Core Viewpoint - Shandong Highway Bridge Group Co., Ltd. maintains a long-term credit rating of AAA, with a stable outlook for both the company and its convertible bonds, indicating strong financial health and operational stability [1][3]. Company Overview - The company is a core listed subsidiary of Shandong Highway Group, primarily engaged in road and bridge construction, with a high market share in Shandong Province [3][11]. - As of the end of 2024, the company had total assets of CNY 1,633.61 billion and equity of CNY 353.72 billion [10][11]. Financial Performance - In 2024, the company achieved total operating revenue of CNY 713.48 billion and a profit of CNY 36.57 billion, with a stable operating profit margin of 12.97% [10][11]. - The company’s total debt reached CNY 395.79 billion by the end of 2024, reflecting a 15.43% increase from the previous year [6][10]. Contractual and Project Management - The company signed 1,363 new contracts in 2024, with a total value of CNY 961.62 billion, indicating a strong pipeline for future revenue [13]. - As of the end of 2024, the company had a backlog of uncompleted contracts valued at CNY 1,182.31 billion, ensuring continued business activity [13][14]. Market Position and Competitive Advantage - The company ranks 46th among the top 200 construction enterprises in China, showcasing its competitive strength in the industry [11]. - It has a comprehensive range of qualifications, including special-grade qualifications for general contracting in road and municipal engineering, enhancing its bidding capabilities [12]. Industry Environment - The construction industry in Shandong is experiencing growth, supported by government investments in infrastructure, with a 3.3% increase in fixed asset investment in 2024 [10][11]. - The company benefits from favorable regional economic conditions, with Shandong's GDP growing by 5.7% in 2024, which positively impacts construction demand [10][11].

Investment Strategy - The report suggests gradually increasing risk appetite for thematic trading as June approaches, noting that thematic trading often performs well in June, with high market attention on sectors like innovative pharmaceuticals and IP economy [2][8] - The trading strategy is shifting from focusing on individual stocks with unexpected performance to high-growth industries, recommending attention to sectors such as feed, motorcycles, plastics, animal health, and batteries [2][8] June Stock Recommendations 1. **Yinlong Co., Ltd. (603969.SH)**: Expected to achieve over 30% compound annual growth in profits over the next 2-3 years due to the high-end trend in prestressed materials and strong order visibility [9][10] 2. **Cambricon Technologies (688256.SH)**: Anticipated to enter a profit explosion phase, with significant increases in inventory and cash flow indicating strong demand for main chips [11][12] 3. **Yanjing Beer (000729.SH)**: The main product U8 is expected to maintain over 30% growth, supported by seasonal demand and improved market conditions [17][18] 4. **Xintian Green Energy (600956.SH)**: Projected revenue growth driven by stable wind power generation and ongoing expansion in natural gas operations [19][20] 5. **Huaneng International (600011.SH)**: Expected profit growth due to reduced fuel costs and ongoing expansion in renewable energy capacity [23][24] 6. **Salted Fish (002847.SZ)**: Anticipated revenue growth from successful product launches in the konjac category and effective channel expansion strategies [14][15]

证券研究报告 工业/基础材料 5 月建筑新订单/地产销售环比改善 华泰研究 2025 年 6 月 02 日│中国内地 行业周报（第二十二周） 本周观点：5 月地产销售环比改善，新产业投资高景气 (2.0) (1.3) (0.5) 0.3 1.0 05/23 05/25 05/27 05/29 (%) 建筑与工程 建材 沪深300 (2.00) (0.50) 1.00 2.50 4.00 陶瓷 建筑装修 建筑设计及服务 专用材料 其他建材 建筑施工 水泥 玻璃 (%) 一周内各行业涨跌图 (6.0) (3.3) (0.5) 2.3 5.0 房 地 产 服 务 环 保 航 天 军 工 医 药 健 康 通 信 农 林 牧 渔 计 算 机 交 通 运 输 传 媒 石 油 天 然 气 综 合 房 地 产 开 发 建 筑 与 工 程 商 业 贸 易 保 险 轻 工 制 造 社 会 服 务 证 券 银 行 公 用 事 业 机 械 设 备 建 材 煤 炭 教 育 和 人 力 资 源 纺 织 服 装 电 子 基 础 化 工 食 品 饮 料 家 用 电 器 有 色 金 属 钢 铁 电 力 设 备 与 新 能 源 汽 车 多 元 ...

