Core Viewpoint - The legal opinion letter issued by Beijing Zhonglun Law Firm confirms that Shanghai Port Construction (Group) Co., Ltd.'s differentiated equity distribution plan for the 2024 profit distribution complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [8][9]. Group 1: Differentiated Equity Distribution Plan - The company plans to distribute a cash dividend of 1.14 yuan (including tax) for every 10 shares held, based on the total share capital minus the shares held in the repurchase account [5][6]. - The total number of shares eligible for the distribution is 244,584,809 shares after excluding 32 shares held in the repurchase account [5][6]. - The total cash dividend to be distributed amounts to approximately 27.88 million yuan [6]. Group 2: Legal Compliance and Verification - The legal opinion is based on thorough verification of documents and facts related to the differentiated equity distribution, adhering to the principles of prudence and materiality [2][4]. - The opinion confirms that the distribution plan aligns with the Company Law, Securities Law, and other relevant regulations, ensuring the legality and accuracy of the conclusions drawn [8][9]. - The impact of the repurchased shares on the ex-dividend price is negligible, with an absolute value impact of less than 1% [7][8].

证券代码：605598 证券简称：上海港湾 公告编号：2025-028 上海港湾基础建设（集团）股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.114元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/16 | － | 2025/7/17 | 2025/7/17 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经上海港湾基础建设（集团）股份有限公司（以下简称"公司"）2025 年 5 月 30 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上海证 ...

