序号股票简称PE(TTM)PE(静)市净率总市值(元)9华阳国际22.2222.111.9227.70亿行业平均 61.0973.105.1447.69亿行业中值41.8445.932.4430.33亿1设计总院10.149.611.2849.33亿2中交设计 10.8610.881.26190.45亿3中钢国际11.0011.221.0993.68亿4地铁设计13.8312.452.1861.25亿5中国海诚 14.3014.811.9149.68亿6华设集团16.6815.151.1157.99亿7甘咨询19.3119.481.1544.86亿8上海建科 20.8321.342.0273.12亿10建发合诚28.6728.032.4426.80亿11华建集团30.1128.602.11111.98亿12广咨国际 33.4433.797.6733.08亿 来源：金融界 深圳市华阳国际工程设计股份有限公司的主营业务是建筑设计与咨询、建筑科技创新及产业链延伸业 务。公司的主要产品是建筑设计与咨询、数字化（BIM）及智能化（AI）研发与创新、装配式建筑设计 咨询与技术研发、建筑产业链延伸业务、数字文化业务。公司是 ...

从行业市盈率排名来看，公司所处的工程咨询服务行业市盈率平均62.74倍，行业中值40.71倍，华阳国 际排名第26位。 7月23日，华阳国际今日收盘13.88元，下跌2.32%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到21.83倍，总市值27.21亿元。 最新一期业绩显示，2025年一季报，公司实现营业收入2.64亿元，同比15.36%；净利润247.57万元，同 比-20.22%，销售毛利率19.48%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)9华阳国际21.8321.721.8827.21亿行业平均 62.7475.765.2948.38亿行业中值40.7145.732.5232.28亿1设计总院10.209.671.2949.61亿2中交设计 11.0611.071.28193.89亿3中钢国际11.1111.341.1094.69亿4地铁设计13.7912.422.1761.09亿5中国海诚 15.2114.771.9149.54亿6华设集团17.2115.641.1559.83亿7甘咨询19.4719.651.1645.23亿8上海建科 20.7821.302.0 ...

| 证券代码：002949 | 证券简称：华阳国际 | 公告编号：2025-048 | | --- | --- | --- | | 债券代码：128125 | 债券简称：华阳转债 | | 深圳市华阳国际工程设计股份有限公司 关于"华阳转债"2025 年付息的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、"华阳转债"将于 2025 年 7 月 30 日按面值支付第五年利息，每 10 张"华 阳转债"（面值 1,000 元）利息为 20.00 元（含税）； 2、债权登记日：2025 年 7 月 29 日； 3、除息日：2025 年 7 月 30 日； 4、付息日：2025 年 7 月 30 日； 5、"华阳转债"票面利率：第一年 0.4%、第二年 0.6%、第三年 1.0%、第四 年 1.5%、第五年 2.0%、第六年 3.0%； 6、"华阳转债"本次付息的债权登记日为 2025 年 7 月 29 日，凡在 2025 年 7 月 29 日（含）前买入并持有本期债券的投资者享有本次派发的利息；2025 年 7 月 29 日卖出本期债券的投资者 ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [10]. Core Insights - The Central Urban Work Conference held on July 14-15 emphasized the transition of urbanization in China from a rapid growth phase to a stable development phase, focusing on quality urban renewal rather than large-scale expansion [8][13]. - The conference outlined key tasks for urban development, including optimizing modern urban systems, building innovative cities, and enhancing livability and sustainability [13]. - The report highlights the historical significance of this conference, marking a shift towards high-quality urban development, contrasting with previous meetings that focused on rapid expansion and basic infrastructure [13]. - Future funding for urban renewal is expected to come from various sources, including special central budget investments and local government bonds, indicating potential for increased capital inflow into the sector [13]. - The report suggests that the construction sector should focus on leading companies and the entire design-construction-operation chain, particularly in urban renewal projects [13]. Summary by Sections Event Description - The Central Urban Work Conference took place in Beijing, with significant speeches from top leaders, indicating a strategic shift in urbanization policy [8][9]. Market Performance - The report includes a market performance comparison over the past 12 months, showing a relative performance of the construction and engineering sector against the CSI 300 index [11]. Related Research - The report references several related studies that discuss urban renewal and the construction industry's response to current challenges [12].

