Investment Rating - The industry investment rating is "Overweight" [2][22]. Core Viewpoints - The economy showed stable growth in the first half of 2025, with GDP increasing by 5.3% year-on-year. However, fixed asset investment growth weakened, with a cumulative year-on-year increase of 2.8%, down 0.9 percentage points from January to May [3][4]. - Infrastructure investment growth also weakened, with total infrastructure investment (including all categories) increasing by 8.9% year-on-year, a decrease of 1.5 percentage points compared to January to May. Notably, investment in transportation, warehousing, and postal services rose by 5.6% year-on-year, while investment in water conservancy, environment, and public facilities management increased by 3.5% [4][7]. - Real estate investment remained low, with a year-on-year decrease of 11.2% in the first half of 2025. The decline in construction starts and completions narrowed, with starts down 20.0% and completions down 14.8% year-on-year [7][8]. Summary by Sections Economic Overview - The first half of 2025 saw a GDP growth of 5.3%, with quarterly growth rates of 5.4% in Q1 and 5.2% in Q2. Fixed asset investment growth was at 2.8%, with manufacturing investment increasing by 7.5% [3][4]. Infrastructure Investment - Infrastructure investment (all categories) grew by 8.9% year-on-year, while investment excluding electricity increased by 4.6%. Transportation and postal services saw a 5.6% increase, while water and environmental management investment rose by 3.5% [4][5]. Real Estate Investment - Real estate investment decreased by 11.2% year-on-year, with construction starts down 20.0% and completions down 14.8%. The pace of investment recovery is expected to be slower than in previous cycles, highlighting the need for more supportive policies [7][8]. Investment Recommendations - The report suggests that the overall industry is currently weak, but regional investments may gain momentum due to national strategic initiatives. Recommended companies include state-owned enterprises like China Chemical, China Energy Construction, and China Railway Construction, as well as private firms like Zhi Te New Materials and Honglu Steel Structure [15].

证券代码：300977 证券简称：深圳瑞捷 公告编号：2025-030 深圳瑞捷技术股份有限公司 2025年第一次临时股东大会决议公告 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。 特别提示： 1.本次股东大会未出现否决议案的情形。 2.本次股东大会不涉及变更以往股东大会决议。 一、会议的召开情况 （一）会议召开时间 1.现场会议：2025 年 7 月 14 日（星期一）15:00 2.网络投票：通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 7 月 14 日 9:15—9:25，9:30—11:30 和 13:00—15:00；通过深圳证券交易所互 联网投票系统进行网络投票的具体时间为 2025 年 7 月 14 日 9:15—15:00。 通过现场和网络投票的中小股东 52 人，代表股份 210,913 股，占公司有效表 决权股份总数的 0.1386％。其中：通过现场投票的中小股东 1 人，代表股份 100 股， 占公司有效表决权股份总数的 0.0001％。通过网络投票的中小股东 51 人，代表股 份 210,813 股，占公司有效表决 ...

中国 深圳 福田区 益田路6001号太平金融大厦11-12楼 邮政编码：518038 11-12F., TAIPING FINANCE TOWER, NO. 6001 YITIAN ROAD, SHENZHEN, P.R. CHINA 电话(Tel.)：(0755) 88265288 传真(Fax.)：(0755) 88265537 网址（Website）：https://www.sundiallawfirm.com 法律意见书 信达会字[2025]第 220 号 致：深圳瑞捷技术股份有限公司 广东信达律师事务所 关于深圳瑞捷技术股份有限公司 2025年第一次临时股东大会的 信达律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》和《律师事务所 证券法律业务执业规则（试行）》以及贵公司《公司章程》等规定，对本次股东 大会的召集和召开程序、出席会议人员和召集人的资格、表决程序和表决结果等 事项发表法律意见。 为出具本法律意见书，信达律师特作如下声明： 1.信 ...

Investment Rating - The report rates the construction and decoration industry as "Overweight" [2][8] Core Viewpoints - The overall investment growth rate is weak, with infrastructure investment providing relative stability amidst pressures in manufacturing and real estate. Infrastructure investment (excluding electricity) grew by 5.6% year-on-year from January to May 2025, while total infrastructure investment increased by 10.4% [2] - The report predicts that corporate profits will face pressure in the first half of 2025 due to slowing fixed asset investment growth and a focus on project quality. The expected net profit growth rates for key companies are categorized into various ranges, with some companies projected to see declines [2][3] - The report suggests that low valuations of state-owned enterprises in the construction sector may recover due to ongoing economic stimulus policies and management's market value management methods. The current PE and PB ratios for the construction industry are at 11.2X and 0.76X, respectively, indicating a bottom position [2] - Investment recommendations include state-owned enterprises such as China Chemical, China Railway, and China Railway Construction, as well as private companies like Zhi Te New Materials and Shenzhen Ruijie [2] Summary by Relevant Sections Profit Growth Predictions - Companies with a net profit growth rate below -10%: China Railway, China Railway Construction, China Metallurgical Group, China Power Construction, Shanghai Construction, Honglu Steel Structure, Southeast Network Framework [3] - Companies with a net profit growth rate between -10% and 0%: China Communications Construction, Sichuan Road and Bridge [3] - Companies with a net profit growth rate between 0% and 10%: China Energy Engineering, China Steel International, Anhui Construction, Donghua Technology [3] - Companies with a net profit growth rate between 10% and 20%: China Chemical [3] - Companies with a net profit growth rate above 20%: Zhi Te New Materials, Shenzhen Ruijie [3] Valuation Table - The report includes a valuation table for key companies in the construction industry, detailing their stock prices, EPS, PE ratios, and projected net profit growth rates for 2024A, 2025E, and 2026E [3]

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].

