Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - The "anti-involution" policy is transitioning from policy definition to implementation, with a focus on shifting from "price competition" to "value competition" in the construction industry [14][15] - The construction sector is expected to benefit from improved cash flow and report quality due to the optimization of supply and demand dynamics, which will enhance the dividend capacity of state-owned enterprises [15][24] - The report emphasizes the importance of technology transformation and the development of non-traditional construction businesses, such as smart cities and smart construction, as key paths for traditional construction companies [2][3] Summary by Sections 1. Traditional Low-Valuation State-Owned Enterprises - The market share of nine major state-owned construction enterprises has increased from 30.45% in 2016 to 48.9% in 2024, with a further rise to 59.89% in Q1 2025, indicating strong order acquisition capabilities [15][21] - The report highlights three dimensions for understanding the implications of "anti-involution": dividend capacity, price elasticity, and technology transformation [2][14] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [2][24] 2. International Engineering Sector - The international engineering sector is expected to benefit from price elasticity due to rising expectations for resource prices, particularly in coal [3][29] - The report suggests that improvements in downstream profitability and high-quality development in industries like steel and cement will drive demand for engineering companies [3][29] 3. Steel Structure Sector - The steel structure sector is divided into manufacturing and installation, with rising steel prices benefiting manufacturing companies like Honglu Steel Construction [4][29] - The transition towards intelligent and green construction is expected to enhance the competitive advantages of leading companies in the steel structure installation segment [4][29] - Companies like Jianghe Group and Jinggong Steel Construction are highlighted for their significant growth in overseas orders [4][29] 4. Key Stock Recommendations - The report recommends several stocks based on their performance and valuation metrics, including China State Construction, China Chemical, and Honglu Steel Construction, all of which have favorable P/E ratios and dividend yields [9][25][27]

Core Viewpoint - The company is actively advancing new technologies and standards in post-disaster reconstruction and prefabricated buildings, particularly in response to climate anomalies and frequent disasters this year [2]. Group 1: Technological Advancements - The company has developed key technologies and theoretical breakthroughs in prefabricated steel-concrete composite structures, addressing technical bottlenecks in both prefabricated steel and concrete buildings [2]. - The new technologies provide advantages such as high assembly rates, low steel usage, high usable area, short construction cycles, and enhanced comfort and durability of buildings [2]. Group 2: Standards and Certifications - The company has compiled two local standards for prefabricated steel structures in Zhejiang Province, filling a technical gap in the industry [2]. - The company has obtained multiple international certifications, including AISC quality certification from the American Institute of Steel Construction, EN1090EXC4 certification from the European Union, H-level certification in Japan, and GOST certification from Russia [2]. Group 3: Project Applications - The new prefabricated steel-concrete composite technology has been applied in nearly 40 projects across the country, covering over 1.3 million square meters [2].

Core Viewpoint - The company addresses investor concerns regarding false claims made by accounts posing as "Ge Shang" and clarifies its measures for market value management and accounts receivable issues [1] Group 1: Response to Investor Concerns - The company denies any contractual agreements with third-party platforms regarding the promotion of false performance claims and has reported these accounts, which have since been deleted or deactivated [1] - The company emphasizes that its stock price performance is influenced by various factors, including macroeconomic conditions, supply and demand, industry trends, and market sentiment [1] Group 2: Market Value Management - The company has implemented measures such as shareholder buybacks, share cancellations, and increased cash dividends to protect investor interests, achieving a stock price increase of approximately 13% since the beginning of 2025, outperforming peers [1] Group 3: Accounts Receivable Management - The company aims to control new accounts receivable, resolve existing ones, and mitigate risks by leveraging national initiatives to address local debt and promote high-quality economic growth [1] - Specific strategies include forming a dedicated team for debt collection, establishing performance incentives linked to collection outcomes, and utilizing financial tools like commercial bills and supply chain finance to improve cash flow quality [1]

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 就年龄结构而言，2024年专业工程上市公司董秘以中坚力量为主，剔除未披露具体信息的中工国际，平均年龄为46.02岁，40-50岁群体约占46.0%，50岁以上群体约占32.0%，30-40岁群体 年龄最大的男性董秘为亚翔集成李繁骏，现已69岁。年龄最大的女性董秘为罗曼股份刘锋，目前55岁。海波重科的冉婷年龄最小，为32岁。 就任职期限而言，2024年专业工程上市公司董秘以中长期为主，任职时间在5-10年的占比最高，约为36.0%；任期在1-3年的董秘群体次之，约占比26.0%；任职1年以内和3-5年的董秘群体分 统计区间内，共有9位董秘离任，包括中铝国际赵红梅、中国化学李涛、中材国际范丽婷等。其中，罗曼股份刘锋担任董秘职务接近10年，因到法定退休年龄辞任。天沃科技（维权）徐超在岗不 就学历构成而言，剔除未披露具体信息的三联虹普，在余下的49位专业工程上市公司董秘中，硕士学历约占55.1%，本科学历约占36.7%。北方国际倪静、深桑达A李安东、中铝国际赵红梅最高 2024年，专业工程上市公司接待调研未超过10次的董秘群体约占64. ...

