Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [9] Core Views - The construction sector exhibits characteristics such as low valuation, low institutional holdings, large market capitalization, and stable outlook for quality targets. The report identifies four key investment directions within the construction industry: 1) Companies with strong Q3 performance and short-term earnings certainty 2) High dividend yield stocks providing a safety cushion 3) Strong long-term growth potential 4) Large-cap stocks with low absolute valuations [5][6][7] Summary by Sections Valuation Metrics - As of the latest closing, the Jiangsu Construction Index has a PE ratio of 12.83, ranking 28th across all industries, with a 10-year percentile of 68.5%. The PB ratio stands at 0.84, ranking 31st, with a 10-year percentile of 16.22%. Notably, the construction sector and the banking sector are the only indices within the Jiangsu framework that are trading below book value [5][6] Institutional Holdings - The construction sector has historically low institutional holdings, which may reflect a weak outlook for the industry and a lack of attention from investors. This could lead to undervaluation of high-quality construction stocks [6] Market Capitalization - The construction sector has a limited number of listed companies, with eight major state-owned enterprises collectively valued at 941.19 billion, accounting for 47% of the Jiangsu Construction Index's market capitalization. These enterprises play a crucial role in stabilizing economic growth and are likely to be favored in a market shift towards undervalued sectors [6][7] Investment Directions - **Direction One**: Focus on companies with strong Q3 earnings, such as Sichuan Road and Bridge, China Chemical, and others, which show robust growth and sufficient order backlogs [7] - **Direction Two**: Invest in high dividend yield stocks like Jianghe Group (6.2%), Sichuan Road and Bridge (5.6%), and others, which provide a strong holding safety net [7] - **Direction Three**: Target companies with strong long-term growth potential, such as Honglu Steel Structure and others benefiting from semiconductor capital expenditure [7] - **Direction Four**: Invest in large-cap stocks with low absolute valuations, including eight major state-owned enterprises that are all trading below book value [7]

香 港 交易 及 結 算 所 有限 公 司 及 香港 聯 合 交 易 所有 限 公 司 對 本公 告 的 內 容概 不 負 責， 對 其 準 確 性或 完 整 性 亦不 發 表 任 何 聲明 ， 並 明 確 表示 概 不 就 因本 公 告 全部 或 任 何 部 分內 容 而 產 生或 因 倚 賴 該 等內 容 而 引 致 的任 何 損 失 承擔 任何責任。 WISON ENGINEERING SERVICES CO. LTD. 惠 生 工 程 技 術 服 務 有 限 公 司 （ 於開曼群島註冊成立的有限公司） （股份代號：2236） 補充公告 內幕消息公告 茲提述本公司日期為2025年10月27日有關終止合同之內幕消息的公告（「該 公 告 」）。 除 另 有 說 明 外 ， 本 公 告 所 用 詞 彙 與 該 公 告 所 界 定 者 具 有 相 同 涵 義。 本 公 告 旨 在 提 供 有 關 終 止 合 同 的 進 一 步 資 料 ， 合 同 由 本 集 團 與 Limited Liability Company Lukoil-Permnefteorgsintez（「Lukoil-Permnefteorgs ...

截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 惠生工程技術服務有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02236 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.1 | HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.1 | HKD | | 2,000,000,000 | 本月底法定/註冊股本總額： HKD 2,000,000,000 FF30 ...

Core Viewpoint - 惠生工程 (02236.HK) experienced a significant decline in stock price, dropping over 20% in late trading, indicating potential concerns among investors regarding the company's performance or market conditions [1] Group 1 - The stock price of 惠生工程 fell by 20.65%, reaching 0.365 HKD [1] - The trading volume for 惠生工程 was reported at 2.1492 million HKD [1]

Core Viewpoint - The stock of Huasun Engineering (02236) dropped over 20% following the announcement of restrictive measures against Lukoil by the UK and the US, which will lead to the termination of contracts worth approximately 8.3 billion RMB [1] Group 1: Company Impact - Huasun Engineering's shares fell by 20.65%, trading at 0.365 HKD with a transaction volume of 2.1492 million HKD [1] - The company announced that contracts with Lukoil will terminate by November 21, with accounts receivable from these contracts amounting to approximately 8.3 billion RMB [1] - The revenue and gross profit from these contracts accounted for about 4% and 7.5% of the company's mid-year revenue and gross profit, respectively [1] Group 2: Regulatory Environment - On October 15, the UK government imposed restrictive measures on Lukoil [1] - On October 22, the US Treasury Department's Office of Foreign Assets Control listed Lukoil and any entity owning 50% or more of Lukoil as a specially designated national [1]

