Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [9] Core Views - The construction sector exhibits characteristics such as low valuation, low institutional holdings, large market capitalization, and stable outlook for quality targets. The report identifies four key investment directions within the construction industry: 1) Companies with strong Q3 performance and short-term earnings certainty 2) High dividend yield stocks providing a safety cushion 3) Strong long-term growth potential 4) Large-cap stocks with low absolute valuations [5][6][7] Summary by Sections Valuation Metrics - As of the latest closing, the Jiangsu Construction Index has a PE ratio of 12.83, ranking 28th across all industries, with a 10-year percentile of 68.5%. The PB ratio stands at 0.84, ranking 31st, with a 10-year percentile of 16.22%. Notably, the construction sector and the banking sector are the only indices within the Jiangsu framework that are trading below book value [5][6] Institutional Holdings - The construction sector has historically low institutional holdings, which may reflect a weak outlook for the industry and a lack of attention from investors. This could lead to undervaluation of high-quality construction stocks [6] Market Capitalization - The construction sector has a limited number of listed companies, with eight major state-owned enterprises collectively valued at 941.19 billion, accounting for 47% of the Jiangsu Construction Index's market capitalization. These enterprises play a crucial role in stabilizing economic growth and are likely to be favored in a market shift towards undervalued sectors [6][7] Investment Directions - **Direction One**: Focus on companies with strong Q3 earnings, such as Sichuan Road and Bridge, China Chemical, and others, which show robust growth and sufficient order backlogs [7] - **Direction Two**: Invest in high dividend yield stocks like Jianghe Group (6.2%), Sichuan Road and Bridge (5.6%), and others, which provide a strong holding safety net [7] - **Direction Three**: Target companies with strong long-term growth potential, such as Honglu Steel Structure and others benefiting from semiconductor capital expenditure [7] - **Direction Four**: Invest in large-cap stocks with low absolute valuations, including eight major state-owned enterprises that are all trading below book value [7]

Core Viewpoint - Zhengzhong Design's stock has experienced fluctuations, with a year-to-date increase of 53.22% but a recent decline of 2.04% on November 10, 2023, indicating potential volatility in the market [1]. Financial Performance - For the period from January to September 2025, Zhengzhong Design reported a revenue of 989 million yuan, representing a year-on-year growth of 19.89%, and a net profit attributable to shareholders of 135 million yuan, which is a 42.62% increase compared to the previous year [2]. - Cumulatively, Zhengzhong Design has distributed a total of 647 million yuan in dividends since its A-share listing, with 241 million yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Zhengzhong Design decreased by 20.18% to 19,800, while the average circulating shares per person increased by 25.29% to 14,267 shares [2]. - The seventh largest circulating shareholder is the "Zhaoshang Quantitative Selected Stock Fund A" with a holding of 1.65 million shares, indicating new institutional interest [3]. Market Activity - On November 10, 2023, Zhengzhong Design's stock price was 12.46 yuan per share, with a trading volume of 47.65 million yuan and a turnover rate of 1.34%, reflecting active trading [1]. - The company has appeared on the "Dragon and Tiger List" nine times this year, with the most recent appearance on August 4 [1]. Business Overview - Zhengzhong Design, established on December 26, 1994, and listed on September 8, 2016, specializes in high-end architectural decoration design and construction, with its main business revenue composition being 67% from design services, 22.49% from soft decoration, 8.88% from decoration engineering, and 1.42% from other services [1]. - The company operates within the "Building Decoration" industry and is associated with concepts such as the Belt and Road Initiative, small-cap stocks, share buybacks, digital economy, and artificial intelligence [1].

Core Viewpoint - Shenzhen Zhengzhong Design Co., Ltd. announced that its controlling shareholder, Shenzhen Yatai Yizhao Investment Co., Ltd., has reduced its shareholding, impacting the percentage of shares held in the company [2][3]. Group 1: Shareholding Reduction - The controlling shareholder, Yatai Yizhao, initially held 141,961,723 shares, representing 47.33% of the total share capital after excluding repurchased shares [2]. - Yatai Yizhao plans to reduce its holdings by up to 8,997,606 shares within three months, which accounts for no more than 3% of the total share capital after excluding repurchased shares [2]. - As of November 6, 2025, Yatai Yizhao has reduced its holdings by 2,276,800 shares, which is 0.74% of the total share capital and 0.76% of the total share capital after exclusion [3]. Group 2: Impact on Shareholding Structure - Following the reduction, Yatai Yizhao and its concerted parties now hold a total of 172,449,423 shares, decreasing their ownership from 56.73% to 56.00% of the total share capital [3]. - The percentage of shares held after excluding repurchased shares has also decreased from 58.26% to 57.50% [3].

