Group 1 - China National Fisheries announced that its shareholder, China State-Owned Enterprises Mixed Ownership Reform Fund Co., Ltd., reduced its stake from 5.7076% to 5% by selling 2.5888 million shares at an average price of 10.31 yuan per share [1] - China National Fisheries, established in April 1998, focuses on deep-sea fishing, seafood processing and trade, and marine fishery services [2] Group 2 - Guilin Tourism plans to publicly select a partner for the "Living Lotus" project to build a theater and related facilities, with the partner responsible for investment, construction, and operation [2] - Guilin Tourism, founded in April 1998, operates in boat passenger transport, scenic tourism, hotels, and road passenger transport [2] Group 3 - Zhaomin Technology intends to issue convertible bonds to raise no more than 590 million yuan for new projects related to automotive components and precision engineering plastics [3] - Zhaomin Technology, established in October 2011, specializes in the R&D, production, and sales of precision injection parts and molds [3] Group 4 - Zhaomin Technology plans to establish overseas subsidiaries in Singapore and Thailand, focusing on wholesale trade and technology development in automotive precision components [4] - The registered capital for the Singapore subsidiaries is set at 1,000 USD, while the Thai subsidiary will have a capital of 500,000 THB [4] Group 5 - Yiyigou's subsidiary plans to increase capital by 8 million yuan to an associated company, with a pre-investment valuation of 42 million yuan [5] - Yiyigou, founded in April 2007, provides full-channel pharmaceutical distribution services [6] Group 6 - Yunda Express reported a 0.88% year-on-year decline in October express service revenue, totaling 4.495 billion yuan, with a business volume decrease of 5.11% [7] - Yunda Express, established in April 1996, operates in comprehensive express logistics [8] Group 7 - SAIWO Technology announced the first batch delivery of light transfer films for perovskite tandem components, marking a significant step in commercial application [8] - The current delivery is small-scale and will not significantly impact the company's revenue in 2024 [8] Group 8 - Hunan Baiyin's shareholder plans to reduce its stake by up to 1.95%, equating to a maximum of 55 million shares [9] - Hunan Baiyin, founded in November 2004, specializes in the smelting and sales of precious metals [9] Group 9 - Ningbo Construction's acquisition of Ningbo Transportation Engineering Construction Group has been approved by the Shanghai Stock Exchange [10] - Ningbo Construction, established in December 2004, focuses on construction engineering and related services [10] Group 10 - Sudar's shareholder plans to reduce its stake by up to 3%, which amounts to a maximum of 2.28 million shares [11] - Sudar, founded in July 2009, provides aftermarket services for hydraulic supports in coal mining machinery [12] Group 11 - Aeston plans to establish a joint venture with BOE Technology Group, focusing on the development and sales of drive technology products [13] - Aeston, established in February 2002, specializes in automation core components and industrial robotics [13] Group 12 - CICC is planning to absorb and merge Dongxing Securities and Xinda Securities through a stock exchange, with trading suspended for up to 25 days [14] - CICC, founded in July 1995, provides investment banking and asset management services [14] Group 13 - Dongjie Intelligent plans to purchase robots from an associated company for a total of 24.325 million yuan [15] - Dongjie Intelligent, established in December 1995, focuses on intelligent production systems and logistics [15] Group 14 - Shentong Express reported an 11.84% year-on-year increase in October express service revenue, totaling 4.95 billion yuan [16] - Shentong Express, founded in November 2001, operates in the express service industry [17] Group 15 - Zhongfu Industrial plans to invest 259 million yuan in a project to produce 3 million aluminum wheels [18] - Zhongfu Industrial, established in January 1997, specializes in aluminum processing and related industries [18] Group 16 - Maoshuo Power's director plans to reduce his stake by up to 980,300 shares, representing 0.2749% of the total shares [19] - Maoshuo Power, founded in March 2006, focuses on the R&D and production of power supplies [19] Group 17 - Wentai Technology's control over Anshi Semiconductor remains limited despite the lifting of an asset freeze order [20] - Wentai Technology, established in January 1993, specializes in mobile communication and semiconductor technology [20] Group 18 - Zhongyida's actual controller is involved in the merger of Xinda Securities by CICC, with no impact on Zhongyida's equity structure [20] - Zhongyida, founded in June 1992, produces and sells fine chemical products [20] Group 19 - Jinlongyu's subsidiary received a criminal judgment for contract fraud, with penalties imposed on both the company and an individual [20] - Jinlongyu, established in June 2005, focuses on kitchen food and oil products [20]

