Investment Rating - The report maintains a "Buy" rating for several companies in the construction and decoration industry, including local state-owned enterprises such as Sichuan Road and Bridge, Tunnel Co., Anhui Construction, and Zhejiang Communications [4][22]. Core Insights - The report highlights the acceleration of state-owned asset management reforms across various provinces, aiming to enhance the efficiency of state-owned assets through measures like mergers, restructuring, and securitization [1][12]. - It emphasizes the importance of state-owned listed companies in preserving and increasing the value of state assets, which is crucial for supplementing local fiscal and social security funds [3][17]. - The report suggests that the focus on asset securitization will likely increase, with local governments and state-owned enterprises actively pushing for the listing of unlisted assets [2][17]. Summary by Sections State-Owned Asset Management - Multiple provinces are implementing reforms to optimize state-owned assets, with principles focusing on asset utilization, securitization, and leveraging funds [1][12]. - The scope of asset revitalization is expected to expand, targeting various types of state-owned resources and assets [2][12]. Financial Implications - The report indicates that local governments are facing funding constraints due to declining land transfer revenues and slow tax growth, which necessitates the revitalization of state-owned assets to supplement fiscal resources [2][19]. - State-owned listed companies are anticipated to prioritize valuation enhancement through operational improvements, increased dividends, mergers, and asset injections [3][17]. Investment Recommendations - Key investment opportunities include local state-owned enterprises with low price-to-earnings ratios, such as Sichuan Road and Bridge (25PE 9.6X), Tunnel Co. (25PE 7.4X), and Anhui Construction (25PE 6.0X) [4][22]. - The report also highlights the potential for asset injection and integration in leading international engineering firms like North International and China National Materials [4][22]. Valuation Insights - The report provides a detailed valuation table for key companies, indicating low price-to-book ratios for several central state-owned enterprises, suggesting potential undervaluation [20][24].

Core Viewpoint - Zhejiang Jiaokao's controlling shareholder, Zhejiang Provincial Transportation Investment Group Co., Ltd., plans to increase its stake in the company by acquiring 52,350,043 shares, representing 1.96% of the total share capital, for a total investment of 209 million yuan [1] Summary by Category - **Shareholding Increase** - The controlling shareholder will conduct the share purchase within six months starting from April 9, 2025 [1] - The purchase price will not exceed 8.77 yuan per share [1] - Post-transaction, the shareholding percentage will rise from 41.22% to 43.18% [1] - **Financial Impact** - The total amount invested in the share acquisition is 209 million yuan [1] - The increase in shares acquired is 52,350,043 [1] - The percentage increase in shareholding is 1.96% of the total share capital [1]

Group 1 - Zhejiang Jiaokao (SZ 002061) announced on October 9 that Zhejiang Transportation Group has cumulatively increased its shareholding by approximately 52.35 million shares, accounting for 1.96% of the total share capital of about 2.671 billion shares, with an investment amount of approximately RMB 209 million, completing the planned share increase [1] - As of the first half of 2025, the revenue composition of Zhejiang Jiaokao is as follows: 89.44% from the infrastructure engineering sector, 9.43% from road maintenance, and 1.13% from other businesses [1] - The current market capitalization of Zhejiang Jiaokao is RMB 11.2 billion [1]

浙江交通科技股份有限公司 关于控股股东增持公司股份实施完毕的公告 公司控股股东浙江省交通投资集团有限公司保证向本公司提供的信息内容 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1.基于对浙江交科长期投资价值的认可及未来发展前景的信心，浙江交通集 团计划自 2025 年 4 月 9 日起 6 个月内，通过集中竞价、大宗交易等方式增持浙 江交科股份，增持数量不低于浙江交科总股本的 1%，不高于总股本的 2%，拟 增持价格不超过 8.77 元/股。具体内容详见公司于 2025 年 4 月 9 日披露于《证券 时报》《证券日报》《上海证券报》和巨潮资讯网上的《关于控股股东增持公司 股份计划的公告》（公告编号：2025-031）。 2.截至本公告披露日，浙江交通集团通过集中竞价交易方式累计增持浙江交 科股份 52,350,043 股，占浙江交科当前总股本 2,670,551,430 股的 1.96%，增持金 额为人民币 209,437,972.043 元（不含交易费用），本次增持股份计划实施完毕。 浙江交通科技股份有限公司（以下 ...

浙江天册律师事务所 关于 浙江省交通投资集团有限公司 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于浙江省交通投资集团有限公司 增持浙江交通科技股份有限公司股份之 1 法律意见书 单提供的资料、文件和对有关问题的说明。本所律师亦单独或综合采取了书面审查、 查证、查询等必要查验方式，遵循独立、客观及审慎性、重要性原则，就所涉必要事 项进行了核查和验证。上述资料、文件、说明以及本所律师进一步查核和验证结果构 成本所律师认为出具法律意见书的基础。 增持浙江交通科技股份有限公司股份之 法律意见书 编号：TCYJS2025H1689 号 致：浙江省交通投资集团有限公司 浙江天册律师事务所（以下简称"本所"或"天册"）接受浙江省交通投资集团 有限公司（以下简称"浙江交通集团"或"增持人"）的委托，根据《中华人民共和 国证券法》（以下简称"《证券法》"）、《中华人民共和国公司法》《上市公司收 购管理办法》（以下简称"《收购管理办法》"）、《深圳证券交易所上市公司自律 监管指引第 10 ...

