Core Viewpoint - The company *ST Zhengping (603843.SH) has announced that it is not involved in the "Lower Yarlung Tsangpo River Hydropower Project," despite recent market interest in this project [1] Company Summary - The company has issued a statement to clarify its non-involvement in the aforementioned hydropower project [1] - Investors are advised to make rational decisions and invest cautiously [1]

Group 1 - The Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, officially commenced on July 19, igniting enthusiasm in the A-share market [1] - Related concept stocks surged, with 16 stocks including Xining Special Steel and *ST Zhengping hitting the daily limit on July 23, showcasing a strong market response [1] - Several listed companies, including Huaxin Cement and *ST Zhengping, issued clarifications emphasizing that their current business does not involve this major project, despite some having relevant operational capabilities [1][2] Group 2 - Companies like Zhujian Design clarified that their main business is architectural design and consulting, lacking the qualifications for hydropower project design [2] - Other firms, including Jindun Co., Kailong Co., and Dayu Water-saving, also stated that they have no direct business relationship with the Yarlung Tsangpo project, or that the bidding process has not yet started [2] - Market analysts believe that the Yarlung Tsangpo project, as a significant national hydropower initiative, is expected to create new demand in construction, electrical equipment, and civil explosives sectors, although the actual benefits may be limited to a few leading companies with the necessary technical capabilities [2]

Group 1 - The next round of China-US economic talks is scheduled for July 27-30 in Sweden, focusing on mutual respect and cooperation [2] - The Hainan Free Trade Port is set to officially launch on December 18, 2025, as part of its development strategy [2] - The Ministry of Public Security emphasizes that current "smart driving" systems in vehicles have not achieved full automation, highlighting the legal responsibilities of drivers [2] Group 2 - A new round of coal production checks is being initiated to stabilize coal supply, as confirmed by the National Energy Administration [3] - The National Development and Reform Commission is working on enhancing cooperation between state-owned and private enterprises to boost economic vitality and competitiveness [3] - The Ministry of Agriculture and Rural Affairs is focusing on stabilizing the pig market and promoting the transformation of the pig industry [3] Group 3 - The Ministry of Science and Technology has released ethical guidelines for automated driving technology to mitigate ethical risks in its development [4] - The Dalian Commodity Exchange has adjusted trading limits and margin requirements for industrial silicon and polysilicon futures [4] - The Supreme People's Court has issued new regulations to protect the rights of homebuyers, effective July 24, 2025 [5] Group 4 - Companies such as Hanjian He Shan and China Railway Industry have reported no significant changes in their operational environments [6][7] - There are uncertainties regarding the participation of companies like *ST Zhengping and Huaxin Cement in the Yaxia Hydropower Project [10][11] - Watson Bio has signed a strategic cooperation framework agreement with a state-owned capital operation company [16] Group 5 - The establishment of China Fusion Energy Co., Ltd. marks a significant development in the nuclear fusion industry, indicating a trend towards commercialization [21] - The Hainan Free Trade Port's upcoming closure will lead to significant changes in tax policies, enhancing its attractiveness for tourism and retail [21]

Group 1 - The Guangxi Futures Exchange has announced adjustments to the trading rules for industrial silicon, polysilicon, and lithium carbonate futures contracts, including changes to price limits, margin requirements, transaction fees, and trading limits, effective from July 25, 2025 [1] - The price limit for industrial silicon futures contracts has been adjusted to 8%, with speculative trading margin set at 10% and hedging margin at 9%. Transaction fees for polysilicon and lithium carbonate futures have also been revised [1] - These adjustments aim to optimize market risk control and trading costs, enhance market liquidity, and provide more flexible hedging tools for related industry chain enterprises, ultimately benefiting the functionality of the futures market [1] Group 2 - *ST Zhengping has acknowledged the high market interest in the "Yarlung Tsangpo River downstream hydropower project," but has indicated uncertainty regarding its participation in the project [2] - The company has extensive qualifications in infrastructure construction, including water conservancy and hydropower engineering, but has not confirmed any intention to participate in the hydropower project, highlighting the potential gap between market speculation and actual project involvement [2] - ST Xifa has clarified that its main business is beer production and sales, which does not involve any hydropower station construction projects, despite the market's focus on the hydropower project [3] - The company has distanced itself from the water project, indicating that the stock's abnormal fluctuations are not related to its core business, and investors should be cautious of speculative risks [3]

