不确定性；四是鲍威尔给出模糊化的前瞻性指引，维持一如既往偏"鹰"的表 态，但也传递了未来降息的可能性；五是鲍威尔重申美联储的独立性，部分缓解市场担忧。总体来看，本 次美联储议息会议的关键词就是"不确定性"，无论是经济前景、通胀前景，还是降息前景，都充满了不确 定性，而其根源就来自于关税政策的不确定性和关税对经济影响机制的不确定性。 短期经济数据和就业数据韧性进一步延后降息预期，预计后续通胀压力将对降息时间和幅度形成持续掣 肘。 近期公布的美国一季度经济数据和 4 月份非农就业数据仍有一定的韧性，从而整体降息预期有所延 后，叠加鲍威尔的"鹰"派表态，美国联邦基金 ...

二 〇 二 五 年 度 2025 年 5 月 8 日 2025 年 6 月沪深指数调样预测： 中证 500 或大量纳入信息技术板块 | 虞堪 | 投资咨询从业资格号：Z0002804 | yukan@gtht.com | | --- | --- | --- | | 李宏磊 | 投资咨询从业资格号：Z0018445 | lihonglei@gtht.com | 报告导读： ◼ 四月波动后，国家队再次借道指数 ETF 入市维稳，叠加社保、险资等中长期资金持续入市， 挂钩核心宽基指数的 ETF 产品规模再次扩容。截至 2025 年 5 月，挂钩上证 50、沪深 300、 中证 500 和中证 1000 指数的产品合计规模约 1.7 万亿。本次调整将于 2025 年 6 月 16 日生 效，由于近期市场波动较大，最终结果可能存在较多主观调整的成分，请以正式公告为准。 ◼ 上证 50：我们预测本次调整将涉及 2 只成分股调整，江苏银行、工业富联或将纳入上证 50；海天味业、中国中铁或将调出指数。本次调整纳入个股分别属于金融和信息技术板块， 调出个股分别属于主要消费和工业板块。预测纳入的个股近一个月平均上涨 8.88%， ...

Investment Announcements - Jinchengxin plans to invest approximately $231 million in the development of the Alacran copper-gold-silver mine project, aiming to acquire a 55% stake in CMH Colombia S.A.S. after the acquisition [3] - China Merchants Bank intends to invest 15 billion yuan to establish a wholly-owned financial asset investment company, enhancing its integrated financial services capabilities [5][6] Performance Reports - Huahong Semiconductor reported Q1 2025 revenue of 3.913 billion yuan, an 18.66% year-on-year increase, but net profit decreased by 89.73% to 22.76 million yuan due to uncertainties in the semiconductor industry [7] - King Long Motor's April bus sales were 3,611 units, a 3.91% year-on-year decrease, while production was 4,361 units, down 5.79% year-on-year [8] - Zhengbang Technology reported April sales of 609,800 pigs, with revenue of 738 million yuan, a 174.29% year-on-year increase, attributed to orderly resumption of production [9] - Sunac China achieved a contract sales amount of approximately 1.1 billion yuan in April, with a cumulative total of 11.2 billion yuan by the end of April [10] Major Contracts - Pinggao Electric won contracts totaling approximately 1.751 billion yuan from the State Grid, representing 14.12% of its 2024 revenue [13] - State Grid Information Technology's subsidiaries secured contracts worth 477 million yuan, positively impacting future operating performance [14] - Dongfang Iron Tower won contracts worth about 100 million yuan from the State Grid, accounting for 2.39% of its 2024 revenue [15] - Jiaojian Co. won a construction project worth approximately 704 million yuan, representing 8.43% of its 2024 revenue [16] Shareholding Changes - Ruihua Tai's shareholder plans to reduce holdings by up to 1% of the company's shares [17][18] - *ST Gengxing's controlling shareholder intends to increase holdings between 30 million and 60 million yuan [19] - Lexin Technology's shareholder plans to reduce holdings by up to 1.2032% of the company's shares [20] Share Buybacks - Sichuan Meifeng plans to repurchase shares worth 50 million to 70 million yuan, with a maximum buyback price of 10.07 yuan per share [21]

