Investment Rating - The report maintains an "Outperform" rating for the construction and decoration industry, indicating a positive outlook compared to the broader market [4]. Core Insights - The report emphasizes three main investment directions: new infrastructure represented by computing power and energy, traditional domestic demand, and the "Belt and Road" initiative [3][19]. - The issuance of special bonds has accelerated, with a cumulative net financing of 9,863 billion yuan as of March 27, 2026, which is higher than the same period in the past two years [22][23]. Summary by Sections Industry Outlook and Investment Recommendations - The report suggests focusing on the synergy between computing power and renewable energy in new infrastructure projects, with a target for green electricity application in new computing facilities to reach over 80% [3][19]. - Companies with capabilities in both renewable energy and AI data center construction are expected to benefit significantly, including China Energy Engineering, China Power Construction, and China Railway Construction [3][19]. - In terms of domestic demand, new policies in Chengdu have increased the maximum loan amounts for housing, which is expected to boost the second-hand housing market and related services [20]. - Internationally, the ongoing geopolitical dynamics, particularly in the Middle East, are anticipated to enhance reconstruction demands, benefiting companies involved in the "Belt and Road" initiative [21]. Market Performance Review - The construction and decoration index (SW) decreased by 0.83%, while the overall A-share index fell by 1.10%, indicating a relative outperformance of 0.27 percentage points [18][34]. - Specific sectors such as international engineering (+2.58%) and chemical engineering (+1.78%) showed positive performance, while the housing construction sector experienced a decline of 1.08% [34]. Key Company Dynamics - The report tracks significant company performances, highlighting that China Chemical achieved a revenue of 189.5 billion yuan in 2025, a year-on-year increase of 1.97% [10]. - China Energy Engineering reported a revenue of 452.9 billion yuan in 2025, with a year-on-year growth of 3.71% [10]. - The report also notes the performance of individual stocks, with Ancar Detection rising by 12.9% and Guotai Group by 11.6% during the review period [34]. Investment Strategy - The report outlines three main investment lines for 2026: 1. Focus on state-owned enterprises that are key players in new infrastructure and are transitioning to emerging business lines, recommending companies like China Railway and China Construction [13][26]. 2. Target sectors benefiting from major engineering projects, including mining and civil explosives, with recommendations for companies like High-Quality Civil Explosives and China Railway Industry [26]. 3. Invest in commercial aerospace, embodied intelligence, and AI computing sectors, recommending companies such as Roman Co. and Honglu Steel Structure [29].

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 广东信达律师事务所 关于深圳瑞捷技术股份有限公司 2026年第一次临时股东会的 法律意见书 1 广东信达律师事务所 股东会法律意见书 1.信达律师仅就公司本次股东会的召集、召开程序、出席会议人员的资格、 召集人的资格、表决程序和表决结果的合法性发表意见，不对本次股东会所审议 的议案内容及该等议案所表述的事实或数据的真实性、准确性和完整性发表意见； 2.信达律师无法对网络投票过程进行见证，参与本次股东会网络投票的股东 资格、网络投票结果均由相应的证券交易所交易系统和互联网投票系统予以认证； 信达会字（2026）第 034 号 致：深圳瑞捷技术股份有限公司 广东信达律师事务所（以下简称"信达"）接受 ...

证券代码：300977 证券简称：深圳瑞捷 公告编号：2026-007 深圳瑞捷技术股份有限公司 2026年第一次临时股东会决议公告 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.本次股东会未出现否决议案的情形。 2.本次股东会不涉及变更以往股东会决议。 一、会议的召开情况 （一）会议召开时间 1.现场会议：2026 年 2 月 27 日（星期五）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 2026 年 2 月 27 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 2026 年 2 月 27 日 9:15—15:00。 （二）现场会议召开地点：深圳市龙岗区坂田街道南坑社区雅星路 8 号星河 WORLD 双子塔 东塔 26 层 二、会议出席情况 （一）股东出席会议的情况 本次股东会采用现场投票和网络投票相结合的方式召开。通过现场和网络投票 的股东 38 人，代表股份 113,586,868 股，占公司有效表决权股份总数的 74 ...

