1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since 2025, the announcements of "zeroing out" implicit debts in various regions have become more frequent, and the pace of urban investment platforms exiting the list has significantly accelerated. As of October 30, 2025, 70 regions across the country have officially announced the achievement of implicit debt zeroing out, with district - and county - level units being the main battlefield for debt resolution [1][7]. - The number of financing platforms has decreased by over 70%. Jiangsu Province has the highest number of exits, mainly district - and county - level non - bond - issuing platforms. The next stage of the "exit list" work may focus on higher - level bond - issuing entities [1][12]. - After exiting the list, the credit evaluation of urban investment platforms has entered a new stage of significant differentiation. In the short term, liquidity is crucial; in the medium term, the focus is on hematopoietic ability; in the long term, the key lies in functional positioning [3]. 3. Summary According to the Table of Contents 3.1 "One - Package Debt Resolution" Anniversary with Remarkable Achievements and Many Regions Announcing Zero Implicit Debts - Since the introduction of the "one - package debt resolution plan" in November 2024, the local debt resolution work has advanced for nearly a year. By October 30, 2025, 70 regions announced zero implicit debts, including 11 prefecture - level and 59 district - and county - level units [1][7]. - Other regions have also disclosed clear goals for zeroing out implicit debts, such as Shandong aiming for zero implicit debts by the end of 2028 and Shaoxing, Zhejiang achieving zero implicit debts by the end of 2025 [7]. 3.2 Over 70% Reduction in the Number of Financing Platforms and Their Characteristics 3.2.1 Jiangsu Province Has the Most Announced Exit - List Entities, Mainly District - and County - Level Non - Bond - Issuing Entities - As of September 2025, the number of national financing platforms and the scale of outstanding operating financial debts decreased by 71% and 62% respectively compared to March 2023. Among the 447 "exit - list" urban investment entities officially disclosed since 2022, Jiangsu accounted for nearly 70%, followed by Henan with 36, Chongqing with 29, and Qinghai with 13 [12]. - District - and county - level urban investment entities were the main body, and non - bond - issuing entities accounted for 94% [12]. 3.2.2 The Next Stage of the "Exit - List" Work May Focus on Higher - Level Bond - Issuing Entities - The current debt resolution path is to prioritize cleaning up platforms with simple debt relationships and small market impacts. Based on the fact that over 70% of financing platforms have exited, it is estimated that the implicit debts of district - and county - level urban investment in some provinces may have been mostly resolved, and the next stage may focus on higher - level bond - issuing entities [19]. 3.3 Insights into the Transformation Direction of Urban Investment from Asset - Liability Changes 3.3.1 Limited New Bond Issuance after Exiting the List, with Marginal Improvement in Bank Liquidity Support - Among the 447 entities that announced exiting the financing platform list, 420 were non - bond - issuing entities. Focusing on the 27 bond - issuing entities, as of June 30, 2025, only 4 of the 18 entities with outstanding bonds increased their bond scale compared to June 30, 2024 [23]. - According to the semi - annual report data in 2025, the short - term borrowing balance of these exit - list bond - issuing entities increased by 40.61% year - on - year, the bond balance increased slightly by 6%, and the long - term borrowing decreased slightly by 0.72%. The liquidity support from commercial banks for "exit - list" entities has improved [23]. 3.3.2 Changes in Assets and Liabilities of Urban Investment after Exiting the List - **Asset Side**: The pace of project construction has slowed down, and the asset management function has been enhanced. Urban investment enterprises have become more cautious in new project investments. The significant increase in fixed assets may be due to the injection of operating assets by local governments, aiming to enhance the platform's hematopoietic ability [2][29]. - **Liability Side**: Short - term liquidity support is prominent, and the long - term financing function needs to be restored. The growth of long - term borrowing is low. Local governments prioritize liquidity safety, and new project investments are more cautious. Special bonds have replaced some bank medium - and long - term loans to some extent [2][32]. 3.4 How to Evaluate the Credit of Urban Investment after Exiting the List 3.4.1 Market Perception Has Matured, and Valuation and Credit Qualifications Are Becoming More Differentiated - The market reaction has gone through stages from significant initial divergence and limited pricing differentiation to subsequent convergence of expectations and finally entered a new stage of significant differentiation based on individual qualifications. The future market will conduct more refined credit evaluations of exit - list entities [33]. 3.4.2 Reconstruction of the Credit Framework - Short - Term Focus on Liquidity, Medium - Term on Hematopoietic Ability, and Long - Term on Functional Positioning - **Short - term**: The key is to evaluate the thickness of the liquidity safety cushion, including the coverage of short - term debts by monetary funds, available bank credit lines, and the scale of high - quality realizable assets [37]. - **Medium - term**: The core is to examine the transformation effectiveness and independent survival ability of the platform, mainly looking at the proportion of operating business income, profit quality, and net inflow of operating cash flow [38]. - **Long - term**: The key is to determine the platform's irreplaceability in the local economic ecosystem and the sustainability of its business model. Its credit foundation will shift from "implicit government guarantee" to "endogenous value" [38].

