Investment Rating - The report maintains a "Buy" recommendation for the construction industry [1] Core Viewpoints - Infrastructure investment growth remains robust, with a broad infrastructure investment growth rate of 8.9% in the first half of 2025, despite a slight decline from previous values [3][30] - Real estate investment continues to face pressure, with a 11.2% year-on-year decline in real estate development investment in the first half of 2025 [44] - The construction sector is experiencing a slight increase in fund holdings, with a fund holding market value ratio of 0.43% in Q2 2025, which is still below the standard allocation ratio of 1.77% [65][66] Summary by Sections Special Debt Issuance - The pace of special debt issuance has accelerated, with a total of 2.16 trillion yuan issued in the first half of 2025, a year-on-year increase of 45% [6][3] - The government plans to issue 4.4 trillion yuan in new local government special bonds in 2025, focusing on investment construction and land acquisition [6] Infrastructure Investment - Fixed asset investment growth has slowed, with a total of 248,654 billion yuan in the first half of 2025, reflecting a 2.8% year-on-year increase [27] - Infrastructure investment remains resilient, with significant growth in the electricity, heat, gas, and water supply sectors, which saw a 22.8% year-on-year increase [35][30] Real Estate Market - Real estate investment and sales continue to decline, with a 3.5% decrease in commodity housing sales area in the first half of 2025 [44] - New construction and completion areas have seen a narrowing decline, with new construction down 20.0% year-on-year but improving from previous months [46] Fund Holdings in Construction - Fund holdings in the construction sector have slightly increased, with a market value of 132.95 billion yuan in Q2 2025, reflecting a 9.24% increase from Q1 2025 [65] - The construction sector remains underweight compared to the standard allocation, indicating potential for growth [65][66] Recommendations - The report recommends focusing on stable growth, high dividends, overseas expansion, and regional construction projects, highlighting companies such as China State Construction, China Railway, and others [3][1]

Summary of Yasha Co. Conference Call Company Overview - Yasha Co. is a leading enterprise in China's decoration and renovation industry, focusing on stable operations and investor communication [3][4] Industry Context - The decoration and renovation industry is currently in a stable phase, having undergone adjustments over the past four years, with a need to observe marginal changes and new incremental markets [3][4] - The overall market is expected to shift towards a model similar to Singapore's, where the government ensures public interest while allowing market-driven pricing for high-end consumers [17][18] Key Financial Metrics - In the first half of 2025, Yasha Co. signed new orders totaling approximately 4 billion yuan, a year-on-year decline, reflecting industry adjustment characteristics [2][4] - As of the first five months of 2025, the total order backlog was about 12 billion yuan, laying a solid foundation for annual growth [6] - The composition of new orders includes 42% from government and state-owned enterprises, 33% from real estate, and 24% from industrial capital, with the residential market showing strong performance at 28% [2][4] Future Growth Areas - Yasha Co. plans to focus on urban renewal, old city renovation, and expansion of quality enterprises as key growth areas [7][19] - The company is also emphasizing cost reduction and efficiency improvement, while paying attention to the impact of new productivity on the industry [7] Cash Flow and Receivables Management - The improvement in operating cash flow is attributed to a focus on order quality and timely collections, with a significant portion of orders coming from regions with good credit conditions [9][10] - The accounts receivable structure aligns with the order composition, with government projects accounting for 40%, real estate for 30%, and industrial capital for 30% [9][10] - Measures to mitigate receivables risk include strict customer selection and enhancing business quality [9][10] Market Trends and Innovations - The company is a leader in the prefabricated decoration sector, holding industry standards and numerous patents, with this segment accounting for 10% of total revenue [12] - New market trends include the introduction of housing quality standards, which could stimulate market activity and improve overall product quality [8][20] Strategic Initiatives - Yasha Co. has optimized its market layout by focusing resources on the Yangtze River Delta, Greater Bay Area, and Sichuan-Chongqing regions, while withdrawing from less profitable areas [22] - The company is actively recovering cash flow and has implemented legal measures to ensure receivables are collected [22] Long-term Vision - The company’s future development goals align with national policies, focusing on urban renewal, prefabricated construction, and the integration of industrial and information technology [23]

