Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The "anti-involution" trend is driving quality upgrades in the industry, emphasizing investment opportunities in specialized engineering companies. This trend is expected to improve corporate profitability and increase capital expenditures in green and low-carbon transformations, benefiting specialized engineering firms [1][19][32] - The government is focusing on innovation-driven and green transformation, which is broader than the supply-side structural reforms of 2015. This includes enhancing industry self-discipline and optimizing supply structures through technological upgrades [2][13] Summary by Sections Industry Performance - The construction index fell by 2.5% in the week of July 28 to August 1, underperforming the broader market by 1.3 percentage points. Only the architectural design and services sub-sector maintained an upward trend, with notable individual stock gains [4][26] Investment Recommendations - Key investment opportunities include: 1. Cement Engineering: China National Materials (high dividend cement engineering leader, expected dividend yield over 5% in 2025) [19] 2. Metallurgical Engineering: China Steel International (low-carbon metallurgical engineering leader, expected dividend yield of 5.5% in 2025) [19] 3. Steel Structure Manufacturing: Honglu Steel Structure, Jinggong Steel Structure [19] 4. Chemical Engineering: China Chemical, Sanwei Chemical, Donghua Technology, benefiting from rising chemical product prices [19] Key Indicators - As of August 1, 2025, the cement shipment rate was 30%, down 13 percentage points from the previous week, while the asphalt plant operating rate was 33.1%, up 4.3 percentage points [3][20] Structural Changes and Opportunities - The report highlights the importance of focusing on infrastructure investments in regions with high demand, such as Sichuan, Zhejiang, Anhui, and Jiangsu, and recommends local state-owned enterprises and central enterprises involved in major infrastructure projects [32][35] Emerging Trends - The report suggests that the nuclear power sector remains highly attractive, with ongoing investments, and highlights the potential of AI and digital technologies in transforming traditional industries [34][36] Specialized Engineering Investment Targets - The report lists specific companies in specialized engineering fields, including: - China National Materials (Cement) - China Steel International (Metallurgy) - Honglu Steel Structure (Steel Structure) - China Chemical (Chemicals) [20] Conclusion - The overall sentiment is positive towards the construction and specialized engineering sectors, driven by government policies aimed at enhancing industry quality and profitability through technological and structural upgrades [1][19][32]

Core Points - The company has issued convertible bonds with a total amount of RMB 2 billion, with a maturity of 6 years and a tiered interest rate structure [3] - The initial conversion price of the bonds was set at RMB 5.00 per share, which has been adjusted multiple times due to equity distributions [4] - There is a potential trigger for a downward adjustment of the conversion price due to the stock price being below 80% of the current conversion price for 10 trading days [2][7] Convertible Bonds Overview - The company issued 20 million convertible bonds at a face value of RMB 100 each, totaling RMB 2 billion, approved by the China Securities Regulatory Commission [3] - The bonds are listed on the Shanghai Stock Exchange under the name "精工转债" with the code "110086" [3] - The conversion period for these bonds is from October 28, 2022, to April 21, 2028 [3] Conversion Price Adjustment Mechanism - The conversion price can be adjusted downward if the stock price falls below 80% of the conversion price for 15 out of 30 consecutive trading days [5] - The adjusted conversion price must not be lower than the higher of the average stock price over the 20 trading days prior to the shareholders' meeting and the previous trading day's price [5] - The company is required to hold a board meeting to decide on the adjustment and disclose the decision promptly [7] Current Situation - As of July 18 to July 31, 2025, the company's stock price has been below the threshold of RMB 3.83 for 10 trading days, indicating a potential for triggering the conversion price adjustment [2][6][7] - If the conditions are met in the next 20 trading days, the company will need to convene a board meeting to discuss the adjustment [7]

