Core Viewpoint - The report from Tianfeng Securities highlights the benefits of the "anti-involution" policy in the international engineering sector, focusing on price elasticity and downstream profitability improvements as key drivers for investment opportunities [1][3]. Group 1: International Engineering Sector - The international engineering sector benefits from price elasticity, with rising expectations for resource prices, particularly coal. Companies like Northern International, which have significant coal business, are expected to see profit contributions of over 600 million in 2024 and potential profits of 770 million and 950 million in 2026 under neutral and optimistic scenarios respectively [1][3]. - Downstream industries such as steel and cement are expected to improve profitability due to anti-involution measures, which may lead to increased demand for upgrading production lines, benefiting specialized engineering companies like China National Materials and China Steel International [1][3]. Group 2: Traditional Low-Valued State-Owned Enterprises - For traditional low-valued state-owned enterprises, the focus should be on dividend capacity, price elasticity, and technological transformation. The market share of nine major state-owned construction enterprises increased to 59.89% in Q1 2025, indicating strong order acquisition capabilities [2]. - The anticipated rise in commodity prices is expected to enhance the performance of construction companies involved in resource businesses, with recommendations for companies like China Chemical and China Railway [2]. - The construction industry is projected to benefit from structural high prosperity in technology-driven infrastructure demands, with recommendations for companies like Tunnel Co. and attention to China State Construction International [2]. Group 3: Steel Structure Sector - The steel structure sector is divided into manufacturing and installation. Upstream supply-side reforms are expected to benefit steel prices, leading to improved profits for manufacturing companies like Honglu Steel Construction, with potential net profits reaching 347 yuan per ton in Q3 2022 [4]. - Installation companies, such as Jinggong Steel Structure, are expected to accelerate industry consolidation, transitioning towards smart, green, and prefabricated construction. The overseas orders for Jinggong Steel Structure increased by 94% year-on-year in the first half of 2025, indicating improved profitability and cash flow [5].

Core Viewpoint - The company is actively advancing new technologies and standards in post-disaster reconstruction and prefabricated buildings, particularly in response to climate anomalies and frequent disasters this year [2]. Group 1: Technological Advancements - The company has developed key technologies and theoretical breakthroughs in prefabricated steel-concrete composite structures, addressing technical bottlenecks in both prefabricated steel and concrete buildings [2]. - The new technologies provide advantages such as high assembly rates, low steel usage, high usable area, short construction cycles, and enhanced comfort and durability of buildings [2]. Group 2: Standards and Certifications - The company has compiled two local standards for prefabricated steel structures in Zhejiang Province, filling a technical gap in the industry [2]. - The company has obtained multiple international certifications, including AISC quality certification from the American Institute of Steel Construction, EN1090EXC4 certification from the European Union, H-level certification in Japan, and GOST certification from Russia [2]. Group 3: Project Applications - The new prefabricated steel-concrete composite technology has been applied in nearly 40 projects across the country, covering over 1.3 million square meters [2].

Core Viewpoint - The company addresses investor concerns regarding false claims made by accounts posing as "Ge Shang" and clarifies its measures for market value management and accounts receivable issues [1] Group 1: Response to Investor Concerns - The company denies any contractual agreements with third-party platforms regarding the promotion of false performance claims and has reported these accounts, which have since been deleted or deactivated [1] - The company emphasizes that its stock price performance is influenced by various factors, including macroeconomic conditions, supply and demand, industry trends, and market sentiment [1] Group 2: Market Value Management - The company has implemented measures such as shareholder buybacks, share cancellations, and increased cash dividends to protect investor interests, achieving a stock price increase of approximately 13% since the beginning of 2025, outperforming peers [1] Group 3: Accounts Receivable Management - The company aims to control new accounts receivable, resolve existing ones, and mitigate risks by leveraging national initiatives to address local debt and promote high-quality economic growth [1] - Specific strategies include forming a dedicated team for debt collection, establishing performance incentives linked to collection outcomes, and utilizing financial tools like commercial bills and supply chain finance to improve cash flow quality [1]

Group 1 - The company has approved a total guarantee amount of 15.943 billion RMB for 17 subsidiaries to secure bank financing [2] - The company signed a maximum guarantee contract with China Agricultural Bank for its subsidiary Chongqing Jinhongwei Technology Co., Ltd. with a guarantee amount not exceeding 200 million RMB [3] - The total amount of guarantees provided by the company to its subsidiaries is 7.423 billion RMB, accounting for 77.21% of the audited net assets as of December 31, 2024 [3] Group 2 - The company has no overdue guarantees or guarantees involving litigation, and all guarantees are provided to subsidiaries within the consolidated financial statements [3] - The company has disclosed the guarantee details in various financial publications and platforms [2] - The board of directors and shareholders have approved the guarantee amounts in their respective meetings [2][3]

