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 ...

中日友好医院肖医生与董小姐的八卦舆情，热度持续不退，话题从婚内出轨，延申到医德医风、教育公 平、学术腐败、阶层固化，每个都戳中了时代的肺管子，想不火都难。 宏大叙事，留待官方调查结论出来之后。作为吃瓜群众，我从家长培养下一代的角度，研究了一下董小 姐的成功之路，颇受启发。 董小姐的个人简历上，叠满了buff 董小姐，才不是一个没有故事的女同学。她的故事，开始得很早。 在某个书画比赛的网站上，网友找到了这张图： 在这个十多年前的书画比赛网页上，有一个获奖者与董小姐同名；这位获奖者，就读的学校，是某大学 的附属小学，而董小姐母亲在这所大学担任某学院的领导。 这个不算什么，一二线城市的中产家庭，谁家孩子没有培养点琴棋书画的爱好，拿几个"全国大奖"？ 但董小姐还有学术论文加身，以及大媒体加持，这就超出了一般家庭。 董小姐2019年通过选拔进入协和医学院4+4项目，刚入学就赶上了2020年，大概率是跟大家一样，在家 上网课。但这不耽误她2019年参与发表论文《肺癌CT影像AI诊断模型》。 2021年11月5日，在媒体报道中，她已经去协和实习，并直接上手术台给病人做手术了。 2023年，她从协和医学院毕业的时候，作为优秀 ...

Core Insights - The article highlights the achievements of Ye Haowen, a national outstanding engineer, who has led innovations in high-rise building construction, significantly improving efficiency and safety in the industry [1][2][3]. Group 1: Innovations in Construction - Ye Haowen's team invented the "building machine," which allows for the construction of one floor every two days, setting a world record for high-rise building speed [2][3]. - The team developed a method to pump C120 ultra-high-strength concrete to a height of 500 meters, creating a world record for concrete pumping [3]. - Ye proposed an "integrated" construction theory that revolutionizes the production methods in the Chinese construction industry [1][5]. Group 2: Implementation of Integrated Construction Theory - The integrated construction theory combines various elements of the construction process, including design, production, and assembly, to optimize efficiency and reduce costs [5]. - The theory was successfully applied in the Shenzhen Yujing Happiness Home project, where the construction time was reduced to an average of six days per floor, with an 80% reduction in construction waste [5][6]. - The approach has been recognized as a successful case of industrialized construction in Shenzhen [5]. Group 3: Future Directions - Ye Haowen is currently focusing on advancing smart construction technologies to enhance safety, comfort, and sustainability in building projects [7]. - The goal is to improve industrialization, digitalization, and greening of construction sites, aligning with government initiatives to provide quality housing for the public [7].

Core Viewpoint - Guangdong Construction Group (002060.SZ) reported a revenue increase of 6.25% year-on-year for Q1 2025, but experienced a decline in net profit and cash flow from operating activities [1][3]. Financial Performance - The company's total revenue for Q1 2025 was 14.422 billion yuan, ranking 9th among disclosed peers, with an increase of 848 million yuan compared to the same period last year [1]. - The net profit attributable to shareholders was 144 million yuan, ranking 48th among peers, showing a decrease of 25.193 million yuan, a year-on-year decline of 14.92% [1]. - Operating cash flow was -3.948 billion yuan, ranking 102nd among peers, down by 1.31 billion yuan from the same period last year [1]. Key Ratios - The latest debt-to-asset ratio is 89.20%, ranking 99th among peers, with a slight decrease of 0.16 percentage points from the previous quarter but an increase of 0.09 percentage points year-on-year [3]. - The gross profit margin is 8.25%, ranking 90th among peers, down by 2.38 percentage points from the previous quarter and 0.76 percentage points year-on-year [3]. - Return on equity (ROE) is 1.03%, ranking 73rd among peers, with a decrease of 0.25 percentage points compared to the same period last year [3]. Earnings Per Share and Turnover - The diluted earnings per share (EPS) is 0.04 yuan, ranking 72nd among peers, down by 0.01 yuan, a year-on-year decline of 14.89% [3]. - The total asset turnover ratio is 0.10 times, ranking 21st among peers, remaining flat compared to the previous year but down by 0.49 times year-on-year [3]. - The inventory turnover ratio is 14.54 times, ranking 11th among peers, with an increase of 0.88 times, a year-on-year increase of 6.41% [3]. Shareholder Structure - The number of shareholders is 77,100, with the top ten shareholders holding 2.877 billion shares, accounting for 76.64% of the total share capital [3]. - The largest shareholder is Guangdong Provincial Construction Engineering Group Holding Co., Ltd., holding 700 million shares [3].

