Market Overview - The infrastructure sector experienced a decline of 2.03% on August 27, with the Shanghai Composite Index closing at 3800.35, down 1.76%, and the Shenzhen Component Index at 12295.07, down 1.43% [1] Key Performers in Infrastructure Sector - Hongrun Construction (002062) saw a closing price of 7.35, with an increase of 5.76% and a trading volume of 1.1164 million shares, totaling a transaction value of 8.12 billion [1] - Pudong Construction (600284) closed at 676, up 5.56%, with a trading volume of 1.1343 million shares, amounting to 10.92 billion [1] - Huylv Ecological (001267) closed at 13.38, increasing by 5.52%, with a trading volume of 654,000 shares, totaling 8.73 billion [1] Decliners in the Sector - Garden Shares (605303) led the decline with a closing price of 21.82, down 9.98%, and a trading volume of 493,600 shares, resulting in a transaction value of 1.125 billion [2] - Jinpu Garden (301098) closed at 9.29, down 6.82%, with a trading volume of 150,900 shares, totaling 145 million [2] - Hangzhou Garden (300649) closed at 17.66, down 5.26%, with a trading volume of 82,200 shares, amounting to 150 million [2] Capital Flow Analysis - The infrastructure sector saw a net outflow of 1.926 billion from institutional investors, while retail investors contributed a net inflow of 1.342 billion [2][3] - Major stocks like Hongrun Construction and Pudong Construction experienced mixed capital flows, with Hongrun seeing a net inflow of 17.4 million from institutional investors [3]

Group 1 - The stock price of China Power Construction Corporation (China Power) decreased by 2.09% on August 27, trading at 6.10 CNY per share with a total transaction volume of 1.753 billion CNY and a market capitalization of 105.08 billion CNY [1] - Year-to-date, China Power's stock price has increased by 14.38%, but it has seen a decline of 1.29% over the last five trading days and a 10.29% drop over the last 20 days, while it has risen by 31.95% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on July 24, where it recorded a net buy of -545 million CNY [1] Group 2 - China Power was established on November 30, 2009, and listed on October 18, 2011. Its main business includes construction contracting, power investment and operation, real estate development, equipment manufacturing and leasing, and design for hydropower and wind power [2] - The revenue composition of China Power shows that construction contracting and design account for 90.74%, while other segments contribute 4.94% and power investment and operation account for 4.01%, with renewable energy making up 1.70% [2] - As of June 30, 2025, China Power had 320,000 shareholders, a decrease of 1.81% from the previous period, with an average of 40,848 circulating shares per shareholder, an increase of 1.84% [2] Group 3 - Since its A-share listing, China Power has distributed a total of 19.31 billion CNY in dividends, with 6.61 billion CNY distributed over the last three years [3] - As of March 31, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 384 million shares, a decrease of 53.02 million shares from the previous period [3] - Other significant shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, with holdings of 141 million shares and 98.54 million shares, respectively, both showing a decrease compared to the previous period [3]

Market Overview - On August 26, the infrastructure sector declined by 0.27% compared to the previous trading day, with Hui Lv Ecology leading the decline [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Notable gainers in the infrastructure sector included: - Garden Shares (605303) with a closing price of 24.24, up 9.98% and a trading volume of 473,400 shares, totaling 1 billion yuan [1] - Dongzhu Ecology (603359) closed at 8.38, up 7.85% with a trading volume of 845,100 shares, totaling 704 million yuan [1] - Oriental Landscape (002310) closed at 2.38, up 3.03% with a trading volume of 2,093,000 shares, totaling 500 million yuan [1] - Major decliners included: - Hui Lv Ecology (001267) closed at 12.68, down 5.79% with a trading volume of 542,900 shares, totaling 700 million yuan [2] - Chengbang Shares (603316) closed at 9.04, down 4.14% with a trading volume of 269,300 shares, totaling 24.5 million yuan [2] - China Power Construction (601669) closed at 6.23, down 1.42% with a trading volume of 2,483,700 shares, totaling 1.55 billion yuan [2] Capital Flow - The infrastructure sector experienced a net outflow of 423 million yuan from institutional investors, while retail investors saw a net inflow of 316 million yuan [2] - Key stocks with significant capital flow included: - Dongzhu Ecology (603359) had a net inflow of 113 million yuan from institutional investors, but a net outflow of 65.55 million yuan from retail investors [3] - Sichuan Road and Bridge (600039) saw a net inflow of 67.19 million yuan from institutional investors, with outflows from both retail and speculative investors [3] - Oriental Landscape (002310) had a net inflow of 24.81 million yuan from institutional investors, but outflows from retail investors [3]

