丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 票息为盾，提前"卡位"利差压缩行情 报告要点 [Table_Summary] 当前债市震荡环境下应优先布局高票息资产获取确定性收益，同时为 7 月理财季节性进场驱动 的利差压缩行情提前蓄力。多空因素交织导致信用利差被动走阔，投资者需在票息保护下把握 定价偏差机会：短期聚焦城投、央国企地产等高票息品种，负债稳定型资金可拉长久期；7 月 理财进场窗口需重点关注中西部城投、央国企地产债及银行二级资本债等结构性机会，利用当 前市场分歧布局超调品种。央行流动性呵护与季节性资金缺口等因素共同作用下，利率波动或 持续，票息策略成为震荡市最优解。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 票息为盾，提前"卡位"利差压缩行情 [Table_Summa] 在债市震荡、信用利差被动走阔的背景下，当前应优先 ...

欢迎扫描下方二维码关注： 申税小微，我们是一家北京的企业，最近在上海招投标了一个建筑工程，请问我 的环境保护税应如何申报缴纳呢？是不是一定需要去办税服务厅办理？ 功能节点 【企业业务登录】—【财产和行为税税源采集及合并申报】。 第一步：环境保护税税源采集 1.点击新增税种，勾选环境保护税，点击【确定】—【税源采集】。 不需要啦！外省市纳税人在本市建筑施工产生扬尘，现在可以通过全国统一规范 电子税务局办理环境保护税申报缴纳的业务啦！ 2.进入【税源明细表】，填写基本信息后，点击【新增税源】。 第二步：计算税额并申报 1.勾选采集好的税源信息，点击【申报计算】进入申报页面。 填写【环境保护税税源信息】并保存。 | 全国统一规范电子税务局 © 上海 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | ← 返回 首页 > 财产和行为税税额采集及合并申报 >环球保护税税2股8提款 | | | | | | | | 联演编号 新增 即鄭国向太原花 无排污许可证排口 | | V | *排放口编号 | 测试1 | | < | | 2025-01 球放口名称/唱 ...

张园中区施工难度最大的区域，是采用原位顶升托换技术的7栋老建筑，其中最知名的就是始建于1928 年的"张园大客堂"。上世纪40年代，这里曾是向许多有志青年开展爱国主义和革命理想教育的"树群夜 校"。在桩基阶段，二建集团通过研发的迷你"坦克"——自行走低净空钻孔灌注桩桩机、自行走MJS旋 喷桩桩机，在老建筑内大显身手。它们由无线遥控器控制行走、折叠、转向，自由进出门洞，在房屋内 打下一排排工程桩。 章谊介绍，为了满足超低净空的施工条件，团队专门定制生产了小型挖土机器人，采用折叠式机械臂和 底盘集成设计，融合履带—轮式复合驱动技术，能在宽度不足1.2米的石库门里弄巷道内自主转向移 动。基于深度学习算法，挖土机器人还可准确区分黏土与障碍物，实现智能清障和路径规划。 上海静安置业集团副总经理陈汝俭介绍，此次张园地下三层空间开发深15米，可释放5.3万平方米空 间，将综合设置商业、文化、地下停车等设施，并实现轨道交通2、12、13号线南京西路站内换乘。待 张园整体开放后，将实现整个街区地上、地下空间的贯通及与周边楼栋、商场、街区的互联互通，形成 重历史文化、强沉浸体验的城市更新案例。 （文章来源：人民日报） 432个小 ...

Core Viewpoint - The company, Xizang Tianlu Co., Ltd., is facing challenges in its cement and construction business due to high costs and competitive pressures, leading to ongoing losses despite some improvements in profitability metrics [4][8][13]. Company Overview - Xizang Tianlu is a leading cement producer in the Tibet Autonomous Region, maintaining a significant market share and brand recognition [3][7]. - The company has a strong relationship with its major shareholder, Tibet Construction Group, which provides financial support and favorable financing conditions [4][5]. Financial Performance - The company reported a revenue decline of 23.40% in 2024, primarily due to a significant drop in construction business income, which fell by 43.24% [12][13]. - Despite a decrease in sales volume, the profitability of the cement business improved due to a larger decline in coal procurement prices compared to cement prices [8][9]. - The overall gross profit margin for the company was 0.52% in 2024, reflecting the impact of seasonal demand fluctuations and cost pressures [13]. Market Environment - The cement industry is experiencing a downturn, with a 10.30% year-on-year decline in real estate investment in 2024, which is a major driver of cement demand [9][10]. - Infrastructure investment growth remains positive, but the overall cement demand is projected to decrease by 9.50% due to weak performance in the real estate sector [9][10]. - The company’s operations are heavily influenced by regional market conditions, with significant reliance on infrastructure projects in Tibet [10][11]. Future Outlook - The company is expected to maintain its credit quality in the near term, but potential downgrades could occur if operational challenges persist [4][9]. - There is optimism for a recovery in cement demand in 2025, supported by government policies and infrastructure investments, although competition remains fierce [9][10].

6月10日，随着最后一根钢梁焊接完成，丽泽数字金融科技示范园项目，首栋5A超甲级写字楼实现封 顶，全球新兴数字金融高地正在由规划蓝图转为现实。新京报记者从施工现场获悉，预计今年11月，丽 泽数字金融科技示范园主体结构实现全部封顶。项目建成后，将成为集行政公寓、高端写字楼、自持旗 舰商业三大核心业态于一体的综合性金融科技产业园区。 智能建造机器人组成"钢铁战队" "起钩！"上午10点30分，随着一声指令，丽泽数字金融科技示范园首栋写字楼，最后一根钢梁缓缓上 升，被精准吊运至楼顶预定位置。 BIM数字化施工技术，也给钢结构施工带来诸多便捷。冯有忠介绍，在25号楼外部钢结构中有26根斜支 撑，在两侧柱体和斜牛腿安装好后，斜支撑的安装焊接需要克服牛腿倾斜角度及施工误差带来的拼装难 题，通过BIM+点云的数字化施工技术，可以实现虚拟施工，提前预判施工偏差，优化技术方案。原本 需要用塔吊反复调整才能得到的最优技术方案，现在通过鼠标操作模型就能完成。 作为丽泽金融商务区南区最后一块经营性用地，丽泽数字金融科技示范园总建面约50万平方米，总投资 140亿元，涵盖高端写字楼、行政公寓、自持商业三大业态。首栋写字楼封顶，预示一个 ...

