（文章来源：证券时报网） Choice统计显示，9月12日，沪深两市可交易A股中，上涨个股有1865只，下跌个股有3161只，平盘个 股123只。不含当日上市新股，共有74只个股涨停，8只个股跌停。从所属行业来看，涨停个股主要集中 在汽车、有色金属、建筑装饰、房地产、机械设备等行业。 ...

Core Viewpoint - Despite the overall upward trend in the A-share market, many low-priced stocks have declined, with some falling below the 1 yuan face value, indicating market differentiation and the ongoing process of resource optimization [1][2]. Group 1: Market Performance - The A-share market has seen significant growth, with the average stock price reaching 26.15 yuan and the median at 16.28 yuan as of September 11 [1]. - There are currently 28 stocks priced below 2 yuan, with an average decline of 1.48% since August, while major indices like the Shanghai Composite Index and Shenzhen Component Index have risen by 8.45% and 17.89%, respectively [2]. Group 2: Characteristics of Low-Priced Stocks - All 28 stocks priced below 2 yuan are from the main board, with no representation from the ChiNext, Sci-Tech Innovation Board, or Beijing Stock Exchange [3]. - The real estate sector dominates this group, with 7 stocks, followed by construction decoration, steel, and basic chemicals, each with 3 stocks [3]. - The majority of these low-priced stocks are small to mid-cap, with 16 stocks having a market capitalization below 10 billion yuan, and only 1 stock exceeding 50 billion yuan [3]. Group 3: Financial Performance - More than half of the low-priced stocks have reported a decline in revenue for the first half of the year, with 15 stocks showing a year-on-year decrease [3]. - Over 60% of these stocks have also experienced a drop in net profit attributable to shareholders [3]. Group 4: ST Stocks and Risks - A significant portion of the low-priced stocks, 13 out of 28, are ST (Special Treatment) stocks, indicating serious financial issues [4]. - Companies like *ST Gao Hong and *ST Su Wu are facing severe risks, including potential delisting due to fraudulent activities and financial mismanagement [4].

Group 1 - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] - As of September 11, there are 974 stocks with a circulating market value below 3 billion yuan, and 401 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,654 stocks have a total market value below 5 billion yuan, with 569 stocks having a total market value below 3 billion yuan [1] Group 2 - The three stocks with the smallest circulating market values are *ST Zitian at 440 million yuan, *ST Yuancheng at 603 million yuan, and Bofei Electric at 611 million yuan [1] - The three stocks with the smallest total market values are *ST Zitian at 444 million yuan, *ST Yuancheng at 603 million yuan, and *ST Suwu at 690 million yuan [1] - A detailed list of stocks with circulating market values below 2 billion yuan includes various sectors such as media, construction decoration, and basic chemicals [1][2]

Core Viewpoint - Jianghe Group's stock increased by 1.59% on September 11, with a trading volume of 41.84 million yuan, indicating a positive market sentiment towards the company [1]. Financing Summary - On September 11, Jianghe Group had a financing buy amount of 4.33 million yuan and a financing repayment of 4.60 million yuan, resulting in a net financing buy of -0.27 million yuan [1]. - As of September 11, the total financing and securities lending balance for Jianghe Group was 113 million yuan, with the current financing balance at 112 million yuan, accounting for 1.29% of the circulating market value, which is below the 10% percentile level over the past year, indicating a low financing level [1]. - The company had no shares repaid in securities lending on September 11, with 400 shares sold, amounting to 3,072 yuan at the closing price, and a securities lending balance of 408,600 yuan, which is above the 70% percentile level over the past year, indicating a high level of securities lending [1]. Company Overview - Jianghe Group, established on February 4, 1999, and listed on August 18, 2011, is located in Shunyi District, Beijing, and specializes in providing green building systems and high-quality healthcare services [1]. - As of July 18, the number of shareholders in Jianghe Group was 20,100, a decrease of 16.36% from the previous period, while the average circulating shares per person increased by 19.56% to 56,368 shares [1]. Financial Performance - For the first half of 2025, Jianghe Group reported a revenue of 9.339 billion yuan, a year-on-year decrease of 5.86%, while the net profit attributable to shareholders was 328 million yuan, reflecting a year-on-year increase of 1.69% [1]. Dividend Information - Since its A-share listing, Jianghe Group has distributed a total of 3.138 billion yuan in dividends, with 872 million yuan distributed over the past three years [2]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder of Jianghe Group, holding 43.8131 million shares, a decrease of 64,300 shares from the previous period [2]. - New institutional shareholders include Jia Shi Industrial Preferred Mixed Fund (LOF) A, holding 5.1179 million shares, and Guangfa Multi-Factor Mixed Fund, holding 3.4115 million shares [2]. - Southern CSI 1000 ETF and Huabao S&P China A-share Dividend Opportunity ETF have exited the top ten circulating shareholders list [2].

