Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [2][28]. Core Insights - Fixed asset investment growth has further declined, with a cumulative year-on-year decrease of 1.7% for January to October 2025, a drop of 1.2 percentage points compared to the previous period [4][5]. - Traditional infrastructure investment growth has turned negative, with infrastructure investment (excluding electricity) showing a year-on-year decrease of 0.1% [5]. - Real estate investment remains low, with a year-on-year decline of 14.7% for January to October 2025, indicating a weak recovery trajectory [11]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is -1.7%, with manufacturing investment at +2.7% [4]. - Infrastructure investment (all-inclusive) shows a year-on-year increase of 1.5%, but infrastructure investment excluding electricity is down by 0.1% [5]. Infrastructure Investment - Transportation, water conservancy, and public utility investments are under pressure, with transportation and postal services showing a slight increase of 0.1% year-on-year, while water and environmental management investments are down by 4.1% [5]. - Regional investment varies, with the eastern region down by 5.4% and the northeastern region down by 11.7% [5]. Real Estate Investment - Real estate investment has decreased by 14.7% year-on-year, with construction starts down by 19.8% and completions down by 16.9% [11]. - The report anticipates a slow recovery in real estate investment due to challenges in supply and inventory replenishment [11]. Investment Recommendations - The report suggests that in 2026, industry investment will stabilize, with emerging sectors expected to benefit from national strategic implementations [18]. - Specific companies to watch include Sichuan Road and Bridge, China Chemical, and others in the new infrastructure and overseas markets [18].

Core Points - The company held its second extraordinary general meeting of shareholders on November 10, 2025, with no resolutions being rejected [2][3] - The meeting was convened in accordance with the Company Law and the company's articles of association, with all board members present [2][5] Group 1: Meeting Details - The meeting took place at the Jinshan Wealth Plaza in Xiamen, China [2] - All nine directors attended the meeting, along with the board secretary and some senior executives [4] Group 2: Resolutions and Voting - The proposal to reappoint the accounting firm was approved, requiring more than half of the valid voting shares present at the meeting [3] - The voting process complied with legal and regulatory requirements [5] Group 3: Guarantee Announcement - The company signed a guarantee contract with China Construction Bank, providing a joint liability guarantee for 70% of the principal debt owed by its subsidiary, Heceng (Xiamen) Construction Co., Ltd., amounting to 70 million yuan [7][11] - The guarantee period extends three years after the debt is due [11] Group 4: Internal Decision-Making - The board and supervisory meetings held on March 21, 2025, and the annual general meeting on April 11, 2025, approved the proposal for mutual guarantees among the company and its subsidiaries, with a total guarantee limit of 890 million yuan [9][14] - The new guarantee falls within the previously approved limit and does not require additional approval [11] Group 5: Financial Position - As of the announcement date, the total guarantees provided by the company and its subsidiaries amounted to 280 million yuan, representing 26.06% of the company's audited net assets as of December 31, 2024 [15]

证券代码：603909 证券简称：建发合诚 公告编号：2025-039 建发合诚工程咨询股份有限公司 关于为子公司提供担保的进展公告 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： 担保对象及基本情况 公司于 2025 年 3 月 21 日召开的第五届董事会第三次会议和第五届监事会第 二次会议、2025 年 4 月 11 日召开的 2024 年年度股东会分别审议通过了《关于 公司及各子公司向银行等机构申请综合授信并提供担保的议案》，同意公司及子 公司之间互相提供担保，担保额度合计不超过人民币 89,000 万元。具体内容详 见公司于 2025 年 3 月 22 日及 2025 年 4 月 12 日在指定信息披露媒体披露的《建 发合诚关于公司及各子公司向银行等机构申请综合授信并提供担保的公告》《建 发合诚 2024 年年度股东会决议公告》（公告编号：2025-008、016）。 本次新增担保金额在预计总额度范围内，无需再次提交董事会及股东会审议 批准。 | | 被担保人名称 本次担保金额 | 7,000 万元 | 合诚 ...

