Group 1: Financial Performance and Debt Management - Guangxi is one of the 12 key provinces for debt reduction, with significant government support for accounts receivable recovery [2] - In 2024, the company signed contracts worth approximately CNY 2,194.51 million for energy management, a year-on-year increase of 166% [5] - The company achieved a total contract amount of CNY 2,559 million for renewable energy design projects in 2024, representing a 145% increase compared to the previous year [5] Group 2: Urban Renewal and Construction Repair - The company's urban renewal business focuses on historical district renovations, providing technical consulting services for urban renewal and building modifications [3] - The collaboration with Keshun Waterproof Technology Co., Ltd. aims to enhance capabilities in building repair, covering areas such as structural reinforcement and mechanical renovation [3][4] - Urban renewal and building repair services currently account for a small proportion of the company's total revenue [3] Group 3: Strategic Partnerships and Business Expansion - The partnership with Keshun involves resource sharing, technical collaboration, and market expansion, enhancing competitiveness in the building repair sector [4] - The company has established a comprehensive business chain for energy management, including project evaluation, design planning, and implementation [6] - The company acquired Guangxi Hualan Hydropower Engineering Design Co., Ltd. in 2023 to expand into water conservancy-related construction and consulting services [6] Group 4: Future Outlook and Cash Flow Management - The company anticipates further improvement in cash flow in 2025, building on significant enhancements in 2024 [6] - Measures will be taken to strengthen accounts receivable recovery and reduce bad debt risks [6] - The company plans to pursue mergers and acquisitions in alignment with its strategic goals [6]

New Stock Issuance - New stock issuance for Jiao Da Tie Fa at an issuance price of 8.81[1] - ST Li Fang and United Chemical have recent announcements dated May 14 and May 23 respectively[1] - Multiple companies including Zhongzhou Special Materials and San Sheng Guo Jian have announcements on May 23[1] Market Alerts - Significant abnormal fluctuations reported for Nanjing Port and Li Jun Co. on May 23[1] - ST Er Ya and ST Jin Hong have recent announcements regarding market conditions[1] - Companies like Hainan Development and ST Haihua have reported abnormal trading activities[1] Trading Updates - Trading updates for various companies including ST Ya Zhen and ST Jian Gang on May 27[1] - Multiple companies have links to their announcements for further details on trading activities[1] - The report includes a comprehensive list of companies with their respective announcement dates and links for investor reference[1]

证券代码：300737 证券简称：科顺股份 公告编号：2025-030 债券代码：123216 债券简称：科顺转债 科顺防水科技股份有限公司 关于"科顺转债"转股价格调整的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 特别提示： 经中国证券监督管理委员会"证监许可〔2023〕1281 号"文同 意注册的批复，科顺防水科技股份有限公司（以下简称"公司"）于 2023年 8月4日向不特定对象发行了2,198.00万张可转换公司债券， 每张面值 100 元，发行总额 219,800.00 万元。经深圳证券交易所同 意，公司 219,800.00 万元可转换公司债券于 2023 年 8 月 23 日起在 深交所挂牌交易，债券简称"科顺转债"，债券代码"123216"。 鉴于公司将实施 2024 年年度权益分派方案，根据《科顺防水科 技股份有限公司创业板向不特定对象发行可转换公司债券募集说明 书》（以下简称"《可转债募集说明书》"）的有关规定，"科顺转 债"的转股价格由 7.02 元/股调整为 6.72 ...

证券代码：300737 证券简称：科顺股份 公告编号：2025-028 债券代码：123216 债券简称：科顺转债 科顺防水科技股份有限公司 关于预计触发转股价格向下修正条件的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、可转换公司债券基本情况 经中国证券监督管理委员会"证监许可〔2023〕1281 号"文同 意注册的批复，科顺防水科技股份有限公司（以下简称"公司"）于 2023年 8月4日向不特定对象发行了2,198.00万张可转换公司债券， 每张面值 100 元，发行总额 219,800.00 万元。经深圳证券交易所（以 下简称"深交所"）同意，公司 219,800.00 万元可转换公司债券于 2023 年 8 月 23 日起在深交所挂牌交易，债券简称"科顺转债"，债 券代码"123216"。 根据《科顺防水科技股份有限公司创业板向不特定对象发行可转 换公司债券募集说明书》（以下简称"《可转债募集说明书》"）的有关 规定，"科顺转债"转股期自 2024 年 2 月 19 日至 20 ...

