Core Viewpoint - The credit rating report indicates that Haibo Heavy Engineering Technology Co., Ltd. maintains a stable credit rating of A+, reflecting sufficient order backlog and revenue sources, but highlights risks related to high customer concentration, large accounts receivable, declining gross margins, and significant pending litigation [2][5][6]. Financial Performance - Total assets decreased from 17.50 billion in 2022 to 15.07 billion in 2025 [2]. - Revenue for 2024 is projected at 4.20 billion, down from 6.37 billion in 2022, indicating a significant decline [2][12]. - The net cash flow from operating activities improved to 0.62 billion in 2025 from -0.28 billion in 2023 [2]. - The debt-to-capital ratio improved to 17.44% in 2025 from 27.50% in 2022, indicating a reduction in leverage [2]. Order and Revenue Outlook - The company signed new contracts worth 3.47 billion in 2024, a significant drop from 7.83 billion in 2023 [13]. - As of the end of 2024, the company had a substantial backlog of uncompleted contracts totaling 10.10 billion, with 5.44 billion yet to be recognized as revenue [4][14]. - The revenue concentration is high, with the top five customers accounting for 55.27% of total sales, increasing the risk of cash flow issues [4][15]. Industry Environment - The construction industry is experiencing a slowdown, with a projected growth rate of only 3.9% in 2024 due to weak demand from the real estate sector [8][9]. - The competitive landscape in the bridge steel structure sector is intense, with many small players and few large enterprises dominating the market [11][10]. - The government is promoting green building initiatives, which may provide long-term growth opportunities for the steel structure industry despite current challenges [10]. Operational Challenges - The company faces significant pressure from high accounts receivable, which accounted for 53.41% of total assets as of 2024, leading to cash flow constraints [16]. - The gross margin has been declining, with the latest figures showing a drop to 19.36% in 2024 from 21.47% in 2023 [12]. - The company’s production capacity utilization remains low at approximately 42%, indicating inefficiencies in operations [14].

Core Points - The Xiangmen Railway's Xihoumen Bridge is a significant infrastructure project, marking the successful installation of the world's widest segment steel beam, measuring 68 meters wide, indicating progress from foundation work to superstructure construction [1][3] Group 1: Project Overview - The Xihoumen Bridge is a public-railway dual-use bridge, part of the Ningbo-Zhoushan Railway and Ningbo-Zhoushan Expressway, connecting Jintang Island and Cezi Island [3][5] - The bridge spans 3,118 meters, with a main span of 1,488 meters, utilizing a cable-stayed and suspension system [3] - The design incorporates a "public-railway flat layer" to minimize wind resistance, and features a three-box separation main beam structure for enhanced wind stability [3] Group 2: Construction Details - The segment steel beam installed weighs 979 tons, with auxiliary lifting equipment adding another 1,600 tons, equivalent to over 1,000 small cars [4] - The bridge's construction involves complex steel beam installation plans, requiring three different schemes to adapt to varying support systems, with completion expected by 2027 [4] - Advanced technologies such as BIM, digital twin models, and various sensors are employed for real-time monitoring and management of the construction process [4]

Core Viewpoint - The Shanghai Stock Exchange has raised concerns regarding Longjian Road and Bridge Co., Ltd.'s accounts receivable risks and the adequacy of its bad debt provisions, as well as the reasonableness of its refinancing fundraising scale [1][5]. Refinancing Review Results - Longjian Road and Bridge Co., Ltd. has received approval for its refinancing application from the Shanghai Stock Exchange [2]. Financial Details - The company plans to raise a total of up to 1 billion yuan (approximately 100 million) through public issuance of convertible bonds, with the funds allocated to various projects and debt repayment [6][9]. - The total investment for the projects includes 653.04 million yuan for the G1111 project and 183.45 million yuan for the Dan-A highway project, with 45 million yuan allocated for repaying bank loans [6][9]. Debt and Cash Flow Analysis - The company has been questioned about the rationale behind its high cash reserves and debt levels, as well as its debt repayment capabilities [6][10]. - As of June 30, 2023, the company reported a total funding gap of approximately 512.95 million yuan, with the planned fundraising of 100 million yuan addressing part of this gap [9]. Accounts Receivable and Bad Debt Provisions - The company’s accounts receivable accounted for 30.35% to 24.58% of current assets over the reporting periods, with a lower bad debt provision ratio compared to industry peers [10][13]. - The company asserts that its bad debt provision policies are in line with accounting standards and comparable to industry practices, indicating that the provisions are adequate [10][14]. - The aging of accounts receivable shows that 84.76% to 86.74% of receivables are within three years, suggesting a reasonable aging profile [11][13]. Project Implementation and Control - The company has confirmed that the fundraising projects will be implemented by its subsidiaries, which possess the necessary qualifications and licenses [8][11]. - The company will enter into loan agreements with its subsidiaries to ensure effective control over the use of raised funds, with interest rates based on the latest loan market rates [8][11].