证券代码：603909 证券简称：建发合诚 公告编号：2025-038 建发合诚工程咨询股份有限公司 2025年第二次临时股东会决议公告 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东会召开的时间：2025 年 11 月 10 日 （二）股东会召开的地点：厦门市湖里区枋钟路 2368 号金山财富广场 4 号 楼 11 层会议室 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 88 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 115,457,692 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份 | 44.2921 | | 总数的比例（%） | | （四）表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情 况等。 本次股东会由公司董事会召集，董事长林伟国先生主持会议。会议召集、召 开及表决方式符合《公司法》和《公司章程》等有关 ...

福建天衡联合律师事务所 关于建发合诚工程咨询股份有限公司 2025 年第二次临时股东会的 法律意见书 Ellines St 中国 厦门 厦禾路 666 号海翼大厦 A 幢 16-18 楼 厦门 · 上海 · 福州 · 泉州 · 龙岩 http://www.tenetlaw.com 中国·厦门 厦禾路 666 号海翼大厦 A 幢 16-18 楼 电话: 86 • 592 • 5883666 传真:86 · 592 · 58816 厦门 · 泉州 · 福州 · 龙岩 · 上海 www.tenetlay 关于建发合诚工程咨询股份有限公司 2025 年第二次临时股东会的法律意见书 (2025) 天衡（意）字第 260 号 致: 建发合诚工程咨询股份有限公司 建发合诚工程咨询股份有限公司（以下简称"公司"）2025 年第二次临时股 东会（以下简称"本次股东会"）于 2025 年 11 月 10 日召开。福建天衡联合律 师事务所（以下简称"本所"）接受公司的委托，指派黄臻臻律师、荆日扬律师 （以下简称"本所律师"）出席本次股东会，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《上市公司股东会规则》（以下简称" ...

Group 1 - The A-share market in Fujian experienced a collective pullback after several days of continuous gains, with notable declines in various stocks [1] - Haixia Innovation saw a significant drop of over 11%, while Fujian Jinsen and Zhangzhou Development both fell by more than 8% [1][2] - Other companies such as Fujian Cement, Zhaobiao Co., and Fulongma also reported declines ranging from 5% to 8% [1][2] Group 2 - The total market capitalization of Haixia Innovation is approximately 7.255 billion, with a year-to-date increase of 277.78% [2] - Fujian Jinsen has a market cap of around 3.176 billion, with a year-to-date increase of 66.60% [2] - Zhangzhou Development's market cap stands at about 9.171 billion, with a year-to-date increase of 115.50% [2]

Group 1 - The A-share market in Fujian experienced a collective pullback after several days of continuous gains, with notable declines in various stocks [1] - The stock of Haixia Innovation dropped over 11%, while Fujian Jinsen, Zhangzhou Development, and Fujian Cement fell more than 8% [1] - Other companies such as Zhaobiao Co., Fulongma, Qingshan Paper, and Foxit Software also saw declines exceeding 6% [1] Group 2 - Specific stock performance data includes Haixia Innovation with a market cap of 7.255 billion and a year-to-date increase of 277.78% [2] - Fujian Jinsen had a market cap of 3.176 billion and a year-to-date increase of 66.60% [2] - Zhangzhou Development reported a market cap of 9.171 billion with a year-to-date increase of 115.50% [2] - Fujian Cement had a market cap of 3.322 billion and a year-to-date increase of 91.29% [2] - Zhaobiao Co. had a market cap of 3.952 billion with a year-to-date increase of 21.28% [2] - Fulongma's market cap was 13.3 billion with a year-to-date increase of 212.43% [2] - Qingshan Paper had a market cap of 8.358 billion with a year-to-date increase of 46.38% [2] - Foxit Software reported a market cap of 9.386 billion with a year-to-date increase of 53.54% [2] - Other companies like Jianfa Heceng, Xiamen Port, Pingtan Development, and Tianma Technology also experienced declines, with respective market caps and year-to-date increases detailed [2]

