春深时节，郑州一处安静的小院里，91岁的魏德忠老人用布满沟壑的手掌抚过一张张照片，讲述着60多年前 那些动人心魄的往事。 1960年春节刚过，河南日报年轻的摄影记者魏德忠到林县（今林州市）采访。当他背着相机攀上太行山崖 时，看见一排20岁出头的后生只系着一根草绳在绝壁上打炮眼。 "这不就是愚公移山吗，这不就是大禹治水吗？我一下子呆住了。"红旗渠修了十度春秋，魏德忠也拍了十度 风雨，用镜头表达对红旗渠建设者的敬意。 此刻，200多公里外的林州红旗渠纪念馆，全息投影将魏德忠拍摄的《凌空除险》投射成3米高的立体影像， 观众仰头看着凿渠人在绝壁上荡秋千般的身影，发出阵阵惊呼。纪念馆展墙上，魏德忠等记录者们的400余帧 老照片如时空隧道，将观众瞬间带回那个"一锤一钎一双手"的年代。这些照片镌刻着太行山崖的凿痕，更定 格了一个民族战天斗地的精神图谱。 今年是红旗渠总干渠通水60周年。山河为证，初心如磐，红旗渠精神正以全新的姿态跨越时空，完成一场震 撼人心的"重逢"。 "红旗渠是一锹锹挖出来的，咱们的变化也是一天天干出来的。" 魏德忠曾说过，红旗渠是在一个不可能的时间、不可能的地方修建的不可思议的工程。 把"不可能"化为" ...

Group 1 - The core viewpoint emphasizes the significant progress made by the Third Division of the Xinjiang Production and Construction Corps in establishing a social credit system, achieving the top rank among 26 county-level cities in the region according to the national credit monitoring report [1][7][8] - The "Xin Yi Dai" platform is actively promoted to alleviate financing difficulties for market entities, with local financial institutions developing credit products, resulting in successful credit loan disbursements [3][5] - The Agricultural Bank of China in Tumushuke has implemented a dual-channel approach for credit loans, providing up to 3 million yuan with rapid disbursement times, significantly aiding local farmers [3][5] Group 2 - A diverse promotional campaign, "Integrity Construction Ten Thousand Miles," has been launched to strengthen the foundation of trust, reaching over 15,000 individuals and distributing more than 1,200 promotional materials [5][6] - The construction industry recognizes the importance of integrity in business operations, with companies like Xinjiang Junai Construction Group emphasizing adherence to contracts and timely payments to maintain strong partnerships [5][6] - The city plans to align with national credit demonstration city standards, enhancing mechanisms and responsibilities while continuing integrity promotion to empower high-quality economic and social development [7][8]

Investment Rating - The investment rating for China State Construction International (3311.HK) is "Buy" and is maintained [9]. Core Views - The company's revenue for Q1 2025 was approximately RMB 22.887 billion, representing a year-on-year growth of about 3.62%. The operating profit and share of profits from joint ventures totaled approximately RMB 3.963 billion, an increase of 10.84% year-on-year [7][11]. - The resumption of investment activities has positively impacted revenue, with an increase in EPC business undertakings. However, new contract signings saw a decline of 29% year-on-year, primarily due to a high base effect from a significant project in the previous year [11]. - The introduction of Dongfang International as a strategic shareholder is expected to enhance business collaboration, particularly in project cooperation and capital operations [11]. - The outlook for mainland China and Hong Kong businesses is promising, with significant government spending projected in infrastructure, which could lead to a dividend yield of approximately 5.8% based on a 33% payout ratio [11]. Summary by Sections Financial Performance - In Q1 2025, the total revenue was approximately RMB 22.887 billion, a 3.62% increase from the previous year. The operating profit and share of profits from joint ventures were about RMB 3.963 billion, reflecting a 10.84% year-on-year growth [7][11]. New Contracts - New contract signings for Q1 2025 amounted to RMB 50.51 billion, down 29% year-on-year. The breakdown shows that technology-driven new contracts accounted for RMB 21.3 billion, a 56% decline, while investment-driven new contracts increased by 5% to RMB 11.4 billion [11]. Strategic Developments - The strategic partnership with Dongfang International, which involved a premium subscription of 244.6 million new shares at HKD 12.26 each, is expected to foster collaboration in various areas, including project management and capital operations [11]. Market Outlook - The company is focusing on expanding its MiC (Modular Integrated Construction) business in major cities like Beijing, Guangzhou, and Shanghai. The Hong Kong government has increased its projected average annual infrastructure spending from HKD 90 billion to HKD 120 billion, which is expected to benefit the company significantly [11].

