Report Title - "The Divergence of Long - Short Term Spreads - Credit Spread Weekly Report (5/4)" [1][6] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - From April 27th to April 30th, most bond yields declined. For 0.5 - 1Y industrial bonds, commercial bank second - tier capital bonds, securities company subordinated bonds, and securities company perpetual bonds, most yields dropped by over 2bp; for 0.5 - 1Y urban investment bonds and commercial financial bonds, most yields decreased by over 1bp; for 2Y industrial bonds and commercial financial bonds, most yields declined by over 1bp; the 2Y securities company subordinated bond yield rose by over 2bp; and the 3 - 5Y commercial financial bond yield dropped by over 2bp. Regarding credit spreads, the 0.5Y industrial bonds and commercial bank second - tier capital bond credit spreads mostly narrowed by over 5bp; the 1Y commercial bank second - tier capital bond credit spread narrowed by over 3bp; the 2Y securities company subordinated bonds and securities company perpetual bond credit spreads widened by over 3bp; and the 5Y urban investment bonds and industrial bond credit spreads mostly widened by over 2bp [2][6] Summary by Relevant Catalogs Yield and Spread Overview Yield and Spread of Each Maturity - Treasury bond yields at 0.5Y, 1Y, 2Y, 3Y, and 5Y were 1.47%, 1.46%, 1.45%, 1.48%, and 1.52% respectively, with weekly changes of - 3.5bp, 0.9bp, - 2.2bp, - 2.5bp, and - 2.2bp. Their historical quantiles were 11.9%, 13.2%, 8.7%, 6.2%, and 3.9% respectively. Similar data for other bond types such as national development bonds, local government bonds, etc., are also presented in detail [14] Credit Spread and Its Changes for Each Maturity - The 0.5Y, 1Y, 2Y, 3Y, and 5Y credit spreads of local government bonds were -, 12.01bp, 13.93bp, 14.34bp, and 14.37bp respectively, with weekly changes of -, 0.1bp, 0.2bp, - 1.5bp, and - 2.8bp. Their historical quantiles were -, 44.9%, 43.7%, 45.1%, and 38.6% respectively. Similar data for other bond types are also provided [16] Credit Bond Yields and Spreads by Category (Hermite Algorithm) Urban Investment Bonds by Region - In terms of yields, from April 27th to April 30th, most provincial urban investment bond yields declined. For example, the 5Y Guizhou urban investment bond yield dropped by about 35bp. In terms of credit spreads, the 0.5 - 1Y urban investment bond credit spreads mostly narrowed; the 2Y urban investment bond credit spreads mostly widened; the 3 - 5Y urban investment bond credit spreads showed differentiation, with the 3 - 5Y Guizhou urban investment bond credit spreads narrowing significantly [7] Industrial Bonds by Industry - From April 27th to April 30th, industrial bond yields generally declined. The 0.5 - 1Y industrial bond credit spreads generally narrowed, the 2 - 3Y industrial bond credit spreads showed differentiation, and the 5Y industrial bond credit spreads generally widened [7] Financial Bonds by Subject - From April 27th to April 30th, financial bond yields generally declined, with the 5Y city commercial bank second - tier capital bond yield dropping by about 55bp. The 0.5 - 1Y financial bond credit spreads generally narrowed, and the 2 - 5Y financial bond credit spreads showed differentiation [7] Credit Bond Yields and Spreads by Category (Balance Average Algorithm) Urban Investment Bonds by Region - Based on the balance average algorithm, from April 27th to April 30th, the 5Y Yunnan urban investment bond could target a return of over 3.2%, and the 5Y Qinghai urban investment bond could target a return of 3.0% or more. The 5Y Yunnan urban investment bond credit spread was significantly higher than that of medium - and short - term bonds, with high riding returns [8] Real Estate Private Enterprise Bonds - From April 27th to April 30th, the yields of real estate private enterprise bonds at all maturities were higher than those of other bond types, and the 0.5 - 1Y real estate private enterprise bond yields dropped by over 17bp [8] Financial Bonds - From April 27th to April 30th, the financial bond credit spreads generally narrowed, and the 3 - 5Y private securities company subordinated bonds could target a return of 4.7% or more [8]

