[Table_Title] 研究报告 Research Report 25 Jun 2025 New Industria 高利率成本加重美国基础设施建设负担。美国发电及输配电建设项目的融资渠道包括联邦项目（通过 IRA 和 IIJA，每 个项目 20-30 亿美元）、公用事业费率支付者模式（仅输电项目每年就达 400 亿美元）、私人投资（公私合作项目、 ITP 等）以及州政府主导的资金支持。联邦政府的资金支持在建设中至关重要，但仍然需要私人资本和州政府作为补 充，在建设过程中，许可延迟和成本分摊纠纷等事件都会影响建设进度，如冗长的审批流程（7-12 年）导致资金锁 定期延长，增加了融资成本，利率走低可缓解政府支出及项目融资的压力，利于加快项目的建设。 数据中心建设支出中融资比例较高，降息有利于项目加快落地。美国超大规模 AI 数据中心项目带动大量资本需求， 数据中心开发融资通常涉及覆盖项目成本 65%-80%的贷款，资金来源主要包括主流贷款机构、房地产投资银行、私 募信贷基金以及专注于基础设施的贷款机构等，常见融资利率区间因贷款机构类型和融资结构而异，项目融资一般 约为基准利率加上 3.25%-3.50%利差 ...

Group 1 - The core viewpoint of the article highlights that China State Construction Engineering Corporation (CSCEC) has shown stable growth in its business operations for the first five months of 2025, with a total new contract amount of 1,841.2 billion yuan, reflecting a year-on-year increase of 1.7% [1] - In the construction business segment, the new contract amount reached 1,710.8 billion yuan, up by 2.2% year-on-year, with infrastructure business contracts amounting to 593.9 billion yuan, marking a significant growth of 16.2% [1] - The domestic business accounted for 1,632.4 billion yuan, which is a 3.5% increase year-on-year, indicating a positive trend in the domestic market [1] Group 2 - In the real estate sector, CSCEC reported a contract sales amount of 130.4 billion yuan and a sales area of 4.55 million square meters, with a reduction in year-on-year decline compared to previous periods [1] - The company acquired land reserves of 2.71 million square meters, bringing the total land reserves to 76.25 million square meters by the end of the reporting period [1] - CSCEC has recently secured several major projects totaling 8.32 billion yuan, including urban renewal projects and infrastructure initiatives, enhancing its influence in key urban real estate markets [2] Group 3 - The macroeconomic environment in May 2025 showed structural differentiation, with the manufacturing PMI rising by 0.5 percentage points to 49.5%, while construction-related activities remained strong, as indicated by a timber engineering index of 62.3% [2] - The Chinese government continues to promote urban renewal, with the release of policies aimed at accelerating the transformation of existing buildings and urban villages, which is expected to drive industry transformation and value creation [2] - CSCEC plans to accelerate the application of the "good housing" construction system, focusing on safety, comfort, sustainability, and intelligence, to actively participate in urban renewal efforts [2]

中国交通建设股份有限公司党委委员、副总裁杨志超，省领导孙守刚、陈星参加会见。（记者 刘婵 张 笑闻） 王彤宙感谢河南省委和省政府对中交集团的大力支持，介绍了企业在豫发展情况和下步打算。他表示， 河南地处中原腹地，是人口大省、经济大省、农业大省，区位优势明显、基础设施完善、发展态势良 好。中交集团是国际知名的基础设施综合服务商，在大交通、大城市、国际化、生态治理等领域具有独 特优势，将立足河南所需，发挥中交所能，积极参与地方基础设施建设、城市更新、黄河流域生态保护 等，推动合作再上新的台阶、再结丰硕成果，为河南发展贡献央企力量。 6月25日，省委书记刘宁在郑州会见中国交通建设集团有限公司党委书记、董事长王彤宙一行。 责任编辑： 王靖 刘宁代表省委、省政府向王彤宙一行表示欢迎，向中交集团长期以来对河南发展的帮助支持表示感谢。 刘宁说，当前，全省上下正深入学习贯彻习近平总书记在河南考察时重要讲话精神，按照省委十一届九 次全会部署，聚焦"两高四着力"，融入服务全国统一大市场，积极推动国家综合立体交通网主骨架建 设，全面强化综合运输通道功能，系统推进"空陆数海"丝绸之路建设，不断完善"公、铁、水、空"四位 一体、高效联 ...

