Core Points - The company announced that its wholly-owned subsidiaries have formed a consortium and received a bid notification for a highway maintenance project in Heilongjiang Province, with a bid price of 483 million yuan [1] - The project covers a total length of 462.4 kilometers, primarily focusing on road surface renovation, and is expected to take 365 calendar days to complete [1] - The company’s share of the project represents approximately 2.64% of its audited revenue for 2024 [1] Project Details - The project is located in Harbin, Suihua, and Daqing cities in Heilongjiang Province [1] - The consortium leader will undertake 60% of the total engineering work, including subgrade, pavement, bridge and culvert, safety road, and traffic safety facilities construction, as well as defect liability period repairs [1] - The other subsidiary will be responsible for 40% of the work, focusing on subgrade, pavement, and defect liability period repairs [1]

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]

Core Insights - The announcements highlight various corporate activities including project investments, contract wins, share buybacks, and changes in shareholding structures across multiple companies in different sectors. Company Announcements - *ST Baoying has no technological reserves related to the high-end optocoupler industry [1] - Yunnan Zhiye plans to establish a subsidiary for a high-quality gallium arsenide chip construction project [1] - Chongqing Construction has won a contract for the Jiangwan Project (Phase I) with a total value of 781 million yuan [1] - Su Da Weige intends to acquire 51% of Changzhou Weipu's shares [1] - Guoci Materials plans to repurchase shares worth between 100 million to 200 million yuan [1] Sales Data - Zhongtong Bus reported sales of 1,083 units in October, representing a year-on-year increase of 33.87% [2] - Dongfeng Motor's cumulative vehicle sales for the year reached 99,482 units, reflecting a year-on-year decrease of 21.43% [3] Shareholding Changes - Menguli plans to reduce its stake by up to 3% [1] - Xintonglian's Bifang Investment intends to reduce its holdings by up to 6 million shares [1] - Dali Kaipu's Panxin Investment plans to reduce its stake by up to 4.5% [1] Other Developments - Meng En Qidong received a product designation letter, estimating a total revenue of approximately 470 million yuan over its lifecycle [1] - Energy-saving Wind Power plans to raise no more than 3.6 billion yuan through a private placement for a 100,000-kilowatt wind power project in Akesai County [1]

Group 1 - The company will hold its third extraordinary general meeting of shareholders on November 12, 2025, at 14:50 in Harbin [1][4] - Voting will be conducted through a combination of on-site and online methods, with the online voting system provided by China Securities Depository and Clearing Corporation [2][6] - The meeting will review several proposals, including special resolutions and separate voting for minority shareholders [3][4] Group 2 - The company, along with its wholly-owned subsidiary, has been awarded a construction project for the expansion of the Jingmo Highway, with a bid price of 440,732,388.00 yuan [14] - The project covers a total length of 55.73 kilometers and includes various construction tasks such as roadbed, pavement, and traffic safety facilities [14][15] - The construction tasks undertaken by the company and its subsidiary account for approximately 2.41% of the company's audited revenue for 2024 [15]

Corporate Announcements - China Aluminum announced the election of He Wenjian as chairman and the appointment of Zhang Ruizhong as general manager, with Zhang holding 147,100 shares of A-shares [4] - Jiangbolong reported that its self-developed main control chip deployment exceeded 100 million units by the end of Q3, with ongoing rapid growth [5] - Asia-Pacific Pharmaceutical received a notice of disapproval for the consistency evaluation application of Diltiazem Hydrochloride Tablets, which will not significantly impact current performance [6] - Fuxiang Pharmaceutical successfully passed the FDA's cGMP inspection, marking the third successful inspection, enhancing its qualification for international market supply [7] - Biaobang Co. terminated its control change planning due to failure to reach consensus on core terms, leading to stock resumption [8] - Jingjin Equipment announced the release of its actual controller and chairman from detention, allowing normal operations [9] - Sand Membrane reported that part of its fundraising account was frozen, amounting to 11.74 million yuan, related to a contract dispute [10] - Renfu Pharmaceutical's subsidiary received approval for clinical trials of HWH217 tablets for treating pulmonary arterial hypertension [12] - Wanye Enterprises will change its stock name to "Xian Dao Ji Dian" effective November 12 [13] - Huahai Pharmaceutical's subsidiary passed the FDA inspection, ensuring compliance with international standards [14] Performance Metrics - Daqin Railway reported a cargo transport volume of 32.51 million tons in October, a decrease of 4.7% year-on-year [19] - Jingji Agriculture announced sales of 233,300 pigs in October, generating revenue of 317 million yuan [20] - Baiyun Airport reported a passenger throughput of 7.64 million in October, a year-on-year increase of 12.04% [21] - Dongfeng Motor's total vehicle production decreased by 23.4% year-on-year in October, with significant declines in commercial vehicle categories [22] - Hongyang Real Estate reported a contract sales amount of 202 million yuan in October [23][24] Shareholding Changes - Xintonglian announced that a shareholder plans to reduce its stake by up to 3% [25] - Tonghua Dongbao conducted its first share buyback, acquiring 0.01% of its shares for 1.29 million yuan [26] - Guoci Materials plans to repurchase shares worth 100 million to 200 million yuan at a price not exceeding 30 yuan per share [27] - Xili Technology announced multiple shareholders plan to reduce their stakes [28] Major Contracts - Dayu Water announced a pre-bid win for a 310 million yuan water conservancy project in Hainan [29] - Zhongjian Technology signed a significant sales contract worth 563 million yuan [30] - Longjian Co. won a bid for a 441 million yuan project for road construction in Heilongjiang [31] - Chongqing Construction's subsidiary won a bid for a 781 million yuan project in Chongqing [32]

