证券简称：城地香江 证券代码：603887 公告编号：2025-104 上海城地香江数据科技股份有限公司 关于前期已披露重要项目进展的公告 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： 上海城地香江数据科技股份有限公司（以下简称"公司"）前期已披露全资子 公司系统工程签署的总包合同，具体详见公司于 2024 年 11 月 26 日披露的《关 于子公司签订重大合同的公告》（公告编号：2024-163），现双方就该项目进展 及后续安排签订了结算协议书，公司就具体情况公告如下： 一、前期《总包合同》的主要内容 1、工程名称：芜湖珑腾智算互联网产业园一期（项目名称）数据中心机电 标段（以下简称"项目"、"本项目"或"该项目"） 2、发包人（甲方）：芜湖世纪珑腾数据服务有限公司 3、合同总价含税金额（暂定）：人民币 1,980,000,000.00 元（大写：壹拾玖 亿捌仟万元整）。 4、工程内容：图纸范围内机电工程施工。项目共三期，发包人根据其需求 情况分批向承包人下达各期订单，承包人获取订单后 4 个月内应完成当期 ...

证券代码：603887 证券简称：城地香江 公告编号：2025-103 上海城地香江数据科技股份有限公司 关于对外担保进展的公告 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子公 | 464,301.36 | | 司对外担保总额（万元） | | | 对外担保总额占上市公司最近一期经 | 130.73% | | 审计净资产的比例（%） | | | 特别风险提示 | □对外担保总额（含本次）超过上市公司最近一期经 | | | 审计净资产 50% | | | ☑对外担保总额（含本次）超过上市公司最近一期 | | | 经审计净资产 100% | | | □对合并报表外单位担保总额（含本次）达到或超过 | | | 最近一期经审计净资产 30% | | | ☑本次对资产负债率超过 70%的单位提供担保 | 其他风险提示 不适用 一、担保情况概述 （一）担保的基本情况 近日，上海城地香江数据科技股份有限公司（以下简称"公司"）收到全资子 公司香江科技（集团）股份有限公司（保证人，以下简称"香江科技"）为全资子 公司香江系统工程有限公司（债务人，以 ...

Group 1 - The core viewpoint of the news is that Chengdi Xiangjiang's stock has experienced a decline, with a current price of 14.64 CNY per share and a total market capitalization of 8.814 billion CNY [1] - As of November 14, the stock has dropped 8.04% year-to-date, with a 4.56% decline over the last five trading days and an 18.71% drop over the last 60 days [1] - The company has seen significant net outflows of main funds amounting to 19.983 million CNY, with large orders showing a net sell of 26.25% [1] Group 2 - Chengdi Xiangjiang's main business involves geotechnical engineering services, including pile foundation and pit protection, as well as IDC-related equipment and solutions [1] - The company reported a revenue of 1.714 billion CNY for the first nine months of 2025, reflecting a year-on-year growth of 106.96%, and a net profit of 2.853 million CNY, up 102.97% [2] - The company has a total of 53,600 shareholders as of September 30, with a decrease of 20.31% from the previous period [2] Group 3 - Since its A-share listing, Chengdi Xiangjiang has distributed a total of 97.8008 million CNY in dividends, with no dividends paid in the last three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [9] Core Views - The construction sector exhibits characteristics such as low valuation, low institutional holdings, large market capitalization, and stable outlook for quality targets. The report identifies four key investment directions within the construction industry: 1) Companies with strong Q3 performance and short-term earnings certainty 2) High dividend yield stocks providing a safety cushion 3) Strong long-term growth potential 4) Large-cap stocks with low absolute valuations [5][6][7] Summary by Sections Valuation Metrics - As of the latest closing, the Jiangsu Construction Index has a PE ratio of 12.83, ranking 28th across all industries, with a 10-year percentile of 68.5%. The PB ratio stands at 0.84, ranking 31st, with a 10-year percentile of 16.22%. Notably, the construction sector and the banking sector are the only indices within the Jiangsu framework that are trading below book value [5][6] Institutional Holdings - The construction sector has historically low institutional holdings, which may reflect a weak outlook for the industry and a lack of attention from investors. This could lead to undervaluation of high-quality construction stocks [6] Market Capitalization - The construction sector has a limited number of listed companies, with eight major state-owned enterprises collectively valued at 941.19 billion, accounting for 47% of the Jiangsu Construction Index's market capitalization. These enterprises play a crucial role in stabilizing economic growth and are likely to be favored in a market shift towards undervalued sectors [6][7] Investment Directions - **Direction One**: Focus on companies with strong Q3 earnings, such as Sichuan Road and Bridge, China Chemical, and others, which show robust growth and sufficient order backlogs [7] - **Direction Two**: Invest in high dividend yield stocks like Jianghe Group (6.2%), Sichuan Road and Bridge (5.6%), and others, which provide a strong holding safety net [7] - **Direction Three**: Target companies with strong long-term growth potential, such as Honglu Steel Structure and others benefiting from semiconductor capital expenditure [7] - **Direction Four**: Invest in large-cap stocks with low absolute valuations, including eight major state-owned enterprises that are all trading below book value [7]

