Group 1 - The report highlights that fixed asset investment growth has slowed down, with manufacturing and real estate under pressure, while infrastructure investment remains relatively stable, supported by public utilities and water conservancy [3][5][10] - Regional investment is expected to gain elasticity with the national strategic layout, particularly in 2025, which is a pivotal year for the "14th Five-Year Plan" and the planning of the "15th Five-Year Plan," with opportunities arising from the transfer of industries to the central and western regions, urban renewal, low-altitude economy, and the "Belt and Road" initiative [3][24][62] - The report indicates that undervalued state-owned enterprises (SOEs) are likely to see valuation recovery, as the market has discounted their long-term cash flow and asset realizability due to concerns over asset quality, despite stable dividend policies [3][24][62] Group 2 - The report emphasizes that investment will be a key focus, with strong fiscal capabilities in major economic provinces driving investment in urban renewal and low-altitude economy, while weaker regions will attract social capital to complement central and local government financing [26][30] - The report notes that the central and western regions are expected to see increased investment opportunities due to policy guidance for industrial transfer, with significant potential in areas like Sichuan, Xinjiang, and the Chengdu-Chongqing region [30][62] - The report identifies specific companies to watch for investment opportunities, including Sichuan Road and Bridge, Xinjiang Communications Construction, and companies involved in urban renewal and low-altitude economy [3][62] Group 3 - The report discusses the low valuation of construction companies, which are primarily asset-backed by accounts receivable, leading to market skepticism about their cash flow and asset realizability [3][68] - It highlights that the construction industry is capital-intensive and relies heavily on financing for balance sheet expansion, which has resulted in a low pricing of assets in the market [68]

Group 1 - The company held its 17th meeting of the 8th Supervisory Board on May 23, 2025, with three supervisors present, and the meeting was legally valid [1] - The Supervisory Board approved the proposal to temporarily use part of the idle raised funds to supplement working capital, which is expected to enhance the efficiency of fund usage and reduce financial costs [2] - The company is authorized to use up to RMB 400 million of idle raised funds for a period not exceeding 12 months from the date of approval by the Board, without affecting the normal operation of the investment projects [2]

Core Viewpoint - The company plans to temporarily use part of its idle raised funds to supplement working capital, ensuring that this does not affect the normal operation of its fundraising investment projects [1][6][7]. Fundraising Basic Situation - The company has received approval from the China Securities Regulatory Commission to issue 20 million convertible bonds at a face value of RMB 100 each, raising a total of RMB 200,000 million, with a net amount of RMB 1,986,231,480.13 after deducting issuance costs [1][2]. Fundraising Usage Situation - As of April 30, 2025, the company has used RMB 149,377.31 million of the raised funds, with a remaining balance of RMB 4,777.25 million [2][3]. Previous Use of Idle Funds - The company previously approved the use of up to RMB 45,000 million of idle funds to supplement working capital, with a usage period not exceeding 12 months [3][4]. Current Plan for Using Idle Funds - The company plans to use up to RMB 40,000 million of idle funds to supplement working capital, with a similar 12-month usage period, aiming to improve fund efficiency and reduce financial costs [5][6]. Reasonableness and Necessity of Current Plan - The company justifies the use of idle funds by the increasing demand for working capital due to its expanding operations, estimating a potential savings of approximately RMB 12.4 million in financial costs [6][7]. Review Procedures and Opinions - The board and supervisory committee have approved the plan, confirming that it meets legal requirements and does not affect the normal operation of fundraising investment projects [7][8].

开源证券股份有限公司 关于浙江东南网架股份有限公司 使用部分闲置募集资金暂时补充流动资金之核查意见 开源证券股份有限公司（以下简称"开源证券"、"保荐机构"）作为浙江 东南网架股份有限公司（以下简称"东南网架"、"公司"、"上市公司"） 向 不特定对象发行可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理 办法》《深圳证券交易所股票上市规则》《上市公司募集资金监管规则》《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关法 律法规和规范性文件的规定，对东南网架使用部分闲置募集资金暂时补充流动资 金事项进行了审慎核查，核查情况如下： 在上述授权额度及期限内，根据募集资金使用安排，公司实际用于暂时补充 流动资金的闲置募集资金共计 45,000 万元。公司对该部分资金进行了合理的安 排与使用，没有影响募集资金使用计划的正常进行，不存在改变或变相改变募集 资金用途的情形。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意浙江东南网架股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2023〕1845 号）同意注册， 公司于 2024 年 1 月 3 日向不特 ...

证券代码：002135 证券简称：东南网架 公告编号：2025-046 债券代码：127103 债券简称：东南转债 浙江东南网架股份有限公司 关于使用部分闲置募集资金暂时补充流动资金的公告 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。 浙江东南网架股份有限公司（以下简称"公司"）于 2025 年 5 月 28 日召开 的第八届董事会第二十四次会议和第八届监事会第十七次会议，审议通过了《关 于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司在不影响募集资 金投资项目建设的前提下，使用额度不超过人民币 40,000 万元的闲置募集资金 暂时补充流动资金，使用期限自本次董事会审议通过之日起不超过 12 个月。公 司将随时根据募集资金投资项目的进展及需求情况及时归还至募集资金专用账 户。现将有关情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意浙江东南网架股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2023〕1845 号）同意注册， 公司于 2024 年 1 月 3 日向不特定对象发行可转换公司债券 2,000 万 ...

