Core Viewpoint - Huayang International announced an investment of 66 million yuan to establish a partnership with a professional investment institution, indicating a strategic move to expand its investment activities in the technology sector [1] Group 1: Investment Details - The company will contribute 66 million yuan, representing a 10.9963% stake in the newly formed Shenzhen Zhongtou Xinyao No.1 Technology Investment Partnership (Limited Partnership) [1] - The total capital commitment for the partnership is 600.2 million yuan, focusing on information technology consulting services and investment activities [1] Group 2: Approval Process - The investment decision falls within the general manager's approval authority, thus bypassing the need for board and shareholder meetings [1]

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、与专业投资机构共同投资情况概述 | 证券代码：002949 | 证券简称：华阳国际 | 公告编号：2025-069 | | --- | --- | --- | | 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 关于公司与专业投资机构共同投资的公告 近日，深圳市华阳国际工程设计股份有限公司（以下简称"公司""华阳国 际"）收到与普通合伙人深圳市天之宝科技有限责任公司（以下简称"天之宝"） 及其他有限合伙人签署的《深圳市重投芯耀一号科技投资合伙企业（有限合伙） 合伙协议》，公司与其他合伙人共同投资深圳市重投芯耀一号科技投资合伙企业 （有限合伙）。合伙企业的认缴出资为人民币 60,020 万元，公司以自有资金认缴 出资人民币 6,600 万元，出资比例为 10.9963%。 二、合作方基本情况 （一） 普通合伙人/执行事务合伙人：深圳市天之宝科技有限责任公司 根据《深圳证券交易所主板股票上市规则》《深圳证券交易所上市公司自律 监管指引第 7 号——交易与关联交易》及《公 ...

Investment Rating - The industry investment rating is currently neutral, indicating that the industry is expected to perform in line with the overall market [22]. Core Insights - The fixed asset investment and manufacturing investment growth rates have continued to decline, with a cumulative year-on-year decrease of 0.5% for fixed asset investment from January to September 2025, and a 4.0% year-on-year increase in manufacturing investment, which is a decline of 1.1 percentage points compared to the previous month [3][4]. - Infrastructure investment is under pressure, with a year-on-year growth of 3.3% for total infrastructure investment and 1.1% for infrastructure investment excluding electricity, both showing a decline in growth rates compared to the previous month [4]. - Real estate investment remains low, with a year-on-year decrease of 13.9% from January to September 2025, and construction starts down by 18.9% [10]. Summary by Sections Economic Overview - The GDP growth for the first three quarters of 2025 is reported at 5.2%, with quarterly growth rates of 5.4%, 5.2%, and 4.8% respectively [3]. Infrastructure Investment - Infrastructure investment growth is under pressure, with specific sectors like transportation, water conservancy, and public utilities showing varying degrees of decline [4]. - Eastern regions experienced a year-on-year investment decline of 4.5%, while central and western regions saw a slight increase of 1.5% [4]. Real Estate Investment - Real estate investment has shown a significant decline, with expectations of a slow recovery due to challenges in supply and inventory replenishment [10]. Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain traction with the implementation of national strategic layouts. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction among others [14].

Investment Rating - The industry investment rating is "Overweight" [2] Core Viewpoints - The economic operation in the first three quarters of 2025 shows steady progress, with fixed asset investment and manufacturing investment growth continuing to decline. The GDP growth rates for Q1, Q2, and Q3 of 2025 are 5.4%, 5.2%, and 4.8% respectively, leading to a cumulative year-on-year fixed asset investment decrease of 0.5% [4][5] - Infrastructure investment is under pressure, with transportation, water conservancy, and public utility investment growth all facing challenges. The total infrastructure investment growth rate (including all categories) is 3.3%, down 2.1 percentage points from the previous month [5] - Real estate investment remains low, with a year-on-year decrease of 13.9% in the first nine months of 2025, indicating a weak recovery in investment [10] Summary by Sections Economic Overview - The GDP growth for the first three quarters of 2025 is 5.2%, with a decline in fixed asset investment and manufacturing investment growth rates [4][5] Infrastructure Investment - Total infrastructure investment growth is 3.3%, with specific sectors like transportation and public utilities showing negative growth [5] Real Estate Investment - Real estate investment has decreased by 13.9% year-on-year, with construction starts and completions showing slight improvements [10] Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain flexibility with national strategic layouts. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction [14]

Core Insights - The engineering consulting services sector saw a rise of 1.52% on October 15, with Matrix Co. leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Sector Performance - Matrix Co. (301365) closed at 23.70, with a significant increase of 20.00% and a trading volume of 181,400 shares, amounting to a transaction value of 417 million [1] - Guangzi International (920892) and Huajian Group (600629) also performed well, with increases of 13.02% and 10.01%, respectively [1] - The overall trading volume and transaction values for various companies in the engineering consulting sector indicate strong market activity [1] Fund Flow Analysis - The engineering consulting services sector experienced a net outflow of 36.57 million from institutional investors and 30.73 million from retail investors, while individual investors saw a net inflow of 67.30 million [2] - The fund flow data highlights a mixed sentiment among different investor categories, with retail investors showing a positive trend [2][3] Individual Stock Fund Flow - Huajian Group (600629) had a net inflow of 14.8 million from institutional investors, while Matrix Co. (301365) saw a net outflow of 27.51 million from retail investors [3] - The fund flow dynamics suggest varying levels of confidence among institutional and retail investors in different stocks within the sector [3]