Group 1 - The Red Flag Canal, a remarkable engineering feat, was built in an impossible time and place, symbolizing the spirit of perseverance and innovation among the people of Linzhou [2][11] - The canal has significantly transformed the local economy, with Linzhou receiving the title of "Top 100 County Tourism Competitiveness" in 2024, welcoming 19.65 million visitors and generating a total revenue of 11.7 billion [7] - The Red Flag Canal has facilitated the irrigation of over 47 million acres of farmland, contributing to an increase in grain production by 8 billion pounds [15] Group 2 - The local tourism industry has thrived, with the establishment of 141 sketching bases in Shiban Rock Town, attracting over 20,000 visitors daily and creating a unique sketching economy [5] - The construction industry in Linzhou has shown resilience, achieving a construction output value of 180 billion in 2024, with projects spanning across 30 provinces and regions [12] - The Red Flag Canal spirit has been integrated into the local culture, driving innovation and community development, as seen in the efforts of local leaders like Yu Lin Ying, who transformed a struggling village into a key tourism destination [3][4]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 6.49 CNY over the next six months [4][7]. Core Views - The company reported a revenue of 555.34 billion CNY in Q1 2025, representing a year-on-year growth of 1.1%, and a net profit attributable to shareholders of 15.01 billion CNY, which is a 0.6% increase year-on-year [2][3]. - The growth in revenue is attributed to enhanced project management, the implementation of key projects, and proactive customer resource expansion [2]. - The company is focusing on strategic emerging industries, achieving a revenue of 45.3 billion CNY in Q1 2025, which is a significant year-on-year increase of 34.2% [2]. - The company signed new contracts worth 1,270.2 billion CNY in Q1 2025, marking a 6.9% increase year-on-year, with a notable 40% increase in new contracts for infrastructure projects [4]. Summary by Sections Revenue and Performance - In Q1 2025, the company achieved a revenue of 555.34 billion CNY, with various segments showing different growth rates: construction revenue at 364.9 billion CNY (down 0.2%), infrastructure at 128.3 billion CNY (up 0.5%), real estate development at 53.7 billion CNY (up 15.5%), and surveying and design at 2.3 billion CNY (down 11.3%) [2]. - The company’s net profit for Q1 2025 was 15.01 billion CNY, with a slight decline in gross margin to 7.85% [3]. Cost and Cash Flow Management - The gross margin faced pressure, decreasing by 0.24 percentage points year-on-year, while the company effectively controlled its expense ratio at 3.65% [3]. - The operating cash flow showed improvement, with a net outflow of 95.85 billion CNY, which is a reduction of 0.743 billion CNY compared to the previous year [3]. Contract and Order Growth - The company’s new contract signing in Q1 2025 reached 1,270.2 billion CNY, with a 6.9% year-on-year increase, driven by a 40% increase in infrastructure contracts [4]. - The structure of the construction business is continuously optimizing, with significant growth in contracts for affordable housing and educational facilities [4]. Financial Projections - The company is projected to achieve revenues of 2,285.57 billion CNY, 2,381.56 billion CNY, and 2,472.06 billion CNY for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 48.54 billion CNY, 50.88 billion CNY, and 53.01 billion CNY [7][8].

Group 1 - The core viewpoint emphasizes the significant progress made by the Third Division of the Xinjiang Production and Construction Corps in establishing a social credit system, achieving the top rank among 26 county-level cities in the region according to the national credit monitoring report [1][7][8] - The "Xin Yi Dai" platform is actively promoted to alleviate financing difficulties for market entities, with local financial institutions developing credit products, resulting in successful credit loan disbursements [3][5] - The Agricultural Bank of China in Tumushuke has implemented a dual-channel approach for credit loans, providing up to 3 million yuan with rapid disbursement times, significantly aiding local farmers [3][5] Group 2 - A diverse promotional campaign, "Integrity Construction Ten Thousand Miles," has been launched to strengthen the foundation of trust, reaching over 15,000 individuals and distributing more than 1,200 promotional materials [5][6] - The construction industry recognizes the importance of integrity in business operations, with companies like Xinjiang Junai Construction Group emphasizing adherence to contracts and timely payments to maintain strong partnerships [5][6] - The city plans to align with national credit demonstration city standards, enhancing mechanisms and responsibilities while continuing integrity promotion to empower high-quality economic and social development [7][8]