Group 1 - Pinggao Co., Ltd. signed a service contract worth 397 million yuan with Shenzhen Yuanmai Cloud Computing Technology Co., Ltd. for providing computing power resources, including equipment rental and software platform usage, with a contract period from August 1, 2025, to July 31, 2030 [1] - Yiwei Communication plans to invest 100 million yuan to establish a wholly-owned subsidiary, Shanghai Yiwei Intelligent Technology Development Co., Ltd., focusing on IoT technology research and AI application software development, aiming to enhance overall competitiveness [2] - Guangyang Co., Ltd. announced the termination of the planned acquisition of 100% equity in Yinqiu Technology, with its stock resuming trading on May 30, 2025, after being suspended since May 19, 2025 [3] Group 2 - ST Pioneer announced the removal of other risk warnings, changing its stock name to Pioneer New Materials, with trading resuming on June 3, 2025, after a one-day suspension [4] - Shuanglin Co., Ltd. plans to raise no more than 1.5 billion yuan through a private placement to fund projects related to rolling ball screws, joint modules, and high-precision CNC grinding machine expansion [5] - China State Construction obtained three major projects with a total value of 8.23 billion yuan [8]

Market Overview - The A-share market showed weakness today, with the Shanghai Composite Index closing down by 0.18% and a total trading volume of 1.02 trillion yuan. Over 2,600 stocks rose while 2,576 fell, with 95 stocks hitting the daily limit up and 5 hitting the limit down [1]. Sector Performance - The agricultural chemical sector saw significant gains in the afternoon, with Zhongqi Co. hitting the daily limit up. Other stocks like Zhongnong United, Guangxin Co., and Lier Chemical also reached the limit up [1]. - Consumer goods stocks performed strongly throughout the day, particularly in the beverage manufacturing and clothing sectors, which had the highest gains [1]. Historical Highs - A total of 23 stocks reached historical closing highs today, with a concentration in the machinery equipment, pharmaceutical biology, and food and beverage sectors, featuring 6, 5, and 2 stocks respectively [2]. - The average increase for stocks that reached historical highs was 6.98%, with notable gainers including Hahai Huadong, Jinlongyu, and Jinghua Laser [2]. Institutional Activity - In the institutional trading board, 10 stocks saw net purchases from institutions, with Xinghui Co. leading at a net buy of 34.13 million yuan, followed by Qingdao Jinwang at 26.84 million yuan [5]. - Conversely, stocks like Xindadi and Nuofeng experienced net sales exceeding 40 million yuan [4]. Northbound Capital - Northbound capital saw net purchases in stocks like Greebo and Fenghuo Electronics exceeding 20 million yuan, while net sales over 20 million yuan were recorded for Baili Electric and San Sheng Guo Jian [6]. Corporate Announcements - Sichuan Road and Bridge is planning to acquire 100% equity of Chengdu Xinzhu Transportation Technology Co. from its controlling shareholder, which is expected to constitute a related party transaction [7]. - Muyuansheng has submitted an application for issuing H-shares and listing on the Hong Kong Stock Exchange [7]. - Keke Technology plans to repurchase shares for an employee stock ownership plan, with a budget of 10 to 20 million yuan [7]. - Zhizhi Co. announced a commitment from its controlling shareholder to not reduce their holdings from May 30 to December 31, 2025 [8].

金融界5月26日消息，上证指数低开震荡，中证全指建筑与工程指数 (建筑工程，H30195)报3572.10点。 数据统计显示，中证全指建筑与工程指数近一个月下跌0.46%，近三个月下跌2.46%，年至今下跌 6.61%。 从中证全指建筑与工程指数持仓的市场板块来看，上海证券交易所占比78.88%、深圳证券交易所占比 21.12%。 从中证全指建筑与工程指数持仓样本的行业来看，基础设施建设占比48.77%、房屋建设占比20.36%、 专业工程占比20.10%、建筑设计及服务占比9.23%、园林工程占比1.55%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证全指指数调整样本时，中证全指行业指数样 本随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对中证全指行业指 数样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形 的处理，参照计算与维护细则处理。 据了解，为 ...

Core Viewpoint - The 2025 Investor Online Reception Day in Henan highlighted the focus on performance growth, new business development, market strategies, and investor engagement among listed companies in the region [1][13]. Group 1: Performance Growth - Many companies, including Palm Holdings, Luoyang Molybdenum, and Huifeng Diamond, received inquiries about their growth plans during the event [3]. - Palm Holdings emphasized three key areas for 2025: strengthening core business, adjusting debt structure, and optimizing asset structure while seeking new growth avenues [3]. - Luoyang Molybdenum reported a copper production guidance of 600,000 to 660,000 tons for 2025, focusing on geological exploration and resource upgrades [4]. Group 2: New Business Development - Huifeng Diamond is expanding its market share in ultra-fine and nano-powder sectors and plans to enhance applications of functional diamonds in new fields [5][6]. - Tongda Co. is developing cables for robotics and data centers, anticipating increased demand from these rapidly growing industries [6]. - Shuanghui Development is diversifying its product offerings to meet various consumer needs, particularly in the processed meat sector [6]. Group 3: Market Value Management - Companies like Yuguang Gold Lead and Zhongyuan Environmental Protection are focusing on enhancing their intrinsic value and market management strategies [7]. - Yuguang Gold Lead aims to strengthen its leading position in electrolytic lead and silver production while expanding its business scope [7]. - Zhongyuan Environmental Protection is committed to improving investor returns and promoting high-quality development through effective market management [7]. Group 4: Shareholder Returns - Shenhua Co. maintains a cash dividend tradition, with a payout ratio of approximately 41.78% for 2024, reflecting its commitment to shareholder returns [8]. - Hualan Biological has a three-year dividend plan to ensure stable returns for investors [8]. Group 5: Response to Tariff Impacts - Companies like Zhiou Technology and Yutong Bus are implementing strategies to mitigate the impact of tariffs on their operations [9][10]. - Zhiou Technology is establishing low-cost inventory in the U.S. to stabilize market share and is increasing procurement from Southeast Asia to counter tariff effects [9]. - Yutong Bus reported that U.S. tariffs do not directly affect its overseas sales, as its primary markets are in Europe, Latin America, and Asia [10]. Group 6: Embracing New Technologies - Zhiou Technology is prioritizing AI development, enhancing customer service efficiency and product management through AI applications [11]. - The company plans to integrate various ecosystems to improve operational efficiency and product lifecycle management by 2025 [11]. Group 7: Mergers and Acquisitions - Companies like Chengfa Environment and Jiaozuo Wanfang are actively engaging in mergers and acquisitions to enhance their market positions [12]. - Jiaozuo Wanfang is currently auditing its acquisition of Sanmenxia Aluminum, aiming to create a complete aluminum material industry chain post-restructuring [12]. Group 8: Investor Engagement and Protection - The event facilitated significant interaction between investors and companies, with a response rate of 87.89% to investor inquiries [13][14]. - In 2024, Henan listed companies achieved a total revenue of 1,055.935 billion yuan, marking a 6.01% year-on-year growth, with 87 out of 111 companies reporting profits [15][16].

