Core Viewpoint - The company Shanghai Tunnel Engineering Co., Ltd. (隧道股份) announced that its controlling shareholder, Shanghai Urban Construction (Group) Co., Ltd., will increase its stake in the company by purchasing 21.8283 million A-shares, representing 0.6943% of the total share capital, for a total investment of RMB 132 million [1] Summary by Categories Shareholding Increase - The controlling shareholder plans to conduct the share purchase from May 16 to May 22, 2025, through centralized bidding on the Shanghai Stock Exchange [1] - The total number of shares to be acquired is 21.8283 million, which constitutes 0.6943% of the company's total share capital [1] Funding Sources - The funds for this share purchase will come from the controlling shareholder's own funds and self-raised funds [1] - The self-raised funds include a loan of up to RMB 450 million from Industrial and Commercial Bank of China [1]

Core Viewpoint - The central government emphasizes the importance of high-standard farmland construction for ensuring national food security, marking the 14th consecutive year of this focus [1] Group 1: Company Initiatives - Since 2012, the company has actively participated in high-standard farmland construction, successfully building over 200,000 acres of high-standard farmland across various regions including Xinjiang, Qinghai, Jilin, Ningxia, and Shaanxi [1][3] - The company employs standardized, technological, and systematic methods to address challenges in farmland utilization, contributing significantly to agricultural productivity and food security [1] Group 2: Project Achievements - In Xinjiang, the company transformed 22,000 acres of desert into high-standard farmland, achieving a yield of 400 kilograms per acre for oil sand beans in 2024, totaling 8.8 million kilograms [2] - In Jilin Province, over 10,000 acres of saline-alkali land were converted into productive farmland, yielding 900,000 kilograms of rice in 2023, demonstrating effective ecological management and increased food production [2] - In the Qinba Mountains of Shaanxi, the company integrated 90,000 acres of fragmented farmland into high-standard farmland, improving the average soil quality rating from 7.143 to 5.821, exceeding the requirement of a minimum increase of 0.5 [2]

在吉林省大安市，陕建华山建设集团承接了首个盐碱地改造项目。面对严寒和复杂的施工条件，项目团队立下军令状，决心在短短半年内完成任务。他们克 服了低温、运输困难、施工面分散等诸多挑战，通过科学的田块规划、土地平整、灌溉设施建设等一系列措施，成功将万余亩盐碱地改造为良田。2023年， 这片土地实现了当年种植当年收获，年产水稻达90万公斤，不仅实现了生态治理，还显著提升了粮食产量。 项目团队每天天不亮就带着测量仪器和干粮出门，顶着零下二十多度的严寒进行红线确认和地面复测工作。由于工区离项目部有40多公里，工人们在野外一 忙就是一天，手脚被冻伤是常事。每年4月土地解冻后，大型运输车辆无法进入，建设团队必须赶在解冻前将20万方山皮石运到工作面附近，作为田间道路 路基的主要材料。山皮石从300公里外的内蒙古山区购买，运输路途遥远，工人们常常天黑回到项目部才能吃上热饭。夜间收料时，大家更是通宵达旦地忙 碌。 今年中央一号文件再次强调"保障国家粮食安全的根本在耕地，建设高标准农田是一个重要抓手"，这是中央连续第14年提出高质量推进高标准农田建设的要 求。自2012年起，陕建股份（600248）(以下简称"陕建")积极参与高标准 ...

Core Viewpoint - Ningbo Construction Co., Ltd. is increasing its impairment compensation commitment in a transaction to acquire 100% equity of Ningbo Transportation Engineering Construction Group Co., Ltd. through a share issuance [1][2]. Summary by Sections Transaction Details - The company plans to purchase 100% equity of the target company through a share issuance [1]. - A supplementary agreement regarding the impairment compensation commitment was signed on May 19, 2025, to adjust the impairment testing and compensation scheme [2]. Impairment Compensation Agreement - The agreement stipulates that if any asset group undergoes impairment during the testing period, the counterparty (Ningbo Transportation Investment Group) must compensate the company based on the impairment amount [2][3]. - Compensation can be made in shares or cash, with specific formulas provided for calculating the compensation amount [3][4]. Adjustments and Compliance - The adjustments made to the impairment compensation commitment do not constitute a significant change to the restructuring plan, as they do not alter the transaction objects, transaction targets, or transaction prices [5]. - The independent financial advisor confirmed that the adjustments are in line with regulatory guidelines and do not harm the company's interests [6].