Group 1 - The latest stock price of Honglu Steel Structure is 17.97 yuan, with an increase of 0.25 yuan, representing a rise of 1.41% compared to the previous trading day [1] - The trading volume for the day was 59,305 hands, with a total transaction amount of 106 million yuan [1] - Honglu Steel Structure is primarily engaged in the research, production, and sales of steel structure products, covering industrial, commercial, and public building sectors [1] Group 2 - The company announced on August 11 that it provided guarantees totaling 7.423 billion yuan to its subsidiaries, which accounts for 77.21% of the most recent audited net assets [1] - The announcement emphasized that all guarantees are provided to subsidiaries within the consolidated financial statements, with no external guarantees, overdue guarantees, or guarantees involving litigation [1] - On the same day, the net inflow of main funds for Honglu Steel Structure was 8.6939 million yuan, with a cumulative net inflow of 1.2972 million yuan over the past five days [1]

（文章来源：证券日报） 证券日报网讯 8月11日晚间，鸿路钢构发布公告称，截至本公告日，公司对子公司提供担保总额为74.23 亿元人民币，占最近一期（2024年12月31日）经审计的净资产的比例为77.21%。公司担保事项全部为 对合并报表范围内子公司提供的担保，公司及下属子公司无对合并报表外单位提供担保的事项，也无逾 期担保、涉及诉讼的担保及因担保被判决败诉而应承担的损失。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Viewpoints - The company is positioned as a leading player in the steel structure industry, focusing on high-end manufacturing and benefiting from the increasing penetration of prefabricated buildings and its growing market share [3][17] - The company is expected to achieve revenue of CNY 215.1 billion and a net profit of CNY 7.7 billion in 2024, with a projected annual production capacity of 5.2 million tons of steel structures by the end of 2024 [1][17] - The report highlights the strategic advantages of the company, including cost leadership and a strong focus on intelligent manufacturing, which is anticipated to enhance profitability and valuation [2][3] Industry Opportunities - The penetration rate of prefabricated buildings is expected to increase, with the 14th Five-Year Plan mandating that over 30% of new buildings be prefabricated by 2025, leading to a projected new construction area of 874 million square meters [1][44] - By 2035, it is anticipated that steel structure applications in China will reach levels comparable to developed countries, with annual usage exceeding 200 million tons, accounting for over 25% of crude steel production [1][50] Company Advantages - The company has a competitive edge in cost and market share, with a significant increase in orders since 2017, achieving a new order volume of CNY 28.2 billion in 2024 [2][76] - The company has made substantial investments in intelligent manufacturing, which is expected to reduce welding costs by approximately 90% and enhance net profit margins by over 5% [2][3] - The company’s market share is projected to reach 4.7% in 2024, benefiting from its focus on material manufacturing and a flexible sales model [2][84] Financial Summary - The company is expected to generate revenues of CNY 22.2 billion in 2025, with a net profit of CNY 918 million, reflecting a year-on-year growth of 3% and 19% respectively [4] - The company’s financial metrics indicate a decline in net profit margin due to increased investments in intelligent manufacturing, with a projected net profit margin of 5% in the coming years [4][28]

Group 1 - The company announced a new signed sales contract amounting to approximately RMB 1.876 billion for the period of April to June 2025 [1] - For the first half of 2025, the company reported a cumulative new signed sales contract amount of approximately RMB 3.204 billion, representing a year-on-year growth of 19.47% [1] - As of the end of June 2025, the company has won bids with an amount of RMB 170 million that have not yet been signed into sales contracts [1]

Core Points - The company, Anhui Fuhuang Steel Structure Co., Ltd., reported a cumulative new signed sales contract amount of approximately RMB 1,876.22 million for the period from April to June 2025 [1] - For the first half of 2025, the cumulative new signed sales contract amount reached approximately RMB 1,876.22 million [1] - As of the end of June 2025, the company has won bids for contracts totaling RMB 170.03 million that have not yet been signed [1] Financial Summary - The cumulative new signed sales contracts for April to June 2025 amounted to RMB 1,876.22 million [1] - The total new signed sales contracts for the first half of 2025 also stood at RMB 1,876.22 million [1] - The amount of contracts won but not yet signed as of June 2025 is RMB 170.03 million [1]

Core Viewpoint - The independent financial advisor, Guoyuan Securities, conducted a review of stock trading activities related to Anhui Fuhuang Steel Structure Co., Ltd. during the self-inspection period prior to the termination of a significant asset acquisition transaction [2][15]. Group 1: Transaction Overview - The self-inspection period for stock trading activities related to the transaction spans from June 6, 2024, to June 19, 2025 [2]. - The review includes various stakeholders such as the company, its directors, supervisors, senior management, controlling shareholders, actual controllers, and related parties involved in the transaction [2]. Group 2: Stock Trading Activities - No institutional trading of Fuhuang Steel Structure shares was reported during the self-inspection period [3]. - A total of 9 individuals engaged in stock trading activities, with specific details on their buying and selling activities provided in a table format [3][4]. Group 3: Individual Trading Details - Notable trading activities include: - Dai Yang, a director, sold 300,000 shares [3]. - Ding Hui, spouse of Dai Yang, bought 27,000 shares and sold 90,000 shares [3]. - Zhao Weilong, another executive, sold 200,000 shares [3]. - Other individuals also reported various trading activities, with some having no net shares remaining after transactions [3][4]. Group 4: Compliance and Commitments - All involved parties provided declarations confirming that their trading activities did not involve insider information and that they made decisions based on public information [5][6][7]. - The independent financial advisor concluded that the trading activities during the self-inspection period did not constitute insider trading based on the provided documentation and confirmations [15].