9月9日，上海港湾跌2.52%，成交额8005.42万元，换手率1.28%，总市值62.34亿元。 异动分析 来源：新浪证券-红岸工作室 一带一路+钙钛矿电池+土壤修复+人民币贬值受益+商业航天 1、公司目前相关技术应已用于我国浙江、江苏、广东、福建、辽宁等多个沿海省、市， 并已推广 到"一带一路"沿线的东南亚国家，公司累计完成有关超软土地基处理工程 20 余项， 为我国沿海和"一 带一路"沿线的工程建设提供了有力的保障。 2、根据2025年7月11日投资者关系活动记录表：公司专注柔性钙钛矿细分领域，产品效率高，30×30cm 组件认证效率达18.06%，处于行业第一梯队，已在多颗在轨卫星上验证过稳定性。在前沿技术探索 上，公司依托钙钛矿电池优异的光电转换特性，通过太阳能向电能的高效转化，为卫星运行提供核心能 源支持。目前，公司已在多颗卫星上搭载钙钛矿太阳电池开展在轨试验，精准采集电性能数据并监测其 在太空环境中的运行状态，持续优化研制技术与工艺 —— 这为该技术后续的大规模应用积累了关键经 验、奠定了坚实基础，进一步强化了公司在卫星能源领域的技术前瞻性与布局深度。公司钙钛矿电池的 理论设计寿命可达 20 年 ...

上海港湾 2025 年第一次临时股东大会会议资料 上海港湾基础建设（集团）股份有限公司 2025 年第一次临时股东大会会议资料 2025 年 9 月 1 上海港湾 2025 年第一次临时股东大会会议资料 会议资料目录 | 年第一次临时股东大会会议须知 2025 | 1 | | --- | --- | | 年第一次临时股东大会会议议程 2025 | 3 | | 关于取消监事会并修订《公司章程》的议案 | 5 | | 关于制定、修订公司部分治理制度的议案 | 6 | 1 上海港湾 2025 年第一次临时股东大会会议资料 上海港湾基础建设（集团）股份有限公司 一、董事会应以维护全体股东的合法权益、确保股东大会正常秩序和议事效 率为原则，认真履行《公司章程》中规定的职责。 二、参加本次会议的股东为截至本次股东大会股权登记日收市后在中国证券 登记结算有限责任公司上海分公司登记在册的公司股东，并可以以书面形式委托 代理人出席会议和参加表决。为保证股东大会的正常秩序，除出席会议的股东、 股东代表、公司董事、监事、高级管理人员、股东大会见证律师、股东大会工作 人员以及董事会邀请的人员外，公司有权拒绝其他人员进入会场。 三、出 ...

丨证券研究报告丨 公司研究丨点评报告丨上海港湾（605598.SH） [Table_Title] 确收提速，商业航天新签大增 报告要点 [Table_Summary] 公司上半年实现营业收入 8.16 亿元，同比增长 29.34%；归属净利润 0.67 亿元，同比减少 9.35%；扣非后归属净利润 0.67 亿元，同比减少 2.28%。公司实现单 2 季度营业收入 4.44 亿 元，同比增长 29.41%；归属净利润 0.31 亿元，同比减少 28.59%；扣非后归属净利润 0.28 亿 元，同比减少 29.11%。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 上海港湾（605598.SH） cjzqdt11111 [Table_Title2] 确收提速，商业航天新签大增 [Table_Summary2] 事件描 ...

证券代码：605598 证券简称：上海港湾 公告编号：2025-042 上海港湾基础建设（集团）股份有限公司 会议召开方式：全景路演网络互动 投资者可于 2025 年 9 月 18 日（星期四）16:00 前通过上海港湾基础建 设（集团）股份有限公司（以下简称"公司"）邮箱 ir@geoharbour.com 进行预提 问，公司将在说明会上对投资者普遍关注的问题进行回答。 为进一步加强与投资者的互动交流，公司将参加由中国证券监督管理委员会 上海监管局指导、上海上市公司协会及深圳市全景网络有限公司联合举办的 "2025 年上海辖区上市公司集体接待日暨中报业绩说明会活动"，就投资者关心 的问题进行沟通与交流。 一、 说明会类型 本次活动将采用网络远程的方式举行，公司将针对 2025 年半年度业绩、公 司治理、发展战略、经营状况等投资者关心的问题与投资者进行互动交流和沟通， 在信息披露允许的范围内就投资者普遍关注的问题进行回答，欢迎广大投资者踊 跃参与！ 会议召开时间：2025 年 9 月 19 日（星期五）15:00-17:00 会议召开地点："全景路演"网站 关于参加 2025 年上海辖区上市公司集体接待日暨中 ...

证券代码：605598 证券简称：上海港湾 公告编号：2025-041 上海港湾基础建设（集团）股份有限公司 关于控股股东部分股份质押展期的公告 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: 上海港湾基础建设（集团）股份有限公司（以下简称"公司"）控股股东 上海隆湾投资控股有限公司（以下简称"上海隆湾"）持有公司股份 168,000,000 股，占公司总股本的 68.69%。本次质押展期股份 5,000,000 股，占上海隆湾直接 持股公司股份数的 2.98%，占公司总股本的 2.04%。 本次股份质押展期后，公司控股股东上海隆湾及其一致行动人徐望先生 累计质押 5,000,000 股，占其持有公司股份总数的 2.97%，占公司总股本的 2.04%。 一、股东质押基本情况 公司控股股东上海隆湾于 2024 年 9 月 5 日将其持有的 5,000,000 股（占当期 公司总股本的 2.03%）办理了股票质押业务（具体内容详见本公司 2024-032 号 公告）。近日，公司收到控股股东上海隆湾的通知，获悉其已就 ...

