Group 1 - The core point of the article is that *ST Tianlong held its 11th meeting of the 6th Board of Directors on August 24, 2025, via teleconference to review the company's 2025 semi-annual report and its summary [1] - For the year 2024, *ST Tianlong's revenue composition is entirely from the construction industry, with a 100.0% share [1]

Group 1 - The article emphasizes the importance of major engineering projects in stabilizing and promoting the real estate market, as highlighted in the State Council meeting on August 18 [3] - The government aims to enhance the effectiveness of macro policies, respond to market concerns, and stabilize market expectations through targeted measures [3] - There is a focus on increasing effective investment and promoting private investment, alongside the construction of a unified national market to leverage market dividends [3] Group 2 - The State Council issued guidelines for the construction and operation of existing PPP projects, advocating for a classified and graded approach to project management [4] - The guidelines stress the importance of ensuring the smooth construction of ongoing projects and prioritizing those with certain returns, while also addressing slow-moving projects through optimization [4] - Financial institutions are encouraged to support ongoing projects in a market-oriented and lawful manner [4] Group 3 - For operational projects, the article highlights the need for legal compliance in payment and enhanced project operation supervision to achieve cost reduction and efficiency [5] - Local governments are urged to manage government expenditure responsibilities according to contracts and to utilize various funding sources for PPP project costs [5] - The article encourages equal communication and mutual benefits among social capital, financial institutions, and government entities to optimize project implementation [5] Group 4 - The State Council approved the overall plan for the "Three North" project, which aims to integrate ecological protection and economic development [6] - The plan emphasizes the need for coordinated planning and the implementation of supportive policies to foster local industries [6]

Core Insights - The report highlights a structural price recovery in the context of anti-involution, with significant price movements observed across various sectors, particularly in upstream coal, midstream agriculture, and downstream chemicals [1][2][3] - A total of 49 major products were tracked, with 19 experiencing price increases, 28 seeing declines, and 2 remaining stable as of early August 2025, indicating a clear divergence in price trends across different industries [1][2] Price Tracking of Key Production Materials - As of early August 2025, prices for key production materials showed a mixed trend, with notable increases in upstream coal products and certain chemicals, while black metals and construction materials continued to face downward pressure due to weak downstream demand [1][2] - Year-on-year data indicates that industrial prices are still in a downward trend, but the rate of decline is stabilizing, with some sectors like steel and certain chemicals beginning to recover [1][2][3] Price Changes Across Industry Chains - Recent data indicates that upstream industries remain weak, with coal prices declining by 6% to 7%, while midstream sectors show signs of recovery, with indices for bulk commodities and shipping improving [2][3] - Downstream sectors are under pressure, particularly in real estate and traditional medicine, while food prices remain stable with slight declines in certain agricultural products [2][3] Industry Price Sentiment Tracking - The report analyzes price differentials across the supply chain, revealing that upstream resource prices are generally weak but exhibit significant differentiation, with precious metals and some non-ferrous metals performing well [3] - The midstream bulk commodity index has shown signs of recovery, while the construction materials sector continues to struggle, reflecting ongoing challenges in the real estate market [3]

Group 1 - The company, Black Peony (SH 600510), announced a financing plan where its subsidiary, Green Capital Real Estate, intends to apply for a financing limit of up to RMB 600 million from financial institutions [1] - The company will provide a joint liability guarantee for a loan of up to RMB 306 million based on its 51% stake in Green Capital Real Estate, while New Town Holdings will provide a guarantee for up to RMB 294 million based on its 49% stake [1] - Green Capital Real Estate will use land use rights and ongoing construction projects as collateral for the financing, with a guarantee period of no more than 25 years [1] Group 2 - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to approximately RMB 3.894 billion, accounting for 37.55% of the company's latest audited net assets [2] - The revenue composition for Black Peony in 2024 is as follows: Real estate industry 48.69%, construction industry 31.34%, textile industry 17.35%, other industries 1.33%, and other businesses 1.29% [2] - The company's market capitalization is currently valued at RMB 7.5 billion [3]

公告称，收益增加主要由于来自一般楼宇业务的收益增加1.29亿港元，以及来自土木工程业务的收益增 加约2.18亿港元的综合影响。 智通财经APP讯，新福港(01447)公布2025年中期业绩，收益约23.19亿港元，同比增长16.76%;公司权益 股东应占溢利829.4万港元，同比减少29.48%;每股盈利2.07港仙。 ...