Core Viewpoint - The company has decided not to lower the conversion price of its convertible bonds despite triggering conditions for a downward adjustment due to stock price performance [4][10][11]. Group 1: Meeting and Resolutions - The company's board of directors held a temporary meeting on August 7, 2025, with all 9 directors present, and the meeting was deemed valid [1]. - The board unanimously approved the proposal not to adjust the conversion price of the "精工转债" convertible bonds [1][4]. Group 2: Convertible Bond Details - The company issued 20 million convertible bonds with a total value of RMB 2 billion, with a maturity of 6 years and a tiered interest rate starting from 0.3% in the first year [6]. - The initial conversion price was set at RMB 5.00 per share, which has been adjusted multiple times due to equity distributions and share buybacks, currently standing at RMB 4.79 per share [7]. Group 3: Trigger Conditions and Decision - From July 18 to August 7, 2025, the company's stock closed below 80% of the current conversion price for 15 trading days, triggering the adjustment clause [4][10]. - The board considered various factors, including the company's fundamentals and market conditions, and decided not to propose a downward adjustment for the conversion price, even if the trigger conditions are met again within the next month [11].

（文章来源：证券日报） 证券日报网讯 8月7日晚间，精工钢构发布公告称，公司第九届董事会2025年度第十六次临时会议审议 通过了《关于不向下修正"精工转债"转股价格的议案》。 ...

证券日报网讯 8月7日晚间，精工钢构发布公告称，经公司第九届董事会2025年度第十六次临时会议审 议通过，公司董事会决定不向下修正"精工转债"的转股价格。 （文章来源：证券日报） ...

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 | 编号：临 | 2025-094 | | --- | --- | --- | --- | | 转债简称：精工转债 | 转债代码：110086 | | | 长江精工钢结构（集团）股份有限公司 关于不向下修正"精工转债"转股价格的公告 本公司董事会及全体董事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个别及连带责任。 重要内容提示： 2025 年 7 月 18 日至 2025 年 8 月 7 日，长江精工钢结构（集团）股份有 限公司（以下简称"公司"）股票已有 15 个交易日的收盘价低于当期转股价格的 80%之情形，已触发"精工转债"的转股价格向下修正条款。 经公司第九届董事会 2025 年度第十六次临时会议审议通过，公司董事会 决定不向下修正"精工转债"的转股价格。 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 2 ...

| 股票简称：精工钢构 | 股票代码：600496 | 编号：临 2025-093 | | --- | --- | --- | | 转债简称：精工转债 | 转债代码：110086 | | 长江精工钢结构（集团）股份有限公司 关于第九届董事会 2025 年度第十六次临时会议决议公告 本公司董事会及全体董事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个别及连带责任。 长江精工钢结构（集团）股份有限公司（以下简称"公司"）第九届董事会 2025 年度第十六次临时会议于 2025 年 8 月 7 日以通讯方式召开，本次会议应参 加董事 9 人，实际参加董事 9 人。会议的召开符合《公司法》、《公司章程》的规 定，会议决议有效。会议审议通过了以下议案： 长江精工钢结构（集团）股份有限公司 本议案表决情况：同意票 8 票，反对票 0 票，弃权票 0 票。董事方朝阳先 生作为"精工转债"的持有人，对本议案回避表决。 特此公告。 长江精工钢结构（集团）股份有限公司 董事会 2025 年 8 月 8 日 一、审议通过《关于不向下修正"精工转债"转股价格的议案》（详见公司同 ...

关于公司董事辞任暨选举职工代表董事的公告 | 证券代码：600496 | 证券简称：精工钢构 | 公告编号：2025-092 | | --- | --- | --- | | 转债代码：110086 | 转债简称：精工转债 | | 长江精工钢结构（集团）股份有限公司 本公司董事会及全体董事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。 一、董事离任情况 黄幼仙：中国国籍，无境外永久居留权。大学学历，高级经济师。曾就职于新加 坡 ST 微电子公司、上海电子元件二十一厂等公司。现任精工控股集团董事长助 理、公司总裁助理等职。黄幼仙女士未受过中国证监会及其他有关部门的处罚和 证券交易所惩戒情况。 长江精工钢结构（集团）股份有限公司（以下简称"公司"）董事会于近日 收到董事黄幼仙女士提交的辞职报告，因公司内部工作调整，黄幼仙女士申请辞 去公司第九届董事会董事职务。该辞职报告自送达董事会之日起生效，黄幼仙女 士辞职后将继续在公司担任其他职务。黄幼仙女士的辞职不会导致公司董事会人 数低于法定最低人数，其辞职不会影响公司董事会、公司正常运作。 二、职工代表董事选举 ...