Transaction Overview - The transaction involves a significant asset sale, issuance of shares, and cash payment for asset acquisition, along with fundraising through share issuance, all of which are interdependent components of a major asset restructuring [1][2] - The company plans to sell 100% equity of Sichuan Development Maglev Technology Co., Ltd. and related assets to Sichuan Shudao Rail Transit Group Co., Ltd., and 100% equity of Chengdu Xinzhu Transportation Technology Co., Ltd. to Sichuan Road and Bridge Construction Group Co., Ltd. [1] Issuance of Shares and Cash Payment - The company intends to issue shares and make cash payments to acquire 51% equity of Sichuan Shudao Clean Energy Group Co., Ltd. from Shudao Investment Group Co., Ltd. [2] - Post-transaction, Sichuan Shudao Clean Energy will become a subsidiary of the company [2] Fundraising through Share Issuance - The company plans to issue shares to no more than 35 specific investors to raise funds, with the total amount not exceeding 100% of the transaction price for the asset acquisition [4] - The number of shares issued will not exceed 30% of the total share capital after the completion of the share issuance [4] Historical Disclosure - The company has disclosed its plans for asset sale and share issuance in accordance with Shenzhen Stock Exchange regulations, leading to a temporary suspension of its stock trading [5] - The company has received approval for related proposals and resumed trading on June 10, 2025 [5] Progress of the Transaction - As of the announcement date, the company and related parties are actively advancing the transaction, with auditing and evaluation work still ongoing [6] - The company will convene a board meeting to review the transaction proposals after completing the necessary auditing and evaluation [6]

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Viewpoints - The construction industry is entering a phase of total volume stabilization, moving away from blind expansion and excessive debt. The focus is on intrinsic and long-term value rather than scale and blind expansion [14] - The initiative aims to resist unhealthy competition and promote a fair market order, emphasizing the importance of technology-driven transformation for sustainable development [14] - The overall business environment for construction companies is expected to be challenging in 2024, with a projected revenue decline of 4.29% to 8.6963 trillion yuan and a 13.74% decrease in profits [14] Summary by Sections Event Description - On July 7, a high-quality development theme event was held, where 33 construction enterprises issued a joint initiative to promote a clean and fair industry environment [2][8] Industry Trends - The initiative highlights the need for a new industry ecosystem, actively resisting bad practices and promoting social supervision [14] - The focus is on enhancing core competitiveness and transitioning to high-end, intelligent, and green development through technology innovation [14] Financial Outlook - In 2024, the construction industry is expected to face significant pressure, with a historical first decline in overall revenue and profits [14] - The report indicates that if the anti-involution trend is effectively implemented, undervalued quality state-owned enterprises may have opportunities for valuation recovery [14]

Core Viewpoint - Gencor Industries, Inc. reported mixed financial results for fiscal 2024, with revenue growth but declining net income and margins, indicating challenges in maintaining profitability amid competitive pressures and increased costs [2][3][9]. Financial Performance - Gencor's net revenues for Q4 fiscal 2024 were $20.92 million, nearly unchanged from $20.87 million in the same quarter last year [2]. - The gross profit margin for Q4 fiscal 2024 decreased to 25.6% from 31.7% in Q4 fiscal 2023 [2]. - For the full fiscal year 2024, Gencor reported net revenues of $113.2 million, a 7.7% increase from $105.1 million in fiscal 2023, while net income fell 0.7% to $14.6 million [3]. - Operating income for fiscal 2024 increased slightly by 1.9% to $13.7 million, despite a 17.9% rise in SG&A expenses [4]. Segmental and Operational Breakdown - Equipment sales recognized over time increased by 34.1% to $45.8 million, while equipment sales recognized at a point in time declined by 13.3% to $34.8 million [5]. - Parts and component sales rose 4.6% to $26.5 million, and freight revenue increased by 10.9% to $5.2 million [5]. Other Key Business Metrics - Net other income surged 31.6% to $7 million, driven by a 62.9% increase in interest and dividend income [6]. - The effective tax rate rose to 29.8% from 21.9%, primarily due to increased reserves for unrecognized tax benefits [7]. - Gencor ended fiscal 2024 with $115.4 million in cash and marketable securities, up from $101.3 million in the previous year [7]. Management Commentary - President Marc Elliott noted steady revenue in Q4 despite margin compression and highlighted a strong backlog supporting the first half of fiscal 2025 [8]. - Management emphasized a focus on market growth and high-quality product delivery amid ongoing infrastructure funding [8]. Factors Influencing Performance - The decline in gross margin from 31.7% to 25.6% in Q4 was a significant factor in the drop in operating income, reflecting competitive pressures in the aftermarket [9]. Guidance and Developments - Gencor did not provide specific financial guidance for fiscal 2025 but expressed optimism regarding operational momentum and demand for infrastructure-related equipment [10]. - There were no reported acquisitions or restructurings, with ongoing investments in engineering and product development highlighted [11].

