Core Insights - The company, Shen Cheng Jiao (深城交), reported that as of October 20, 2025, the number of shareholders is 31,138 [1] Summary by Category - **Company Information** - The company has a total of 31,138 shareholders as of the specified date [1]

Core Viewpoint - Shenzhen's state-owned enterprise reform sector experienced significant stock price increases following the release of the "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)" [1] Group 1: Market Performance - On October 23, stocks such as JianKexuan surged by 20%, Shenzhen Water Planning Institute rose nearly 13%, and several other companies including Guangtian Group, TeFa Information, Shenzhen Saige, and Shenzhen Property A reached their daily limit [1] - The stock price changes for notable companies include: - JianKexuan: +20.02% at 20.74 - Shenzhen Water Planning Institute: +12.88% at 31.03 - Guangtian Group: +10.05% at 2.08 - TeFa Information: +10.04% at 10.41 - Shenzhen Saige: +10.04% at 11.18 - Shenzhen Property A: +10.03% at 11.30 [2] Group 2: Policy Implications - The action plan aims for a comprehensive improvement in the quality of listed companies by the end of 2027, targeting a total market capitalization of over 20 trillion yuan for domestic and foreign listed companies [1] - The plan includes the completion of over 200 merger projects with a total transaction value exceeding 100 billion yuan, along with the establishment of exemplary industry cases [1] - It emphasizes the creation of a merger fund matrix to cultivate outstanding merger fund managers, aiming to mobilize social capital to form a trillion-level "20+8" industrial fund cluster [1]

Core Points - The stock price of Shenzhen Urban Transportation Planning and Design Research Center Co., Ltd. (深城交) increased by 2.04% on October 20, reaching 32.98 CNY per share, with a total market capitalization of 17.39 billion CNY [1] - The company has experienced a year-to-date stock price decline of 10.04%, with a 7.88% drop over the last five trading days [1] Financial Performance - For the first half of 2025, the company reported a revenue of 415 million CNY, a year-on-year decrease of 10.63%, while the net profit attributable to shareholders was -9.40 million CNY, an increase of 2.62% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 90.10 million CNY, with 42.84 million CNY distributed over the past three years [3] Shareholder Information - As of October 10, 2023, the number of shareholders increased to 31,400, with an average of 16,817 circulating shares per person, a decrease of 0.29% from the previous period [2] - The eighth largest circulating shareholder, Hong Kong Central Clearing Limited, held 2.54 million shares, a decrease of 72,500 shares compared to the previous period [3] Business Overview - The company, established on January 14, 2008, focuses on urban transportation, providing comprehensive solutions based on traffic big data analysis, including planning consulting, engineering design, and smart transportation [2] - The revenue composition includes 56.27% from big data software and smart transportation, 25.03% from planning consulting services, and 17.75% from engineering design and testing [2]

