序号股东名称持股比例1天津津瀚企业管理有限公司100% 经营范围含许可项目：建设工程施工；输电、供电、受电电力设施的安装、维修和试验；建筑劳务分 包。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件 或许可证件为准）建筑材料销售；建筑物清洁服务；新兴能源技术研发；技术服务、技术开发、技术咨 询、技术交流、技术转让、技术推广；信息技术咨询服务；太阳能发电技术服务；太阳能热发电产品销 售；太阳能热利用产品销售；电力行业高效节能技术研发；风电场相关装备销售；风力发电技术服务； 电力设施器材销售；企业管理咨询；信息咨询服务（不含许可类信息咨询服务）；建筑工程用机械销 售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 天眼查App显示，近日，天津纵横万疆建筑工程有限公司成立，法定代表人为吴凯，注册资本4000万人 民币，由天津津瀚企业管理有限公司全资持股。 来源：金融界 企业名称天津纵横万疆建筑工程有限公司法定代表人吴凯注册资本4000万人民币国标行业建筑业>土木 工程建筑业>其他土木工程建筑地址天津市南开区白堤路186号天津电子科技中心1-1904（招商联（天 津） ...

天眼查App显示，近日，天津卓峰建筑工程有限公司成立，法定代表人为刘芳，注册资本4000万人民 币，由天津鑫久桦建筑工程有限公司全资持股。 序号股东名称持股比例1天津鑫久桦建筑工程有限公司100% 企业名称天津卓峰建筑工程有限公司法定代表人刘芳注册资本4000万人民币国标行业建筑业>土木工程 建筑业>其他土木工程建筑地址天津市滨海新区海滨街道创业路北金盾消防器材厂3号院企业类型有限 责任公司(法人独资)营业期限2025-6-11至无固定期限登记机关天津市滨海新区市场监督管理局 来源：金融界 经营范围含许可项目：建设工程施工；供电业务；输电、供电、受电电力设施的安装、维修和试验；建 筑劳务分包；建设工程设计；道路货物运输（不含危险货物）；施工专业作业；住宅室内装饰装修；工 程造价咨询业务。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关 部门批准文件或许可证件为准）土石方工程施工；园林绿化工程施工；集中式快速充电站；市政设施管 理；电动汽车充电基础设施运营；蓄电池租赁；光伏发电设备租赁；消防技术服务；太阳能发电技术服 务；发电技术服务；储能技术服务；节能管理服务；共享自行车服务；租赁服 ...

金融界2025年6月7日消息，国家知识产权局信息显示，中铁建电气化局集团康远新材料有限公司、中国 铁建电气化局集团有限公司、中国铁建股份有限公司申请一项名为"400时速接触网专用抗疲劳电连接线 的连接工艺"的专利，公开号CN120109606A，申请日期为2025年02月。 中国铁建电气化局集团有限公司，成立于1994年，位于北京市，是一家以从事土木工程建筑业为主的企 业。企业注册资本380000万人民币。通过天眼查大数据分析，中国铁建电气化局集团有限公司共对外投 资了62家企业，参与招投标项目5000次，专利信息955条，此外企业还拥有行政许可157个。 专利摘要显示，本发明公开了400时速接触网专用抗疲劳电连接线的连接工艺，其具有高抗疲劳性、高 机械强度、优良导电性能且能适应高速动态工况。接触网中接触线通过吊弦线固定承力索平行悬挂，采 用的电连接线为接触网专用抗疲劳电连接线，电连接线柔性连接接触线与承力索，保证承力索和接触线 之间顺利地转换电流，避免承力索的电流流经吊弦线、支持装置和定位装置流向接触线，将吊弦线、定 位装置烧损或使承力索烧断股；电连接线包括中心单元、第一绞层、以及第二绞层，中心单元由三组股 ...

