香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 Shanxi Installation Group Co., Ltd. 山西省安裝集團股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2520） 海外監管公告 於其他市場披露的資料 本 公 告 乃 根 據《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》第13.10B條的披 露 義 務 而 作 出。 茲載列山西山安藍天節能科技股份有限公司日期為2026年3月30日，於 全 國中小企業股份轉讓系統網站(www.neeq.com.cn)刊 登 的《山 安 藍 天：2025年 年 度 報 告》，僅 供 參 閱。山 西 山 安 藍 天 節 能 科 技 股 份 有 限 公 司 為 本 公 司 的 附 屬 公 司。 承董事會命 山西省安裝集團股份有限公司 董事長兼執 ...

Core Viewpoint - Guosheng Technology (603778) experienced a significant stock price increase of 6.83% on March 10, with a trading volume of 19.72 billion yuan and a total market capitalization of 12.43 billion yuan, indicating strong market interest and volatility [5][6]. Trading Activity - The stock was listed on the "Dragon and Tiger List" due to a cumulative price deviation of 20% over three consecutive trading days [5][6]. - Total buy amount over three days reached 332 million yuan, while total sell amount was 337 million yuan, resulting in a net sell of 4.84 million yuan [6]. - Major buying institutions included CITIC Securities Shanghai Branch (82.29 million yuan), Guotai Junan Securities Zhanjiang Wanhao (68.72 million yuan), and Guoxin Securities Zhejiang Internet Branch (63.51 million yuan) [6][7]. - Major selling institutions included CITIC Securities Shanghai Branch (78.14 million yuan), Guotai Junan Securities Headquarters (76.56 million yuan), and UBS Securities Shanghai Huayuan Shiqiao Road (61.25 million yuan) [6][8]. Company Overview - Guosheng Technology, established on November 5, 2002, and listed on December 31, 2015, operates in the landscaping engineering and design sector, forming an integrated business model that includes technology research and development, seedling planting and maintenance, landscape design, and engineering construction [3][8]. - The company's main business revenue is derived from the photovoltaic industry, accounting for 100.31% of its revenue [3][8]. - Guosheng Technology is classified under the construction decoration and basic infrastructure industry, with concepts including ecological landscaping, PPP models, solar energy, virtual power plants, and the Beijing-Tianjin-Hebei region [3][8]. Financial Performance - As of September 30, 2025, the number of shareholders increased by 32.71% to 39,700, while the average circulating shares per person decreased by 24.65% to 16,207 shares [9]. - For the period from January to September 2025, Guosheng Technology reported a revenue of 450 million yuan, a year-on-year decrease of 57.79%, and a net profit attributable to shareholders of -151 million yuan, reflecting a year-on-year increase of 0.87% [9][10]. - The company has distributed a total of 36.28 million yuan in dividends since its A-share listing, with no dividends distributed in the last three years [10].

Core Viewpoint - The stock of 聚光科技 (Juguang Technology) has shown fluctuations in price and trading volume, with a recent increase of 2.07% on February 13, 2023, reaching a price of 16.26 yuan per share, and a total market capitalization of 7.296 billion yuan [1]. Group 1: Stock Performance - As of February 13, 2023, the stock price of 聚光科技 has increased by 2.52% year-to-date, with a 2.20% increase over the last five trading days, a 1.33% decrease over the last 20 days, and a 6.27% increase over the last 60 days [1]. - The trading volume on February 13, 2023, was 72.945 million yuan, with a turnover rate of 1.01% [1]. Group 2: Financial Performance - For the period from January to September 2025, 聚光科技 reported a revenue of 2.05 billion yuan, representing a year-on-year decrease of 11.10%, and a net profit attributable to shareholders of -62.3351 million yuan, a decline of 152.98% year-on-year [2]. - Cumulatively, since its A-share listing, 聚光科技 has distributed a total of 630 million yuan in dividends, with 112 million yuan distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders of 聚光科技 increased to 23,000, up by 13.30% from the previous period, while the average number of circulating shares per person decreased by 11.74% to 19,483 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 13.8153 million shares, a decrease of 5.1892 million shares from the previous period, while Ruiyuan Growth Value Mixed A increased its holdings by 2.4209 million shares to 10.8588 million shares [3].

Core Viewpoint - The stock of 聚光科技 (Juguang Technology) has shown fluctuations in price and trading volume, with a recent increase in share price and a notable decrease in net profit year-on-year [1][2]. Group 1: Stock Performance - On February 9, 聚光科技's stock rose by 2.14%, reaching 16.25 yuan per share, with a trading volume of 1.11 billion yuan and a turnover rate of 1.54%, resulting in a total market capitalization of 72.92 billion yuan [1]. - Year-to-date, the stock price has increased by 2.46%, with a 7.69% rise over the last five trading days, a 2.93% decline over the last 20 days, and a 2.91% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, 聚光科技 reported a revenue of 2.05 billion yuan, reflecting a year-on-year decrease of 11.10%, and a net profit attributable to shareholders of -62.34 million yuan, a significant decline of 152.98% year-on-year [2]. - The company has distributed a total of 630 million yuan in dividends since its A-share listing, with 112 million yuan distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for 聚光科技 increased to 23,000, up by 13.30% from the previous period, while the average number of circulating shares per person decreased by 11.74% to 19,483 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 13.82 million shares, a decrease of 5.19 million shares from the previous period, while Ruiyuan Growth Value Mixed A increased its holdings by 2.42 million shares to 10.86 million shares [3].