北京中岩大地科技股份有限公司 对外担保管理制度 （2025 年 8 月修订） 第二章 对外担保的条件 第七条 公司可以为具有独立法人资格并具有以下条件之一的单位提供担保： 共和国民法典》等法律、法规、规范性文件及《公司章程》的有关规定，特制定 本管理办法。 第二条 本制度所称对外担保是指公司为他人提供的保证、抵押、质押及其 他担保事项，包括公司对控股子公司（公司拥有控制权的子公司统称为"控股子 公司"）的担保；本制度所称"公司及控股子公司的对外担保总额"，是指包括公 司对控股子公司的担保在内的公司对外担保总额和控股子公司对外担保之和。 第三条 公司对外担保实行统一管理，非经公司董事会或股东会批准，任何 人无权以公司名义签署对外担保的合同、协议或其他类似的法律文件。公司为关 联人提供担保的，不论数额大小，均应当在董事会审议通过后提交股东会审议。 第四条 公司控股子公司的对外担保，视同公司行为，其对外担保应按本制 度相关规定执行。 第五条 公司为他人提供担保，应当采取反担保等必要的措施防范风险，谨 慎判断反担保提供方的实际担保能力和反担保的可执行性。 第六条 公司对外担保的内部控制应遵循合法、审慎、互利、安全的原 ...

北京中岩大地科技股份有限公司 防范控股股东及关联方资金占用管理制度 （2025 年 8 月修订） 第一章 总则 第一条 为了建立防止控股股东或关联方占用北京中岩大地科技股份有限公 司（以下简称"公司"）及其控股子公司资金的长效机制，杜绝控股股东及关联 方资金占用行为的发生，根据《中华人民共和国公司法》 第四条 公司在与控股股东及关联方发生经营性资金往来时，应当严格防止 公司资金被占用。 公司不得以垫付工资、福利、保险、广告等期间费用，预付投资款等方式将 资金、资产有偿或无偿、直接或间接地提供给控股股东及关联方使用，也不得互 相代为承担成本和其他支出。 第五条 公司不得以下列方式将资金直接或间接地提供给控股股东及关联方 使用： （以下简称"《公司法》"）、 等法律、法规、规范性文件以及《北京中岩大地科技股份有限公司章程》（以下 简称"《公司章程》"）的有关规定，制定本制度。 第二条 本制度适用于公司控股股东及关联方与公司间的资金管理。纳入公 司合并会计报表范围的子公司适用本制度。公司控股股东及关联方与纳入合并会 计报表范围的子公司之间的资金往来，参照本制度执行。 本制度所称"关联方"，是指根据《深圳证券交易所股 ...

Market Performance - On August 25, the infrastructure sector rose by 1.12% compared to the previous trading day, with China Communications Construction Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up by 1.51%, while the Shenzhen Component Index closed at 12441.07, up by 2.26% [1] Individual Stock Performance - China Communications Construction Co., Ltd. (603815) closed at 9.34, with a gain of 10.01% and a trading volume of 176,500 shares, amounting to a transaction value of 162 million yuan [1] - Tonglin Co., Ltd. (605303) closed at 22.04, up by 9.98%, with a trading volume of 15,100 shares [1] - Pudong Construction (600284) closed at 8.95, increasing by 6.04%, with a trading volume of 957,200 shares [1] - ST Lingnan (002717) closed at 1.73, up by 4.85%, with a trading volume of 1,456,800 shares [1] - Other notable stocks include Hangzhou Garden (300649) at 19.44 (+3.85%) and Meili Ecology (000010) at 4.84 (+3.42%) [1] Capital Flow Analysis - On the same day, the infrastructure sector experienced a net outflow of 67.69 million yuan from institutional investors and a net outflow of 107 million yuan from speculative funds, while retail investors saw a net inflow of 175 million yuan [2] - The capital flow for key stocks showed that China Electric Power Construction (601868) had a net inflow of 71.48 million yuan from institutional investors, while ST Lingnan (002717) had a net inflow of 59.75 million yuan [3] - China Communications Construction Co., Ltd. (603815) recorded a net inflow of 52.10 million yuan from institutional investors, despite a net outflow from speculative and retail investors [3]

Core Insights - Oriental Garden reported an increase in shareholder accounts to 74,603 as of June 30, 2025, up by 7,751 accounts or 11.59% from March 31, 2025 [1][2] - The average number of shares held per account decreased from 89,700 to 80,400, with an average market value of 172,900 yuan per account [1][2] - The company's stock price increased by 2.87% during the period from March 31, 2025, to June 30, 2025, coinciding with the increase in shareholder accounts [1][2] Shareholder Statistics - As of June 30, 2025, the average number of shareholders in the infrastructure industry was 58,000, indicating that Oriental Garden's shareholder count is above the industry average [1] - The average market value of shares held by shareholders in the infrastructure industry was 229,100 yuan, which is higher than Oriental Garden's average [1] Capital Flow - From March 31, 2025, to June 30, 2025, the net outflow of funds from major investors was 553 million yuan, while retail investors saw a net inflow of 412 million yuan [4]