Core Viewpoint - Jiuding Investment's 2024 annual report reveals significant financial challenges, with a total revenue of 338 million yuan, a year-on-year increase of 20.34%, but a staggering net loss of 268 million yuan, a decline of 1848.42% compared to the previous year [1] Private Equity Investment Business - The core business remains private equity investment, with a total capital returned from fully exited projects amounting to 275 million yuan and cash recovered at 987 million yuan, while management fee income dropped significantly to 2 million yuan and management remuneration to 140 million yuan, indicating a weakening profitability in this sector [4] - The total capital raised by historically managed funds reached 38.228 billion yuan, with remaining capital of 7.574 billion yuan and 367 investment projects, of which 95 have not fully exited [4] Real Estate Business - The real estate segment, primarily focused on the "Zijin City" project in Nanchang, Jiangxi Province, reported total sales receipts of 112.79 million yuan and recognized revenue of 166.24 million yuan, highlighting a lag in revenue recognition despite increased sales [5][6] - The "Zijin City" residential project has sold out most phases, with ongoing development for the fifth phase, but the profitability remains weak, with net profit losses indicating high operational costs and limited profit margins [5][6] Construction Business - Jiuding Investment launched its construction business in Q4 2024, signing initial contracts worth 20 million yuan, but faced initial losses of 2.66 million yuan due to high operational costs [7] - The expansion into construction is part of a diversification strategy, but the initial losses suggest a need for better resource integration and market development [7] Internal Management - The company is actively optimizing internal management across various areas, including talent development, compliance, and cost control, with a robust system in place to prevent conflicts of interest [8] - Despite these efforts, the significant net loss indicates ongoing challenges in business operations and cost management, necessitating further improvements to enhance profitability [8] Summary - Overall, Jiuding Investment's 2024 annual report indicates a troubling performance across its private equity, real estate, and construction businesses, with a critical need for enhanced profitability, cost control, and internal management to navigate market and industry challenges [9]

Core Viewpoint - The company, Hongrun Construction, reported a significant decline in revenue and net profit for Q1 2025, indicating potential challenges in its financial performance and market conditions [4]. Trading Information Summary - On April 30, 2025, Hongrun Construction's stock closed at 4.76 yuan, down 0.83%, with a turnover rate of 1.0%, a trading volume of 99,200 shares, and a transaction value of 47.77 million yuan [1]. - The net outflow of main funds was 5.94 million yuan, accounting for 12.43% of the total transaction value, while retail investors saw a net inflow of 5.18 million yuan, representing 10.84% of the total [2][7]. Shareholder Changes - As of March 31, 2025, the number of shareholders for Hongrun Construction was 37,900, a decrease of 1,080 from December 31, 2024, reflecting a reduction of 2.77% [3][7]. - The average number of shares held per shareholder increased from 31,800 to 32,700, with an average market value of 184,300 yuan [3]. Performance Disclosure Highlights - For Q1 2025, Hongrun Construction reported a main revenue of 1.36 billion yuan, a year-on-year decrease of 23.41%, and a net profit attributable to shareholders of 91.62 million yuan, down 22.75% [4]. - The company's debt ratio stood at 64.04%, with investment income reported at -2.01 million yuan and financial expenses at 92.32 million yuan, while the gross profit margin was 12.58% [4]. Institutional Research Highlights - The company indicated that the debt reduction policy positively impacts its core business focused on urban infrastructure projects in the Yangtze River Delta, potentially enhancing new business growth and shortening project settlement cycles [5]. - As of the end of Q1, the company maintained a substantial cash reserve of 145 million yuan, with plans for prudent use to balance stability and efficiency [5]. - The company signed new contracts worth 1.14 billion yuan in Q1, a 107.15% increase year-on-year, while the backlog of orders has decreased [5]. - The company is strategically investing in Jingzhi Technology, which has developed several robotic products for industrial applications and emotional interaction [5].