证券研究报告 工业/基础材料 2Q25 前瞻：新材料、零售结构性转强 华泰研究 2025 年 7 月 03 日│中国内地 动态点评 2Q25 传统建筑建材或延续走弱，新材料景气分化 我们预计：1）建筑：2Q 施工淡季整体实物量表现平淡，除个别专业工程外， 预计多数公司营收略降；2）消费建材：工程端压力仍在，零售需求逐月改 善；3）水泥&玻璃：实物量整体偏弱，水泥价格松动，浮法玻璃价格震荡转 弱；光伏抢装收尾，光伏玻璃需求或有承压；4）玻纤&碳纤：玻纤高端需求 景气，企业盈利持续改善；碳纤价格持稳，2Q 企业收入同比降幅有限。 建筑：2Q25 资金面转弱，预期实物量及多数建筑企业经营偏弱 据 Wind，2Q 专项债发行约 1.88 万亿，较 1Q 环比-22.7%，发行力度较一 季度减弱， 1-5 月基建（不含电力）/地产/制造业投资同比增速较前三月 -0.2/-0.8/-0.6pct。1）考虑到 2Q 资金及投资增速转弱，预计 2Q 多数建筑 央企订单增速延续偏弱，收入盈利呈现弱稳；2）地方国企表现分化，上海 区域 1Q 开复工偏缓，收入盈利或延迟至 2Q 体现，区域投资景气下，预计 四川等区域国企利润同比延 ...

Report Overview - The report presents the top ten convertible bonds for July 2025, along with an analysis of the issuing companies [1][2][11] Company Summaries 1. Zhongte Convertible Bond (Zhongte Zhuanzhai) - Bond Rating: AAA; 6 - month - end closing price: 109.399 yuan; Conversion premium rate: 108.66%; PE - TTM of the underlying stock: 11.5 [5][11] - Company is a global leader in special steel manufacturing with a production capacity of about 20 million tons. It has a complete industrial chain and multiple production bases [11][12] - In 2024, revenue was 109.203 billion yuan (down 4.22% YoY), net profit attributable to shareholders was 5.126 billion yuan (down 10.41% YoY). In Q1 2025, revenue was 26.84 billion yuan (down 5.59% YoY), net profit attributable to shareholders was 1.384 billion yuan (up 1.76% YoY) [11] - Company highlights: largest variety - specification range, leading cost - control, and potential expansion through asset injection [12] 2. Shanlu Convertible Bond (Shanlu Zhuanzhai) - Bond Rating: AAA; 6 - month - end closing price: 113.766 yuan; Conversion premium rate: 50.91%; PE - TTM of the underlying stock: 3.9 [5][20] - Company focuses on road and bridge construction and maintenance, with a comprehensive business system [20] - In 2024, revenue was 71.348 billion yuan (down 2.3% YoY), net profit attributable to shareholders was 2.322 billion yuan (up 1.47% YoY). In Q1 2025, revenue was 9.764 billion yuan (up 1.95% YoY), net profit attributable to shareholders was 0.249 billion yuan (up 1.89% YoY) [20] - Company highlights: state - owned background, potential in debt - resolution, local infrastructure opportunities, and overseas expansion [21] 3. Jintong Convertible Bond (Jintong Zhuanzhai) - Bond Rating: AA+; 6 - month - end closing price: 128.025 yuan; Conversion premium rate: 5.74%; PE - TTM of the underlying stock: 20.7 [5][31] - Company engages in non - ferrous metal processing, providing materials for emerging industries [31] - In 2024, revenue was 124.161 billion yuan (up 12.36% YoY), net profit attributable to shareholders was 0.462 billion yuan (down 12.29% YoY). In Q1 2025, revenue was 27.285 billion yuan (up 9.89% YoY), net profit attributable to shareholders was 0.151 billion yuan (up 38.55% YoY) [31] - Company highlights: rebound in copper processing, growth in rare - earth permanent magnets, and expansion in electromagnetic flat wire business [32] 4. Aima Convertible Bond (Aima Zhuanzhai) - Bond Rating: AA; 6 - month - end closing price: 123.919 yuan; Conversion premium rate: 37.61%; PE - TTM of the underlying stock: 14.1 [5][40] - Company is a leading player in the electric two - wheeler industry [40] - In 2024, revenue was 21.606 billion yuan (up 2.71% YoY), net profit attributable to shareholders was 1.988 billion yuan (up 5.68% YoY). In Q1 2025, revenue was 6.232 billion yuan (up 25.82% YoY), net profit attributable to