复工积极性显著好转,3月固投有望改善 键第一篇 ■ 证券研究报告 因 投资评级:看好(维持) 最近 12 月市场表现 分析师 十字 SAC 证书编号: S0160526020003 wangtao01@ctsec.com 相关报告 1. 《厚积固根本,乘新拓远疆》 2025- 11-28 2. 《"十五五"规划出台，建筑板块哪些方 向值得关注 》 3. 《"高切低"风格转换下建筑板块如何布 局》 2025-10-20 请阅读最后一页的重要声明! 建筑板块大幅跑赢大盘,专业工程及园林工程领涨。本周建筑指数上涨 � 6.08%，沪深 300 板块上涨 2.67%，建筑板块跑赢大盘 3.41pct。专业工 程、园林工程板块涨幅靠前。我们认为，部分区域基建存在回暖预期，结合股 息率,推荐高分红地方国企品种,同时重点挖掘高景气赛道的建筑相关品种, 如洁净室、化工工程、矿产等方向。重点关注中小建企转型及重组预期。此 外，国际地缘冲突下能源安全战略诉求强化，重点关注煤化工板块。 ❖ 复工数据同比好转,资金到位改善或显拐点。据百年建筑调研,截至２月 25 日(农历正月初九)，全国 10692 个工地开复工率为 8.9%，农历 ...

春节小长假前夕，汇绿生态发布重组进展公告。公司拟发行股份购买武汉钧恒科技有限公司49%股权， 这笔交易作价11.27亿元，标的增值率高达317.72%。 2025年上半年，汇绿生态完成并表钧恒科技51%股权后，汇绿生态营收同比大增。 本次交易的一个争议点在于估值。以2025年6月30日为基准日，钧恒科技净资产仅5.52亿元，收益法评 估值却高达23.06亿元，增值率317.72%。 值得关注的是，钧恒科技在短短9个月内经历了两次评估：2024年9月估值6.61亿元、2025年6月估值 23.06亿元。不到一年时间，估值暴涨2.5倍。 交易对方承诺，2025年-2027年净利润分别不低于1.39亿元、1.83亿元、2.32亿元，合计5.54亿元。 这无疑是典型的跨界并购。一家做园林工程、苗木种植的公司，如何与光模块产生协同？公司解释是： 通过收购进入高科技领域，形成"生态+科技"双主业。 截至2025年半年报，光通信业务已占汇绿生态营收的78.85%，实际上主业已彻底切换。 标的公司钧恒科技成立于2012年，总部位于武汉光谷，主营业务是以光模块、AOC、光引擎为主的光 通信产品的研发、生产和销售，客户包括Coh ...

证券日报网讯 2月24日，杭州园林在互动平台回答投资者提问时表示，截至2026年2月10日，公司股东 人数为12124户。 （文章来源：证券日报） ...

棕榈股份公告，公司及子公司梅州棕沅因建设工程施工合同纠纷被广东国沅建设工程有限公司起诉。涉 案金额为1.13亿元，占公司最近一期（2024年度）经审计净资产的6.83%。案件已被法院立案受理，公 司尚未开庭审理。原告主张三笔工程尾款及逾期付款违约金，分别为4140.67万元、470.04万元、604.78 万元，违约金分别为4846.95万元、443.3万元、828.93万元。公司作为联合体牵头人及被告一股东，可 能需承担补充赔偿责任。 ...

Group 1 - The controlling shareholder, Hangzhou Yuanrong Holding Group Co., Ltd., holds 78,471,600 shares of the company, accounting for 48.67% of the total share capital. After the pledge of shares, the total pledged shares amount to 52,370,000, which is 66.74% of the shares held by Yuanrong Group and 32.48% of the company's total share capital [2][3] - Yuanrong Group and its concerted actors collectively hold 93,326,600 shares, representing 57.88% of the total share capital. After the pledge, the total pledged shares are 52,370,000, which is 56.11% of the shares held by them and 32.48% of the company's total share capital [2][3] Group 2 - As of the announcement date, the cumulative pledged shares of the controlling shareholder and its concerted actors exceed 50% of their holdings. Specifically, 20,370,000 shares are due within the next six months, accounting for 25.96% of their holdings and 12.63% of the total share capital, with a corresponding financing balance of 61.75 million. Additionally, 52,370,000 shares are due within the next year, representing 66.74% of their holdings and 32.48% of the total share capital, with a financing balance of 231.75 million [4][5] - Yuanrong Group has a good credit status and possesses the ability to repay the funds, with repayment sources including self-owned funds, dividends from the listed company, and investment income [4][5] Group 3 - The share pledge will not adversely affect the company's main business, financing credit, financing costs, or ongoing operational capabilities. The risk associated with this pledge is controllable and will not lead to changes in the actual control of the company or negatively impact its production, operation, governance, or independence [6][7] - The company will continue to monitor the progress of this pledge and fulfill its information disclosure obligations in a timely manner [7]