Core Viewpoint - The stock of Hysun Engineering (02236) dropped over 20% following the announcement of contract terminations due to sanctions against Lukoil [1] Group 1: Company Impact - Hysun Engineering's shares fell by 20.65%, trading at HKD 0.365, with a transaction volume of HKD 2.1492 million [1] - The company announced that contracts with Lukoil will terminate by November 21, with accounts receivable amounting to approximately RMB 8.3 billion [1] - The revenue and gross profit from these contracts accounted for about 4% and 7.5% of the company's mid-year revenue and gross profit, respectively [1] Group 2: Regulatory Environment - On October 15, the UK government imposed restrictive measures on Lukoil [1] - On October 22, the U.S. Treasury Department's Office of Foreign Assets Control designated Lukoil and any entity owning 50% or more of it as a Specially Designated National [1]

Core Points - The company has been informed of restrictive measures imposed by the UK government on Lukoil on October 15, 2025, and by the US Treasury's Office of Foreign Assets Control (OFAC) on October 22, 2025, which includes Lukoil and any entity that owns 50% or more of it [1] - In response to the sanctions, the company has initiated an internal assessment of any potential impacts and will ensure compliance with applicable laws and regulations [1] - The existing procurement and construction contracts with Lukoil's indirect wholly-owned subsidiary will be terminated by November 21, 2025, with a total receivable amount of approximately RMB 8.3 billion [1] - The revenue and gross profit generated from this contract account for about 4% and 7.5% of the company's revenue and gross profit for the six months ending June 30, 2025, respectively [1] - The company’s preliminary assessment indicates that the termination of the contract will not have a significant adverse impact on its business operations, financial condition, or overall shareholder interests [1] - Other business operations of the company remain normal and unaffected [1] - The company will continue to monitor and follow up on the developments and potential impacts of this matter, implementing response measures as feasible [2]

Core Viewpoint - The company is responding to sanctions imposed by the UK government and the US Treasury Department on Lukoil, indicating a proactive approach to compliance and risk management [1][2]. Group 1: Sanctions and Compliance - On October 15, 2025, the UK government imposed restrictive measures on Lukoil [1]. - On October 22, 2025, the US Treasury's Office of Foreign Assets Control listed Lukoil and entities owning 50% or more of it on the Specially Designated Nationals list [1]. - The company has initiated an internal assessment to evaluate any potential impacts from these sanctions [1]. Group 2: Contractual Implications - Existing procurement and construction contracts with Lukoil's wholly-owned subsidiary will be terminated by November 21, 2025 [1]. - The total receivables from these contracts amount to approximately RMB 8.3 billion [1]. - Revenue and gross profit from these contracts accounted for about 4% and 7.5% of the company's revenue and gross profit for the six months ending June 30, 2025, respectively [1]. Group 3: Business Operations - The company anticipates that the termination of the contract will not have a significant adverse impact on its business operations or financial condition [1]. - Other business operations remain normal and unaffected by the sanctions [1]. Group 4: Ongoing Monitoring - The company will continue to monitor and follow up on the developments related to the sanctions and assess their potential impact [2].

香 港 交易 及 結 算 所 有限 公 司 及 香港 聯 合 交 易 所有 限 公 司 對 本公 告 的 內 容概 不 負 責， 對 其 準 確 性或 完 整 性 亦不 發 表 任 何 聲明 ， 並 明 確 表示 概 不 就 因本 公 告 全部 或 任 何 部 分內 容 而 產 生或 因 倚 賴 該 等內 容 而 引 致 的任 何 損 失 承擔 任何責任。 WISON ENGINEERING SERVICES CO. LTD. 本集 團根 據合 同應 收總金 額約 為人 民幣83億元 。該合 同產 生的 收入 及毛利 分別佔集團截至2025年6月30日止六個月的收入及毛利約4 %及7.5%。根據 本 公 司的 初 步 評 估 ，終 止 該 合 同將 不 會 對 本 集團 的 業 務 營 運及 財 務 狀 況以 及 其 股東 的 整 體 利 益產 生 重 大 不利 影 響 。 本 集團 其 他 業 務 營運 維 持 正 常， 未受影響。 本 公 司將 持 續 監 控 及跟 進 該 事 項的 發 展 及 後 續事 件 ， 進 一 步分 析 及 評 估該 事 項對 本公 司的 潛在 影響 ，並 落實 各項 應對 措 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 本月底法定/註冊股本總額： HKD 2,000,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 公司名稱: 惠生工程技術服務有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02236 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.1 | HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | ...