| 证券代码：002941 | 证券简称：新疆交建 | 公告编号：2025-064 | | --- | --- | --- | | 债券代码：128132 | 债券简称：交建转债 | | 新疆交通建设集团股份有限公司 关于"交建转债"转股数额累计达到转股前公司已发行股份总额 10%的公告 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。 特别提示： 经深交所"深证上【2020】929 号"文同意，公司本次公开发行的 8.50 亿元 可转换公司债券于 2020 年 10 月 16 日在深交所挂牌交易，债券简称"交建转债"， 债券代码"128132"。 （三）可转债转股期限 根据《募集说明书》，本次发行的可转换公司债券转股期自发行结束之日 （2020 年 9 月 15 日）起满 6 个月后的第一个交易日起至可转债到期日止，即 2021 年 3 月 22 日至 2026 年 9 月 14 日。"交建转债"初始转股价格为 18.57 元/股。 1、转股情况：截至 2025 年 9 月 2 日，新疆交通建设集团股份有限公司（以 下简称"公司"）"交建转债"累计转股数额为 ...

| 债券代码：128132 | 债券简称：交建转债 | | | --- | --- | --- | | 证券代码：002941 | 证券简称：新疆交建 | 公告编号：2025-065 | 如是，请说明对应股份数量占现有上市公司股本的比 例。 6．30%以上股东增持股份的进一步说明（不适用） | 本次增持是否符合《上市公司收购管理办 | | | --- | --- | | | 否□ 是□ | | 法》规定的免于要约收购的情形 | | 股东及其一致行动人法定期限内不减持 公司股份的承诺 7．备查文件 1．中国证券登记结算有限责任公司持股变动明细 ☑ 2．相关书面承诺文件 □ 3．律师的书面意见 □ 4．深交所要求的其他文件 ☑ 二、其他相关说明 新疆交通建设集团股份有限公司 关于控股股东因可转债转股持股比例被动稀释触及 1%整数倍的公告 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。 本次权益变动系新疆交通建设集团股份有限公司（以下简称"公司"）可转 债转股，导致控股股东新疆交通投资（集团）有限责任公司（以下简称"新疆交 投"）的持股比例被动稀释，权益变动前后新疆 ...

Group 1 - The construction industry faced overall pressure in the first half of 2025, with a slight improvement in cash flow in Q2 [6][10][12] - The industry's revenue and profit both declined year-on-year, with total revenue of 3.92 trillion yuan, down 5.63%, and net profit of 936.2 billion yuan, down 5.33% [12][26] - The gross profit margin for construction companies was 10.14%, a slight decrease of 0.12 percentage points year-on-year, while the net profit margin increased marginally to 2.39% [6][10][20] Group 2 - The construction industry saw an increase in cash collection efficiency, with the cash collection ratio rising by 6.29 percentage points to 95.11% [6][31] - The industry's asset-liability ratio increased to 77.52%, up 0.57 percentage points from the beginning of the year, indicating a rise in financial leverage [6][34] - The total amount of funds occupied by downstream owners increased, with accounts receivable and inventory reaching 10.03 trillion yuan, a year-on-year increase of 8.57% [27][30] Group 3 - The chemical engineering and petroleum engineering sectors showed resilience, with positive revenue growth, while the steel structure sector also saw profit recovery due to overseas expansion [11][39][40] - In the first half of 2025, only two sub-sectors, steel structure and chemical engineering, achieved positive revenue growth of 2.81% and 1.33% respectively [39][41] - The gross profit margin for the international engineering and petroleum engineering sectors improved, with international engineering at 15.14%, up 3.26 percentage points [43][44]

证券代码：002941 证券简称：新疆交建 公告编号：2025-063 债券代码：128132 债券简称：交建转债 新疆交通建设集团股份有限公司 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。 特别提示： 强制赎回。本次赎回完成后，"交建转债"将在深圳证券交易所摘牌。投资者持 有的"交建转债"存在被质押或冻结情形的，建议在停止转股日前解除质押或冻 结，以免出现因无法转股而被强制赎回的情形。 格存在较大差异，特提醒持有人注意在限期内转股。投资者如未及时转股，可能 面临损失，敬请投资者注意投资风险。 自 2025 年 8 月 8 日至 2025 年 8 月 28 日，新疆交通建设集团股份有限公司 （以下简称"公司"）股票价格已有十五个交易日的收盘价不低于公司公开发行 可转换公司债券当期转股价格（10.00 元/股）的 130%，即 13.00 元/股。根据《深 圳证券交易所上市公司自律监管指引第 15 号—可转换公司债券》及公司《公开 发行可转换公司债券募集说明书》 （以下简称"《募集说明书》"）等相关规定， 已触发"交建转债"有条件赎回条款。 公司于 2025 ...