Group 1 - During the "May Day" holiday, construction workers in Shandong are actively working on key projects to ensure progress [1][2] - A 240-meter super high-rise complex is under construction in Qingdao, which aims to attract more shipping, trade, and financial enterprises [2] - The construction team is collaborating with Qingdao University of Technology to tackle the complex structural challenges of the project using BIM modeling and stress simulation [2][4] Group 2 - The Dongxiao Biological High-end Intelligent Health Deep Processing Project includes the construction of multiple production lines with a total capacity of 120,000 tons [3] - The project aims to produce various products, including dietary fiber and probiotics, to meet diverse customer needs [3] - The construction of the Fuxing Road project in Zaozhuang High-tech Zone is progressing, with 85% of the overall work completed [4] Group 3 - Advanced technology is being utilized on construction sites, including AI cameras and smart inspection robots, to enhance safety and efficiency [4] - The Qingdao project has introduced a "Worker Technology Service Station" for safety training, utilizing VR technology for immersive learning experiences [4]

中新网海口5月2日电(周贤卿)"五一"假期，在海南自贸港多个重点项目建设现场，一派繁忙景象。施工 单位中建三局介绍，为进一步抢抓工期，项目不间断施工，冲刺重要节点。 三亚凤凰国际机场三期改扩建工程是海南自贸港封关运作的重要项目之一，按照2030年旅客吞吐量3000 万人次目标规划建设，主要建设内容为新建T3航站楼以及站前换乘中心、停车楼等配套设施。 "五一"假期，1200名工人奋战在施工现场，全力冲刺7月份航站楼大吊顶完成的目标节点。该项目年内 建成后，将进一步提升三亚凤凰国际机场的旅客吞吐能力和服务水平，为自贸港封关运作提供重要支 撑。 在琼中黎族苗族自治县的海南省级粮食储备库项目现场，420余名工人正进行基础施工，冲刺5月底首栋 浅圆仓主体结构封顶。 据悉，海南省级粮食储备库是目前海南省投资最多、规模最大、现代化程度最高的省级粮食仓储项目， 总建筑面积9.3万平方米，粮库规模30万吨，建成后将夯实海南粮食安全。 在海口国家高新技术产业开发区，首个"省际飞地"标志性项目——海口高新区生物医药产业创新中心项 目施工正忙。这里是汇集生物医药、智慧医疗服务等产业的一站式创新服务平台，目前项目处于建筑主 体结构施工 ...

Group 1 - The meeting emphasized the importance of safety production across various sectors, including coal mines, hazardous chemicals, and fire prevention, to prevent major accidents [2] - There is a focus on enhancing social stability through effective conflict resolution and community engagement, particularly in addressing grievances at the grassroots level [2] - The meeting highlighted the need for comprehensive security measures, including the management of key populations and increased patrols to combat crime [2] Group 2 - With the upcoming "May Day" holiday, local governments are urged to ensure safety in crowded places such as tourist attractions and public transport, implementing emergency drills for large crowds [3] - There is a call for optimizing traffic management and ensuring the safety and efficiency of passenger and freight transport during the holiday period [3] - The meeting stressed the importance of monitoring essential goods' supply and prices to meet consumer demand effectively [3]

近日，在中国人民银行江门市分行开平营业管理部、开平市住房和城乡建设局的指导和支持下，中国建设银行开平支行依托全国中小微企业资金流信用信息 共享平台（以下简称"资金流信息平台"），向高新技术企业广东某建筑公司发放贷款1746万元并实现支用，这是广东省江门建行基于资金流信用平台发放的 首笔超千万贷款。 资金流平台：破解融资痛点 赋能精准服务 为破解中小微企业融资信息不对称难题，中国人民银行牵头组织金融机构共建资金流平台，于去年10月上线试运行。该平台通过整合企业对公结算账户全量 资金交易流水数据，动态追踪企业经营资金动向，实现跨行资金流信息共享与工程账户全流程数字化监控。在保障数据安全的前提下，平台为金融机构精准 评估企业信用资质、优化融资服务提供了核心支撑。截至2025年3月末，江门建行基于资金流信息平台累计放款1814万，累计查询资金流信息25笔，其中贷 前（保前）审查6笔，贷中操作5笔，贷后（在保）管理10笔，关联查询4笔。 创机制：总行统筹对接 地方高效落地 在人民银行总行的统筹推动下，建行积极争取政策资源，率先完成资金流平台与征信系统的深度对接。江门建行在人民银行江门市分行及上级行的指导下， 快速响应落 ...

