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].

2020 年深圳市华阳国际工程设计 股份有限公司公开发行可转换公 司债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【131】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 2 ...

Group 1 - The core viewpoint of the articles highlights Huayang International's stock performance, with a closing price of 14.16 yuan, an increase of 4.66%, and a rolling PE ratio of 22.27 times, with a total market value of 2.776 billion yuan [1] - The average PE ratio for the engineering consulting service industry is 58.37 times, with a median of 39.59 times, placing Huayang International at the 26th position within the industry [1][2] - As of March 31, 2025, Huayang International has 10,772 shareholders, a decrease of 1,263 from the previous period, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 2 - Huayang International's main business includes architectural design and consulting, building technology innovation, and extending the industrial chain, with key products in digital (BIM) and intelligent (AI) research and development, prefabricated building design consulting, and digital cultural business [1] - The latest quarterly report for Q1 2025 shows that the company achieved an operating income of 264 million yuan, a year-on-year increase of 15.36%, while net profit was 2.4757 million yuan, a year-on-year decrease of 20.22%, with a sales gross margin of 19.48% [1]

Summary of Huayang International Conference Call Company Overview - **Company**: Huayang International - **Industry**: Architectural Design and Digital Culture Key Points Industry and Business Performance - The architectural design sector has stabilized after a downturn, with contracts increasing by nearly 30% year-on-year in 2025, marking a rare positive trend in recent years [3] - The company has restarted campus recruitment in 2025 due to employee capacity saturation, indicating a stable operational environment [2][3] Digital Culture and Short Drama Platform - Huayang International has established a full-stack micro-drama platform with a team of approximately 130-140 people, having produced around 50 short dramas, with 20-30 already launched [2][4] - Revenue for the first quarter reached over 30 million, contributing to a total revenue of approximately 80-90 million [2][5] - The copyright operation is still in its early stages, with expectations for gradual establishment as the number of copyrights increases [5] Technology and AI Focus - The technology segment is focusing on AI applications, particularly in architectural design, with an emphasis on intelligent agents [2][6] - Despite breakthroughs in BIM technology, commercialization has faced challenges due to low willingness to pay, leading to a strategic retreat to AI design [8] - AI is seen as a means to reduce costs and enhance efficiency, with the potential for market differentiation [8] International Business Expansion - The Hong Kong subsidiary has performed well and is considered the best among all subsidiaries [7] - The company is exploring the establishment of a separate office in the Middle East to better expand local business [7] Future Development Plans - The core goal is to maintain a healthy financial position, targeting a net profit and cash flow of 100-200 million annually [9] - The company aims to extend its cultural offerings, particularly in micro-dramas, and actively pursue AI applications [9] - Plans to focus on large-scale expansions that support core business operations, while also considering cross-industry asset acquisitions [9] Market Dynamics and Competition - The micro-drama market is rapidly evolving, becoming a significant cultural phenomenon in China, with intense competition from various players [10][11] - The shift in business models from paid to free viewing, combined with backend copyright operations and brand integration, is transforming the industry landscape [11] - Huayang International faces challenges as a new entrant but has advantages such as a strong team and partnerships with major platforms [11] Order Growth and Market Strategy - The first quarter saw a 30% year-on-year increase in orders, the first positive growth in several quarters, boosting confidence [12] - The company plans to stabilize its scale and focus on new business development, even if order growth does not continue [12] Regional Market Focus - The company has reduced its scale, with revenue and personnel decreasing by approximately 30-40% and 50%, respectively, due to a strategic focus on the Greater Bay Area [13][14] - Future plans prioritize the Greater Bay Area, leveraging its strong influence and government project opportunities [14]

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： 一、本次可转换公司债券回售的公告情况 深圳市华阳国际工程设计股份有限公司（以下简称"公司"）根据《深圳证 券交易所股票上市规则》《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》等法律法规及《深圳市华阳国际工程设计股份有限公司公开发行 可转换公司债券募集说明书》的相关规定，分别于2025年5月20日、2025年5月24、 2025年5月29日在中国证监会指定信息披露媒体《证券时报》《中国证券报》和 巨潮资讯网披露了《关于"华阳转债"回售的公告》《关于"华阳转债"回售的 提示性公告》（公告编号：2025-037、2025-042、2025-043），提示投资者可在 回售申报期内选择将持有的"华阳转债"全部或部分回售给公司，回售价格为 101.644元/张（含息、税），回售申报期为2025年5月26日至2025年5月30日。 | 证券代码：002949 | 证券简称：华阳国际 | 公告编号：2025-045 | | --- | --- | --- | | 债券代码：128125 | 债券简 ...

| 证券代码：002949 | 证券简称：华阳国际 | 公告编号：2025-044 | | --- | --- | --- | | 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"恢复转股的公告 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、 债券代码：128125 2、 债券简称：华阳转债 3、 转股起止期间：2021 年 2 月 5 日至 2026 年 7 月 29 日 4、 暂停转股期间：2025 年 5 月 26 日至 2025 年 5 月 30 日 5、 恢复转股时间：2025 年 6 月 3 日 "华阳转债"将在本次回售申报期结束的次一交易日，即2025年6月3日（星 期二）起恢复转股。敬请公司可转换公司债券持有人注意。 特此公告。 深圳市华阳国际工程设计股份有限公司 董事会 2025 年 5 月 30 日 深圳市华阳国际工程设计股份有限公司（以下简称"公司"）于2025年5月 15日召开"华阳转债"2025年第一次债券持有人会议，2025年5月16日召开2024 年度股 ...