Investment Rating - The report assigns an "Outperform" rating to the company [4][13]. Core Insights - The company is a key developer in Zhangjiang Science City and the only listed entity among its operators, benefiting from abundant resources in the area. Future investment returns are expected to be promising [4][13]. - In the first three quarters of 2025, the company's performance showed growth, with strong investment profit momentum. The expected EPS for 2025 is RMB 0.72, and the RNAV is RMB 50.13, leading to a fair value estimate of RMB 55.14 [4][13]. - Revenue for the first three quarters of 2025 reached RMB 2.00 billion, a year-on-year increase of 19.09%, while net profit attributable to shareholders was RMB 617 million, up 20.66% [4][13]. Financial Summary - The company achieved a net profit of RMB 948 million in 2023, with projections of RMB 982 million in 2024 and RMB 1,122 million in 2025, reflecting a growth rate of 15.3%, 3.6%, and 14.2% respectively [3][6]. - The total assets as of September 2025 were RMB 59.40 billion, an increase of 1.72% from the previous year-end, with net assets attributable to shareholders at RMB 14.76 billion, up 6.36% [4][13]. - Investment profit for the first three quarters of 2025 was RMB 696 million, a significant increase of 885.61% year-on-year [4][13]. Real Estate Performance - Real estate sales revenue for the first three quarters of 2025 was RMB 1.13 billion, representing a year-on-year increase of 24.81%. The company had no new real estate project reserves during this period [4][13]. - The total leased real estate area as of September 2025 was 1.87 million square meters, with rental income of RMB 861 million, up 13.31% year-on-year [4][13].

Core Insights - Shanghai Lingang is a key player in the development of the Lingang New Area, focusing on industrial park development, operation, and investment, with a unique advantage in efficient operation through industrial investment linkage [1] Financial Performance - In Q3 2025, Shanghai Lingang reported revenue of 3.802 billion, ranking third in the industry, while net profit reached 1.323 billion, ranking first [2] - The industry leader, Waigaoqiao, had a revenue of 4.327 billion, and the second, Huaxia Xingfu, reported 3.882 billion, with the industry average at 2.046 billion [2] Financial Ratios - As of Q3 2025, Shanghai Lingang's debt-to-asset ratio was 60.36%, down from 62.92% year-on-year, which is below the industry average of 62.76% [3] - The gross profit margin for Q3 2025 was 56.03%, down from 63.83% year-on-year, but still above the industry average of 30.80% [3] Management and Compensation - The new chairman, Weng Kaining, took office in 2024, with a background in economics and experience in various roles within the Lingang Group [4] - The president, Liu Dehong, received a salary of 1.4745 million in 2024, an increase of 19,400 from 2023 [4] Shareholder Information - As of December 31, 2021, the number of A-share shareholders increased by 13.20% to 55,900, while the average number of shares held per shareholder decreased by 11.66% to 26,100 [5] - The company’s mid-year report for 2025 indicated a slight decline in revenue due to reduced transfer scale, but net profit continued to grow, reflecting stable performance [5]

Core Viewpoint - The industrial park sector is undergoing a significant transformation, shifting from "policy arbitrage" to "market survival," and from "real estate thinking" to "industrial thinking," indicating a deep-rooted revolution rather than a simple cyclical adjustment [1][2]. Industry Overview - The industrial park industry is currently facing deep adjustment pains due to external macroeconomic conditions and internal operational challenges, with the entire sector experiencing a fundamental logic reshaping [1]. - The introduction of important policies in the first half of 2025 has guided the transformation of operational and investment models in industrial parks, emphasizing service and ecological collaboration over mere policy competition [3]. Company Performance - China Electric Guoguang (中电光谷) reported a revenue of 1.471 billion RMB for the first half of 2025, a slight increase of 0.79% year-on-year, with a net profit of 2.109 million RMB, maintaining profitability [1]. - The company's operating service revenue reached 1.038 billion RMB, accounting for 70.6% of total revenue, with design and construction services and property management services contributing significantly [4]. Strategic Initiatives - The "one body, two wings" strategic transformation has proven effective, allowing the company to achieve stable development in a challenging industry environment [3][4]. - The company has adopted a light asset development model, which provides stable cash flow and reduces operational risks, while also leveraging industrial investment to activate the entire industrial ecosystem [3][4]. Market Positioning - China Electric Guoguang has established a differentiated core competitiveness by focusing on high-tech and high-end manufacturing sectors, which has allowed it to achieve double-digit growth in park development services despite market pressures [7][8]. - The company has expanded its market presence through cross-regional industrial cooperation and resource sharing, enhancing its competitive edge [8]. Future Outlook - The industry environment is expected to improve, with macroeconomic conditions stabilizing and potential monetary and fiscal policy support anticipated in the second half of 2025 [11][14]. - The company has seen a significant increase in new contract signings, with a total of 1.539 billion RMB in new signed amounts, indicating a positive trend for future performance [12][14]. Investment Value - The market has significantly undervalued China Electric Guoguang, with a price-to-book (PB) ratio of only 0.2, suggesting potential for valuation recovery as the company's fundamentals stabilize [16]. - The company has engaged in continuous share buybacks, reflecting confidence in its intrinsic value and future growth prospects [16].