Core Viewpoint - The article highlights the career journey of Jiang Weidong, reflecting the evolution of infrastructure investment and financing in China over the past 25 years, showcasing the transition from government-led investment to market-oriented models like PPP [2][3]. Group 1: Career Development - Jiang Weidong's career began in 1996 with China Railway Construction Corporation, where he participated in various infrastructure projects, primarily focusing on highways [5]. - In 1999, he was seconded to China International Engineering Consulting Corporation, where he gained experience in urban rail transit projects, particularly the Shenzhen Metro [6]. - By 2004, he joined Dayue Consulting, marking a significant shift as the government encouraged private capital participation in infrastructure projects through new policies [10]. Group 2: Market Evolution - The infrastructure investment model in China has evolved from government dominance to "land finance" and then to the PPP model, reflecting changes in policy and market conditions [3][10]. - The introduction of the PPP model in 2006 with the Beijing Metro Line 4 project represented a pivotal moment in the marketization of infrastructure financing [10][11]. - The period from 2015 to 2017 was identified as the "golden three years" for the PPP industry, characterized by a surge in project opportunities and high consulting fees [20][21]. Group 3: Challenges and Changes - After 2017, the PPP market faced increased regulation, leading to the elimination of non-compliant projects, which impacted the overall industry dynamics [22][23]. - The COVID-19 pandemic further disrupted the market, although Jiang's team managed to maintain stability through a balanced project portfolio across various provinces [22]. - By 2023, new guidelines were introduced to regulate the infrastructure financing market, indicating a shift to a new phase with reduced project numbers compared to previous years [23].

Core Insights - The article reflects on the career of Jiang Weidong, CEO of Dayue Consulting, highlighting the evolution of infrastructure investment and financing in China over the past 25 years [1][2] Group 1: Career Development - Jiang Weidong's career trajectory aligns with the shifts in infrastructure investment financing in China, transitioning from government-led investments to market-oriented models [2][6] - He began his career at China Railway Construction Corporation (CRCC) in 1996, where he gained experience in project management, particularly in highway construction [3][4] - Jiang's involvement in the Shenzhen Metro project marked a significant turning point, allowing him to deepen his understanding of full-process management in infrastructure projects [4][5] Group 2: Market Evolution - The infrastructure investment model in China has evolved from government dominance to "land finance" and then to the Public-Private Partnership (PPP) model, reflecting changing economic conditions [2][6] - The introduction of the PPP model in 2004 encouraged private capital participation in municipal infrastructure projects, marking a significant shift in the industry [6][10] - The period from 2015 to 2017 was identified as the "golden years" for the PPP industry, characterized by a surge in project opportunities and high consulting fees [11][12] Group 3: Challenges and Changes - After 2017, the PPP market faced increased regulation, leading to the elimination of non-compliant projects and a decline in overall market activity [12][13] - The COVID-19 pandemic further impacted the industry, although Jiang's team managed to maintain stability through a balanced project portfolio across various provinces [13][14] - By the end of 2023, new guidelines were introduced to regulate the implementation of government and social capital cooperation, indicating a new phase in the market [14]

Core Insights - The article reflects on the career of Jiang Weidong, CEO of Dayue Consulting, highlighting the evolution of China's infrastructure financing and investment landscape over the past 25 years [2][12] - Jiang's career trajectory aligns closely with the shifts in infrastructure investment models in China, transitioning from government-led investments to market-oriented approaches like PPP (Public-Private Partnership) [2][12] Group 1: Career Development - Jiang Weidong graduated from Lanzhou University in 1996 and began his career at China Railway Construction Corporation (CRCC), where he participated in various infrastructure projects [2][3] - His early experiences included working on highway projects in remote areas, which provided him with valuable insights into project management and contract administration [3][4] - A significant career shift occurred in 1999 when he was seconded to China International Engineering Consulting Corporation (CIECC) to work on the Shenzhen Metro Line 1, marking his entry into urban rail transit projects [4][5] Group 2: Infrastructure Investment Evolution - Over the years, China's infrastructure investment model evolved from government-led initiatives to a more diversified approach, including land finance and PPP models [2][8] - The introduction of the PPP model in 2004, particularly with the Beijing Metro Line 4 project, represented a pivotal moment in the marketization of infrastructure financing [8][12] - The period from 2015 to 2017 was identified as the "golden years" for the PPP industry, characterized by a surge in project opportunities and high consulting fees, leading to significant growth for Dayue Consulting [16][17] Group 3: Market Challenges and Changes - After the initial boom, the PPP market faced regulatory tightening starting in 2017, leading to the elimination of non-compliant projects and a decline in new opportunities [17][18] - The COVID-19 pandemic further impacted the industry, although Jiang's team managed to maintain stability through a balanced project portfolio across various provinces [17][18] - By 2023, the introduction of new guidelines for government and social capital cooperation indicated a new phase in the market, with a noticeable decrease in project numbers compared to previous years [18]

