Core Viewpoint - Guangzhou Metro Design Institute Co., Ltd. plans to acquire 100% equity of Guangzhou Metro Engineering Consulting Co., Ltd. from Guangzhou Metro Group through a share issuance and raise supporting funds from no more than 35 specific investors [1] Group 1 - The company has completed the update of financial data related to the transaction application on October 30, 2025, and submitted a resumption review application to the Shenzhen Stock Exchange [1] - On October 31, 2025, the Shenzhen Stock Exchange agreed to resume the review of this transaction [1] - The transaction is subject to approval from the Shenzhen Stock Exchange and registration by the China Securities Regulatory Commission, indicating uncertainty regarding the approval timeline [1]

Group 1 - The company held its 10th meeting of the 3rd Board of Directors on October 30, 2025, via telecommunication, with all 9 directors present [2] - The board approved the proposal to issue shares to acquire 100% equity of Guangzhou Metro Engineering Consulting Co., Ltd. from Guangzhou Metro Group Co., Ltd. and to raise supporting funds from no more than 35 specific investors [3][12] - The financial data for the transaction was updated with an audit benchmark date of June 30, 2025, and the related documents were revised to comply with relevant laws and regulations [4][21] Group 2 - The board approved the extension audit report and pro forma review report related to the transaction, which were necessary due to the expiration of the financial data's validity [7][8] - The board's decision was supported by the Strategic Committee, Audit Committee, and Independent Directors, with a voting result of 6 in favor and none against [5][9] - The company is not required to submit the proposal to the shareholders' meeting for approval, as authorized by the second temporary shareholders' meeting of 2025 [6][10] Group 3 - The company received an inquiry letter from the Shenzhen Stock Exchange regarding the application for the share issuance and asset acquisition on July 11, 2025, and responded with a revised document on September 23, 2025 [13][20] - The company submitted a request to resume the review of the share issuance and asset acquisition application after updating the relevant documents [19][20] - The transaction is subject to approval from the Shenzhen Stock Exchange and registration by the China Securities Regulatory Commission, with uncertainties regarding the timing of these approvals [16][19]

Group 1 - Infrastructure investment growth has narrowed year-on-year, with the construction sector underperforming the broader market. Fixed asset investment from January to September 2025 decreased by 0.5% year-on-year, while infrastructure investment increased by 3.34%, a decline of 2.08 percentage points compared to the previous period. The construction industry's new contract value was 21.30 trillion yuan, down 4.6% year-on-year, with a significant slowdown in new orders due to local fiscal pressures [3][19][23] - The eight major state-owned enterprises (SOEs) maintained stable new contract signings, but there was an increase in corporate differentiation. The overall revenue growth of these SOEs decreased by 4.4% year-on-year, and net profit attributable to shareholders fell by 7.5% due to various pressures including slowing infrastructure investment and prolonged repayment cycles [4][49] - Recommended investment themes include overseas construction, urban renewal, digital construction, power engineering, and debt resolution. The overseas contracting business completed a total of 122.33 billion USD from January to September 2025, an increase of 11.4% year-on-year, with "Belt and Road" countries being the primary target [5][76][82] Group 2 - The construction sector's overall performance was weaker than the market, with the construction decoration index rising by 9.4% from early 2025 to October 29, underperforming the broader indices such as the Wind All A Index (+28.4%) and the CSI 300 Index (+20.7%) [23][27] - The construction sector's allocation ratio was 0.62% in Q3 2025, which is 0.94 percentage points lower than the industry standard allocation ratio. The total market value of public fund holdings in the construction sector decreased by 4.2% [35][39] - The eight major SOEs saw a decrease in their allocation ratios, with the top five holdings accounting for only 10.0% of the construction sector, indicating a lower concentration of holdings [39][41]