Core Viewpoint - The announcement from the Hong Kong Securities and Futures Commission (SFC) regarding the concentrated shareholding of Shandong High-Speed Holdings has led to a significant drop in the company's stock price, highlighting the risks associated with high share concentration [1][3]. Shareholding Structure - As of September 1, 2025, 92.46% of Shandong High-Speed Holdings' shares are held by a small number of shareholders, with only 7.54% held by other investors [1][3]. - The company has 20 shareholders collectively holding 1.444 billion shares, which is 24.00% of the total issued shares, alongside two major shareholders holding 4.121 billion shares, representing 68.46% [3][4]. Stock Price Movement - Following the SFC's announcement, the stock price of Shandong High-Speed Holdings fell to a low of HKD 5.18 per share, marking a decline of over 60% [1]. - The stock price had previously increased from HKD 5.82 per share on April 16, 2025, to HKD 17.09 per share by September 1, 2025, reflecting a rise of 193.6% [4]. Company Performance - In the first half of the year, Shandong High-Speed Holdings reported revenue of CNY 2.503 billion, a decrease of 13.03% year-on-year, while net profit rose by 506% to CNY 476 million [5]. - The company is focusing on synergistic effects from its dual-driven strategy of "green electricity + computing power," aiming to build a sustainable competitive advantage [5]. Industry Context - The phenomenon of stock price drops due to concentrated shareholding is not uncommon in the Hong Kong market, as seen in similar cases like China Star Group and Zhong An Smart Life [7][8]. - Market analysts suggest that concentrated shareholding can lead to panic selling among retail investors and facilitate short-selling by hedge funds, exacerbating stock price declines [8][9]. Governance and Market Implications - High share concentration may result in a lack of broad participation and oversight in company decision-making, potentially leading to governance issues [9]. - Companies with concentrated shareholding should consider optimizing their ownership structure by attracting more strategic investors and implementing equity incentive plans to improve governance and market competitiveness [9].

Core Viewpoint - Suzhou High-tech's stock price has experienced fluctuations, with a recent decline of 2.03% and a year-to-date drop of 6.33%, despite a slight recovery in the last five trading days [1] Group 1: Stock Performance - As of September 18, Suzhou High-tech's stock price is 5.80 CNY per share, with a trading volume of 1.30 billion CNY and a turnover rate of 1.93%, resulting in a total market capitalization of 6.677 billion CNY [1] - The stock has seen a net outflow of 13.926 million CNY from main funds, with large orders showing a buy of 31.102 million CNY and a sell of 32.910 million CNY [1] - Over the past 60 days, the stock has increased by 9.60%, while it has only risen by 0.52% in the last 20 days [1] Group 2: Financial Performance - For the first half of 2025, Suzhou High-tech reported a revenue of 2.659 billion CNY, a significant decrease of 50.40% year-on-year, while the net profit attributable to shareholders was 176 million CNY, reflecting a growth of 23.17% [2] - The company has distributed a total of 1.527 billion CNY in dividends since its A-share listing, with 106 million CNY distributed in the last three years [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Suzhou High-tech is 64,300, a decrease of 5.04% from the previous period, with an average of 17,895 circulating shares per person, which is an increase of 5.30% [2] - The top ten circulating shareholders include Southern CSI Real Estate ETF, which holds 8.809 million shares, an increase of 173,300 shares from the previous period [3]

Investment Rating - The report maintains a "Buy" rating for Suzhou Gaoxin (600736) [1] Core Views - The company reported a revenue of 7.3 billion yuan in 2024, a year-on-year decrease of 6.6%, while the net profit attributable to shareholders was 130.62 million yuan, down 35.4% year-on-year [7] - Revenue is stabilizing, but gross margin and impairment losses are impacting performance. The increase in asset impairment losses due to inventory write-downs reached 580 million yuan, significantly higher than the previous year [7] - The company is actively developing its industrial park operations and investment strategies, focusing on emerging industries [7] Summary by Sections Financial Performance - Total revenue for 2024 is projected at 7.3 billion yuan, with a year-on-year decline of 6.58% [1] - Net profit attributable to shareholders is expected to be 130.62 million yuan, reflecting a 35.36% decrease year-on-year [1] - The latest diluted EPS is forecasted at 0.11 yuan for 2024, with P/E ratios of 48.83 [1][8] Industrial Operations - The industrial park operations generated revenue of 750 million yuan in 2024, marking a 27.1% increase year-on-year [7] - The company is focusing on traditional strengths in green low-carbon and medical device sectors, successfully attracting over 30 projects in green low-carbon and 209 projects in medical devices [7] Investment Strategy - The company is enhancing its integrated capabilities in production, finance, and investment, with a total investment of 2.12 billion yuan in Jiangsu Guoxin shares [7] - In 2024, the company issued 20 direct financing products totaling 8.3 billion yuan, with a comprehensive financing cost of 3.16%, down 45 basis points from 2023 [7]