Investment Rating - The report rates the industry as "Overweight" [7] Core Insights - The potential for investment growth in new infrastructure remains significant, with a focus on expanding effective investment space and enhancing private investment vitality [2][3] - Central enterprises are encouraged to identify new growth areas, particularly in renewable energy, aerospace, and low-altitude economy sectors [4] - The government is increasing support for capital in key infrastructure projects, including railways and smart construction initiatives [5] Summary by Relevant Sections Recent Key Reports - The report highlights the importance of strategically expanding investment in new infrastructure and emphasizes the need for a coordinated approach to urbanization and rural revitalization [3][4] Key Company Recommendations - Recommended companies include China Railway, China Communications Construction, and China State Construction, all of which are expected to benefit from high dividend yields and stable growth [8][11] - Specific sectors such as clean rooms, commercial aerospace, and controlled nuclear fusion are highlighted for their growth potential, with recommended stocks including Yaxiang Integration and Shanghai Port [6][10] Macro/Meso/Micro Data - The report indicates a projected increase in broad infrastructure funding by 7.3% in 2025, driven by enhanced fiscal policies and the issuance of special bonds [31][32] - It also notes that the construction industry is experiencing a decline in net profit margins, with a 10% year-on-year decrease in net profit reported [14][15]

Market Performance - On December 19, A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index increasing by 0.36% to 3890.45 points, the Shenzhen Component Index rising by 0.66% to 13140.21 points, and the ChiNext Index up by 0.49% to 3122.24 points [1]. Sector Performance - The superconducting concept, duty-free concept, and land transfer sectors performed well, while the storage chip, PCB, and cross-border payment sectors experienced declines [1]. - Specific sector performance included: - Superconducting concept: 8.9 billion with a rise of 3.33% - Duty-free concept: 43.1 billion with a rise of 3.06% - Land transfer: 10.7 billion with a rise of 2.86% - Storage chips: -34.04 billion with a decline of 1.40% - PCB: -80.34 billion with a decline of 1.57% - Cross-border payment: -7.1 billion with a decline of 0.64% [2]. Fund Manager Changes - On December 19, there were 19 fund manager changes, with 10 funds announcing departures involving 6 managers. Reasons for changes included work transitions and product expirations [3][4]. - Notable fund managers included: - Li Xiaoxing from Yinhua Fund, managing assets of 26.145 billion, with a top-performing fund yielding a return of 237.37% over 10 years [4]. - Gao Yuan from Changxin Fund, managing assets of 6.028 billion, with a top-performing fund yielding a return of 207.75% over 7 years [5]. Fund Research Activity - In the past 30 days (November 19 to December 19), 644 fund managers left their positions, with the most active fund company being Bosera Fund, which conducted research on 45 listed companies [6][7]. - The most researched sectors included specialized equipment with 218 instances and consumer electronics with 158 instances [7]. - The most researched stock was Zhongke Shuguang, with 117 fund management companies participating in the research [8]. Recent Research Focus - In the last week (December 12 to December 19), the most researched company was Changan Automobile, with 68 fund institutions conducting research [9].

Core Viewpoint - Hua She Group's stock price has shown fluctuations, with a recent increase of 2.01% but a year-to-date decline of 6.04%, indicating potential volatility in the market [1][2]. Financial Performance - For the period from January to September 2025, Hua She Group reported a revenue of 2.543 billion yuan, a year-on-year decrease of 5.52%, and a net profit attributable to shareholders of 186 million yuan, down 19.99% compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.249 billion yuan, with 455 million yuan distributed over the last three years [3]. Shareholder Information - As of November 10, 2025, the number of shareholders for Hua She Group increased to 30,500, reflecting a rise of 1.26%, while the average number of circulating shares per person decreased by 1.24% to 22,400 shares [2]. - Notably, two funds, Qianhai Kaiyuan Public Utilities Stock and Qianhai Kaiyuan New Economy Mixed A, have exited the top ten circulating shareholders list as of September 30, 2025 [3]. Market Activity - As of December 18, 2025, Hua She Group's stock was trading at 7.62 yuan per share, with a total market capitalization of 5.211 billion yuan and a trading volume of 33.847 million yuan [1]. - The stock has experienced a 3.25% increase over the last five trading days, but a decline of 0.65% over the past 20 days and 5.58% over the last 60 days [1]. Business Overview - Hua She Group, established on August 12, 2005, and listed on October 13, 2014, is based in Nanjing, Jiangsu Province. Its main business includes engineering consulting services such as surveying and design, planning research, testing, and project management [1]. - The revenue composition of the company is as follows: surveying and design (49.75%), low-carbon and environmental business (12.81%), comprehensive testing (11.14%), digital and smart business (9.99%), planning research (8.72%), project management and commercial operation (6.28%), and other services (1.31%) [1]. Industry Classification - Hua She Group is classified under the Shenwan industry as part of the construction decoration sector, specifically in engineering consulting services [1]. - The company is associated with several concept sectors, including rural revitalization, undervalued stocks, water conservancy construction, new urbanization, and design consulting [1].