Core Viewpoint - The launch of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, has sparked significant interest in related stocks in the A-share market, leading to a surge in stock prices for multiple companies [2][4]. Group 1: Company Responses - Several listed companies, including Huaxin Cement and *ST Zhengping, have issued clarifications stating that they currently have no involvement in the Yarlung Tsangpo project [4]. - *ST Zhengping highlighted its extensive experience in high-altitude construction and its two wholly-owned subsidiaries in Tibet, but noted uncertainty regarding its potential participation in the project [5]. - Huaxin Cement acknowledged its capacity to supply construction materials for large infrastructure projects in Tibet but also indicated uncertainty about revenue and profitability from the Yarlung Tsangpo project [5]. - Zhuzhou Design stated that it specializes in architectural design and lacks the qualifications for hydropower project design [5]. - Huajian Group confirmed that its current business does not involve the Yarlung Tsangpo downstream hydropower project [5]. Group 2: Market Analysis - Analysts view the Yarlung Tsangpo hydropower project as a significant national-level project, expected to generate new demand in engineering construction, electrical equipment, and civil explosives [9]. - Market analysts pointed out potential challenges such as complex geological conditions and policy changes that could impact profitability for companies involved [9]. - Huatai Securities noted that due to the project's technical difficulties and high material standards, benefiting companies are likely to be concentrated among leading firms, with the construction period potentially lasting 10 to 15 years [9].

Core Viewpoint - Several companies have announced uncertainties regarding their potential involvement in the "Yarlung Tsangpo River downstream hydropower project," reflecting the cautious sentiment in the market about this project and its related opportunities [3][4][5][6]. Group 1: Company Announcements on Yarlung Tsangpo Project - Kailong Co., Ltd. has noted uncertainty about its participation in the Yarlung Tsangpo hydropower project, as it primarily operates in the civil explosives industry [3]. - *ST Zhengping has also expressed uncertainty regarding its potential involvement in the Yarlung Tsangpo hydropower project, leveraging its extensive experience in high-altitude construction management [4]. - Huaxin Cement has indicated that it has the capacity to provide construction materials for the Yarlung Tsangpo hydropower project but acknowledges uncertainty about the revenue and profit it may derive from this project [5]. - Dayu Water-saving has emphasized that it currently does not have any contracts related to the Yarlung Tsangpo project, despite its experience in water conservancy projects in Tibet [6]. - ST Xifa has clarified that its main business is beer production and does not involve any projects related to hydropower station construction [7]. Group 2: Financial Performance and Market Position - Rongzhi Rixin expects a significant increase in net profit for the first half of 2025, projecting a year-on-year growth of 2027.62% to 2.18 billion yuan, driven by the digital transformation across various industries [16]. - Weiguang Co., Ltd. reported a total revenue of 750 million yuan for the first half of 2025, reflecting a year-on-year growth of 10% [17]. Group 3: Major Contracts and Projects - Nantian Information plans to sign a procurement framework contract worth 58.27 million yuan with its controlling shareholder, which will span three years [18]. - China Communication Signal has won seven important projects in the rail transit market, with a total bid amount of approximately 1.431 billion yuan, accounting for 4.41% of its projected revenue for 2024 [19]. - Beixin Road and Bridge announced that its subsidiaries have won contracts totaling 1.629 billion yuan for highway projects, which is expected to positively impact future performance [20]. Group 4: Shareholding Changes - Tiancheng Zikong announced that Yunnan Trust plans to reduce its stake in the company by up to 1% [21]. - Baobian Electric has disclosed that the Equipment Finance Group intends to reduce its stake by up to 1% as well [22][23]. - Hongchang Technology's employee shareholding platform plans to reduce its stake by up to 2.56% [24].

