Investment Rating - The report maintains a "Buy" rating for Hainan Huatie [4][6]. Core Views - The company plans to issue shares overseas and list on the Singapore Exchange, which is expected to enhance its overseas funding capabilities and accelerate its business expansion in Southeast Asia [1]. - The company has initiated preliminary exploration in the Real World Assets (RWA) sector, focusing on the tokenization of high-value assets and digital currency applications [2]. - The high-altitude work platform business is progressing steadily, with a stable market landscape and increasing rental rates [3]. Summary by Sections Investment Rating - The report predicts net profits for 2025-2027 to be 8.5 billion, 11.2 billion, and 13.6 billion respectively, with year-on-year growth rates of 40%, 32%, and 21% [4]. Business Expansion - The company aims to accelerate its computing power business overseas, establishing a strategic base in Hainan and expanding into Southeast Asia and the Middle East by 2025 [1]. - The overseas financing will help meet the foreign currency needs for establishing intelligent computing centers in Southeast Asia [1]. RWA Exploration - The company has partnered with Ant Chain since 2022 to digitize high-altitude work platform assets, facilitating the conversion of real assets into digital assets [2]. - In 2023, the company collaborated with MyBank and Ant Chain to launch a digital RMB-based industrial digital collaboration case, automating revenue distribution through smart contracts [2]. High-altitude Work Platform Business - The domestic market for high-altitude work platforms is seeing steady growth, with a rental rate of 70.89% in Q1 2025, up 4.18 percentage points year-on-year [3]. - The company is expanding its product offerings, including forklifts and drones, with significant growth in rental rates and contract values [3]. Financial Projections - The report provides financial forecasts, including operating revenues of 4.444 billion, 5.171 billion, and 6.554 billion for 2023, 2024, and 2025 respectively, with growth rates of 35.5%, 16.4%, and 26.7% [5]. - The projected earnings per share (EPS) for 2025 is 0.43 yuan, with a corresponding price-to-earnings (P/E) ratio of 24 [4][5].

证券代码：603300 证券简称：海南华铁 公告编号：2025-042 浙江海控南科华铁数智科技股份有限公司 一、回购股份的基本情况 2025 年 2 月 7 日，公司董事、总经理胡丹锋先生向公司董事会提议回购公司 股份，并提交《关于提议回购公司股份的函》。提议内容详见公司于 2025 年 2 月 8 日在上海证券交易所网站（www.sse.com.cn）上披露的《浙江海控南科华铁数智科 技股份有限公司关于公司董事、总经理提议回购公司股份的公告》（公告编号： 2025-005）。 2025 年 5 月 13 日，公司召开第五届董事会第十三次会议（表决结果：9 票同 意，0 票反对，0 票回避），审议通过《关于以集中竞价交易方式回购公司股份方 案的议案》。根据《公司章程》第二十六条的相关规定，本次回购股份方案经得三 分之二以上董事出席的董事会会议审议通过，无需提交公司股东会审议。 关于股份回购进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2025/5/14，由董事、总经理胡 ...

证券代码：603300 证券简称：海南华铁 公告编号：临 2025-043 特此公告。 浙江海控南科华铁数智科技股份有限公司 关于筹划公司在新加坡交易所上市的提示性公告 浙江海控南科华铁数智科技股份有限公司董事会 2025 年 6 月 5 日 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。 为深入推进浙江海控南科华铁数智科技股份有限公司（以下简称"公司"） 的国际化战略布局，全面推动东南亚等海外智算中心的落地及原有业务的全球化， 加速实施算力出海战略，进一步提升公司核心竞争力与品牌影响力，公司筹划境 外发行股份（S 股）并在新加坡交易所上市事项（以下简称"本次 S 股上市"）。 目前，公司正在与相关中介机构就本次 S 股上市的具体推进工作进行商讨，相关 细节尚未确定，本次 S 股上市不会导致公司控股股东和实际控制人发生变化。 根据《上海证券交易所股票上市规则》《境内企业境外发行证券和上市管理 试行办法》等法律法规的要求，待具体方案确定后，本次 S 股上市工作尚需提交 公司董事会和股东大会审议，并经中国证券监督管理委员会备案和新 ...

