Market Overview - The housing construction sector increased by 0.05% compared to the previous trading day, with Gao Xin Development leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up by 0.87%, while the Shenzhen Component Index closed at 12777.31, up by 1.53% [1] Stock Performance - Key stocks in the housing construction sector showed varied performance, with Gao Xin Development closing at 44.28, up by 1.40%, and other notable stocks including Ningbo Construction and Shanghai Construction with increases of 0.57% and 0.36% respectively [1] - The trading volume and turnover for Gao Xin Development reached 50,000 shares and 221 million yuan respectively, indicating strong market interest [1] Capital Flow Analysis - The housing construction sector experienced a net outflow of 46.14 million yuan from main funds, while retail investors saw a net outflow of 1.36 billion yuan [1] - Conversely, speculative funds recorded a net inflow of 1.41 billion yuan, suggesting a shift in investment strategy among different investor types [1] Individual Stock Capital Flow - China State Construction saw a net inflow of 20.09 million yuan from main funds, while Gao Xin Development had a net inflow of 10.82 million yuan [2] - Zhejiang Construction experienced a net inflow of 1.46 million yuan from main funds, but also had significant outflows from retail investors [2] - Shanghai Construction faced the largest net outflow from main funds at 22.35 million yuan, indicating potential concerns among institutional investors [2]

Core Viewpoint - The housing construction sector experienced a slight increase of 0.59% on November 24, with Shanghai Construction leading the gains, while the overall market indices showed modest growth [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3836.77, up 0.05% [1] - The Shenzhen Component Index closed at 12585.08, up 0.37% [1] - The housing construction sector's individual stock performance is detailed in a table, highlighting various companies' closing prices and percentage changes [1] Group 2: Stock Performance - Shanghai Construction (600170) closed at 2.76, with a rise of 1.85% and a trading volume of 1.7342 million shares, totaling a transaction value of 47.6 million [1] - High-tech Development (000628) closed at 43.67, up 1.79%, with a trading volume of 50,200 shares and a transaction value of 217 million [1] - Zhejiang Construction Investment (002761) closed at 9.24, up 1.54%, with a trading volume of 139,000 shares and a transaction value of 128 million [1] - Other notable performances include Ningbo Construction (601789) at 5.26 (+1.15%), Chongqing Construction (600939) at 3.55 (+1.14%), and China State Construction (601668) at 5.27 (+0.38%) [1] Group 3: Capital Flow - The housing construction sector saw a net outflow of 42.0469 million from institutional investors and 39.3414 million from speculative investors, while retail investors contributed a net inflow of 81.3883 million [1] - A detailed table shows the net capital flow for individual stocks, indicating varying levels of institutional, speculative, and retail investor activity [2]

Core Viewpoint - Ningbo Construction Co., Ltd. plans to acquire 100% equity of Ningbo Transportation Engineering Construction Group Co., Ltd. through a share issuance [1] Group 1 - The Shanghai Stock Exchange M&A Review Committee approved the transaction, confirming it meets restructuring conditions and information disclosure requirements [1] - The company has made supplementary and improved adjustments to the "Draft Report on Issuing Shares to Purchase Assets and Related Transactions" following the approval [1] - The main revisions in the draft report compared to the previous version disclosed on November 19, 2025, are highlighted [1]

Core Viewpoint - The housing construction sector experienced a decline of 2.13% on November 21, with Shanghai Construction leading the losses. The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1]. Group 1: Market Performance - The housing construction sector saw significant declines in individual stocks, with China State Construction down 1.50% to 5.25, Shaanxi Construction down 2.63% to 3.70, and High-tech Development down 3.44% to 42.90 [1]. - The trading volume for China State Construction was 2.3165 million shares, with a transaction value of 1.222 billion yuan [1]. - The overall net outflow of funds from the housing construction sector was 240 million yuan, with retail investors contributing a net inflow of 264 million yuan [1]. Group 2: Fund Flow Analysis - Major stocks like Chongqing Construction and Shaanxi Construction experienced net outflows from institutional investors, with Chongqing Construction seeing a net outflow of 5.6225 million yuan [2]. - Retail investors showed a positive trend, with Chongqing Construction receiving a net inflow of 14.609 million yuan, indicating a divergence in investor behavior [2]. - The net outflow for China State Construction from institutional investors was 37.7984 million yuan, while retail investors contributed a net inflow of 42.0931 million yuan [2].

