Group 1 - The Yarlung Zangbo River downstream hydropower project is expected to significantly boost infrastructure investment and improve the development environment in central and western China [1] - The project, with a total investment of approximately 1.2 trillion yuan, represents 88.7% of China's total water conservancy investment for 2024 and is six times the annual investment amount for Tibet [1] - The project is anticipated to drive regional economic growth, promote clean energy development, and enhance water resource utilization [1] Group 2 - The Yarlung Zangbo project will utilize a unique development approach involving underground construction and the establishment of five tiered power stations, leveraging a height difference of 2000 meters for power generation [2] - The newly established China Yajiang Group aims to ensure the smooth construction and operation of the project, positioning it as a landmark engineering project with Chinese characteristics [2] - Various sectors, including hydropower construction, tunnel excavation, explosives, electrical equipment, foundation treatment, and building materials, are expected to benefit from the project's construction challenges [2]

Group 1 - The Shanghai Composite Index is at 3625.08 points, above the five-day moving average, with an increase of 0.43% [1] - The total trading volume of A-shares is 820.266 billion yuan [1] - A total of 339 A-shares have prices that have surpassed the five-day moving average, with notable stocks showing significant deviation rates [1] Group 2 - The stocks with the highest deviation rates from the five-day moving average include: - Shiyan Institute (300732) with a deviation rate of 15.41% and a daily increase of 20.00% [1] - *ST Tianwei (688511) with a deviation rate of 7.56% and a daily increase of 10.34% [1] - Shenma Electric Power (603530) with a deviation rate of 7.42% and a daily increase of 10.01% [1] - Other stocks with notable performance include: - Hehua Co. (000953) with a deviation rate of 7.39% and a daily increase of 10.01% [1] - Luban Chemical (600727) with a deviation rate of 6.98% and a daily increase of 10.05% [1]

Group 1 - The hydroelectric concept is experiencing a rebound, with significant stock price increases observed in several companies [1] - Xizang Tianlu (600326) saw a rise of over 5% and reached a new high during trading [1] - Xining Special Steel (600117) achieved two consecutive trading limit increases [1] Group 2 - Sheyan Institute (300732) hit the 20% trading limit increase [1] - Deepwater Regulation Institute (301038) rose over 10% [1] - Other companies such as Shanhe Intelligent (002097), Baogang Co. (600010), Baoli International (300135), Jiugang Hongxing (600307), and Sujiao Science and Technology (300284) also experienced price increases [1]

| 证券代码：300732 | 证券简称：设研院 公告编号：2025-044 | | --- | --- | | 债券代码：123130 | 债券简称：设研转债 | 河南省中工设计研究院集团股份有限公司 关于高级管理人员减持计划完成的公告 高级管理人员莫杰先生保证向公司提供的信息内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 河南省中工设计研究院集团股份有限公司（以下简称"公司"）于 2025 年 5 月 21 日在巨潮资讯网（www.cninfo.com.cn）披露了《关于高级管理人员减持 预披露的公告》（公告编号：2025-040）。公司副总经理莫杰先生、魏俊锋先生计 划减持公告披露之日起 15 个交易日后的 3 个月内（2025 年 6 月 13 日至 2025 年 9 月 12 日）以集中竞价方式减持其所持部分公司股份。 2025 年 6 月 16 日，公司披露了《关于部分高级管理人员减持计划完成的公 告》（公告编号：2025-042），公司副总经理魏俊锋先生完成了其预披露公告中的 减持计划。 近日，公司收到莫杰先生的减 ...

Market Overview - As of July 24, the Shanghai Composite Index closed at 3605.73 points, up 23.43 points, with a gain of 0.65% [1] - The Shenzhen Component Index closed at 11193.06 points, up 134.02 points, with a gain of 1.21% [1] - The ChiNext Index closed at 2345.37 points, up 34.70 points, with a gain of 1.50% [1] Trading Activity - A total of 101 A-shares had a turnover rate exceeding 20% on July 24 [1] - Notable stocks with high turnover rates included: - C Jiyuan (603262) with a turnover rate of 58.79% and a closing price of 38.67 CNY, down 5.10% [1] - C Shanda (301609) with a turnover rate of 55.61% and a closing price of 60.79 CNY, down 9.07% [1] - Shen Nong Agriculture (300189) with a turnover rate of 53.68% and a closing price of 5.47 CNY, up 19.96% [1] - Hengli Drill (836942) with a turnover rate of 50.38% and a closing price of 56.19 CNY, up 29.98% [1] Notable Stocks - Other significant stocks with high turnover rates included: - Zhongshe Co. (002883) with a turnover rate of 49.68% and a closing price of 16.79 CNY, up 10.03% [1] - Yongda Co. (001239) with a turnover rate of 47.19% and a closing price of 19.41 CNY, down 7.88% [1] - Nankuang Group (001360) with a turnover rate of 47.09% and a closing price of 18.71 CNY, down 9.96% [1] - Guanlong Energy (301151) with a turnover rate of 46.56% and a closing price of 24.47 CNY, up 1.49% [1] Additional Insights - The trading data indicates a significant level of activity in the market, with several stocks experiencing notable price movements and turnover rates [1][2][3][4]

