Core Viewpoint - The stock of Guosheng Technology (603778) surged by 155.85% in November, making it the top performer in the A-share market, driven by a significant rise in the photovoltaic sector and a proposed acquisition of 100% equity in Fuyue Technology for 241 million yuan, despite ongoing financial losses [1][3][5]. Group 1: Stock Performance - Guosheng Technology achieved a monthly increase of 155.85%, leading the top ten stocks in the A-share market for November [3]. - The stock price rose significantly from a low of 3.33 yuan per share on October 13, with a total increase of 231.14% over 34 trading days [3]. - Other notable stocks with over 100% increase include HeFu China and Huasheng Lithium Battery [3]. Group 2: Acquisition Details - The company announced plans to acquire 100% of Fuyue Technology for 241 million yuan, with the valuation based on both market and income approaches, ultimately favoring the income approach [3][4]. - The acquisition is expected to create approximately 220 million yuan in goodwill on the consolidated balance sheet post-transaction [3]. - Fuyue Technology specializes in high-precision new lithium battery shell materials, with major clients in the new energy battery sector [4]. Group 3: Financial Performance - Guosheng Technology has faced continuous losses since 2020, with net profits remaining negative in the first three quarters of this year [5][6]. - Revenue for the first three quarters of this year was approximately 450 million yuan, a significant decline of 57.79% year-on-year [6]. - The company’s financial struggles are attributed to policy impacts in the photovoltaic industry, reduced market demand, and declining sales [6]. Group 4: Shareholder and Management Issues - The controlling shareholder, Guosheng Energy, has pledged 46.5 million shares, representing 42.94% of its holdings, to support the company's operations [7]. - Concerns regarding the high percentage of pledged shares raise risks for the company, particularly if the stock price declines [8]. - Guosheng Energy holds approximately 16.49% of Guosheng Technology's total shares, with significant pledges impacting financial stability [8]. Group 5: Regulatory Scrutiny - The company received an inquiry from the Shanghai Stock Exchange regarding the fairness of the acquisition transaction, including the assessment parameters and the rationale behind the valuation [9][10]. - The inquiry also addressed potential conflicts of interest and the management of Fuyue Technology post-acquisition [10][11]. - Guosheng Technology is required to respond to the inquiry within five trading days, detailing the acquisition process and any insider information management [11].

2025 年 11 月 30 日 唐猛 A0230523080003 tanqmeng@swsresearch.com 相关研究 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 联系人 商业不动产 REITS 推行，盘活 并化解风险 -申万宏源建筑周报（20251124-20251128） 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+2.81%，沪深 300 指 O 数+1.64%，相对收益为+1.17pct。周涨幅最大的三个子行业分别为生态 园林 (+9.04%)、基建民企 (+7.21%)、设计咨询 (+6.23%)，对应行 业内三个公司：国晟科技（+57.69%）、汇通集团（+20.00%）、招标股 份 (+24.71%); 年涨幅最大的三个子行业分别是基建民企 (+71.33%)、生态园林 (+53.39%)、装饰 ...

行 业 及 产 业 建筑装饰 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 A0230523080003 tangmeng@swsresearch.com 2025 年 11 月 30 日 商业不动产 REITS 推行，盘活存量 并化解风险 看好 ——申万宏源建筑周报（20251124-20251128） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数+2.81%，沪深 300 指 数+1.64%，相对收益为+1.17pct。周涨幅最大的三个子行业分别为生态 园林（+9.04%）、基建民企（+7.21%）、设计咨询（+6.23%），对应行 业内三个公司：国晟科技（+57.69%）、汇通 ...

Core Viewpoint - ST Lingnan is facing multiple legal challenges, including a recent lawsuit for alleged collusion in bidding, which may impact its operations and finances depending on court outcomes [2][5]. Group 1: Legal Issues - ST Lingnan received a summons from the Henan Province Tangyin County People's Court for a hearing on October 31, related to allegations of collusion in bidding [2]. - The company is also involved in a lawsuit initiated by the Agricultural Development Bank of China, with a claim amounting to 294 million yuan due to a financial loan contract dispute [5]. - As of October 28, 2025, ST Lingnan has reported approximately 131 million yuan in undisclosed litigation and arbitration matters, representing 12.28% of its latest audited net assets [5]. Group 2: Financial Impact - The ongoing legal issues have not yet significantly affected the company's production and operations, but the potential financial impact remains uncertain pending court decisions [5]. - ST Lingnan's recent financial performance has been poor, with a reported revenue of 253 million yuan for the first three quarters of 2025, a decrease of 68.75% year-on-year, and a net loss of 206 million yuan [6]. Group 3: Management Issues - The company's current co-chairman and legal representative, Yin Hongwei, is under investigation by the China Securities Regulatory Commission for violations related to information disclosure [5]. - ST Lingnan has filed a lawsuit against Yin Hongwei for the recovery of 142 million yuan in misappropriated funds, which has not yet been resolved [6].