Core Points - The company, Huayang International Engineering Design Co., Ltd., has announced the status of its convertible bonds and stock changes for the third quarter of 2025 [2][6]. Group 1: Convertible Bond Issuance - The company issued 4.5 million convertible bonds with a total value of 450 million RMB, approved by the China Securities Regulatory Commission on July 30, 2020 [2]. - The bonds were listed on the Shenzhen Stock Exchange on August 21, 2020, under the name "Huayang Convertible Bonds" with the code "128125" [3]. Group 2: Conversion Price Adjustments - The initial conversion price was set at 25.79 RMB per share, which was adjusted to 25.39 RMB after a cash dividend of 4.00 RMB per 10 shares was distributed in May 2021 [4]. - Further adjustments were made, reducing the conversion price to 25.09 RMB after a cash dividend of 3.00 RMB per 10 shares in May 2022, and to 24.79 RMB after a cash dividend of 3.00 RMB per 10 shares in May 2023 [5]. - The conversion price was subsequently lowered to 18.39 RMB and then to 14.39 RMB following board approvals and dividend distributions [6]. Group 3: Bond Conversion and Share Changes - In the third quarter of 2025, the company reported a reduction in convertible bond amounts by 16,200 RMB, with 162 bonds converted into 1,121 shares [6]. - As of the end of the third quarter of 2025, the remaining amount of convertible bonds was 449,660,100 RMB, with 4,496,601 bonds still outstanding [6].

| 证券代码：002949 | 证券简称：华阳国际 | 公告编号：2025-068 | | --- | --- | --- | | 债券代码：128125 | 债券简称：华阳转债 | | 一、可转债发行上市概况 深圳市华阳国际工程设计股份有限公司 2025 年第三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。 特别提示： | | | | | | | | | | 证券简称：华阳国际 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券代码：128125 | | | | | | | | | 债券简称：华阳转债 | | | | 转股价格：人民币 | | 14.39 | | 元/股 | | | | | | | | | | | | | | 2026 | | | | | | | | | 2 | | | | | | | | | | | | | | 月 | | | | | | | | | | | 证券代码：002949 | | | | ...

Group 1 - The company Huayang International (002949.SZ) has established a joint venture with China Resources, named Dongguan Runyang Joint Intelligent Manufacturing Co., Ltd., which primarily focuses on the production of prefabricated components for assembly-type buildings [1] - The core raw materials for the prefabricated components are sourced from domestic suppliers [1] Group 2 - An investor inquired about the specific domestic procurement rate of core raw materials such as rebar and precast concrete components for the assembly-type components [3] - The investor also asked whether the domestic replacement ratio of intelligent control systems in engineering general contracting projects has exceeded 80% [3] - Additionally, the investor sought information on the positive impact of increased domestic procurement rates and the application of green building technologies on the overall gross profit margin [3]

Company Overview - Huayang International is located in Longhua District, Shenzhen, Guangdong Province, and was established on August 9, 1993. The company was listed on February 26, 2019. Its main business includes architectural design, cost consulting, general contracting, and full-process engineering consulting [1][2]. Financial Performance - For the first half of 2025, Huayang International achieved operating revenue of 601 million yuan, representing a year-on-year growth of 15.60%. However, the net profit attributable to the parent company was 34.99 million yuan, a decrease of 40.93% year-on-year [2]. - Since its A-share listing, Huayang International has distributed a total of 510 million yuan in dividends, with 284 million yuan distributed in the last three years [3]. Stock Performance - As of September 25, Huayang International's stock price was 16.16 yuan per share, down 2.00% during the trading session. The stock has decreased by 7.50% year-to-date but has increased by 1.38% over the last five trading days and by 17.61% over the last 20 days [1]. - The company has a total market capitalization of 3.168 billion yuan, with a trading volume of 86.45 million yuan and a turnover rate of 3.50% [1]. Shareholder Information - As of June 30, 2025, Huayang International had 12,600 shareholders, an increase of 16.53% from the previous period. The average number of circulating shares per person was 12,099, a decrease of 13.10% [2]. - Notably, the top ten circulating shareholders included a change, with Penghua High-Quality Growth Mixed A (010490) exiting the list [3]. Business Segmentation - The main revenue sources for Huayang International are as follows: public building design (35.23%), residential building design (26.66%), digital culture business (18.09%), cost consulting (7.83%), commercial complex design (6.32%), general contracting (2.85%), and full-process consulting and other services (1.54%) [1].

Market Overview - On September 22, the engineering consulting services sector rose by 0.79% compared to the previous trading day, with Shenwater Planning Institute leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Shenwater Planning Institute (301038) closed at 30.60, with a gain of 7.94% and a trading volume of 181,400 shares, amounting to a transaction value of 537 million yuan [1] - Other notable performers included: - Deep City Transportation (301091) at 33.27, up 7.32% with a trading volume of 204,600 shares [1] - Suzhou Planning (301505) at 22.99, up 5.17% with a trading volume of 42,700 shares [1] - Huayang International (002949) at 16.51, up 2.61% with a trading volume of 195,500 shares [1] Fund Flow Analysis - The engineering consulting services sector saw a net inflow of 23.62 million yuan from institutional investors, while retail investors contributed a net inflow of 7.68 million yuan [2] - Notable net inflows from major stocks included: - Shenwater Planning Institute with a net inflow of 68.28 million yuan [3] - Deep City Transportation with a net inflow of 44.18 million yuan [3] - Huayang International with a net inflow of 42.19 million yuan [3] Declining Stocks - Several stocks in the sector experienced declines, including: - Zhongshe Consulting (833873) down 4.44% to 7.53 [2] - Qingju Technology (836208) down 4.43% to 26.75 [2] - Shanshui Bide (300844) down 3.22% to 47.50 [2]