会议强调， 今年是巩固拓展脱贫攻坚成果同乡村振兴有效衔接 5 年过渡期的最后一年，要坚决扛 牢推动乡村全面振兴的政治责任，扎实推进能源行业 担负的 任务， 巩固提升农村电力保障水平， 加强农村分布式可再生能源开发利用，加强充电基础设施建设，持续推进北方地区清洁取暖 。要充 分发挥重大能源项目对就业的带动作用，推广能源建设项目以工代赈。要充分发挥能源行业优势， 创新开发式帮扶举措，加快推进农村能源革命试点，探索农村能源开发利用带动就业增收新模式。 要不断创新帮扶举措，激发定点帮扶和对口支援县内生发展动力，全力完成各项年度目标任务。 要 严格落实 中央八项规定 及其实施细则 精神， 切实减轻基层负担 。 7 月 15 日，国家能源局乡村振兴工作领导小组召开 202 5 年第 二 次会议，深入学习贯彻习近平 总书记关于乡村振兴的重要讲话 精神 ， 贯彻落实巩固拓展脱贫攻坚成果同乡村振兴有效衔接工作 会议精神，总结上半年乡村振兴、定点帮扶和对口支援工作成效，研究部署下半年工作。国家能源 局党组书记、局长、乡村振兴工作领导小组组长王宏志主持会议并讲话。 国家能源局党组成员、乡村振兴工作领导小组在京成员单位参加会议。 ...

7月上旬，随着最后一份不动产权证书完成备案盖章，泰州高铁南站项目建设实现了"六证齐发"，较原 计划提前2个月完成全部关键审批手续，正式转入主体工程全面施工阶段。下一步，泰州市交通产业集 团将全力保障工程安全、质量和进度，确保高铁南站这一重大交通枢纽工程如期建成。 "自2024年桩基施工许可办理并推进桩基施工以来，该项目先后面临'片区详细规划及图则编制'等因素 制约。"泰州交产集团项目负责人张爱国介绍，去年11月该项目启动时，他们最担忧的就是审批"马拉 松"，因为按照常规流程，光是工程规划许可证、施工许可证这些核心审批，至少需要半年才能完成。 作为泰州市高铁南站综合交通枢纽建设的核心子项目之一，高铁南站项目须在2027年6月前具备联调联 试条件，工期压力前所未有。为保障项目顺利施工，泰州交产集团从各个子公司抽调精兵强将组建"现 场办"，协助市级服务专班，实施"六证联办"。 泰州高铁南站项目关键审批被拆解成"并行办理"的流程图，市住建局在初步设计阶段就打破常规，成立 审图专班，专家提前介入，发现问题当场优化，减少施工图设计阶段重大修改；在施工图设计阶段，为 设计单位提供"一对一"技术指导，为后续施工争取宝贵时间。 ...

住房和城乡建设部：要把城市更新摆在更加突出位置 统筹实施好一系列民生工程、安全工程、发展工 程 会议强调，要更加注重治理投入，下好"绣花"功夫，推进城市治理体系和治理能力现代化。推动治理重 心和配套资源向基层下沉，运用"吹哨报到"、"接诉即办"等机制，快速响应、高效解决群众急难愁盼问 题。推进城市智慧高效治理，大力推进政务服务"一网通办"、城市运行"一网统管"、公共服务"一网通 享"，让城市运行更高效、群众生活更便捷。 (中国建设报) 智通财经7月17日电，中共住房和城乡建设部党组召开理论学习中心组学习（扩大）会议，传达学习中 央城市工作会议精神。会议强调，要把城市更新摆在更加突出位置，统筹实施好一系列民生工程、安全 工程、发展工程。加快构建房地产发展新模式，稳步推进城中村和危旧房改造。建设完整社区，更好关 心呵护"一老一小"。推动新型城市基础设施建设，加快老旧管线改造升级。推进城市基础设施生命线安 全工程建设，统筹城市防洪体系和内涝治理。持续推进生活垃圾分类。完善历史文化保护传承体系，完 善城市风貌管理制度，加强建筑设计管理，充分体现文脉赓续，塑造具有中华美学和时代风尚的城市特 色风貌。 ...