中国石油天然气集团有限公司，成立于1990年，位于北京市，是一家以从事燃气生产和供应业为主的企 业。企业注册资本48690000万人民币。通过天眼查大数据分析，中国石油天然气集团有限公司共对外投 资了105家企业，参与招投标项目5000次，财产线索方面有商标信息1446条，专利信息5000条，此外企 业还拥有行政许可28个。 中国石油天然气管道通信电力工程有限公司，成立于1983年，位于廊坊市，是一家以从事建筑安装业为 主的企业。企业注册资本13474.2万人民币。通过天眼查大数据分析，中国石油天然气管道通信电力工 程有限公司共对外投资了1家企业，参与招投标项目842次，财产线索方面有商标信息8条，专利信息65 条，此外企业还拥有行政许可86个。 专利摘要显示，本公开的实施例提供一种长输管线伴热电缆敷设机，长输管线伴热电缆敷设机包括：机 体；驱动组件，驱动组件设于机体；驱动轮，驱动轮以可转动的方式设于机体，驱动组件驱动连接于驱 动轮；压紧轮，压紧轮与驱动轮之间形成容纳管线的空间，压紧轮以可转动的方式设于机体，压紧轮以 可移动的方式设于机体。驱动组件、驱动轮和压紧轮均设置在机体上，并且驱动轮与压紧轮均以转动连 ...

东方金诚债跟踪评字【2025】0037 号 汇通建设集团股份有限公司： 东方金诚国际信用评估有限公司根据跟踪评级安排对贵公司及"汇 通转债"的信用状况进行了跟踪评级，经信用评级委员会评定，此 次跟踪评级维持贵公司主体信用等级为 AA-，评级展望为稳定，同 时维持"汇通转债"信用等级为 AA-。 信用评级报告声明 为正确理解和使用东方金诚国际信用评估有限公司（以下简称"东方金诚"）出具的 信用等级通知书 东方金诚国际信用评估有限公司 信评委主任 二〇二五年六月四日 东方金诚债跟踪评字【2025】0037 号 信用 评级报告（以下简称"本报告"），本公司声明如下： 公正的关联关系，本次项目评级人员与评级对象之间亦不存在任何影响本次评级行 独立、客观、公正的关联关系。 履行了勤勉尽责和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的 原 则。 级对象和第三方组织或个人的干预和影响。 真实性、准确性、完整性均由资料提供方和/或发布方负责，东方金诚按照相关性、 靠性、及时性的原则对评级信息进行合理审慎的核查分析，但不对资料提供方和/或 发 布方提供的信息合法性、真实性、准确性及完整性作任何形式的保证。 东方金诚 ...

证券研究报告：固定收益报告 发布时间：2025-06-03 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 分析师:崔超 SAC 登记编号:S1340523120001 Email:cuichao@cnpsec.com 近期研究报告 《2.2%以上，城投开抢？——信用周 报 20240526》 - 2025.05.26 固收点评 景气边际回升，政策仍需发力 ——5 月 PMI 解读 主要数据 5 月制造业 PMI 为 49.5%，前值 49.0%；非制造业商务活动指数 50.3%，前值 50.4%；综合 PMI 为 50.4%，前值 50.2%。 政策宽松力度不及预期，货币政策超预期收紧。 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 核心观点 5 月中美达成关税暂缓执行协议，中美贸易回暖，进口指数和新 出口订单指数回升，带动国内供需回暖，制造业 PMI 环比升高。考虑 到新订单指数仍处于景气线下，企业扩产意愿不强，价格水平继续走 低，外需边际改善对景气水平的提振或有限。美国逆全球化政策对中 国经济存在长期且负面影 ...