Core Viewpoint - The book "Legendary Secretary" showcases the vibrant experiences, capital stories, and professional spirit of listed company secretaries, aiming to provide replicable experiences for the new generation in corporate governance amidst market reforms [1][3]. Group 1: Book Overview - "Legendary Secretary" is the first book detailing the experiences of listed company secretaries, featuring 38 benchmark figures and their real-life cases [3]. - The book emphasizes the "original spirit" and "compliance bottom line" of the secretary profession, proving it to be a lifelong career full of possibilities [3][4]. Group 2: Contributions of Secretaries - Notable secretaries have made significant contributions to the development of China's capital market, including pioneering B-share listings and innovative fundraising models [4]. - The book highlights the role of secretaries in navigating corporate challenges and shaping the capital ecosystem in strategic industries such as new energy, high-end manufacturing, and semiconductors [4]. Group 3: Event Highlights - The book launch event featured 17 representatives from various companies, including China Shipbuilding and Huaxin Co., who participated in the unveiling [1]. - A discussion panel was held, focusing on key growth points in the secretary profession, new thinking in mergers and acquisitions, and future planning for young professionals [5].

Core Insights - The event "Entering the Legendary Secretary of the Board and the Launch of the Book 'Legendary Secretary of the Board'" was successfully held in Suzhou, attended by prominent figures from the Chinese listed companies and the publishing industry [1] - The book 'Legendary Secretary of the Board' features real cases from 38 exemplary individuals, showcasing the innovative spirit and compliance standards of the secretary profession, emphasizing its potential as a lifelong career [2] - Legendary secretaries have played a crucial role in the evolution of corporate governance in China, contributing to significant reforms and innovations in the capital market [3] Group 1 - The event was co-hosted by Guotai Junan Securities, Board Magazine, and Value Online, with over 20 executives from listed companies in attendance [1] - The book aims to provide a foundational logic for the new generation involved in corporate governance, promoting a spirit of innovation within regulatory frameworks [2] - The contributions of legendary secretaries have been pivotal in navigating challenges in the capital market, including the promotion of governance systems and the resolution of early governance crises [2][3] Group 2 - Notable figures such as Hu Zhi Kui and Luo Shou Sheng are highlighted for their innovative practices that have significantly impacted the capital market [3] - The event included discussions on key career milestones for secretaries, new thinking in mergers and acquisitions, and future planning for young professionals [3] - The book serves as a historical narrative of the evolution of Chinese listed companies, illustrating the transition from exploration to leading reforms [3]

证券代码：002375 证券简称：亚厦股份 公告编号：2025-035 浙江亚厦装饰股份有限公司 关于实际控制人股份质押的公告 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。 浙江亚厦装饰股份有限公司（以下简称"公司"或者"亚厦股份"）于近日 接到实际控制人张杏娟女士的通知，获悉张杏娟女士于 2025 年 6 月 25 日将其持 有的部分本公司股份以柜台质押的方式办理了股份质押，具体情况如下： 一、 实际控制人股份质押的基本情况 本次股份质押的主要原因是其根据自身资金需求所做出的安排。张杏娟女士 质押的股份未负担重大资产重组等业绩补偿义务。详见下表： | 股 | 是否为 | | | | | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 东 | 控股股 | 本次质押 | 占其所 | 占公司 | 是否 | 为补 | 质押 | 质押 | | 质押用 | | | 东及其 | 数量 | 持股份 | 总股本 | 为限 | | | | 质权人 | | | ...