证券代码：003013 证券简称：地铁设计 公告编号：2025-063 广州地铁设计研究院股份有限公司 关于收到深圳证券交易所恢复审核发行股份购买资 产并募集配套资金暨关联交易通知的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广州地铁设计研究院股份有限公司（以下简称"公司"）拟通过发行股份的 方式购买广州地铁集团有限公司持有的广州地铁工程咨询有限公司 100%股权并 向不超过 35 名特定投资者发行股份募集配套资金（以下简称"本次交易"）。 公司于 2025 年 10 月 30 日完成对本次交易申请文件中记载的财务资料的更 新工作，并向深圳证券交易所（以下简称"深交所"）提交恢复审核申请。2025 年 10 月 31 日，深交所同意恢复审核本次交易事项。 本次交易尚需深交所审核通过以及中国证券监督管理委员会同意注册后方 可实施。本次交易能否取得相关部门的审核或注册，以及最终取得审核或注册的 时间均存在不确定性。公司将继续推进相关工作，严格按照相关法律法规的规定 和要求及时履行信息披露义务。敬请广大投资者关注后续公告并注意投资风险。 特此公告。 广州地 ...

Core Viewpoint - The company plans to acquire 100% equity of Guangzhou Metro Engineering Consulting held by Guangzhou Metro Group through a share issuance and will raise supporting funds by issuing shares to no more than 35 specific investors [1] Group 1 - The company completed financial data updates on October 30, 2025, and submitted an application for resuming review [1] - On October 31, the Shenzhen Stock Exchange agreed to resume the review process [1] - The transaction is subject to approval by the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission, with uncertain final results and timelines [1]

New Consumption - The company Ruyuchen (003010.SZ) reported a 73% year-on-year growth in net profit attributable to shareholders in Q3 2025, driven by strong performance in its proprietary brands [2][10] - For the first three quarters of 2025, the company achieved revenue of 2.14 billion yuan, an 85% increase year-on-year, and a net profit of 105 million yuan, up 82% [2][10] - The proprietary brand business accounted for 55.1% of total revenue, with brands like Zhanjia and Feicui maintaining high growth rates [11][12] Metal New Materials - Xiamen Tungsten (600549.SH) exceeded expectations in Q3 2025, with revenue of 12.82 billion yuan, a 39.3% year-on-year increase, and a net profit of 810 million yuan, up 109.9% [15][16] - The tungsten and molybdenum segment saw significant profit growth due to rising tungsten prices, with Q3 profits reaching 1.06 billion yuan, a 98.3% increase year-on-year [16][18] - The company is positioned to benefit from the rising demand for cobalt lithium in the energy new materials sector, with a 45% year-on-year increase in sales volume [17][18] Transportation - Milkewei (603713.SH) reported a 2.1% increase in revenue to 3.64 billion yuan in Q3 2025, although net profit decreased by 3.5% to 173 million yuan [20][21] - The company's integrated logistics strategy is showing results, with total assets growing by 41.42% year-on-year, indicating rapid expansion in distribution business [21][23] - The gross margin improved to 11.2%, driven by optimization in distribution product categories [21][22] Machinery/Building Materials - Weixing New Materials (002372.SZ) experienced a revenue decline of 10.76% year-on-year in the first three quarters of 2025, with net profit down 13.52% [25][26] - The company reported a slight improvement in performance due to investment gains, with a gross margin of 43.04% in Q3 [26][27] - The company is facing challenges in operational performance despite a healthy cash flow situation [27][28] Overseas/Education Research - Tiangong International (00826.HK) is transitioning from a cutting tool manufacturer to a leader in high-end materials, focusing on powder metallurgy and titanium alloy sectors [34][35] - The company is expected to benefit from the growing demand in high-value sectors such as aerospace and consumer electronics [36][38] - The powder metallurgy technology is seen as a key platform for entering strategic new materials and high-end manufacturing markets, potentially enhancing both performance and valuation [37][38] North Exchange - Jianbang Technology (920242.BJ) reported a 9% year-on-year revenue increase to 586 million yuan in the first three quarters of 2025, despite facing credit loss provisions [39][40] - The company is expanding its product offerings in the automotive electronics sector and has initiated production at its Thailand factory [41][42] - Future growth is anticipated from the development of optoelectronic hybrid interconnection products and a focus on non-automotive components [42]

