Group 1 - The company Southeast Network Framework (SZ 002135) held its 29th meeting of the 8th Board of Directors on November 21, 2025, where it reviewed the proposal to amend the "Major Information Internal Reporting System" [1] - For the first half of 2025, the company's revenue composition was as follows: construction industry accounted for 68.92%, chemical fiber industry 27.28%, others 2.29%, and photovoltaic industry 1.52% [1] - As of the report date, the market capitalization of Southeast Network Framework is 5 billion yuan [1]

Company Overview - Southeast Network Framework (SZ 002135) announced on November 19 that its 28th meeting of the 8th board of directors was held, discussing the proposal not to adjust the conversion price of "Southeast Convertible Bonds" [1] Financial Performance - For the first half of 2025, the revenue composition of Southeast Network Framework was as follows: construction industry accounted for 68.92%, chemical fiber industry 27.28%, others 2.29%, and photovoltaic industry 1.52% [1] Market Position - As of the report date, the market capitalization of Southeast Network Framework was 5.2 billion yuan [1]

转自：证券时报 人民财讯11月18日电，*ST正平(603843)11月18日公告，公司股票自9月1日至11月18日累计涨幅达 221.93%，公司股价短期涨幅与同期上证指数、建筑行业存在严重偏离，并已严重脱离基本面。为维护 投资者利益，公司将就股票交易情况进行核查。公司股票自11月19日（星期三）开市起停牌，自披露核 查公告后复牌，预计停牌时间不超过10个交易日。 ...

集团的收益由截至2024年9月30日止六个月的约1.2亿港元减少约24.2%至截至2025年9月30日止六个月的 约9140万港元。有关减少主要归因于建筑行业持续经济衰退及集团的策略为专注于具有及时结算应收款 项的良好往绩记录的客户。实施此方法旨在加强信贷控制及缓解风险，以应对充满挑战的营商环境。 格隆汇11月14日丨凌锐控股(00784.HK)公布截至2025年9月30日止六个月之未经审核中期业绩。截至 2025年9月30日止六个月，集团录得净溢利约30万港元，而2024年同期则约150万港元，同比下降80%。 董事认为，净溢利减少乃由于收益减少所致。 ...

Investment Rating - The report maintains a rating for the company [3] Core Insights - The company is projected to experience a slight revenue decline in 2024, with total revenue expected to be 1,160,311 million, a decrease of 8.2% from the previous year. However, a gradual recovery is anticipated, with revenue growth of 1.3% in 2026 and 2.1% in 2027 [8][9] - The company's net profit is forecasted to decrease to 30,758 million in 2024, with a further decline to 29,463 million in 2025, before recovering to 30,607 million in 2026 and 31,522 million in 2027 [8][9] - The gross margin is expected to remain stable at around 9.8% to 9.9% over the forecast period, indicating consistent operational efficiency [8] Financial Projections - The balance sheet shows total assets of 2,256,414 million in 2024, with a projected decrease to 2,117,710 million in 2025, followed by a recovery to 2,202,455 million in 2026 and 2,293,484 million in 2027 [8] - The company’s cash flow from operating activities is expected to improve significantly, rising from 28,051 million in 2024 to 89,684 million in 2027 [8] - The report highlights a projected EBITDA of 73,624 million in 2024, increasing to 80,367 million in 2025, indicating a positive trend in earnings before interest, taxes, depreciation, and amortization [8] Key Ratios - The report indicates a projected return on equity (ROE) of 7.9% in 2024, declining to 6.8% by 2026, reflecting potential challenges in generating shareholder returns [8] - The debt-to-equity ratio is forecasted to be 342.3% in 2024, indicating a high level of leverage, which may pose risks in terms of financial stability [8] - The current ratio is projected to be 0.99 in 2024, suggesting that the company may face liquidity challenges in meeting short-term obligations [8]

Investment Rating - The report maintains a rating for the company [3] Core Views - The company is projected to experience a revenue growth rate of -6.2% in 2024, followed by a slight recovery with growth rates of 1.3%, 2.6%, and 2.3% in the subsequent years [8] - The net profit attributable to the parent company is expected to decline by 14.9% in 2024, with a modest recovery in the following years, showing growth rates of 0.6%, 3.1%, and 2.8% [8] - The company's EBITDA is forecasted to increase from 64,098 million in 2024 to 74,871 million by 2027 [8] Financial Summary - The total revenue for 2024 is estimated at 1,067,171 million, with a gradual increase to 1,134,662 million by 2027 [8] - The gross profit margin is projected to decrease slightly from 10.3% in 2024 to 9.8% in 2027 [8] - The earnings per share (EPS) is expected to rise from 1.64 in 2024 to 1.75 in 2027 [8] - The company’s total assets are projected to grow from 1,862,843 million in 2024 to 2,054,535 million by 2027 [8]

