Core Viewpoint - The company, 深桑达A, is a leading provider of cleanroom solutions, focusing on one-stop services for high-tech industries, and has achieved international standards in cleanroom purification engineering [2] Company Overview - 深桑达A specializes in cleanroom engineering and has participated in numerous significant projects for both domestic and international high-tech enterprises [2] - The company has established a strong reputation and market influence within the industry by providing system integration engineering services for well-known domestic companies [2] Business Strategy - The company aims to continue focusing on its core business, enhancing operational management, and improving profitability to protect the interests of the company and all shareholders [2]

Group 1 - The report highlights that most provinces in China have either maintained or lowered their economic growth targets for 2026, indicating a stable policy stance compared to 2025, with a focus on structural policies in sectors like artificial intelligence, service consumption, commercial aerospace, and robotics [3][12][13] - The current period is identified as the optimal entry point for the strongest seasonal construction market, with a significant probability of entering the first benign adjustment phase in the growth industry cycle [4][14] - The report suggests that representative stocks typically experience a maximum adjustment range of 15-30% during the first benign adjustment phase, with a pattern of "decline → rebound → decline" observed historically [15][17] Group 2 - The report emphasizes the importance of focusing on stable and certain investment opportunities, particularly in sectors with regular construction opportunities, highlighting ten key sub-sectors and a portfolio of 18 advantageous stocks [29][30] - It notes that the AI industry chain remains a core focus for 2026, although it is currently entering the first benign adjustment phase, with expectations of a 15-20% adjustment in growth style [30][31] - The report indicates that traditional consumer goods and defensive dividend stocks are experiencing a short-term rotation, which aligns with historical patterns observed during the initial phase of benign adjustments [29][30]

证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究成功费 唐猛 A0230523080003 tangmeng@swsresearch.com 2026年02月08日 相关研究 联系人 唐猛 A0230523080003 tangmeng@swsresearch.com 系统谋划重点领域重大项目投资,发挥央国企 扩投资作用 ──申万宏源建筑周报（20260202-20260206） 本期投资后了 请务必仔细阅读正文之后的各项信息披露与声明 一周板块回顾：板块表现方面，SW 建筑装饰指数-1.81%，沪深 300 指 0 数-1.33%，相对收益为-0.48pct。周涨幅最大的三个子行业分别为装饰 幕墙 (+2.17%)、钢结构 (+2.05%)、生态园林 (+0.55%)，对应行业 内三个公司：名雕股份 (+31.83%)、杭萧钢构 (+9.62%)、国晟科技 (+25.29%)；年涨幅最大的三个子行业分别是钢结构（+23.50%）、专 业工程（+19.18%）、装饰幕墙（+ ...

Group 1 - The company Deli Jianye (01546.HK) has appointed Cinda International Finance Limited and Hongbo Capital Limited as joint independent financial advisors to provide opinions to the independent board committee regarding the fairness and reasonableness of an offer [1] - The appointment of the joint independent financial advisors has been approved by the independent board committee in accordance with Rule 2.1 of the Takeovers Code [1] - As of February 6, 2026, Deli Jianye's stock closed at HKD 0.26, reflecting a 2.41% increase, with a trading volume of 680,000 shares and a turnover of HKD 166,600 [1] Group 2 - Deli Jianye has a market capitalization of HKD 199 million and ranks 51st in the professional engineering industry [1] - There has been low attention from investment banks towards the stock, with no ratings provided in the last 90 days [1]

Group 1 - The professional engineering sector increased by 1.19% on February 4, with Huadian Engineering leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Notable gainers in the professional engineering sector included: - Huadian Engineering (601226) with a closing price of 12.73, up 10.03% [1] - Hongsheng Huayuan (601096) with a closing price of 6.19, up 9.95% [1] - ST Tianlong (300029) with a closing price of 5.62, up 4.46% [1] Group 2 - The professional engineering sector saw a net inflow of 156 million yuan from institutional investors, while retail investors experienced a net inflow of 3.44 million yuan [2] - Major stocks with significant net inflows from institutional investors included: - Huadian Engineering (601226) with a net inflow of 209 million yuan [3] - Hongsheng Huayuan (601096) with a net inflow of 201 million yuan [3] - Shanghai Port Bay (605598) with a net inflow of 48.86 million yuan [3]

Market Performance - The professional engineering sector increased by 2.9% on February 3, with Zhite New Materials leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Individual Stock Performance - Zhite New Materials (300986) closed at 42.30, up 11.90% with a trading volume of 603,100 shares [1] - Huadian Technology (601226) closed at 11.57, up 8.13% with a trading volume of 868,700 shares [1] - Shenghui Integration (603163) closed at 109.35, up 6.35% with a trading volume of 54,600 shares [1] - Hangxiao Steel Structure (600477) closed at 3.61, up 6.18% with a trading volume of 1,552,900 shares [1] - Baicheng Co., Ltd. (601133) closed at 18.94, up 5.81% with a trading volume of 367,000 shares [1] Capital Flow Analysis - The professional engineering sector saw a net inflow of 413 million yuan from institutional investors, while retail investors experienced a net outflow of 293 million yuan [2] - Major stocks like Zhite New Materials had a net inflow of 213 million yuan from institutional investors, indicating strong institutional interest [3] - Huadian Technology experienced a net inflow of 96 million yuan from institutional investors, but a net outflow of 43 million yuan from retail investors [3]

