Core Insights - China State Construction Engineering Corporation (CSCEC) reported strong core operating data for Q1 2025, with new contract value reaching 1,270.2 billion yuan, a year-on-year increase of 6.9% [2] - The company achieved operating revenue of 555.3 billion yuan, up 1.1% year-on-year, and net profit attributable to shareholders of 15.01 billion yuan, reflecting a 0.6% increase [2] Construction Business Performance - In the construction segment, new contracts signed amounted to 1,203.7 billion yuan, representing an 8.4% year-on-year growth [2] - Infrastructure business contracts reached 420.6 billion yuan, showing a significant growth of 40.0% [2] - Physical indicators included a construction area of 1,458.08 million square meters, new construction area of 92.93 million square meters (up 61.8%), and completed area of 28.56 million square meters [2] Real Estate Business Performance - The company added 1.95 million square meters of land reserves, all located in first-tier, strong second-tier, and provincial capital cities, with total land reserves at 76.25 million square meters [2] - Real estate revenue was 53.7 billion yuan, a 15.5% increase year-on-year, with gross profit of 9.06 billion yuan, up 1.5% [2] Overseas Business Growth - CSCEC's overseas new contract value reached 67.4 billion yuan, a remarkable increase of 150% year-on-year, with overseas revenue of 23.9 billion yuan, up 8.5% [3] - The company is focusing on strategic emerging industries, urban renewal, and urban operation, achieving revenue of 45.3 billion yuan in strategic emerging industries, a 34.2% increase, accounting for 8.2% of total revenue [3] Shareholder Confidence - The controlling shareholder, China State Construction Group, has shown confidence in the company's future by increasing its stake, acquiring 110 million A-shares, representing approximately 0.27% of total shares, with a total investment of about 610 million yuan [3] Market Outlook - Several brokerage firms have given positive evaluations of CSCEC's Q1 performance, with Tianfeng Securities suggesting that the company, as a leading state-owned enterprise in the construction sector, is expected to gradually increase its market share and maintain a "buy" rating for long-term investment value [4]

行业报告 | 行业研究周报 建筑装饰 证券研究报告 风险提示：基建&地产投资超预期下行；央企、国企改革提效进度不及预期； 关税影响超预期。 本周 CS 建筑下跌 1.46%，跑赢沪深 300 板块 0.71pct，AI、机器人、算力相 关概念标的涨幅居前。从刚刚过去的财报季来看，25Q1 建筑板块营收、归 母净利润继续承压下滑，但专业工程领域钢结构板块收入实现 7.3%的正增 长、化工工程板块归母净利润增速为+7.4%，Q1 专业工程板块经营较为稳 健。近期资金面、基建高频数据和建筑公司新签订单均印证基建景气度在 持续修复，考虑到关税态势下财政政策有望进一步发力，加速推动实物工 作量落地。建议重点关注中西部基建及顺周期专业工程板块的投资机会， 新兴业务板块关注与算力、AI、洁净室等相关的投资标的，主题层面建议 继续关注西南水电相关品种。 24FY&25Q1 营收/归母承压，静待后续财政发力推动板块业绩修复 从刚刚过去的财报季来看，24 年 CS 建筑板块实现营收同比-4.1%，归母净 利润同比-14.4%，受地产行业下行和地方财政偏紧影响营收、归母均承压下 滑。25Q1 建筑板块营收同比-6%、归母净利润同比 ...

行业报告 | 行业研究周报 建筑装饰 证券研究报告 Q1 建筑板块经营承压，静待后续财政发力推动板块 业绩修复 核心观点 本周 CS 建筑下跌 1.46%，跑赢沪深 300 板块 0.71pct，AI、机器人、算力相 关概念标的涨幅居前。从刚刚过去的财报季来看，25Q1 建筑板块营收、归 母净利润继续承压下滑，但专业工程领域钢结构板块收入实现 7.3%的正增 长、化工工程板块归母净利润增速为+7.4%，Q1 专业工程板块经营较为稳 健。近期资金面、基建高频数据和建筑公司新签订单均印证基建景气度在 持续修复，考虑到关税态势下财政政策有望进一步发力，加速推动实物工 作量落地。建议重点关注中西部基建及顺周期专业工程板块的投资机会， 新兴业务板块关注与算力、AI、洁净室等相关的投资标的，主题层面建议 继续关注西南水电相关品种。 24FY&25Q1 营收/归母承压，静待后续财政发力推动板块业绩修复 从刚刚过去的财报季来看，24 年 CS 建筑板块实现营收同比-4.1%，归母净 利润同比-14.4%，受地产行业下行和地方财政偏紧影响营收、归母均承压下 滑。25Q1 建筑板块营收同比-6%、归母净利润同比-8.4%，板块继 ...

