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]

Market Overview - The Shanghai Composite Index closed at 3831.66 points, above the annual line, with a decline of 1.15% [1] - The total trading volume of A-shares reached 31666.43 billion yuan [1] Stocks Breaking Annual Line - A total of 15 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - Stocks with the highest deviation rates include: - Gongyuan Co., Ltd. (8.27%) - Huayang International (7.83%) - China Automotive Technology & Research Center (5.07%) [1] Detailed Stock Performance - The following table summarizes the performance of stocks that broke the annual line on September 18: - Gongyuan Co., Ltd. (002641): Price increased by 9.95%, turnover rate 3.59%, annual line 4.29 yuan, latest price 4.64 yuan, deviation rate 8.27% [1] - Huayang International (002949): Price increased by 10.01%, turnover rate 8.81%, annual line 14.78 yuan, latest price 15.94 yuan, deviation rate 7.83% [1] - China Automotive Technology & Research Center (601965): Price increased by 5.19%, turnover rate 3.87%, annual line 18.12 yuan, latest price 19.04 yuan, deviation rate 5.07% [1] - Other stocks with lower deviation rates include: - ST Yigou (000024): Price increased by 1.05%, turnover rate 0.65%, annual line 1.92 yuan, latest price 1.92 yuan, deviation rate 0.03% [1]

Investment Rating - The report assigns an "Accumulate" rating for the construction engineering industry [8] Core Insights - In August, broad infrastructure investment decreased by 6.4%, with a month-on-month decline of 4.5 percentage points, while narrow infrastructure investment fell by 5.9%, with a month-on-month decline of 0.8 percentage points [4][6] - Real estate investment in August saw a year-on-year decline of 19.9%, with the drop expanding compared to July [7] - The report highlights a trend towards stabilization in the real estate market, despite ongoing challenges [7] - Infrastructure investment from January to August grew by 2.0% year-on-year, outpacing overall investment growth [7] Summary by Sections Infrastructure Investment - Broad infrastructure investment in August decreased by 6.4%, a decline of 12.6 percentage points compared to the same month in 2024, and a month-on-month drop of 4.5 percentage points [6] - Narrow infrastructure investment fell by 5.9%, with a year-on-year decline of 7.1 percentage points and a month-on-month decrease of 0.8 percentage points [6] - Specific sectors such as water conservancy saw a significant drop of 29.8% year-on-year, while public facilities decreased by 11.6% [6] Real Estate Market - Real estate investment in August dropped by 19.9% year-on-year, with sales area declining by 11.0% [7] - New construction area fell by 19.8%, and completed area decreased by 21.2% [7] - The report indicates that the real estate market is moving towards stabilization, with inventory reduction efforts showing results [7] Investment Recommendations - The report recommends undervalued high-dividend stocks such as China State Construction (dividend yield 4.85%), China Railway Construction (dividend yield 3.74%), and Tunnel Corporation (dividend yield 4.48%) [7] - It also highlights the potential for growth in private investment in infrastructure, particularly in green energy [7]

Company Overview - Huayang International's stock price increased by 2.04% on September 17, reaching 14.50 CNY per share, with a trading volume of 45.20 million CNY and a turnover rate of 2.07%, resulting in a total market capitalization of 2.84 billion CNY [1] - The company has experienced a year-to-date stock price decline of 17.00%, with a 1.83% increase over the last five trading days, a 0.89% decrease over the last 20 days, and a 9.60% increase over the last 60 days [1] - Huayang International, established on August 9, 1993, and listed on February 26, 2019, is based in Longhua District, Shenzhen, Guangdong Province, and specializes in architectural design and related services [1] Business Segments - The main business revenue composition includes: 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 Other Services (1.54%) [1] Financial Performance - For the first half of 2025, Huayang International reported a revenue of 601 million CNY, representing a year-on-year growth of 15.60%, while the net profit attributable to shareholders decreased by 40.93% to 34.99 million CNY [2] - The company has distributed a total of 510 million CNY in dividends since its A-share listing, with 284 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of Huayang International's shareholders increased by 16.53% to 12,600, while the average circulating shares per person decreased by 13.10% to 12,099 shares [2] - Notably, the top ten circulating shareholders saw a change, with Penghua High-Quality Growth Mixed A (010490) exiting the list [3]

Investment Rating - Industry rating is maintained at "Outperform the Market" [6] Core Insights - Infrastructure investment in August shows a narrowing year-on-year decline, with a focus on investment opportunities in the central and western regions [1] - Real estate sales area decreased by 4.7% year-on-year from January to August, with a significant drop of 11% in August alone [2] - Cement prices have started to rise after a prolonged period of decline, indicating potential recovery in profitability for cement companies [3] - The flat glass production showed a year-on-year decline of 4.5% from January to August, but the decline is narrowing, suggesting a potential improvement in demand [4] Summary by Sections Infrastructure Investment - From January to August, real estate development investment decreased by 12.9%, while narrow and broad infrastructure investments increased by 2% and 5.4% respectively [1] - Cumulative new special bonds reached 32,641.37 billion yuan, up 26.9% year-on-year, indicating strong support for infrastructure projects [1] Real Estate Market - New construction area decreased by 19.5% year-on-year from January to August, with a monthly decline of 19.8% in August [2] - Completion area saw a year-on-year decline of 17% from January to August, with a monthly drop of 21.2% in August [2] Cement Industry - Cement production from January to August was 1.105 billion tons, down 4.8% year-on-year, with August production at 148 million tons, a 6.2% decline [3] - The average cement price in August was 349 yuan per ton, showing a slight increase from earlier in the month [3] Glass Industry - Flat glass production from January to August was 64.818 million weight cases, down 4.5% year-on-year, with August production at 8.267 million weight cases, a 2% decline [4] - The market is showing signs of demand improvement as inventory levels decrease and production lines resume operations [4]