Group 1 - The core point of the article indicates that Shaanxi Construction Group Co., Ltd. (陕建股份) has experienced a decline in both revenue and net profit in its latest quarterly report, reflecting challenges in the construction industry [1][3] - As of July 29, 2025, the company's stock price closed at 3.95 yuan, down 0.5%, with a trading volume of 255,800 hands and a transaction amount of 1.01 billion yuan [1] - The company's total operating revenue for the first quarter of 2025 was 23.242 billion yuan, a year-on-year decrease of 16.30%, while the net profit attributable to shareholders was 417 million yuan, down 24.50% year-on-year [1] Group 2 - The company has a current ratio of 1.089 and a quick ratio of 1.078, indicating its liquidity position [1] - The asset-liability ratio stands at 88.54%, suggesting a high level of debt relative to its assets [1] - Shaanxi Construction Group has made investments in 96 enterprises and participated in 5,000 bidding projects, showcasing its active engagement in the construction sector [2]

证券代码：600248 证券简称：陕建股份 公告编号：2025-060 陕西建工集团股份有限公司 部分高级管理人员减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 高级管理人员持股的基本情况 本次减持计划实施前，陕西建工集团股份有限公司（以下简称"公司"）副 总经理闫永军先生持有公司股份 250,000 股，占减持计划披露时公司总股本的 0.0066%，股份来源于公司 2023 年限制性股票激励计划。 减持计划的实施结果情况 2025 年 6 月 18 日，公司披露了《陕西建工集团股份有限公司高级管理人员 减持股份计划公告》（公告编号：2025-050），因个人资金需求，闫永军先生计 划自该公告披露之日起 15 个交易日后的 3 个月内通过集中竞价交易方式减持其 所持公司无限售条件流通股不超过 41,800 股，占公司当时总股本的 0.0011%， 不超过其持股总数的 25%，减持价格按照减持实施时的市场价格确定。 二、减持计划的实施结果 (一)高级管理人员因以下事项披露减持计划实施结 ...