Core Insights - The Shanghai East Station project is a major transportation hub integrating various transport functions, with a total construction area of over 1.3 million square meters and a planned passenger flow of 60 million by 2035 [1][2] Group 1: Project Overview - The Shanghai East Station is located in Pudong New District, approximately 5 kilometers from Shanghai Pudong International Airport [1] - The project aims to be operational by July 2027, focusing on urban integration and multi-level transportation systems [1] Group 2: Construction Progress - As of now, 95% of the pile foundation and protective works have been completed, with significant progress made in the excavation of the basement [2] - The project has mobilized over 200 types of machinery and 800 personnel to ensure timely completion while maintaining safety and quality standards [2]

中新网扬州5月3日电 （吴雪瑶 吴矜行）今年"五一"假期，刚刚在3月建成开园的扬州"运河十里"项 目示范段吸引了大量市民游客打卡，成为当地民众休闲、带娃的新去处。至目前，超3万人次前来打 卡"运河十里"项目示范段。 今年3月建成开园的"运河十里"项目示范段已成为当地民众休闲、带娃的新去处。 崔佳明 摄 有着2500多年建城史的扬州是一座与大运河同生共长的历史文化名城，是大运河的原点城市。大运 河作为扬州市重要的活态文化遗产，运河水系的每一次开发与更新都承载着不同的时代诉求与使 命。"运河十里"项目位于扬州京杭大运河段，东至京杭路，西至运河快速路，南至开发路，北至古运 河，规划面积约6.85平方公里。项目充分尊重场地现状，坚持"还河于民、还景于民"，秉承自然、经济 原则，精心打造自然生态的亲水平台、绿道长廊，将滨水空间开放让市民共享，让运河两岸成为百姓家 门口的"会客厅"。 5月3日，扬州市民举家在"运河十里"撑起帐篷，围坐烧烤，喝茶聊天，享受阳光和微风。 崔佳明 摄 漫步在"运河十里"，绿意盎然，花团锦簇，市民在林荫道中散步，不时停下脚步打卡欣赏.......当地 不少民众举家在这里撑起帐篷，围坐烧烤，喝茶聊 ...

Group 1 - China Railway's stock opened at 5.54 CNY and closed at 5.52 CNY, down 0.36% from the previous trading day's close of 5.54 CNY, with a total market capitalization of 136.575 billion CNY [1] - The company's Q1 financial report showed operating revenue of 248.564 billion CNY, net profit of 6.559 billion CNY, earnings per share of 0.78 CNY, and a gross profit of 14.419 billion CNY, with a price-to-earnings ratio of 4.9 [1] - A total of 113 brokerages rated the stock as a buy, while 40 brokerages recommended holding [1] Group 2 - China Railway and its subsidiaries won a bid for the Baiyun District Dalangke project in Guangzhou for a total price of 1.81 billion CNY, with a premium rate of 0% [1] - The project includes three land parcels with a total area of 160,256 square meters and a total construction area of approximately 340,000 square meters [2] - The project requires the construction of 212,000 square meters of shared ownership housing, with the government holding 45% [2] Group 3 - China Railway issued 3 billion CNY in technology innovation bonds, with a coupon rate of 2.95% and a maturity of 3 years [3] - In Q1, the company signed new contracts worth 621.64 billion CNY, a decrease of 6.9% year-on-year [3] - The engineering construction segment, as the main revenue source, accounted for 470.12 billion CNY of the new contracts, down 7.1% year-on-year [3]

•我国一季度对欧盟进出口1.3万亿元，同比增长1.4% •2024年，A股27家公司研发支出超百亿元 转自：新华财经 【重点关注】 •统计数据显示，2024年共有290家A股上市公司研发支出超10亿元，研发支出占营收比例超10%的公司有925家，这2项数据均创历史新高。27家公司研发支 出超百亿元，比亚迪、中国建筑、中国移动、中国石油、中国中铁排名前五。比亚迪2024年研发支出达到541.61亿元，A股历史上首次跻身榜首位置。（证 券时报） •数据显示，4月份共有1189家私募证券管理人参与对A股上市公司的调研，覆盖27个申万一级行业中的639只个股，合计调研次数达7647次，较3月的3513次 环比增长117.68%。其中，电子、医药生物、机械设备成为当月私募调研热度最高的三个行业，立讯精密等个股成为4月热门调研股。（新华财经） •香港金管局：股票相关投资及区内货币兑美元升值支持港元汇率 【国内要闻】 •5月3日，全国铁路预计发送旅客1800万人次，计划加开旅客列车1563列。5月2日，全国铁路发送旅客1955万人次，同比增长11.1%，运输安全平稳有序。 （新华社） •"五一"假期首日，出境游需求井喷，其 ...