Core Viewpoint - The controlling shareholder, Chengjian Group, plans to increase its stake in Tunnel Corporation (600820) by investing between 250 million to 500 million yuan, representing up to 2% of the total share capital, by May 15, 2026 [1] Summary by Relevant Sections - **Shareholding Increase Plan** - Chengjian Group intends to acquire shares through various methods including centralized bidding, block trading, and asset management plans [1] - The total investment amount will not be less than 250 million yuan and not exceed 500 million yuan [1] - The increase in shareholding will not trigger a mandatory tender offer and will not change the controlling shareholder or actual controller of the company [1] - **Funding Sources** - The funds for this share acquisition will come from the group's own funds and/or self-raised funds [1] - **Market Conditions and Risks** - The implementation of the shareholding increase plan may be affected by changes in capital market conditions or other risk factors [1]

Core Viewpoint - The legal opinion letter issued by Zhejiang Tiance Law Firm confirms the legality and validity of the procedures, qualifications of attendees, and voting results for the 2024 annual general meeting of Tengda Construction Group Co., Ltd [1][6]. Group 1: Meeting Procedures - The annual general meeting was proposed and convened by the board of directors, with the notice published on April 19, 2025 [2]. - The meeting will be held on May 9, 2025, at 14:00 at Xindu International Hotel, Taizhou, Zhejiang Province, and will combine on-site and online voting [2][3]. - The online voting will occur from 9:15 to 9:25, 9:30 to 11:30, and 13:00 to 15:00 on the same day [3]. Group 2: Attendee Qualifications - Attendees include all registered shareholders of the company and their authorized representatives, who do not need to be shareholders themselves [4]. - A total of 15 shareholders attended the meeting in person, holding 232,172,293 shares, approximately 14.52% of the total voting shares [4]. - Additionally, 241 shareholders participated in online voting, representing 17,150,398 shares, about 1.07% of the total voting shares [4]. Group 3: Voting Procedures and Results - The voting was conducted according to legal and regulatory requirements, combining on-site and online methods, with results announced immediately [5][6]. - The voting results showed that the proposals received significant support, with approval rates ranging from 98.24% to 98.59% for various resolutions [5][6]. - The meeting did not address any matters not listed in the notice, ensuring compliance with legal and regulatory standards [6]. Group 4: Conclusion - The legal opinion concludes that the meeting's procedures, qualifications of attendees, and voting results are in accordance with relevant laws and the company's articles of association, confirming their legality and validity [6].

Core Viewpoint - Guangdong Huasui Construction Group Co., Ltd. was fined 100,000 yuan for exceeding the pH limit in wastewater discharge, violating the relevant standards set by Guangdong Province [1][2]. Group 1: Company Information - Guangdong Huasui Construction Group Co., Ltd. was penalized by the Jiangmen Ecological Environment Bureau for a pH value of 12.5 in its wastewater discharge, which exceeds the limits specified in the Guangdong Provincial Water Pollutant Discharge Standards (DB44/26-2001) [1][2]. - The fine was issued under Article 83, Section 2 of the "Water Pollution Prevention and Control Law of the People's Republic of China," which allows for fines ranging from 100,000 to 1 million yuan for such violations [3]. - The company is involved in significant infrastructure projects, including the construction of the Guifeng Mountain Tunnel, part of the Zhuhai-Zhaoqing High-Speed Railway, which is a critical engineering challenge [3]. Group 2: Regulatory Context - The Jiangmen Ecological Environment Bureau conducted inspections in February and March 2025, leading to the discovery of the pH violation [2]. - The penalty decision was based on the provisions of the "Guangdong Provincial Environmental Administrative Penalty Discretionary Power Regulations" and related local guidelines [3].