证券代码：603018 证券简称：华设集团 公告编号：2025-065 华设设计集团股份有限公司 关于2025年第一次临时股东会增加临时提案的公告 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。 一、 股东会有关情况 1. 股东大会的类型和届次： 2025年第一次临时股东会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 603018 | 华设集团 | 2025/12/24 | 二、 增加临时提案的情况说明 四、 增加临时提案后股东会的有关情况。 公司已于2025 年 12 月 11 日公告了股东会召开通知，单独持有3.001%股份 的股东杭州中易坤管理咨询有限公司，在2025 年 12 月 15 日提出临时提案并书 面提交股东会召集人。公司董事会按照《上市公司股东会规则》有关规定，现予 以公告。 3. 临时提案的具体内容 2. 股东会召开日期：2025 年 12 月 29 日 3. 股权登记日 1. 提案人：杭州中易坤管理咨询有限公司 2. 提案 ...

Market Performance - On December 12, A-shares saw a collective increase, with the Shanghai Composite Index rising by 0.41% to 3889.35 points, the Shenzhen Component Index increasing by 0.84% to 13258.33 points, and the ChiNext Index up by 0.97% to 3194.36 points [1] Fund Manager Changes - On December 12, a total of 19 fund managers experienced changes in their positions, with 696 fund products having manager departures in the past 30 days [3] - Among the changes on December 12, 6 fund products announced manager departures, involving 3 fund managers, with 2 leaving due to job changes and 1 due to personal reasons [3][4] New Fund Managers - On December 12, 29 fund products announced new fund manager appointments, involving 16 fund managers [5] - Notably, Zhang Ge from Tianhong Fund has a current fund asset scale of 8.223 billion, managing index funds, with the highest return of 150.10% over 1 year and 241 days [6] Fund Research Activity - In the past month (November 12 to December 12), Bosera Fund conducted the most company research, engaging with 50 listed companies, followed by Huaxia Fund, Guotai Fund, and Huitianfu Fund with 42, 41, and 40 companies respectively [8] - The most researched industry was consumer electronics, with 249 instances, followed by specialized equipment with 209 instances [8] Individual Stock Research - The most focused stock by public funds in the last month was Zhongke Shuguang, with 116 fund management companies participating in its research, followed by Haiguang Information and Luxshare Precision [9] - In the last week (December 5 to December 12), Zhongke Shuguang remained the top researched stock, again with 116 fund institutions involved [10]

| 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 603018 | 华设集团 | 2025/12/24 | 二、 更正补充事项涉及的具体内容和原因 华设设计集团股份有限公司（以下简称"公司"）于 2025 年 12 月 11 日披露 的《关于召开 2025 年第一次临时股东会的通知》（公告编号：2025-063）,经事后 审核发现上述文件的部分内容需予更正，具体更正内容如下： 华设设计集团股份有限公司 关于2025年第一次临时股东会更正补充公告 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。 | 证券代码：603018 | 证券简称：华设集团 | 公告编号：2025-064 | | --- | --- | --- | | 转债代码：113674 | 转债简称：华设转债 | | 一、 股东会有关情况 三、 除了上述更正补充事项外，于2025 年 12 月 11 日公告的原股东会通知事 项不变。 四、 更正补充后股东会的有关情况。 五、会议登记方法 （一 ...

