兵团交通建设有限公司喀什地区项目党支部志愿者，利用线上平台帮助种植户销售苹果（摄于10月12 日）。 十一师融媒体中心 提供 兵团建工水电集团市政路桥公司五师双河市G577公路项目党员突击队队员在G30高速与国道208连接线 处修复坑洼路面（摄于11月20日）。 周建康 摄 ●古力米拉·亚力坤 "十四五"时期是十一师迈向高质量发展的关键五年。在兵团党委的坚强领导下，十一师党委坚持以习近 平新时代中国特色社会主义思想为指导，全面落实新时代党的建设总要求，以党建引领为核心，推动党 建工作与经济社会发展同频共振，为打造国内一流千亿级企业集团目标注入磅礴动能。 铸魂 强化政治引领 夯实思想根基 政治是根，思想是魂。五年来，十一师始终把党的政治建设摆在首位，用理论武装凝心铸魂，用忠诚诠 释初心、用行动践行使命。 十一师党委坚持"第一议题"制度，通过党委常委会、理论学习中心组、专题读书班等，让党的创新理论 在具体实践中绽放光芒。 2021年，十一师党委着力加强国有企业党的建设，推动国有企业改革发展取得重大成果，为促进经济社 会发展、保障和改善民生提供了重要支撑。 筑牢战斗堡垒 锻造先锋力量 2022年5月，在新疆北新路桥 ...

Summary of Sichuan Road and Bridge Conference Call Company Overview - **Company**: Sichuan Road and Bridge - **Industry**: Infrastructure and Construction Key Points Industry and Market Trends - Sichuan's infrastructure investment growth remains positive, significantly outpacing the national average, indicating a high level of industry prosperity [2][3] - The province's transportation development plan for the 14th Five-Year Plan includes a total investment of 700 billion in road and waterway projects, with an actual completion of 260 billion in 2024, exceeding previous years [4] - The projected average annual investment for the next decade is 140 billion, with a planned 280 billion for 2025, reflecting a 4.5% year-on-year growth [4] Company Performance and Financials - The company is expected to see a recovery in profitability in the third and fourth quarters of 2025 due to ongoing project acceleration [2][3] - Revenue growth forecasts for 2025 to 2027 are 2%, 8%, and 5% respectively, with net profits projected at 7.96 billion, 8.41 billion, and 8.91 billion, corresponding to price-to-earnings ratios of approximately 9, 9, and 8 [2][7] - The company’s dividend payout ratio is expected to increase to no less than 60% of the annual net profit, with a projected dividend yield of 6.8% in 2025, making it a stable investment choice amid international market volatility [2][3][7] Business Model and Competitive Advantages - Sichuan Road and Bridge employs an integrated investment and construction model, allowing for high returns with minimal investment by securing quality projects [2][5] - The major shareholder, Shudao Group, is consistently increasing its stake, facilitating a positive cash flow and reinvestment cycle, which is rare among local construction companies [3][5] - The company has a significant market share in the Sichuan transportation infrastructure sector, with 70%-80% in ongoing and completed railway and road projects [5] Recent Changes and Management Adjustments - The management team was replaced due to accountability issues related to the 823 incident, which has led to a recovery in new order growth [7] - The company has divested from loss-making mineral and renewable energy businesses to focus on core operations, alleviating operational pressure [7] - New orders have shown a year-on-year increase of 22% in the first half of 2025, with significant growth in the first and second quarters [7] Additional Insights - The company’s governance structure has been strengthened through recent adjustments, laying a solid foundation for future growth [6] - The unique and stable business model positions the company favorably for optimistic growth prospects over the next three years [8]

Group 1 - The company Xinjiang Jiaojian (002941) confirmed on August 15 that it adheres strictly to legal and regulatory requirements regarding information disclosure [1] - The company announced its successful bid for the total contracting EPC project of the Xinjiang Xinhe to Baicheng Railway project, with details to be disclosed in a future announcement on November 28, 2024 [1] - The company also won the bid for the S12 line construction project from Gaochang (Turpan) to Tuokexun and Baluntai, with further details to be provided in an announcement on February 25, 2025 [1]

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector, as well as for building materials [6]. Core Insights - Traditional infrastructure investment is expected to show stable growth, while emerging industries and strategic regional investments are anticipated to have high elasticity [1][3]. - The report emphasizes the importance of urban renewal as a key area for improving living standards and highlights the robust demand for investment in emerging industries [1][3]. - The report identifies that the economic provinces are expected to play a significant role in driving investment, with regions like Xinjiang, Tibet, and Hainan showing considerable investment elasticity [4][10]. Summary by Sections Overview of Infrastructure Investment - Traditional infrastructure investment is projected to improve slightly, with energy sectors like nuclear power, wind power, and power grids experiencing high demand [1][3]. - Urban renewal projects are highlighted as critical for addressing social needs, with a focus on upgrading old urban areas and improving public housing [3]. Regional Investment Dynamics - Economic provinces are expected to lead investment efforts, with strong fiscal capabilities observed in regions like Zhejiang [4][10]. - High-risk areas are showing signs of recovery, with investment plans for 2025 indicating a positive trend after two years of risk management [4][10]. Sector-Specific Insights - The construction sector is expected to maintain a stable demand, with leading state-owned enterprises and quality local state-owned enterprises likely to benefit from valuation recovery [5]. - The report identifies two main investment directions: the dividend value of leading construction companies and the growth opportunities driven by industrial services in data centers and cleanroom engineering [5]. Energy and Transportation Investment - Energy construction is expected to see high growth in nuclear power and wind power, while solar energy installations may decline [3][48]. - Transportation infrastructure, particularly railways, is projected to remain robust, while road investments are under pressure due to policy constraints [32][42].