Core Viewpoint - The national economy shows a positive start in the first quarter of this year, with significant growth in fixed asset investment and infrastructure investment, indicating a robust economic recovery and development strategy. Group 1: Economic Performance - In the first quarter, national fixed asset investment (excluding rural households) reached 10,317.4 billion yuan, a year-on-year increase of 4.2%, accelerating by 1.0 percentage points compared to the previous year [1] - Infrastructure investment grew by 5.8% year-on-year, which is an acceleration of 1.4 percentage points compared to the previous year [1] Group 2: Infrastructure Financing - The China Development Bank has issued 369.1 billion yuan in infrastructure loans in the first quarter, with the proportion of infrastructure loans in total loans steadily increasing [1] - The bank is focusing on supporting key areas such as transportation, energy, water conservancy, smart cities, and smart logistics, facilitating the advancement of 102 major projects outlined in the 14th Five-Year Plan [1] Group 3: Major Projects - Dalian Jinzhou Bay International Airport, part of the 102 major projects, is being constructed on an artificial island through offshore reclamation, with significant progress made in foundational work [2] - The project is expected to be completed by 2028 and will become the largest offshore airport globally, enhancing the transportation network by connecting sea, land, air, and rail [2] - The South-to-North Water Diversion Middle Line Xiong'an Regulation Reservoir is another major water conservancy project, with tailored financing solutions provided to support its construction [2] Group 4: Future Directions - The China Development Bank plans to strengthen its functional positioning, focusing on its main responsibilities and continuously improving its service and product system covering the entire lifecycle of infrastructure projects [3]

Group 1: Subway Construction and Operations - Wang Yandong, a shield driver, has been working in subway construction since 2015, operating in various cities across China, including Beijing, where he is currently involved in the construction of Line 22 [3][4] - The construction of the Beijing Subway Line 22 spans approximately 81.82 kilometers and connects key areas such as the CBD core, urban sub-center, and neighboring regions, enhancing connectivity and urban development [4] - The shield tunneling operation is continuous, requiring drivers to monitor various parameters and coordinate with over sixty personnel on the surface [3][4] Group 2: Xiong'an New Area and High-Speed Rail - The Xiong'an Intercity Station is under construction in the Xiong'an New Area, designed as a fully underground station with a total building area of 173,000 square meters [7][8] - The station will feature four platforms and six tracks, integrating with the urban development of Xiong'an and serving as a key transportation hub for travelers [7][8] - Advanced construction technologies, including drones and automated systems, are being utilized to ensure quality and efficiency in the project [8] Group 3: River Management and Ecological Restoration - The Yongding River improvement project aims to enhance flood control capabilities and restore ecological balance along a 73-kilometer stretch, addressing damages caused by flooding [11][12] - The project includes the reconstruction of damaged water facilities and the implementation of protective measures for nearby villages, contributing to the overall health of the river ecosystem [11][12] - The successful restoration of the Yongding River has led to increased tourism and local economic development, showcasing the benefits of ecological management [12] Group 4: Forest Conservation Efforts - The Zhangjiakou Xuanhua Forest Farm, managed by Yang Fugui, covers 118,000 acres with a 97% vegetation coverage rate, demonstrating significant reforestation efforts over 24 years [15][16] - Advanced monitoring technologies, including drones and surveillance cameras, have been implemented to enhance forest protection and fire prevention measures [17] - Yang Fugui emphasizes the importance of hands-on management and regular inspections to ensure the health and growth of the forest [17]

Group 1 - The construction of major engineering projects is being accelerated across various regions and sectors, with significant progress reported in the Yanhan-Jiwei Phase II project, where over 3 kilometers of tunnel excavation has been completed, accounting for one-third of the total project volume [1][2] - The Yanhan-Jiwei Phase II project, once completed, will annually transfer 1.5 billion cubic meters of water from the Han River, benefiting over 14 million people [2] - At the Nanjing North Station construction site, the foundation work has been completed, and efforts are being made to advance the overall schedule before the rainy season [2][3] Group 2 - The Nanjing North Station will facilitate a high-speed rail connection, enabling travel between core cities in the Yangtze River Delta within two hours [3] - The construction of the Henan Wuyue Pumped Storage Power Station is progressing well, with the upper reservoir dam completed to 100% of the design volume, supported by advanced smart construction systems [3] - As of the end of April, the Wuyue Pumped Storage Power Station has achieved over 1.5 million kilowatt-hours of renewable energy consumption, with the second quarter identified as a critical period for both power generation and project construction [3]

中央纪委国家监委网站 赵震 在湖北省宜昌市太平溪镇境内的南水北调引江补汉工程龙潭溪取水口区域，该工程正在加紧施工。 图 片来源：视觉中国 在湖北省襄阳市保康县店垭镇的引江补汉工程7号平洞洞口，引江补汉工程"江汉新石器号"TBM正式始 发，碎石通过传送带送出隧道。 图片来源：视觉中国 近日，湖北省丹江口市纪检监察干部联合相关职能部门在三官殿街道引江补汉工程出口段，查看安全生 产相关情况。孙作伟 摄 围绕安全生产责任落实，中国南水北调集团纪检监察组、水利部长江委机关纪委，以及湖北省纪委监委 驻省水利厅、省交通运输厅、省应急管理厅纪检监察组，以"四不两直"方式开展联合监督检查，发现引 江补汉工程建设管理存在安全应急设施配备不全、边坡安全防护措施不到位、档案管理不规范等问题， 向相关单位反馈并督促立行立改。 中国南水北调集团江汉水网公司作为引江补汉工程的项目法人单位，该公司纪委发挥近距离跟进监督优 势，联合各相关纪检监察机构，推动完善边坡排水沟等工程措施、规范重大事故隐患排查整治及相关记 录填写等，压紧压实各相关单位整改责任。 在湖北省保康县马良镇的引江补汉工程输水隧洞8号平洞施工现场，工人正指挥吊车组装硬岩掘进机。 ...

Group 1: Energy Projects - The construction of the China Green Development Ginta Multi-Energy Complementary Power Station in Gansu is accelerating, with the molten salt liquefaction process nearing completion during the May Day holiday. The power station is expected to generate 1.45 billion kilowatt-hours annually upon completion [1] - In Jiangsu, the Guodian Investment Binhai 2×1 million kilowatt thermal power expansion project is underway, with 410 workers actively engaged. Once operational, it will supply 10 billion kilowatt-hours of electricity to the Yangtze River Delta each year [1] - The Qingyu DC Phase II 100 MW solar thermal power station in Qinghai is preparing for grid connection testing, with over 100 workers involved in pipeline and heliostat inspections. This project is part of the world's first long-distance renewable energy transmission corridor and is expected to generate 227.1 million kilowatt-hours annually [1] Group 2: Civil Engineering Projects - The Kunming Changshui International Airport expansion project in Yunnan is progressing rapidly, utilizing advanced distributed IoT management to create a smart terminal [2] - The Jinan Metro Line 4 has achieved a significant breakthrough with the completion of a 589-meter underground tunnel, paving the way for its operation by the end of the year [2] - The Longyun Irrigation District project in Guangxi is over 85% complete, with the construction of three remaining dams underway. Once finished, it will improve irrigation for 514,000 acres and produce an average of 32,400 tons of grain annually [2] - The Dianzhong Water Diversion Project, the largest water resource allocation project in Southwest China, has over 2,000 workers focused on tunnel excavation. The project aims to alleviate water supply issues in urban areas and improve local ecological conditions [2]

Core Insights - The Chinese government emphasizes the importance of labor in achieving high-quality development and modernization, urging workers to actively participate in significant construction projects during the "May Day" holiday [1] Infrastructure Development - During the "May Day" holiday, major construction projects, including the Western Land-Sea New Corridor and the Pinglu Canal, are progressing with nearly 20,000 workers and over 4,400 machines involved [1] - The Pinglu Canal will provide the shortest and most economical route from Guangxi and Southwest China to ASEAN countries upon completion [1] - The Ningbo-Zhoushan Railway's underwater tunnel, the longest of its kind globally, is expected to be completed by 2027, significantly reducing travel time between Ningbo and Zhoushan [2] Water Conservancy Projects - The South-to-North Water Diversion Project's follow-up, the Middle Line Jiangjin Supplementary Han Project, is advancing, enhancing water distribution capabilities in the Han River basin [4] - In the first quarter, eight major water conservancy projects were initiated, with investment exceeding the same period last year [4] Energy Sector Advancements - A large-scale integrated energy project, "Long Electric into Shandong," is nearing completion, expected to deliver over 36 billion kilowatt-hours annually, with over 50% from renewable sources [5] - Wind and solar power projects are being developed faster than anticipated, with installed capacity increasing from 535 million kilowatts at the end of 2020 to 1.482 billion kilowatts by March 2025, marking a 177% growth [6] Overall Economic Impact - As of now, 99% of the 102 major projects outlined in the "14th Five-Year Plan" have met their targets, significantly supporting high-quality economic and social development [7]