Group 1 - Airo Energy (688717.SH) plans to reduce its shareholding by up to 0.78% of the total share capital within three months after 15 trading days due to personal funding needs [1] - Aopu Optoelectronics (002338.SZ) intends to reduce its shareholding by up to 240,000 shares, representing 1% of the total share capital, within 90 days after 15 trading days [1] - Placo New Materials (300811.SZ) completed a reduction of 1.01% of its shares, while shareholder Mei Jianjun reduced 8,134 shares, accounting for 0.0476% of the total share capital [1] Group 2 - Boqian New Materials (605376.SH) plans to reduce its shareholding by up to 261,600 shares, which is 1% of the total share capital, through block trading within three months after 15 trading days [1] - Boying Special Welding (301468.SZ) completed a reduction of 3.99% of its shares, totaling 394,480 shares [1] - Surveying and Mapping Co., Ltd. (300826.SZ) plans to reduce its shareholding by up to 50,000 shares, accounting for 0.03% of the total share capital, within three months after 15 trading days [1] Group 3 - Deyi Cultural Creation (300640.SZ) plans to reduce its shareholding by up to 300,000 shares, which is 0.0965% of the total share capital, within three months after 15 trading days [3] - Dingsheng New Materials (603876.SH) intends to reduce its shareholding by up to 3% of the total share capital through various trading methods within three months after 15 trading days [3] - Pan-Asia Micro透 (688386.SH) terminated its reduction plan early, having reduced 2.38% of its shares, bringing its holding to 4.95% [3] Group 4 - Guangpu Co., Ltd. (300632.SZ) plans to reduce its shareholding by up to 8,474,900 shares, which is 3% of the total share capital, within three months after 15 trading days [3] - Guorui Technology (300600.SZ) has reduced its shareholding by 7,297,300 shares, accounting for 2.48% of the total share capital, bringing its holding to 19.97% [3] - Hengtong Co., Ltd. (603223.SH) plans to reduce its shareholding by up to 21,425,600 shares, which is 3% of the total share capital, within three months after 15 trading days [4] Group 5 - Hongbao Li (002165.SZ) plans to reduce its shareholding by up to 14,705,400 shares, representing 2% of the total share capital, within three months after 15 trading days [4] - Hongquan IoT (688288.SH) reduced its shareholding by 869,977 shares, accounting for 0.86% of the total share capital, bringing its holding to 12.80% [4] - Huace Film and Television (300133.SZ) reduced its shareholding by 2.6 million shares, which is 0.14% of the total share capital, bringing its holding to 18.19% [4] Group 6 - Huada Jiutian (301269.SZ) plans to reduce its shareholding by up to 8,144,100 shares, which is 1.5% of the total share capital, within three months after 15 trading days [5] - Huqi Environmental Protection (300929.SZ) plans to reduce its shareholding by up to 1,312,500 shares and 8,800 shares by its concerted actors [5] - Huazheng New Materials (603186.SZ) plans to reduce its shareholding by up to 114,600 shares and 10,300 shares by its management [5] Group 7 - Jinan Technology (300412.SZ) plans to reduce its shareholding by up to 14,932,700 shares and 1,683,000 shares by its board member [5] - Jinma Amusement (300756.SZ) plans to reduce its shareholding by up to 4,712,000 shares, 2,017,000 shares, 508,200 shares, and 372,800 shares by its shareholders [6] - Longxin Zhongke (688047.SH) completed its reduction plan, with shareholders reducing a total of 588,000 shares [6] Group 8 - Limin Co., Ltd. (002734.SZ) completed its reduction plan, with a total reduction of 1.5 million shares, accounting for 0.3434% of the total share capital [7] - Longhua New Materials (301149.SZ) completed its reduction plan, with a total reduction of 986,600 shares, accounting for 0.2294% of the total share capital [7] - Lvtong Technology (301322.SZ) plans to reduce its shareholding by up to 4,829,300 shares, which is 3.39% of the total share capital, within three months after 15 trading days [7] Group 9 - Meidixi (688202.SH) plans to reduce its shareholding by up to 2 million shares, which is 1.49% of the total share capital, within three months after 15 trading days [8] - Nanjing Julong (300644.SZ) completed its reduction plan, with shareholders reducing a total of 62,300 shares [8] - Run Du Co., Ltd. (002923.SZ) plans to reduce its shareholding by up to 10,046,800 shares, which is 3% of the total share capital, within three months after 15 trading days [8]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The construction index rose by 0.32% this week, while the Shanghai and Shenzhen 300 index increased by 1.07%, indicating that the construction sector underperformed the market by 0.75 percentage points. Professional engineering, architectural design, and infrastructure sectors showed stronger gains [1][33] - Infrastructure investment continued to support the economy, with energy-related and water conservancy investments maintaining strength, while transportation infrastructure showed signs of recovery. For the first half of 2025, real estate development investment, narrow infrastructure, broad infrastructure, and manufacturing grew by -11.2%, +4.6%, +8.9%, and +7.5% year-on-year, respectively [1][13] - Recent disclosures of second-quarter orders from central state-owned enterprises (SOEs) indicate a recovery trend, with China Railway's second-quarter orders showing a year-on-year growth of 20.08%. The overall order situation for central SOEs is optimistic, suggesting a rebound in physical workload [2][27] Summary by Sections Macro and Micro Verification of Infrastructure Recovery - Infrastructure investment in June continued to provide support, with energy and water conservancy investments remaining strong, while transportation infrastructure showed signs of recovery. The year-on-year growth rates for real estate development investment, narrow infrastructure, broad infrastructure, and manufacturing from January to June 2025 were -11.2%, +4.6%, +8.9%, and +7.5%, respectively [1][13][14] Recent Order Disclosures from Central SOEs - Central SOEs such as China Railway, China Energy Construction, China Chemical, and China Nuclear Engineering reported a recovery in second-quarter orders. For instance, China Railway's first-half orders showed a year-on-year growth of 2.8%, with a significant increase in the second quarter [2][27][28] Valuation Perspective - As of July 18, the construction sector's PE (TTM) and PB (LF) ratios were among the lowest across all primary industries, indicating significant room for valuation improvement. The construction sector's PE (TTM) was 11.12 times, with a historical percentile of 48.50%, compared to the Shanghai and Shenzhen 300's PE of 13.39 times [3][30][32]