Core Viewpoint - The construction of the Magufuli Bridge over Lake Victoria is a significant infrastructure project aimed at enhancing connectivity and economic development in Tanzania, showcasing the collaboration between Chinese and Tanzanian engineers [2][5][7]. Group 1: Project Overview - Lake Victoria, the largest lake in Africa, has long posed transportation challenges for local residents due to ferry shortages and geographical barriers [2][5]. - The Magufuli Bridge, set to open on June 19, 2025, will be the longest cable-stayed bridge in Africa, facilitating easier access across the lake and promoting regional development [2][5]. - The project has been a priority for the Tanzanian government since the late 1990s, with significant support from the Chinese government and companies [5][6]. Group 2: Technical Challenges and Innovations - The project faced ecological and technical challenges, including the need to protect the lake's water quality and manage complex geological conditions [6][7]. - Chinese engineers developed innovative solutions to construction challenges, including the use of BIM digital construction systems to minimize resource waste and carbon emissions [6][7]. - The project has created over 2,000 jobs in Tanzania, with local employees participating in nearly 95% of the workforce [11][12]. Group 3: Local Impact and Community Engagement - The bridge will reduce transportation time across the lake from over two hours to just five minutes, significantly lowering transportation costs by 10% to 15% [7][11]. - Local youth have benefited from the project, gaining skills and employment opportunities, which has fostered a sense of pride and community development [9][10][12]. - The collaboration has strengthened ties between Chinese and Tanzanian engineers, with knowledge transfer and training being integral to the project's success [14][16].

"大熊猫"现场助力阿坝县主播带货。记者 何海洋 摄 5月26日，西博会绵阳馆展出的乐聚机器人吸引外国观众握手互动。 陈冬冬 摄（C视觉） 5月25日，观众在展区参观。彭雅灵 摄（C视觉） 此刻，塔克拉玛干沙漠边缘，新疆于田县10万株玫瑰惊艳绽放。去年底，中国人用3046公里的"绿色围脖"对 世界第二大流动沙漠完成"锁边"，工程合龙处的于田县栽种下兼顾生态、经济与浪漫的句点。 数十年、数十万人，奉献青春、战天斗地、守护家园，阻击"死亡之海"扩散。如果把这段伟大历程拍摄成一 部电影，主题一定离不开"奇迹"二字。 不知不觉间，21世纪的进度条将走完四分之一。世界向东，中国向西，本世纪头25年正是中国实施西部大开 发战略的25年，当时代浪潮奔涌过这片辽阔的土地，一颗颗带有"奇迹"基因的种子向下扎根、向上生长。 它们是四川锦屏山地下2400米追寻"宇宙幽灵"的暗物质实验室，是贵州崇山峻岭间将人类"视界"延伸到百亿 光年之外的"中国天眼"，是人类铁路建设史上难度最大的超级工程川藏铁路，是在广西建设的新中国成立以来第 一条连通江海的超级大运河…… 书写"奇迹"，西部各省区市都不乏"神来之笔"。5月25日，第二十届中国西部国 ...