北京市中伦律师事务所 关于上海港湾基础建设（集团）股份有限公司 差异化权益分派事项的 法律意见书 二〇二五年六月 差异化权益分派事项的 法律意见书 致：上海港湾基础建设（集团）股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受上海港湾基础建设（集团） 股份有限公司（以下简称"上海港湾"或"公司"）委托，根据《中华人民共和 国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司股份回购规则》（以下简称"《股份回购规则》"）、 《上海证券交易所上市公司自律监管指引第 7 号——回购股份（2025 年 3 月修 订）》（以下简称"《回购股份监管指引》"）等法律、法规、规章和其他规范 性文件以及《上海港湾基础建设（集团）股份有限公司章程》（以下简称"《公 司章程》"）的规定，就公司 2024 年度利润分配所涉及的差异化权益分派（以 下简称"本次差异化权益分派"）相关事项出具本法律意见书。 为出具本法律意见书，本所律师根据有关法律、法规、规范性文件的规定和 本所业务规则的要求，本着审慎性及重要性原则对本次差异化权益分派有关的文 件资料和事实进行了合理、必要及可能的 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The scarcity of orbital spectrum drives competition, and the construction of domestic low - orbit constellations has entered an accelerated phase. With limited low - orbit space and spectrum resources and strict deployment time requirements from the ITU, competition for resource locking is intensifying. China is expected to see an accelerated launch of low - orbit satellites from 2025 - 2030. Representative constellations include "Guowang", "Qianfan", and "Honghu - 3". Shanghai Harbor, with its satellite energy system products, is expected to benefit from the accelerated development of low - orbit satellites [5]. - Leading waterproofing companies such as Yuhong, Beixin, and Keshu have raised prices on both civil construction and engineering products. In the context of the industry's "anti - involution", the collective price increase by leading enterprises may promote price recovery, but the degree of price repair remains to be seen due to weak demand [5]. - Investment suggestions include paying attention to companies like Honglu Steel Structure, China Jushi, Punan Co., Ltd., Hainan Huatie, Beixin Building Materials, China National Chemical Engineering, China State Construction, Shanghai Harbor, Sinoma Science & Technology, and Keda Manufacturing [5]. 3. Summary According to the Table of Contents 3.1 Week - Specific Topic: Orbital Spectrum Scarcity Drives Competition, and Domestic Low - Orbit Constellation Construction Enters an Accelerated Phase - **Satellite Orbit Types**: Communication satellite orbits are mainly divided into GEO, MEO, and LEO. LEO can reduce power attenuation and communication delay, simplify terminal design, and is suitable for multi - satellite networking. Compared with GEO, LEO/MEO has smaller delay, and satellites are smaller and lighter, facilitating multi - satellite launches and reducing constellation construction costs and cycles [5][7]. - **Resource Scarcity and Competition**: Low - orbit space and frequency spectrum resources are scarce. The total capacity of low - orbit satellites is about 60,000, and Starlink plans to send 42,000 satellites into low - orbit by 2027, accounting for about 70%. The L, S, C frequency bands are almost exhausted, and the Ku, Ka bands are difficult to coordinate. According to ITU rules, operators need to complete satellite deployment within a specified time to lock resources, intensifying competition [5][11]. - **Policy Support**: Since 2014, China has successively introduced policies to encourage private capital to participate in commercial space activities. In 2023, commercial space was included in strategic emerging industries, and it has been mentioned in the government work reports of 2024 and 2025, indicating strong policy support [16]. - **Global and Domestic Constellation Construction Status**: Globally, SpaceX leads in low - orbit constellation construction, with other countries' enterprises following. In China, constellations like "Guowang", "Qianfan", and "Honghu - 3" have formulated phased launch plans. Although the number of launches in 2024 did not meet expectations, the launch rhythm is expected to accelerate from the second half of 2025 [5][17][23]. 3.2 Profit Forecast and Valuation of Main Covered Companies The report provides profit forecasts, valuations, and investment ratings for multiple companies, including Hainan Huatie, Punan Co., Ltd., China Jushi, etc. EPS, P/E, P/B, and other indicators for 2024 - 2027 are presented, and most investment ratings are maintained [33]. 3.3 Weekly Market Review - **Industry Index Performance**: In the week from June 28th to July 4th, 2025, the building and building materials industries showed certain fluctuations. Among building sub - sectors, the garden engineering index had the highest increase at 2.20%, while among various industries, the steel index had a relatively large decline [38][40]. - **Infrastructure Public REITs Performance**: The report lists the closing prices, 52 - week highs and lows, weekly, monthly, year - to - date, 250 - day, and IPO - since price changes of multiple infrastructure public REITs. The average weekly increase was 1.07%, the average monthly increase was 1.31%, and the average year - to - date increase was 20.99% [46][47]. 3.4 Aggregate Data Tracking - **Real Estate Data**: The report presents data on real estate new construction, construction, completion, sales area cumulative year - on - year growth, land transaction area, and real estate transaction data from 2022 - 2025 [49][58][68]. - **Social Financing Data**: Data on monthly new social financing, new RMB loans, new corporate bond financing, etc., from 2022 - 2025 are provided [78]. - **Infrastructure Investment Data**: The cumulative year - on - year growth rates of narrow - sense and broad - sense infrastructure investment, as well as investment in power, transportation, and water conservancy industries from 2022 - 2025, are shown. The new contract signing data of eight major construction central enterprises from 2022Q1 - 2025Q1 are also presented [88][94]. - **Special Bond Issuance Data**: Data on monthly and cumulative new and replacement special bond issuance from 2022 - 2025 are provided [96]. 3.5 High - Frequency Data Tracking - **Cement Data**: Information on national PO42.5 cement average price, East China regional cement price, cement - coal price difference index, cement capacity utilization rate, and cement production monthly year - on - year growth rate is presented [107][114]. - **Float Glass Data**: Data on glass spot price, futures price, inventory, and daily melting volume are provided [115][117][119][122]. - **Photovoltaic Glass Data**: Information on soda ash price, 2mm photovoltaic glass price, inventory, and daily melting volume is presented [122][123][125]. - **Glass Fiber Data**: Prices of SMC roving, winding direct roving, injection roving, G75 electronic yarn, and glass fiber inventory are shown [128][129][132][134][138]. - **Carbon Fiber Data**: Data on carbon fiber average price, raw silk price, inventory, production, capacity utilization rate, gross profit margin, cost, and gross profit are provided [135][139][142][146][148][151][152]. - **Magnesia and Alumina Price Data**: Prices of large - crystal fused magnesia and alumina are presented [153][156]. - **Upstream Raw Material Price Data**: Prices of asphalt, waste paper, PVC, and HDPE are shown [159][160][162][163]. - **Physical Workload Data**: Prices of titanium dioxide and acrylic acid, high - machine rental rate, excavator working hours, and asphalt average capacity utilization rate are presented [167][168][170][173].

