证券代码：000032 证券简称：深桑达 A 公告编号：2026-016 关于变更公司注册资本并修订《公司章程》的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 深圳市桑达实业股份有限公司（以下简称"公司"）于2026年3月30日召开的第 十届董事会第四次会议审议通过了《关于变更公司注册资本并修订<公司章程>的议 案》，现将有关情况公告如下。 一、变更注册资本 根据中国证券监督管理委员会出具的《关于同意深圳市桑达实业股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2025〕991号），公司现已完成向特定 对象发行股票事项，新增77,220,077股股份已于2026年1月30日上市。公司股份总数 由普通股1,137,959,234股变更为1,215,179,311股，公司注册资本相应由人民币 1,137,959,234元变更为人民币1,215,179,311元。 二、修订《公司章程》 根据上述事由相应修订《公司章程》，具体修订内容如下： | 修订前 | 修订后 | | --- | --- | | 第 六 条 公 司 注 册 资 本 为 人 | 民 币 ...

证券代码：000032 证券简称：深桑达A 公告编号：2026―017 深圳市桑达实业股份有限公司 关于召开2026年第一次临时股东会的通知 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 5．会议的召开方式：本次股东会采取现场投票和网络投票相结合的方式。 公 司 将 通 过 深 圳 证 券 交 易 所 交 易 系 统 和 互 联 网 投 票 系 统 (http://wltp.cninfo.com.cn)向全体股东提供网络形式的投票平台，股东可以在网 络投票时间内通过上述系统行使表决权。 6．会议的股权登记日：2026 年 4 月 17 日（星期五） 7．会议出席对象： 一、召开会议基本情况 1． 股东会届次：2026年第一次临时股东会 2． 股东会的召集人：公司董事会 公司董事会于2026年3月30日召开第十届董事会第四次会议，审议通过了 《关于召开公司2026年第一次临时股东会的议案》，提议召开本次股东会。 3．本次股东会会议召开符合有关法律、行政法规、部门规章、规范性文 件和公司章程相关规定。 4．会议时间： （1）现场会议召开时间：2026 年 4 月 ...

一、董事会会议召开情况 深圳市桑达实业股份有限公司（以下简称"公司"）第十届董事会第四次会 议通知于 2026 年 3 月 26 日以电子邮件方式发出，会议于 2026 年 3 月 30 日在公 司会议室召开。会议由董事长刘桂林先生主持，应出席董事 9 名，实际出席董事 8 名，董事孔雪屏女士因工作原因未能亲自出席会议，委托董事长刘桂林先生出 席并行使表决权。本次会议的召开符合有关法律法规、规章和公司章程的规定。 二、董事会会议审议情况 会议审议通过了以下事项： 1. 关于中国系统以公开征集方式转让所持工大科雅股份的议案（详见公告： 2026-015） 证券代码：000032 证券简称：深桑达A 公告编号：2026-014 深圳市桑达实业股份有限公司 第十届董事会第四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 股变更为 1,215,179,311 股，故变更注册资本并修订《公司章程》相关内容。 本议案需提交公司股东会审议。 3. 关于召开 2026 年第一次临时股东会的议案（详见公告：2026-017） 表决结果：9 票同意，0 票反对，0 ...

证券代码：000032 证券简称：深桑达A 公告编号：2026-015 深圳市桑达实业股份有限公司 关于中国系统拟以公开征集方式转让所持 工大科雅股份的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1.深圳市桑达实业股份有限公司（以下简称"公司"或"深桑达"）之全资 子公司中国电子系统技术有限公司（以下简称"中国系统"）拟以公开征集方式 转让其所持有的河北工大科雅科技集团股份有限公司（证券代码：301197，以 下简称"工大科雅"）12,705,000 股股份，占其股份总数 10.54%。 2.本次公开征集转让尚需取得有权国资监管机构的批准，并经公司股东会 审议，是否获得批准及批准时间尚不确定，因此能否进入公开征集转让程序及 何时进入公开征集转让程序存在不确定性。同时，由于股票交易价格存在较大 波动性，在完成公开征集转让程序前，本次公开征集转让能否征集到意向受让 方、能否顺利实施交易，以及转让价格等尚存在不确定性。敬请广大投资者注 意投资风险。 一、交易概述 中国系统现持有工大科雅 12,705,000 股股份，占其股份总数 10.54%。 ...