Group 1 - The A-share water conservancy sector is experiencing significant activity, with several companies showing notable stock price increases [1] - Deep Water Planning and Dahongli both reached the daily limit of a 20% increase [1] - BiKang Technology saw a rise of over 18%, while Wuxin Tunnel Equipment increased by more than 15% [1] - The Design Research Institute rose by over 14%, and Dayu Water-saving increased by over 13% [1]

Core Viewpoint - The Yarlung Tsangpo River downstream hydropower project involves an investment of approximately 1.2 trillion yuan, expected to stimulate China's economy and various related industries significantly [1] Investment Impact - The project is projected to boost China's economic growth by 0.1% in its first year [1] - Long-term stimulation is anticipated for industries such as water conservancy, infrastructure, steel, cement, and engineering machinery [1] Company Profile - The company is one of the few design consulting firms in China with "three comprehensive and one first-class" qualifications, providing integrated technical services across seven infrastructure sectors [1] - The company has a regional headquarters in Sichuan-Chongqing, which also covers Tibet, and has established a subsidiary in Tibet, indicating a strong presence in the local market [1] Future Opportunities - The company plans to leverage its localized service advantages to actively seek participation in the trillion-yuan investment related to infrastructure construction opportunities [1]

| 证券代码：300732 | 证券简称：设研院 公告编号：2025-043 | | --- | --- | | 债券代码：123130 | 债券简称：设研转债 | 河南省中工设计研究院集团股份有限公司 关于 2025 年第二季度可转换公司债券转股情况公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、设研转债（债券代码：123130）转股期限为2022年5月17日至2027年11月 10日，最新转股价为8.05元/股； 2、2025年第二季度，无"设研转债"转股。 3、截至2025年第二季度末，公司剩余可转换公司债券为3,754,057张，剩余 票面总金额为人民币375,405,700元。 根据《深圳证券交易所创业板股票上市规则》（以下简称"《上市规则》"） 和《深圳证券交易所可转换公司债券业务实施细则》的有关规定，河南省中工设 计研究院集团股份有限公司（以下简称"公司"或"设研院"）现将2025年第二 季度可转换公司债券（以下简称"可转债"）转股及公司总股本变化情况公告如 下： 一、可转债发行上市基本情况 经中国证券监督管理委员会证监许可 ...

证券代码：300732 证券简称：设研院 债券代码：123130 债券简称：设研转债 河南省中工设计研究院集团股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 二〇二五年六月 1 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）《关于 河南省交通规划设计研究院股份有限公司向不特定对象发行可转换公司债券之 债券受托管理协议》（以下简称"《受托管理协议》"）《河南省交通规划设计研究 院股份有限公司向不特定对象发行可转换公司债券并在创业板上市募集说明书》 （以下简称"《募集说明书》"）《河南省交通规划设计研究院股份有限公司 2024 年年度报告》等相关公开信息披露文件、第三方中介机构出具的专业意见等，由 本期债券受托管理人华泰联合证券有限责任公司（以下简称"华泰联合证券"）编 制。华泰联合证券对本报告中所包含的从上述文件中引述内容和信息未进行独立 验证，也不就该等引述内容和信息的真实性、准确性和完整性做出任何保证或承 担任何责任。 本报告不构成对投资者进行或不进行 ...

Company Overview - The company, Henan Zhonggong Design Research Institute Group Co., Ltd., is a leading enterprise in the private transportation engineering design consulting industry in Henan Province [3][4] - The company has obtained a comprehensive Class A engineering design qualification, maintaining competitive advantages in research capabilities, talent reserves, qualifications, and project acquisition [3][4] Financial Performance - In 2024, the company experienced a decline in new orders and total revenue due to changes in the external investment environment, a slowdown in infrastructure investment growth, and policies aimed at mitigating local government hidden debt risks [3][4] - The company's total revenue for 2024 decreased by 34.97%, with asset impairment losses and credit impairment losses totaling -254 million yuan, resulting in a net profit of -231 million yuan [3][4] - As of the first quarter of 2025, the company reported a net profit of -11 million yuan, with total asset impairment losses and credit impairment losses of -60 million yuan [3][4] Debt and Liquidity - The company has a relatively good debt maturity structure, with short-term repayment pressure being low, and an overall debt burden considered moderate [3][4] - The company's cash and cash flow from operating activities provide a reasonable level of support for the "Seyuan Convertible Bond," although the net cash flow from operating activities offers weak protection [3][4] Market Environment - The economic environment in Henan Province remains favorable, with a GDP of 63,589.99 billion yuan in 2024, reflecting a year-on-year growth of 5.1% [4][9] - The province plans to expand its highway network to a total length of 13,800 kilometers by 2035, indicating strong demand for infrastructure development [4][9] Risks and Challenges - The company faces risks related to the aging of accounts receivable, with a significant portion of current assets tied up in receivables, inventories, and contract assets, which could lead to increased impairment losses [3][4] - The company's business is heavily influenced by the progress of infrastructure investment in Henan Province, and delays in project execution could adversely affect revenue recognition and business acquisition [3][4]