证券代码：603843 证券简称：*ST 正平 公告编号：2025-036 正平路桥建设股份有限公司 股票交易异常波动公告 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。 ●因审计范围受限等原因，公司 2024 年年报被出具了无法表示意见的审计报告， 公司股票已被实施退市风险警示，如无法表示意见所涉事项在 2025 年度无法消除， 公司股票将被终止上市。同时，因 2024 年度内部控制被出具了否定意见的审计报告、 持续经营能力存在重大不确定性、存在违规担保情形，公司股票已被叠加实施其他风 险警示。 ●2024 年公司存在为控股股东控制的企业违规提供担保的情形，2024 年末违规 担保余额 3,500 万元，目前该违规担保情形已经解除（公告编号：2025-028）。 重要内容提示： ●正平路桥建设股份有限公司（以下简称"公司"）股票于 2025 年 7 月 21 日、7 月 22 日、7 月 23 日连续三个交易日内收盘价格涨幅偏离值累计超过 12%，根据《上 海证券交易所交易规则》的有关规定，属于股票交易异常波动。 ●经公司自 ...

重要内容提示： ●2024 年，正平路桥建设股份有限公司（以下简称"公司"）控股子公司贵 州水利实业有限公司（以下简称"贵州水利"）的少数股东贵州欣汇盛源房地产 开发有限公司（以下简称"欣汇盛源"）存在对贵州水利的非经营性资金占用， 实际占用资金为 1,320.9219 万元（公告编号：2025-031）。 ●近日，欣汇盛源以现金方式归还占用资金 900 万元，截至本公告日，上述 占用资金余额为 420.9219 万元。 非经营性资金占用，2024 年末资金占用余额为 1,754.9219 万元。为妥善解决上 述资金占用事项，公司多次召开会议研究，积极督促相关方尽快采取合法有效的 方式解除占用情形，并派出由监事会主席及财务人员等组成的工作组，前往贵州 水利开展专项检查，详细核查资金占用情况，并对相关人员进行问询，认真了解 事项经过。 经公司核查，欣汇盛源实际占用金额为 1,320.9219 万元，其余 434 万元未 支付亦未构成实际占用，贵州水利已与相关单位签订协议，解除了连带责任保证， 上述 434 万元不再支付。（公告编号：2025-031）。 证券代码：603843 证券简称：*ST 正平 公告编号： ...

2024 年，公司控股子公司贵州水利的少数股东欣汇盛源存在对贵州水利的 非经营性资金占用，2024 年末资金占用余额为 1,754.9219 万元。为妥善解决上 述资金占用事项，公司多次召开会议研究，积极督促相关方尽快采取合法有效的 方式解除占用情形，并派出由监事会主席及财务人员等组成的工作组，前往贵州 水利开展专项检查，详细核查资金占用情况，并对相关人员进行问询，认真了解 事项经过。 经公司核查，欣汇盛源实际占用金额为 1,320.9219 万元，其余 434 万元未 支付亦未构成实际占用，贵州水利已与相关单位签订协议，解除了连带责任保证， 上述 434 万元不再支付。（公告编号：2025-031）。 近日，欣汇盛源以现金方式将占用资金 900 万元归还至贵州水利全资子公司 的银行账户内。截至本公告日，上述占用资金余额为 420.9219 万元。公司将继 续督促贵州水利与欣汇盛源尽快偿还其他占用资金，抓紧消除占用情形。 证券代码：603843 证券简称：*ST 正平 公告编号：2025-035 正平路桥建设股份有限公司 关于控股子公司非经营性资金占用事项进展的公告 本公司董事会及全体董事保证本公告内容不存在 ...

Performance Forecast - The company anticipates a net profit attributable to shareholders for the first half of 2025 to be between -85 million yuan and -125 million yuan, indicating an increase in losses year-on-year [1][2] - After excluding non-recurring gains and losses, the expected net profit is projected to be between -80 million yuan and -120 million yuan, also reflecting an increase in losses compared to the previous year [1][2] Previous Year Comparison - In the same period of 2024, the company reported a total profit of -93.82 million yuan, with a net profit attributable to shareholders of -78.40 million yuan; after excluding non-recurring gains and losses, the net profit was -74.90 million yuan [1][2] Reasons for Performance Change - The decline in performance is attributed to reduced local infrastructure investment, decreased market demand in the construction industry, and intensified competition, leading to fewer new orders and a drop in construction revenue [2] - Increased litigation costs and overdue payment interest, along with tighter cash flow from project owners, have resulted in a decrease in project receivables compared to the same period last year, contributing to an expected increase in credit impairment losses [2]