Core Viewpoint - The announcement details the share reduction by a senior management member of Shaanxi Construction Group Co., Ltd., specifically the legal advisor Zheng Falong, due to personal financial needs, resulting in a decrease in his shareholding [1][2]. Summary by Sections 1. Basic Information on Shareholding - Zheng Falong held 250,000 shares before the reduction, representing 0.0066% of the company's total share capital at the time of the reduction plan announcement [2][5]. - The company's total share capital was reduced from 3,767,582,286 shares to 3,739,735,286 shares following the completion of a partial repurchase and cancellation of restricted stock on June 30, 2025 [2][5]. 2. Implementation Results of the Reduction Plan - On July 17, 2025, Zheng Falong completed the reduction of 41,800 shares through centralized bidding, which accounted for 0.0011% of the company's total share capital at that time [2][3]. - After the reduction, Zheng Falong's remaining shareholding is 125,700 shares, which is 0.0034% of the current total share capital [2][4]. - The reduction was executed at a price of 3.84 yuan per share, totaling 160,512 yuan [3]. 3. Compliance with Reduction Plan - The actual reduction was consistent with the previously disclosed reduction plan, and the minimum reduction quantity was achieved [5]. - The reduction period was confirmed to have been completed as planned [5].

部分高级管理人员减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 高级管理人员持股的基本情况 本次减持计划实施前，陕西建工集团股份有限公司（以下简称"公司"）总 法律顾问郑发龙先生持有公司股份 250,000 股，占减持计划披露时公司总股本的 0.0066%，股份来源于公司 2023 年限制性股票激励计划。 证券代码：600248 证券简称：陕建股份 公告编号：2025-059 陕西建工集团股份有限公司 减持计划的实施结果情况 2025 年 6 月 18 日，公司披露了《陕西建工集团股份有限公司高级管理人员 减持股份计划公告》（公告编号：2025-050），因个人资金需求，郑发龙先生计 划自该公告披露之日起 15 个交易日后的 3 个月内通过集中竞价交易方式减持其 所持公司无限售条件流通股不超过 41,800 股，占公司当时总股本的 0.0011%， 不超过其持股总数的 25%，减持价格按照减持实施时的市场价格确定。 近日公司收到郑发龙先生出具的《减持计划实施进展告知函》。2025 年 ...

证券代码：600248 证券简称：陕建股份 公告编号：2025-058 陕西建工集团股份有限公司 关于公司及子公司涉及诉讼、仲裁的公告 对上市公司损益产生负面影响：暂无法确定对公司本期利润或期后利润 的影响金额 为加强应收款项催收，加快资金回笼，陕西建工集团股份有限公司（以下简 称"公司"）积极实施清欠策略，主张通过法律途径维护公司利益。公司及子公 司对长期拖欠工程款的建设单位提起了诉讼、仲裁，同时在日常生产经营过程中， 亦发生部分公司或子公司作为被告或被申请人的诉讼及仲裁案件。自前次诉讼仲 裁公告披露至本公告披露之日，公司及子公司新发生的重大诉讼、仲裁事项累计 涉案金额合计 30.18 亿元。现将相关情况公告如下： 序 号 原告 （申请人） 被告 (被申请人) 起诉/申请 日期 案由 涉案金额 （万元） 受理法院/ 仲裁委 进展 情况 1 孙献伟 陕西建工第八建设集 团有限公司、阜阳市重 点工程建设管理处 2025-05-13 建设工程 施工合同 纠纷 10081.20 安徽省阜阳 市中级人民 法院 一审审理中 2 陕西省社区信息管理 服务有限公司 陕西建工第六建设集 团有限公司 2025-03-12 建设 ...