Core Viewpoint - Hainan Huatie (603300) is planning to issue shares overseas and list on the Singapore Exchange as part of its internationalization strategy [1] Group 1 - The company is currently in discussions with relevant intermediaries regarding the specific progress of the S-share listing [1] - The S-share listing will not result in changes to the company's controlling shareholder or actual controller [1] - The specific plan for the S-share listing will need to be submitted for approval by the company's board of directors and shareholders' meeting, and will also require filing with the China Securities Regulatory Commission and approval from regulatory bodies in Singapore [1]

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。 重要内容提示： 被担保人名称：海南华铁大黄蜂建筑机械设备有限公司（以下简称"华 铁大黄蜂"） 担保人名称：浙江海控南科华铁数智科技股份有限公司（以下简称"海 南华铁"或"公司"） 一、担保情况概述 公司于 2024 年 8 月 29 日召开 2024 年第九次临时股东大会，审议通过了《关 于公司为子公司提供担保的议案》，同意公司对华铁大黄蜂（注：该公司于 2024 年 9 月由浙江华铁大黄蜂建筑机械设备有限公司更名为海南华铁大黄蜂建筑机 械设备有限公司）新增提供总计不超过人民币 15 亿元的担保额度。具体内容详 见公司在上海证券交易所网站（www.sse.com.cn）披露的《浙江华铁应急设备 科技股份有限公司2024年第九次临时股东大会决议公告》（公告编号：2024-111）。 证券代码：603300 证券简称：海南华铁 公告编号：临 2025-041 浙江海控南科华铁数智科技股份有限公司 对外担保进展公告 公司分别于 2024 年 11 月 14 日、2024 年 12 月 ...

证券代码：603300 证券简称：海南华铁 公告编号：2025-040 浙江海控南科华铁数智科技股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 拟回购股份的资金金额：不低于人民币 20,000 万元（含）且不超过人民币 30,000 万元（含）。 ● 回购股份资金来源：公司自有资金及股票回购专项贷款。截止公告披露日， 公司已收到中国工商银行股份有限公司杭州解放路支行出具的《承诺函》，中国工 商银行股份有限公司杭州解放路支行承诺向公司提供金额最高不超过人民币 27,000 万元的股票回购专项贷款，借款期限不超过 36 个月。 ● 拟回购股份用途：用于实施员工持股计划或者股权激励。 ● 回购股份价格：不超过 15.95 元/股（含）。 ● 回购股份方式：通过上海证券交易所股票交易系统以集中竞价交易方式回 购公司股份。 二、 回购预案的主要内容 | 回购方案首次披露日 | 2025/5/14由董事、总经理胡丹锋先生提议 | | --- | --- | ...

1. Report Industry Investment Rating - Most of the covered companies have investment ratings such as "Buy" and "Add", including China National Building Material Co., Ltd., China National Steel & Machinery Corporation, etc. [21][24] 2. Core Viewpoints - Suggest paying attention to investment opportunities related to the Belt and Road Initiative, including four major international engineering companies and companies like Shanghai Harbor and Keda Manufacturing. [3][18] - Although the real - estate market is on the path of stabilizing after a series of policies since the December 2024 Politburo meeting, it still needs to be consolidated in April, and continuous policy support is expected. [3] - Currently, it is recommended to focus on companies such as Honglu Steel Structure, China Jushi, etc., due to factors like improved foreign trade environment, expected increase in downstream demand, and product price increases. [3] 3. Summary by Directory 3.1 Week - Special Topic: Focus on Belt and Road - Related Investment Opportunities - The Belt and Road Initiative aims to achieve infrastructure connectivity and sustainable development among countries along the routes. After more than a decade of construction, the infrastructure connectivity among countries along the routes has taken shape, with significant growth in railway transportation and an increase in the proportion of trade with BRI countries in China's total foreign trade. [3][5][8] - Investment opportunities related to the Belt and Road Initiative are suggested, including four major international engineering companies (Northern International, Sinomach, Sinoma International, and Sino - steel International) and companies like Shanghai Harbor and Keda Manufacturing. [3][18] 3.2 Profit Forecasts and Valuations of Main Covered Companies - The report provides profit forecasts and valuations for multiple companies from 2024 to 2027, including EPS, PE, PB, etc., and gives investment ratings such as "Buy" and "Add". [21][24] 3.3 Weekly Market Review - In the weekly market, the building and building materials industries showed different degrees of decline. Among them, the building index and building materials index both decreased, and different sub - sectors also had varying performance. [28][30][32] - Infrastructure public REITs also had different price fluctuations, with an average weekly increase of 1.73%, a monthly increase of 4.23%, and significant increases in the year - to - date and since IPO. [36][37] 3.4 Aggregate Data Tracking - In the real - estate market, data on new construction, construction, completion, and sales areas showed different trends. In addition, data on land transactions, real - estate transactions, social financing, and infrastructure investment are also provided. [39][48][58] - The new - signed contract data of eight major construction central enterprises from 2022Q1 to 2025Q1 are presented, showing different growth rates in different quarters. [87] 3.5 High - Frequency Data Tracking - High - frequency data on various building materials such as cement, glass, photovoltaic glass, fiberglass, carbon fiber, and magnesium sand are provided, including price, production, inventory, etc. [99][102][110] - Data on upstream raw material prices and physical workloads are also included, such as waste paper, PVC, HDPE prices, and high - altitude machine rental rates, excavator working hours, etc. [148][156]