Group 1 - The overall A-share market has been rising significantly, yet many low-priced stocks have declined, with some falling below the 1 yuan face value, indicating a "vote with feet" from the market [1][2] - As of September 11, the average stock price in the A-share market was 26.15 yuan, while the median was 16.28 yuan, showing a general upward trend in stock prices [1] - There are currently 28 stocks priced below 2 yuan, with an average decline of -1.48% since August, contrasting sharply with the major indices which have seen increases of 8.45% to 31.16% [2] Group 2 - All 28 stocks priced below 2 yuan are from the main board, with no representation from the ChiNext, Sci-Tech Innovation Board, or Beijing Stock Exchange [3] - The real estate sector is the most represented among these low-priced stocks, with 7 companies, followed by construction decoration, steel, and basic chemicals, each with 3 companies [3] - The majority of these low-priced stocks are small to mid-cap, with 16 stocks having a market capitalization below 10 billion yuan, and only 1 stock exceeding 50 billion yuan [3] Group 3 - More than half of the 28 low-priced stocks have reported a decline in revenue year-on-year for the first half of the year, and over 60% have seen a drop in net profit attributable to shareholders [3][4] - A significant portion of the low-priced stocks are ST (Special Treatment) stocks, with 13 out of 28 classified as such, indicating serious financial issues [4] - Specific companies like *ST Gao Hong and *ST Su Wu are facing severe risks, including potential delisting due to fraudulent activities and financial mismanagement [4]

Group 1 - The A-share market has seen an overall upward trend, yet many low-priced stocks have declined, with some falling below the 1 yuan face value, indicating a market "vote with feet" phenomenon [1][2] - As of September 11, the average stock price in the A-share market was 26.15 yuan, and the median was 16.28 yuan, while the number of low-priced stocks has significantly decreased [1] - There are currently 28 stocks priced below 2 yuan, with an average decline of 1.48% since August, contrasting sharply with the Shanghai Composite Index's increase of 8.45% during the same period [2] Group 2 - All 28 stocks priced below 2 yuan are from the main board, with no representation from the ChiNext, Sci-Tech Innovation Board, or Beijing Stock Exchange [3] - The real estate sector is the most represented among these low-priced stocks, with 7 stocks, followed by construction decoration, steel, and basic chemicals, each with 3 stocks [3] - The majority of these low-priced stocks are small to mid-cap, with 16 stocks having a market capitalization below 10 billion yuan, and only 1 stock exceeding 50 billion yuan [3] Group 3 - A significant portion of the low-priced stocks are ST (Special Treatment) stocks, with 13 out of 28 classified as such, indicating serious issues within these companies [4] - For instance, *ST Gao Hong is facing potential major illegal delisting due to fraudulent issuance and false reporting, while *ST Su Wu is dealing with multiple risks including major shareholder fund occupation and potential delisting [4] - Over half of the 28 low-priced stocks have reported a decline in operating revenue, and more than 60% have seen a drop in net profit attributable to shareholders in the first half of the year [3]

Group 1 - The overall A-share market has been rising significantly, but many low-priced stocks have been declining, with some falling below the 1 yuan face value, indicating a market "vote with feet" phenomenon [1][2] - As of September 11, the average stock price in the A-share market was 26.15 yuan, and the median was 16.28 yuan, while the number of low-priced stocks has decreased significantly [1] - There are currently 28 stocks priced below 2 yuan, with an average decline of 1.48% since August, while major indices like the Shanghai Composite Index and Shenzhen Component Index have risen by 8.45% and 17.89%, respectively [2] Group 2 - All 28 stocks priced below 2 yuan are from the main board, with no representation from the ChiNext, Sci-Tech Innovation Board, or Beijing Stock Exchange [3] - The real estate sector has the highest representation among these low-priced stocks, with 7 stocks, followed by construction decoration, steel, and basic chemicals, each with 3 stocks [3] - The majority of these low-priced stocks are small to mid-cap, with 16 stocks having a market capitalization below 10 billion yuan, and only 1 stock exceeding 50 billion yuan [3] Group 3 - More than half of the 28 low-priced stocks have reported a decline in operating revenue year-on-year, and over 60% have seen a drop in net profit attributable to shareholders [3] - A significant portion of the low-priced stocks are ST (Special Treatment) stocks, with 13 out of 28 classified as such, indicating serious issues within these companies [4] - Companies like *ST Gao Hong and *ST Su Wu are facing multiple risks, including potential delisting due to financial misconduct and operational challenges [4]