Core Viewpoint - The article highlights China's rapid advancements in bridge construction, projecting that by 2030, it will achieve significant milestones including the world's longest suspension bridge and the highest bridge, redefining civil engineering limits [1][2]. Group 1: Achievements in Bridge Construction - By 2030, China is expected to have the world's longest suspension bridge, the highest bridge, and various record-breaking cable-stayed bridges [1]. - The Changtai Yangtze River Bridge, set to open this year, will become the world's largest cable-stayed bridge with a main span of 1208 meters, surpassing the current record of 1104 meters held by the Russky Island Bridge [2][4]. - The Zhangjingao Yangtze River Bridge, scheduled for completion in 2028, will feature a main span of 2300 meters, making it the world's largest suspension bridge [4][6]. Group 2: Innovative Engineering Techniques - Advanced surveying methods, modeling, and engineering technologies, including breakthroughs in material science, are driving China's bridge construction [1]. - The rapid development of artificial intelligence (AI) and the use of automated construction equipment are expected to enhance safety and efficiency in bridge building [1]. Group 3: Notable Bridge Projects - The Danqing Grand Bridge, measuring 164.8 kilometers, holds the Guinness World Record for the longest bridge [9][11]. - The Xiyuanmen Railway and Highway Bridge in Zhejiang will become the world's largest combined rail and road bridge upon completion [12]. - The Tian'e Longtan Grand Bridge in Guangxi is currently the largest arch bridge in the world, with a main span of 600 meters, surpassing the previous record by 155 meters [13][15]. Group 4: Future Prospects - The Lion's Ocean Bridge in Guangdong is expected to become the world's first double-deck suspension bridge exceeding 2000 meters in main span [18]. - The Guanyinsi Yangtze River Bridge in Hubei is projected to become the second-largest cable-stayed bridge upon its completion in 2026 [21][22]. - The Hong Kong-Zhuhai-Macao Bridge, completed in 2018, is the longest sea-crossing bridge globally, significantly reducing travel time between the regions [22][24].

5月26日上午，随着最后一根索股精准就位，由湖北交投集团投资、中交二航局、中铁大桥局承建的世界最大跨径四主缆悬索桥—— 燕矶长江大桥完成主缆架设。 燕矶长江大桥全长约26千米，主跨1860米，上层为高速公路，设计时速100公里，下层为城市快速路，设计时速80公里。 上午9点58分，现场指挥一声令下，主缆架设工程进入最终阶段。卷扬机缓缓启动，牵引着最后一根索股向北岸进发。在猫道上，施 工人员紧张而有序地进行着各项操作，确保索股顺利通过各个滑轮和导向装置。通过对实时监测数据的精准分析，施工人员对索股的位置 和张力进行微调，最终确保其精准到达预定位置。 站在江边远眺，四根巨大的主缆在蓝天白云的映衬下熠熠生辉，宛如四条钢铁巨龙，从北锚碇昂首出发，跨越浩荡江面，经北岸主塔 和南岸主塔，最终抵达南锚碇，场面蔚为壮观。 湖北交投集团燕矶长江大桥公司相关负责人介绍，每根主缆直径约1.04米，单根长度约3000米，均由217根索股组成，而每根索股又由 127根直径为5.6毫米的锌铝合金镀层高强钢丝构成，这些主缆如同大桥的 "生命线"，承担起整座桥的重量分布重任。 -- and for the region a book and ...

Core Points - The G325 Guangnan Line Qinjiang Bridge of the Pinglu Canal successfully completed the arch rib closure on May 22, laying a solid foundation for subsequent construction activities [1][3]. Group 1: Project Overview - The bridge spans a total length of 397.04 meters, with the main bridge measuring 300 meters and a total width of 28.5 meters. The main arch employs a steel pipe concrete truss structure [3]. - The bridge consists of 36 arch rib segments, utilizing vertical assembly, asymmetric rotation closure, and bracket assembly methods for construction, with the maximum lifting weight reaching approximately 166 tons [3]. Group 2: Construction Management - The construction management team, comprising Pinglu Canal Group, Yellow River Survey and Planning Design Institute, Guizhou Lutong Engineering Management Consulting, and China Railway Shanghai Engineering Group, opted for a vertical assembly followed by clockwise vertical rotation method for construction [3]. - A specialized plan for processing and installation was developed to ensure smooth construction, addressing challenges posed by navigation, hub, and water conservancy engineering intersections [5]. Group 3: Safety and Innovation - The management team collaborated with meteorological departments for real-time monitoring and early warning of severe weather, implementing wind reinforcement for temporary facilities and formulating emergency plans for extreme weather to ensure safety [5]. - Innovative deformation coupling assembly methods were employed to achieve millimeter-level precision in installation, ensuring high accuracy and control of the arch rib's vertical assembly [5]. - The use of 4D point cloud laser scanning technology, combined with a synchronous hydraulic control system and an independently developed automatic detection control platform, facilitated intelligent rotation operations of the arch ribs, achieving synchronized and precise lowering of different trajectories [5].