Core Insights - The Carlyle Group indicates that Europe may invest up to €14 trillion (approximately $16 trillion) in defense and related infrastructure over the next decade, presenting a significant opportunity for private capital [1] Investment Opportunities - The projected investment in defense and infrastructure could open substantial avenues for private capital involvement [1]

Core Viewpoint - China State Construction Engineering Corporation (CSCEC) has recently secured multiple construction projects, indicating a strong pipeline and potential revenue growth for the company in the upcoming fiscal year [1] Project Summary - The company has obtained the general contracting EPC project for the Fuzhou Green Semiconductor Intelligent Manufacturing Industrial Park in Fujian, along with several other significant housing and infrastructure projects [1] - Notable projects include the Mulan Creek Shouxixi area affordable housing project in Putian, the Qiya International Center project in Chengdu, and the Times Financial Center commercial office building in Dongguan [1] - Infrastructure projects secured include the Runze Digital Industrial Park in Langfang, the marine ecological protection project in Rizhao, and the ecological environment-oriented development project in Ankang [1] Financial Impact - The total value of the newly acquired projects amounts to 21.53 billion yuan, which represents 1.0% of the audited operating revenue for the fiscal year 2024 [1]

Group 1 - The core point of the article is that German Chancellor Merz is pushing for a significant increase in defense spending, aiming to raise it by 70% to €162 billion by 2029, which will account for 3.5% of GDP [1][2] - Germany's military spending is projected to rise from €95 billion this year to €162 billion by 2029, marking a substantial increase compared to the current GDP percentage of approximately 2.4% [1][3] - This plan positions Germany ahead of France and the UK in meeting NATO's new defense spending target of 5% of GDP [1][2] Group 2 - The budget plan includes a relaxation of the debt ceiling, allowing Germany to borrow up to €1 trillion over the next decade for defense and infrastructure spending [3] - The government plans to increase infrastructure spending by 55% this year, totaling €115 billion, which includes funds from a special €500 billion fund established earlier [3][4] - Additionally, the budget will feature a corporate tax relief plan amounting to €46 billion during the coalition government's term from 2025 to 2029 [4]

Group 1 - Goldman Sachs and JPMorgan Chase highlight a significant recovery in the European M&A market, driven by a new €500 billion (approximately $576 billion) fund established by the German government for infrastructure and climate projects [1] - The total M&A transaction value involving German companies has reached approximately $79 billion, marking a substantial increase of about 50% compared to the same period in 2024 [1] - Major German companies are leading foreign investments, with Siemens planning to acquire Dotmatics for $5.1 billion and Merck KGaA making a notable acquisition of Springworks Therapeutics Inc. in the U.S. [1] Group 2 - There is a healthy level of transaction activity in Germany, with local large infrastructure or construction companies less affected by U.S. tariff policies, leading to increased optimism [2] - European executives are more optimistic about M&A prospects than their U.S. counterparts for the first time in two decades, according to JPMorgan [2] - Germany has become the hottest location for IPOs in Europe, with two significant IPO transactions announced recently [2] Group 3 - The rebound of the European stock market, driven by the German market, is primarily supported by high-leverage hedge funds, bullish investors, and positive macroeconomic data [3] - Amundi SA's report indicates a shift from focusing on U.S. assets to betting on European and emerging market trends due to uncertainties in U.S. government policies [3] Group 4 - The term "MEGA" (Make Europe Great Again) has resurfaced, reflecting increased investor interest in European financial markets and significant capital inflows into European stocks [4] - European defense stocks have seen substantial price increases, making them the biggest winners in the European and global stock markets this year [4] - The surge in stock prices for defense companies, including Rheinmetall, indicates a strong market trend for companies associated with defense and military production in Europe [4]

