Investment Rating - The report maintains an "Overweight" rating for the construction and building materials sectors [9] Core Insights - Investment in infrastructure, real estate, and manufacturing continues to slow down, with infrastructure investment growing by 3.2%, real estate declining by 12.0%, and manufacturing increasing by 6.2% year-on-year from January to July 2025 [12][14] - The report highlights a significant drop in new real estate construction area, down 19.4% year-on-year, although the rate of decline has been narrowing [12][17] - Recent demand-side policies are expected to accelerate implementation, potentially boosting construction material opportunities [12][14] - The cement and fiberglass sectors show a clear structural differentiation, with traditional yarn prices stabilizing after declines, while specialized electronic yarns and fabrics maintain a positive outlook [12][19] Summary by Sections Investment Trends - From January to July 2025, cumulative investment in infrastructure (excluding electricity, heat, water, and gas) increased by 3.2%, while real estate investment decreased by 12.0% [14] - The report notes that the decline in new real estate construction has been less severe compared to earlier months, indicating a potential recovery trend [12][17] Key Companies and Performance - Major companies such as Weixing New Materials reported a revenue of 2.078 billion yuan, down 11.33% year-on-year, while Sankeshu achieved a revenue of 5.816 billion yuan, up 0.97% year-on-year with a net profit increase of 107.53% [3] - The report recommends focusing on companies with significant year-on-year growth in their mid-year reports, particularly in the cement and fiberglass sectors [12][37] Market Dynamics - The national average price of cement increased by 0.2% week-on-week, with a shipment rate of 45.8% [2][28] - The average price of float glass decreased by 2.8% week-on-week, with a significant year-on-year decline of 16.2% [2][29] - The report emphasizes the importance of monitoring the demand recovery in the construction materials sector, particularly in waterproofing and other construction-related materials [12][17] Recommendations - The report recommends several companies for investment, including Yaxiang Integration, China Metallurgical Group, and Huaxin Cement, all of which are expected to perform well in the current market environment [9][37] - It suggests that companies with strong technological capabilities and high-end product structures are likely to benefit from ongoing market trends [12][24]

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - Infrastructure investment in July showed a high increase in railway and water electricity fuel investment, while overall infrastructure investment is experiencing marginal slowdown, particularly in the central and western regions [1][2] - Real estate development investment from January to July decreased by 12%, with a significant drop of 17.1% in July alone, indicating a continued weakness in the real estate sector [2] - The issuance of special bonds has accelerated, with a total of 27,775.89 billion yuan issued from January to July, representing a year-on-year increase of 56.5%, which is expected to support infrastructure investment growth in the second half of the year [1] - Cement demand is anticipated to gradually recover, with a focus on investment opportunities at relatively low points in the market, despite a 4.5% year-on-year decline in cement production from January to July [3] - The flat glass market is showing signs of improvement, with a slight increase in prices and a reduction in inventory levels, suggesting a potential recovery in demand [4] Summary by Sections Infrastructure Investment - In July, infrastructure investment growth was supported by a 21.5% year-on-year increase in water electricity fuel investment, while transportation and storage investment saw a 3.9% increase [2] - The report emphasizes the importance of focusing on major engineering projects and infrastructure investments in the central and western regions [1] Real Estate Sector - The real estate sector continues to show weakness, with significant declines in sales, new construction, and completion areas from January to July [2] - The report highlights the need for monitoring policy changes that could impact the real estate market [4] Cement and Glass Markets - Cement production decreased by 4.5% year-on-year, with a notable drop in July, but there are expectations for demand recovery as the market enters a peak season [3] - The flat glass market is experiencing a slight recovery, with improved trading conditions and reduced inventory levels [4]

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector and the building materials sector [6]. Core Insights - Infrastructure investment growth is expected to continue, with a focus on key projects in the western region, such as the Yajiang Group and Xinjiang Tibet Railway Company, which are likely to enhance growth stability [1]. - The real estate sector is experiencing a decline in sales and new starts, but recent policy support may improve retail consumption and new construction starts [2]. - Cement production has seen a decline in both volume and price, but there are signs of price stabilization in certain regions as of mid-August [3]. - The flat glass market has shown fluctuations in prices, with a rebound in photovoltaic glass prices due to inventory reduction [4]. Summary by Sections Infrastructure Investment - From January to July 2025, infrastructure investment (excluding electricity, heat, gas, and water supply) grew by 3.2% year-on-year, while real estate and manufacturing investments declined by 12.0% and increased by 6.2%, respectively [1]. - Key projects in the western region are expected to bolster growth, with recommendations for companies like Tunnel Co., China National Materials, and others [1]. Real Estate Market - Real estate sales, new starts, and completion areas saw declines of 4.0%, 19.4%, and 16.5% year-on-year, respectively, but new policies may help improve these figures [2]. - Retail sales of building and decoration materials reached 96 billion yuan, up 2.2% year-on-year, indicating some recovery in the sector [2]. Cement Industry - Cement production from January to July 2025 totaled 958 million tons, down 4.5% year-on-year, with a significant price drop of 11.4% in July [3]. - As of mid-August, cement prices in the Yangtze River Delta region began to rise, suggesting potential stabilization in the market [3]. Glass Industry - The production of flat glass decreased by 5.0% year-on-year, with prices showing a significant drop in July but rebounding in early August due to inventory adjustments in photovoltaic glass [4]. Stock Recommendations - The report recommends buying stocks such as Tunnel Co. (600820 CH), China National Materials (600970 CH), and others, with target prices set for each [8][30].

