Group 1 - The National Taxation Bureau of Yizheng City and the Yizheng Automotive Industry Association signed a tax compliance cooperation agreement aimed at leveraging tax collaboration to enhance corporate tax risk prevention and compliance [1] - The agreement outlines responsibilities for both parties, with the industry association tasked with guiding member companies in tax management and compliance, while the tax department will provide risk prevention notices and handle major tax disputes [1] - The collaboration aims to establish a strategic partnership characterized by mutual trust and assistance, promoting self-regulation and healthy development within the industry [1] Group 2 - The Yizheng Taxation Bureau will annually assess the execution of the tax compliance cooperation agreement and utilize digital technology to provide enhanced tax credit services to compliant member companies [2] - The tax credit services include creating a detailed tax credit profile, offering credit repair assistance, and implementing various incentive measures to improve tax service precision [2] - Future efforts will focus on expanding the cooperation agreement to include 12 local pillar industries, reinforcing the foundation of integrity for high-quality economic and social development in Yizheng [2]

一、特朗普关税政策正式落地，全球贸易体系迎"黑色星期三" 北京时间6月4日凌晨，特朗普政府正式将进口钢铁和铝关税从25%提升至50%，并通过白宫发言人证实，已向主要贸易伙伴发出最后通牒，要求在24小时内 提交"贸易谈判最佳方案"。这一政策追溯至5月30日宣布，原计划6月1日生效，因联邦上诉法院短暂叫停而推迟。美国商务部数据显示，2024年美国钢铁进 口额约1200亿美元，关税翻倍后预计每年增加财政收入约600亿美元，但将导致制造业成本飙升，汽车、建筑等行业面临供应链断裂风险。 注：市场受关税政策与美联储政策预期双重驱动，此文并不构成投资建议。 二、黄金市场剧烈震荡，避险买盘与美元反弹多空博弈 关税政策落地引发全球金融市场巨震，现货黄金在亚市早盘上演"过山车"行情：开盘高至3361美元/盎司，随后因美元指数反弹承压下探3346.47美元，后又 突拉升到今日高点3372.55美元。伦敦金银市场协会（LBMA）数据显示，关税生效后1小时内，黄金避险买盘量同比激增200%，但美元指数反弹0.75%至 99.15，部分抵消了上涨动能。 | C 现货黄金 XAUUSD | | | | | --- | --- | --- ...

建筑行业样本企业信用指标中位数 数据来源：同花顺，东方金诚整理 建筑样本企业收入、利润及资产负债率数据 （亿元、%） 数据来源：同花顺，东方金诚整理(营业总收入、利润总额、资 产负债率为样本企业的中位值) 分析师：葛新景、吴马兰、朱文雅 请务必阅读本报告正文后之免责 2025 年 4 月 行业研究专题报告 2025 年建筑行业信用风险展望 受地产持续拖累影响，2024 年我国建筑业需求 下滑，新签合同额同比下降 5.21%，预计 2025 年稳楼市政策持续发力有利于房建需求改善， 同时基建作为稳增长的抓手有望继续保持较快 增长，为建筑行业需求提供较强支撑； 2024 年建筑业总产值增速继续放缓，新开工面 积和房屋建筑施工面积进一步下降，预计 2025 年建筑行业基本面有所向好，建筑业总产值仍 将保持中低速增长； 2024 年海外工程景气度较高，"一带一路"国 家基础设施发展指数整体呈上升趋势，预计 2025 年海外工程需求景气度有望延续； 2024 年建筑央企及地方国企凭借在资质、品牌、 资金等方面的竞争优势市场份额继续增加，行 业集中度进一步提升，行业竞争进一步加剧； 2024 年建筑企业整体信用质量小幅下 ...

Investment Rating - The report suggests a focus on specific companies within the construction and building materials sector, indicating potential investment opportunities based on market conditions and company performance [6][5]. Core Insights - The report highlights the impact of index weight adjustments on stock prices, particularly for companies in the construction and building materials sector, with notable changes in the sample stocks of various indices [6][5]. - The external trade environment is becoming increasingly uncertain, particularly following the announcement of increased tariffs on imported steel and aluminum by the U.S. President, which may disrupt the operations of export-related companies [5]. - The report identifies several companies to watch, including Honglu Steel Structure, Puyang Refractories, Hainan Huate, Beixin Building Materials, China Chemical, China State Construction, Shanghai Port, and others, based on their growth potential and market conditions [6]. Summary by Sections 1. Weekly Perspective - The report emphasizes the need to monitor the effects of index weight adjustments on stock prices, particularly for companies being removed from major indices [6][5]. 2. Company Earnings Forecast and Valuation - The report includes a table of earnings forecasts and valuations for key companies in the sector, indicating their expected performance and market positioning [8]. 3. Weekly Market Review - The construction and building materials indices showed varied performance, with the construction index up by 1.12% and the building materials index up by 0.60% for the week [11]. - Specific companies within the sector experienced significant weekly price changes, with Sichuan Jinding up by 15.34% and Tianan New Materials down by 15.68% [19][20]. 4. Aggregate Data Tracking - The report tracks overall market trends and performance metrics for the construction and building materials sector, providing insights into broader market movements [10]. 5. High-Frequency Data Tracking - The report includes high-frequency data that reflects real-time market conditions and trends affecting the construction and building materials sector [10].

