Group 1 - The stock price of Northern International (000065) closed at 12.31 yuan on December 26, 2025, down 1.6% from 12.51 yuan the previous week [1] - The highest intraday price for Northern International on December 26 was 12.63 yuan, while the lowest intraday price on December 24 was 12.19 yuan [1] - The current total market capitalization of Northern International is 13.349 billion yuan, ranking 8th out of 39 in the professional engineering sector and 1455th out of 5181 in the A-share market [1] Group 2 - Northern International announced on December 19, 2025, that it raised a total of 959,999,998.10 yuan through a private placement of shares, with 957,199,998.10 yuan actually received after expenses [2] - The raised funds will be used for the 125MWp photovoltaic project in Bosnia and Herzegovina and to supplement working capital [2] - A tripartite supervision agreement has been signed between the company, CITIC Bank Beijing Branch, and the sponsor CITIC Securities to regulate the storage, use, and management of the raised funds [2][3]

Group 1 - The professional engineering sector increased by 0.41% on December 31, with Zhitex New Materials leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] - Zhitex New Materials saw a closing price of 11.18, with a rise of 8.97%, and a trading volume of 238,800 shares, amounting to a transaction value of 258 million yuan [1] Group 2 - The professional engineering sector experienced a net outflow of 4.46 million yuan from institutional funds, while retail investors saw a net inflow of 17.18 million yuan [2] - The stock with the highest net inflow from institutional funds was Zhitex New Materials, with 51.47 million yuan, representing 19.94% of its trading volume [3] - Hangxiao Steel Structure had a significant net outflow of 96.36 million yuan from institutional funds, accounting for 14.13% of its trading volume [3]

Fundraising Overview - The company, Northern International Cooperation Co., Ltd., has received approval from the China Securities Regulatory Commission to issue 90,056,285 shares to specific investors, raising a total of approximately 960 million yuan, with net proceeds of about 957.2 million yuan after deducting underwriting fees [2][3] - The raised funds will be allocated to the 125MWp photovoltaic project in Bosnia and Herzegovina and to supplement working capital [3] Fund Management and Oversight - A special account for the raised funds has been established at CITIC Bank, with a balance of 957,199,998.10 yuan, ensuring that the funds are managed separately and used only for the specified projects [4][5] - A tripartite supervision agreement has been signed among the company, CITIC Bank, and CITIC Securities to regulate the management and usage of the raised funds, protecting the rights of small investors [4][6] Agreement Details - The agreement stipulates that the special account can only be used for the designated projects and prohibits the use of these funds for any other purposes [5][6] - The company is allowed to invest temporarily idle funds in cash management products, provided that it does not affect the planned investments and that all transactions are reported to the supervising party [6][7] - The supervising party has the right to conduct regular checks on the fund management and usage, ensuring compliance with relevant regulations [7][8] Compliance and Reporting - The agreement includes provisions for monthly reporting and accountability, requiring the bank to provide accurate account statements and notify the supervising party of any significant withdrawals [8][10] - In case of non-compliance by the bank, the company has the right to terminate the agreement and close the special account [10][12] Documentation - The tripartite supervision agreement is documented and will be kept on file for reference, ensuring transparency and accountability in the management of the raised funds [12]

Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [2] Core Views - The report emphasizes that the construction sector is expected to experience a "spring surge" as the "14th Five-Year Plan" approaches its start, with significant government support and infrastructure investment anticipated [3][4][10] - The report highlights that the investment pace in the early stages of the "14th Five-Year Plan" is likely to follow historical patterns, with a concentration of project launches and higher investment growth expected [4][10] - The construction sector is advised to focus on three core investment themes for 2026: major national projects, high-dividend state-owned enterprises, and private construction companies leveraging cash flow for new opportunities [5][19] Summary by Sections Policy Developments - The government is actively releasing positive signals regarding the "14th Five-Year Plan," focusing on high-quality development and major infrastructure projects [3][20] - The National Housing and Urban-Rural Development Conference has emphasized stabilizing the real estate market and accelerating the renovation of old urban areas [3][20] Market Performance - The report notes that the construction and decoration index rose by 2.26% during the week, with significant gains in sectors such as decoration and specialized engineering [6] - A total of 101 stocks in the construction sector saw price increases, with notable performers including Hainan Development (+56.46%) and Shanghai Bay (+44.35%) [6] Future Outlook - The report anticipates that the construction sector will see a resurgence in investment activity, particularly in traditional infrastructure such as railways and highways, as well as new infrastructure projects [4][10][14] - The focus on water conservancy and transportation infrastructure is expected to increase, with several provinces already initiating planning for these projects [13][14] - The report suggests that the construction sector will benefit from a shift towards new infrastructure and low-altitude economy projects, which are gaining traction in local planning [14][19]

股票简称：北方国际 股票代码：000065 公告编号：2025-093 北方国际合作股份有限公司 关于签订募集资金三方监管协议的公告 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、募集资金基本情况 开户银行：中信银行股份有限公司北京分行 账号：8110701012103236892 关于签订募集资金三方监管协议的公告 关于签订募集资金三方监管协议的公告 存储金额：957,199,998.10 元 根据中国证券监督管理委员会（以下简称"中国证监会"）《关于同意北方国 际合作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〕2605 号）核准，北方国际合作股份有限公司（以下简称"北方国际"或"公司"）本 次向特定对象发行的股票数量为 90,056,285 股，募集资金总额为 959,999,998.10 元，扣除保荐承销费用人民币 2,800,000.00 元（含增值税），实际收到的募集资 为人民币 957,199,998.10 元，已于 2025 年 12 月 19 日汇入公司在中信银行股份 有限公司北京分行开立的募集资金专用账户中。 上述募 ...

Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [2] Core Insights - The report emphasizes the upcoming "spring excitement" in the construction sector as the "14th Five-Year Plan" approaches its start, with a historical pattern of infrastructure investment showing a tendency for higher growth in the early stages of five-year plans [4][10] - The report highlights that the current infrastructure investment is still at a low level, but anticipates an increase in investment pace as the "15th Five-Year Plan" begins, which is expected to support the construction sector's performance in 2026 [4][10] - Key areas of focus for investment include major national projects such as the canal system, Tibet railway, and new energy infrastructure, which are expected to generate long-term order demand [19] Summary by Sections Policy Developments - The report notes that the government is actively releasing positive signals regarding the "15th Five-Year Plan," with a focus on high-quality development and major infrastructure projects [3][20] - The central government has emphasized the importance of stabilizing the real estate market and accelerating the renovation of old urban areas, with significant progress already reported in various provinces [3][21] Market Performance - The report indicates that the construction and decoration index has shown positive performance, with a 2.26% increase, and highlights the top-performing stocks in the sector [6] Future Outlook - The report identifies three core investment themes for the construction sector in 2026: 1. Major national projects that will continue to drive long-term demand [19] 2. High-dividend, low-valuation state-owned construction enterprises that are expected to gain value [19] 3. Private construction companies leveraging cash flow and flexibility to enter new markets such as clean rooms and AI infrastructure [19]

证券简称：北方国际 证券代码：000065 公告编码：2025-092 北方国际合作股份有限公司 关于向特定对象发行A股股票发行情况报告书披露的提示性公告 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。 北方国际合作股份有限公司（以下简称"公司"）本次向特定对象发行A股股票（以下简称"本次发行"） 的发行承销总结及相关文件已经深圳证券交易所备案通过，公司将依据相关规定尽快办理本次发行新增 股份的登记托管事宜。 本次发行的具体情况详见公司同日在深圳证券交易所网站披露的《北方国际合作股份有限公司2024年度 向特定对象发行A股股票发行情况报告书》及相关发行文件。 特此公告。 北方国际合作股份有限公司 董事会 二〇二五年十二月二十五日 ...

北方国际合作股份有限公司（以下简称"公司"）本次向特定对象发行 A 股股票（以下简称"本次发行"）的发行承销总结及相关文件已经深圳证券交易 所备案通过，公司将依据相关规定尽快办理本次发行新增股份的登记托管事宜。 本次发行的具体情况详见公司同日在深圳证券交易所网站披露的《北方国际 合作股份有限公司 2024 年度向特定对象发行 A 股股票发行情况报告书》及相关 发行文件。 特此公告。 北方国际合作股份有限公司董事会 证券简称：北方国际 证券代码：000065 公告编码：2025-092 北方国际合作股份有限公司 关于向特定对象发行 A 股股票发行情况报告书披露的提示性公告 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。 二〇二五年十二月二十五日 1 ...

股票代码：000065 股票简称：北方国际 上市地点：深圳证券交易所 北方国际合作股份有限公司 2024年度向特定对象发行A股股票 发行情况报告书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年十二月 公司全体董事、高级管理人员声明 本公司全体董事、高级管理人员承诺本发行情况报告书不存在虚假记载、误 导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 全体董事签字： 纪 巍 单 钧 杜晓东 谢兴国 姚 颐 宋东升 徐 舟 张 亮 孙 飞 北方国际合作股份有限公司 1 年 月 日 | | 蜜 鍋 | 特 | | --- | --- | --- | | 纪 巍 | 单 钓 | 徐 舟 | | 左 晓 东 | 对 2 | id 高 | | 杜晓东 | 孙 飞 | 张 亮 | | 同形 | Storer | 文书学 | | 谢兴国 | 姚 顾 | 宋东升 | 2 公司全体董事、高级管理人员声明 本公司全体董事、高级管理人员承诺本发行情况报告书不存在虚假记载、误 张斌华 王新庆 王晓冰 倪 静 陈 翔 3 导性陈述或重大遗漏，并对其真实性、准确性、完整性承担 ...

北京市嘉源律师事务所 关于北方国际合作股份有限公司 2024 年度向特定对象发行 A 股股票 发行过程和发行对象合规性的 见证法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI AN 致:北方国际合作股份有限公司 1 源律师事务所 A YUAN LAW OFFICES 北京市嘉源律师事务所 关于北方国际合作股份有限公司 2024 年度向特定对象发行股票 发行过程和发行对象合规性的 见证法律意见书 嘉源(2025) -04-934 敬启者: 根据北方国际合作股份有限公司(以下简称"公司"、"北方国际"或"发 行人")与北京市嘉源律师事务所签订的《专项法律顾问协议》,本所担任发行 人2024年度向特定对象发行A股股票(以下简称"本次发行")的专项法律顾问, 对本次发行过程及认购对象的合规性进行核查并出具本法律意见书。 本法律意见书依据《中华人民共和国公司法》、《中华人民共和国证券法》 (以下简称"《证券法》")、《上市公司证券发行注册管理办法 ...