业绩总览 A股2024年年报披露正式收官。 截至4月30日，A股已有5402家上市公司披露2024年年报：全年营收71.92万亿元，同比下降0.23%；归母净利润 5.21万亿元，同比下降2.98%。其中4029家实现盈利（占比75%），2567家归母净利润同比增长（48%），含548家增幅超100%、359家增 50%-100%、1660家低增速（<50%）。2835家公司净利润同比下滑。 从板块来看，创业板、深证主板和科创板营收同比增速更高，分别为2.68%、0.25%和0.24%。盈利方面，除上证主板外，其余板块出现不同程度下 滑，科创板净利润降幅最大，为-39.76%，深证主板和北交所紧随其后，分别为-22.64%和-21.99%。 上市板块营收同比增速 7% 6% 5% 4% 2.68% 3% 2% 1% 0.24% 0.25% 0% -0.23% -1% -0.62% -2% -2.21% -3% 全部A股 上证主板 深证主板 创业板 北交所 科创板 ■ 2023年 ■ 2024年 数据来源: Wind 2024年，A股行业业绩分化显著。信息技术板块营收增强，2024年增长超过10%位居首位，紧随 ...

Core Viewpoint - Longyuan Construction has shown signs of recovery despite the overall downturn in the real estate industry, with a significant reduction in losses and a positive profit in the first quarter of 2025, indicating a potential turnaround [1][6]. External Drivers - The company has enhanced its financing capabilities through strategic cooperation with Hangzhou Transportation Investment Group, which has become the controlling shareholder, providing low-cost financing and stable project resources [2][3]. - The successful acquisition of multiple projects in Hangzhou and the acceleration of local government debt issuance are expected to improve asset quality and provide a safety net for future profit releases [3]. Internal Drivers - Longyuan Construction has adjusted its business structure, increasing its focus on municipal public construction projects, resulting in a 17.82% year-on-year revenue growth in the infrastructure segment [4]. - The green building sector is emerging as a significant growth area, with the company developing BIPV technology and achieving revenue growth of 8.28% in this segment [5]. Conclusion - The dual approach of external empowerment through state-owned capital and internal transformation has allowed Longyuan Construction to navigate the challenges of the real estate downturn, positioning itself for future growth in high-value infrastructure and green technology [6].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has shown steady revenue growth with a significant increase in infrastructure orders, achieving a revenue of 555.34 billion yuan and a net profit of 15.01 billion yuan in Q1 2025, reflecting year-on-year growth of 1.1% and 0.6% respectively [1][2]. - The real estate development business has shown signs of recovery, with a notable increase in land reserves located in first-tier and strong second-tier cities, totaling 7,625 million square meters [2][4]. - The company has signed new contracts worth 1,270.2 billion yuan in Q1 2025, marking a year-on-year increase of 6.9%, with significant growth in infrastructure and overseas contracts [3][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenues from various segments: construction (364.9 billion yuan), infrastructure (128.3 billion yuan), real estate development (53.7 billion yuan), and surveying and design (2.3 billion yuan), with respective year-on-year changes of -0.2%, +0.5%, +15.5%, and -11.3% [2]. - The gross margin and net margin for Q1 2025 were 7.8% and 3.2%, showing slight declines compared to the previous year [2]. Contracting and Orders - The company secured new contracts totaling 12,702 billion yuan in Q1 2025, with the construction segment contributing 12,037 billion yuan, reflecting an 8.4% increase year-on-year [3]. - Specific growth in new contracts includes energy engineering (96.6% increase) and municipal engineering (44.4% increase) within the infrastructure sector [3]. Cash Flow and Management - The company has improved its cash flow management, with a net cash outflow from operating activities of 95.85 billion yuan, which is a reduction of 0.74 billion yuan compared to the previous year [4]. - The company has also seen a commitment from its parent group to increase shareholding, indicating confidence in its future performance [4]. Profit Forecast and Valuation - The profit forecast for the company remains stable, with expected net profits of 47.49 billion yuan, 48.67 billion yuan, and 50.13 billion yuan for 2025, 2026, and 2027 respectively [4][5].

Core Viewpoint - The company, Shanghai Pudong Construction Co., Ltd., has released its first quarter report for 2025, highlighting significant changes in project signing and financial data, with a focus on the construction and service sectors [6][11]. Financial Data Summary - The first quarter financial report is unaudited, and the company assures the accuracy and completeness of the information provided [2][5]. - The company reported a total of 60 new signed engineering projects with a total value of RMB 532,178.45 million, representing a 46.34% increase in the number of projects but an 8.86% decrease in project value compared to the same period last year [6]. - In the service sector, the company signed 85 new surveying and design consulting projects, with a total value of RMB 3,378.60 million, reflecting a 48.80% decrease in the number of projects and a 72.85% decrease in project value year-on-year [7]. Shareholder Information - As of the end of the first quarter of 2025, the company reported no significant projects that have been signed but not yet executed [8]. Investor Communication - The company will hold an annual performance briefing for 2024 and the first quarter of 2025 on May 15, 2025, to enhance communication with investors and address their concerns [11][14]. - Investors can submit questions before the meeting and participate through an online platform [12][16].