Core Viewpoint - The article emphasizes the need to strengthen the advantages of private enterprises, particularly in foreign trade, during the "15th Five-Year Plan" period, while also advocating for a supportive policy environment to enhance efficiency and effectiveness in private enterprises [1][21]. Summary by Sections Private Economy's Role - The private economy is seen as a driving force for China's modernization, showcasing advantages in efficiency compared to state-owned enterprises. However, there has been a slowdown in key economic indicators for private enterprises, such as employment absorption and income growth [2][3]. Employment and Wage Trends - The employment growth rate in private enterprises has decreased significantly, from an average annual growth of 8.5% (2015-2019) to 1.15% (2020-2024), with private employment rising from 29.418 million to 30.796 million [5]. - The wage gap between private and state-owned employees has widened, with private sector average wages increasing from 57,727 yuan in 2020 to 69,476 yuan in 2024, while state-owned employees' wages rose from 97,379 yuan to 124,110 yuan [6]. Investment Trends - Private investment growth has lagged behind national and state-owned investment, with private investment's share dropping from 53.6% in 2020 to below 49% in 2024. The average annual growth rate for private investment was only 1.6% compared to 6.2% for state-owned investment [7][8]. Industrial Performance - The growth rate and efficiency of private industrial enterprises have declined, with state-owned industrial growth rates catching up and surpassing those of private enterprises. For instance, from 2020 to 2024, the average annual growth rate for state-owned industrial value added was 5.1%, while private industrial growth was 5.3% [9][10]. Foreign Trade Achievements - Private enterprises have significantly contributed to foreign trade, with their annual growth rate in import and export totals reaching 9.9% from 2015 to 2024, compared to 4.1% for state-owned enterprises. By 2024, private enterprises accounted for 55.7% of total trade, up from 35% in 2015 [14]. Public Company Dynamics - The number of private companies listed on stock exchanges has increased, with private enterprises accounting for 64% of all listed companies by mid-2025. However, their net profit growth has stagnated, with a slight increase from 0.71 trillion yuan in 2020 to 0.75 trillion yuan in 2024 [15][16]. Wealth Distribution Trends - The number of billionaires and total wealth in China has been declining, with the 2024 Hurun Report showing a 12% decrease in the number of individuals with wealth exceeding 5 billion yuan compared to 2023 [19][20]. Recommendations for the "15th Five-Year Plan" - The article suggests enhancing the scale advantages of private enterprises, particularly in foreign trade, and creating a more supportive policy environment to boost efficiency and effectiveness in private enterprises [21].

Group 1 - Cleveland Federal Reserve Bank President Beth Harmack expressed ongoing concerns about high inflation levels, emphasizing that monetary policy should continue to focus on suppressing inflation [1][3] - Harmack noted that the current interest rate range is close to her estimate of the neutral rate, which neither stimulates nor suppresses economic growth, and she is more concerned about inflation than employment [5] - The Federal Reserve recently lowered the federal funds rate target range by 25 basis points, marking the second rate cut of the year, after maintaining rates for the first eight months to assess the impact of policy adjustments on the economy [3][5] Group 2 - Harmack highlighted that businesses are facing tough decisions regarding cost management, particularly in relation to rising health and property insurance costs, as well as electricity expenses [6] - A survey from the Cleveland Federal Reserve Bank indicated that businesses with higher reliance on imports are more likely to pass on cost pressures to consumers, with over two-thirds of construction firms planning to transfer most or all tariff-related cost increases to clients [5][6] - Harmack observed that inflation indicators, particularly in core services excluding housing, have shown persistent pressure, suggesting that inflation may be more enduring than anticipated [6]

Group 1 - The company Southeast Network Framework (SZ 002135) held its 27th meeting of the 8th board of directors on October 30, 2025, to review proposals regarding the revision and establishment of certain governance systems [1] - For the first half of 2025, the company's revenue composition was as follows: construction industry accounted for 68.92%, chemical fiber industry 27.28%, others 2.29%, and photovoltaic industry 1.52% [1]

Group 1 - The core point of the article is that Yingjianke (SZ 300935) held its 14th meeting of the 4th Board of Directors on October 27, 2025, to review the proposal for amending the "Working Rules of the Board Audit Committee" [1] - For the first half of 2025, Yingjianke's revenue composition was entirely from the construction industry, with a 100.0% share [1] - As of the report date, Yingjianke's market capitalization was 2.3 billion yuan [1] Group 2 - The article also mentions a separate company promoting overseas real estate tokenization, claiming that individuals can earn significant returns by investing, which raises concerns about the legitimacy of such claims [1]