东方金诚宏观研究 5 月稳增长政策发力叠加关税战降温，带动宏观经济景气度回升 ———— 2025 年 5 月 PMI 数据点评 王青 闫骏 冯琳 事件：根据国家统计局公布的数据，2025 年 5 月，中国制造业采购经理指数（PMI）为 49.5%，比 4 月上升 0.5 个百分点；5 月非制造业商务活动指数为 50.3%，比 4 月下降 0.1 个百分点，其中，建筑 业商务活动指数为 51.0%，比 4 月下降 0.9 个百分点，服务业 PMI 指数为 50.2%，比 4 月上升 0.1 个百 分点；5 月综合 PMI 产出指数为 50.4%，比 4 月上升 0.2 个百分点。 5 月 PMI 数据要点解读如下： 5 月制造业 PMI 指数上升 0.5 个百分点，符合预期。历史数据显示，5 月制造业 PMI 指数季节性规 律并不明显。由此，当月制造业 PMI 指数主要受关税战、宏观政策及经济基本面牵动。5 月制造业 PMI 指数回升，背后主要有两个原因：一是 4 月 25 日中央政治局会议部署"加强超常规逆周期调节"， "加紧实施更加积极有为的宏观政策"。5 月 7 日央行等部门推出包括降息降准在内的一揽子金 ...

Group 1: Manufacturing Sector - The manufacturing PMI for May 2025 is reported at 49.5%, a 0.5 percentage point increase from the previous month, aligning with market expectations[2][4] - The production index rose to 50.7%, up 0.9 percentage points from last month, indicating a recovery in production activities[5][14] - New orders index increased to 49.8%, up 0.6 percentage points, reflecting improved demand conditions[5][14] - High-tech manufacturing PMI stands at 50.9%, while energy-intensive industries continue to decline, with a PMI of 47.0%[6][19] Group 2: Service and Construction Sectors - The service sector PMI slightly increased to 50.2%, driven by the "May Day" holiday effect, with significant activity in tourism and hospitality[31][32] - The construction sector PMI is at 51.0%, down 0.9 percentage points, indicating a slowdown in expansion due to housing demand constraints, although infrastructure projects are accelerating[35][36] - Special bonds issuance in May reached 443.2 billion yuan, significantly higher than April's 230.1 billion yuan, supporting investment in infrastructure[35]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In May 2025, the temporary easing of China-US trade negotiations led to the release of previously postponed production demand, driving the PMI to rise. However, there is still uncertainty about the tariff outlook, and the recovery of new orders is relatively slow. The domestic off - season effect is becoming more prominent, and the contribution of domestic demand to new order growth has decreased compared to April [3][9]. - For the bond market, the fundamental conditions still provide support. Considering the historical experience of trade frictions from 2018 - 2019, there may be fluctuations in subsequent tariff policy negotiations. The uncertainty of external conditions may affect expectations, production, and inventory - stocking intentions and rhythms. The "rush - to - export" elasticity in May is not significantly higher than that in April, and the year - on - year increase in May's exports may be lower than expected. In the traditional off - season, the potential for unexpected growth in domestic demand in May is limited, so the bond market is still supported. Attention should be paid to the data verification in June and potential "expectation gaps" [3][41]. 3. Summary by Directory 3.1 Manufacturing PMI: External Disturbances Ease, PMI Moderately Recovers 3.1.1 Supply and Demand: Tariff Disturbances Ease, Production Accelerates Recovery - In May, production increased by 0.9 pct month - on - month to 50.7%, returning to the expansion range. The easing of Sino - US economic and trade negotiations in mid - May slowed the decline in exports, and the demand for existing foreign trade orders was released in an orderly manner, accelerating the production and procurement rhythms compared to April. The procurement volume index increased by 1.3 pct month - on - month to 47.6%, and imports increased by 3.7 pct month - on - month to 47.1%, with the decline significantly narrowing [16]. - Demand stabilized in May, and new orders improved moderately. New orders increased by 0.6 pct month - on - month to 49.8% but remained in the contraction range. After the easing of trade negotiations, export orders recovered marginally, reducing the contraction of new orders. However, the difference between "new orders - new export orders" narrowed, and domestic demand orders decreased due to the off - season, which may limit the recovery of new orders [19]. 3.1.2 Foreign Trade: Negotiations Ease, New Export Orders are Concentratedly Released - In May, the easing of tariff negotiations led to the release of overseas order increments. New export orders and imports increased by 2.8 pct and 3.7 pct month - on - month to 47.5% and 47.1% respectively, with their elasticity restored. Combining the month - on - month changes in April and May, both were better than the same period in previous years, indicating a wider improvement in the foreign trade prosperity of manufacturing enterprises in May [26]. 