林皋，1929年1月生，江西南昌人，中国科学院院士，大连理工大学教授，水利工程及地震工程专家， 我国大坝抗震学科的重要开拓者之一，长期从事水工结构工程领域的教学和研究工作。曾获国家科学技 术进步奖一等奖、二等奖，全国优秀科技工作者，全国模范教师等荣誉。 "我们在岷江上坐着冲锋舟，顶着滔滔江水，躲着不时落下的碎石，近距离检测大坝受损情况。"在大连 理工大学主校区的一间办公室内，中国科学院院士、大连理工大学教授林皋拿着一张拍自四川都江堰紫 坪铺水库大坝的照片回忆说。 2008年汶川大地震后，当地群众生活用水、发电及灌溉用水的重要来源——紫坪铺水库受到严重影响。 时年79岁的林皋带领团队近距离观察大坝受损情况，对抗震能力、检测标准、加固措施等提出了建议， 为确保大坝安全贡献了力量。 如今，林皋已年逾九旬，经常有人问他："为什么还要每天坚持工作？"林皋指着大坝的照片说："你看 这坝体，虽然经历了几十年风雨洗礼，却依然坚固挺立。我也想成为这样的'基石'，把毕生所学融入国 家发展的'坝基'中，再多作一点贡献。" 研制机械式振动台，开展我国第一个拱坝振动试验 "遇到困难，不能畏惧，只有迎难而上，才能努力攻克难关。"1946 ...

2008年汶川大地震后，当地群众生活用水、发电及灌溉用水的重要来源——紫坪铺水库受到严重影响。 时年79岁的林皋带领团队近距离观察大坝受损情况，对抗震能力、检测标准、加固措施等提出了建议， 为确保大坝安全贡献了力量。 如今，林皋已年逾九旬，经常有人问他："为什么还要每天坚持工作？"林皋指着大坝的照片说："你看 这坝体，虽然经历了几十年风雨洗礼，却依然坚固挺立。我也想成为这样的'基石'，把毕生所学融入国 家发展的'坝基'中，再多作一点贡献。" 研制机械式振动台，开展我国第一个拱坝振动试验 "遇到困难，不能畏惧，只有迎难而上，才能努力攻克难关。"1946年，林皋考入清华大学土木工程系。 读书期间，他在天安门广场见证了开国大典的盛况。打那时起，他立下誓言："要将所学应用于实践， 报效祖国。" 林皋在第九届水工抗震防灾学术交流会上作报告。 受访者供图 人物小传 林皋，1929年1月生，江西南昌人，中国科学院院士，大连理工大学教授，水利工程及地震工程专家， 我国大坝抗震学科的重要开拓者之一，长期从事水工结构工程领域的教学和研究工作。曾获国家科学技 术进步奖一等奖、二等奖，全国优秀科技工作者，全国模范教师等荣誉。 "我们 ...

中国经济网北京9月12日讯（记者 杨秀峰）2025年中国国际服务贸易交易会正在举行。中建电力工程 （深圳）有限公司自主研发的"华龙一号"先进建造技术首次以成套体系的形式亮相。该技术深度融合模 块化、数字化和智能化建造理念，成功攻克了三代核电建造过程中面临的诸多施工难题。 在本次服贸会上，中建电力还全方位展示了自主研发的"龙擎"系列核岛智能建造平台以及龙川核电业务 集约化基地。这一系列展示系统呈现了中国建筑在核电工程领域完整的技术链条与强大的工程实力， 为"华龙一号"的批量化、标准化建设以及国家能源安全战略的顺利实施提供了坚实有力的支撑。 据介绍，此项技术涵盖多项核心突破，包括三代核电核岛复杂结构施工关键技术、核岛结构专用材料设 备及工艺技术等。其中，安全壳钢衬里"底板+ 截锥体"模块化吊装技术、核电预应力灌浆料涡轮式搅拌 机组等创新成果的应用，切实解决了三代核电建造中的一系列施工难题。目前，该技术已在广西防城 港、广东太平岭、山东石岛湾等重大核电项目中投入实际应用。 ...