深圳市桑达实业股份有限公司 章 程 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，全面贯彻落实"两个一以贯之"重要要求，坚持和加强党的全面领导，完 善公司法人治理结构，建设中国特色现代企业制度，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》）、 《中国共产党章程》（以下简称《党章》）和其他有关规定，制定本章程。 第二条 公司系依照《中华人民共和国公司法》和其他有关规定成立的股份 有限公司（以下简称"公司"）。 公司经深圳市人民政府批准，以控股合并方式组建，并向社会公众募集新股 设立；在深圳市市场监督管理局注册登记，取得营业执照，统一社会信用代码为 914403001922517431。 第三条 公司于 1993 年 7 月 3 日经深圳市人民政府办公厅"深府办复[1993] 752 号"文批准，首次向社会公众发行人民币普通股 2750 万股，于 1993 年 10 月 28 日在深圳证券交易所上市。 第四条 公司注册名称：深圳市桑达实业股份有限公司 公司英文名称:SHENZHEN SED INDUSTRY CO.,L ...

Group 1 - The report emphasizes the importance of energy security and the impact of geopolitical tensions on oil and gas supply chains, recommending investments in energy and resource-related sectors due to rising commodity prices [15][17][41] - It highlights the acceleration of domestic cleanroom investments driven by increased capital expenditures in semiconductor manufacturing, suggesting a shift in focus from overseas cleanroom sectors to domestic storage expansion beneficiaries [15][17] - The report advises on defensive investment strategies, focusing on high dividend, low valuation stocks as construction activity gradually increases post-holiday [16][17] Group 2 - The report tracks ongoing developments in coal chemical projects in Xinjiang and the rollout of hydrogen and ammonia subsidies across various regions, indicating a steady progress in these sectors [11][39] - It notes the significant rise in chemical prices, with Brent crude oil reaching $109.14 per barrel, up 73.2% from the beginning of the year, and other chemicals like methanol and propanol also seeing substantial price increases [17][19][21] - The report discusses the current high oil-coal and gas-coal ratios, indicating a favorable market for coal-related products and recommending companies like Northern International for their integrated operations in coal mining [35][36]

Core Insights - The report emphasizes the importance of the cleanroom sector, particularly benefiting from the acceleration of domestic storage CAPEX, and suggests positioning in undervalued, high-dividend defensive stocks [1][14] - The report maintains a "Buy" rating for the construction and decoration industry, reflecting a positive outlook despite recent market fluctuations [2] Group 1: Cleanroom Sector and Storage CAPEX - The report highlights the ongoing chip shortage driven by the AI wave, leading to increased CAPEX in domestic and overseas storage and wafer foundry sectors, suggesting a shift in focus from overseas cleanroom sectors to domestic storage expansion beneficiaries [14][15] - It specifically recommends Baicheng Co., which is expected to benefit from the domestic storage CAPEX acceleration, with anticipated net profits of 413 million CNY and 604 million CNY for 2026 and 2027 respectively [16][18] Group 2: Defensive Stocks - The report notes a gradual increase in construction activity post-holiday, with a recovery rate of 62% and a labor utilization rate of 61.7%, indicating a positive trend for low-valuation, high-dividend defensive stocks [21][22] - It suggests focusing on companies like China State Construction, China Railway Construction, and Sinopec Engineering, which have high dividend yields and have seen significant price corrections [21][24] Group 3: Oil and Gas Sector - The report indicates a rising trend in oil prices, with Brent crude reaching 103.12 USD per barrel, a 69.8% increase from earlier this year, and highlights investment opportunities in coal chemical and offshore oil and gas modules [26][32] - It recommends companies such as Donghua Technology and China Chemical for coal chemical investments, and Libur for offshore oil and gas modules [26][27] Group 4: Energy Independence and New Technologies - The report emphasizes the ongoing push for energy independence, focusing on nuclear power, collaborative electricity solutions, and green hydrogen ammonia sectors, recommending companies like China Power Construction and Huadian Heavy Industries [15][26] - It notes the importance of policy-driven developments in these sectors, which are expected to enhance market conditions [15][26]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report emphasizes the importance of "computing power and electricity collaboration" as it has been included in the government work report for the first time, indicating a new phase during the 14th Five-Year Plan. This collaboration aims to integrate computing power infrastructure with the power system through digital technology and intelligent algorithms, optimizing resource allocation and enhancing operational efficiency [6][14][21]. - The report highlights the significant role of green electricity in supporting the computing power industry, with a focus on the integration of various elements such as energy supply, grid transmission, intelligent scheduling, and energy storage [21][24]. - The operational costs of computing power centers are highly dependent on electricity expenses, with electricity costs accounting for approximately 45% of total operational costs. The shift towards green electricity is becoming a necessity for the development of data centers [32][33][42]. Summary by Sections Policy Perspective - The government work report for 2026 mentions the implementation of large-scale computing power and electricity collaboration as a new infrastructure project, aiming for over 80% green electricity usage in new data centers by 2025 [14][16]. - Policies are being established to promote the use of green electricity in data centers, including green electricity trading and long-term Power Purchase Agreements (PPAs) [16][21]. Industry Perspective - The collaboration between computing power and electricity is described as a closed-loop industrial chain, where green electricity companies play a central role in providing clean energy and optimizing costs while contributing to carbon reduction [21][24]. - The report outlines the integration of various resources in the computing power and electricity collaboration, emphasizing the dual empowerment of electricity supporting computing and computing optimizing electricity [21][24]. Cost Perspective - The report indicates that the cost structure of computing power centers is significantly influenced by electricity prices and energy efficiency levels (PUE). A reduction in PUE from 1.5 to 1.2 and a decrease in electricity price from 0.8 to 0.4 CNY/kWh can save approximately 315 million CNY annually for a 50MW data center [32][33]. - The report also notes that the energy consumption of IT equipment is the primary contributor to electricity costs, with IT devices accounting for 67% of energy consumption in data centers [33][34]. Investment Recommendations - The report recommends focusing on the revaluation of green electricity operators and the first-mover advantage of integrated computing power and electricity construction operators. Key companies to watch include China Electric Power Construction (operating 24GW of green electricity), China Energy Engineering (operating 15GW), and Deep Sanda A (cloud computing PaaS) [53][54].

