Core Viewpoint - China State Construction Engineering Corporation (CSCEC) is strategically investing in real estate despite market challenges, indicating a strong belief in the long-term potential of the sector [1][3]. Group 1: Investment and Land Acquisition - CSCEC's subsidiary, China State Construction Second Engineering Bureau, has invested 7.491 billion yuan in a real estate development project in Beijing's urban sub-center [1][3]. - The project covers approximately 112,800 square meters with a total planned construction area of about 261,900 square meters, including residential and office spaces [3]. - The company aims to enhance its influence and brand recognition in the Beijing real estate market through this investment [3]. Group 2: Financial Performance and Business Segments - Real estate development is CSCEC's third-largest business, generating approximately 300 billion yuan in annual revenue with a gross profit margin of around 17% [1][4]. - From 2021 to 2024, the company's real estate revenue showed fluctuations, with 2023 sales reaching 451.4 billion yuan, a 12.4% increase year-on-year, making it the industry leader [4]. - In 2024, the real estate segment's revenue is projected to account for about 14% of total income, contributing 25.4% to gross profit [1][4]. Group 3: Market Strategy and Future Outlook - CSCEC plans to deepen its investment in core cities and regions, focusing on precise investment strategies and enhancing sales efforts [5][8]. - The company has acquired 75 new land parcels, increasing its land reserves to 77.18 million square meters, with all new acquisitions located in first-tier and strong second-tier cities [5][8]. - The real estate business aims to transition into a leading international property development and operation group, emphasizing residential development and quality commercial projects [8]. Group 4: Risk and Resilience - Despite facing challenges from market adjustments, CSCEC's real estate business has demonstrated resilience, with annual profits consistently exceeding 40 billion yuan from 2020 to 2024 [1][9]. - The company reported a 14.88% decline in net profit for 2024, primarily due to increased credit impairment losses, which reached 13.634 billion yuan [9].

2025年3月18日，由申万宏源证券担任主承销商的乌鲁木齐交通旅游投资（集团） 有限公司2025年度第二期定向债务融资工具成功发行，本期债券发行规模6亿元，债券 期限3年，票面利率2.75%。 乌鲁木齐交通旅游投资（集团）有限公司控股股东和实际控制人为乌鲁木齐市国有 资产监督管理委员会，主体评级AA+，主营业务包括工程施工、房屋销售和客运客票 等，是乌鲁木齐市重要的交通文化旅游类基础设施建设和国有资本投资运营主体，地位 突出，在获取政府支持方面具有显著优势。 本期债券发行过程中，我司在挖掘拓展投资者维度、引导票面利率等方面作出了突 出贡献，获得了发行人高度好评。本期债券的成功发行进一步巩固了申万宏源的龙头地 位，体现了我司扎根新疆本土，深耕核心区域的不懈努力！ 免责 声 明 本内容最终解释权归申万宏源证券有限公司所有。 ...