丨证券研究报告丨 SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 行业研究丨点评报告丨建筑与工程 [Table_Title] 新疆西藏之外，还有哪些重点区域值得关注？ 报告要点 [Table_Summary] 近期，西藏区域雅鲁藏布江下游水电工程、新疆区域新藏铁路工程推进加速，重大基建项目及 重点基建区域进一步引发市场关注，除新疆、西藏之外，我们梳理了部分值得关注的重点区域， 详见报告正文。 分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 建筑与工程 cjzqdt11111 [Table_Title2] 新疆西藏之外，还有哪些重点区域值得关注？ [Table_Summary2] 事件描述 近期，西藏区域雅鲁藏布江下游水电工程、新疆区域新藏铁路工程推进加速，重大基建项目及 重点基建区域进一步引发市场关注，除新疆、西藏之外，我们梳理了部分值得关注的重点区域， 详情梳理 ...

Core Viewpoint - Guangxi is leveraging its geographical advantages to enhance high-level openness with ASEAN countries, focusing on infrastructure development and economic cooperation to build a closer China-ASEAN community of shared destiny [1][5]. Infrastructure Development - The construction of key projects like the Pinglu Canal and the Huangbai Railway is progressing, with over 100 billion yuan invested in railway infrastructure to improve connectivity [2][3]. - By the end of 2024, Guangxi's highway mileage is expected to exceed 10,000 kilometers, enhancing the road network's reach [2]. - The Pinglu Canal has seen an investment of 56.01 billion yuan, accounting for 77% of its total investment, and is set to be operational next year [3]. Transportation and Logistics - Guangxi has established various logistics models, including sea-rail intermodal transport and cross-border freight services, significantly improving operational efficiency [4]. - Container throughput at Beibu Gulf Port is projected to grow from 5.052 million TEUs in 2020 to 9.015 million TEUs by 2024, with an annual growth rate of 15.6% [4]. - The implementation of smart logistics systems at the Friendship Pass port has led to a 14.57% increase in vehicle traffic, with advanced technologies facilitating faster customs clearance [6]. Economic Cooperation - Guangxi's trade with ASEAN countries has shown robust growth, with imports and exports reaching 173.54 billion yuan in the first five months of this year, a 13% increase year-on-year [8]. - The total trade volume through Guangxi with surrounding provinces is expected to rise from 365.25 billion yuan in 2020 to 676.94 billion yuan by 2024, reflecting a 16.7% annual growth rate [7]. Digital Economy and Innovation - Guangxi is actively promoting artificial intelligence (AI) collaboration with ASEAN nations, aiming to establish an AI innovation cooperation center and several R&D platforms [11]. - The region has signed over 30 digital cooperation agreements with ASEAN countries in the past two years, enhancing cross-border digital technology applications [11][12]. - The upcoming China-ASEAN Expo will focus on AI and digital economy themes, showcasing Guangxi's commitment to innovation and cooperation [9].

Core Insights - The National Development and Reform Commission (NDRC) has allocated over 300 billion yuan to support the third batch of "two重" construction projects for 2025, completing the annual allocation of 800 billion yuan for "two重" projects [1][2] - The "two重" projects focus on both "hard investment" and "soft construction," targeting key areas such as ecological restoration, major transportation infrastructure, and urban underground pipeline networks [1][2][3] - The 2025 government work report emphasizes a shift in infrastructure investment towards strategic and forward-looking sectors, including future industry development and low-altitude economy [2][3] Hard Investment - A total of 800 billion yuan has been allocated for 1,459 projects in 2025, covering areas like ecological restoration along the Yangtze River, high-standard farmland, and major water conservancy projects [1][2] - The "three北" project, which focuses on afforestation in the northern regions of China, is included in the "two重" construction, with a target of completing 600 million mu by 2030 [3] Soft Construction - The NDRC plans to introduce innovative reform measures in key areas, such as optimizing financing models for railways along the Yangtze River and improving urban underground pipeline management [1][2] - The government aims to enhance the adaptability of talent cultivation to meet economic and social development needs [1][2] Economic Impact - The "two重" construction is seen as a crucial driver for stabilizing economic growth amid increasing downward pressure, with significant investments expected to boost consumption and employment [3][5] - In the first five months of the year, net financing from government bonds reached 6.3 trillion yuan, indicating strong financial support for "two重" projects [5] Project Progress - Nearly 500 billion yuan of the 800 billion yuan "two重" construction projects were arranged by mid-June, with rapid progress in ecological restoration and pollution control projects [4][5] - Key infrastructure projects, such as the Huangbai Railway in the western land-sea new channel, are advancing, enhancing economic connections in the region [4] Policy Coordination - The NDRC emphasizes the need for coordinated fiscal and monetary policies to support "two重" projects, with a focus on opening competitive infrastructure sectors to private capital [5][6] - The collaboration between policy funding and market vitality is expected to drive the implementation of national strategies and enhance security capabilities [7]

Core Insights - The Chongqing Raffles project, a landmark commercial complex, represents Singapore's largest single investment in China, amounting to 24 billion yuan, and covers a total area of 1.12 million square meters, housing over 50 foreign enterprises [1] - The project is a key example of the strategic connectivity between China and Singapore, focusing on financial services, aviation, transportation logistics, and information communication, contributing to the development of significant infrastructure like the Western Land-Sea New Corridor [1] - By the end of 2024, the cumulative amount of cross-border financing for the China-Singapore connectivity projects is expected to reach 21.3 billion USD [1] Group 1 - The Western Land-Sea New Corridor has achieved notable success through international trade cooperation, with 1,253 customs declaration data shared [2] - The collaboration has led to the establishment of 76 container shipping routes from Beibu Gulf Port, connecting to 555 ports in 127 countries and regions globally [2] - Various sectors have benefited from the cooperation, including efficient communication through an international internet data channel and breakthroughs in agricultural exports [2] Group 2 - Future plans include enhancing the Chongqing hub as a strategic pivot for western development and an inland open comprehensive hub, focusing on digital and green development opportunities [2] - The Chongqing Hub Industrial Park aims to create an integrated economic system combining logistics, services, and manufacturing [2] - The Chongqing Life Science City will leverage the Western Land-Sea New Corridor to build a cross-border cooperation network in the life and health industry [2][3]