Core Viewpoint - The company Shenzhen Ruijie (300977) forecasts a net profit attributable to shareholders of 28 million to 34 million yuan for the year 2025, marking a turnaround from loss to profit compared to the previous year [1][2] Financial Performance - The expected net profit for 2025 represents a year-on-year increase of 209.09% to 232.47% [2] - The growth in performance is primarily attributed to the expansion into insurance and industrial clients, which has led to increased revenue [2] - The company has also improved cash flow by recovering long-aged accounts receivable through collection efforts, resulting in a reversal of credit impairment [1][2]

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, particularly focusing on state-owned enterprises such as China State Construction and China Railway Construction [4][17]. Core Insights - The real estate industry is experiencing a stabilization in expectations due to positive policy catalysts since the beginning of 2026, with a focus on stabilizing expectations, reducing costs, enhancing guarantees, and promoting transformation [10][4]. - Key policies include tax exemptions on housing sales after two years, reduced mortgage rates, and relaxed financing regulations, which are expected to stimulate demand and improve market conditions [10][4]. - The average price of new residential properties in 100 cities in China increased by 0.18% month-on-month and 2.52% year-on-year in January 2026, indicating marginal improvement in sales prices [2][11]. - The transaction volume of second-hand houses in 13 monitored cities rose by 16% month-on-month and 33% year-on-year in January 2026, suggesting a recovery in market activity [2][11]. Summary by Sections Industry Overview - The report highlights that the real estate sector has seen a significant decline in key metrics, with investment, sales area, and sales amount dropping by 44% to 74% from their peak values, reaching historical lows [2][14]. - It is anticipated that the decline in these metrics will narrow, leading to a gradual bottoming out of the industry [13][2]. Company Analysis - Major construction companies like China State Construction, China Railway Construction, and Shanghai Construction are expected to benefit directly from the recovery in real estate sales, which will drive profit and valuation recovery [3][15]. - The report emphasizes that the real estate business accounts for a significant portion of these companies' revenues and assets, with China State Construction's real estate revenue accounting for 12% and gross profit for 20% [15][16]. Investment Recommendations - The report recommends focusing on leading companies in the construction and decoration sectors, including China State Construction (PE 4.4X, dividend yield 5.5%), China Railway Construction (PE 4.6X, dividend yield 4.0%), and Shanghai Construction (PE 13X) [4][17]. - Other notable mentions include decoration leader Jin Tanglong (PE 16X) and design leader Huayang International (PE 22X) [4][17].

Group 1 - The company Shenzhen Ruijie announced the convening of its third board meeting on February 6, 2026, at a specific location in Shenzhen, combining in-person and communication methods for the meeting [1] - The meeting reviewed documents including a proposal to apply for a comprehensive credit facility from financial institutions [1] Group 2 - The article discusses the legality of personal stock trading by fund managers, revealing unexpected answers from several leading public funds [1]

Group 1 - The core point of the news is that Shenzhen Ruijie (300977.SZ) is currently experiencing a decline in stock price, closing at 20.84 yuan with a drop of 9.15%, indicating a state of being below its initial public offering (IPO) price [1] - Shenzhen Ruijie was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on April 20, 2021, with an IPO price of 89.66 yuan per share and a total of 11.2 million shares issued, raising a total of 1.004 billion yuan [1] - The net proceeds from the IPO amounted to 922 million yuan, which was 300 million yuan more than the original plan of 621 million yuan [1] - The funds raised were allocated to various projects, including 353 million yuan for the construction of an engineering consulting operation service platform, 102 million yuan for the headquarters R&D center, 45.87 million yuan for an information management system, and 120 million yuan for working capital [1] - The total issuance costs for the IPO were 82.5 million yuan, with the underwriting fees for the sponsor, First Capital Securities, amounting to 66.13 million yuan [1] Group 2 - Shenzhen Ruijie announced a dividend plan on May 28, 2021, offering a bonus of 5 shares for every 10 shares held and a cash dividend of 8.92 yuan [2] - On May 20, 2022, the company repeated a similar dividend plan, again offering a bonus of 5 shares for every 10 shares and a cash dividend of 7 yuan [2] - The most recent dividend announcement on May 23, 2023, included a bonus of 5 shares for every 10 shares and a significantly reduced cash dividend of 0.5 yuan [2]