Core Insights - The housing construction sector saw a 0.53% increase on November 20, with Zhejiang Construction leading the gains [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Zhejiang Construction (002761) closed at 9.51, up 1.28% with a trading volume of 235,100 shares and a turnover of 224 million yuan [1] - China State Construction (601668) closed at 5.33, up 0.76% with a trading volume of 2,074,700 shares and a turnover of 1.104 billion yuan [1] - Shaanxi Construction (600248) closed at 3.80, up 0.53% with a trading volume of 172,900 shares and a turnover of 65.466 million yuan [1] - Other notable performances include Shanghai Construction (600170) at 2.84, unchanged, and Ningbo Construction (601789) at 5.43, down 2.69% [1] Capital Flow - The housing construction sector experienced a net outflow of 9.0754 million yuan from institutional investors and 18.555 million yuan from speculative funds, while retail investors saw a net inflow of 27.6304 million yuan [1] - Detailed capital flow for key stocks shows that China State Construction had a net inflow of 94.0121 million yuan from institutional investors, while Zhejiang Construction had a net outflow of 4.6870 million yuan [2] - Chongqing Construction (600939) had a net inflow of 26.6179 million yuan from institutional investors, indicating strong interest [2]

Group 1 - The Shanghai Stock Exchange's M&A Review Committee approved Ningbo Construction's asset acquisition plan, confirming it meets restructuring conditions and information disclosure requirements [1] - Ningbo Construction plans to acquire 100% equity of Ningbo Traffic Engineering Construction Group from Ningbo Transportation Investment Group for a transaction price of RMB 1,527,200,572.59 [2][3] - The transaction is subject to approval from the China Securities Regulatory Commission, and its timing remains uncertain [2] Group 2 - The independent financial advisor for the transaction is Yongxing Securities Co., Ltd., with a team of multiple professionals involved [8] - Ningbo Traffic Engineering's revenue for 2023, 2024, and the first half of 2025 was RMB 566,380.62 million, RMB 574,884.04 million, and RMB 245,935.24 million respectively, with net profits of RMB 12,498.11 million, RMB 11,981.91 million, and RMB 7,109.71 million [7][8] - The net cash flow from operating activities for the first half of 2025 was negative RMB 39,137.31 million, indicating potential cash flow challenges [8]

Group 1 - Ningbo Construction announced plans to acquire 100% equity of Ningbo Transportation Engineering Construction Group through a share issuance [2] - The Shanghai Stock Exchange's M&A Review Committee held a meeting on November 19, 2025, to review the transaction application, concluding that it meets restructuring conditions and information disclosure requirements [2] - The transaction is subject to approval and registration by the China Securities Regulatory Commission, with uncertainties regarding the timing of registration [2]

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事项 获得上海证券交易所并购重组审核委员会审核通过的公告 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 担法律责任。 宁波建工股份有限公司（以下简称"公司"）拟通过发行股份方式购买 宁波交通工程建设集团有限公司 100%股权（以下简称"本次交易"）。 证券代码：601789 证券简称：宁波建工 公告编号：2025-079 上海证券交易所并购重组审核委员会（以下简称"上交所重组委"）于 2025 年 11 月 19 日召开 2025 年第 18 次并购重组审核委员会审议会议，对 公司本次交易的申请进行了审议。根据上交所重组委发布的《上海证券交 易所并购重组审核委员会 2025 年第 18 次审议会议结果公告》，本次会议的 审议结果为：本次交易符合重组条件和信息披露要求。 本次交易尚需经中国证券监督管理委员会同意注册后方可实施。本次 交易能否取得注册，以及取得注册的时间存在不确定性，公司将根据本次 交易的进展情况及时履行信息披露义务。公司指定信息披露媒体为上交所 网站（http://www ...

Core Viewpoint - Ningbo Construction (601789.SH) has received approval from the Shanghai Stock Exchange's M&A Review Committee for its proposed transaction, confirming that it meets restructuring conditions and information disclosure requirements [1] Group 1 - The Shanghai Stock Exchange's M&A Review Committee held its 18th review meeting of 2025 on November 19, 2025 [1] - The review concluded that the transaction proposed by Ningbo Construction is compliant with restructuring conditions [1] - The transaction also meets the necessary information disclosure requirements as per the committee's announcement [1]

二〇二五年第一次临时股东大会 会议资料 二〇二五年十一月二十六日 目 录 1 主持人：公司董事长 宁波建工股份有限公司 2025 年 11 月 26 日 3 一、会议签到，发放会议资料 二、会议主持人介绍股东到会情况，宣布会议开始 三、会议审议下列议案： （一）关于接受控股股东担保并向其提供反担保的议案 （二）关于注册发行中期票据的议案 （三）关于取消监事会、修订《公司章程》的议案 （四）关于修订、废止公司治理制度的议案 四、推举计票人、监票人 五、对大会议案进行投票表决 六、收集表决票并计票，宣布表决结果 七、宣读股东大会决议 八、律师发表见证意见 九、宣布股东大会闭幕 一、宁波建工股份有限公司 2025 年第一次临时股东大会会议议程 2 二、宁波建工股份有限公司 2025 年第一次临时股东大会会议议案： （一）关于接受控股股东担保并向其提供反担保的议案 （二）关于注册发行中期票据的议案 （三）关于取消监事会、修订《公司章程》的议案 （四）关于修订、废止公司治理制度的议案 宁波建工股份有限公司 2025 年第一次临时股东大会会议议程 现场会议开始时间：2025 年 11 月 26 日下午 14:30 召开地 ...