shareholders was 0.605 billion yuan (up 25.12% YoY) [40] - Company highlights: subsidy - driven demand, new national standard benefits, and potential margin improvement [41] 5. Xingye Convertible Bond (Xingye Zhuanzhai) - Bond Rating: AAA; 6 - month - end closing price: 124.495 yuan; Conversion premium rate: 13.03%; PE - TTM of the underlying stock: 6.4 [5][52] - Company is a large - scale joint - stock commercial bank with multiple financial licenses [52] - In 2024, revenue was 212.226 billion yuan (up 0.66% YoY), net profit attributable to shareholders was 77.205 billion yuan (up 0.12% YoY). In Q1 2025, revenue was 55.683 billion yuan (down 3.58% YoY), net profit attributable to shareholders was 23.796 billion yuan (down 2.22% YoY) [52] - Company highlights: stable growth in net interest income, stable asset quality, and expanding scale [53] 6. Youfa Convertible Bond (Youfa Zhuanzhai) - Bond Rating: AA; 6 - month - end closing price: 126.782 yuan; Conversion premium rate: 6.47%; PE - TTM of the underlying stock: 14.7 [5][64] - Company is the largest welded steel pipe manufacturer in China [64] - In 2024, revenue was 54.822 billion yuan (down 10.01% YoY), net profit attributable to shareholders was 0.425 billion yuan (down 25.46% YoY). In Q1 2025, revenue was 11.402 billion yuan (up 6.06% YoY), net profit attributable to shareholders was 0.133 billion yuan (up 9680.17% YoY) [64] - Company highlights: national layout, overseas market expansion, and high dividend policy [65] 7. Chongyin Convertible Bond (Chongyin Zhuanzhai) - Bond Rating: AAA; 6 - month - end closing price: 125.956 yuan; Conversion premium rate: 12.15%; PE - TTM of the underlying stock: 7.3 [5][77] - Company is a regional joint - stock commercial bank in the upper reaches of the Yangtze River [77] - In 2024, revenue was 13.679 billion yuan (up 3.54% YoY), net profit attributable to shareholders was 5.117 billion yuan (up 3.8% YoY). In Q1 2025, revenue was 3.581 billion yuan (up 5.3% YoY), net profit attributable to shareholders was 1.624 billion yuan (up 5.33% YoY) [77] - Company highlights: regional economic development opportunities, asset scale growth, and strategic risk management [78] 8. Baidian Convertible Bond (Baidian Zhuanzhai) - Bond Rating: AA; 6 - month - end closing price: 131.325 yuan; Conversion premium rate: 2.85%; PE - TTM of the underlying stock: 24.3 [5][88] - Company is a high - tech enterprise in power distribution equipment [88] - In 2024, revenue was 4.985 billion yuan (up 15.12% YoY), net profit attributable to shareholders was 0.196 billion yuan (up 79.05% YoY). In Q1 2025, revenue was 0.976 billion yuan (up 4.68% YoY), net profit attributable to shareholders was 0.037 billion yuan (up 11.47% YoY) [88] - Company highlights: improving profitability and strong order backlog [89] 9. Huayuan Convertible Bond (Huayuan Zhuanzhai) - Bond Rating: AA -; 6 - month - end closing price: 129.19 yuan; Conversion premium rate: 14.24%; PE - TTM of the underlying stock: 26.3 [5][101] - Company focuses on the vitamin D3 industrial chain [101] - In 2024, revenue was 1.243 billion yuan (up 13.58% YoY), net profit attributable to shareholders was 0.309 billion yuan (up 60.76% YoY). In Q1 2025, revenue was 0.326 billion yuan (down 1.18% YoY), net profit attributable to shareholders was 0.097 billion yuan (up 5.5% YoY) [101] - Company highlights: leading products in the industry, product