| 序号 | 合同签订主体 | 项目（合同）名称 | 合同金额 （亿元） | | --- | --- | --- | --- | | 1 | 陕西建工集团股份有限公司 | 三兆村城中村改造项目工程总承包 | 64.83 | | 2 | 陕西建工集团股份有限公司 | 金象印尼年产 12 万吨三聚氰胺产业 链项目一期 | 21.37 | | 3 | 陕西建工第二建设集团有限 | 太乙仙山文旅提档升级、康养产业 | 9.70 | | | 公司 | 开发项目二标段 | | | 4 | 陕西建工第二建设集团有限 | KC2008-08 号地块"置地广场"项目 | 8.88 | | | 公司 | 复工续建建设工程 | | | 5 | 陕西建工集团股份有限公司 | 灞桥区长乐坡村城中村西区安置项 目工程总承包 | 8.76 | | 6 | 陕西建工安装集团有限公司 | 安康银发经济产业园（幸福安康颐 | 8.72 | | | | 养中心）项目 EPC 总承包 | | | 7 | 陕西建工第一建设集团有限 | 盛世长安 2#3#地块 | 8.00 | | | 公司 | | | | 8 | 陕西建工第十二建设集团有 | 黑龙江 ...

陕建股份（600248）公告，2025年1月至6月，公司及下属子公司累计新签合同1407个，新签合同金额为 1458.78亿元。 ...

Investment Rating - The industry rating is maintained as "Outperform the Market" [5] Core Insights - The construction sector has seen a significant increase in attention towards urban renewal, with undervalued large-cap stocks showing signs of stabilization. The sector's performance is driven by improved demand-side policy expectations and a shift away from excessive competition, benefiting both large and small-cap stocks. The report suggests focusing on high-growth segments such as urban renewal, coal chemical, nuclear power, and steel structures, while also considering the beta opportunities in large-cap stocks [1][13][14]. Summary by Sections Urban Renewal - Urban renewal is accelerating, with policies from the central government outlining goals and support measures. The focus includes the renovation of old residential areas, establishing safety management systems for buildings, and creating resilient and smart cities. The report identifies four key categories for investment: design and testing, construction and decoration, urban infrastructure renovation, and resilient/smart city initiatives, highlighting specific companies in each category [2][15][17]. Market Performance - The construction index rose by 2.77% in the week of July 7-11, outperforming the Shanghai and Shenzhen 300 index by 1.76 percentage points. Notable performers included Guosheng Technology (+42.98%), New City (+34.73%), and Beautiful Ecology (+34.46%) [4][21][26]. Investment Recommendations - The report emphasizes the cyclical opportunities arising from improved physical work volume in infrastructure. It suggests focusing on high-demand areas such as water conservancy, railways, and aviation, particularly in regions like Sichuan, Zhejiang, Anhui, and Jiangsu. Recommended companies include Sichuan Road and Bridge, Zhejiang Communications, and major state-owned enterprises like China Communications Construction and China Railway Construction [27][28]. Emerging Business Directions - The report highlights the growing demand for computing power driven by AI applications, recommending companies like Hainan Huatie for their transition into computing power leasing. It also notes the potential in cleanroom sectors due to the ongoing domestic replacement in the semiconductor industry, suggesting companies like Baicheng and Shenghui Integration [29][30]. Major Projects and Themes - The report identifies significant investment opportunities in major hydropower projects, deep-sea economy, and low-altitude economy, recommending companies involved in these sectors, such as China Power Construction and China Energy Engineering [32][30].