Group 1 - The article discusses the "Three Exemptions and Three Reductions" tax policy for enterprises engaged in key public infrastructure projects, which allows for a three-year exemption from corporate income tax and a 50% reduction for the following three years [1][5]. - Eligible projects include ports, airports, railways, highways, urban public transport, electricity, and water conservancy, as specified in the "Public Infrastructure Project Corporate Income Tax Preferential Directory" [1][5]. - Enterprises must meet specific conditions, such as spatial independence of different construction batches and the ability of each batch to generate income [2][3]. Group 2 - The article outlines tax incentives for enterprises involved in environmental protection and energy-saving projects, which also receive a three-year exemption and a 50% reduction in corporate income tax for the subsequent three years [5][6]. - Eligible projects include public sewage treatment, public waste treatment, biogas utilization, energy-saving technology upgrades, and seawater desalination [5][6]. - If a project enjoying tax exemptions is transferred during the exemption period, the new owner can continue to benefit from the remaining tax incentives [6]. Group 3 - Tax incentives are available for qualified energy service companies implementing contract energy management projects, with similar tax benefits as outlined for other projects [7][8]. - The article also mentions tax exemptions for drinking water project management units, which receive the same tax benefits for new drinking water projects as other public infrastructure projects [9][10]. Group 4 - The article cites various legal documents that provide the basis for these tax policies, including the Corporate Income Tax Law of the People's Republic of China and relevant notices from the Ministry of Finance and the State Administration of Taxation [10].

Group 1 - The core opinion of the article is that the differentiated dividend distribution plan proposed by the company complies with relevant laws and regulations, and does not harm the interests of the company and its shareholders [6] Group 2 - The differentiated dividend plan involves distributing a cash dividend of 0.40 yuan (including tax) for every 10 shares to all shareholders, with a total share capital of 2,529,575,634 shares as of December 31, 2024 [2][4] - The company has repurchased 25,074,866 shares, which will not participate in the profit distribution, leading to a difference in the total share capital and the shares eligible for distribution [4][5] Group 3 - The calculation of the ex-dividend reference price is based on the closing price of 4.23 yuan per share, resulting in an ex-dividend reference price of approximately 4.19 yuan per share [5] - The impact of the differentiated dividend on the company's stock ex-dividend reference price is minimal, estimated at less than 1% [5][6]

Investment Rating - The industry investment rating is "Outperform the Market" [2][30]. Core Viewpoints - The real estate data continues to bottom out, while infrastructure investment is expected to gain momentum in the second half of 2025 [11][17]. - Cement and glass production showed a slight narrowing in decline, with cement production down 4.3% year-on-year and glass production down 5.2% year-on-year for the first half of 2025 [6][9]. Summary by Relevant Sections Cement and Glass Production - In the first half of 2025, national cement production decreased by 4.3% year-on-year, with a monthly decline of 5.3% in June, slightly better than the 8.1% decline in May [6][9]. - National glass production saw a year-on-year decrease of 5.2% in the first half of 2025, with a monthly decline of 4.5% in June, also showing improvement from May's 5.7% decline [9][12]. Downstream Investment Situation - In June 2025, the year-on-year changes in commodity housing sales, construction, new starts, and completion areas were -6.5%, 4.8%, -9.5%, and -2.2%, respectively, indicating a narrowing decline in new starts and completions compared to May [11][12]. - The broad inventory de-stocking cycle in June 2025 was 5.31 years, unchanged from the previous month [14]. - Real estate investment and infrastructure investment in June 2025 showed year-on-year changes of -12.4% and 5.3%, respectively, with real estate investment's decline widening [17].

Group 1 - The investment event in Pennsylvania focuses on artificial intelligence and energy infrastructure, with over $92 billion in investments welcomed by former President Donald Trump [1] - Trump emphasized the importance of domestic manufacturing for AI and energy infrastructure development, stating that future designs and constructions will be based in Pennsylvania and the U.S. [2] - Several companies announced investment plans for new data centers, power generation, and AI training programs, indicating a strong response to the initiative [2] Group 2 - Blackstone Group committed over $25 billion for new data centers and energy facilities, partnering with PPL Corp. to build and operate gas power plants to meet data center energy demands [3] - CoreWeave plans to invest up to $6 billion in a data center equipped with NVIDIA chips, while Meta Platforms announced a $2.5 million investment to support rural startups [3] - Trump highlighted the need to increase energy production, mentioning the importance of coal, natural gas, and nuclear power to support AI data centers [4] Group 3 - Google entered a significant agreement to purchase over $3 billion in hydropower for its data centers, marking one of the largest clean energy transactions globally [4] - General Electric Vernova plans to invest up to $100 million in Pennsylvania and create 700 jobs to enhance grid reliability [4] - FirstEnergy intends to invest $15 billion to expand power distribution and strengthen grid infrastructure in Pennsylvania [4] Group 4 - The event aimed to showcase the Trump administration's focus on attracting private sector investments and accelerating project approvals in the AI sector [5] - Notable industry executives attended the event, indicating strong interest and support from the private sector for AI innovation [5] - The U.S. government has relaxed trade restrictions on advanced AI chips, allowing companies like NVIDIA and AMD to resume sales in China [6]

