（来源：新华日报） 南京中院承办法官邓光扬和书记员在建设工地核验已完工界面。 李玲玲 摄 正入万山圈子里，走出一山是一山。这是南京中院法官邓光扬的感慨。他的感慨源于南宋诗人杨万 里"正入万山圈子里，一山放出一山拦"的诗句，更源于他承办的一起建工纠纷。 2021年某置业公司与某工程公司签订三份建设工程施工总承包合同，约定某工程公司承建某置业公司开 发的综合体项目。合同履行过程中，双方产生纠纷，致使工程长期停工。某工程公司诉至法院，提出解 除合同、支付工程款等10项诉讼请求并申请启动工程造价司法鉴定。 邓光扬研究厚厚的案卷后感到，那么多诉讼请求，加上司法鉴定，真可谓"一山放出一山拦"。因此，他 突破"一揽子审理"的模式，对双方无争议的解除合同诉请先行判决。南京中院民四庭庭长陈传胜谈到， 这一判决可谓"一举四得"：一是避免因司法鉴定周期过长导致停工损失持续扩大；二是有力保障农民工 工资发放；三是化解购房人退房纠纷；四是为同类未完工程纠纷的审理提供了可复制的司法路径。 南京中院的先行判决是全省法院适用"先行判决+部分调解"的缩影。近年来，全省法院通过"先行判决 +部分调解"，打破诉讼僵局181起，帮助企业盘活资金26 ...

Core Insights - The company, 陕建股份 (600248.SH), announced that it has secured construction projects worth over 500 million yuan in October 2025 [1] Project Details - The projects include the "Belt and Road" China-Africa Cooperation General Equipment Intelligent Manufacturing Project and the EPC general contracting for the construction of the Chongqing Road Bridge in Yining City, Ili Prefecture [1]

Financial Data and Key Metrics Changes - The Adjusted Operating Profit (AOP) for FY 2025 increased by 7% year on year to $4.5 billion, and excluding the Free Duty and YQ businesses, AOP rose by 9% to $4.5 billion [10][18] - Adjusted EBITDA increased by 1% to $7.3 billion, while profit attributable to shareholders rose by 4% to $2.2 billion [18] - The total dividend for the year amounted to $0.95 per share, maintaining an attractive dividend yield of 8.3% based on the latest closing price [18][19] - Cash on hand was $20.2 billion, with total available liquidity close to $30 billion, indicating a healthy financial position [19][20] Business Segment Data and Key Metrics Changes - The financial services segment, rebranded from insurance, saw AOP increase by 29% to $1.24 billion [11][30] - The logistics business AOP rose by 3% to $740 million, while the construction segment reported AOP of $790 million, slightly decreasing by 7% when excluding YQ [11][12] - The facilities management segment reported AOP of $89 million, with a 16% increase when excluding Free Duty [11] - Strategic investments surged over 1,000% to $237 million, reflecting aggressive portfolio optimization [12] Market Data and Key Metrics Changes - The occupancy rate for logistics properties in Hong Kong decreased from 96% to 80%, attributed to the renewal of a major client's lease [35] - The occupancy rate for the seven logistics properties in China was maintained at 87%, while the occupancy rate for the Suzhou property dropped to 40% due to tenant termination [35][36] - The construction segment's backlog increased by 24% to $38 billion, with newly awarded contracts rising by 9% to $23.9 billion [39] Company Strategy and Development Direction - The company aims to enhance its diversified business portfolio through acquisitions and disposals, focusing on the fast-growing wealth management business [3][9] - The logistics segment will target undervalued assets in the Greater Bay Area and Yangtze River Delta, seeking properties with strong cash flow [8][13] - The construction segment will focus on government-related projects, which now account for 61% of the total projects in progress [16][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining stable results despite geopolitical tensions and economic challenges, highlighting operational excellence across diversified business lines [9][12] - The financial services segment is expected to leverage the Chow Tai Fook brand to enhance service delivery and expand its wealth management platform [9][30] - The company anticipates continued growth in AOP and cash flow, with strategic acquisitions planned to replenish profits lost from expiring toll road concessions [67][68] Other Important Information - The company has maintained a progressive dividend policy for 22 consecutive years, with a commitment to consistent dividend distribution [10][23] - The company has shifted a substantial portion of its debt to lower-cost renminbi borrowing, resulting in a decline in average borrowing costs from 4.7% to 4.1% [20][21] - The company has implemented an ESG strategy, achieving a 19% reduction in Scope 1 and 2 emissions compared to FY 2023 [47][49] Q&A Session Summary Question: Updates on the roads and potential disposals - Management indicated that while there have been inquiries about toll road assets, there are no immediate plans for disposal unless the price is right [56] Question: Impact of not investing further in toll roads - Management confirmed that without further investment, the concession period will decrease, but they are confident in replenishing profits through other business segments [67][68] Question: Logistics occupancy targets - Management expressed confidence in reaching an occupancy rate of 85% in Hong Kong, with a longer-term goal of exceeding 90% [60][62] Question: Strategic value of Sunshine Esther acquisition - Management highlighted that integrating Sunshine Esther into the construction group enhances competitive bidding capabilities, particularly for design and build contracts [63][65]

Core Viewpoint - China Construction Road and Bridge Group Sixth Engineering Co., Ltd. was fined for failing to adhere to construction technical standards, with a penalty amounting to 51,508 yuan [1][2]. Company Information - The company was established on December 29, 2010, and has a registered capital of 98 million yuan [3]. - The legal representative of the company is Zhao Libin, and it is a state-controlled limited liability company [3]. - The company is currently active and registered, with its address located at 1299 Quanbei West Street, Xingtai City, Hebei Province [3]. Administrative Penalty - The administrative penalty was issued by the Xingtai City Transportation Bureau on July 31, 2025, under the document number冀0500交罚罚决字﹝2025﹞729号 [1][2]. - The penalty was based on violations of the "Regulations on Quality Supervision of Highway and Waterway Engineering" and the "Construction Engineering Quality Management Regulations" [2][3]. - The fine imposed was 51,508 yuan, categorized as a minor violation [2].

Core Insights - The collaboration between government and banks in the Tiexing Street area has led to improved financial services for local enterprises, enhancing their access to loans and support [1][2][6] Group 1: Government-Bank Collaboration - The "government-banking partnership" model has evolved from a reactive approach to a proactive one, with banks now actively seeking to engage with enterprises [6][7] - The establishment of a "service mechanism" that combines government and banking efforts has proven effective in addressing the financing needs of local businesses [1][6] Group 2: Financial Support for Enterprises - The Tiexing Street's "assistance team" has been instrumental in identifying and addressing the financial needs of various enterprises, resulting in significant loan approvals [2][4] - In 2023, Sichuan Xiang'an Biotechnology Co., Ltd. received a total of 7 million yuan in loans, facilitated by the quick response of the local bank [2][3] - The Tiexing Street has tailored financial products for different types of enterprises, such as "entrepreneurial loan packages" for startups and "bulk credit plans" for incubating companies [4] Group 3: Expansion of Financial Services - The collaboration has attracted multiple financial institutions, including China Bank and Industrial and Commercial Bank, to engage with local enterprises, expanding the service network [6][7] - The introduction of innovative lending mechanisms, such as the "1+N" bulk credit system, has streamlined the loan application process for small and micro enterprises [4]