Industry Focus - The construction industry is seeing automation through self-driving dirt diggers [1] - Waymo veterans are involved in automating construction sites [1] Technological Advancement - Self-driving technology is being applied to automate construction equipment [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The issuance of the first batch of Sci - tech Innovation Bond ETFs has landed, empowering the continuous expansion of the Sci - tech Innovation Bond market. As of July 15, 2025, 10 Sci - tech Innovation Bond ETFs have raised a total of 28.988 billion yuan, accounting for about 96.63% of the planned fundraising scale cap [1][13]. - Through the analysis of the underlying component bonds of the tracking indices of Sci - tech Innovation Bond ETFs, it is found that there are differences in the term structure, issuer structure, coupon rate, and yield distribution among the three major indices, and the excess spread of Sci - tech Innovation Bonds varies due to the issuer's qualifications [1]. - The issuance of Sci - tech Innovation Bond ETFs will increase the allocation demand for Sci - tech Innovation Bonds, improve market liquidity, and attract medium - and long - term funds into the Sci - tech Innovation Bond market [1][8]. 3. Summary by Relevant Catalogs 3.1 First Batch of Sci - tech Innovation Bond ETFs Issued, Empowering the Continuous Expansion of the Sci - tech Innovation Bond Market - On June 18, 2025, the first batch of 10 Sci - tech Innovation Bond ETFs were submitted collectively, approved on July 2, and scheduled for issuance on July 7. Among them, 6 products track the CSI AAA Sci - tech Innovation Corporate Bond Index, 3 track the SSE AAA Sci - tech Innovation Corporate Bond Index, and 1 tracks the SZSE AAA Sci - tech Innovation Corporate Bond Index [1][13]. - As of July 15, 2025, these 10 ETFs raised a total of 28.988 billion yuan, accounting for about 96.63% of the planned fundraising scale cap [1][13]. 3.2 Analysis of the Component Bond Structure of the Tracking Indices of Sci - tech Innovation Bond ETFs - **Component Bond Quantity and Scale**: As of July 4, 2025, the number of component bonds of the CSI, SSE, and SZSE AAA Sci - tech Innovation Corporate Bond Indices was 825, 678, and 146 respectively, with outstanding scales of 107.4735 billion yuan, 93.0605 billion yuan, and 14.183 billion yuan respectively [1][16]. - **Remaining Term Structure**: The remaining term structures of the three indices are basically the same, mainly short - and medium - term within 5 years. The Shenzhen index has a relatively lower component bond term center, and the term distribution of the index component bonds is consistent with that of the existing Sci - tech Innovation Corporate Bonds [1][17]. - **Issuer Structure**: The issuers of the component bonds of the three indices are all AAA - rated with high credit quality, mainly central and local state - owned enterprises. The Shenzhen index has a more diverse issuer structure in terms of enterprise nature and industry distribution [1][22]. - **Coupon Rate Distribution**: The coupon rates of the component bonds of the three indices are mainly concentrated in the 2 - 2.5% range. The coupon rate center of the Shenzhen index has shifted upward [1][26]. - **Yield Distribution**: The yield distribution of the CSI and SSE indices is more balanced, while the yield of the Shenzhen index shows significant polarization [1][28]. - **Excess Spread**: The excess spread of perpetual and non - perpetual Sci - tech Innovation Bonds of the top ten issuers by market value in the index component bonds is between - 2.45 and 23.94BP and between - 7.78 and 32.97BP respectively. The compression space of the excess spread of the Shenzhen index is relatively large [1][29]. 3.3 Impact of the Issuance of Sci - tech Innovation Bond ETFs on the Sci - tech Innovation Bond Market - **Increase Allocation Demand for Sci - tech Innovation Bonds**: Sci - tech Innovation Bond ETFs have advantages such as low fees, high position transparency, and efficient trading mechanisms. With the issuance of the first batch of ETFs, the scale is expected to continue growing, bringing about allocation demand for component bonds. The market of Sci - tech Innovation Corporate Bonds may have started [1][34][35]. - **Improve Market Liquidity of Sci - tech Innovation Bonds**: The launch of ETFs will strengthen the market liquidity of Sci - tech Innovation Corporate Bonds, facilitate investors' participation, compress liquidity premiums, and improve pricing efficiency [1][8][38]. - **Attract Medium - and Long - Term Funds into the Sci - tech Innovation Bond Market**: The launch of Sci - tech Innovation Bond ETFs can match the allocation needs of institutional investors such as social security funds, pensions, and insurance funds, attracting medium - and long - term funds into the market [8][43].

Core Insights - POSCO's unit POSCO E&C has secured a KRW 1.5 trillion contract for the Gulf MTP LNG Terminal project in Thailand, enhancing its position in the global LNG sector [1][7] - The project involves constructing two 250,000 cubic meter LNG storage tanks, unloading facilities, and regasification systems with a capacity to process 8 million tons of LNG annually [1][7] - This terminal marks Thailand's first LNG terminal developed through a public-private partnership, led by Gulf Development and PTT Tank Terminal [2] Company Performance - POSCO E&C has a strong track record in Thailand, having executed over 20 projects since 2002, which distinguishes the company in the local construction industry [3] - The recent contract was won amid competition from major global firms from Japan, China, and Lebanon, highlighting POSCO E&C's extensive experience in LNG terminal projects [4] - In the past year, shares of POSCO (PKX) have decreased by 19.8%, while the industry as a whole has seen a decline of 25% [4]