Investment Announcements - Jincheng intends to invest approximately $231 million in the Alacran copper-gold-silver mine project, following the acquisition of a 5% stake in CMH Colombia S.A.S., which will allow it to hold a 55% stake and control the project development [3] - Huasheng Technology's subsidiary plans to sell a 5.4019% stake in Shanghai Lingkai Technology Co., Ltd. for 200 million yuan, resulting in the subsidiary no longer holding shares in the company [4] - China Merchants Bank plans to invest 15 billion yuan to establish a wholly-owned financial asset investment company, which will enhance its integrated operations and service capabilities [5] Performance Reports - Huahong's Q1 revenue reached 3.913 billion yuan, a year-on-year increase of 18.66%, while net profit dropped by 89.73% to 22.76 million yuan, indicating challenges in the semiconductor industry due to international and policy changes [7] - King Long Automobile reported a production of 4,361 buses in April, a decrease of 5.79% year-on-year, with sales of 3,611 buses, down 3.91% [8] - Zhengbang Technology's April pig sales reached 609,800 heads, with revenue of 738 million yuan, showing a significant year-on-year increase of 174.29% [9] - Sunac China achieved a contract sales amount of approximately 1.1 billion yuan in April, with a cumulative total of 11.2 billion yuan by the end of April [11] - *ST Aonong reported a pig sales volume of 132,800 heads in April, a year-on-year decrease of 14.42% [12] Major Contracts - Pinggao Electric won contracts totaling approximately 1.751 billion yuan from the State Grid, representing 14.12% of its 2024 revenue [14] - State Grid Information Technology's subsidiaries secured contracts worth 477 million yuan, positively impacting future performance [15] - Dongfang Tower won a procurement project from the State Grid worth about 100 million yuan, accounting for 2.39% of its 2024 revenue [16] - Jiaojian Co. won a construction project worth approximately 704 million yuan, with a project duration of 870 days, representing 8.43% of its 2024 revenue [17] Shareholding Changes - Ruihua Tai's shareholder plans to reduce holdings by up to 1% of the company's shares [19] - *ST Gengxing's controlling shareholder intends to increase holdings between 30 million and 60 million yuan [20] - Lexin Technology's shareholder plans to reduce holdings by up to 1.2032% of the company's shares [22] Share Buybacks - Sichuan Meifeng plans to repurchase shares worth between 50 million and 70 million yuan, with a maximum repurchase price of 10.07 yuan per share [24]

Core Viewpoint - The performance of China's nine major state-owned construction enterprises in the first quarter of 2025 shows a mixed result, with total revenue declining by 4.23% year-on-year to 1.654563 trillion yuan and net profit down by 9.90% to 39.507 billion yuan, indicating a phase of adjustment in the industry [1][2][3]. Revenue and Profit Summary - The nine construction state-owned enterprises reported a total revenue of 1,654.563 billion yuan, a decrease of 4.23% year-on-year, and a net profit of 39.507 billion yuan, down 9.90% year-on-year [1][3]. - Among these enterprises, China Construction (中国建筑) achieved the highest revenue of 555.342 billion yuan, while China Chemical (中国化学) led in net profit growth with an increase of 18.77% [1][6][7]. Performance Disparity - Three companies, namely China Construction, China Energy Construction (中国能建), and China Chemical, managed to achieve net profit growth, while the remaining six companies experienced declines [2][3]. - The decline in profits for six enterprises is attributed to intensified market competition, rising costs, project delays, and changes in policies and taxation [2][4]. Factors Influencing Performance - Key factors affecting the performance include rising project costs due to fluctuating raw material prices, project delays caused by planning adjustments and extreme weather, and increased competition leading to price pressures [4][5]. - China Chemical's strong performance is attributed to improved internal management, enhanced production efficiency, and successful market expansion, particularly in high-value sectors like new materials and renewable energy [6][7]. Future Outlook - The construction industry is expected to face continued pressure in 2024 and early 2025, but there are indications that infrastructure investment may increase as a means to stimulate economic growth [8][9]. - The government is planning to implement new policies to boost investment in infrastructure, which could lead to improved performance for construction enterprises in the future [8][9].

"以前晾衣服、摆鞋子全靠自觉，现在有了宿管员指导和评比，环境整洁多了！"来自河南的钢筋工 李师傅感慨道。"自治社区"通过制定文明公约、设立楼栋宿管员等方式引导工友共建共享，同时加大水 电设施投入，保障空调稳定运行，切实提升他们的居住品质。 从"工友村"到"自治社区"，这一转变源于对建设者需求的深度洞察。据了解，该项目于2024年11月 全面开工，高峰期集聚近3000名建设者。"整个项目就像一个大型生活区，工友们来自五湖四海，我们 通过征集'金点子'来改善他们的生活环境。"项目负责人戚佳斌介绍，针对原先取快递需往返6公里、大 件搬运困难等问题，"自治社区"整合资源建成综合服务中心，配备快递站点、理发室、职工书屋、周末 影院等设施，并创新推出"积分兑换"机制，工友可通过文明行为累积积分，兑换生活用品或享受理发等 服务。 除了服务升级惠民生，该"自治社区"希望通过自治共管搭建沟通桥梁，让小事不出"社区"。新当选 的"自治社区"主任徐自春表示："我们将聚焦高频需求，发挥桥梁作用，一方面及时反馈饮食、用电等 生活问题，推动服务改善，另一方面组织开展文体活动、及时调解矛盾，实现小事不出社区，需求就地 解决。" 近日，由之 ...