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]

Core Viewpoint - The legal opinion letter from Beijing Zhonglun Law Firm confirms that Shanghai Port Construction (Group) Co., Ltd. has obtained the necessary approvals and authorizations for the repurchase and cancellation of certain restricted stocks as part of its 2023 incentive plan [1][10][13] Summary by Sections Legal Basis and Verification - The law firm conducted a thorough review of relevant documents, including the 2023 restricted stock incentive plan and related board and supervisory committee meeting files, ensuring compliance with the Company Law and Securities Law [2][3] - The law firm asserts that all provided materials are true, accurate, and complete, with no significant omissions [2][3] Approval and Authorization - On March 21, 2023, the company's board and supervisory committee approved the incentive plan and authorized the board to handle related matters [4][5] - The company disclosed the list of incentive recipients on March 22, 2023, and no objections were raised during the public notice period [4][5] Repurchase and Cancellation Details - The repurchase of restricted stocks is due to the failure of 18 incentive recipients to meet performance targets, resulting in the cancellation of 1,176,000 shares [11][12] - The repurchase price for the first grant and deferred portions is set at 10.95887 yuan per share, while the reserved grant portion is set at 18.43030 yuan per share [12] Implementation and Notification - The company has completed the necessary notifications to creditors regarding the repurchase and has not received any objections [12] - A dedicated repurchase account has been established, and the cancellation is expected to be completed by June 26, 2025 [12] Changes in Share Capital Structure - Following the repurchase, the company's share capital structure will change as follows: - Restricted shares will decrease from 2,744,000 to 1,568,000 - Total shares will decrease from 245,760,841 to 244,584,841 [12] Conclusion - The law firm concludes that the repurchase and cancellation of restricted stocks comply with relevant regulations and that the company must complete necessary registration and disclosure procedures [13]

| 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 ...

Meeting Overview - The annual general meeting of Shanghai Harbour Infrastructure (Group) Co., Ltd. was held on May 30, 2025, in Shanghai [2] - The meeting was convened by the board of directors and conducted in accordance with relevant laws and regulations [2][3] Attendance - All 5 serving directors and 3 serving supervisors attended the meeting, with 2 supervisors participating via telecommunication [3] - The board secretary and other key executives were also present [3] Resolutions Passed - All proposed resolutions were approved, including the annual report, financial statements, and various reports from the board and supervisory committee [4][5][6] - Notably, the resolutions regarding the profit distribution plan and the confirmation of director and supervisor remuneration for 2024 were also passed [5][6] Special Resolutions - Resolutions 9, 11, and 13 were classified as special resolutions, requiring a two-thirds majority, which was achieved [7] Legal Verification - The meeting was witnessed by Beijing Zhonglun Law Firm, confirming that all procedures and resolutions complied with legal and regulatory requirements [7] Stock Buyback Account Cancellation - The company announced the cancellation of 32 shares in its stock buyback account due to the expiration of the holding period [9][10] - Creditors have a 45-day period from May 31, 2025, to claim debts or request guarantees related to this cancellation [10][11] Board Committee Adjustments - Following the annual general meeting, the company adjusted its board committee members, including the audit, nomination, compensation, and strategic committees [12][13] - Four new directors were elected, including two independent directors [12][13]

Group 1 - The company plans to cancel 32 shares of treasury stock in its special securities account due to the expiration of the retention period on April 6, 2026 [1] - The cancellation will result in a reduction of the company's total share capital and registered capital, and creditors have 45 days from the announcement date (May 31, 2025) to request debt repayment or guarantees [1][2] - Creditors must provide valid documentation to support their claims, including contracts and agreements, and follow specific procedures for submitting their claims [2] Group 2 - The company assures that the announcement contains no false records, misleading statements, or significant omissions, and takes legal responsibility for the accuracy and completeness of the content [1] - The cancellation of treasury stock will be carried out in accordance with relevant laws and regulations, including the Company Law of the People's Republic of China [1] - The company emphasizes that failure to exercise creditor rights within the specified period will not affect the validity of the claims, and obligations will continue to be fulfilled as per the original agreements [1]

Core Viewpoint - Shanghai Port Construction (Group) Co., Ltd. held its 2024 annual shareholders' meeting on May 30, 2025, where four directors were elected, including two independent directors and two non-independent directors [1] Group 1: Board of Directors - The newly elected independent directors are Mr. Zhu Pengcheng and Mr. Jiang Mingjing, while the non-independent directors are Mr. Liu Yu and Mr. Marcello Wisal Djunaidy [1] - Following the board changes, the company convened the 13th temporary meeting of the third board of directors to adjust the members of its specialized committees [1] Group 2: Specialized Committees - The adjusted members of the specialized committees are as follows: - Chairman: Mr. Li Renqing (Independent Director), Members: Mr. Zhu Pengcheng (Independent Director), Mr. Xu Shilong [1] - Chairman: Mr. Zhu Pengcheng (Independent Director), Members: Mr. Li Renqing (Independent Director), Mr. Liu Jian [1] - Chairman: Mr. Zhu Pengcheng (Independent Director), Members: Mr. Li Renqing (Independent Director), Mr. Lan Ruixue [1] - Chairman: Mr. Xu Shilong, Members: Mr. Lan Ruixue, Mr. Zhu Pengcheng (Independent Director) [1] Group 3: Director Profiles - Mr. Zhu Pengcheng has held various significant positions, including Regional Manager at Procter & Gamble and CEO of U Zhuanggui, and is currently the founder of Baidu Technology (Shanghai) Co., Ltd. [2] - Mr. Jiang Mingjing has an extensive academic background and is currently a professor at Suzhou University of Science and Technology [2][3] - Mr. Liu Yu holds 117,300 shares directly and has a 12.46% stake in a partnership that owns 6,781,900 shares of the company [3] - Mr. Marcello Wisal Djunaidy is an Indonesian geotechnical expert and currently serves as the general manager of the company's Indonesian subsidiary [4]