Core Points - Longjian Road and Bridge Co., Ltd. and its wholly-owned subsidiary Heilongjiang Beilong Transportation Engineering Co., Ltd. have won the bid for the reconstruction and expansion project of the Jingmo Highway from Gagdaqi to Walagan [2] - The winning bid amount for the project is 440,732,388.00 yuan [2] Company Summary - Longjian Road and Bridge Co., Ltd. has formed a joint venture with Heilongjiang Beilong Transportation Engineering Co., Ltd. for the project [2] - The project is part of the national highway construction efforts, indicating the company's involvement in significant infrastructure development [2]

Corporate Governance - China Aluminum announced the election of He Wenjian as chairman and the appointment of Zhang Ruizhong as general manager, effective immediately [3] - Jiang Guiting, the actual controller and chairman of Jingjin Equipment, has had his detention lifted, allowing him to resume his duties [8] - Biao Bang Co. has terminated its plans for a change in control, with stock resuming trading [7] Industry Developments - Jiangbolong reported that its self-developed main control chip deployment has exceeded 100 million units, with rapid growth expected [4] - Asia Pacific Pharmaceutical received a notice of disapproval for its consistency evaluation application for a drug, which will not significantly impact its current performance [5] - Fuxiang Pharmaceutical successfully passed a cGMP inspection by the FDA, marking its third successful inspection [6] - Huahai Pharmaceutical's subsidiary passed an FDA inspection, enhancing its international market capabilities [13] Financial Performance - Daqin Railway reported a cargo transport volume of 32.51 million tons in October 2025, a year-on-year decrease of 4.7% [18] - Jingji Zhino achieved sales revenue of 317 million yuan from selling 233,300 pigs in October 2025 [19] - Baiyun Airport reported a passenger throughput of 7.64 million in October 2025, a year-on-year increase of 12.04% [20] - Dongfeng Motor's total vehicle production in October 2025 was 6,536 units, a year-on-year decrease of 23.40% [21] - Hongyang Real Estate reported a contract sales amount of 202 million yuan in October 2025 [22] Shareholder Actions - Xintonglian announced that a shareholder plans to reduce its stake by up to 3% [24] - Tonghua Dongbao conducted its first share buyback, acquiring 143,500 shares for 1.29 million yuan [25] - Guoci Materials plans to repurchase shares worth 100 million to 200 million yuan at a price not exceeding 30 yuan per share [26] Project Wins - Dayu Water-saving announced a pre-bid win for a 310 million yuan water conservancy project in Hainan [28] - Zhongjian Technology signed a significant sales contract worth 563 million yuan [29] - Longjian Co. won a project bid worth 441 million yuan for road construction in Heilongjiang [30] - Chongqing Construction's subsidiary won a project bid worth 781 million yuan for a residential project in Chongqing [31]

Group 1 - The core point of the article is that Longjian Co., Ltd. has won a bid for the construction of a section of the Jingmo Highway, with a contract value of approximately 441 million yuan [1] - Longjian Co., Ltd. and its wholly-owned subsidiary, Heilongjiang Beilong Transportation Engineering Co., Ltd., formed a consortium to secure the bid [1] - As of the report date, Longjian Co., Ltd. has a market capitalization of 4.4 billion yuan [1] Group 2 - For the first half of 2025, Longjian Co., Ltd.'s revenue composition shows that construction projects account for 97.71% of total revenue, while other businesses contribute 1.52% and other sources account for 0.78% [1]

Core Viewpoint - The company, along with its wholly-owned subsidiary, has been awarded a construction project for the expansion of a highway segment, indicating a significant business opportunity and revenue generation potential [1] Group 1: Project Details - The company and its subsidiary, Heilongjiang Beilong Transportation Engineering Co., Ltd., formed a joint venture that has received a bid notification for the construction project [1] - The project is for the expansion of the Jingmo Highway from Gagadaqi to Walagan, with a total length of 55.73 kilometers [1] - The awarded contract value is 441 million yuan, with a planned construction period of 730 calendar days and a defect liability period of 24 months [1] Group 2: Construction Scope - The construction scope includes roadbed, pavement, bridges, culverts, and traffic safety facilities related to the project [1]

证券代码：600853 证券简称：龙建股份 编号：2025-086 龙建路桥股份有限公司工程项目中标公告 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法律责任。 近日，龙建路桥股份有限公司（以下简称公司）与公司全资子公司 黑龙江省北龙交通工程有限公司（以下简称北龙公司）联合体收到招标 人国道京漠公路加格达奇至瓦拉干段改扩建工程建设指挥部、招标代理 机构黑龙江省招标有限公司发来的中标通知书： 公司与北龙公司组成的联合体被确定为国道京漠公路加格达奇至 瓦拉干段改扩建工程施工A3标段项目（以下简称项目、本项目）中标人。 项目地点：黑龙江省大兴安岭地区（新林区） 中 标 价：440,732,388.00元 计划工期：730日历天，缺陷责任期24个月。 工程概况：本项目全长 55.73公里，施工内容主要包含路基、路面、 桥涵、交通安全设施等与本项目相关工程的施工。 联合体成员及分工：公司为联合体牵头人，北龙公司为联合体成员。 公司承担路基、路面、桥涵、公路附属房屋建筑施工及缺陷责任期修复专 业工程，占总工程量的98%；北龙公司承担交通安全设施、 ...