5月2日18时左右，昭平台水库扩容工程工地传来消息，经过44个小时的奋战，尧沟溢洪道一号中墩底板 浇筑成功。 此时，扩容工程建筑物施工标项目经理颜猛终于放下心来。 将时间拉回到4月30日晚。穿越山区浓重的夜幕，记者来到位于鲁山县的昭平台水库扩容工程尧沟溢洪 道项目现场，好似进入一座巨大的摄影棚，宽阔的河谷中灯火通明、亮如白昼，各种机械的轰鸣声响彻 工地。 "今晚开始进行尧沟溢洪道一号中墩底板浇筑，通俗地说就是浇筑溢洪道闸门下面的基础。"颜猛介绍。 这个中墩底板需要浇筑1400立方米混凝土，为避免出现冷缝等质量问题，浇筑必须一次成形，开弓没有 回头箭，预计要不间断施工四五十个小时。 一切准备停当，22时左右开始浇筑，负责此项任务的50名工人各司其职，高速运转的机器、穿梭的工程 车，与工人的忙碌身影绘成一幅热火朝天的劳动画卷。 记者离开时，已是沉沉午夜，回望工地，奋战正酣……（记者 张海涛 通讯员 张仪薇） 责任编辑： 路娇 巨大的钢筋骨架上，工人们如履平地。混凝土从布料机和泵车倾泻而下，工人开始紧张振捣，钢筋骨架 微微震动，混凝土的热气扑面而来。 负责振捣的工人彭长坡说，他们这班工人要一直干到第二天早上，白班工 ...

Core Insights - The "2025 China Water Development Report" published by the Ministry of Water Resources provides a comprehensive overview and authoritative reference for understanding water management in 2024 [1][2] - The report emphasizes the importance of high-quality water development and the security of water resources in China, highlighting significant progress in various areas [1] - Key annual highlights include the successful launch of the "Water No. 1" satellite and the implementation of the "Water Conservation Regulations" [1] Summary by Sections - The report consists of approximately 540,000 words and is divided into 11 chapters, covering topics such as flood and drought disaster prevention, water infrastructure, water resource conservation, ecological restoration of rivers and lakes, rural water and hydropower, digital twin water management, legal and institutional frameworks, watershed governance, industry development capabilities, and party building [2]

Group 1 - The core viewpoint of the article is the launch of the "Zhengzhou Major Infrastructure Construction Special Action Plan" aimed at accelerating the construction of 75 major infrastructure projects across various sectors including transportation, water conservancy, energy, municipal, and new infrastructure [1][2][3] Group 2 - The plan emphasizes the completion of ongoing projects and the initiation of new ones, creating a continuous and efficient construction momentum [1] - In the transportation sector, the focus is on expediting the construction of rail transit lines 6, 7, and 8, with all projects expected to be completed within the year [1] - The plan includes significant road and waterway projects, such as the completion of the Anlu Expressway and the construction of the G310 highway segment, with various projects set to commence within the year [1][2] Group 3 - In the water conservancy sector, the plan aims to accelerate the implementation of the Qili River flood diversion project and ensure the commencement of the Miaowan Reservoir project by the end of June [2] - The energy sector will see increased investment, particularly in the construction of the Houzihua Pumped Storage Power Station and related projects [2] - Municipal infrastructure projects will be prioritized, including the rapid construction of key roadways and drainage systems to address urban flooding [2] Group 4 - The plan also highlights the importance of new infrastructure, particularly the construction of 5G base stations to enhance network capacity [3]

Core Viewpoint - The company, Shen Shui Gui Yuan (301038.SZ), reported a decline in revenue and net profit for Q1 2025, indicating financial challenges compared to the same period last year [1][3]. Financial Performance - The total operating revenue for Q1 2025 was 96.52 million yuan, ranking 25th among disclosed peers, a decrease of 12.42 million yuan or 11.40% year-on-year [1]. - The net profit attributable to shareholders was -29.46 million yuan, ranking 45th among peers, a decline of 16.38 million yuan compared to the same period last year [1]. - The net cash flow from operating activities was -109 million yuan, ranking 30th among peers, a decrease of 87.55 million yuan year-on-year [1]. Financial Ratios - The latest debt-to-asset ratio is 52.58%, ranking 31st among peers, a decrease of 1.97 percentage points from the previous quarter and 0.40 percentage points from the same period last year [3]. - The latest gross profit margin is -1.45%, ranking 42nd among peers, a decrease of 29.65 percentage points from the previous quarter, but an increase of 0.80 percentage points year-on-year [3]. - The latest return on equity (ROE) is -3.41%, ranking 44th among peers, a decrease of 1.83 percentage points from the same period last year [3]. Earnings Per Share - The diluted earnings per share is -0.17 yuan, ranking 45th among peers, a decrease of 0.10 yuan compared to the same period last year [3]. Asset Efficiency - The latest total asset turnover ratio is 0.05 times, ranking 31st among peers, a decrease of 0.01 times year-on-year, representing a decline of 15.73% [3]. Shareholder Structure - The number of shareholders is 12,900, with the top ten shareholders holding 129 million shares, accounting for 75.44% of the total share capital [3]. - The largest shareholder is Shenzhen Investment Holdings Co., Ltd., holding 37.50% of the shares [3].