甬兴证券有限公司 关于宁波建工股份有限公司 发行股份购买资产暨关联交易 之 独立财务顾问报告 （注册稿） 独立财务顾问 甬兴证券有限公司 二〇二五年十一月 甬兴证券有限公司 独立财务顾问报告（注册稿） 独立财务顾问声明与承诺 一、独立财务顾问声明 （一）本独立财务顾问报告所依据的文件和材料由本次交易各方提供，提供 方对所提供文件及资料的真实性、准确性和完整性负责，并保证该等信息不存在 虚假记载、误导性陈述或者重大遗漏。本独立财务顾问不承担由此引起的任何风 险责任； （二）本独立财务顾问报告是在假设本次交易各方当事人均全面和及时履行 本次交易相关协议和声明或承诺的基础上出具，若上述假设不成立，本独立财务 顾问不承担由此引起的任何风险责任； （三）对于本独立财务顾问报告至关重要而又无法得到独立证据支持或需要 法律、审计、评估等专业知识来识别的事实，本独立财务顾问主要依据有关政府 部门、律师事务所、会计师事务所、资产评估机构及其他有关单位出具的意见、 说明及其他文件作出判断。 （四）如本独立财务顾问报告中结论性意见引用其他证券服务机构专业意见的， 独立财务顾问已进行了必要的审慎核查。除上述核查责任之外，独立财务顾问 ...

证券代码：601789 证券简称：宁波建工 上市地点：上海证券交易所 宁波建工股份有限公司 发行股份购买资产 暨关联交易报告书（草案）摘要 （注册稿） | 交易类型 | 交易对方 | | --- | --- | | 发行股份购买资产 | 宁波交通投资集团有限公司 | 独立财务顾问 二零二五年十一月 宁波建工股份有限公司 发行股份购买资产暨关联交易报告书（草案）摘要（注册稿） 上市公司声明 投资者在评价本次交易时，除本报告书摘要内容以及与本报告书摘要同时披 露的相关文件外，还应认真考虑本报告书摘要披露的各项风险因素。投资者若对 本报告书摘要存在任何疑问，应咨询自己的股票经纪人、律师、专业会计师或其 他专业顾问。 1-1-1 上市公司及全体董事、监事、高级管理人员保证本报告书摘要内容的真实、 准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确 性和完整性承担相应的法律责任。 上市公司控股股东、董事、监事、高级管理人员承诺：如本次交易所披露或 提供的信息涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立案侦查或者 被中国证监会立案调查的，在形成调查结论以前，不转让在上市公司拥有权益的 股份，并于 ...

证券代码：601789 证券简称：宁波建工 公告编号：2025-080 宁波建工股份有限公司 关于发行股份购买资产暨关联交易报告书（草案）（注册稿） 公司结合上交所重组委审核通过本次交易等实际情况，对《宁波建工 股份有限公司发行股份购买资产暨关联交易报告书（草案）（注册稿）》 （以下简称"草案（注册稿）"）进行了部分补充和完善。相较公司于 2025 1 年 11 月 19 日披露的《宁波建工股份有限公司发行股份购买资产暨关联交 易报告书（草案）（上会稿）》，草案（注册稿）主要修订情况如下： | | 章节 | 差异对照情况 | | --- | --- | --- | | 重大事项提示 | | 1、更新本次交易已履行的决策和审批程序；2、更新本次交易尚需 | | | | 履行的决策及报批程序。 | | 第一节 | 本次交易概述 | 1、更新本次交易已履行的决策和审批程序；2、更新本次交易尚 | | | | 需履行的决策及报批程序。 | | 第三节 | 交易对方基本 | 1、更新交易对方向上市公司推荐董事或高级管理人员的说明。 | | 情况 | | | | 第四节 | 交易标的基本 | 1、更新标的公司部分子公司的 ...