| 证券代码：300737 | 证券简称：科顺股份 | 公告编号：2025-029 | | --- | --- | --- | | 债券代码:123216 | 债券简称:科顺转债 | | 科顺防水科技股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 科顺防水科技股份有限公司（以下简称"公司"）2024 年年度 权益分派方案已获 2025 年 5 月 16 日召开的 2024 年年度股东大会审 议通过，现将权益分派事宜公告如下： 一、股东大会审议通过的权益分派方案情况 1、公司 2024 年年度股东大会审议通过的利润分配方案为：公司 以截至 2025 年 3 月 31 日公司总股本 1,109,968,217 股为基数，向全 体股东每 10 股派发现金股利人民币 3 元（含税），不送红股、不以 资本公积金转增股本，剩余未分配利润结转以后年度。 2、截至本次公告披露前一交易日，公司总股本为 1,109,968,359 股。因公司可转换公司债券（债券简称：科顺转债 ...

Macro and Strategy - April fiscal data shows tax revenue returning to positive growth at 1.9% YoY, while general expenditure growth accelerated to 12.9% YoY [8][9] - Key tax categories showed mixed results, with personal income tax growing significantly at 9% YoY, while corporate income tax declined to 4% YoY [8][9] Textile and Apparel Industry - Textile manufacturing continues to benefit from inventory optimization and order rebound, with revenue growth of 13.7% YoY in 2024, while apparel and home textiles saw a slowdown to 1.0% YoY [9][10] - In Q1 2025, textile manufacturing growth slowed to 8.2% YoY, while apparel and home textiles faced a 5.1% decline in revenue [9][10] - Major companies in manufacturing, such as Huayi and Shenzhou, reported strong orders and better profitability, while sports brands showed resilience compared to casual wear [9][10] Pharmaceutical Industry - Q1 2025 saw overall revenue growth slow for overseas pharmaceutical companies, with Eli Lilly and Novo Nordisk showing significant growth driven by GLP-1 drugs [15][16] - The U.S. drug pricing reform and macroeconomic uncertainties are impacting revenue forecasts for major pharmaceutical firms [15][16] Computer Industry - Major domestic companies like Alibaba and Tencent are significantly increasing capital expenditures, with Alibaba planning to invest over 380 billion RMB in cloud and AI infrastructure over the next three years [17][18] - There is a growing demand for computing power rental services, with several companies announcing related orders [17][18] Automotive Industry - April 2025 saw a total vehicle production and sales of 2.619 million and 2.590 million units respectively, with a year-on-year increase of 8.9% and 9.8% [19][20] - New energy vehicles accounted for 47.3% of total new vehicle sales, with production and sales growth of 43.8% and 44.2% YoY [19][20] - The market is witnessing a shift towards autonomous driving technologies, with Robotaxi commercial deployment accelerating [20][21] Building Materials Industry - The recent government policy is expected to accelerate urban renewal projects, benefiting local construction and decorative renovation companies [22][23] - Cement prices have seen a slight decline, while demand remains weak, indicating a cautious market outlook [23][24] Smart IoT Industry - The company focuses on IoT solutions and is expanding into AI infrastructure, with significant revenue contributions from its various business segments [26][27] - The global AI server market is projected to grow rapidly, driven by increasing demand for AI training and inference [28] Travel Industry - The company reported a 16.2% increase in revenue for Q1 2025, with strong growth in domestic hotel bookings and international travel [29][30] - The international platform is experiencing rapid growth, benefiting from favorable policies and increased travel demand [30][31] Gaming and E-commerce Industry - The company achieved a 30% revenue growth in Q1 2025, driven by strong performance in e-commerce and digital financial services [33][34] - The gaming segment also saw significant growth, with a notable increase in user engagement and revenue from popular titles [36][37]