Group 1 - The core issue in PPP project disputes is to determine whether the dispute falls under civil or administrative jurisdiction, which directly affects the subsequent procedures and rights protection [1] - The clarification of PPP contract attributes is crucial not only for resolving individual project disputes but also for the healthy development of the entire industry [1] - Since 2014, China has actively promoted the implementation of the PPP model, with a peak investment amount exceeding 16 trillion yuan, covering nearly all public service sectors [1] Group 2 - The "dual classification" approach used by courts assesses contracts based on their purpose, rights and obligations, and the identities of the parties involved [2] - Most courts tend to classify PPP contracts as administrative agreements due to their inherent public service attributes, leading to a predominance of administrative litigation [2] - Current challenges in administrative litigation for PPP agreements include difficulties in filing lawsuits, case acceptance, adjudication, and enforcement [2][3] Group 3 - The low jurisdictional level poses a challenge, as many PPP contracts are signed by local agencies, leading to cases being heard only in grassroots courts, which can hinder overcoming local protectionism [3] - It is recommended that when disputes arise, parties should clarify the resolution path, such as opting for arbitration through designated local institutions or seeking neutral arbitration to minimize procedural disputes [3]

Core Viewpoint - Vingroup Group, led by Vietnam's richest man Pham Nhat Vuong, has withdrawn its investment registration for the North-South high-speed rail project, causing significant turmoil in the Vietnamese capital market and raising doubts about the project's viability [1][4]. Group 1: Project Viability - The North-South high-speed rail project faces insurmountable competition from the airline industry, which offers lower prices and faster travel times, making it difficult for high-speed rail to attract passengers [3][4]. - The projected ticket price for the high-speed rail is at least 700 RMB, which is 2.5 times more expensive than air travel, and the travel time is also 2.5 times longer, leading to a lack of competitiveness [3][4]. Group 2: Cost Structure - The total investment for the high-speed rail is approximately $77 billion, which is 15% of Vietnam's 2024 GDP and 90% of its fiscal revenue, significantly higher than the investment for China's Beijing-Shanghai high-speed rail [4][9]. - The high costs are attributed to Vietnam's reliance on imported technology and materials, which keeps construction costs high [4][6]. Group 3: Operational Challenges - The operational costs for the high-speed rail are projected to be $4.2 billion annually, which does not include interest, depreciation, and maintenance costs, leading to unsustainable financial pressures [6][7]. - Vingroup has already committed to several large-scale national projects, and taking on the high-speed rail would create a financial black hole that could jeopardize the entire Vingroup ecosystem [7][9]. Group 4: Government Involvement - Vingroup and another interested party, Longhai Group, have requested significant government support, indicating that the project is viewed as a fiscal burden rather than a commercial opportunity [7][9]. - The Vietnamese government lacks the financial capacity to support such a large-scale project, as its 2024 GDP is only $476 billion, and it relies heavily on foreign investment for infrastructure projects [9].

Core Viewpoint - The introduction of the "PPP New Mechanism" marks a significant shift towards user-pay focus, exclusive use of concession models, and prioritization of private enterprise participation in public-private partnerships (PPP) in China [1] Group 1: Implementation and Impact of the PPP New Mechanism - The PPP New Mechanism has shown solid results in standardizing operations and activating social investment, with 302 projects recorded and a total investment of 1.61 trillion yuan by October 30, 2025 [1] - The project management system has been gradually improved, focusing on user-pay projects to prevent local government hidden debt risks [1] - The Taizhou Airport branch of the Yongguan Expressway in Zhejiang Province serves as a model case, demonstrating innovation in PPP concession operations [2] Group 2: Private Sector Participation - The Taizhou project allows private capital to hold at least 35% of shares, breaking the monopoly of state-owned enterprises and achieving "zero fiscal input, full private participation" [2] - Policies have been revised to support private enterprise participation in PPP projects, removing unreasonable entry restrictions and emphasizing operational capability in evaluation criteria [2][3] - The State Council has introduced 13 policy measures to further stimulate private investment, focusing on expanding access, addressing bottlenecks, and strengthening guarantees [2][3] Group 3: Sector-Specific Developments - The policy encourages private capital participation in key sectors such as railways, nuclear power, and water supply, with specific feasibility studies required for private involvement [3] - Infrastructure projects involving private enterprises have improved regional transportation networks and urban service functions, while environmental projects have enhanced governance efficiency [4] - The integration of PPP projects with REITs is promoting the revitalization and recycling of existing assets, amplifying investment effects [4]