Core Viewpoint - The company reported a revenue increase of 10.76% year-on-year for the first quarter of 2025, but also experienced a net loss that worsened compared to the previous year, primarily due to investment losses and challenges in the building materials sector [3][4][7]. Financial Performance - The company's operating revenue for the first quarter was 338.63 million yuan, up from 305.73 million yuan in the same period last year, an increase of 32.91 million yuan [3]. - The construction segment contributed to the revenue increase, with a rise of 15.41 million yuan, driven by several ongoing projects [3]. - The building materials segment saw an increase of 16.78 million yuan in revenue, attributed to higher sales volumes of cement [3]. Profitability Analysis - The net profit attributable to shareholders was -124.04 million yuan, worsening from -73.52 million yuan in the previous year, an increase in loss of 50.53 million yuan [4][7]. - The construction segment's net profit improved by 14.13 million yuan, while the building materials segment's net profit decreased by 42.96 million yuan, reflecting challenges in sales and cost pressures [4][5]. Non-Recurring Gains and Losses - The company reported significant non-recurring losses primarily from investments, with a loss of 44.74 million yuan due to declines in the fair value of shares held in other listed companies [6]. New Contracts - In the first quarter of 2025, the company signed two construction contracts exceeding 20 million yuan, with a total contract value of 194.80 million yuan [14]. Legal Matters - The company faced a legal ruling where its claims regarding environmental infringement were dismissed, which may impact its future operations and financial outlook [11]. Future Developments - The company is in the process of establishing a new cement production line in Linzhi City, which is currently in the public announcement phase [10].

2025 年度公司及子公司累计签订合同 29 项（含规划设计类合同、其他合同）， 合计金额为人民币 3,753.70 万元，上述合同均在执行中。 元成环境股份有限公司 2025年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 元成环境股份有限公司（以下简称"公司"）根据《上海证券交易所上市公 司自律监管指引第 3 号行业信息披露：第八号——建筑》的相关规定，现将 2025 年第一季度主要经营数据（未经审计）公告如下： 一、新签项目的数量、合计金额情况 2025 年 1 月 1 日至 2025 年 3 月 31 日，公司及子公司新签项目合同 29 项， 合计金额为人民币 3,753.70 万元。新签项目合同中，工程施工合同 1 项；规划 设计合同 1 项，其他合同 27 项。 证券代码：603388 证券简称：ST 元成 公告编号：2025-046 二、本年累计签订项目的数量及合计金额 特此公告。 元成环境股份有限公司董事会 2025 年 4 月 29 日 ...

Core Viewpoint - Chongqing Construction (600939) reported a revenue of over 27.2 billion yuan for 2024, with a net loss attributable to shareholders of 436 million yuan, primarily due to impairment losses totaling 439 million yuan [1][2] Group 1: Financial Performance - The company achieved a total revenue exceeding 27.2 billion yuan and a net loss of 436 million yuan for the year [1] - Impairment losses of 439 million yuan reduced the net profit by approximately 371 million yuan [1] - New contract signing amounted to 57.368 billion yuan, reflecting a year-on-year growth of about 1.82% [1] Group 2: Market and Project Development - The company secured significant projects, including the "Chongqing Rail Transit Line 7 Phase I Civil Engineering Construction General Contract," with a contract value of 27.55 billion yuan [2] - The company expanded its external project portfolio, signing contracts worth 29.818 billion yuan, a year-on-year increase of 16.69% [2] - The company optimized its business structure, winning EPC project contracts worth 13.109 billion yuan, an increase of 130.03% [2] Group 3: Innovation and R&D - The company increased its R&D investment to 75.1406 million yuan in 2024, resulting in the establishment of one new high-tech enterprise and one technology-based enterprise [2] - The company received one third prize for the Chongqing Science and Technology Progress Award and was granted 101 new patents, including 30 invention patents [2] Group 4: ESG Initiatives - Chongqing Construction released its first ESG report since its listing, detailing management strategies and key performance in business operations, governance, social, and environmental issues for 2024 [2] - The report aims to establish new communication channels with investors and showcase the company's commitment to governance, environmental protection, and social responsibility [2]