Market Overview - The digital economy sector declined by 0.32% on February 6, with Shenzhen Ruijie leading the losses [1] - The Shanghai Composite Index closed at 4065.58, down 0.25%, while the Shenzhen Component Index closed at 13906.73, down 0.33% [1] Top Gainers in Digital Economy Sector - Haoliang Data (603138) saw a closing price of 18.22, up 10.02% with a trading volume of 372,700 shares and a transaction value of 663 million [1] - Jicheng Electronics (002339) closed at 12.76, up 10.00%, with a trading volume of 655,600 shares and a transaction value of 817 million [1] - Hongxing Co., Ltd. (001209) closed at 24.80, up 7.87%, with a trading volume of 193,900 shares and a transaction value of 461 million [1] Top Losers in Digital Economy Sector - Shenzhen Ruijie (300977) closed at 20.84, down 9.15%, with a trading volume of 110,800 shares and a transaction value of 240 million [2] - Bidding Co., Ltd. (301136) closed at 18.20, down 8.86%, with a trading volume of 294,900 shares and a transaction value of 536 million [2] - Sanwei Tiandi (301159) closed at 47.37, down 8.85%, with a trading volume of 72,500 shares and a transaction value of 346 million [2] Capital Flow Analysis - The digital economy sector experienced a net outflow of 2.916 billion from main funds, while retail investors saw a net inflow of 3.09 billion [2] - The main funds showed a significant outflow from several companies, including Hikvision (002415) with a net outflow of 477.19 million [3] - Retail investors contributed positively to companies like Haoliang Data (603138), which had a net inflow of 1.39 billion from retail investors [3]

证券代码：300977 证券简称：深圳瑞捷 公告编号：2026-005 深圳瑞捷技术股份有限公司 关于与关联方共同投资签订补充协议暨关联交易进展的公告 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。 重要内容提示： 1.交易内容：2022 年 7 月 22 日第二届董事会第五次会议审议通过了《关于与 关联方共同投资暨关联交易的议案》，公司与关联董事吴小玲控制的珠海横安投资 合伙企业（有限合伙）共同出资设立深圳瑞海国际工程技术有限公司（曾用名：深 圳捷安工程科技有限公司，以下简称"瑞海国际"）并签订了《深圳捷安工程科技 有限公司股东协议》（以下简称"原协议"），就出资方式、出资比例、股东权利 义务、股东退出机制、利润分配等相关事宜作出了明确约定，具体内容详见《关于 与关联方共同投资暨关联交易的公告》（公告编号：2022-034）。截至目前，原协 议相关约定仍正常履行，未出现违反协议约定的情形。 随着全球经济一体化进程的深化，海外领域市场呈现广阔发展前景，为激励员 工开拓海外业务的积极性，进一步提升公司的商业价值，公司与珠海横安投资合伙 企业（有限合伙）拟调整原协 ...

深圳瑞捷技术股份有限公司（以下简称"公司""深圳瑞捷"）于 2026 年 2 月 6 日召开第三届董事会第十次会议，审议通过了《关于向金融机构申请综合授信 额度的议案》，同意公司及子公司向银行等金融机构申请不超过人民币 3 亿元的综 合授信额度，具体情况如下： 一、向金融机构申请综合授信额度的情况 为满足公司生产经营的资金需求，公司及子公司拟向银行等金融机构申请不超 过人民币 3 亿元的综合授信额度，自股东会审议通过之日起两年内有效，上述额度 在有效期内可滚动使用。授信业务种类包括但不限于银行承兑汇票、信用证、非融 资性保函等。上述申请的授信额度不等同于公司实际融资金额，实际融资金额应在 授信额度内以银行与公司实际发生的融资金额为准。 深圳瑞捷技术股份有限公司 关于向金融机构申请综合授信额度的公告 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。 证券代码：300977 证券简称：深圳瑞捷 公告编号：2026-006 本事项已经董事会审议通过，尚需提交公司股东会审议。 二、备查文件 2026 年 2 月 6 日 1.深圳瑞捷技术股份有限公司第三届董事会第十次会议 ...