Group 1 - The actual controller of the company, Zhang Xingjuan, pledged 32 million shares on June 25, 2025, through a counter pledge, which accounts for 18.93% of her holdings and 2.39% of the company's total share capital [1] - The pledge does not involve significant asset restructuring or performance compensation obligations [1] - The pledge is for personal funding needs, with the pledgee being Hangzhou United Rural Commercial Bank Co., Ltd. Zhijiang Branch [1]

Group 1 - The actual controller of Zhejiang Yasha Decoration Co., Ltd., Zhang Xingjuan, will release part of her pledged shares on June 23, 2025 [1] - On November 6, 2024, Zhang pledged 32,000,000 shares to Shaoxing Bank [1] - As of the announcement date, the total pledged shares by the controlling shareholder and their concerted actors amount to 16,500,000 shares, representing 2.32% of their holdings and 1.23% of the company's total share capital [1] Group 2 - The controlling shareholder and their concerted actors have a total of 71,880,000 pledged shares due within one year, accounting for 10.12% of their holdings and 5.36% of the company's total share capital [1] - The financing balance corresponding to the pledged shares due in the next six months is 25 million yuan, and for those due within a year, it is 111 million yuan [1] - The company confirms that there are no non-operating fund occupations or illegal guarantees that harm the interests of the listed company [1]

Group 1 - The actual controller of the company, Zhang Xingjuan, has notified that she will lift the pledge on 32 million shares on June 23, 2025, which represents 18.93% of her holdings and 2.39% of the company's total share capital [1] - The pledged shares were originally pledged to Shaoxing Bank Co., Ltd. and the lifting of the pledge is expected to have no substantial impact on the company's operations or governance [2] - As of the announcement date, the total number of pledged shares by the controlling shareholder and their concerted actors is 385,230,000, which accounts for 53.02% of their holdings and 54.23% of the total share capital [1][2] Group 2 - The company has confirmed that the controlling shareholder and their concerted actors have a good credit status and possess the ability to repay the financing, with repayment sources being self-owned and self-raised funds [2] - The company will continue to monitor the changes in share pledges and associated risks, ensuring timely disclosures to investors [2]

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。 浙江亚厦装饰股份有限公司（以下简称"公司"或者"亚厦股份"）于近日 接到实际控制人张杏娟女士的通知，获悉张杏娟女士于 2025 年 6 月 23 日将其持 有的部分本公司股份办理了解除质押，具体情况如下： 证券代码：002375 证券简称：亚厦股份 公告编号：2025-034 浙江亚厦装饰股份有限公司 关于实际控制人股份解除质押的公告 一、 实际控制人股份解除质押的基本情况 2024 年 11 月 6 日，张杏娟女士将其持有的本公司股份 32,000,000 股以柜台 质押的方式质押给了绍兴银行股份有限公司上虞支行。张杏娟女士于 2025 年 6 月 23 日将上述股份办理了解除质押操作。 | 股东名称 | 是否为控股 股东及其一 | 本次解除质 押数量（股） | 占其所持 股份比例 | 占公司总 股本比例 | 起始日期 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 致行动人 | | | | | | | | 张杏娟 | 是 ...

证券代码：002375 证券简称：亚厦股份 公告编号：2025-033 2024 年年度权益分派实施公告 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、根据《中华人民共和国公司法》、《深圳证券交易所上市公司自律监管 指引第 9 号——回购股份》等相关规定，浙江亚厦装饰股份有限公司（以下简称 "亚厦股份"或"公司"）回购专户持有的本公司股份不享有参与利润分配和资 本公积金转增股本的权利。公司 2024 年年度权益分派方案为：以公司现有总股 本 1,339,996,498 股剔除已回购股份数 41,246,404 股后的 1,298,750,094 股为基数， 向全体股东每 10 股派 0.700000 元人民币现金（含税），不送红股，不以资本公 积金转增股本。 2、根据 2024 年度权益分派方案，公司本次实际现金分红的总金额=实际参 与分配的总股本×分配比例，即 90,912,506.58 元=1,298,750,094 股×0.07 元/股。 因公司回购专用证券账户所持股份不参与现金分红，本次权益分派实施后，根据 股票市值不变原则，实施权益 ...