Core Insights - The construction industry is officially entering a platform period, with infrastructure investment maintaining resilience but showing signs of decline in revenue among major state-owned enterprises [5][28][30] - The overall investment tone for infrastructure in the second half of 2025 will focus on stability, supported by proactive fiscal policies and accelerated government bond issuance [2][37] - Structural opportunities are emerging, particularly in manufacturing, power, water conservancy, and water transport sectors, driven by special government bonds [5][6] Industry Overview - The construction industry has seen a decline in total revenue for the first time in 2024, confirming a turning point for the industry [30] - The total revenue for the construction industry in 2024 was 86,962.78 billion, a decrease of 4.29% year-on-year, with net profit dropping by 13.74% [30][32] - The share of real estate in GDP has been declining since its peak in 2021, while infrastructure investment has been rising but not enough to offset the decline in real estate [26][28] Investment Strategy - Long-term investment should focus on manufacturing-oriented companies like Honglu Steel Structure, while short-term strategies should prioritize high-dividend stocks and significant changes in individual companies [6][7] - The report emphasizes the importance of structural opportunities in the construction sector, particularly in areas aligned with national strategic initiatives and safety capabilities [60] State-Owned Enterprises - There is a growing divergence among state-owned construction enterprises, with only a few, such as China State Construction and China Energy Engineering, showing positive growth in Q1 2024 [7][28] - The report recommends focusing on companies with strong dividend stability and growth potential, such as China Chemical Engineering and China Communications Construction [7][8] Professional Engineering and International Opportunities - The international engineering sector is expected to benefit from ongoing orders and the deepening of cooperation along the Belt and Road Initiative [8] - Companies like China National Materials and China Steel International are highlighted for their low valuations and high dividend yields, indicating strong performance potential [8] Mergers and Acquisitions - The construction industry is moving towards maturity, necessitating mergers and acquisitions to find new growth points [10] - The report anticipates that future mergers will primarily come from smaller, weaker segments of the industry, such as design and decoration [10]

Core Viewpoint - On June 30, a total of 31 listed companies had their restricted shares unlocked, with a total market value of approximately 31.50 billion yuan [1]. Group 1: Unlocking Details - The specific details of the restricted share unlocks include: - Meili Ecology (000010): 239 million shares from A-share issuance to original shareholders - Xingrong Environment (000598): 4.926 million shares from equity incentive lock-up - Yueyang Xinchang (000819): 526,800 shares from equity incentive lock-up - Gaohong Co., Ltd. (000851): 4.944 million shares from equity incentive lock-up - Zhongyan Chemical (600328): 470,460 shares from equity incentive lock-up - Yangnong Chemical (600486): 115,480 shares from equity incentive lock-up - Kangyuan Pharmaceutical (600557): 2.6093 million shares from equity incentive lock-up - Keda Technology (002518): 1.3953 million shares from equity incentive lock-up - Longci Technology (300835): 562,700 shares from equity incentive lock-up - Weiming Environmental Protection (603568): 3.129 million shares from equity incentive lock-up - Dongrui Co., Ltd. (001201): 486,400 shares from A-share issuance to original shareholders - Sanwei Co., Ltd. (603033): 1.183 million shares from equity incentive lock-up - Naer Co., Ltd. (002825): 140,000 shares from equity incentive lock-up - Jinyinhe (300619): 1.6248 million shares from A-share issuance to legal persons - Tianyuan Environmental Protection (301127): 14.6 million shares with extended lock-up period - Youningwei (301166): 40.6188 million shares with extended lock-up period - Xutian Salt Industry (600929): 3.033 million shares from equity incentive lock-up - Keli Sensor (603662): 722,800 shares from equity incentive lock-up - Gongniu Group (603195): 641,200 shares from equity incentive lock-up - Fuyuan Pharmaceutical (601089): 27.5 million shares from pre-issue lock-up - Xinbang Intelligent (301112): 7.4097 million shares from pre-issue lock-up - Shanghai Port Bay (605598): 29,400 shares from equity incentive lock-up - Dingjide (603255): 507,500 shares from equity incentive lock-up - United Precision (001268): 6.154 million shares from pre-issue lock-up - Pinggao Co., Ltd. (688227): 48.9585 million shares - Chunli Medical (688236): 20.9 million shares - Zhongwulian (688297): 40.3 million shares - Lais Information (688631): 163,480 shares - Shichuang Energy (688429): 200,000 shares - Xindong Link (688582): 220,840 shares - Aike Saibo (688719): 100,000 shares [2].