- The Heston model is used to calculate the implied volatility of near-month at-the-money options, serving as the market's fear index. Implied volatility reflects market participants' expectations of future volatility[9] - Positive signals appeared 3465 times between April 30, 2025, and May 9, 2025, with an average future high-point success rate of 59.95%. Negative signals appeared 2996 times, with an average future low-point success rate of 37.32%[14] - Broad-based timing strategy signals indicate bullish signals for the SSE 50 and Hang Seng Sustainable Development Enterprise Index, while other broad-based signals remain neutral[16] - Industry timing strategy signals are constructed using the scissors difference ratio of long and short positions in industry index constituent stocks. If no bullish or bearish signals appear on a given day, the scissors difference value and ratio are set to zero. This model outperforms respective industry indices in all cases, demonstrating excellent historical backtesting performance[17] - Industry timing strategy signals show bullish signals for sectors such as retail, home appliances, textiles and apparel, utilities, consumer services, transportation, and banking, while other industry signals remain neutral[20]

证券代码：300737 证券简称：科顺股份 公告编号：2025-027 债券代码：123216 债券简称：科顺转债 科顺防水科技股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 特别提示： 1.本次股东大会无否决议案的情形； 2.本次股东大会不涉及变更以往股东大会决议的情形； 3.为尊重中小投资者利益，提高中小投资者对公司股东大会决议 事项的参与度，本次股东大会对中小投资者进行单独计票，中小投资 者是指除上市公司董事、监事、高级管理人员以及单独或者合计持有 公司 5%以上股份的股东以外的其他股东。 一、会议召开和出席情况 (一)会议召开情况 （2）网络投票日期和时间：通过深圳证券交易所系统进行网络 投票的时间为：2025 年 5 月 16 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投票的时间为：2025 年 5 月 16 日 9:15—15:00。 2.现场会议召开地点：佛山市顺德区容桂红旗中 ...

北京市中伦（深圳）律师事务所 关于科顺防水科技股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年五月 o 关于科顺防水科技股份有限公司 2024 年年度股东大会的 法律意见书 致：科顺防水科技股份有限公司 根据《中华人民共和国公司法》（下称"《公司法》"）、《上市公司股东会 规则》（下称"《股东会规则》"）等有关法律法规的规定及公司现行章程（下称 "《公司章程》"）的有关规定，北京市中伦（深圳）律师事务所（下称"本所"） 接受科顺防水科技股份有限公司（下称"公司"）的委托，指派律师出席公司 2024 年年度股东大会（下称"本次股东大会"），并就本次股东大会的召集和召开程序、 召集人资格、出席和列席会议人员资格、表决程序及表决结果等事宜发表法律意 见。 一、本次股东大会的召集和召开程序 为召开本次股东大会，公司董事会于 2025 年 4 月 25 日在规定的信息披露媒 体上公告了会议通知。该通知载明了会议的召开方式、召开时间和召开地点，对 会议议题进行了披露，说明了股东有权出席并可委托代理人出席和行使表决权， 明确了会议的登记方法、有权出席会议股东的股权登记日、会议联系人姓名和电 话号码，符合《股 ...

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 服务消费再贷款落地 2025 年 05 月 12 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 周观点：（1）央行落实此前刺激政策，创设 5000 亿服务消费和养老再 贷款，激励引导金融机构加大对住宿餐饮、文体娱乐、教育等服务消费 重点领域和养老产业的金融支持。4 月 CPI 相对平稳，PPI 下行压力加 大，但 4 月房企拿地情况有所好转，整体而言，地产链复苏的方向不变。 在以旧换新补贴和服务消费刺激政策的推动下，我们期待 25 年 Q3 家 装产业链也会迎来明显加速。地产链出清已近尾声，供给格局大幅改善， 25 年需求平稳且企业增长预期较低，板块具备较高的胜率。首选低估值 的消费龙头和扩张型公司，例如北新建材、三棵树、兔宝宝、奥普科技、 欧普照明、伟星新材、欧派家居、箭牌家居等。其次，如果外部需求快 速回落，中西部基建很有可能成为救急的方向，关注华新水泥、四川路 桥、海螺水泥、中国交建、坚朗五金、东方雨虹等。最后，在 25 年流 动性充裕的背景下，科技属性强的公司仍有较高关注度，例如上海港湾、 鸿路钢构、 ...