深圳瑞捷技术股份有限公司 章程 二〇二五年六月 | 目录 | | --- | | 第一章 总则 | 3 | | --- | --- | | 第二章 经营宗旨和范围 | 4 | | 第三章 股份 | 4 | | 第一节 股份发行 | 5 | | 第二节 股份增减和回购 | 6 | | 第三节 股份转让 | 7 | | 第四章 股东和股东大会 | 8 | | 第一节 股东 | 8 | | 第二节 股东大会的一般规定 | 11 | | 第三节 股东大会的召集 | 15 | | 第四节 股东大会的提案与通知 | 17 | | 第五节 股东大会的召开 | 19 | | 第六节 股东大会的表决和决议 | 22 | | 第五章 董事会 | 28 | | 第一节 董事 | 28 | | 第二节 董事会 | 32 | | 第六章 总裁及其他高级管理人员 | 39 | | 第七章 监事会 | 40 | | 第一节 监事 | 40 | | 第二节 监事会 | 41 | | 第八章 财务会计制度、利润分配和审计 | 43 | | 第一节 财务会计制度及利润分配 | 43 | | 第二节 内部审计 | 48 | | 第三节 会计师事务 ...

证券代码：300977 证券简称：深圳瑞捷 公告编号：2025-027 深圳瑞捷技术股份有限公司 关于增加公司经营范围、变更注册地址暨修订《公司章程》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。 深圳瑞捷技术股份有限公司（以下简称"公司""深圳瑞捷"）于 2025 年 6 月 26 日召开第三届董事会第六次会议审议通过了《关于增加公司经营范围、变 更注册地址暨修订<公司章程>的议案》，同意公司增加经营范围、变更注册地址， 并对《公司章程》的部分条款进行修订，现将具体内容公告如下： | 变更前 | | 变更后 | | --- | --- | --- | | 第五条 公司住所：深圳市龙岗区 | | 第五条 公司住所：深圳市龙岗区坂田街 | | 坂田街道雅宝路 1 号 栋 A3101、 | A | 道南坑社区雅星路 8 号星河 WORLD 双子 | | A3103、A3108 号 邮编：518129 | | 塔.东塔 26 层 邮编：518129 | | | | 第十四条 经依法登记，公司的经营范 | | | | 围：建设工程质量、安全等第三方评估与 | ...

证券代码：300977 证券简称：深圳瑞捷 公告编号：2025-028 深圳瑞捷技术股份有限公司 关于控股子公司签署房屋租赁合同暨关联交易的公告 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。 一、关联交易概述 1.为支持公司的经营发展和满足办公用房需求，控股股东、实际控制人的关联 人拟将自有物业以较优惠的合理价格租赁给深圳瑞捷技术股份有限公司（以下简称 "深圳瑞捷""公司"）控股子公司深圳捷安工程科技有限公司（以下简称"捷安 科技"）作为办公场地，该物业位于深圳市卓越梅林中心广场（北区）3 栋 1001 的 房屋，租用面积 422.55 平方米，租用价格为 95 元/㎡·月，总计 40,142.25 元/月， 租赁期限自 2025 年 7 月 1 日至 2027 年 7 月 1 日。 2.李琦女士为公司控股股东、实际控制人、董事长范文宏先生之妻，王丽华女 士为公司控股股东、实际控制人、董事兼总裁黄新华先生之妻，根据《深圳证券交 易所创业板股票上市规则》中关联方的认定标准，李琦女士、王丽华女士为公司关 联自然人，本次交易构成关联交易。 3.2025 年 6 月 ...

证券代码：300977 证券简称：深圳瑞捷 公告编号：2025-029 深圳瑞捷技术股份有限公司 关于召开2025年第一次临时股东大会的通知 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。 根据《中华人民共和国公司法》（以下简称"公司法"）《深圳瑞捷技术股份 有限公司章程》（以下简称"公司章程"）的有关规定，经深圳瑞捷技术股份有限 公司（以下称"公司""深圳瑞捷"）第三届董事会第六次会议审议通过，公司决 定于 2025 年 7 月 14 日（星期一）召开 2025 年第一次临时股东大会，现将会议有 关事项通知如下： 一、召开会议的基本情况 1. 股东大会届次：2025 年第一次临时股东大会 2. 股东大会的召集人：公司董事会 3. 会议召开的合法、合规性：本次股东大会的召集程序符合有关法律法规、 部门规则、规范性文件和《公司章程》的要求。 4. 会议召开时间 （1）现场会议时间：2025 年 7 月 14 日（星期一）15:00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间 为 2025 年 7 月 14 日 9:15—9:25，9: ...

证券代码：300977 证券简称：深圳瑞捷 公告编号：2025-026 深圳瑞捷技术股份有限公司 第三届董事会第六次会议决议公告 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 深圳瑞捷技术股份有限公司（以下简称"公司""深圳瑞捷"）第三届董事会 第六次会议于 2025 年 6 月 23 日以电子邮件的方式向全体董事发出通知,并于 2025 年 6 月 26 日在深圳市坂田街道雅星路 8 号星河 WORLD 双子塔.东塔 26 层公 司尊重会议室以现场结合通讯的方式召开。本次会议应出席董事 5 人，实际出席 董事 5 人，由董事长范文宏先生主持，监事、高级管理人员列席了会议。本次会 议的召集、召开及表决程序符合《中华人民共和国公司法》（以下简称"公司法"） 《深圳瑞捷技术股份有限公司章程》（以下简称"公司章程"）的有关规定，合法 有效。 因李琦女士为公司控股股东、实际控制人、董事长范文宏先生之妻，王丽华 女士为公司控股股东、实际控制人、董事兼总裁黄新华先生之妻，根据《深圳证 券交易所创业板股票上市规则》中关联方的认定标准，李琦女士、王丽 ...