Investment Rating - The investment rating for China State Construction International (3311.HK) is "Buy" and is maintained [9]. Core Views - The company's revenue for Q1 2025 was approximately RMB 22.887 billion, representing a year-on-year growth of about 3.62%. The operating profit and share of profits from joint ventures totaled approximately RMB 3.963 billion, an increase of 10.84% year-on-year [7][11]. - The resumption of investment activities has positively impacted revenue, with an increase in EPC business undertakings. However, new contract signings saw a decline of 29% year-on-year, primarily due to a high base effect from a significant project in the previous year [11]. - The introduction of Dongfang International as a strategic shareholder is expected to enhance business collaboration, particularly in project cooperation and capital operations [11]. - The outlook for mainland China and Hong Kong businesses is promising, with significant government spending projected in infrastructure, which could lead to a dividend yield of approximately 5.8% based on a 33% payout ratio [11]. Summary by Sections Financial Performance - In Q1 2025, the total revenue was approximately RMB 22.887 billion, a 3.62% increase from the previous year. The operating profit and share of profits from joint ventures were about RMB 3.963 billion, reflecting a 10.84% year-on-year growth [7][11]. New Contracts - New contract signings for Q1 2025 amounted to RMB 50.51 billion, down 29% year-on-year. The breakdown shows that technology-driven new contracts accounted for RMB 21.3 billion, a 56% decline, while investment-driven new contracts increased by 5% to RMB 11.4 billion [11]. Strategic Developments - The strategic partnership with Dongfang International, which involved a premium subscription of 244.6 million new shares at HKD 12.26 each, is expected to foster collaboration in various areas, including project management and capital operations [11]. Market Outlook - The company is focusing on expanding its MiC (Modular Integrated Construction) business in major cities like Beijing, Guangzhou, and Shanghai. The Hong Kong government has increased its projected average annual infrastructure spending from HKD 90 billion to HKD 120 billion, which is expected to benefit the company significantly [11].

业绩总览 A股2024年年报披露正式收官。 截至4月30日，A股已有5402家上市公司披露2024年年报：全年营收71.92万亿元，同比下降0.23%；归母净利润 5.21万亿元，同比下降2.98%。其中4029家实现盈利（占比75%），2567家归母净利润同比增长（48%），含548家增幅超100%、359家增 50%-100%、1660家低增速（<50%）。2835家公司净利润同比下滑。 从板块来看，创业板、深证主板和科创板营收同比增速更高，分别为2.68%、0.25%和0.24%。盈利方面，除上证主板外，其余板块出现不同程度下 滑，科创板净利润降幅最大，为-39.76%，深证主板和北交所紧随其后，分别为-22.64%和-21.99%。 上市板块营收同比增速 7% 6% 5% 4% 2.68% 3% 2% 1% 0.24% 0.25% 0% -0.23% -1% -0.62% -2% -2.21% -3% 全部A股 上证主板 深证主板 创业板 北交所 科创板 ■ 2023年 ■ 2024年 数据来源: Wind 2024年，A股行业业绩分化显著。信息技术板块营收增强，2024年增长超过10%位居首位，紧随 ...

Core Viewpoint - Longyuan Construction has shown signs of recovery despite the overall downturn in the real estate industry, with a significant reduction in losses and a positive profit in the first quarter of 2025, indicating a potential turnaround [1][6]. External Drivers - The company has enhanced its financing capabilities through strategic cooperation with Hangzhou Transportation Investment Group, which has become the controlling shareholder, providing low-cost financing and stable project resources [2][3]. - The successful acquisition of multiple projects in Hangzhou and the acceleration of local government debt issuance are expected to improve asset quality and provide a safety net for future profit releases [3]. Internal Drivers - Longyuan Construction has adjusted its business structure, increasing its focus on municipal public construction projects, resulting in a 17.82% year-on-year revenue growth in the infrastructure segment [4]. - The green building sector is emerging as a significant growth area, with the company developing BIPV technology and achieving revenue growth of 8.28% in this segment [5]. Conclusion - The dual approach of external empowerment through state-owned capital and internal transformation has allowed Longyuan Construction to navigate the challenges of the real estate downturn, positioning itself for future growth in high-value infrastructure and green technology [6].