%% %% research.95579.com 行业研究丨深度报告丨建筑与工程 [Table_Title] 数读基建深度 2025M4：基建投资增速波动，关 注后续资金落地 %% %% 1 丨证券研究报告丨 报告要点 [Table_Summary] 1）投资&订单：固定投资增速下滑，PMI 回落；2）实物工作量：水泥出库同比下滑，基建水 泥需求相对平稳；3）项目资金：政府债逐步下发，关注项目资金后续改善。 分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 龚子逸 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579.com 2 建筑与工程 cjzqdt11111 [Table_Title 数读基建深度2] 2025M4：基建投资增速波动，关 注后续资金落地 [Table_Summary2] 投资&订单：固定投资增速下滑，PMI 回落 4 月制造业 PMI 环比回落至 50 以下，建筑业 PMI 环比亦有下降，建筑业细分项中，各项指标 均有下降，其中新 ...

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - In April, narrow infrastructure investment was 1.7 trillion yuan, a year-on-year increase of 5.8%, with a month-on-month growth rate decrease of 0.1 percentage points. Broad infrastructure investment reached 2.2 trillion yuan, a year-on-year increase of 9.8%, with a month-on-month growth rate decrease of 0.9 percentage points [7][11] - The report indicates that railway investment has accelerated, while water conservancy investment increased by 6.1% year-on-year, and transportation investment increased by 4.1% year-on-year. However, the month-on-month growth rates for these sectors showed a decline [11][12] - Cumulative narrow infrastructure investment from January to April was 4.9 trillion yuan, a year-on-year increase of 5.8%, with stable month-on-month growth rates [11][12] Summary by Relevant Sections - **Narrow Infrastructure Investment**: In April, narrow infrastructure investment was 1.7 trillion yuan, with transportation, storage, and postal services accounting for 0.8 trillion yuan, and water conservancy, environment, and public facilities management also at 0.8 trillion yuan. Year-on-year increases were 4.1% and 6.1% respectively, but month-on-month growth rates decreased [7][11] - **Broad Infrastructure Investment**: Broad infrastructure investment in April was 2.2 trillion yuan, with a year-on-year increase of 9.8%. The electricity, heat, gas, and water production and supply sector saw a significant year-on-year increase of 24.5% [11][12] - **Physical Workload**: From January to April, cement production decreased by 2.8% year-on-year, while excavator sales increased by 17.6% year-on-year, indicating a potential acceleration in water conservancy projects [11][12]

证券研究报告 工业/基础材料 建材零售改善，期待政策落地效果 华泰研究 2025 年 5 月 19 日│中国内地 行业月报 1-4 月地产/制造业投资回落，期待政策落地实施效果 据国家统计局，25 年 1-4 月基建（不含电力、热力、燃气及水生产和供应 业）/地产/制造业投资累计同比+5.8%/-10.3%/+8.8%，较 1-3 月增速持平 /-0.4/-0.3pct，地产、制造业投资增速回落，基建投资中铁路、交通运输等 投资增速延续提升。5 月中国人民银行公布推出降准降息、公积金贷款和结 构性货币政策工具利率下调等一揽子金融政策，推荐内需逆周期及供给端约 束较强的品种，重点推荐四川路桥、中材国际、中材科技、海南华铁、中国 化学、中国建筑国际、华新水泥 H、上峰水泥、兔宝宝、中国联塑。 1-4 月地产销售/新开工同比降幅延续收窄，建材零售单月同比明显改善 25 年 1-4 月地产销售/新开工/竣工面积同比-2.8%/-23.8%/-16.9%，较 1-3 月增速+0.2/-2.6/+0.6pct，销售和新开工降幅延续收窄。据国家统计局，1-4 月限额以上建筑及装潢材料企业零售额 530 亿元，同比+2.3% ...