证券研究报告 山东路桥 (000498 CH) Q1 业绩稳健，现金流显著改善 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地 | 建筑施工 | 公司发布一季报：2025Q1 实现营收 97.6 亿元，同比+1.95%，归母净利 2.49 亿元，同比+1.89%。我们认为随着政策转向稳增长、化债加码，公司需求 和现金流有望迎来改善。4 月 29 日公司发布回购公告，拟回购股份注销， 回购金额不低于 5000 万至 1 亿元，股价不超过 8.68 元/股，预计回购股份 数量约 576~1152 万股，占总股本 0.37%~0.74%，公司对未来发展信心充 足，积极维护股东利益，维持"买入"。 25Q1 综合毛利率同比下滑，期间费用率优化，归母净利率持平 25Q1 公司综合毛利率为 11.5%，同比-0.63pct。期间费用率为 7.83%，同 比-0.19pct，其中管理/研发/财务费用率分别为 3.92%/1.83%/2.07%，同比 +0.11/-0.18/-0.11pct，管理费用同比+4.7%，费用率有所提 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 10.81 RMB [8][9]. Core Views - The company reported a revenue of 1135.4 million RMB and a net profit of 20.6 million RMB for 2024, reflecting a year-on-year increase of 3.8% and 0.1% respectively. The performance was below expectations due to significant credit impairment losses in Q4 [1]. - The company is expected to benefit from the approval of 10 new nuclear power units, which will likely sustain high investment levels in the nuclear sector [1][4]. - The revenue from nuclear engineering projects increased by 34.6% year-on-year, contributing to a 29% share of total revenue, while the gross margin for Q4 improved by 1.0 percentage points year-on-year [2]. Summary by Sections Financial Performance - In 2024, the company signed new contracts worth 1634.4 million RMB, a year-on-year increase of 8.5%, and for Q1 2025, the new contracts amounted to 541.8 million RMB, up 30.7% year-on-year [2]. - The company’s R&D expense ratio slightly increased to 2.83% in 2024, reflecting higher investments in key construction areas like nuclear power [3]. - The company recorded a credit impairment loss of 20.5 million RMB in 2024, which is a 7.3% increase year-on-year [3]. Market Outlook - The approval of 10 new nuclear power units in April 2025 is expected to further stimulate nuclear investment, with a reported 48.8% year-on-year increase in nuclear investment during the first two months of 2025 [4]. - The company has secured 14 new nuclear unit construction projects in 2024, increasing the total number of units under construction to 32 by the end of 2024 [4]. Profit Forecast and Valuation - The forecasted net profits for 2025-2027 are 23.5 million RMB, 28.2 million RMB, and 32.4 million RMB respectively, reflecting a downward adjustment of 8% and 7% from previous estimates [5]. - The company’s target market value for 2025 is set at 326 billion RMB, with a target price of 10.81 RMB per share [5].

Core Viewpoint - Jiuding Investment (600053) reported a significant decline in revenue and a net loss for Q1 2025, indicating ongoing financial challenges and operational difficulties [1][3]. Financial Performance - The company achieved total revenue of 37.51 million yuan, a year-on-year decrease of 24.84% [1][3]. - The net profit attributable to shareholders was a loss of 33.27 million yuan, compared to a profit of 0.52 million yuan in the same period last year [1][3]. - The net profit after deducting non-recurring gains and losses was a loss of 33.31 million yuan, down from a profit of 0.16 million yuan in the previous year [1][3]. - The net cash flow from operating activities was -7.11 million yuan, an improvement from -23.73 million yuan in the same period last year [1][3]. - Basic earnings per share were -0.0767 yuan, compared to 0.0120 yuan in the previous year [1][3]. - The weighted average return on equity was -1.27%, a decrease of 1.45 percentage points year-on-year [19]. Cash Flow and Assets - As of the end of Q1 2025, the net cash flow from operating activities was -7.11 million yuan, an increase of 1.66 million yuan compared to the previous year [22]. - Total assets at the end of Q1 2025 were approximately 28.57 billion yuan, down from 29.06 billion yuan at the end of the previous year [3][29]. Shareholder Structure - The top ten circulating shareholders as of the end of Q1 2025 included new shareholders You Jianping and Yang Liguo, replacing the previous shareholders Yao Yonghai and Liao Shaoceng [38]. - The largest shareholder, Jiangxi Zhongjiang Group, held 12.92 million shares, representing 29.8% of the total share capital [38]. Valuation Metrics - As of April 28, 2025, the company's price-to-earnings ratio (TTM) was approximately -18.74 times, with a price-to-book ratio (LF) of about 2.22 times and a price-to-sales ratio (TTM) of approximately 17.68 times [1][3].