Group 1 - The Mexican government is seeking an exemption from the U.S. steel tariff increase to 50%, which is set to take effect on June 4, aimed at boosting domestic manufacturers in the U.S. [1] - The steel tariff increase will directly impact key industries in Mexico, such as automotive, agriculture, and electronics, raising costs for companies and consumer prices, particularly affecting U.S. automakers reliant on Mexican supply chains [1][2] - The automotive manufacturing cost per vehicle may increase by $200 to $500 due to the steel tariffs, which could weaken market competitiveness [2] Group 2 - Mexico is the third-largest steel supplier to the U.S., accounting for 13% of imports, and the steel tariff will severely impact its steel exports [2] - The steel tariffs are expected to raise domestic steel prices in the U.S. by 5-8%, exacerbating manufacturing inflation pressures [2] - The tariffs may lead to retaliatory measures from Mexico, such as imposing tariffs on U.S. agricultural products, increasing price volatility risks [2]

Key Insights - The overall sentiment in the construction industry is showing signs of decline, with the business activity index dropping to 51.9% in April, a decrease of 1.5 percentage points from the previous month [6][7] - Fixed asset investment growth has slowed, with a total of 14,702.4 billion yuan in investment from January to April, reflecting a year-on-year growth of 4.0%, which is a decrease of 0.2 percentage points compared to the first quarter [7][8] - Infrastructure investment growth remains high, with broad infrastructure investment growth at 10.86% and narrow infrastructure investment growth steady at 5.8% for the same period [8][9] - Real estate development investment has decreased by 10.3% year-on-year, with a total of 2,773 billion yuan from January to April, indicating a worsening trend compared to the previous quarter [9][10] - The market concentration in the construction industry is increasing, with the market share of the eight major state-owned construction enterprises rising from 24.38% in 2013 to 47.43% in 2024 [10] ESG Insights - As of May 30, the majority of companies have seen an increase in their ESG scores, with 2,549 companies improving their ratings, while 731 companies saw a decline [2][4] - The average change in ESG scores for companies with improved ratings was 0.27%, while those with decreased ratings experienced an average change of -0.37% [2][3] - The top ten industries with rising ESG scores include banking, utilities, coal, steel, oil and petrochemicals, real estate, beauty and personal care, transportation, non-ferrous metals, and retail, all exceeding a 55% increase in ESG scores [2]

秘鲁政府不久前正式出台《国家公共投资政策指南》，旨在引导相关部门和地方政府扩大基建投资，努 力缩小地区间基础设施差距，同时拉动内需增长。 最新发布的秘鲁地区竞争力指数显示，在基础设施方面，除了首都利马及其周边地区外，秘鲁其他地区 基础设施建设水平都偏低，包括能源生产、道路交通、旅游配套和通信网络等具体方面。秘鲁政府曾于 2019年颁布《2022—2025国家可持续基础设施竞争力计划》，提出投资10个行业的72个项目，如道路改 扩建和维护、农业设施改造、污水处理厂新建等。截至2024年7月，该计划涉及项目已累计投资超过 1800亿秘鲁索尔（1美元约合3.6秘鲁索尔），52个项目正处于执行阶段，包括清理亚马孙河水道、修理 利马大都会环城公路、扩建利马豪尔赫·查韦斯国际机场等。秘鲁2025财政年度预计拨款约51亿秘鲁索 尔，投放到该计划涉及的39个项目中。 为鼓励更多私人资本进入基建领域，秘鲁2008年起推出"以工代税"机制，允许企业通过直接执行公共投 资项目来抵扣相应税款，不仅便利了私营企业参与基建项目投资，也减轻了政府的财政负担。自实施以 来，"以工代税"机制的企业参与度显著提升，已经从2009年仅两家企业参与 ...