机构预计，进入6月份，宏观和政策层面暂没有较强预期，中美贸易关系也暂时维持现状，而供需方面 来看，中高考、高温、雨季天气来临等因素会影响部分需求，因此终端需求会有一定的转弱，预计6月 份建材消费环比下降3%左右。 (我的钢铁) ...

建筑装饰 三峡水运新通道项目启动，哪些标的有望受益？ 证券研究报告 | 行业周报 gszqdatemark 2025 06 08 年 月 日 三峡水运新通道项目启动设计招标，项目建设有望加快推进。本周中国三 峡电子采购平台发布《三峡水运新通道项目勘察设计招标公告》，项目位 于湖北省宜昌市，招标人为中国三峡建工（集团）有限公司。三峡水运新 通道项目可研阶段静态总投资约 766 亿元、总工期 100 个月（不含筹建期 12 个月），项目建设内容包含三峡枢纽新通道工程和葛洲坝航运扩能工程 两部分：1）三峡枢纽新通道：位于现有三峡船闸北侧，采用双线五级船闸 方案，线路总长 6680 米，通航吨级 10000 吨；2）葛洲坝航运扩能：拆除 既有三号船闸，新建两线船闸，闸室尺寸 280m×40m×8m，通航吨级 10000 吨。项目勘察设计已由项目审批机关批准，资金来源已落实。建设 三峡水运新通道是落实国家重大战略的政治任务，为区域经济发展提供重 要支撑，4 月交通运输部综合规划司在例行新闻发布会上表示项目力争年 内开工建设，后续建设有望加快推进。 三峡水运新通道项目将带动施工、民爆、水泥等需求释放，相关产业链龙 头及区 ...

证券研究报告·固定收益·固收点评 固收点评 20250607 绿色债券周度数据跟踪 （20250602-20250606） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20250602-20250606）银行间市场及交易所市场共新发行绿色债券 10 只，合计发行规模约 95.70 亿元，较上周减少 124.36 亿元。发行年限 多为 3 年；发行人性质为地方国有企业、其他企业、国有企业、央企子 公司；主体评级多为 AAA、AA 级；发行人地域为上海市、安徽省、北 京市、广东省、河北省、江苏省、山东省、天津市；发行债券种类为中 期票据、交易商协会 ABN、企业 ABS、超短期融资券、科创债、私募 公司债。 ◼ 二级市场成交情况： 本周（20250602-20250606）绿色债券周成交额合计 531 亿元，较上周减 少 81 亿元。分债券种类来看，成交量前三为非金公司信用债、金融机 构债和利率债，分别为 281 亿元、171 亿元和 60 亿元；分发行期限来 看，3Y 以下绿色债券成交量最高，占比约 80.30%，市场热度持续；分 发行主体行业来看，成交量前三的行 ...

Group 1 - The Shenzhen Opera House project, located in Nanshan District, has entered the main steel structure construction phase with the successful completion of its first steel lifting [1] - The project is part of Shenzhen's "Top Ten Cultural Facilities of the New Era," covering a total construction area of approximately 211,500 square meters, including various performance venues and public service areas [1] - The project aims to become a new landmark for arts and culture in Shenzhen [1] Group 2 - Shenzhen has arranged a total of 798 major projects for 2025, with a total investment of approximately 3.2 trillion yuan, including 679 construction projects and an annual planned investment of 307.64 billion yuan [2] - From January to April, the cumulative investment in major projects reached 109.92 billion yuan, achieving an investment progress of 35.7% [2] Group 3 - The application of new materials, technologies, and processes has enabled major projects to be constructed more efficiently [5] - The total steel usage for the Shenzhen Opera House project is expected to reach 43,600 tons, utilizing Q690GJC steel, which is the first large-scale application of this material in the country [5] - This high-strength steel has double the yield strength of conventional steel, reducing material consumption by over 40% and aligning with modern green building standards [5] Group 4 - Shenzhen has initiated a new round of major project plan expansion to enhance effective investment and support high-quality growth in fixed asset investment [7] - The new projects must align with Shenzhen's industrial development orientation and have a significant impact on the local economy [7] - Major projects are categorized into construction projects and preliminary projects, with specific investment thresholds for different categories [8]

Core Viewpoint - China Chemical's subsidiary, Gangchen Company, has achieved significant innovation by obtaining three core technology patents, reinforcing its leading position in the construction industry [2][3] Group 1: Patent Achievements - Gangchen Company has received authorization for three key technologies: "Concrete Pile Pouring Device," "No-Formwork System for Post-Pouring," and "Anti-Floating Device for Reinforcement Cages," bringing its total authorized patents to 10 [2] - The newly approved patents focus on intelligent construction and optimization of construction processes, enhancing efficiency and safety in engineering projects [2] Group 2: Innovation Strategy - As a national high-tech enterprise, Gangchen Company emphasizes technological innovation as the core engine for high-quality development, investing in research funding and improving innovation incentive mechanisms [2] - The company aims to deepen its innovation strategy by focusing on digital construction and intelligent construction equipment, enhancing project management and industry efficiency through technology [3]