本公司及监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、监事会会议召开情况 浙江东南网架股份有限公司（以下简称"公司"）第八届监事会第十七次会 议通知于 2025 年 5 月 23 日以邮件或专人送出的方式发出，会议于 2025 年 5 月 28 日下午在公司会议室以现场表决的方式召开。会议应出席监事 3 名，实际出 席监事 3 名。会议由监事会主席何挺先生主持。本次会议的召集、召开和表决程 序符合《公司法》《公司章程》的规定，合法有效。 二、监事会会议审议情况 证券代码：002135 证券简称：东南网架 公告编号：2025-045 债券代码：127103 债券简称：东南转债 经与会监事逐项认真审议，会议以记名投票表决的方式通过了如下议案： 1、会议以 3 票同意，0 票反对，0 票弃权的表决结果审议通过了《关于 使用部分闲置募集资金暂时补充流动资金的议案》。 浙江东南网架股份有限公司 第八届监事会第十七次会议决议公告 1、公司第八届监事会第十七次会议决议。 浙江东南网架股份有限公司 监事会 2025 年 5 月 29 日 经审核，监事会认为：公司本次使用闲置募集 ...

证券代码：002135 证券简称：东南网架 公告编号：2025-044 债券代码：127103 债券简称：东南转债 浙江东南网架股份有限公司 第八届董事会第二十四次会议决议公告 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。 经与会董事认真审议并在议案表决票上表决签字，审议通过了如下决议： 1、会议以 9 票同意，0 票反对，0 票弃权的表决结果审议通过了《关于使 用部分闲置募集资金暂时补充流动资金的议案》。 为提高募集资金使用效率，进一步降低公司的财务成本，在符合相关法律法 规及不改变募集资金用途、不影响募集资金投资项目正常实施的前提下，公司本 次拟使用不超过人民币 40,000 万元的闲置募集资金暂时补充流动资金，使用期 限自本次董事会审议通过之日起不超过 12 个月。公司将随时根据募集资金投资 项目的进展及需求情况及时归还至募集资金专用账户。 具体内容详见公司 2025 年 5 月 29 日刊登于《证券时报》《中国证券报》《上 海证券报》《证券日报》及巨潮资讯网（http://www.cninfo.com.cn）上的《关于 使用部分闲置募集资金暂时补充流 ...

Core Viewpoint - Zhejiang Southeast Steel Structure Co., Ltd. has approved the temporary use of idle raised funds to supplement working capital, ensuring that it does not affect the normal operation and investment projects of the raised funds [1][2] Group 1: Fund Usage - The company has decided to use up to RMB 450 million of idle raised funds temporarily to supplement working capital, with the usage period not exceeding 12 months from the board's approval date [1] - As of May 23, 2025, the company has fully returned the RMB 450 million used for temporary working capital to the corresponding special account for raised funds [2] Group 2: Compliance and Reporting - The company has ensured that the arrangement and use of the funds do not alter or disguise the intended use of the raised funds, maintaining compliance with regulations [1] - The company has notified the sponsor institution and the sponsor representative about the return of the raised funds [2]

在上述授权额度及期限内，根据募集资金使用安排，公司实际用于暂时补充 流动资金的闲置募集资金共计 45,000 万元。公司对该部分资金进行了合理的安 排与使用，没有影响募集资金使用计划的正常进行，不存在改变或变相改变募集 资金用途的情形。 截至 2025 年 5 月 23 日，公司已将上述用于暂时补充流动资金的闲置募集资 金共计 45,000 万元全部归还至相应募集资金专用账户，实际使用期限未超过 12 个月。公司已将本次募集资金归还情况通知了保荐机构及保荐代表人。 特此公告。 证券代码：002135 证券简称：东南网架 公告编号：2025-043 债券代码：127103 债券简称：东南转债 浙江东南网架股份有限公司 关于归还用于暂时补充流动资金的闲置募集资金的公告 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。 浙江东南网架股份有限公司（以下简称"公司"）于 2024 年 6 月 17 日召开 的第八届董事会第十二次会议和第八届监事会第十次会议，审议通过了《关于使 用部分闲置募集资金暂时补充流动资金的议案》，同意公司在不影响募集资金投 资项目建设和正常生产经营 ...

Investment Rating - The report adjusts the investment rating to "Accumulate" [4][6] Core Views - The company is expected to face short-term pressure on revenue and profit, with a projected revenue of 11.24 billion in 2024, down 13.49% year-on-year, and a net profit of 190 million, down 41.64% year-on-year [1][5] - The engineering contracting business is growing rapidly, with a revenue increase of 47.80% in 2024, driven by a dual-engine development strategy focusing on "EPC contracting + No. 1 project" and expansion into overseas markets [2][3] - The company is actively expanding its photovoltaic operations, including a significant project in Xiaoshan, which is expected to enhance its profitability and market presence in the renewable energy sector [4][5] Financial Performance Summary - In Q1 2024, the company reported a revenue of 2.437 billion, a decrease of 18.94% year-on-year, and a net profit of 47 million, down 47.44% year-on-year [1] - The overall cash flow remains strong, with a cash flow from operations (CFO) of 1.088 billion in 2024, an increase of 2.682 billion year-on-year, attributed to good collections from engineering and overseas businesses [3] - The company’s comprehensive gross margin for 2024 is projected at 10.3%, a decrease of 0.95 percentage points year-on-year, while the gross margin for Q4 2024 is expected to be 19.82%, an increase of 7.81 percentage points year-on-year [2][3]