Group 1 - The core viewpoint of the article highlights the significant improvement in the nuclear power industry, with the State Council approving five nuclear power projects and ten units in 2025, marking the fourth consecutive year of approving ten or more units annually [1] - From January to April 2025, the completed investment in nuclear power reached 36.256 billion yuan, a year-on-year increase of 36.64%, significantly outpacing the 1.6% growth in power source investment, indicating a new boom cycle in nuclear power construction [1] - The third-generation nuclear power units are expected to enter a peak construction phase, with modular construction technology showing promising prospects for shortening construction periods and improving efficiency [1] Group 2 - In the construction and decoration sector, the cement shipment rate has continuously rebounded to 47.8%, reflecting an acceleration in physical construction work [1] - The article suggests focusing on investment opportunities in key industries such as infrastructure in central and western regions, nuclear power, and coal chemical industries, while also monitoring improvements in orders from central state-owned enterprises and the subsequent realization of physical work [1] - The Infrastructure ETF (code: 159619) tracks the CSI Infrastructure Index (code: 930608), which selects listed companies involved in infrastructure construction from the A-share market, covering industries such as construction, building materials, and engineering machinery [1]

Group 1: Financial Performance - In 2024, the company achieved total operating revenue of 113.54 billion yuan, a year-on-year increase of 3.80% [1] - The net profit attributable to shareholders was 2.064 billion yuan, a slight increase of 0.07% year-on-year, while the non-recurring net profit rose by 12.11% to 1.915 billion yuan [1] - For Q1 2025, total operating revenue was 29.549 billion yuan, up 1.77% year-on-year, but net profit decreased by 1.01% to 551 million yuan [1][2] Group 2: Order Growth and Market Expansion - The company reported steady growth in new contracts, with Q4 2024 new contracts amounting to 55.633 billion yuan, a year-on-year increase of 1.3% [2] - In Q1 2025, new contracts reached 54.175 billion yuan, showing a significant year-on-year increase of 30.68% [2] - The company successfully entered new sectors such as offshore wind power, energy storage, and pumped storage, enhancing both quantity and quality of orders [2] Group 3: Profitability and Cost Management - The overall gross profit margin for the year was 11.72%, an increase of 0.37 percentage points, while the expense ratio rose slightly to 7.12% [3] - The net profit margin for the year was 1.82%, a decrease of 0.07 percentage points, with the non-recurring net profit margin improving by 0.13 percentage points to 1.69% [3] - In Q1 2025, the gross profit margin was 8.94%, up 0.41 percentage points, but the net profit margin decreased to 1.87% [3] Group 4: Cash Flow and Financial Health - The company experienced a net cash outflow from operating activities of 3.34 billion yuan in 2024, primarily due to increased payments to downstream [4] - The cash collection ratio for 2024 was 82.77%, down 3.57 percentage points year-on-year [4] - In Q1 2025, the net cash outflow was 10.195 billion yuan, with a cash collection ratio of 76.34%, which improved by 7.04 percentage points [4] Group 5: Nuclear Power Sector Outlook - The company has received approval for more than 10 nuclear units for four consecutive years, indicating a robust nuclear construction market [5] - In April 2024, five nuclear projects were approved, totaling 10 units, with an estimated investment exceeding 200 billion yuan [5] - The long-term outlook for the nuclear power sector is positive, with expectations of high margins and low impairments driving company performance [5]

Investment Rating - The report maintains an investment rating of "Outperform the Market-B" for the construction industry [9] Core Insights - The fiscal policy for 2025 is expected to be more proactive, with an emphasis on increasing deficits and expanding the issuance of special bonds, which will support steady growth in infrastructure investment [10][12] - The approval of 10 new nuclear power units indicates a positive trend in the nuclear power sector, with a total investment expected to exceed 200 billion yuan [4][18] - The construction industry is anticipated to benefit from improved government investment and debt resolution measures, leading to a marginal improvement in the industry's fundamentals [3][10] Summary by Sections Industry Dynamics - The political bureau meeting on April 25 emphasized the need for proactive macro policies, including the timely introduction of incremental reserve policies and enhanced counter-cyclical adjustments [3][16] - Infrastructure investment is expected to accelerate, driven by increased domestic demand and government support for local government debt issuance [3][17] Market Performance - The construction sector saw a weekly increase of 0.76%, underperforming the Shenzhen Composite Index but outperforming the CSI 300 and Shanghai Composite Index [20] - The chemical engineering sector performed notably well with a weekly increase of 5.34% [20] Company Announcements - The report highlights significant contract wins, including China Energy Construction winning a project worth approximately 5.118 billion yuan [33] - The report also notes the financial performance of various companies, with some showing substantial year-on-year growth in revenue and net profit [34][35] Key Focus Stocks - The report suggests focusing on undervalued construction state-owned enterprises such as China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from improved financial metrics and market conditions [10][11][12] - It also recommends attention to construction design firms and international engineering service providers that are expanding their overseas presence [11][12]