证券代码：603929 证券简称：亚翔集成 公告编号：2025-034 亚翔系统集成科技（苏州）股份有限公司 亚翔系统集成科技（苏州）股份有限公司（以下简称"公司"或"亚翔 集成"）于 2025 年 8 月 14 日（星期四）10:00 ~ 11:00，通过网络平台在线 交流（上海证券报·中国证券网 https://roadshow.cnstock.com/）召开了公 司 2025 年半年度业绩说明会，就投资者关注的问题进行了沟通和交流。 一、本次业绩说明会情况 2025 年 7 月 29 日本公司披露了《亚翔集成关于召开 2025 年半年度业绩说 明会的公告》（公告编号：2025-032）。公司 2025 年半年度业绩说明会于 2025 年 8 月 14 日 10:00 ~ 11:00 通过网络平台在线交流（上海证券报·中国证券 网 https://roadshow.cnstock.com/）召开。公司 CEO 执行长毛智辉先生、董 事会秘书李繁骏先生、财务负责人王明君女士、独立董事白玉芳女士出席了 本次说明会，与投资者进行了互动和交流，就投资者普遍关注的问题进行了 解答。 二、本次业绩说明会投资者提出的主 ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [12] Core Insights - The cleanroom segment is expected to grow due to the strong performance of the power semiconductor sector, with domestic substitution likely to accelerate, benefiting companies like Yaxiang Integration, Shenghui Integration, and Bocheng Co [2][8] - The commercial aerospace sector is seeing increased activity from domestic companies entering the primary market, which is boosting sentiment in the secondary market, with Shanghai Port benefiting from patents related to perovskite batteries [2][8] - The low-altitude economy is gaining traction with proactive policies from central and local governments, presenting opportunities across the entire industry chain [2][10] Summary by Sections Cleanroom Sector - The power semiconductor sector is performing strongly, with companies like Stada Semiconductor and Chipway Technology showing significant weekly gains of 6.6% and 16.88% respectively [8] - The domestic semiconductor industry's self-sufficiency is expected to accelerate due to tariffs imposed on chips and semiconductors, leading to increased demand for cleanroom EPC orders [8] - Key companies to watch include: - Yaxiang Integration: Expected to issue a 1.58 billion RMB overseas electromechanical project by July 2025 [9] - Shenghui Integration: Reported a 39% year-on-year revenue increase to 1.295 billion RMB in the first half of 2025 [9] - Bocheng Co: Announced multiple cleanroom project wins, indicating confidence in future growth [9] Commercial Aerospace - Domestic companies are actively pursuing IPOs, enhancing market sentiment in the commercial aerospace sector [8] - Shanghai Port is positioned to benefit from its subsidiaries' patents in satellite battery technology, particularly in perovskite batteries, which are expected to see initial applications in satellites [8] Low-altitude Economy - The low-altitude economy is transitioning from a thematic catalyst to an order fulfillment phase, with government policies supporting its development [10] - The report emphasizes the importance of the entire industry chain, from infrastructure planning to operational management, with companies like Huayang International and China Communications Construction being key players [10]

Core Insights - The construction industry is expected to outperform the market in the second half of 2025, driven by improvements in asset quality and a potential recovery in demand [1][4] - Downstream demand remains weak, leading to accelerated balance sheet contraction among construction companies [1][4] - Infrastructure investment is anticipated to become a key driver for expanding domestic demand and stabilizing growth [3][4] Summary by Sections Industry Performance - In the first half of 2025, the total contract amount for new projects in the construction industry reached 25 trillion yuan, a year-on-year increase of 22.5%, although still significantly lower than levels in 2022-2023 [1][30] - The industry is experiencing a decline in new orders and revenue, but signs of a profitability turning point are emerging as some local construction companies accelerate the collection of receivables and repay existing debts [1][4] Inventory Cycle Perspective - The construction industry is nearing the end of a "passive inventory replenishment" phase, characterized by a lagged response of inventory fluctuations to changes in downstream demand [2][77] - Since 2021, the industry has entered a phase of passive inventory accumulation due to prolonged project repayment cycles and a concentration of PPP projects transitioning to operational phases [2][82] Infrastructure Investment - Infrastructure investment is seen as a critical measure to expand domestic demand and stabilize economic growth, especially in light of pressures on price indicators and the need for effective investment [3][4] - The government is expected to increase fiscal support for infrastructure projects, particularly in areas related to public welfare and energy security [3][4] Investment Recommendations - The report maintains a positive outlook for the construction sector in the second half of 2025, suggesting that asset quality improvements will align with demand recovery [4] - Recommended stocks include Yaxiang Integration, Zhongyan Dadi, China Railway Construction, and others, which are expected to benefit from the anticipated recovery in infrastructure investment [4][8]