Group 1 - The company, Metro Design (SZ 003013), announced that its third board meeting was held on October 30, 2025, via telecommunication to review the audit reports related to a specific transaction [1] - For the first half of 2025, the company's revenue composition was as follows: 81.97% from surveying and design, 16.07% from engineering general contracting, 1.9% from planning consulting, and 0.06% from other businesses [1] - As of the report date, Metro Design's market capitalization was 6.3 billion yuan [1]

证券代码：003013 证券简称：地铁设计 公告编号：2025-062 广州地铁设计研究院股份有限公司 关于向深圳证券交易所申请恢复审核发行股份购买 资产并募集配套资金暨关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 时间均存在不确定性。公司将继续推进相关工作，严格按照相关法律法规的规定 和要求及时履行信息披露义务。敬请广大投资者关注后续公告并注意投资风险。 特此公告。 广州地铁设计研究院股份有限公司 董 事 会 2025 年 10 月 31 日 2 广州地铁设计研究院股份有限公司（以下简称"公司"）拟通过发行股份的 方式购买广州地铁集团有限公司持有的广州地铁工程咨询有限公司 100%股权并 向不超过 35 名特定投资者发行股份募集配套资金（以下简称"本次交易"）。 2025 年 6 月 27 日，公司收到深圳证券交易所（以下简称"深交所"）出具 的《关于受理广州地铁设计研究院股份有限公司发行股份购买资产并募集配套资 金申请文件的通知》（深证上审〔2025〕112 号）。深交所对公司报送的发行股 份购买资产并募集配套资金申请文件进行了核对，认为 ...

广东中企华正诚资产房地产土地评估造价咨询有限公司《关于广 州地铁设计研究院股份有限公司发行股份购买资产并募集配套 资金申请的审核问询函的回复》之专项核查意见 深圳证券交易所上市审核中心： 广州地铁设计研究院股份有限公司（以下简称"上市公司""公司"或"地 铁设计"）于 2025 年 7 月 11 日收到深圳证券交易所上市审核中心下发的《关于 广州地铁设计研究院股份有限公司发行股份购买资产并募集配套资金申请的审 核问询函》（审核函〔2025〕130011 号）（以下简称"审核问询函"）。评估 机构会同上市公司及其他中介机构就审核问询函所提问题进行了认真讨论分析， 现就有关事项发表核查意见。现提交贵所，请予审核。 如无特别说明，本审核问询函回复中的简称或名词释义与重组报告书所定义 的词语或简称具有相同的含义。在本审核问询函回复中，若合计数与各分项数值 相加之和在尾数上存在差异，均为四舍五入所致。本审核问询函回复所引用的财 务数据和财务指标，如无特殊说明，指合并报表口径的财务数据和根据该类财务 数据计算的财务指标。 | 审核问询函所列问题 | 黑体（加粗） | | --- | --- | | 审核问询函所列问题的回 ...

证券代码：003013 证券简称：地铁设计 公告编号：2025-059 广州地铁设计研究院股份有限公司 第三届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 广州地铁设计研究院股份有限公司（以下简称"公司"）第三届董事会第十 次会议于 2025 年 10 月 30 日（星期四）以通讯表决方式召开，会议通知已于 2025 年 10 月 27 日以电子邮件的形式送达各位董事。本次会议应出席董事 9 人，实际 出席董事 9 人，无委托出席情况。会议由董事长王迪军先生主持，本次会议的召 开和表决程序符合《中华人民共和国公司法》（以下简称"《公司法》"）等有 关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 与会董事以投票表决方式审议通过以下议案： （一）审议通过《关于<广州地铁设计研究院股份有限公司发行股份购买资 产并募集配套资金暨关联交易报告书（草案）（修订稿）>及其摘要的议案》 公司拟通过发行股份的方式购买广州地铁集团有限公司持有的广州地铁工 程咨询有限公司（以下简称"标的公司" ...