（编辑 丛可心） 证券日报网讯 2月13日，园林股份发布公告称，控股股东园融集团将其所持2200万股公司无限售流通股 质押给浙江国祥股份有限公司，质押起始日2026年2月12日，占其持股28.04%，占公司总股本13.64%， 用于补充流动资金。本次质押后，园融集团累计质押5237万股，占其持股66.74%，占公司总股本 32.48%。 ...

证券日报网讯2月12日，金埔园林（301098）在互动平台回答投资者提问时表示，截至2026年2月10日公 司合并普通账户和融资融券信用账户的在册股东总数为10173户。 ...

Core Viewpoint - The company, Pubang Co., Ltd. (002663), forecasts a net loss of 250 million to 500 million yuan for the year 2025, primarily due to intensified industry competition, extended project settlement cycles, and asset impairment losses [1][2]. Financial Report Analysis - For the year 2025, the expected net profit attributable to shareholders is projected to be between -25 million yuan and -50 million yuan, reflecting a year-on-year change of -46.86% to -6.29% [2]. - The significant changes in performance are attributed to increased competition in the industry, longer engineering settlement periods, and the need to recognize asset impairment losses [2]. Recent Stock Performance - As of February 12, 2026, the stock price of Pubang Co., Ltd. closed at 2.13 yuan, down 0.93% for the day, but up 4.41% over the past five days [3]. - On February 11, 2026, the trading data indicated a net outflow of 6.6635 million yuan from institutional investors, while retail investors saw a net inflow of 7.7207 million yuan, with a turnover rate of 2.42% [3]. - The current transaction amount is reported at 36.23 million yuan, with a volume ratio of 0.79 [3]. Recent Events - As of February 10, 2026, the number of shareholders for the company was 60,526, a decrease of 272 households, representing a change of -0.45% [4]. - The company’s secretary responded to inquiries on the investor interaction platform regarding shareholder numbers and capital flows [4]. Institutional Perspectives - Recent market sentiment towards Pubang Co., Ltd. is generally neutral, with low frequency of institutional research and no significant changes in earnings forecasts, projecting an earnings per share of -0.27 yuan for 2024 [5].

Group 1 - The company, Jinpu Garden Co., Ltd., has reached an out-of-court settlement regarding a dispute over 105.7686 million yuan in project payments with Weinan City Linwei District Innovation and Entrepreneurship Base Investment Development Co., Ltd. and has applied to withdraw the lawsuit [1] - The settlement agreement confirms that as of February 3, 2026, the defendant owes Jinpu Garden 100.0509 million yuan, which will be settled through a combination of cash and assets [1] - The company emphasizes that the settlement decision was made to protect its interests and does not harm the interests of shareholders, particularly minority shareholders [2] Group 2 - The impact of the settlement on the company's performance remains uncertain, as the agreement needs to be executed on time, and the final effect will depend on actual execution and the annual audit results by the accounting firm [2] - As of the date of the announcement, the company has no other undisclosed litigation or arbitration matters [2] - The company will continue to monitor the execution progress of the settlement agreement and fulfill its information disclosure obligations in a timely manner [2]

Core Viewpoint - The article discusses the ongoing legal actions against Nongshang Environment (300536) for investor compensation, highlighting the company's financial difficulties and regulatory issues that have led to a warning from the Hubei Securities Regulatory Bureau [1][2]. Group 1: Legal Actions and Investor Compensation - The law firm Shanghai Jiucheng, represented by lawyer Xu Feng, is actively pursuing compensation claims for investors of Nongshang Environment, with cases being filed in the Wuhan Intermediate People's Court [1]. - Investors who purchased Nongshang Environment stock between February 1, 2024, and April 29, 2024, and sold or held the stock after April 29, 2024, are eligible to initiate compensation claims [2]. Group 2: Financial Performance and Regulatory Issues - Nongshang Environment reported a revenue of 71.43 million yuan for the year 2023, with a net profit attributable to shareholders of -29.77 million yuan, leading to a delisting risk warning effective April 30, 2024 [1]. - The company failed to disclose its 2023 annual performance forecast within the required timeframe and did not adequately warn investors about the potential delisting risk [1].