Core Viewpoint - The construction of the Xi'ao Men Railway and Highway Dual-Use Bridge is a significant engineering achievement, set to become the world's largest span dual-use bridge, showcasing advanced technology and innovation in bridge construction [3][4][10]. Group 1: Project Overview - The Xi'ao Men Bridge features a main span of 1,488 meters and is designed to withstand challenging environmental conditions, including high winds and waves [3][4]. - The bridge construction involves 30,000 tons of steel structure, which is divided into 138 intelligent modules, with installation precision controlled within 2 millimeters [3][4]. - The project is a key component of the Ningbo-Zhoushan Railway, with construction expected to be completed in 2024 [4]. Group 2: Technological Innovations - The bridge employs a cable-stayed suspension system, marking the first application of this technology in high-speed rail over water [4]. - The manufacturing process utilizes a fully automated intelligent production line, enhancing efficiency by over 40% and achieving 100% utilization of intelligent equipment [5]. - AI technology is integrated into welding robots for real-time monitoring and defect detection, significantly improving product quality and production efficiency [5]. Group 3: Company Background - China Railway Industry is a leading enterprise in the domestic A-share market, specializing in high-end equipment for rail transportation and underground excavation [6]. - China Railway Baoguan, a subsidiary of China Railway Industry, is recognized as a top player in the domestic bridge steel structure sector [4][6]. - The company has a market share exceeding 60% in the large steel structure bridge manufacturing and installation sector [5]. Group 4: Future Prospects - China Railway Industry aims to leverage new technological revolutions and industrial transformations to enhance its market position in water conservancy, railways, and energy sectors [9]. - The company plans to expand its market presence in overseas regions, including the Middle East, Oceania, and the Americas, while stabilizing its traditional markets in Europe and Southeast Asia [9]. - Ongoing projects in Zhejiang province, including the intelligent production base and advanced tunneling machines, reflect the company's commitment to innovation and quality [10].

本报记者 向炎涛 东海之滨，浙江舟山群岛，西堠门公铁两用跨海大桥建设工作正在如火如荼地开展，滩涂间塔吊林立，重型吊装船臂如钢 龙探海，数十米高的桥墩拔地而起……这里浪急风大，有着"东海第一险"之称，曾被国际桥梁界公认为"建桥禁区"。 西堠门公铁两用跨海大桥的钢结构部分由中铁高新工业股份有限公司（以下简称"中铁工业"）旗下中铁宝桥（舟山）有限 公司（以下简称"中铁宝桥舟山公司"）承建。如今，在数字化、智能化和AI（人工智能）技术的加持下，桥梁建设已经成为中 国建造的一张名片，中国建造也实现了从追赶到领跑的跨越。 近日，《证券日报》记者走进了中铁工业位于浙江省舟山市、杭州市的多个生产基地和项目现场，实地感受大国重器背后 的工匠精神。 建造难度空前 据了解，2005年至2009年，我国桥梁建设者们在浪涌高达4米的恶劣环境中建成了西堠门大桥，结束了舟山市"孤悬海 上"的困境。当前在建的西堠门公铁两用跨海大桥是世界上跨度最大的公铁两用跨海大桥，建成后将打破舟山群岛不通铁路的 历史。 这座主跨1488米、宽68米的公铁合建大桥，创造了世界公铁两用桥梁跨度最大、主梁宽度最宽、桩基直径最大，在高铁跨 海桥梁中首次应用斜拉悬索 ...