Investment Rating - The report maintains an "Optimistic" rating for the construction industry [2][3]. Core Insights - The construction industry faced revenue and profit pressures in Q1-Q3 2025, with total revenue of 5.52 trillion, down 5.2% year-on-year, and net profit of 118.9 billion, down 9.0% year-on-year [2][3]. - The decline in revenue has narrowed, and cash flow has shown significant improvement, attributed to local government debt resolution policies and enhanced cash flow management by companies [2][5]. - The industry’s gross margin remained stable at 9.8%, with a net margin of 2.16%, indicating effective cost control despite external pressures [2][10]. Summary by Sections 1. Financial Overview of the Construction Industry - In Q1-Q3 2025, major listed companies in the construction sector reported a total revenue of 5.52 trillion, reflecting a year-on-year decrease of 5.2%, and a net profit of 118.9 billion, down 9.0% [3][9]. - Quarterly revenues were 1.84 trillion, 1.91 trillion, and 1.76 trillion, with respective year-on-year declines of 6.2%, 5.2%, and 4.3% [3][9]. 2. ROE Analysis - The overall Return on Equity (ROE) for the industry in Q1-Q3 2025 was 3.36%, a decrease of 0.53 percentage points year-on-year [17]. - The decline in ROE is attributed to reduced investment and increased cost pressures, impacting profitability [17][28]. 3. Cash Flow Improvement - The industry’s operating cash flow showed improvement, with a net outflow of 404.7 billion, which is 70.7 billion less than the previous year [4][14]. - The cash collection ratio improved to 103%, 87%, and 108% across the three quarters, indicating better cash management [4][14]. 4. Investment and Profitability Trends - The construction sector is experiencing a shift towards cash management and asset quality improvement, with companies focusing on reducing ineffective assets [5][26]. - Investment net income in Q3 2025 decreased by 39.4 billion year-on-year, reflecting the ongoing challenges in the sector [26]. 5. Market Perception and Opportunities - The report suggests that the market underestimates the potential for investment in the construction and real estate sectors, which remain crucial to the economy [6]. - The emphasis on quality over growth by state-owned enterprises is expected to create new opportunities for sustainable growth [6].

Core Insights - The engineering consulting services sector saw a slight increase of 0.29% on November 4, with Zhaobiao Co. leading the gains [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Zhaobiao Co. (301136) closed at 15.34, up 20.03% with a trading volume of 483,500 shares and a transaction value of 695 million [1] - Jianfa Heceng (603909) closed at 13.00, up 4.75% with a trading volume of 211,900 shares and a transaction value of 271 million [1] - Huajian Group (600629) closed at 24.01, up 2.52% with a trading volume of 796,400 shares and a transaction value of 1.9 billion [1] - Sujiao Ke (300284) closed at 8.65, up 2.25% with a trading volume of 128,060 shares and a transaction value of 241 million [1] Capital Flow - The engineering consulting services sector experienced a net outflow of 352 million from institutional investors, while retail investors saw a net inflow of 292 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2][3]

Core Insights - Jianfa Hecheng's stock price increased by 5.64% to 13.11 CNY per share, with a trading volume of 137 million CNY and a turnover rate of 4.15%, resulting in a total market capitalization of 3.417 billion CNY [1] Company Overview - Jianfa Hecheng Engineering Consulting Co., Ltd. is located in Xiamen, Fujian Province, established on October 11, 1995, and listed on June 28, 2016 [1] - The company's main business includes design and engineering management services, testing services, operation and maintenance services, and construction [1] - The revenue composition is as follows: engineering construction accounts for 91.74%, while engineering consulting contributes 8.74% [1] Fund Holdings - Zhongjia Fund has a significant holding in Jianfa Hecheng, with the Zhongjia Zijin Mixed A Fund (005373) holding 25,300 shares, representing 0.85% of the fund's net value, making it the sixth-largest holding [2] - The Zhongjia Zijin Mixed A Fund was established on April 4, 2018, with a latest scale of 20.3651 million CNY [2] - Year-to-date return for the fund is 45.28%, ranking 1374 out of 8150 in its category; the one-year return is 49.11%, ranking 1117 out of 8043; and since inception, the return is 97.65% [2] - The fund manager, Lin Muchen, has been in position for 2 years and 193 days, with total assets under management of 911 million CNY [2]