当前欧元区经济运行亦受到外部因素影响。自2025年4月起，美国新一轮关税政策正式实施，对欧洲汽 车、钢铁、铝等行业形成压力。尽管随后美欧双方围绕关税议题展开谈判，并于上周末达成初步贸易框 架协议，部分商品获得关税豁免，汽车关税回落至基准水平，但贸易政策的不确定性依然是制约投资与 生产的重要因素。 数据显示，欧元区多国经济增长分化明显。西班牙（+0.7%）、葡萄牙（+0.6%）和爱沙尼亚（+0.5%） 环比增长领跑。相比之下，德国和意大利GDP均小幅下滑0.1%。 欧盟统计局表示，此次发布的数据为初步估值，后续将在8月14日公布修正值。 德国联邦统计局当天早些时候发布的数据显示，2025年第二季度德国经济环比萎缩0.1%，符合市场预 期。该数据较第一季度修正后的0.3%增长相比明显放缓。 资讯编辑：沈一冰 021-26093395 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 欧盟统计局30日公布的初步数据显示，2025年第二季度，欧元区国内生产总值（GDP）环比增长 0.1%，好于此前"持平"的市场预期。欧盟整体GDP则环比增长0.2%。 德国联邦统计局指出，机械设备 ...

Group 1 - The core viewpoint of the article highlights the efforts of the Jiangsu Hai'an service team in addressing the issue of overdue project payments for local construction companies in Shaanxi [1] - The service team has provided judicial support nearly 500 times and resolved 169 legal cases related to construction enterprises over the past three years [1] - The team was formed by selecting experienced personnel and retired officials from legal departments to offer legal services focused on construction projects, labor disputes, and financial lending issues [1] Group 2 - This year, Hai'an established a sub-association of the municipal law society dedicated to protecting corporate rights, which has coordinated the resolution of 36 enterprise-related cases since its inception [1] - The sub-association has successfully helped enterprises recover over 90 million yuan in economic losses [1]

Group 1: Core Business Performance - In Q2 2025, the company signed a total of 52 new construction projects with a total contract value of RMB 327,784.44 million, representing a 1.89% decrease in project quantity and a 22.53% decrease in project value compared to the same period last year [1] - For the first half of 2025, the company signed a total of 112 new construction projects with a total contract value of RMB 859,962.89 million, showing a 19.15% increase in project quantity but a 14.60% decrease in project value year-on-year [1] Group 2: Service Sector Performance - In Q2 2025, the company signed a total of 199 new surveying and design consulting projects with a total contract value of RMB 5,087.62 million, reflecting a 19.76% decrease in project quantity and a 13.86% decrease in project value compared to the same period last year [2] - For the first half of 2025, the company signed a total of 284 new surveying and design consulting projects with a total contract value of RMB 8,466.22 million, indicating a 31.40% decrease in project quantity and a significant 53.86% decrease in project value year-on-year [2] Group 3: Project Execution Status - As of the end of Q2 2025, the company has no major projects signed but not yet executed [3]

证券代码：603388 证券简称：*ST 元成 公告编号：2025-077 元成环境股份有限公司 本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。 合计金额为人民币 3,975.55 万元，上述合同均在执行中。 特此公告。 元成环境股份有限公司董事会 元成环境股份有限公司（以下简称"公司"）根据《上海证券交易所上市公 司自律监管指引第 3 号行业信息披露：第八号——建筑》的相关规定，现将 2025 年第二季度主要经营数据（未经审计）公告如下： 一、新签项目的数量、合计金额情况 计金额为人民币 221.85 万元。新签项目合同中，规划设计合同 4 项；其他合同 二、本年累计签订项目的数量及合计金额 ...