新华社达累斯萨拉姆5月4日电 记者手记｜走访中国首个援外地质公园项目 新华社记者金正 华洪立 位于坦桑尼亚北部的恩戈罗恩戈罗火山口因其相对封闭的生态系统而享有"非洲伊甸园"的美誉。"死火山会'活'过来吗""火山口内的水从哪里 来"……浏览火山口观景平台旁的解说牌，记者发现，除了有坦桑尼亚官方语言斯瓦希里语和英语介绍，牌上还印着中文介绍和"中国援助"标识。 关键时刻，中国伸出了援手！援坦桑尼亚恩戈罗恩戈罗－伦盖地质公园项目于2023年6月正式启动，由中国商务部国际经济合作事务局组织实施并 监督管理。项目包括技术援助和基础设施援助两部分，分别由中国地质调查局天津地质调查中心和中铁二十五局承担。 这是4月26日在坦桑尼亚阿鲁沙拍摄的恩戈罗恩戈罗－伦盖地质公园博物馆施工现场（无人机照片）。新华社记者 李亚辉 摄 这是4月26日在坦桑尼亚阿鲁沙拍摄的恩戈罗恩戈罗－伦盖地质公园博物馆施工现场（无人机照片）。新华社记者 李亚辉 摄 站在火山口一处新建的观景平台俯瞰，广袤的谷底恰似一幅徐徐展开的自然画卷：在雨后的蓝天白云映衬下，澄澈的湖泊宛若宝石般镶嵌在草原 上；成群的角马、斑马与羚羊等野生动物化作一个个黑点，如同律动的音符 ...

PMI 虽有回落，政策积极发力 [Table_Authors] 侯欢(分析师) ——4 月全国 PMI 数据解读 本报告导读： 外部冲击影响加大，4 月 PMI 边际回落。接下来，或加力推动既定政策 落地见效，通过增强内需主动力作用应对外部不确定性。 投资要点： 登记编号 S0880525040074 证 券 研 究 报 告 宏观研究 /[Table_Date] 2025.04.30 2025-05-02 请务必阅读正文之后的免责条款部分 宏 观 研 究 宏 观 题 021-38676666 梁中华(分析师) 021-38676666 登记编号 S0880525040019 [Table_Summary] 2025 年 4 月，制造业 PMI 为 49.0%，比上月下降 1.5 个百分点；服 务业商务活动指数为 50.1%，比上月下降 0.2 个百分点；建筑业商务 活动指数为 51.9%，比上月下降 1.5 个百分点。 关税扰动，制造业 PMI 边际回落。制造业 PMI 由升转降，主因贸易 摩擦导致的外部环境急剧变化。不过，以内销为主的制造业经营相 对稳定，对 PMI 有所支撑。考虑到国内积极政策节奏加快，我 ...

广发证券 资深宏观分析师 王丹 bjwangdan@ gf.com.cn 广发宏观郭磊团队 摘要 第一， 4月制造业PMI环比下行1.5个点至49.0，环比降幅明显大于2014年以来季节性均值的0.8个点。中观景气面同步放缓，位于扩张区间的行业个数由前值 的8个减少至5个。前期公布的EPMI、BCI指数和PMI指向一致，可以相互印证，显示外需的影响在初步形成。 第二， 从分项指标看，从出口订单向生产、价格、就业的传递链条较为清晰。（1）出口订单环比下行4.3个点至44.7，绝对景气水平为过去10年仅好于2020 和2022年4月的偏低水平，显示了关税落地对外需的影响；（2）企业生产量指标4月环比下降2.8个点，且代表企业未来生产意愿的采购指标环比下降5.5个 点，是所有分项指标中环比降幅最大的，显示了企业在外部冲击下主动调整当期和未来生产的表现；（3）购进和出厂价格环比分别下降2.8和3.1个点，尤其是 出厂价格环比降幅创下过去8个月新低，3月PPI环比已经下降0.4个点的背景下，输入性价格下跌过程尚未结束；（4）雇员指标环比下降0.3个点，这一指标已 经环比连续2个月放缓。 第三， 哪些行业相对来说受影响较 ...