Group 1 - The core revenue composition of Hainan Huatie for the year 2024 is as follows: operating leasing accounts for 96.92%, other businesses for 1.71%, and processing and sales for 1.37% [1] Group 2 - Hainan Huatie announced on May 20 that Zhejiang Haikong Nanke Huatie Smart Technology Co., Ltd. will hold its 13th meeting of the 5th board of directors on May 13, 2025, to review the proposal for a share repurchase plan through centralized bidding [3] - The top ten unrestricted shareholders before May 13, 2025, include Hainan Haikong Industrial Investment Co., Ltd. with approximately 275 million shares (13.82%), Hu Danfeng with approximately 177 million shares (8.89%), and Zhang Jianping with approximately 71.31 million shares (3.58%) [3] - The total shares held by the top ten circulating shareholders amount to approximately 646 million shares, representing 32.43% of the total [3]

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：603300 证券简称：海南华铁 公告编号：临 2025-039 浙江海控南科华铁数智科技股份有限公司 关于回购股份事项前十大股东和前十大无限售条件股 东持股情况的公告 | 9 | 香港中央结算有限公司 | 11,575,852 | 0.58 | | --- | --- | --- | --- | | 10 | 银华基金－中国人寿保险股份有限公司－万能 A－银华基金国寿股份成长股票型组合万能 A | 11,497,900 | 0.58 | | | 可供出售单一资产管理计划 | | | 二、前十大无限售条件股东持股情况 | 序号 | 股东名称 | 持股数量（股） | 占公司总股本比 | | --- | --- | --- | --- | | | | | 例（%） | | 1 | 海南海控产业投资有限公司 | 275,134,136 | 13.82 | | 2 | 胡丹锋 | 176,918,028 | 8.89 | | 3 | 章建平 | 71,314,422 | 3.5 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - Infrastructure investment continues to show high growth, with significant increases in water, electricity, fuel, and thermal investments, as well as water conservancy investments, which have seen year-on-year growth rates of +25.5% and +30.7% respectively in the first four months of 2025 [1][2] - The issuance of special bonds has accelerated, with a cumulative increase of 1,190.4 billion yuan in special bonds in the first four months of 2025, an increase of 467.9 billion yuan year-on-year, leading to optimism about the conversion of physical workload in infrastructure [1] - The report emphasizes the cyclical investment opportunities in coal chemical industries and suggests paying attention to the transformation opportunities of certain small and medium-sized construction companies [1] Summary by Sections Real Estate and Construction Data - From January to April 2025, real estate sales area decreased by 2.8% year-on-year, with new construction area down by 23.8% and construction area down by 9.7% [2] - In the same period, the completion area saw a year-on-year decline of 16.9% [2] Cement Industry - Cement production in the first four months of 2025 was 495 million tons, a decrease of 2.8% year-on-year, with April's production down by 5.3% [3] - The average cement shipment rate was 36%, remaining stable year-on-year, but the price pressure continues due to weak market demand [3] Glass Industry - Flat glass production from January to April 2025 was 31.86 million weight boxes, down 4.8% year-on-year, with April's production also declining [4] - The market demand for float glass was weak, leading to increased inventory levels among producers [4]