证券代码：601789 证券简称：宁波建工 上市地点：上海证券交易所 宁波建工股份有限公司 发行股份购买资产 暨关联交易报告书（草案） （注册稿） | 交易类型 | 交易对方 | | --- | --- | | 发行股份购买资产 | 宁波交通投资集团有限公司 | 独立财务顾问 二零二五年十一月 宁波建工股份有限公司 发行股份购买资产暨关联交易报告书（草案）（注册稿） 上市公司声明 上市公司及全体董事、监事、高级管理人员保证本报告书及其摘要内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并对其真实性、 准确性和完整性承担相应的法律责任。 上市公司控股股东、董事、监事、高级管理人员承诺：如本次交易所披露或 提供的信息涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立案侦查或者 被中国证监会立案调查的，在形成调查结论以前，不转让在上市公司拥有权益的 股份，并于收到立案稽查通知的两个交易日内将暂停转让的书面申请和股票账户 提交上市公司董事会，由董事会代为向证券交易所和证券登记结算机构申请锁定； 未在两个交易日内提交锁定申请的，授权董事会核实后直接向证券交易所和证券 登记结算机构报送本人的身份信息和账 ...

Core Viewpoint - Ningbo Construction's asset restructuring has been approved, allowing the company to acquire 100% equity of Ningbo Traffic Engineering Construction Group for 1.527 billion yuan, enhancing its competitive position and resolving industry competition issues with its controlling shareholder [2][4][6]. Group 1: Transaction Details - The transaction involves issuing shares to purchase 100% equity of Ningbo Traffic Engineering Construction Group from its controlling shareholder, Ningbo Transportation Investment Group, with a valuation of 1.527 billion yuan and a premium of 16.49% [6][7]. - After the transaction, Ningbo Construction's total assets are projected to reach 41.405 billion yuan, a 32.91% increase from before the restructuring [3][9]. - The controlling shareholder's stake in Ningbo Construction will increase from 26.87% to 47.86%, solidifying its control [7][8]. Group 2: Financial Impact - Post-restructuring, Ningbo Construction's revenue and net profit attributable to shareholders are expected to increase by 26.81% and 54.48%, respectively, based on financial data from the first half of 2025 [3][9]. - Ningbo Traffic Engineering Construction Group's revenue for 2023 to the first half of 2025 is projected at 5.664 billion yuan, 5.749 billion yuan, and 2.459 billion yuan, with net profits of 125 million yuan, 120 million yuan, and 71.097 million yuan [8][9]. - As of June 2025, Ningbo Traffic Engineering Construction Group's total assets are estimated at 10.281 billion yuan, with liabilities of 8.7 billion yuan [9].

Core Viewpoint - Ningbo Construction's acquisition of 100% equity in Ningbo Traffic Engineering Construction Group for 1.527 billion yuan is a strategic move to enhance competitiveness and resolve industry competition issues, approved by the Shanghai Stock Exchange [1][2]. Group 1: Transaction Details - The transaction involves issuing shares to acquire Ningbo Traffic Engineering Construction Group, with a transaction price of 1.527 billion yuan [1]. - The share issuance price is set at 3.49 yuan per share, with an estimated issuance of approximately 438 million shares, representing 28.71% of the post-issue total share capital [1]. - The controlling shareholder, Ningbo Transportation Investment Holding Group, commits to a 36-month lock-up period for the acquired shares, reflecting confidence in the company's long-term development [1]. Group 2: Strategic Significance - Ningbo Traffic Engineering Construction Group holds rare qualifications in comprehensive transportation construction, including top-level qualifications in highway, port, municipal, and railway engineering [2]. - The acquisition will consolidate various business segments under Ningbo Construction, enhancing independence and resolving competition issues within the industry [2]. - The integration of resources between Ningbo Construction and Ningbo Traffic Engineering will optimize internal resource allocation and strengthen the company's overall service capabilities in civil engineering [2]. Group 3: Market Implications - The transaction aligns with national policies promoting high-quality infrastructure development and reflects the trend in the construction industry [3]. - As the 14th Five-Year Plan approaches, the transportation infrastructure sector is expected to experience new growth opportunities, positioning Ningbo Construction favorably for undertaking major projects and expanding market reach [3].