Core Viewpoint - China State Construction International (03311) announced that unclaimed dividends from the 2018 final and 2019 interim periods will be forfeited and returned to the company on September 8, 2025 [1] Summary by Relevant Sections - **Company Announcement** - The company has issued a notice regarding the unclaimed dividends from the 2018 and 2019 fiscal years [1]

Summary of Key Points Core Viewpoint - China State Construction International (03311.HK) announced that unclaimed dividends will be forfeited and returned to the company on September 8, 2025 [1] Dividend Details - The following unclaimed dividends are subject to forfeiture: - 2018 Final Dividend: Declared on March 22, 2019, at HKD 0.12 per share [1] - 2019 Interim Dividend: Declared on August 23, 2019, at HKD 0.16 per share [1]

Group 1 - The core viewpoint emphasizes the importance of intelligent construction in Guangdong's building industry as a means to drive transformation and high-quality development [1][2] - Guangdong has cultivated 42 provincial-level intelligent construction pilot projects and has 55 practices included in a replicable list by the Ministry of Housing and Urban-Rural Development, maintaining a leading position in the country [1] - The provincial government aims to create a refined management system for the entire construction process, focusing on building high-quality, safe, comfortable, and green smart residences [1] Group 2 - The digital transformation of the construction industry is seen as an inevitable trend, with Guangdong positioned as a leader in industry scale, engineering quality, and technology [2] - A significant challenge in the industry is the mindset shift among construction professionals who are resistant to change, preferring traditional methods [2] - Recommendations include promoting integrated design and construction through product thinking and merging intelligent construction with industrialized building to achieve high-quality development [2]

Group 1 - The U.S. Vice President stated that new sanctions against Russia to pressure it to end the Ukraine conflict are "not impossible" and that the U.S. will continue to support Ukraine without deploying ground troops [2] - Russian Foreign Minister Lavrov indicated that President Putin is willing to meet with President Zelensky, but only if the meeting is expected to yield results, citing legal legitimacy issues regarding Zelensky's position [3] - Canada is considering sending ground troops to Ukraine, with a new $500 million aid package focused on drone production as a key outcome of discussions between Canadian Prime Minister and Ukrainian President [9] Group 2 - The U.S. government has become the largest shareholder of Intel by investing $8.9 billion to acquire 9.9% of the company's shares, which is expected to strengthen the U.S. position in the semiconductor industry [14][15] - The recent increase in express delivery fees in multiple regions, particularly in Guangdong and Zhejiang, is attributed to the need to address "involution" in the industry, with costs expected to rise for e-commerce businesses [12][13] Group 3 - China Evergrande announced that it will lose its listing status on August 25 due to failure to meet the requirements set by the stock exchange, with the last trading day being August 22 [27] - Nvidia is set to unveil a new humanoid robot "brain" and has partnered with several Chinese humanoid robot companies, indicating a significant advancement in robotics technology [28][30][36]

Market News - The Shanghai Cooperation Organization summit will be held in Tianjin from August 31 to September 1, 2025, with national leaders presiding over the meeting [2] - China's official PMI data for August will be released on August 31, with July's manufacturing PMI at 49.3%, a decrease of 0.4 percentage points from the previous month [3] - Federal Reserve Chairman Jerome Powell hinted at a possible interest rate cut in September during the global central bank annual meeting [4] - The MSCI China Index will undergo adjustments on August 26, adding 14 new stocks and removing 17 [5] - The People's Bank of China will conduct a 600 billion MLF operation on August 25 to maintain liquidity in the banking system [7] - The U.S. will release the revised GDP for Q2, initially reported at 3%, which significantly exceeded market expectations [8] Sector Matters - The construction of computing power platforms in China is accelerating, with 10 provinces and cities already connected, and a projected growth of over 40% in smart computing power by 2025 [14] - The Ministry of Industry and Information Technology announced total quantity control for rare earth product smelting and separation to strengthen management [15] - Three departments have drafted rules to regulate pricing behavior on internet platforms, open for public consultation until September 22, 2025 [16] - A new round of domestic refined oil price adjustments is expected to lower prices by 235 yuan per ton, saving consumers 9-10.5 yuan for a full tank of gasoline [17] Individual Company News - China Railway is investigating the cause of a construction accident at the Qianzhai Yellow River Bridge [21] - Gree Electric Appliances plans to issue H shares and list on the Hong Kong Stock Exchange [21] - Jingwang Electronics plans to invest 5 billion yuan in expanding its base in Zhuhai, focusing on AI computing power and other high-growth areas [21] - Xiyang Co. reported a net profit of 1.062 billion yuan in the first half of the year, a year-on-year increase of 32.76% [21] - Jintai Aluminum's net profit for the first half of the year was 358 million yuan, up 3.95% year-on-year [21] - Yuchip Technology's net profit increased by 123.19% year-on-year, proposing a dividend of 1 yuan per share [21] - Chongqing Construction reported a net loss of 249 million yuan in the first half of the year, widening from the previous year [21] Lock-up Expiration - A total of 36 companies will have lock-up shares released this week, amounting to 5.066 billion shares with a total market value of 92.315 billion yuan based on the closing price on August 22 [23] - The peak of lock-up expirations will occur on August 28, with seven companies releasing shares worth a total of 35.608 billion yuan, accounting for 38.57% of the week's total [23] New Stock Calendar - Huaxin Precision will be available for subscription on August 25 [28] Institutional Outlook - CITIC Securities noted that the current market rally is primarily driven by high-net-worth individuals and corporate clients rather than retail investors [31] - The focus remains on resources, innovative pharmaceuticals, gaming, and military industries, with increasing attention on chemicals and consumer electronics [32] - Zheshang Securities maintains a "systematic slow bull" perspective, suggesting a balanced allocation between large financials and technology sectors [33]