Group 1 - The stock price of Jinggong Steel Structure closed at 3.27 yuan on July 31, 2025, down 0.08 yuan, a decrease of 2.39% from the previous trading day [1] - The trading volume on that day was 301,600 hands, with a transaction amount of 99 million yuan, resulting in a turnover rate of 1.52% [1] - Jinggong Steel Structure's main business includes the design, manufacturing, and installation of steel structure buildings, covering areas such as prefabricated buildings and data centers [1] Group 2 - The company announced that from July 18 to July 31, the closing price of the stock had been below 80% of the current conversion price for 10 trading days, which may trigger the adjustment conditions for the "Jinggong Convertible Bonds" conversion price [1] - If the conditions are met, the company will convene a board meeting to consider whether to adjust the conversion price [1] - On July 31, the net outflow of main funds from Jinggong Steel Structure was 18.2061 million yuan, accounting for 0.28% of the circulating market value [1]

Core Viewpoint - The company, Jiangsu Jinggong Steel Structure Group Co., Ltd., is expected to trigger the condition for a downward adjustment of the conversion price of its convertible bonds due to its stock price being below 80% of the current conversion price for 10 consecutive trading days [2][5]. Group 1: Convertible Bond Basic Information - The company issued 20 million convertible bonds with a total value of RMB 2 billion, with a maturity of 6 years and a face value of RMB 100 per bond [3]. - The initial conversion price was set at RMB 5.00 per share, which has been adjusted multiple times due to equity distributions, currently standing at RMB 4.79 per share [4][6]. Group 2: Conversion Price Adjustment Conditions - The conversion price can be adjusted downwards if the stock price is below 80% of the conversion price for 15 out of 30 consecutive trading days [5]. - The company will hold a board meeting to decide on the adjustment if the conditions are met, and must disclose the decision promptly [7].

Core Viewpoint - The company Jinggong Steel Structure announced that from July 18, 2025, to July 31, 2025, its stock price has closed below 80% of the current conversion price for 10 trading days, which may trigger a downward adjustment of the conversion price for its convertible bonds [1] Summary by Relevant Sections - **Company Announcement** - Jinggong Steel Structure has issued a notice regarding its stock performance and the potential adjustment of its convertible bond conversion price [1] - **Stock Performance** - The stock price has been below 3.83 yuan per share, which is 80% of the current conversion price, for 10 consecutive trading days [1] - **Future Actions** - If the adjustment condition is triggered, the company will hold a board meeting on the triggering day to decide whether to adjust the conversion price and will fulfill its information disclosure obligations promptly [1]

重要内容提示： 自 2025 年 7 月 18 日起至 2025 年 7 月 31 日收盘，长江精工钢结构（集 团）股份有限公司（以下简称"公司"、"精工钢构"）股票已有 10 个交易日收盘 价低于当期转股价格的 80%（即 3.83 元/股），预计触发转股价格向下修正条件。 若触发条件，公司将于触发条件当日召开董事会审议决定是否修正转股价格并及 时履行信息披露义务。敬请广大投资者注意投资风险。 一、可转换公司债券基本情况 经中国证券监督管理委员会《关于核准长江精工钢结构（集团）股份有限公 司公开发行可转换公司债券的批复》（证监许可〔2021〕4153 号）核准，本公司 于 2022 年 4 月 22 日公开发行了 2,000 万张可转换公司债券，每张面值人民币 100 元，发行总额为人民币 20 亿元，期限 6 年。票面利率为：第一年 0.3%、第 二年 0.5%、第三年 1.0%、第四年 1.5%、第五年 1.8%、第六年 2.0%，转股期限 为自 2022 年 10 月 28 日至 2028 年 4 月 21 日止。 长江精工钢结构（集团）股份有限公司 | 股票简称：精工钢构 | 股票代码：600496 ...

董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年度A股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪7 分行业来看，A股共有164家建筑装饰上市公司公开披露了董事会秘书信息。受上游房地产行业疲软影响，2024年建筑装饰上市公司整体实现营收87347.82亿元，同比下降3.9%；归母净利润录 就年龄结构而言，若剔除未披露年龄的龙元建设董秘张丽、中国建筑董秘刘立新、*ST正平（维权）董秘王蕙，2024年建筑装饰上市公司董秘平均年龄为46.16岁，40-50岁群体约占49.7%，5 年龄最大的董秘为亚翔集成李繁骏，现已69岁。值得关注的是，李繁骏同时也是关联公司苏州丰合管理咨询有限公司董事长、亚翔集成董事、副总经理。"90"后董秘共有16位，其中年龄最小的 就任职期限而言，2024年建筑装饰上市公司董秘任职期在1年以内的占比最高，约为32.9%；任期在5-10年的董秘排名第二，约占26.2%。任期在3-5年和1-3年的董秘分别占比17.1%、14.6 就学历而言，若剔除未披露董秘学历信息的三联虹普、*ST元成（维权）、*ST正平，在1 ...