Core Viewpoint - The controlling shareholder, Zhejiang Provincial Transportation Investment Group Co., Ltd., plans to increase its stake in Zhejiang Jiaokao by acquiring 52.35 million shares, representing 1.96% of the total share capital of 2.671 billion shares, with a total investment of 209 million yuan [1] Summary by Relevant Sections - **Shareholding Increase** The controlling shareholder will conduct a concentrated bidding to acquire 52.35 million shares within six months starting from April 9, 2025 [1] - **Investment Amount and Price** The total investment for this share acquisition is 209 million yuan, with a maximum purchase price set at 8.77 yuan per share [1] - **Commitment on Shareholding** After the completion of the share acquisition, the controlling shareholder commits not to reduce its holdings within six months [1]

Core Points - Zhejiang Jiaokao (002061.SZ) has received a registration notice from the trading association for its medium-term notes [1] - The registered amount for the medium-term notes is 1 billion yuan, valid for 2 years from the date of the notice [1] - The joint lead underwriters for the issuance are several major banks, including Zheshang Bank, Industrial and Commercial Bank of China, China Merchants Bank, Citic Bank, and China Construction Bank [1] Summary by Sections - **Registration Details** - The medium-term notes registration amount is set at 1 billion yuan [1] - The registration is valid for 2 years from the issuance of the notice [1] - **Issuance Management** - Zhejiang Jiaokao can issue the medium-term notes in installments during the registration period [1] - Any issuance must be filed with the trading association prior to release [1] - The company will manage the issuance according to relevant regulations and decisions from authorized institutions [1] - **Disclosure Requirements** - Upon completion of the issuance, results must be disclosed through channels recognized by the trading association [1]

Core Points - Zhejiang Jiaokao (002061.SZ) has received a registration notice from the trading association for its medium-term notes [1] - The registered amount for the medium-term notes is 1 billion yuan, valid for 2 years from the date of the notice [1] - The joint lead underwriters for the issuance include Zheshang Bank, Industrial and Commercial Bank of China, China Merchants Bank, Citic Bank, and China Construction Bank [1] Summary by Sections - **Registration Details** - The medium-term notes registration amount is set at 1 billion yuan [1] - The registration is valid for 2 years from the date of the notice [1] - **Issuance Management** - Zhejiang Jiaokao can issue the medium-term notes in installments during the registration period [1] - Prior to any issuance, the company must file with the trading association [1] - The issuance will be managed according to the decisions of authorized institutions and relevant management requirements [1] - **Disclosure Requirements** - After the issuance is completed, the results must be disclosed through channels recognized by the trading association [1]

证券代码：002061 证券简称：浙江交科 公告编号：2025-084 浙江交通科技股份有限公司 关于子公司浙江交工中期票据获准注册的公告 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。 浙江交通科技股份有限公司（以下简称"公司"）分别于 2025 年 8 月 26 日、9 月 15 日召开第九届董事会第十五次会议、2025 年第三次临时股东会审议 通过《关于子公司浙江交工申请注册发行 2025 年度普通中票的议案》，为保障 公司业务发展资金需求，优化债务结构，降低综合融资成本，同意子公司浙江交 工集团股份有限公司（以下简称"浙江交工"）向中国银行间市场交易商协会（以 下简称"交易商协会"）申请注册发行 2025 年度普通中期票据，注册金额不超 过 10 亿元。具体内容详见公司分别于 2025 年 8 月 28 日、9 月 16 日披露于《证 券时报》《证券日报》《上海证券报》及巨潮资讯网(http://www.cninfo.com.cn/) 上的相关公告。 近日，公司收到交易商协会出具的《接受注册通知书》（中市协注﹝2025﹞ MTN947 号），同意接受浙 ...

Core Viewpoint - Zhejiang Transportation Technology Co., Ltd. is experiencing a significant increase in shareholding by its controlling shareholder, Zhejiang Transportation Investment Group, reflecting confidence in the company's long-term investment value and growth prospects [2][5]. Group 1: Shareholding Increase - From June 19, 2025, to September 25, 2025, Zhejiang Transportation Group has cumulatively increased its shareholding by 26,705,483 shares, representing 1.00% of the total share capital, bringing its total holdings to 1,148,337,109 shares, or 43.00% of the company [1]. - The increase in shareholding is part of a broader plan initiated on April 9, 2025, to acquire between 1% and 2% of the total share capital within six months, with a maximum purchase price of 8.77 yuan per share [2]. Group 2: Financial Performance - In the first half of 2025, the company reported operating revenue of 18.647 billion yuan, a year-on-year increase of 1.12%, and a net profit attributable to shareholders of 545 million yuan, up 6.43% year-on-year [3]. - The company's total assets reached 77.075 billion yuan, with net assets of 15.569 billion yuan, reflecting a 2.55% increase from the beginning of the period, while the asset-liability ratio improved to 75.52%, down 2.66 percentage points from the previous year [3]. Group 3: Business Operations - The company operates in five main sectors: transportation infrastructure, urban construction, comprehensive maintenance, transportation manufacturing, and related industries, with road and bridge engineering being the primary revenue source [4]. - The maintenance construction business saw significant growth, with revenue reaching 1.758 billion yuan, a substantial increase of 87.82% year-on-year, highlighting its role as a key driver of overall performance [4]. Group 4: Strategic Initiatives - In 2025, the company aims to enhance efficiency, strengthen management, create value, and improve work style, focusing on reform and governance upgrades [5]. - The company has initiated new business areas, including low-altitude economy and water conservancy, and has implemented a market value management system to enhance shareholder returns [5]. - With the ongoing support from its controlling shareholder and a solid business foundation, the company is well-positioned to capitalize on national strategies such as "Transportation Power" and "Yangtze River Delta Integration" for sustainable high-quality development [5].