Group 1 - The United States and Indonesia have reached a new trade agreement, with Indonesia agreeing to a 19% tariff on all exports to the U.S., significantly lower than the previously threatened 32% [1] - In exchange, Indonesia has committed to purchasing $15 billion in energy, $4.5 billion in agricultural products, and 50 Boeing aircraft [1] - The agreement allows U.S. products to enter Indonesia with "zero tariffs and zero barriers," while imposing penalties for goods transiting through third countries to evade tariffs [1] Group 2 - Indonesia's central bank has lowered its key interest rate by 25 basis points to 5.25%, marking the fourth rate cut since September of the previous year [2] - The central bank's governor indicated that the trade agreement with the U.S. is expected to positively impact exports and the economy, providing certainty to financial markets [2] - Despite the positive outlook, Indonesia faces structural challenges, particularly in non-oil exports like footwear and textiles, which may be pressured by rising tariffs [2] Group 3 - The U.S. government views the trade agreement as a success in reducing the trade deficit with Indonesia, with average tariff rates expected to reach their highest level since 1933 [2] - Recent inflation data shows a 2.7% year-over-year increase in the U.S. Consumer Price Index (CPI) for June, raising concerns about the inflationary effects of tariffs on consumer goods [2] - The European Union has indicated potential retaliatory tariffs on approximately $84.1 billion worth of U.S. products if negotiations fail, reflecting a hardening stance in trade discussions [3]

Economic Growth and Consumption - In the first half of 2025, domestic demand became a crucial pillar supporting GDP growth, with final consumption expenditure contributing 52% to economic growth [2][3] - The total retail sales of consumer goods reached 24.55 trillion yuan, growing by 5.0% year-on-year, with a notable acceleration in the second quarter [3][4] - The "old-for-new" policy significantly boosted retail sales in categories such as home appliances and automobiles, with substantial growth rates observed [4][5] Investment Trends - National fixed asset investment (excluding rural households) reached 24.87 trillion yuan, with a year-on-year growth of 2.8%, and a growth of 6.6% when excluding real estate development [6][7] - Infrastructure investment grew by 4.6%, while manufacturing investment increased by 7.5%, although real estate development investment saw a decline of 11.2% [7] - The potential for fixed asset investment remains significant, with a focus on enhancing efficiency and effectiveness in manufacturing and infrastructure investments [8]

Core Viewpoint - Fitch Ratings has assigned a "BBB+" rating with a stable outlook to the offshore RMB senior unsecured bonds proposed by Zhengzhou Urban Development Group Co., Ltd. [2] Group 1: Bond Issuance - The funds raised from the proposed bond issuance will be used to repay the group's offshore debts [3] - The proposed bonds will constitute direct, unconditional, non-subordinated, and unsecured debt of Zhengzhou Urban Development Group, ranking equally with all other unsecured and non-subordinated debts [4] Group 2: Rating Drivers - The rating reflects the government's decision-making, oversight, and historical support for Zhengzhou Urban Development Group, as well as the continuity of its policy functions and the potential spillover risks of default [5] - The independent credit profile (SCP) of Zhengzhou Urban Development Group is assessed as "b," with its net adjusted debt/EBITDA comparable to industry averages [5] Group 3: Rating Sensitivity - Negative rating actions may occur if Fitch downgrades its view on the Zhengzhou government's ability to provide subsidies or other legal resources to Zhengzhou Urban Development Group, or if the overall support score deteriorates to 25 or below [6] - Positive rating actions may occur if Fitch upgrades its view on the Zhengzhou government's ability to provide support, or if the support score improves to 35 or above [7] Group 4: Company Overview - Zhengzhou Urban Development Group is a core government-related entity in Zhengzhou, Henan Province, primarily engaged in primary land development, infrastructure construction, and the operation and maintenance of public assets and community facilities, including rental housing, directly managed by the municipal government [9]