证券代码：000032 证券简称：深桑达 A 公告编号：2026-013 深圳市桑达实业股份有限公司 关于累计诉讼的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、诉讼仲裁事项 （一）尚未披露的诉讼仲裁事项 自上一期诉讼公告披露日至今，深圳市桑达实业股份有限公司（以下简称"公 司"）及控股子公司发生诉讼仲裁案件共计 191 件，涉案金额总计为人民币 719,535,261.4 元，已超过公司最近一期经审计净资产（2024 年年报数据）的 10%。其中公司及控股子公司作为原告的案件共计 29 件，涉案金额为人民币 243,923,546.54 元；作为被告（含第三人）的案件共计 162 件，涉案金额为人 民币 475,611,714.86 元。 | | 上海韩科科 | 中电智慧环境 | | | | （2025）浙 | 长兴县 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 承揽合 | | | | | | 1 | 技股份有限 | （四川）有限 | / | 同纠纷 ...

Core Viewpoints - The report emphasizes the importance of energy security amid the US-Iran conflict and highlights investment opportunities in the construction sector during the upcoming Two Sessions, focusing on major projects, urban renewal, and new productivity infrastructure [1][4]. Section Summaries 1. Investment Opportunities Ahead of the 2026 Two Sessions - The report predicts that the Two Sessions will continue the "proactive fiscal policy + structural monetary easing" approach, with three main focuses: major projects, urban renewal, and new productivity infrastructure. Infrastructure investment growth is expected to rebound from approximately -1% in 2025 to around 6.2% in 2026, becoming a key driver for stabilizing fixed asset investment [12][13]. 2. Mainline Selection - Structural recovery in infrastructure investment is anticipated, particularly in regions like Sichuan, Xinjiang, and Tibet, supported by central government funding. The report suggests monitoring order fulfillment and company PE levels, with a focus on companies such as Sichuan Road and Bridge, Xinjiang Communications Construction, and others [20][22]. 3. Timing Theme Investments - The report identifies urban renewal, underground pipelines, environmental codes, and the Middle East situation as key investment themes. It highlights the importance of urban renewal policies and the expected increase in demand for underground pipeline construction, with over 700,000 kilometers planned for renovation during the 14th Five-Year Plan, requiring over 5 trillion yuan in new investment [4][12]. 4. Left-Side Recommendations - Major construction state-owned enterprises are currently undervalued and have low institutional holdings. The report suggests focusing on companies with strong cash flow management and stable dividend policies, such as China State Construction, China Railway Construction, and others [4][20]. 5. Investment Recommendations - The report recommends focusing on energy security due to escalating US-Iran tensions, with specific suggestions for companies in chemical engineering, nuclear power, and oil and gas sectors. It also emphasizes the importance of urban renewal and underground pipeline projects, recommending companies like China State Construction and China Communications Construction [4][24]. 6. Key Company Valuations and Financial Analysis - The report provides a detailed valuation and financial analysis of key companies in the construction sector, indicating a generally positive outlook with buy ratings for major players such as China State Construction, China Railway, and others, reflecting their potential for growth and recovery [5][18].