Group 1 - The core viewpoint of the news is that Tongji Technology has experienced a significant stock price increase, rising 5.08% on September 11, with a total market capitalization of 7.241 billion yuan and a cumulative increase of 8.99% over four consecutive days [1] - Tongji Technology's main business segments include engineering consulting services (86.88% of revenue), environmental engineering and operation (10.21%), real estate development (2.57%), and other services (0.34%) [1] - The company is located in Shanghai and was established on June 11, 1993, with its stock listed on March 11, 1994 [1] Group 2 - Among the top ten circulating shareholders of Tongji Technology, a fund under Huatai-PineBridge holds a position, with the China Securities Shanghai State-Owned Enterprises ETF (510810) newly entering the top ten in the second quarter, holding 4.1373 million shares, accounting for 0.66% of circulating shares [2] - The China Securities Shanghai State-Owned Enterprises ETF (510810) has a total scale of 7.942 billion yuan, with a year-to-date return of 4.14% and a one-year return of 35.71% [2] - The fund manager of the China Securities Shanghai State-Owned Enterprises ETF is Wu Zhenxiang, who has a cumulative tenure of 15 years and 222 days, with the fund's total asset scale at 18.478 billion yuan [3]

Group 1 - The core viewpoint of the report is that Jianda Hucheng (603909.SH) is rated as a buy due to significant growth in revenue and profit, along with a substantial increase in engineering construction orders [2] - The company's revenue and profit have shown a year-on-year increase, and its operating cash flow has turned positive compared to the previous year [2] - Although there is a slight contraction in revenue from engineering consulting services, the orders for engineering construction have increased significantly [2]

Financial Data and Key Metrics Changes - The company reported a record performance in NSR, margins, EBITDA, EPS, backlog, and pipeline, leading to a raised annual financial guidance for the third consecutive time this year [7][18]. - Organic NSR growth accelerated to 6%, with an 8% growth in The Americas, the highest margin segment [8][26]. - Adjusted EBITDA and EPS increased by 1016%, with year-to-date figures up 920% [10][30]. - Free cash flow increased by 27% year-to-date, with nearly $240 million returned to shareholders this year [11][29]. Business Line Data and Key Metrics Changes - In The Americas, NSR grew by 8%, and adjusted operating margin increased by 120 basis points to 20.5% [26]. - The International segment saw NSR growth of 3%, driven by The UK and The Middle East, while Australia experienced a decline [27]. - The adjusted operating margin for the International segment increased by 20 basis points to 11.9%, with backlog growing by 8% [27]. Market Data and Key Metrics Changes - The company noted strong growth in The UK, The Middle East, and The UAE, while Australia faced near-term budgetary constraints [15][16]. - In the US, only 36% of IIJA funding targeted to the markets has been spent, indicating continued growth opportunities [16]. - The US federal government is prioritizing investments in critical infrastructure, enhancing growth prospects [17]. Company Strategy and Development Direction - The company focuses on returns-based capital allocation, investing in organic growth initiatives, technical capabilities, and building trusted client relationships [9]. - The advisory business is expected to double to $400 million of NSR within three years, positioning it as a significant growth platform [23]. - The company aims to maintain a high level of business development investment to capitalize on a record pipeline [28]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued long-term investment in US infrastructure, supported by government initiatives and funding clarity [36][37]. - The company anticipates further margin expansion driven by critical investments aligned with long-term objectives [10][30]. - Management highlighted the importance of AI in enhancing operational efficiency and client service delivery [50][51]. Other Important Information - The company achieved a segment adjusted operating margin of 17.1%, a 90 basis point improvement over the prior year [25]. - Backlog increased both sequentially and year-over-year, reaching an all-time high [12]. - The company maintains a strong balance sheet with net leverage of 0.6 and no debt maturities until 2029 [29]. Q&A Session Summary Question: Update on the US Market - Management noted stability in the US market, with clarity on funding agendas and increased infrastructure investment expected [35][37]. Question: Drivers of Margin Improvement - Management attributed margin improvement to high-return organic growth investments and operational focus on cost management [41][42]. Question: AI and Automation Initiatives - Management confirmed that AI initiatives are already impacting margins and will have a material effect over the next three years [50][51]. Question: Book to Bill Ratio Sustainability - Management expressed confidence in maintaining a book to burn ratio greater than one, supported by a healthy pipeline and high win rates [67][70]. Question: Advisory Business Growth - The advisory business is expected to grow double digits, capturing more market share and providing additional services to existing clients [94][95].