关于提前赎回"交建转债"的第四次提示性公告 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。 特别提示： 证券代码：002941 证券简称：新疆交建 债券代码：128132 债券简称：交建转债 | 证券代码：002941 | 证券简称：新疆交建 | 公告编号：2025-063 | | --- | --- | --- | | 债券代码：128132 | 债券简称：交建转债 | | 新疆交通建设集团股份有限公司 转股价格：10.00 元/股 转股期限：2021 年 3 月 22 日至 2026 年 9 月 14 日 1、"交建转债"赎回价格：100.044 元/张（含当期应计利息，当期年利率 为 2.00%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任 公司深圳分公司（以下简称"中登公司"）核准的价格为准。 2、赎回条件满足日：2025 年 8 月 28 日 3、赎回登记日：2025 年 9 月 22 日 4、赎回日：2025 年 9 月 23 日 5、停止交易日：2025 年 9 月 18 日 6、停止转股日：2025 年 9 月 23 日 7、发 ...

Market Overview - On September 2, the infrastructure sector declined by 0.47% compared to the previous trading day, with Garden Holdings leading the decline [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - The top gainers in the infrastructure sector included: - China Communications Construction Co., Ltd. (交建股份) with a closing price of 11.02, up 9.98% on a trading volume of 411,900 shares and a turnover of 438 million yuan [1] - Pubang Co., Ltd. (普邦股份) with a closing price of 2.00, up 3.09% on a trading volume of 1,114,200 shares and a turnover of 224 million yuan [1] - The top decliners included: - Garden Holdings (园林股份) with a closing price of 16.72, down 6.85% on a trading volume of 199,400 shares and a turnover of 338 million yuan [2] - Pudong Construction (浦东建设) with a closing price of 8.64, down 6.49% on a trading volume of 751,400 shares and a turnover of 647 million yuan [2] Capital Flow Analysis - The infrastructure sector experienced a net outflow of 797 million yuan from institutional investors, while retail investors saw a net inflow of 519 million yuan [2] - Notable capital flows for specific stocks included: - Hongrun Construction (宏润建设) with a net inflow of 77.82 million yuan from institutional investors, but a net outflow of 97.77 million yuan from retail investors [3] - China Communications Construction Co., Ltd. (交建股份) had a net inflow of 57.48 million yuan from institutional investors, with both retail and speculative investors showing net outflows [3]

Investment Rating - The report maintains a "Buy" rating for the construction and decoration industry, highlighting specific companies as key investment targets [4][7]. Core Insights - The construction sector has experienced significant fluctuations over the past sixteen years, with eight winning phases (40% of the time) and seven losing phases (60% of the time) [1][12]. - The current market environment is characterized by a gradual easing of policies since late 2021, which has historically correlated with better performance in the construction sector [1][3]. - The report emphasizes the importance of thematic influences, such as the "Belt and Road Initiative" and "PPP" projects, which have driven substantial short-term excess returns in the sector [2][3]. Summary by Sections 1. Historical Review of the Construction Sector - The report divides the historical performance of the construction sector from June 2008 to December 2024 into fifteen phases based on excess returns relative to the CSI 300 index [11]. - Winning phases include significant periods of policy easing and economic recovery, while losing phases often coincide with tighter monetary policies [1][12]. 2. Policy Cycle and Market Trends - The report identifies four major policy cycles since 2008, with the current phase being a gradual easing that began in late 2021 [1][3]. - The correlation between excess returns and macroeconomic indicators is noted to be weak, with expectations of policy changes being more influential [1][3]. 3. Thematic Characteristics and Valuation - The construction sector's valuation is currently low, with a price-to-book ratio (PB) of 0.8, which is below historical averages and indicates potential for rebound [2][3]. - The report highlights that the sector's performance is sensitive to thematic catalysts, suggesting that upcoming regional initiatives could provide investment opportunities [3][4]. 4. Comparison with Banking Sector - The construction sector is compared to the banking sector, noting similarities in business models and sensitivity to credit environment changes [3]. - The current price-to-book ratio of the construction sector relative to banks is at a critical point, suggesting potential for significant excess returns if historical patterns hold [3]. 5. Investment Recommendations - Key investment targets include leading companies benefiting from strategic infrastructure projects, such as Sichuan Road and Bridge, China Metallurgical Group, and China Communications Construction [4][7]. - The report also suggests monitoring local leaders in Xinjiang and companies involved in coal chemical projects as potential high-return investments [4].