Market Overview - The professional engineering sector experienced a decline of 3.74% on February 2, with Shenghui Integrated leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Notable gainers included: - *ST Tianlong (300029): Closed at 5.38, up 4.26% with a trading volume of 105,200 shares and a turnover of 58.34 million yuan - Hongsheng Huayuan (601096): Closed at 5.52, up 3.95% with a trading volume of 1,531,900 shares and a turnover of 844 million yuan - Yongfu Co., Ltd. (300712): Closed at 28.79, up 3.08% with a trading volume of 76,500 shares and a turnover of 222 million yuan [1] - Major decliners included: - Shenghui Integrated (603163): Closed at 102.82, down 7.24% with a trading volume of 57,100 shares and a turnover of 59.8 million yuan - Yaxiang Integrated (603929): Closed at 146.90, down 7.20% with a trading volume of 58,300 shares and a turnover of 876 million yuan - China National Materials (600970): Closed at 10.60, down 7.18% with a trading volume of 580,700 shares and a turnover of 630 million yuan [2] Capital Flow - The professional engineering sector saw a net outflow of 934 million yuan from institutional investors, while retail investors experienced a net inflow of 641 million yuan [2] - Specific stock capital flows included: - Hongsheng Huayuan (601096): Net outflow of 30.68 million yuan from institutional investors - China National Materials (600970): Net inflow of 21.56 million yuan from institutional investors - Roman Co., Ltd. (605289): Net inflow of 13.67 million yuan from institutional investors [3]

Core Viewpoint - Shenghui Integration (603163.SH) has announced a plan to issue convertible bonds to raise up to RMB 55 million, which will be used for high-tech industry projects [1][2]. Fundraising Details - The total amount to be raised from the issuance of convertible bonds is capped at RMB 55 million, including this amount [2]. - The net proceeds after deducting issuance costs will be allocated to several specific projects, including cleanroom engineering and electromechanical projects, with a total investment of RMB 113.43 million [1]. Project Allocation - The funds will be distributed among various projects as follows: - Clean Electromechanical Engineering: Total investment of RMB 384.45 million, using RMB 11 million from the raised funds - Dust-Free Room Engineering: Total investment of RMB 220.48 million, using RMB 6 million from the raised funds - Electromechanical Package: Total investment of RMB 126.01 million, using RMB 9.5 million from the raised funds - Electromechanical Engineering: Total investment of RMB 403.39 million, using RMB 28.5 million from the raised funds [1]. Bond Issuance Details - The bonds will have a face value of RMB 100 each and will be issued at par value, with a maturity of six years from the issuance date [3]. - The interest rate will be determined based on national policies, market conditions, and company specifics, with interest paid annually [3]. - The conversion period for the bonds will start six months after issuance and last until maturity, allowing bondholders to choose whether to convert their bonds into shares [3]. Previous Fundraising - Shenghui Integration previously raised RMB 54.5 million by issuing 20 million shares at RMB 27.25 per share on October 13, 2022, with a net amount of RMB 48.53 million after costs [4].

Core Viewpoint - The infrastructure ETF (159619) has seen a decline of over 3%, but the ongoing industrial transformation presents opportunities for strategic repositioning, suggesting that this pullback may be a good time for investment [1] Group 1: Industry Trends - The upcoming era of industrial transformation is emphasized, highlighting the importance of construction companies' cross-industry transformation opportunities [1] - There is a notable increase in net financing from special bonds, with a total of 308.6 billion yuan as of January 30, which is higher than the same period in the past three years [1] - Key construction companies are showing signs of stabilizing and recovering in new order contracts as of Q4 2025, indicating potential acceleration in capital expenditures from major engineering and industrial firms [1] Group 2: Market Performance - The infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which includes listed companies involved in infrastructure construction, professional engineering, and building decoration [1] - The market share of leading construction companies is gradually increasing, supported by favorable policies that are expected to continue [1] - There is a positive outlook for the bottom rebound opportunities of leading cyclical companies in the current market environment [1]

Core Viewpoint - Shenghui Integrated is a leading Taiwanese electronic cleanroom company, experiencing accelerated growth due to its strong positioning in packaging and precision manufacturing sectors [1] Company Overview - Shenghui Integrated has established a significant leadership position in the cleanroom sector, accumulating high-quality client resources including Daylight (Siliconware Precision Industries), Foxconn, Pegatron, and Wistron [1] - The company's revenue is projected to steadily expand to 2 billion yuan from 2018 to 2024, with a compound annual growth rate (CAGR) of 14% [1] Financial Performance - In Q1-Q3 of 2025, the company is expected to continue its rapid expansion, achieving revenue of 2.1 billion yuan, representing a year-on-year growth of 46% [1] - Forecasted net profits attributable to the parent company for 2025-2027 are 144 million, 230 million, and 347 million yuan, reflecting year-on-year growth rates of 26%, 59%, and 51% respectively [1] - Corresponding earnings per share (EPS) are projected to be 1.44, 2.30, and 3.47 yuan per share for the same period, with current price-to-earnings (PE) ratios of 77, 48, and 32 times [1] Market Dynamics - Strong capital expenditure in AI in the U.S. has led to a significant mismatch in cleanroom supply and demand [1] - The establishment of a U.S. subsidiary is expected to contribute significantly to the company's performance [1] - High demand in Southeast Asia, particularly in PCB and other capital expenditures, is anticipated to drive growth [1] - The backlog of orders at the end of Q4 has increased by 46%, which is expected to accelerate this year's performance growth [1] Investment Outlook - The company is viewed positively due to the anticipated breakthroughs in the U.S. market, leading to performance growth, and has been given a "buy" rating for the first coverage [1]