Investment Rating - The report recommends a "Buy" rating for several key companies in the construction and infrastructure sectors, including 精工钢构 (Jinggong Steel Structure), 鸿路钢构 (Honglu Steel Structure), 国检集团 (Guojian Group), and others [14]. Core Insights - The construction industry is entering a "stock era," focusing on urban renewal and high-quality construction, driven by the need for green, low-carbon, and smart living environments [1][18]. - Prefabricated construction is identified as a long-term trend, with steel structures expected to show high prosperity due to labor shortages and sustainability requirements [2][21]. - The demand for inspection and testing services is anticipated to peak as the existing building stock ages, with significant market potential estimated at over 20 billion yuan [3][24]. - New infrastructure initiatives, particularly in low-altitude economy and energy sectors, are expected to see rapid growth supported by government policies [4][31]. - The report highlights the strategic importance of regions like Xinjiang and Sichuan, which are set to benefit from increased investment and infrastructure development [10][12][39]. Summary by Sections Construction and Decoration - The construction industry is transitioning from extensive expansion to intensive development, focusing on urban renewal and infrastructure maintenance [1][18]. - The urbanization rate is projected to reach 67% by the end of 2024, indicating a shift in investment focus [1][18]. Prefabricated Construction - The labor force in construction is declining, with the number of construction workers dropping to 42.86 million in 2024, a significant decrease from previous years [2][21]. - The average monthly salary for construction workers is expected to rise to 5,743 yuan in 2024, reflecting a 26% increase since 2019 [2][26]. - The report sets targets for the penetration rate of prefabricated construction at 30% by 2025 and 40% by 2030 [2][21]. Inspection and Testing - The existing building area is projected to reach approximately 38.4 billion square meters by the end of 2024, leading to a surge in demand for building inspections [3][24]. - The establishment of a housing pension system and regular inspection policies in various cities is expected to drive the inspection market [3][24]. New Infrastructure - The low-altitude economy is projected to grow to 2 trillion yuan by 2030, with related infrastructure investments estimated at 300-400 billion yuan [4][31]. - Government policies are increasingly supporting the development of low-altitude infrastructure, with significant funding expected [4][31]. Strategic Regions - Xinjiang is highlighted for its robust economic growth and infrastructure investment, with over 800 billion yuan allocated for coal chemical projects by 2025 [12][41]. - Sichuan is identified as a strategic region for national development, with ongoing support for infrastructure projects [10][39].

Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [50]. Core Insights - EHang Intelligent has launched the new long-range manned eVTOL model VT35, designed for mid-to-long-distance travel scenarios, promoting the development of the low-altitude economy [3][4]. - The VT35 has a maximum design range of approximately 200 kilometers and a top speed exceeding 200 kilometers per hour, with a standard price of 6.5 million RMB in the Chinese market [10][8]. - The report emphasizes the importance of the "14th Five-Year Plan" in catalyzing the low-altitude economy, highlighting the need for top-level design and planning to further stimulate industry development [15][16]. - The Huachuang Transportation Low Altitude 60 Index decreased by 5.5% this week but has increased by 15.5% year-to-date, outperforming the Shanghai and Shenzhen 300 Index, which rose by 14.7% [24][25]. Summary by Sections Industry Overview - The low-altitude economy is identified as a representative industry of new productive forces, with significant government support and planning expected to enhance its development [15][17]. - The report outlines four major application scenarios for the low-altitude economy: tourism consumption, passenger transport, logistics, and production operations [18][19]. Key Companies and Investment Opportunities - The report suggests focusing on key segments within the industry, including: 1. **Manufacturers**: EHang Intelligent for eVTOL, Wan Feng Ao Wei for general aviation aircraft, and Xirui for general aviation manufacturing [33]. 2. **Supply Chain**: Yingboer for electric drive systems and Zongshen Power for aviation engines [33]. 3. **Low-altitude Digitalization**: Companies like Lais Information and Sichuan Jiuzhou are highlighted for their roles in digital infrastructure [33]. 4. **Low-altitude Infrastructure**: Radar companies such as Guorui Technology and Sichuan Aerospace are noted for their contributions to safety systems [33]. 5. **Operations**: Companies like CITIC Heli and Xiangyuan Culture are mentioned for exploring commercial applications in low-altitude operations [33]. Market Performance - The Huachuang Transportation Low Altitude 60 Index's performance is detailed, showing a weekly decline of 5.5% but an annual increase of 15.5%, indicating resilience compared to broader market indices [24][25]. - Individual stock performances are highlighted, with notable gainers and losers over the week and year, reflecting market volatility and investment opportunities [26][27]. Future Research Directions - The report indicates that from January 2024, a focused research initiative on the low-altitude economy will commence, covering 12 key companies and their potential for growth [34].