（原标题：亚翔集成最新股东户数环比下降5.14%） 亚翔集成8月1日披露，截至7月31日公司股东户数为11304户，较上期（7月20日）减少613户，环比降幅 为5.14%。这已是该公司股东户数连续第4期下降。 证券时报•数据宝统计，截至发稿，亚翔集成收盘价为36.50元，下跌1.59%，本期筹码集中以来股价累 计下跌5.29%。具体到各交易日，3次上涨，7次下跌。 公司发布的半年报数据显示，上半年公司共实现营业收入16.83亿元，同比下降40.95%，实现净利润 1.61亿元，同比下降32.20%，基本每股收益为0.7500元，加权平均净资产收益率8.83%。 机构评级来看，近一个月该股获3家机构买入评级。预计目标价最高的是国信证券，7月25日国信证券发 布的研报给予公司目标价48.14元。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 ...

亚翔集成8月1日披露，截至7月31日公司股东户数为11304户，较上期（7月20日）减少613户，环比降幅 为5.14%。这已是该公司股东户数连续第4期下降，累计降幅达28.93%，也就是说筹码呈持续集中趋 势。 机构评级来看，近一个月该股获3家机构买入评级。预计目标价最高的是国信证券，7月25日国信证券发 布的研报给予公司目标价48.14元。 （文章来源：证券时报网） 证券时报·数据宝统计，截至发稿，亚翔集成收盘价为36.50元，下跌1.59%，筹码持续集中以来股价累 计上涨24.62%。具体到各交易日，15次上涨，15次下跌，其中，涨停1次。 公司发布的半年报数据显示，上半年公司共实现营业收入16.83亿元，同比下降40.95%，实现净利润 1.61亿元，同比下降32.20%，基本每股收益为0.7500元，加权平均净资产收益率8.83%。 ...

关于 2025 年半年度"提质增效重回报"专项行 动方案的评估报告 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 担个别及连带责任。 证券代码：603929 证券简称：亚翔集成 公告编号：2025-033 亚翔系统集成科技（苏州）股份有限公司 环境中展现出强大韧性与活力。国家统计局数据显示，上半年国内 GDP 增 长 5.3%，高技术产业投资增速达 8.7%，显著高于整体水平。人工智能、5G、 新能源汽车等新兴领域蓬勃发展，驱动芯片产业进入从"量变"到"质变" 的关键转折期。在此背景下，亚翔系统集成科技（苏州）股份有限公司（以 下简称"公司"）积极响应国家《国务院关于加强监管防范风险推动资本 市场高质量发展的若干意见》（国发〔2024〕10 号）及上交所相关倡议， 持续推进"提质增效重回报"专项行动，并于年中结合经营实绩对方案进 行评估与优化，旨在巩固成果、应对挑战，更精准地推动高质量发展，切 实增强投资者回报与市场信心。 一、2025 年上半年行动方案执行评估与剖析 (一) 战略聚焦：深耕主业与海外拓展的成效与挑战 公司依托在芯片洁净 ...

证券代码：603929 证券简称：亚翔集成 公告编号：2025-033 亚翔系统集成科技（苏州）股份有限公司 关于 2025 年半年度"提质增效重回报"专项行 动方案的评估报告 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 担个别及连带责任。 2025 年上半年，全球经济格局深度调整，国内经济在复杂严峻的外部 环境中展现出强大韧性与活力。国家统计局数据显示，上半年国内 GDP 增 长 5.3%，高技术产业投资增速达 8.7%，显著高于整体水平。人工智能、5G、 新能源汽车等新兴领域蓬勃发展，驱动芯片产业进入从"量变"到"质变" 的关键转折期。在此背景下，亚翔系统集成科技（苏州）股份有限公司（以 下简称"公司"）积极响应国家《国务院关于加强监管防范风险推动资本 市场高质量发展的若干意见》（国发〔2024〕10 号）及上交所相关倡议， 持续推进"提质增效重回报"专项行动，并于年中结合经营实绩对方案进 行评估与优化，旨在巩固成果、应对挑战，更精准地推动高质量发展，切 实增强投资者回报与市场信心。 一、2025 年上半年行动方案执行评估与剖析 ...