3.1.3 Price: External Disturbances Narrow, Price Decline Slows - In May, the impact of the traditional off - season became more evident, and the prices of upstream bulk commodities remained weak, causing prices to decline slightly. The purchase price of raw materials and the ex - factory price both decreased by 0.1 pct month - on - month to 46.9% and 44.7% respectively. Although the price continued to weaken marginally, the narrowing of external disturbances slowed the price decline [31]. 3.1.4 Inventory: Increased Procurement Boosts Raw Material Replenishment, and Products are Rapidly De - stocked - In May, with the acceleration of procurement, raw material inventories increased, and downstream de - stocking accelerated. The easing of the negotiation situation accelerated the shipment of downstream exports, and finished product inventories decreased by 0.8 pct month - on - month to 46.5%. As the production rhythm recovered, the material procurement volume increased month - on - month, and raw material inventories increased by 0.4 pct month - on - month to 47.4% [35]. 3.2 Non - manufacturing PMI: The Drag of Real Estate Construction May Continue to Expand, and the Service Industry during the Holiday Season Shows Many Highlights - In May, the non - manufacturing PMI was 50.3%, a month - on - month decrease of 0.1 pct. Among them, the service industry PMI increased by 0.1 pct month - on - month to 50.2%, and the construction industry PMI decreased by 0.9 pct month - on - month to 51.0%, with the expansion continuing to slow due to the drag of real estate construction demand [36]. 3.2.1 Construction Industry - In May, the construction industry PMI continued to decline, while infrastructure demand further strengthened. The new export orders of civil engineering construction rose above 60%, significantly driving the industry PMI to climb for two consecutive months and reach above 62%. The easing of trade negotiations boosted the acceleration of overseas infrastructure investment to some extent. However, the overall construction industry PMI continued to decline, indicating that the activity rhythm of the housing construction industry may have further contracted in May [2][36]. 3.2.2 Service Industry - Holiday consumption boosted the improvement of the service industry PMI. In May, the expansion of the service industry PMI accelerated slightly. The production and new order indices of the information service industry maintained strong expansion. The release of consumption demand during the May Day holiday significantly increased the month - on - month PMI of railway, air, and water transportation industries. The accommodation and catering industries rose above the boom - bust line, ending three consecutive months of contraction [2][36].

Manufacturing Sector - The manufacturing PMI for May 2025 is reported at 49.5%, a significant increase of 0.5 percentage points from the previous month, aligning with market expectations[2][4] - The production index rose to 50.7%, up 0.9 percentage points from last month, indicating a recovery in production activities[5][14] - New orders index increased to 49.8%, up 0.6 percentage points, reflecting improved demand conditions[5][14] - High-energy industries continue to decline, with the PMI dropping to 47.0%, down 0.7 percentage points, indicating ongoing challenges in these sectors[6] External Trade - The new export orders index rose to 47.5%, a significant increase of 2.8 percentage points, indicating a recovery in export activities following tariff reductions[21] - The import index increased to 47.1%, up 3.7 percentage points, suggesting improved import conditions[21] Service Sector - The service sector PMI increased slightly to 50.2%, up 0.1 percentage points, remaining in the expansion zone, driven by increased tourism and hospitality activities during the May Day holiday[31] Construction Sector - The construction PMI is at 51.0%, down 0.9 percentage points, indicating a slowdown in expansion primarily due to weakened housing demand, although infrastructure projects are accelerating[35] - Special bond issuance has increased significantly, with 443.2 billion yuan issued in May, up from 230.1 billion yuan in April, supporting investment in infrastructure[35]