Investment Rating - The report maintains an "Outperform" rating for the construction and building materials sector, indicating expected performance above the market index by over 10% [5][79]. Core Views - The construction and building materials sector is expected to benefit from two main themes: "infrastructure recovery" and "anti-involution," leading to significant excess returns in recent times. The Ministry of Industry and Information Technology announced a new round of growth stabilization plans for key industries, including construction materials, which is anticipated to boost infrastructure investment and order recovery in the construction sector [1][3]. - The building materials sector is experiencing a structural improvement in supply and demand, driven by the "anti-involution" trend and expectations of stable growth, which are expected to resonate positively across various sub-sectors [1][3]. Summary by Sections Cement - National cement prices fell by 0.9% last week, with declines of 10-30 yuan/ton in regions like Jilin and Hunan. High temperatures and rainfall have weakened construction demand, leading to a drop in the average shipment rate to 43%. The sector faces significant inventory pressure and ongoing price declines [2][23]. Glass - The domestic float glass market showed signs of recovery, with prices increasing due to speculative demand and replenishment from downstream buyers. Inventory levels have decreased, alleviating some pressure in certain regions. The photovoltaic glass market also saw improved trading conditions, with a slight reduction in inventory [2][41]. Fiberglass - The price of non-alkali roving remained stable, while electronic yarn prices showed slight increases. The overall market demand remains weak, with transactions primarily based on need [2][47]. Investment Recommendations - The report suggests focusing on leading companies in the cement and glass sectors, such as Conch Cement, Huaxin Cement, and Qibin Group, as well as companies benefiting from structural demand in fiberglass, like China National Materials and China Jushi. The construction sector is expected to recover in the second half of the year, with recommendations for companies like China Railway Construction and China Communications Construction [3][12].

Financial Data and Key Metrics Changes - The company reported a net debt position of negative €223 million, excluding infrastructure project companies, which does not include proceeds from the divestment of Hydro [5] - Adjusted EBITDA for the construction segment was €191 million, up 4.2% year-over-year, with an adjusted EBIT margin of 3.5%, in line with long-term targets [18][19] - Operating cash flow was negative €104 million in the first half, compared to negative €53 million in the same period last year, primarily due to a lack of advanced payments [19][24] Business Line Data and Key Metrics Changes - Highways revenues grew by 14.9% in the first half on a like-for-like basis, with adjusted EBITDA improving by 17.1%, driven by strong performance from U.S. assets [7][8] - U.S. Highways represented 88% of total highways revenues and 97% of total adjusted EBITDA, with revenue growth of 15.9% and adjusted EBITDA growth of 14% [8] - The construction segment saw revenues reach €3,453 million, a 2.6% increase year-over-year on a like-for-like basis [18] Market Data and Key Metrics Changes - Traffic improved by 5.8% in the second quarter, driven by targeted rush hour promotions, although adverse weather and construction delays impacted performance [10] - At JFK Airport, the new Terminal 1 project is 72% complete, with construction on schedule and on budget [15] - Dalaman Airport in Turkey experienced a slight traffic decline of 0.3% in the first half, influenced by lower domestic passenger volumes [17] Company Strategy and Development Direction - The company continues to focus on growth investments, divestments, and shareholder distributions, with a healthy pipeline of U.S. highways assets [30] - The strategic horizon plan is being executed, with updates on progress expected [30] - The company is optimistic about future opportunities in Poland, particularly with European funds and potential reconstruction efforts in Ukraine [97] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth prospects of North American assets, driven by increased customer segmentation and local economic growth [30] - The company anticipates limited exposure to inflation and a healthy construction order book [30] - Management noted that the competitive environment for U.S. Managed Lanes remains similar to previous years, with expectations for continued success in upcoming bids [70] Other Important Information - The company completed the acquisition of a 5.06% stake in four zero seven ETR for CAD 1.99 billion, increasing its stake from 43.23% to 48.29% [6] - Dividends from North American highways totaled €240 million in the first half, compared to €339 million in the same period last year [9] - The company issued $1.4 billion in long-term green bonds, completing the refinancing of phase A for the NTO project [16] Q&A Session Summary Question: Insights on revenue growth in I-77 and I-66 - Management attributed revenue growth to economic activity and population growth in metropolitan areas, along with the ability to adjust toll rates based on customer value [37][40] Question: Earnings from ProBio Construction - Management noted that the decline in Q2 earnings was due to additional costs related to utilizations and IT systems, with a long-term EBIT margin target of 3.5% [44] Question: Upstream dividends and shareholder returns - Management indicated that dividends from infrastructure projects are tied to asset performance, with a target of €2.2 billion in dividends for the period 2024-2026 [54] Question: Schedule 22 provision and traffic trends - Management explained that the reduction in the Schedule 22 provision was based on updated traffic data and successful promotions attracting more users during peak times [68][80] Question: ETR dividend factors and capital structure - Management confirmed that there is potential for increased dividends from ETR, with room for adjustments in capital structure for I-66 and I-407 [110]