Core Viewpoint - The article highlights the mixed performance of various sectors in May, indicating a gradual recovery in certain areas while others continue to face challenges, particularly in real estate and industrial production. Group 1: Power Generation and Industrial Activity - The cumulative power generation from coal-fired power plants increased by 1.9% year-on-year as of May 22, marking the first positive reading of the year [1][7] - Industrial sector operating rates showed mixed results, with steel and coking industries underperforming compared to April, while the textile and apparel sectors improved significantly [8][9] - As of the fourth week of May, the operating rate of high furnaces increased by 2.2 percentage points year-on-year, while coking enterprises saw a 1.6 percentage point increase [8][9] Group 2: Construction and Infrastructure - The construction funding availability rate remained stable compared to the end of April, with a slight increase of 0.07 percentage points to 58.9% as of May 27 [10][11] - The cement shipment rate recorded 40.5%, reflecting a 0.2 percentage point decline year-on-year [10][11] - The oil asphalt operating rate decreased to 27.7% by May 28, down from 34.4% and 30.8% in the previous weeks [10][11] Group 3: Consumer Behavior and Sales - The average daily subway ridership in ten major cities increased by 0.8% year-on-year to 61.51 million, although it showed a decline from the previous month [12] - Real estate sales in May showed a reduced decline compared to April, with a 4.1% year-on-year drop in the average daily transaction area across 30 major cities [14][15] - Retail sales of passenger cars maintained a relatively strong state, with a year-on-year increase of 16% from May 1 to 25 [15] Group 4: Appliance Sales and Export Activity - Retail sales of major home appliances remained high, with air conditioners, refrigerators, and washing machines showing significant year-on-year growth rates of 66.1%, 75.2%, and 85.2% respectively during the week of May 19-25 [16][17] - Container throughput showed a slight slowdown, with a year-on-year increase of 5.0% from May 5 to 25, down from 7.3% in April [18] - The number of container ships sent to the U.S. saw a year-on-year decline of 17.2% as of May 31, indicating a potential shift in export dynamics [18][19]

最近一个月来，正利控股累计涨幅3.33%，今年来累计跌幅24.39%，跑输恒生指数16.1%的涨幅。 财务数据显示，截至2024年9月30日，正利控股实现营业总收入5.17亿元，同比增长28.8%；归母净利润 339.52万元，同比增长10.02%；毛利率6.87%，资产负债率79.25%。 6月2日，截至港股收盘，恒生指数下跌0.57%，报23157.97点。正利控股（03728.HK）收报0.036港元/ 股，上涨16.13%，成交量38万股，成交额1.35万港元，振幅3.23%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，建筑行业市盈率（TTM）平均值为8.82倍，行业中值1.6倍。正利控股市盈率2.85倍，行 业排名第10位；其他浦江国际（02060.HK）为1.01倍、进升集团控股（01581.HK）为1.51倍、靛蓝星 （08373.HK）为1.58倍、中国管业（00380.HK）为1.6倍、饮食天王(环球)（08619.HK）为1.66倍。 资料显示，正利控股有限公司为香港交易所上市公司(编号: 3728),是香港的一名总承建商,其成员成立于 1998年,公司的服务范围包 ...

Company Overview - Hengchang Group International Limited primarily engages in electrical engineering services, solar business (supply and installation of solar photovoltaic components and equipment), and distribution system business (supply of distribution systems including distribution boards, junction boxes, cables, and switches) in China [2] Financial Performance - As of December 31, 2024, Hengchang Group International reported total revenue of 50.61 million yuan, a year-on-year decrease of 13.41% [1] - The company recorded a net profit attributable to shareholders of -15.10 million yuan, an increase of 41.02% year-on-year [1] - The gross profit margin stood at 6.39%, with a debt-to-asset ratio of 32.84% [1] Stock Performance - As of June 2, the stock price of Hengchang Group International closed at 0.405 HKD per share, reflecting a 62.0% increase with a trading volume of 16.13 million shares and a turnover of 5.89 million HKD, showing a volatility of 70.0% [1] - Over the past month, the stock has seen a cumulative increase of 2.04%, while year-to-date, it has risen by 13.64%, underperforming the Hang Seng Index by 16.1% [1] Industry Valuation - The average price-to-earnings (P/E) ratio for the construction industry (TTM) is 8.82 times, with a median of 1.6 times [1] - Hengchang Group International's P/E ratio is -1.16 times, ranking 197th in the industry [1] - Comparatively, other companies in the industry have P/E ratios such as Pujiang International at 1.01 times, Jincheng Group Holdings at 1.51 times, Indigo Star at 1.58 times, China Pipe Industry at 1.6 times, and Food King (Global) at 1.66 times [1]