Core Viewpoint - The recent financial report of Jiaojian Co., Ltd. (交建股份) indicates a positive growth trajectory in revenue and net profit for the first half of 2025, showcasing improved profitability metrics compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 1.962 billion yuan, marking a year-on-year increase of 9.01% [1] - The net profit attributable to shareholders was 113 million yuan, reflecting a significant year-on-year growth of 48.66% [1] - In Q2 2025, total revenue was 1.173 billion yuan, up 14.67% year-on-year, while net profit for the quarter was approximately 79.5 million yuan, an increase of 84.75% [1] - The gross margin improved to 12.66%, with a year-on-year increase of 46.7%, and the net margin rose to 6.06%, up 44.27% [1] Key Financial Metrics - The total of selling, administrative, and financial expenses amounted to 81.14 million yuan, accounting for 4.13% of revenue, with a slight year-on-year increase of 0.09% [1] - Earnings per share (EPS) increased to 0.18 yuan, a 50% rise compared to the previous year [1] - The cash flow per share was -0.27 yuan, showing a year-on-year improvement of 23.48% [1] - The company's net asset per share was 3.87 yuan, up 3.62% year-on-year [1] Changes in Financial Items - Contract liabilities increased by 33.94% due to a rise in advance payments for projects [2] - Deferred tax liabilities decreased by 41.68% as a result of the reversal of tax deductions for fixed assets [2] - Research and development expenses surged by 94.36% due to increased investment in new material technology [2]

Market Performance - On August 22, the infrastructure sector rose by 0.84% compared to the previous trading day, with Pudong Construction leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Top Gainers in Infrastructure Sector - Pudong Construction (600284) closed at 8.44, with a gain of 10.04% and a trading volume of 766,100 shares, amounting to a transaction value of 628 million yuan [1] - Garden Shares (605303) closed at 20.04, up 9.99%, with a trading volume of 24,400 shares [1] - Oriental Landscape (002310) closed at 2.32, increasing by 5.94%, with a trading volume of 1,927,400 shares [1] Decliners in Infrastructure Sector - Hongrun Construction (002062) closed at 6.80, down 5.03%, with a trading volume of 1,129,400 shares and a transaction value of 773 million yuan [2] - Wenke Shares (002775) closed at 4.79, decreasing by 4.58%, with a trading volume of 523,300 shares [2] - Guanzhong Ecology (300948) closed at 11.96, down 2.92%, with a trading volume of 82,400 shares [2] Capital Flow Analysis - The infrastructure sector saw a net inflow of 187 million yuan from institutional investors, while retail investors experienced a net outflow of 27.54 million yuan [2] - Major stocks like Pudong Construction and Xinjiang Communications Construction attracted significant institutional investment, with net inflows of 132 million yuan and 97.48 million yuan respectively [3] Summary of Capital Flows for Key Stocks - Pudong Construction (600284) had a net inflow of 132 million yuan from institutional investors, while retail investors had a net outflow of 58.41 million yuan [3] - Xinjiang Communications Construction (002941) saw a net inflow of 97.48 million yuan from institutional investors, with retail investors experiencing a net outflow of 87.83 million yuan [3] - China Communications Construction (601800) had a net inflow of 80.67 million yuan from institutional investors, while retail investors faced a net outflow of 43.59 million yuan [3]

Core Insights - The company reported a total revenue of 1.962 billion yuan for the first half of 2025, representing an increase of 162 million yuan or 9.01% year-on-year [1] - The net profit attributable to shareholders reached 113 million yuan, an increase of 36.8393 million yuan or 48.66% compared to the same period last year [1] - The company experienced a net cash outflow from operating activities of 168 million yuan, which is an improvement of 51.6097 million yuan compared to the previous year, marking two consecutive years of increase [1] Financial Ratios - The latest debt-to-asset ratio stands at 75.03%, a decrease of 0.10 percentage points from the previous quarter and a reduction of 1.38 percentage points year-on-year [3] - The gross profit margin is reported at 12.66%, an increase of 4.65 percentage points from the previous quarter and 4.03 percentage points year-on-year, achieving three consecutive years of growth [3] - The return on equity (ROE) is 4.70%, which is an increase of 1.43 percentage points compared to the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share (EPS) is 0.18 yuan, an increase of 0.06 yuan or 50.00% year-on-year [3] - The total asset turnover ratio is 0.19 times, an increase of 0.02 times or 14.60% year-on-year [3] - The inventory turnover ratio is 14.35 times, which is an increase of 3.21 times or 28.85% year-on-year [3] Shareholder Information - The number of shareholders is 20,600, with the top ten shareholders holding a total of 337 million shares, accounting for 54.51% of the total share capital [3] - The largest shareholder is Xiangyuan Holdings Group Co., Ltd., holding 44.3% of the shares [3]