Core Points - Zhengzhong Design announced a reduction in shareholding by its controlling shareholder, Shenzhen Yatai Yizhao Investment Co., Ltd. [2] - As of November 6, 2025, Yatai Yizhao reduced its shares by 2,276,800 shares, representing 0.74% of the total share capital [2] - Post-reduction, Yatai Yizhao and its concerted parties hold a total of 172,449,423 shares, decreasing their ownership from 56.73% to 56.00% of the total share capital [2] Summary by Category Shareholding Changes - Yatai Yizhao's share reduction was executed through centralized bidding [2] - The reduction affected the total share capital, with the percentage of shares held post-reduction being 57.50% when excluding shares in the repurchase account [2] Financial Impact - The reduction in shares indicates a significant change in the ownership structure of Zhengzhong Design, potentially impacting investor perception and market dynamics [2]

Core Viewpoint - Shenzhen Zhengzhong Design Co., Ltd. announced a share reduction by its controlling shareholder, Shenzhen Yatai Yizhao Investment Co., Ltd., which has decreased its shareholding from 56.73% to 56.00% through the sale of 2.2768 million shares, representing 0.74% of the total share capital [1][4]. Group 1: Background of the Reduction Plan - The initial plan was to reduce up to 8.9976 million shares, which would account for no more than 3% of the total share capital after excluding shares in the repurchase account [2]. - The reduction was planned to occur within three months following the announcement, utilizing both centralized bidding and block trading methods [2]. Group 2: Details of the Reduction - The reduction occurred between November 3 and November 6, 2025, with 2.2768 million shares sold through centralized bidding, accounting for 0.74% of the total share capital and 0.76% of the adjusted total share capital [3]. - The reduction was consistent with the previously disclosed plan and complied with relevant laws and regulations [3]. Group 3: Changes in Shareholding - Following the reduction, Yatai Yizhao and its concerted parties hold a total of 172,449,423 shares, down from 174,726,223 shares, representing a decrease in ownership from 56.73% to 56.00% of the total share capital [4]. - Yatai Yizhao's own shareholding decreased from 141,961,723 shares (46.10% of total) to 139,684,923 shares (45.36% of total), while the shareholding of its concerted parties remained unchanged at 30,516,750 shares [4]. Group 4: Impact on the Company - The company stated that the share reduction will not lead to a change in control and will not significantly impact its operations, with Yatai Yizhao remaining the largest shareholder and actual controller [5]. - The reduction plan is not yet fully executed, and any further reductions will be disclosed in accordance with regulations [5].

Core Viewpoint - Zhengzhong Design (002811.SZ) has received a notification from Yatai Yizhao regarding a reduction in shareholding that has reached a 1% integer threshold as of November 6, 2025 [1] Summary by Relevant Sections - **Shareholding Reduction** - Yatai Yizhao has reduced its shareholding in Zhengzhong Design by a total of 2.2768 million shares, which represents 0.74% of the company's total share capital [1] - After this reduction, Yatai Yizhao and its concerted parties now hold a total of 172 million shares, decreasing their ownership from 175 million shares, which lowers their stake from 56.73% to 56.00% of the total share capital [1] - **Impact on Total Share Capital** - The reduction also affects the shareholding percentage when excluding shares held in the repurchase special account, with the stake decreasing from 58.26% to 57.50% [1]

证券代码：002811 证券简称：郑中设计 公告编号：2025-072 深圳市郑中设计股份有限公司 关于控股股东减持股份触及 1%整数倍的公告 控股股东深圳市亚泰一兆投资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信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市郑中设计股份有限公司（以下简称"公司"）于2025年9月26日披露 了《关于控股股东减持股份的预披露公告》（公告编号：2025-067）。持有公司 股份141,961,723股（占公司剔除回购专用账户中股份数量后总股本的47.33%）的 控股股东深圳市亚泰一兆投资有限公司（以下简称"亚泰一兆"）计划自减持预 披露公告披露之日起15个交易日后的3个月内，以集中竞价和大宗交易方式减持 公司股份不超过8,997,606股（占公司剔除回购专用账户中股份数量后总股本比例 不超过3%）。其中，以集中竞价交易方式减持股份数量不超过2,999,202股（占 公司剔除回购专用账户中股份数量后总股本比例不超过1%），以大宗交易方式 减持股份数量不超过5,998,404股 ...

Core Viewpoint - Zhengzhong Design (002811.SZ) has received a notification from Yatai Yizhao regarding a reduction in shareholding that has reached a 1% integer threshold [1] Summary by Relevant Sections Shareholding Changes - As of November 6, 2025, Yatai Yizhao has reduced its shareholding in Zhengzhong Design by 2.2768 million shares, which accounts for 0.74% of the company's total share capital [1] - After this reduction, Yatai Yizhao and its concerted parties now hold a total of 172 million shares, decreasing their ownership from 175 million shares, which reduces their stake from 56.73% to 56.00% of the total share capital [1] - When excluding shares held in the repurchase special account, the ownership percentage decreased from 58.26% to 57.50% [1]

Group 1 - The stock of Zhengzhong Design closed at 12.72 yuan on November 7, with a slight decline of 0.08% [1] - A block trade occurred involving 1 million shares, totaling 11.46 million yuan, with a discount rate of -9.91% [1] - The buyer was Dongfang Caifu Securities, while the seller was Huatai Securities [1] Group 2 - Over the past three months, there has been one block trade for Zhengzhong Design, amounting to 11.46 million yuan [1] - In the last five trading days, the stock has seen a cumulative decline of 0.55%, with a net outflow of 22.06 million yuan from main funds [1]

Group 1 - On November 7, Zhengzhong Design executed a block trade of 1 million shares, with a transaction amount of 11.46 million yuan, accounting for 14.52% of the total trading volume for the day [1][2] - The transaction price was 11.46 yuan, which represents a discount of 9.91% compared to the market closing price of 12.72 yuan [1][2]