Core Viewpoint - Despite the overall upward trend in the A-share market, many low-priced stocks have declined, with some falling below the 1 yuan face value, indicating market differentiation and the ongoing process of resource optimization [1][3]. Group 1: Market Performance - The A-share market has seen significant growth, particularly since August, with the average stock price reaching 26.15 yuan and the median at 16.28 yuan as of September 11 [2]. - The number of low-priced stocks has decreased significantly, yet many have performed poorly, with 28 stocks currently priced below 2 yuan, averaging a decline of 1.48% since August 11, while major indices have risen: Shanghai Composite Index up 8.45%, Shenzhen Component Index up 17.89%, and ChiNext Index up 31.16% [2]. Group 2: Characteristics of Low-Priced Stocks - All 28 stocks priced below 2 yuan are from the main board, with no representation from the ChiNext, Sci-Tech Innovation Board, or Beijing Stock Exchange [5]. - The real estate sector dominates this group with 7 stocks, followed by construction decoration, steel, and basic chemicals with 3 each [5]. - Most of these low-priced stocks are small to mid-cap, with 16 stocks having a market capitalization below 10 billion yuan, and only 1 stock exceeding 50 billion yuan [5]. Group 3: Financial Performance - Over half (15 out of 28) of the low-priced stocks reported a year-on-year decline in revenue for the first half of the year, while 17 stocks (over 60%) saw a drop in net profit attributable to shareholders [5]. Group 4: ST Stocks - A significant portion of the low-priced stocks (13 out of 28) are ST (Special Treatment) stocks, indicating serious financial issues. For instance, *ST Gao Hong faces potential delisting due to fraudulent issuance and false reporting, while *ST Su Wu is dealing with multiple risks including major shareholder fund occupation and business disruptions [6].

Core Viewpoint - Viyie Group has experienced a significant decline in revenue in the first half of the year, primarily due to reduced income from construction services, while maintaining a slight increase in net profit through cost control measures [3][4]. Company Overview - Viyie Group, established in 1994 and controlled by Zhuhai State-owned Huafa Group, is a publicly listed company in A-shares, recognized as one of China's top 100 construction decoration enterprises and a top 500 enterprise in Shenzhen [2]. Half-Year Performance and Revenue Decline - The company reported a revenue of 4.008 billion yuan in the first half of the year, a year-on-year decrease of 47.81%, while the net profit attributable to shareholders was 10.4334 million yuan, an increase of 5.38%, with basic earnings per share at 0.05 yuan [3]. Cost Control and Profitability Improvement - Viyie Group has enhanced its cost management through refined project management and efficiency improvements, resulting in a year-on-year increase in gross profit margin. The company plans to continue refining its cost control system to further enhance project management and profitability [4]. Participation in Low-altitude Economy - The company's wholly-owned subsidiary, Jiantai Construction, is involved in the construction of the Zhuhai Airshow Center, although its revenue from low-altitude economy-related construction services is currently minimal [5]. Accounts Receivable Collection Measures - Due to the nature of the construction industry, accounts receivable constitute a significant portion of the company's assets. Viyie Group manages risks through customer credit management and has established a dynamic monitoring and warning system to prevent performance risks, along with a special collection team for overdue accounts [6]. Development in Photovoltaic and New Business Areas - Jiantai Construction has won a bid for a distributed photovoltaic power generation project in Zhuhai, focusing on photovoltaic construction services, which currently contribute a small portion of revenue. The company has also made progress in high-end manufacturing and smart park construction, including a project for Jingwang Electronics and a bid for the land-based control center of the Yangjiang Fan Stone offshore wind farm, supporting energy conservation and emission reduction [7].

| 编号：2025-002 | | --- | 证券代码：300621 证券简称：维业股份 维业建设集团股份有限公司 投资者关系活动记录表 | | 特定对象调研 | 分析师会议 ☐ | | --- | --- | --- | | 投资者关系 | 媒体采访 ☐ | 业绩说明会 ☐ | | 活动类别 | | | | | 新闻发布会 ☐ | 路演活动 ☐ | | | 其他（请文字说明其他活动内容） ☐ | | | 参与单位名称 | 湘财证券：李军辉 | | | | 小忠资本：梁 幸 | | | 及人员姓名 | 恒江基金：周泽翊等 | | | 时间 | 2025年9月10日 | | | 地点 | 维业股份二楼 228 | 会议室 | | 上市公司接待 人员姓名 | 副总裁兼董事会秘书 詹峰 | 沈茜、证券事务代表 | | | 1.简要介绍维业股份情况 | | | | 维业建设集团股份有限公司（以下简称"公司""维业股份"）成立于1994 | | | | 年，是珠海国有企业华发集团控股的A股上市公司。公司是国家高新技术企业、 | | | | 深圳500强企业、深圳老字号、深圳知名品牌。已连续21年入选中国建筑装饰"百 ...