Core Viewpoint - Shanghai Port Construction (Group) Co., Ltd. is repurchasing and canceling a total of 1,568,000 restricted stocks due to unmet performance targets in the 2023 restricted stock incentive plan, specifically the second unlock period [1][2][3] Summary by Sections Reason for Repurchase and Cancellation - The repurchase and cancellation of restricted stocks are based on the failure to meet the performance assessment criteria set for the second unlock period of the 2023 restricted stock incentive plan, which required a net profit growth rate of no less than 140% for 2024 compared to the average net profit from 2020 to 2022 [2][3] Details of the Repurchase and Cancellation - The decision to repurchase and cancel the restricted stocks was approved in a board meeting, with legal opinions provided by Beijing Zhonglun Law Firm [1][2] - A total of 18 incentive participants will have their combined 1,176,000 shares repurchased and canceled [3] Stock Structure Changes - Before the cancellation, the number of restricted stocks was 2,744,000, which will decrease to 1,568,000 after the cancellation [4] - The total shares of the company will change from 245,760,841 to 244,584,841 after the cancellation [5] Compliance and Legal Opinions - The board of directors confirmed that the decision-making process and information disclosure comply with relevant laws and regulations, ensuring no harm to the rights of incentive participants or creditors [5] - Legal opinions affirm that the repurchase and cancellation have obtained necessary approvals and comply with the relevant regulations [5]

北京市中伦律师事务所 关于上海港湾基础建设（集团）股份有限公司 回购注销部分限制性股票实施的 法律意见书 二〇二五年六月 对本法律意见书，本所律师作出如下声明： 法律意见书 师提供了本所律师认为制作法律意见书所必需的原始书面材料、副本材料和口头 证言，其所提供的文件和材料是真实、准确和完整的，且无隐瞒、虚假和重大遗 漏之处。 《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）等国家现行法律、法规、规范性文件和中国 证券监督管理委员会（以下简称"中国证监会"）的有关规定发表法律意见。 律师有赖于有关政府部门、上海港湾或者其他有关单位出具的证明文件及主管部 门公开可查的信息作为制作本法律意见书的依据。 北京市中伦律师事务所 关于上海港湾基础建设（集团）股份有限公司 回购注销部分限制性股票实施的 法律意见书 致：上海港湾基础建设（集团）股份有限公司 根据上海港湾基础建设（集团）股份有限公司（以下简称"上海港湾"或"公 司"）与北京市中伦律师事务所（以下简称"本所"）签订的《专项法律服务合 同》的约定及受本所指派，本所律师作为公司 2023 年限制性股票激励计划（ ...

| 回购股份数量（股） | 注销股份数量（股） | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 1,176,000 | 1,176,000 | 2025 | 年 6 | 月 | 26 日 | 一、本次回购注销限制性股票的决策与信息披露 证券代码：605598 证券简称：上海港湾 公告编号：2025-027 上海港湾基础建设（集团）股份有限公司 关于回购注销部分限制性股票的实施公告 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： 回购注销原因：上海港湾基础建设（集团）股份有限公司（以下简称"公 司"、"上海港湾"）2023 年限制性股票激励计划因 2024 年公司层面的业绩考核 未达标，导致第二个解除限售期的解除限售条件未成就。公司根据相关规定将 18 名激励对象已获授但不符合解除限售条件的 1,176,000 股限制性股票进行回 购注销处理。 本次注销股份的有关情况 2025 年 4 月 28 日，公司召开第三届董事会第十二次会议和第三届监事会第 十 ...

北京市中伦律师事务所 关于上海港湾基础建设（集团）股份有限公司 回购注销部分限制性股票实施的 法律意见书 二〇二五年六月 | 一、激励计划及本次回购注销的批准与授权 | 3 | | --- | --- | | 二、本次回购注销的具体情况 | 5 | | 三、本次回购注销的实施情况 | 6 | | 四、本次回购注销前后公司股本结构变动情况 | 6 | | 五、结论意见 | 7 | 北京市中伦律师事务所 关于上海港湾基础建设（集团）股份有限公司 回购注销部分限制性股票实施的 法律意见书 致：上海港湾基础建设（集团）股份有限公司 根据上海港湾基础建设（集团）股份有限公司（以下简称"上海港湾"或"公 司"）与北京市中伦律师事务所（以下简称"本所"）签订的《专项法律服务合 同》的约定及受本所指派，本所律师作为公司 2023 年限制性股票激励计划（以 下简称"激励计划"或"本次激励计划"）相关事宜的专项法律顾问，出具本法 律意见书。 为出具本法律意见书，本所律师审阅了《上海港湾基础建设（集团）股份有 限公司 2023 年限制性股票激励计划》（以下简称"《激励计划》"）、《上海 港湾基础建设（集团）股份有限公司 2023 ...