expansion, and new drug approvals [102] 10. Yushui Convertible Bond (Yushui Zhuanzhai) - Bond Rating: AAA; 6 - month - end closing price: 124.888 yuan; Conversion premium rate: 30.54%; PE - TTM of the underlying stock: 26.6 [5][112] - Company is the largest water supply and drainage enterprise in Chongqing [112] - In 2024, revenue was 6.999 billion yuan (down 3.52% YoY), net profit attributable to shareholders was 0.785 billion yuan (down 27.88% YoY). In Q1 2025, revenue was 1.652 billion yuan (up 8.66% YoY), net profit attributable to shareholders was 0.237 billion yuan (up 28.91% YoY) [112] - Company highlights: stable local business, market expansion, and cost control [113]

Core Viewpoint - The stock repurchase and increase loan tool, established in October 2024, has shown positive effects in stabilizing the market and boosting investor confidence, with over 630 listed companies receiving support totaling more than 130 billion yuan as of June 30 [1][3][11]. Summary by Sections Policy Implementation - The People's Bank of China, along with financial regulatory bodies, announced the establishment of the stock repurchase and increase loan tool, with an initial quota of 300 billion yuan and an interest rate of 1.75% for one year, extendable based on circumstances [3][11]. Market Impact - The tool has led to a significant increase in market activity, with the Shanghai Composite Index stabilizing around 3,400 points after previously fluctuating around 3,000 points [11]. - The tool is expected to enhance the market's ability to withstand external risks and maintain stable operations, especially during periods of market volatility [11][12]. Company Participation - A total of 632 companies or major shareholders have received repurchase and increase loans, with the total amount reaching 134.26 billion yuan, of which 412 companies received loans in the first half of the year amounting to 84.98 billion yuan [3][6]. - The majority of companies utilizing this tool are private enterprises, accounting for 64.24%, followed by state-owned enterprises at 28.48% [6][7]. Loan Distribution - The highest loan amounts were granted to companies like Dongfang Shenghong, which received a total of 37 billion yuan, followed by other private enterprises such as Muyuan Foods and Rongsheng Petrochemical [8][9]. - The tool has attracted a diverse range of companies, including public and foreign enterprises, indicating a broad acceptance across different sectors [6][9]. Future Outlook - The ongoing participation of private enterprises is expected to create a more diversified market management landscape, enhancing competition and innovation within the capital market [9][12]. - Regulatory bodies may optimize the existing policies based on market developments to better meet the financing needs of various institutions, improving the efficiency of fund utilization [11][12].

中铁高新工业股份有限公司 董事会审计与风险管理委员会工作细则 （2025 年 6 月修订） 第一章 总 则 第一条 为提升中铁高新工业股份有限公司（以下简称公司） 董事会决策科学性，完善公司治理结构，根据《中华人民共和国 公司法》《上市公司治理准则》《上市公司独立董事管理办法》 《上海证券交易所股票上市规则》（以下简称《股票上市规则》） 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 等法律、法规、规范性文件和《中铁高新工业股份有限公司章程》 （以下简称《公司章程》）等相关规定，公司董事会设立董事会 审计与风险管理委员会（以下简称委员会），并制定本工作细则。 第二条 委员会是公司董事会下设的专门工作机构，为董事 会有关决策提供咨询或建议，向董事会负责并报告工作。 第三条 本细则适用于委员会及本细则中涉及的有关人员 和部门。 第二章 人员组成 第四条 委员会由三名不在公司担任高级管理人员的董事 组成，其中两名为独立董事委员，独立董事委员中至少有一名为 会计专业人士。 第五条 委员会委员由董事长、二分之一以上独立董事或者 — 1 — 全体董事的三分之一提名，并由董事会选举产生。 第六条 委员会设主任 ...