Market Overview - The housing construction sector experienced a decline of 0.33% on November 19, with Ningbo Construction leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - Key stocks in the housing construction sector showed varied performance, with China State Construction up 0.19% to 5.29, while Ningbo Construction fell 2.79% to 5.58 [1] - The trading volume and turnover for major stocks included: - China State Construction: 1.6184 million shares, turnover of 856 million yuan - Chongqing Construction: 414,300 shares, turnover of 15.2 million yuan - Zhejiang Construction Investment: 137,500 shares, turnover of 130 million yuan [1] Capital Flow - The housing construction sector saw a net outflow of 246 million yuan from institutional investors, while retail investors contributed a net inflow of 208 million yuan [1] - Detailed capital flow for selected stocks included: - Chongqing Construction: -3.627 million yuan from institutional investors, +5.3716 million yuan from retail investors [2] - China State Construction: -3.713 million yuan from institutional investors, +16.4832 million yuan from retail investors [2] - Ningbo Construction: -16.8718 million yuan from institutional investors, +10.7901 million yuan from retail investors [2]

Core Insights - The housing construction sector experienced a decline of 1.64% on November 18, with Chongqing Construction leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Sector Performance - The housing construction sector saw a net outflow of 416 million yuan from institutional investors, while retail investors contributed a net inflow of 315 million yuan [1] - The following companies showed notable price changes: - Gaoxin Development: Closed at 45.73, down 0.76% with a trading volume of 39,800 shares and a turnover of 183 million yuan [1] - Shaanxi Construction: Closed at 3.81, down 0.78% with a trading volume of 220,200 shares and a turnover of 83.86 million yuan [1] - Ningbo Construction: Closed at 5.74, down 1.20% with a trading volume of 531,800 shares and a turnover of 304 million yuan [1] - China State Construction: Closed at 5.28, down 1.68% with a trading volume of 3,044,400 shares and a turnover of 1.615 billion yuan [1] - Shanghai Construction: Closed at 2.92, down 1.68% with a trading volume of 5,390,600 shares and a turnover of 1.568 billion yuan [1] - Zhejiang Construction Investment: Closed at 9.46, down 1.97% with a trading volume of 207,400 shares and a turnover of 197 million yuan [1] - Longyuan Construction: Closed at 3.27, down 2.10% with a trading volume of 260,400 shares and a turnover of 85.86 million yuan [1] - Chongqing Construction: Closed at 3.72, down 2.87% with a trading volume of 598,300 shares and a turnover of 223 million yuan [1] Fund Flow Analysis - The fund flow data indicates that institutional investors had significant outflows in several companies, including: - Shaanxi Construction: Net outflow of 7.00 million yuan, representing 8.35% of total funds [2] - Chongqing Construction: Net outflow of 6.41 million yuan, representing -2.88% of total funds [2] - Ningbo Construction: Net outflow of 13.91 million yuan, representing -4.57% of total funds [2] - Zhejiang Construction Investment: Net outflow of 17.91 million yuan, representing -9.10% of total funds [2] - Longyuan Construction: Net outflow of 20.28 million yuan, representing -23.62% of total funds [2] - Gaoxin Development: Net outflow of 21.47 million yuan, representing -11.74% of total funds [2] - Shanghai Construction: Net outflow of 95.72 million yuan, representing -6.10% of total funds [2] - China State Construction: Net outflow of 24.71 million yuan, representing -15.31% of total funds [2]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report emphasizes the importance of the Western Land-Sea New Corridor, with Chongqing as a key node, facilitating global access through various transportation methods. The cargo volume and value from January to October reached 272,300 TEUs and 48.962 billion yuan, respectively, marking increases of 33% and 27% year-on-year. The network has expanded to 581 ports across 127 countries and regions, covering over 1,300 product types [1][11] - In the construction materials sector, four key points are identified for addressing the downturn: low market share and high growth potential, discovering new demands for existing products, developing second business lines, and fostering innovation to create high-barrier business models. The report highlights that the difficulty of these points increases, particularly in innovation [2][12] - The report identifies several companies as potential investment opportunities, including Keda Manufacturing, Huaxin Cement, and China National Building Material, among others, focusing on both domestic and overseas markets [13] Summary by Sections Weekly Discussion - The report discusses the Western Land-Sea New Corridor and its significance in enhancing trade and logistics, with a focus on the expected completion by 2025 and the ongoing construction of the Pinglu Canal [1][11] Cyclical Linkage - Cement prices averaged 352 yuan/ton, down 74 yuan/year-on-year, with a national average shipment rate of 46.2%. Glass prices were reported at 1,195.35 yuan/ton, with a slight decrease. The report also covers trends in concrete, fiberglass, aluminum, and steel, indicating a mixed outlook for these materials [3][14] Market Performance - The construction materials index showed a performance of -0.97%, with specific segments like glass manufacturing and fiberglass experiencing declines, while consumer building materials and pipe materials saw positive growth [17][18] Price Changes in Construction Materials - Cement prices showed a slight increase of 0.3% week-on-week, with regional variations. The report notes a general upward trend in prices due to seasonal demand and efforts to enhance profitability [20][23] - The floating glass market is described as stable but weak, with prices slightly declining. The report indicates that inventory levels are increasing, and market sentiment is cautious [32][47]