Core Viewpoint - The company, 华设集团, has issued a correction regarding the date of its upcoming shareholder meeting, which was mistakenly stated in a previous announcement [1][4]. Financial Performance - In the first three quarters of the year, the company reported total revenue of 2.543 billion CNY, a year-on-year decrease of 5.52% [6]. - The net profit attributable to shareholders was 186 million CNY, down 19.99% year-on-year [6]. - The net profit after deducting non-recurring gains and losses was 176 million CNY, a decline of 22.62% [6]. - The net cash flow from operating activities was -429 million CNY, an improvement from -612 million CNY in the same period last year [6]. - For the year 2024, the company faced a significant decline in both revenue and net profit, with total revenue of 4.428 billion CNY, down 17.28%, and net profit of 383 million CNY, down 45.17% [6]. Market Performance - As of December 11, the company's stock price closed at 7.38 CNY, down 0.94%, with a total market capitalization of 5.046 billion CNY [6]. - The stock has a price-to-earnings ratio (TTM) of 15.01 and a price-to-book ratio of 0.96 [7]. - The stock's 52-week high and low are 9.63 CNY and 6.95 CNY, respectively [7].

Group 1 - The core point of the article is that Huasheng Group announced the convening of its 27th board meeting on December 10, 2025, to discuss the proposal for the board's re-election [1] - For the fiscal year 2024, Huasheng Group's revenue composition is as follows: traditional business accounts for 79.95%, green low-carbon business for 9.73%, digital intelligence for 9.5%, and other businesses for 0.82% [1] - As of the report date, Huasheng Group has a market capitalization of 5.1 billion yuan [1] Group 2 - The article mentions that the price of Feitian Moutai has dropped by 43% over the past two years, indicating a significant change in the market dynamics for this product [1] - The article raises concerns about the sustainability of profits for distributors in light of the declining prices, suggesting that the market may reveal weaknesses among those who are not well-prepared [1]

董事、高级管理人员选聘管理办法 第一章 总 则 第一条 为规范和完善华设设计集团股份有限公司（以下称"公 司"）法人治理结构，加强对公司董事和高级管理人员的岗位管理， 促进公司合法、稳健运行，根据国家有关法律、行政法规及《华设设 计集团股份有限公司章程》（以下称"《公司章程》"），制定本管理 办法。 第二条 本办法所称董事是指公司的董事长、副董事长、独立董 事和其他董事会成员。 本办法所称高级管理人员是指公司的总经理、副总经理、总工程 师、董事会秘书、财务负责人。 第二章 管理机构 第三条 股东会负责选举和更换非由职工代表担任的董事。 第四条 董事会负责聘任或者解聘公司总经理、董事会秘书，并 根据公司总经理的提名，聘任或者解聘公司副总经理、总工程师、财 务负责人。 第五条 董事会提名与人力资源委员会负责对公司董事和高级 管理人员的人选进行选择、审查以及对人员的选择标准和程序提出意 见和建议。 第六条 职工代表董事由公司职工通过职工代表大会或者其他 形式民主方式选举产生。 第三章 董事、高级管理人员任职资格条件 第七条 公司董事、高级管理人员应当满足如下基本任职条件： （一）符合国家法律法规和《公司章程》对任职 ...

股东会议事规则 第一章 总 则 第一条 为规范公司行为，保证股东会依法行使职权，根据《中 华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券 法》（以下简称《证券法》）、《华设设计集团股份有限公司章程》（以 下简称《公司章程》）、《上市公司治理准则》和《上市公司股东会规 则》以及其他法律、行政法规，制订本规则。 第二条 公司应当严格按照法律、行政法规、《公司章程》及本 规则的相关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全 体董事应当勤勉尽责，确保股东会正常召开和依法行使职权。 第三条 股东会应当在《公司法》和《公司章程》规定的范围内 行使职权。 （四）对公司增加或者减少注册资本作出决议； （五）对发行公司债券作出决议； （六）对公司合并、分立、解散、清算或者变更公司形式作出决 议； （七）修改公司章程； （八）对公司聘用、解聘承办公司审计业务的会计师事务所作出 决议； 第二章 股东会的一般规定 第四条 股东会是公司的权力机构，依法行使下列职权： （一）选举和更换非由职工代表担任的董事，决定有关董事的报 酬事项； （二）审议批准董事会的报告 ...