2025.06. 25 6月25日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 三连板吉大正元披露公司股票交易异动公告称，公司近期经营情况正常，内外部经营环境未发生重大 变化。公司、实际控制人及其一致行动人不存在涉及公司股票交易异常波动的重大事项。 燕东微：向特定对象发行A股股票获得中国证监会同意注册批复 燕东微公告，公司收到中国证监会出具的《关于同意北京燕东微电子股份有限公司向特定对象发行股 票注册的批复》，同意公司向特定对象发行股票的注册申请，批复自同意注册之日起12个月内有 效。公司将严格按照报送上海证券交易所的申报文件和发行方案实施，并在规定期限内办理本次向特 定对象发行股票的相关事项。 【品大事】 *ST华微：实控人将变更为吉林省国资委 股票复牌 *ST华微公告，公司控股股东上海鹏盛拟通过处置所持公司全部股份的方式筹措资金归还对公司占用 资金及利息，并推动吉林省半导体产业高质量发展。上海鹏盛与亚东投资、公司及全资子公司吉林麦 吉 柯 半 导 体 有 限 公 司 于 2025 年 6 月 25 日 签 署 《 股 份 转 让 协 议 》 ， 上 海 鹏 盛 ...

策 略 研 究 2025 年 06 月 17 日 市场有所回暖，回购增持随之降温 ——上市公司回购增持月度跟踪（2025 年 5 月） 相关研究 《政策推动+市场行为：回购增持规 模大幅增长——上市公司回购增持 月度跟踪（2025 年 4 月）》 2025/05/07 《回购增持涌现，央企极具配置价 值》 2025/04/10 证券分析师 牟瑾瑾 A0230524100002 mujj@swsresearch.com 陆灏川 A0230520080001 luhc@swsresearch.com 王雪蓉 A0230523070003 wangxr@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 牟瑾瑾 A0230524100002 mujj@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 A 股 策 略 联系人 牟瑾瑾 (8621)23297818× mujj@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 ⚫ 2024 年 9 月 24 日，国 ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [11]. Core Insights - The report analyzes several mergers and acquisitions (M&A) cases among central state-owned enterprises (SOEs) in the construction sector, highlighting how these companies have integrated quality resources to achieve breakthroughs in business scale and competitiveness [3][25]. - The recent policy changes, including the new "National Nine Articles" and amendments to the asset restructuring management measures, are expected to invigorate the M&A market, providing opportunities for companies facing operational pressures or growth limitations [6][20]. Summary by Sections M&A Analysis - The report details various M&A cases, including: - **China National Materials International**: Acquired subsidiaries to enhance its competitive edge and resolve internal competition issues [6][28]. - **Shenzhen Sanda A**: Acquired a majority stake in China System to strengthen its smart city industry chain [7][65]. - **China Energy Engineering**: Planned a merger with Gezhouba to eliminate competition and enhance synergy [8]. - **Anhui Construction Engineering**: Merged with Anhui Construction Group for overall listing [8]. - **China Communications Construction**: Divested design assets to facilitate a reverse merger with Qilian Mountain [9]. Policy Environment - The report emphasizes the supportive policy environment for M&A activities, with multiple central and local government initiatives aimed at enhancing the efficiency of capital allocation and encouraging strategic restructuring among SOEs [20][21]. Industry Trends - The construction industry is transitioning towards maturity, with signs of peak growth potential. The report notes a decline in revenue and profit for listed construction companies, indicating a need for horizontal expansion or vertical integration through M&A to sustain growth [20][25]. - In 2024, the total revenue for the construction sector was approximately 86,962.78 billion yuan, reflecting a year-on-year decrease of 4.29% [20]. Investment Opportunities - The report identifies potential investment targets that are under operational pressure or facing growth constraints, particularly those that could benefit from central and local policy support [25].