Core Viewpoint - The company plans to utilize up to 100 million yuan of temporarily idle raised funds for cash management to enhance fund efficiency and returns [1] Group 1 - The plan has been approved by the board of directors and is valid for 12 months [1] - Funds can be used in a rolling manner within the approved limit [1] - The company will select investment products with high safety, good liquidity, and capital protection commitments to ensure no impact on fundraising projects and normal operations [1]

Group 1 - The company, Shen Cheng Jiao, announced that its second board meeting will be held on October 17, 2025, in Shenzhen, focusing on the proposal to use idle raised funds for cash management [1] - The meeting will adopt a combination of on-site and remote voting methods [1] Group 2 - Lin Yuan, a notable figure in the investment community, expressed confidence in the market despite recent losses, emphasizing that he will continue to invest in the liquor sector, which he views as a "happy demand" [1] - He also mentioned that investments in technology stocks have caused him significant concern [1]

国信证券股份有限公司关于深圳市城市交通规划设计研 究中心股份有限公司使用闲置募集资金进行现金管理的 核查意见 国信证券股份有限公司（以下简称"国信证券"、"保荐机构"）作为深圳 市城市交通规划设计研究中心股份有限公司（以下简称"深城交""公司"）首 次公开发行股票并在创业板上市的持续督导机构，根据《证券发行上市保荐业务 管理办法（2025 年修正）》《上市公司募集资金监管规则》《深圳证券交易所 创业板股票上市规则（2025 年修订）》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作（2025 年修订）》等有关法律法规和规 范性文件的要求，国信证券对深城交使用闲置募集资金进行现金管理的事项进行 了核查，发表如下核查意见： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意深圳市城市交通规划设计研究中心股 份有限公司首次公开发行股票注册的批复》（证监许可[2021]2756 号）同意注册， 公司首次公开发行人民币普通股（A 股）股票 4,000 万股，每股面值为人民币 1 元，每股发行价格为人民币 36.50 元，募集资金总额为人民币 146,000.00 万元， 扣除发行费用（不 ...

证券代码：301091 证券简称：深城交 公告编号：2025-037 深圳市城市交通规划设计研究中心股份有限公司 关于使用闲置募集资金进行现金管理的公告 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。 深圳市城市交通规划设计研究中心股份有限公司（以下简称"公司"）于 2025 年 10 月 17 日召开了第二届董事会第二十次临时会议，审议并通过了《关于使用 闲置募集资金进行现金管理的议案》，在确保不影响募集资金投资计划正常进行 和募集资金安全的情况下，同意公司使用额度不超过人民币 10,000 万元（含本 数）的闲置募集资金进行现金管理，用于投资安全性高、流动性好、满足保本要 求的投资产品，有效期自公司第二届董事会第二十次临时会议审议通过之日起 12 个月内。在上述使用期限及额度范围内，资金可以循环滚动使用。现将具体 情况公告如下： 一、募集资金基本情况 2021 年，经中国证券监督管理委员会批复核准注册，公司首次公开发行股 份募集资金总额为人民币 146,000.00 万元，扣除发行费用（不含增值税）人民币 8,128.96 万元后，募集资金净额为人民币 1 ...

证券代码：301091 证券简称：深城交 公告编号：2025-038 深圳市城市交通规划设计研究中心股份有限公司 第二届董事会第二十次临时会议决议公告 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 深圳市城市交通规划设计研究中心股份有限公司（以下简称"公司"）第二 届董事会第二十次临时会议通知已于 2025 年 10 月 14 日以电话和电子邮件等方 式送达全体董事，本次会议于 2025 年 10 月 17 日在深圳市龙华区龙华设计产业 园总部大厦 12 层会议室以现场结合通讯表决方式召开。本次董事会会议应出席 董事 7 人，实际出席董事 7 人，公司高级管理人员列席了本次会议。本次董事会 会议由董事长林涛先生主持，会议的通知、召集、召开和表决程序符合《中华人 民共和国公司法》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。经各位董事认真审议，会议形成了如下决议： 二、董事会会议审议情况 证券代码：301091 证券简称：深城交 公告编号：2025-038 体内容详见公司指定信息披露媒体《证券时报》《证券日报》《中国 ...