宣言承诺，构建物流、商贸、产业协同发展的现代化体系，全面提升中非经贸株洲陆港的服务能力。加强物流体 系升级，建设"通道+枢纽+网络"的现代物流运行体系，打造贯通中国内陆、联通非洲大陆的物流主通道。加强商 贸体系创新，推动中非货品双向流通，形成中非优品贸易生态圈。加强产业体系融合，将中非经贸株洲陆港建成 具有全球优势的中非合作枢纽与产业聚集高地。 6月13日，在湖南省株洲市举办的2025中非经贸株洲陆港合作交流活动上，发布了2025中非经贸株洲陆港合作宣 言。 宣言指出，株洲市作为中国内陆地区重要铁路运输交通枢纽，经过三年多来的努力，已经率先建立中国内陆直通 非洲大陆的货物运输大通道，为中非经贸深化发展奠定重要基础。推动基础设施联通、经济贸易畅通、产业发展 融通，致力打造中非经贸株洲陆港，是服务和融入中非共建"一带一路"、助力中非经贸深度合作先行区建设、构 建中非命运共同体的重大举措。 宣言坚信，中非经贸株洲陆港作为"一带一路"对非合作新支点，必将有力推动中非双方更高水平开放，有力服务 中非经贸深度融合，让更多"中国制造"更便捷地走进非洲市场，让更多"非洲好物"更高效地惠及中国消费者，实 现双向赋能、互利共赢。 ...

以下文章来源于底线思维 ，作者王世纯 底线思维 . 观察者网时评专栏 本文来自微信公众号： 底线思维 （ID：dixiansiwei） ，作者 ：王世纯，原文标题：《伊朗会是第 二个阿萨德叙利亚吗？》，头图来自：视觉中国（图为当地时间2025年6月13日，伊朗德黑兰，以色 列袭击伊朗首都后，消防员和民众在一处居民区清理爆炸现场） 本周最大的军事新闻，无疑是以色列对伊朗的成功袭击。6月13日，以色列战机空袭了伊朗首都德黑 兰的多个高级军官和核科学家住所、伊朗城市皮兰沙赫尔的战略导弹基地、哈马丹和纳坦兹铀浓缩设 施等数十个目标，取得丰硕战果。目前，以军的空袭仍在继续，开源消息证实伊朗遭受了重大物质损 失和人员损失。多名伊朗高级官员被以色列的空袭消灭。 伊朗中央决策层遭受一轮重创 到笔者完稿之时，伊朗官方媒体已经证实多名高级指挥官和科学家死亡，死亡的高级官员包括但不限 于伊朗伊斯兰革命卫队总司令侯赛因·萨拉米、伊朗伊斯兰革命卫队中央司令官员古拉姆·阿里·拉希 德、伊朗原子能组织前负责人费雷杜恩·阿巴斯和伊朗核科学家穆罕默德·迈赫迪·德黑兰奇等。 在一众身亡的高级官员之中，最大的损失则是总参谋长穆罕默德·巴盖里少将和 ...

中国交通建设股份有限公司董事会 证券代码：601800 证券简称：中国交建 公告编号：临 2025-032 中国交通建设股份有限公司 关于回购注销部分限制性股票减资暨通知债权人的公告 中国交通建设股份有限公司（简称本公司或公司）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。 一、 通知债权人的原因 公司于 2025 年 6 月 13 日召开第五届董事会第五十次会议审议通过了《关于 回购注销中国交建 2022 年限制性股票激励计划部分限制性股票的议案》，第五 届董事会薪酬与考核委员会第七次会议对《关于回购注销中国交建 2022 年限制 性股票激励计划部分限制性股票的议案》发表核查意见。 根据《上市公司股权激励管理办法》及《中国交通建设股份有限公司 2022 年限制性股票激励计划》的相关规定，公司 2022 年限制性股票激励计划首次和 预留授予的激励对象中 48 人出现因组织安排调离公司且不在公司任职、达到法 定退休年龄正常退休、在劳动合同期内主动提出辞职、2023 年度绩效考核结果 为 C 级或 D 级、违法违纪等情形，董事会审议决 ...