Core Insights - The U.S. private sector job market showed unexpected growth in July, with ADP reporting an increase of 104,000 jobs, the largest since March, surpassing the market expectation of 75,000 jobs [1][4] - Despite the positive job growth, there is a notable cooling in the overall labor market, as the proportion of consumers finding it "hard to get a job" has reached a near four-and-a-half-year high, coinciding with a rising trend in initial unemployment claims [1][4] Employment Sector Analysis - The most significant feature of the July job market is sectoral differentiation, with leisure and hospitality, as well as financial activities, being the main hiring sectors, while education and health services have seen layoffs for the fourth consecutive month [4] - The construction sector added 15,000 jobs, showing an acceleration from June's 9,000 jobs; manufacturing saw a notable slowdown, adding only 7,000 jobs in July compared to 15,000 in June; trade, transportation, and utilities added 18,000 jobs, up from 14,000 in June; financial services rebounded strongly with 28,000 new jobs, reversing a loss of 14,000 in June [4] - Professional and business services improved slightly from a decline of 56,000 jobs in June, adding only 9,000 jobs in July, indicating that future trends need to be monitored [4] Economic Outlook - ADP's Chief Economist Nela Richardson noted that current hiring and wage data reflect a healthy economic state, with employers gaining confidence in consumer demand; however, private sector hiring remains significantly below last year's average levels, and companies are becoming increasingly cautious in staffing decisions amid heightened policy uncertainty [4] - Initial unemployment claims remain low, but the extended reemployment cycle for unemployed workers indicates a decline in labor market fluidity [4] - The market anticipates that the upcoming U.S. Labor Department's non-farm payroll report will show an increase of 110,000 jobs, with the unemployment rate potentially rising from 4.1% in June to 4.2% in July [5] - Salary growth remains stable, with a 4.4% year-over-year increase for retained employees and a 7% increase for job switchers; the service sector recovery is a primary driver of job growth, although education and health sectors have experienced a net loss of jobs this year [5]

元成环境股份有限公司 2025年第二季度主要经营数据的公告 证券代码：603388 证券简称：*ST 元成 公告编号：2025-077 元成环境股份有限公司（以下简称"公司"）根据《上海证券交易所上市公 司自律监管指引第 3 号行业信息披露：第八号——建筑》的相关规定，现将 2025 年第二季度主要经营数据（未经审计）公告如下： 二、本年累计签订项目的数量及合计金额 本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。 2025 年 4 月 1 日至 2025 年 6 月 30 日，公司及子公司新签项目合同 6 项，合 计金额为人民币 221.85 万元。新签项目合同中，规划设计合同 4 项；其他合同 2 项。 2025 年度公司及子公司累计签订合同 35 项（含规划设计类合同、其他合同）， 合计金额为人民币 3,975.55 万元，上述合同均在执行中。 特此公告。 元成环境股份有限公司董事会 2025 年 7 月 30 日 一、新签项目的数量、合计金额情况 ...

Core Viewpoint - 澳能建设 (01183) expects to achieve a net profit of no less than 18 million Macanese Patacas for the six months ending June 30, 2025, representing an increase of over 125% compared to the net profit of 8 million Macanese Patacas for the six months ending June 30, 2024 [1] Group 1 - The expected increase in net profit is primarily due to an increase in revenue from construction activities, attributed to the certification of significant construction projects, including a substation and a government data center in Macau [1] - Market expansion has led to an improvement in the gross profit margin of the steel structure business [1]

在各地各相关部门、电动自行车行业企业共同努力以及广大群众积极配合、支持、参与下，目前，电动自行车安全隐患全链条整治工作取得了阶段性成效。 今年上半年，全省共发生涉及电动自行车火灾23起，较去年同期的72起，大幅下降68%。全省大力推进既有小区停放充电设施建设，目前共有充电端口 121.8万个，总体配建比达到1:3.3，已达到山西省规定的最低配建比要求。通过"以旧换新＋报废回收"双重措施，52.6万名消费者参与，共以旧换新54.1万辆 电动自行车。同时，累计收集并利用处置电动自行车废旧铅酸电池7216吨、5521吨。 在人员密集场所动火作业和建筑保温材料安全隐患专项整治方面，自今年2月14日整治启动以来，全省因动火作业引发火灾和建筑保温材料火灾共计93起， 较去年同期的205起，同比下降54.63%。其中，动火作业引发火灾67起，建筑保温材料火灾26起。按照"谁所有、谁负责""谁主管、谁负责"原则，对冷库、 室内冰雪场馆和设有外墙外保温系统的高层民用建筑开展专项排查，实行隐患清单管理。同时，畅通举报渠道，组织多部门开展联合打击行动4次。组建省 级专班并实体化运行，建立形势研判、信息共享、协同推进、督导通报等机制 ...