Group 1 - The company's Q3 revenue reached 98.04 million yuan, representing a year-on-year increase of 324.25% [1] - The company reported a net loss of 20.99 million yuan in Q3, a decline of 944.01% [1] - For the first three quarters, the company's revenue totaled 153 million yuan, showing a year-on-year growth of 109.17% [1] Group 2 - The net loss for the first three quarters was 36.90 million yuan, a decrease of 340.89% [1]

Group 1 - ST Lingnan held its 36th meeting of the fifth board of directors on October 24, 2025, to discuss a proposal to sue the former controlling shareholder [1] - For the first half of 2025, ST Lingnan's revenue composition was as follows: Ecological landscaping accounted for 43.99%, water and environmental management business for 41.94%, and cultural tourism for 14.07% [1] - As of the report, ST Lingnan's market capitalization was 3.4 billion yuan [1] Group 2 - The Chinese innovative drug sector has generated $80 billion in overseas licensing deals this year [1] - There is a contrast between the hot secondary market for biomedicine and the cooling fundraising environment in the primary market [1]

Group 1 - The company, Green Eco, announced that starting from September 30, 2025, its stock price has closed below 85% of the current conversion price for five consecutive trading days [1] - If the stock price continues to remain below 85% of the current conversion price, it may trigger conditions for a downward adjustment of the conversion price [1]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [3][25]. Core Insights - The report highlights the Ministry of Housing and Urban-Rural Development's focus on improving housing quality through better standards, design, materials, construction, and maintenance [4][12]. - The construction industry is expected to undergo transformation and upgrade, driven by industrialization, digitalization, and green initiatives during the 14th Five-Year Plan [4][12]. - The report identifies potential investment opportunities in state-owned enterprises and private companies within the construction sector, emphasizing the importance of regional investments aligned with national strategies [4][14]. Summary by Sections 1. Market Performance - The construction sector saw a bi-weekly increase of 4.30%, outperforming major indices such as the Shanghai Composite Index (+1.80%) and the CSI 300 (+1.47%) [5][7]. - The best-performing sub-sectors included state-owned infrastructure companies (+8.79%) and ecological landscaping (+6.74%) [5][7]. 2. Industry Changes - The Ministry of Housing and Urban-Rural Development plans to promote housing construction through five key areas: standards, design, materials, construction, and maintenance [12]. - The focus during the 14th Five-Year Plan will be on enhancing building quality and establishing a standardized construction market [12]. 3. Key Company Developments - China Railway Construction Corporation secured 14 major projects with a total value of 63.037 billion yuan, representing 5.91% of its projected 2024 revenue [14][16]. - Anhui Construction won four projects worth 2.018 billion yuan, accounting for 2.09% of its 2024 revenue [14][16]. - Xinjiang Communications Construction won a highway project valued at 480 million yuan, which is 7.92% of its 2024 revenue [14][16]. 4. Investment Recommendations - The report recommends state-owned enterprises such as China Chemical, China Railway, and China Railway Construction for investment, while also highlighting private companies like Zhi Te New Materials and Honglu Steel Structure [4][14].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][25]. Core Insights - The construction and decoration sector has shown a weekly increase of 2.42%, outperforming the Shanghai Composite Index by 1.03 percentage points. The best-performing sub-industries include ecological landscaping (+6.46%), infrastructure private enterprises (+4.64%), and decorative curtain walls (+3.45%) [3][4][5]. - The Ministry of Finance continues to implement a series of debt reduction measures, including the early issuance of part of the 2026 new local government debt limit, aimed at alleviating existing hidden debts [12][14]. - The transportation sector is advancing with the establishment of national AI application pilot bases in cities like Qingdao, indicating a significant push towards integrating AI in transportation [12]. Industry Performance - The construction industry outperformed major indices, with the SW Construction Decoration Index rising by 2.42% compared to the Shanghai Composite Index's 1.52% [4]. - The top three sub-industries by weekly growth were ecological landscaping (+6.46%), infrastructure private enterprises (+4.64%), and decorative curtain walls (+3.45%) [5][10]. - Year-to-date, the infrastructure private enterprises and ecological landscaping sectors have both seen significant growth of approximately 43.49% and 43.44%, respectively [5]. Key Company Developments - The company "Metro Design" signed a contract for the feasibility study of the Ho Chi Minh City Urban Rail Transit Line 2, valued at 46 million yuan, which represents 1.67% of its 2024 revenue [14][15]. - "Beixin Road and Bridge" secured a contract for a mining construction project worth 504 million yuan, accounting for 4.93% of its 2024 revenue [14][15]. - "Ningbo Construction" won a joint bid for a project valued at 443 million yuan, representing 2.10% of its 2024 revenue [15][16]. Investment Recommendations - The report suggests that while the overall industry remains weak, regional investments may gain traction as national strategies are implemented. Recommended companies include state-owned enterprises like China Chemical, China Railway, and China Railway Construction, as well as private firms such as Zhi Te New Materials and Honglu Steel Structure [3][12].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [2][25]. Core Insights - The construction and decoration industry is experiencing a weak overall market, but regional investments are expected to gain momentum as national strategic layouts deepen [2]. - The report highlights significant weekly and yearly performance variations among sub-industries, with infrastructure private enterprises showing the highest weekly increase of +8.49% and an annual increase of +39.07% [5][9]. - Key companies such as Jiangjian Co. and Zhongtian Jingzhuang have shown remarkable weekly gains of +27.67% and +13.64%, respectively, indicating strong market interest [10][9]. Industry Performance Summary - The construction industry saw a weekly decline of -1.37%, underperforming compared to the Shanghai Composite Index, which declined by -0.81% [3][4]. - The best-performing sub-industries for the week included infrastructure private enterprises (+8.49%), decorative curtain walls (+1.73%), and ecological landscaping (+0.57%) [5][9]. - Year-to-date, the top-performing sub-industries are infrastructure private enterprises (+39.07%), ecological landscaping (+33.94%), and professional engineering (+24.66%) [5][9]. Key Company Developments - Jiangjian Co. won a contract for rural road improvement in Harbin, valued at CNY 310 million, representing 1.69% of its 2024 revenue [13]. - Zhejiang Jiaoke secured contracts for two major highway projects totaling CNY 10.099 billion, accounting for 21.14% of its projected 2024 revenue [13][14]. - Other notable companies include Longjian Co. and Hongrun Construction, which have also secured significant contracts contributing to their revenue forecasts [14][15].