Investment Rating - The report maintains an "Optimistic" rating for the construction industry [2][4]. Core Insights - The construction industry faced pressure on revenue and profit in H1 2025, with total revenue of 3.75 trillion, down 5.7% year-on-year, and net profit of 87.5 billion, down 6.5% year-on-year [2][7]. - The industry experienced a relative stability in gross margin and net margin, with a gross margin of 9.9% and a net margin of 2.33% in H1 2025 [8][19]. - Operating cash flow showed improvement, with a net cash flow of -477.4 billion, a reduction in outflow by 15.1 billion year-on-year [3][12]. - The industry’s return on equity (ROE) decreased by 0.31 percentage points to 2.50% in H1 2025, indicating pressure on profitability [16][27]. Summary by Sections Financial Overview - In H1 2025, major listed companies in the construction industry reported revenues of 3.75 trillion, a decrease of 5.7% year-on-year, and net profits of 87.5 billion, down 6.5% year-on-year [2][7]. - Quarterly revenues for Q1 and Q2 were 1.84 trillion and 1.91 trillion, respectively, with year-on-year declines of 6.2% and 5.2% [2][7]. Profitability Analysis - The industry maintained a gross margin of 9.9%, a slight decrease of 0.2 percentage points year-on-year, and a net margin of 2.33%, down 0.02 percentage points [8][19]. - The ROE for the industry decreased to 2.50%, reflecting the impact of reduced investment and increased costs [16][27]. Cash Flow Improvement - The operating cash flow net amount was -477.4 billion, showing an improvement with a reduction in cash outflow by 15.1 billion year-on-year [3][12]. - The cash collection ratio improved to 103% in Q1 and 87% in Q2, with year-on-year changes of +0.85 percentage points and +11.65 percentage points, respectively [3][12]. Market Dynamics - The report highlights a shift in focus from growth to quality improvement among state-owned enterprises, with an emphasis on cash flow management and cost control [4][19]. - The construction industry is expected to see a recovery in revenue and cash flow in the second half of 2025, driven by anticipated government investment stimulus [4][19].

Core Viewpoint - The company has triggered the conditional redemption clause for its convertible bonds "交建转债" due to the stock price exceeding 130% of the conversion price for fifteen consecutive trading days, leading to a decision for early redemption [2][5][6]. Group 1: Convertible Bond Issuance and Redemption - The company issued convertible bonds totaling RMB 850 million, with a face value of RMB 100 per bond, and the initial conversion price was set at RMB 18.57 per share [2][3]. - The conversion period for the bonds is from March 22, 2021, to September 14, 2026, with the conversion price adjusted multiple times, currently set at RMB 10.00 per share [3][4][5]. - The board of directors has approved the early redemption of the bonds, which will occur at the face value plus accrued interest, with the redemption date set for September 23, 2025 [2][7]. Group 2: Redemption Conditions and Procedures - The redemption is triggered if the stock price remains above RMB 13.00 per share for fifteen trading days or if the unconverted bond balance falls below RMB 30 million [6][8]. - The redemption price is calculated to be RMB 100.044 per bond, including accrued interest, with the interest calculated based on the bond's face value and interest rate [7]. - The redemption will be executed on September 23, 2025, with funds transferred to bondholders' accounts on September 30, 2025, and the bonds will be delisted from the Shenzhen Stock Exchange after redemption [8].

| 证券代码：002941 | 证券简称：新疆交建 | 公告编号：2025-062 | | --- | --- | --- | | 债券代码：128132 | 债券简称：交建转债 | | 新疆交通建设集团股份有限公司 关于提前赎回"交建转债"的第三次提示性公告 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。 特别提示： 证券代码：002941 证券简称：新疆交建 债券代码：128132 债券简称：交建转债 2、赎回条件满足日：2025 年 8 月 28 日 5、停止交易日：2025 年 9 月 18 日 3、赎回登记日：2025 年 9 月 22 日 6、停止转股日：2025 年 9 月 23 日 7、发行人资金到账日（到达中登公司账户）：2025 年 9 月 26 日 转股价格：10.00 元/股 4、赎回日：2025 年 9 月 23 日 8、投资者赎回款到账日：2025 年 9 月 30 日 9、赎回类别：全部赎回 转股期限：2021 年 3 月 22 日至 2026 年 9 月 14 日 1、"交建转债"赎回价格：100.044 元/张（含当期应计利息 ...