Investment Rating - The industry investment rating is "Overweight" [2][22]. Core Viewpoints - The economy showed stable growth in the first half of 2025, with GDP increasing by 5.3% year-on-year. However, fixed asset investment growth weakened, with a cumulative year-on-year increase of 2.8%, down 0.9 percentage points from January to May [3][4]. - Infrastructure investment growth also weakened, with total infrastructure investment (including all categories) increasing by 8.9% year-on-year, a decrease of 1.5 percentage points compared to January to May. Notably, investment in transportation, warehousing, and postal services rose by 5.6% year-on-year, while investment in water conservancy, environment, and public facilities management increased by 3.5% [4][7]. - Real estate investment remained low, with a year-on-year decrease of 11.2% in the first half of 2025. The decline in construction starts and completions narrowed, with starts down 20.0% and completions down 14.8% year-on-year [7][8]. Summary by Sections Economic Overview - The first half of 2025 saw a GDP growth of 5.3%, with quarterly growth rates of 5.4% in Q1 and 5.2% in Q2. Fixed asset investment growth was at 2.8%, with manufacturing investment increasing by 7.5% [3][4]. Infrastructure Investment - Infrastructure investment (all categories) grew by 8.9% year-on-year, while investment excluding electricity increased by 4.6%. Transportation and postal services saw a 5.6% increase, while water and environmental management investment rose by 3.5% [4][5]. Real Estate Investment - Real estate investment decreased by 11.2% year-on-year, with construction starts down 20.0% and completions down 14.8%. The pace of investment recovery is expected to be slower than in previous cycles, highlighting the need for more supportive policies [7][8]. Investment Recommendations - The report suggests that the overall industry is currently weak, but regional investments may gain momentum due to national strategic initiatives. Recommended companies include state-owned enterprises like China Chemical, China Energy Construction, and China Railway Construction, as well as private firms like Zhi Te New Materials and Honglu Steel Structure [15].

Investment Rating - The industry rating is maintained as "Outperform the Market" [5] Core Insights - The construction sector has seen a significant increase in attention towards urban renewal, with undervalued large-cap stocks showing signs of stabilization. The sector's performance is driven by improved demand-side policy expectations and a shift away from excessive competition, benefiting both large and small-cap stocks. The report suggests focusing on high-growth segments such as urban renewal, coal chemical, nuclear power, and steel structures, while also considering the beta opportunities in large-cap stocks [1][13][14]. Summary by Sections Urban Renewal - Urban renewal is accelerating, with policies from the central government outlining goals and support measures. The focus includes the renovation of old residential areas, establishing safety management systems for buildings, and creating resilient and smart cities. The report identifies four key categories for investment: design and testing, construction and decoration, urban infrastructure renovation, and resilient/smart city initiatives, highlighting specific companies in each category [2][15][17]. Market Performance - The construction index rose by 2.77% in the week of July 7-11, outperforming the Shanghai and Shenzhen 300 index by 1.76 percentage points. Notable performers included Guosheng Technology (+42.98%), New City (+34.73%), and Beautiful Ecology (+34.46%) [4][21][26]. Investment Recommendations - The report emphasizes the cyclical opportunities arising from improved physical work volume in infrastructure. It suggests focusing on high-demand areas such as water conservancy, railways, and aviation, particularly in regions like Sichuan, Zhejiang, Anhui, and Jiangsu. Recommended companies include Sichuan Road and Bridge, Zhejiang Communications, and major state-owned enterprises like China Communications Construction and China Railway Construction [27][28]. Emerging Business Directions - The report highlights the growing demand for computing power driven by AI applications, recommending companies like Hainan Huatie for their transition into computing power leasing. It also notes the potential in cleanroom sectors due to the ongoing domestic replacement in the semiconductor industry, suggesting companies like Baicheng and Shenghui Integration [29][30]. Major Projects and Themes - The report identifies significant investment opportunities in major hydropower projects, deep-sea economy, and low-altitude economy, recommending companies involved in these sectors, such as China Power Construction and China Energy Engineering [32][30].