Company Overview - Construction Partners, Inc. is a vertically integrated civil infrastructure company operating in local markets throughout the Sunbelt, including Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee, and Texas [2] - The company specializes in the construction, repair, and maintenance of surface infrastructure, primarily focusing on publicly funded projects such as local and state roadways, interstate highways, airport runways, and bridges [2] - In addition to public projects, the company also engages in private sector projects, including paving and sitework for office and industrial parks, shopping centers, local businesses, and residential developments [2] Upcoming Financial Results - The company will release its fiscal 2025 third quarter results on August 7, 2025, before the market opens [1] - A conference call to discuss the results is scheduled for 10:00 a.m. Eastern Time on the same date, accessible via phone or webcast [1] - Participants can access the conference call by dialing (412) 902-0003 or through the company's Investor Relations website [1]

Ex-Waymo engineers launch Bedrock Robotics with $80M to automate construction | TechCrunch https://t.co/Gj7LvmtQAL ...

Industry Focus - Self-driving robotaxi leader Waymo's engineers are exploring automating construction equipment [1] Technological Advancement - Waymo is eyeing another huge market to automate [1]

Industry Focus - Waymo 的资深人士正在使用自动驾驶技术来改造建筑工地，使用自动驾驶挖土机 [1] Technological Advancement - 将自动驾驶技术应用于建筑工地 [1]

Core Insights - Climb Channel Solutions has added SiteDocs to its Bluebeam portfolio, enhancing its offerings for the architecture, engineering, and construction (AEC) industry [1][2] - The partnership aims to deliver comprehensive solutions that improve safety and operational efficiency in the construction sector [2][4] - SiteDocs, a safety compliance platform, digitizes safety workflows and provides real-time jobsite visibility, complementing Bluebeam's document management tools [2][3] Company Overview - Climb Channel Solutions is a global specialty technology distributor focused on various sectors including Security, Data Management, and Cloud solutions [6] - The company emphasizes a data-driven approach to distribution, aiming to bring emerging technologies to market more rapidly [6] Product Features - SiteDocs offers tools for real-time documentation, customizable safety forms, and mobile accessibility, which enhance safety management and compliance [9][8] - The integration of SiteDocs with Bluebeam's tools creates a unique solution that connects office and field operations, improving safety standards [3][4] Strategic Importance - The partnership is positioned to address growing regulatory demands and workplace safety concerns, placing Climb, Bluebeam, and SiteDocs at the forefront of innovation in the construction industry [4][5] - Climb's CEO highlighted that adding SiteDocs is a significant move to empower resellers and drive impactful safety outcomes [5]

Industry Innovation - Waymo veterans are applying self-driving technology to automate construction sites [1] - The automation involves using self-driving dirt diggers [1]

Core Insights - Sterling Infrastructure, Inc. and Tutor Perini Corporation are capitalizing on a strong infrastructure cycle, focusing on large-scale public and civil projects, supported by federal and state spending programs like the Infrastructure Investment and Jobs Act (IIJA) [1][2][23] - Both companies have healthy backlogs and are experiencing consistent award wins, which are crucial for sustaining long-term earnings momentum [2][23] Sterling Infrastructure, Inc. (STRL) - Sterling is enhancing its position as a diversified infrastructure provider, focusing on high-margin design-build and e-infrastructure solutions in growth-heavy regions [2][4] - In Q1 2025, Sterling's E-Infrastructure Solutions segment saw revenues increase by 18% year-over-year, with adjusted operating income rising by 61% and segment margins exceeding 23% [5] - The total backlog for Sterling reached $2.1 billion, with the E-Infrastructure portion at $1.2 billion, reflecting a 27% year-over-year increase [6] - The Transportation Solutions segment's backlog stood at $861 million, up 11% year-over-year, indicating strong revenue visibility [7] - Management anticipates mid-single-digit revenue growth and mid-teen operating profit growth for 2025, supported by robust pipelines in specific markets [8] - Ongoing federal investment under the IIJA enhances Sterling's long-term growth prospects, with a book-to-burn ratio above 2X [9][10] Tutor Perini Corporation (TPC) - Tutor Perini is expanding its portfolio of civil and specialty construction projects, aligning with national funding priorities to benefit from multi-year government investments [11][12] - In Q1 2025, Tutor Perini secured approximately $2 billion in new awards, pushing its backlog to a record $19.4 billion, nearly doubling from the previous year [12] - The company is experiencing steady commercial demand across various sectors, including healthcare and education, which adds balance to its backlog [13] - Tutor Perini raised its 2025 earnings guidance, emphasizing disciplined bidding and execution efficiency [14] - The company is well-positioned to pursue profitable growth in 2026 and beyond due to its solid pipeline and sustained market demand [14] Share Price Performance - Year-to-date, Tutor Perini's share price has increased by 102.4%, significantly outperforming Sterling's 43.5% gain and the broader Construction sector's 2.7% rise [15] Valuation and Earnings Estimates - Tutor Perini is trading at a lower forward 12-month price-to-earnings (P/E) ratio compared to Sterling [17] - The Zacks Consensus Estimate for 2025 earnings per share indicates a 41.2% improvement for Sterling and a 155.9% increase for Tutor Perini [19] Conclusion - Both companies are well-positioned to benefit from strong infrastructure spending and expanding project pipelines, making them attractive options for investors seeking durable growth in the construction sector [23][24] - Tutor Perini's more attractive valuation and stronger projected EPS growth for 2025 suggest it may be the more compelling investment choice [25]