Group 1 - The core viewpoint of the articles highlights the stable and orderly production and operation of provincial state-owned enterprises in Shaanxi during the first quarter, with significant economic indicators showing improvement and growth [1][2] - Shaanxi provincial state-owned enterprises ranked fifth in operating income, sixth in total profit, tenth in total assets, eighth in owner's equity, third in return on net assets, and sixth in labor productivity among national provincial state-owned enterprises [1] - The total assets of provincial state-owned enterprises reached 3.41 trillion yuan, with owner's equity at 1.11 trillion yuan, and industrial output value at 200.75 billion yuan, reflecting year-on-year growth of 3.7%, 4.8%, and 2.6% respectively [2] Group 2 - In the first quarter, Shaanxi provincial state-owned enterprises completed fixed asset investments of 25.2 billion yuan, achieving 25.2% of the assessment target, with industrial investment increasing by 52.8% and technological transformation investment rising by 15.8% [1] - The production of coal, self-produced crude oil, natural gas, crude steel, and automobiles increased by 7.4%, 1.2%, 36.6%, 17.3%, and 7.4% respectively, demonstrating the stabilizing role of provincial state-owned enterprises [1] - The enterprises actively engaged in both domestic and international markets, with notable increases in natural gas sales, construction projects in Belt and Road countries, and new international freight routes [2]

Market Overview - The Hang Seng Index rose 1.74% and the Hang Seng Tech Index increased by 3.08% on the first trading day of May [1] - Despite a seemingly positive outlook for US stocks, there was a significant outflow of $8.9 billion from the US stock market, marking the largest outflow since December 2023 [1] - The US Chamber of Commerce urged the Trump administration to implement a tariff exemption mechanism to prevent economic recession and harm to small businesses [1] Trade Relations - The Chinese Ministry of Commerce noted a shift in the US stance regarding tariff negotiations, indicating a willingness to engage in talks [2] - The FTSE China A50 index futures reacted positively, rising over 0.9%, and the offshore RMB appreciated significantly against the USD [2] - New tariff adjustments confirmed that auto parts from Canada and Mexico will be exempt from a 25% tariff starting May 3 [2] Automotive Sector - Xpeng Motors reported a record delivery of over 30,000 vehicles for six consecutive months, with specific models achieving significant sales milestones [3] - Leap Motor's delivery volume for April reached 41,039 units, a 173% year-on-year increase, leading to a stock price increase of over 7% [3] - Xiaomi's automotive division also saw a rise in deliveries, contributing to a stock increase of over 6% [3] Technology Sector - Major US tech companies like Meta, Microsoft, and Apple reported strong earnings, unaffected by tariff issues, and reaffirmed aggressive AI investment plans [4] - The upcoming US non-farm payroll report is anticipated to influence market expectations regarding Federal Reserve interest rate decisions [4] - President Trump's recent sanctions on countries purchasing oil from Iran are viewed as a bargaining chip rather than a definitive policy change [4] Berkshire Hathaway - Berkshire Hathaway's annual shareholder meeting is set to take place, where Warren Buffett will discuss market perspectives and investment strategies, including significant cash reserves [5] Nuclear Energy Development - There is a global surge in the development of small modular reactors (SMRs) driven by climate change initiatives and demand for clean energy [6] - China's advancements in SMR technology are notable, with significant projects like the BEST project aimed at demonstrating fusion energy generation [6] Company Performance - China State Construction International reported a 5.5% year-on-year revenue increase in Q1 2025, with a notable rise in technology-related income [7] - The company’s new contract value decreased by 29.1% year-on-year, but adjusted figures show a strong performance when excluding high baseline effects from previous major projects [8] - The technology segment's revenue contribution increased to 20%, indicating a positive trend in the company's business model and market positioning [8]

人民网利雅得4月30日电 （记者任皓宇）近日，中国铁建沙特分公司与沙特迪里耶公司正式签署沙 特国王大学基础设施及配套搬迁项目合同。该项目的签约是中沙在教育基础设施和深地空间领域深度合 作的重大突破。 "项目签约是迪里耶集团和中国铁建基于相互信任与共同价值观的重要决策，期待通过此项目，实 现资源互补、产业突破、市场共赢。"沙特迪里耶集团首席执行官杰瑞·因泽里洛表示。作为沙特公共投 资基金主导的五大超级项目之一，沙特"2030愿景"计划的核心组成部分，沙特迪里耶项目占地14平方公 里，旨在将迪里耶地区打造成一个集教育、艺术、文化和居住为一体的综合性区域。 中国铁建相关负责人表示，沙特国王大学基础设施及配套搬迁项目，是中国铁建继沙特未来新城、 吉达体育场之后签约的又一重大项目。中国铁建将以"双碳"目标为导向，为沙特资源综合利用与地下工 程建设贡献"中国方案"，为沙特"2030愿景"与共建"一带一路"倡议的深度对接贡献中企力量。 签约合影。中国铁建供图 01:00 B I i= LEAR BEA 电视电视 效果图。中国铁建供图 沙特国王大学是沙特阿拉伯历史最悠久、规模最大的在综合性大学，其校园设计常以"科研绿洲"为 ...