Core Viewpoint - The announcement from Shanghai Port Bay indicates that the controlling shareholder, Shanghai Longwan, holds 168 million shares, accounting for 68.69% of the total share capital, and has extended the pledge of 5 million shares until September 5, 2026, with the pledgee being CITIC Securities [1] Group 1 - Shanghai Longwan has pledged 5 million shares, which represents 2.98% of its holdings and 2.04% of the company's total share capital [1] - As of the announcement date, Shanghai Longwan and its concerted party, Xu Wang, have cumulatively pledged 5 million shares, accounting for 2.97% of their holdings and 2.04% of the company's total share capital [1] - The controlling shareholder has a good credit standing, and the pledge risk is manageable, which will not affect the company's control and main business operations [1]

证券研究报告 建筑装饰 | 专业工程 非金融|公司点评报告 hyzqdatemark 2025 年 09 月 03 日 证券分析师 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com | 基本数据 | | | | 2025 | 年 | 月 | 日 | 09 | 02 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | 25.13 | | | 一 年 | 内 | 最 | | | | | | | | 低 | | 总市值（百万元） | | | | | | 6,146.42 | | | | | | 流通 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from a slight recovery in cement demand, particularly in southern regions as rainfall decreases. However, demand in areas like Beijing-Tianjin-Hebei, Shandong, and Henan is weakening due to stricter environmental controls [2][14] - The report highlights the potential for price increases in cement, driven by improved demand and supply-side discipline, with a focus on leading companies such as Conch Cement and Huaxin Cement [4][5] - The report emphasizes the importance of government policies aimed at boosting domestic demand and stabilizing the real estate market, which are expected to positively impact the home improvement and building materials sectors [17] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight increase in the PMI for August, indicating a seasonal uptick in activity, particularly in major infrastructure projects initiated in July [4] - The construction materials index showed a marginal increase of 0.14% during the week, underperforming compared to the broader market indices [4] 2. Bulk Construction Materials 2.1 Cement - The national average price for high-standard cement is reported at 344.3 RMB/ton, reflecting a week-on-week increase of 1.7 RMB/ton but a year-on-year decrease of 35.2 RMB/ton [22][23] - The average cement inventory level among sample enterprises is 63.6%, down 1.0 percentage points from the previous week [25] - The report anticipates a potential price stabilization and recovery in the cement market, particularly in the second half of the year [5][14] 2.2 Glass - The average price for float glass is reported at 1189.7 RMB/ton, down 16.1 RMB/ton from the previous week and down 176.6 RMB/ton year-on-year [4] - The report suggests that supply-side adjustments are likely to improve the supply-demand balance in the glass industry, with a focus on leading companies benefiting from cost advantages [16] 2.3 Fiberglass - The report notes a stable pricing environment for fiberglass, with the average price for non-alkali roving at 3100-3700 RMB/ton, remaining stable compared to previous periods [4] - The demand for specialty fiberglass products is expected to grow significantly, driven by technological advancements and increased applications in various industries [15] 3. Home Improvement Materials - The report highlights the positive impact of government policies aimed at stimulating domestic consumption, particularly in the home improvement sector, with expectations for a recovery in demand [17] - Leading companies in the home improvement materials sector are encouraged to explore new business models and enhance their market positioning [17]

Core Insights - Shanghai Port Bay (605598) reported a total revenue of 816 million yuan for the first half of 2025, representing a year-on-year increase of 29.34%, while the net profit attributable to shareholders decreased by 9.35% to 66.91 million yuan [1] - The company's gross margin fell to 26.91%, down 26.12% year-on-year, and the net margin decreased to 7.85%, down 32.35% year-on-year [1] - Accounts receivable increased significantly by 47.56% year-on-year, raising concerns about cash flow management [1] Financial Performance - Total revenue for 2025: 816 million yuan, up from 631 million yuan in 2024 [1] - Net profit for 2025: 66.91 million yuan, down from 73.81 million yuan in 2024 [1] - Gross margin: 26.91%, down from 36.43% in 2024 [1] - Net margin: 7.85%, down from 11.60% in 2024 [1] - Accounts receivable: 545 million yuan, up from 369 million yuan in 2024 [1] - Earnings per share: 0.28 yuan, down from 0.31 yuan in 2024 [1] Business Model and Strategy - The company focuses on core business in geotechnical engineering services, aiming to become a global leader in this field [4] - It capitalizes on market opportunities by aligning with national strategies and undertaking significant projects both domestically and internationally, particularly in Southeast Asia and the Middle East [4] - The company emphasizes technological innovation and digital management to enhance operational efficiency and drive growth in emerging industries [4] Investment Returns - The company's return on invested capital (ROIC) was 4.44% last year, indicating weak capital returns compared to a historical median of 11.47% since its listing [3] - The net profit margin was 6.99%, suggesting average value addition from its products or services [3] - The company has faced challenges in maintaining strong investment returns, particularly highlighted by the low ROIC in 2024 [3]

Group 1 - The company has approved the repurchase of unvested shares from the 2023 employee stock ownership plan due to unmet unlocking conditions [1][3][5] - The employee stock ownership plan aims to align the interests of shareholders, the company, and employees, promoting long-term sustainable development [1][2] - The company will repurchase 920,640 shares at a price of 15.73 yuan per share, returning the investment amount to the plan participants [4][5] Group 2 - As of the announcement date, the employee stock ownership plan holds 2,148,160 shares, accounting for 0.8783% of the company's total share capital [4] - The repurchase will not adversely affect the company's operations, financial status, or future development, and will not change the control of the company [5]