Group 1 - The core point of the announcement is that Shanghai Chengdi Xiangjiang Data Technology Co., Ltd. has reported a change in the equity stake of its controlling shareholder and actual controller, which has crossed the 5% threshold due to the repurchase and cancellation of restricted shares [2][3] - The company completed the repurchase and cancellation of 6,915,000 restricted shares on November 3, 2025, which resulted in the controlling shareholder, Mr. Xie Xiaodong, and his concerted actor, Ms. Lu Jingfang, increasing their shareholding from 14.86% to 15.04% [2] - This equity change does not significantly impact the company's governance structure or ongoing operations, and there will be no change in the controlling shareholder or actual controller [2]

上海城地香江数据科技股份有限公司 关于控股股东、实际控制人及其一致行动人权益变动 触及 5%刻度的提示性公告 证券代码：603887 证券简称：城地香江 公告编号：2025-102 3.一致行动人信息 | 一致行动人名称 | 投资者身份 | | 统一社会信用代码 | | --- | --- | --- | --- | | | 控股股东/实控人 □ | | | | 卢静芳 | ☑ 控股股东/实控人的一致行动 | □ | _____________ | | | 人 | ☑ | 不适用 | | | 其他直接持股股东 □ | | | 二、 权益变动触及 5%刻度的基本情况 上海城地香江数据科技股份有限公司（以下简称"公司"）于 2025 年 11 月 3 日完成了 6,915,000 股限制性股票的回购注销，详情可见《上海城地香江数据科 技股份有限公司 2023 年限制性股票激励计划部分限制性股票回购注销实施公告》 （公告号：2025-098）。前述股份变动导致控股股东、实际控制人谢晓东先生及 其一致行动人卢静芳女士持有公司股份比例被动由 14.86%变为 15.04%，权益变 动触及 5%的刻度线，具体情况如下： ...

Core Viewpoint - The company Chengdi Xiangjiang (603887.SH) announced an extension of the depreciation period for certain machinery and equipment from 10 years to 10-15 years starting from October 1, 2025, while maintaining a residual value rate of 0%-5% [1] Group 1 - The change in depreciation period is classified as an accounting estimate change and will be applied prospectively without retrospective adjustment [1]

Core Viewpoint - The company has announced a change in accounting estimates regarding the useful life of fixed assets, which will be effective from October 1, 2025, and will not affect previously disclosed financial reports [9][11][13]. Financial Data - The financial statements for the third quarter of 2025 have not been audited [3][6]. - The company has confirmed that the financial information in the quarterly report is true, accurate, and complete [2][19]. Accounting Estimate Change - The change in accounting estimates is based on the need to adjust the depreciation period of certain fixed assets to better reflect the company's financial status and operational results [11][12]. - The company will apply the future application method for this accounting estimate change, meaning no retrospective adjustments will be made to past financial reports [9][13]. Board Meeting - The company's board of directors held its 21st meeting on October 30, 2025, where the third-quarter report and the accounting estimate change were approved unanimously [18][22]. - The meeting was attended by all seven directors, and the decision-making process adhered to relevant laws and regulations [18][21].

"飞sM | 容 诚 会计估计变更的 专项说明 上海城地香江数据科技股份有限公司 容诚专字[2025]200Z1309号 容诚会计师事务所 (特殊普通合伙) 中国 · 北京 容诚会 关于上海城地香江数据科技股份有限公司 会计估计变更的专项说明 容诚专字[2025]200Z1309号 上海城地香江数据科技股份有限公司全体股东: 我们接受委托,审核了后附的上海城地香江数据科技股份有限公司(以下简称 城地香江公司）管理层编制的《上海城地香江数据科技股份有限公司关于会计估计 变更的专项说明》。 按照《企业会计准则》、中国证券监督管理委员会和上海证券交易所的相关规 定对会计估计变更进行确认、计量和相关信息的披露是城地香江公司管理层的责 任。 我们的责任是按照《中国注册会计师其他鉴证业务准则第 3101 号一历史财务 信息审计或审阅以外的鉴证业务》的规定执行审核工作,并在此基础上对专项说明 发表审核意见。在审核过程中,我们实施了包括询问、检查记录和文件等我们认为 必要的审核程序。我们相信,我们的审核工作为发表审核意见提供了合理的基础。 我们认为,城地香江公司管理层编制的专项说明己按照《企业会计准则第 28 号―会计政策、 ...

证券简称：城地香江 证券代码：603887 公告编号：2025-100 上海城地香江数据科技股份有限公司 关于公司会计估计变更公告 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： 根据《企业会计准则第 28 号——会计政策、会计估计变更和差错更正》的相关规 定，上海城地香江数据科技股份有限公司（以下简称"公司"）本次会计估计变更拟采用未来 适用法进行会计处理，无需对已披露的财务报告进行追溯调整，不会对公司以往各年度财务 状况和经营成果产生影响。 为适应公司IDC运维业务发展的需要，有效覆盖新增固定资产折旧年限，更 加客观真实地反映公司的财务状况和经营成果，在遵循会计核算谨慎性原则的基 础上，公司拟对部分固定资产-机器设备的折旧年限进行变更。 2、会计估计变更的内容 本次会计估计变更前后，相关资产类别折旧年限、残值率和年折旧率如下： | | 固定资产类别 | 折旧方法 | 折旧年限 | 残值率（%） | 年折旧率（%） | | --- | --- | --- | --- | --- | --- | | | | | ...