Summary of Key Points Core Viewpoint - The 2024 A-share Secretary Data Report indicates that the total salary of secretaries in A-share listed companies reached 4.086 billion yuan, with an average annual salary of 754,300 yuan, highlighting the significant role of secretaries in connecting investors and listed companies [1]. Industry Overview - The construction and decoration sector has 164 listed companies disclosing secretary information, with total revenue of 8,734.782 billion yuan in 2024, a year-on-year decrease of 3.9%. The net profit attributable to shareholders was 171.472 billion yuan, down 16.0% from 2023, with less than 30% of companies experiencing growth in both revenue and net profit [1]. Age Structure - The average age of secretaries in the construction and decoration sector is 46.16 years, with 49.7% aged between 40-50 years, 28.6% over 50 years, and 21.7% between 30-40 years. The oldest secretary is 69 years old, while the youngest is 30 years old [1][3]. Tenure of Secretaries - Approximately 32.9% of secretaries have a tenure of less than one year, while 26.2% have served for 5-10 years. Only 14 secretaries have been in their positions for over 10 years, with the longest-serving secretary having held the position since 2008 [5]. Educational Background - Among the 161 secretaries with disclosed educational backgrounds, over half hold a master's degree, while bachelor's and doctoral degrees account for 43.5% and 3.1%, respectively. Only 2.5% have an associate degree [7]. Engagement in Investor Relations - About 71.3% of secretaries conducted fewer than 10 investor meetings in 2024, with 49 secretaries having zero meetings. The remaining secretaries had varying levels of engagement, with only a small percentage conducting over 100 meetings [9].

Meeting Overview - The shareholders' meeting of Jiangsu Jinggong Steel Structure Group Co., Ltd. was held on July 29, 2025, in Shanghai [1] - The meeting was legally convened and presided over by Mr. Qiu Jianhua, with a total attendance of shareholders representing 36.4279% of the voting shares [1] Voting Results - The proposal to cancel the supervisory board and amend the business scope and company articles was approved with 99.1369% of A-share votes in favor [1] - Other proposals also received significant support, with voting results showing over 89% approval for various resolutions [2][3] - The voting process adhered to the requirements of the Company Law and the company's articles of association, ensuring the legality and validity of the resolutions passed [3] Legal Confirmation - The meeting's procedures and resolutions were verified by lawyers Wu Huanhuan and Cheng Siqi, confirming compliance with relevant laws and regulations [3]

国浩律师（上海）事务所 关于 长江精工钢结构（集团）股份有限公司 之 法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼 邮编： 200085 电话/Tel: (+86)(21) 5234 1668 传真/Fax: (+86)(21) 5234 1670 网址/Website: http://www.grandall.com.cn 二〇二五年七月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 法律意见书 律师应当声明的事项 本所律师依据本法律意见书出具之日以前已发生或存在的事实和我国现行 法律、法规和中国证监会的有关规定发表法律意见，并声明如下： （一）本所律师是依据《公司法》《证券法》等相关法律、法规及规范性文 件的规定及本法律意见书出具之日以前已发生或存在的相关事实，就公司本次召 开股东大会相关事宜发表法律意见。 国浩律师（上海）事务所 关于长江精工钢结构（集团）股份有限公司 之 法律意见书 致：长江精工钢结构（集团）股份有限公司 作为具有从事中国法律业务资格的律师事务所，国浩律师（上海）事务所（以 下简称"本所"）接受长江精工钢结构（集团）股份有限公司（以下简称"公司 ...