Group 1 - The core point of the announcement is that major shareholders Huai'an Xutian and Huai'an Zhongtian plan to reduce their holdings in Huayang International by a total of up to 1,960,000 shares, which represents 1% of the company's total share capital [1][2] - Huai'an Xutian holds 12,838,000 shares, accounting for 6.55% of the total share capital, and plans to reduce its holdings by up to 1,043,500 shares (0.53%), while Huai'an Zhongtian plans to reduce by up to 916,500 shares (0.47%) [1][2] - The reduction will occur within 90 consecutive trading days through centralized bidding or block trading, and the number of shares to be reduced will be adjusted if there are changes in the company's share capital [2] Group 2 - Both Huai'an Xutian and Huai'an Zhongtian have committed to certain restrictions regarding their shareholdings, including not transferring shares within 12 months of the company's stock listing and adhering to a minimum selling price after the lock-up period [2][3] - The company confirms that the commitments made by the shareholders have been strictly adhered to, and the planned reduction does not violate any of these commitments [3][4] - The reduction plan will not lead to a change in the control of the listed company, and the company will continue to monitor the situation and fulfill its information disclosure obligations [4]

| 证券代码：002949 | 证券简称：华阳国际 公告编号：2025-047 | | --- | --- | | 债券代码：128125 | 债券简称：华阳转债 | 深圳市华阳国际工程设计股份有限公司 关于持股 5%以上股东减持股份预披露公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 二、本次减持计划的主要内容 1、减持原因：合伙企业安排； 2、股份来源：首次公开发行前股份； 3、减持数量及占公司总股本的比例： 淮安旭天与淮安中天本次拟减持股份不超过 1,960,000 股，占公司总股本比 例 1%，其中，淮安旭天减持不超过 1,043,500 股，占公司总股本 0.53%；淮安中 天不超过 916,500 股，占公司总股本 0.47%。 持有本公司股份 12,838,000 股（占本公司总股本比例 6.55%）的股东淮安旭 天企业管理合伙企业（有限合伙）（以下简称"淮安旭天"）、持有本公司股份 11,230,000 股（占本公司总股本比例 5.73%）的股东淮安中天企业管理合伙企业 （有限合伙）（以下简称"淮安中天"）计划自本公告发布之日 ...

| 证券代码：002949 | 证券简称：华阳国际 公告编号：2025-046 | | --- | --- | | 债券代码：128125 | 债券简称：华阳转债 | 深圳市华阳国际工程设计股份有限公司 2025 年第二季度可转债转股情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、可转债发行上市概况 （一）可转债发行情况 经中国证监会"证监许可[2020]1220 号文"批准，公司于 2020 年 7 月 30 日公开发行了 450.00 万张可转换公司债券，每张面值 100 元，发行总额 45,000.00 万元，期限 6 年。 （二）可转债上市情况 经深交所"深证上〔2020〕718 号"文同意，公司 45,000.00 万元可转换公 司债券于 2020 年 8 月 21 日起在深交所挂牌交易，债券简称"华阳转债"，债券 代码"128125"。 （三）可转换公司债券转股价格调整情况 特别提示： | 证券代码：002949 | | | | | | 证券简称：华阳国际 | | | | --- | --- | --- | --- | --- | ...

Core Viewpoint - The credit rating report indicates that Huayang International Engineering Design Co., Ltd. maintains a stable credit rating outlook, supported by a strong order backlog and competitive positioning in the South China architectural design sector, despite facing challenges from a contracting construction industry [3][5]. Company Overview - Huayang International's main business is architectural design, with a high qualification level and strong brand recognition in the South China region [3][5]. - As of March 2025, the company reported total assets of 30.16 billion, with total liabilities of 4.44 billion and equity of 15.60 billion [3][4]. Financial Performance - The company's revenue for 2024 is projected to decline by 31.20%, with a significant drop in new contract amounts [5][8]. - The net profit for 2024 is expected to be 0.02 billion, down from 1.44 billion in 2023 [3][4]. - The operating cash flow for the first quarter of 2025 was negative 1.30 billion, compared to a positive 1.74 billion in the same period of 2024 [3][4]. Industry Environment - The engineering and design industry is experiencing a downturn due to the ongoing adjustments in the real estate sector, leading to reduced demand and increased competition [8][9]. - The construction industry's new starts and contract signings have been in negative growth territory, impacting the overall performance of engineering design firms [8][9]. Competitive Positioning - Huayang International has established long-term strategic partnerships with key clients in Shenzhen, contributing to a robust order backlog of 40.10 billion, which is approximately 4.22 times its expected revenue for 2024 [5][15]. - The company has received 18 international awards in 2024, enhancing its reputation and competitive edge in the market [15]. Risk Factors - The company faces risks related to the recovery of receivables, with a total of 7.43 billion in accounts receivable and contract assets as of March 2025 [5][16]. - The ongoing liquidity issues in the real estate sector and fiscal pressures on local governments may further strain the company's cash flow and receivables recovery [5][8].