（文章来源：证券日报） 证券日报网讯 1月26日，安徽建工在互动平台回答投资者提问时表示，近年来，公司大力推动智能制造 业务发展，在合肥、芜湖、六安建成投产3个智能制造产业园，产品涵盖装配式钢结构住宅、桥梁钢结 构、建筑钢结构、船舶钢结构、交通安全设施等，构建起涵盖钢结构设计研发、智能生产、工程安装、 终身维护的全产业链体系。公司依托装配式钢结构技术体系，利用自动化、智能化生产线，努力为市场 提供安全、舒适、低碳、高品质的"好房子"科技住宅产品。 ...

Group 1 - The controlling shareholder, Mr. Dan Yinmu, holds 904,713,764 shares of the company, accounting for 38.19% of the total share capital. The total number of shares pledged by him, including this transaction, is 380,320,000 shares, which represents 42.04% of his holdings and 16.05% of the company's total share capital [2] - On January 16, 2026, Mr. Dan Yinmu completed an early repurchase transaction of pledged shares with Guosen Securities Co., Ltd. [2] - After the release of the pledge, Mr. Dan Yinmu currently has no plans for new pledges [2] Group 2 - The company's stock experienced a cumulative price drop exceeding 20% over three consecutive trading days from January 15 to January 19, 2026, which is classified as an abnormal trading fluctuation [7] - The company has confirmed that its production and operational activities are normal, with no significant changes in daily operations [8] - There are no undisclosed major events or information that could impact the company's stock price, including significant asset restructuring or major transactions [8][10] Group 3 - The company is involved in the steel structure contracting business, including the design, manufacturing, and installation of various steel structures [9] - The company recently won a project in collaboration with Hunan Construction Group, but the contract amount is less than 1% of the company's audited revenue for 2024, thus not significantly affecting overall performance [9]

Core Viewpoint - The company, Hangxiao Steel Structure (600477.SH), has recently been in the spotlight due to its project bidding activities, specifically regarding a joint bid with Hunan Construction Group for a project related to Hangzhou Arrow Yuan Aerospace Technology Co., Ltd. [1] Group 1: Company Overview - The company's main business includes professional contracting and EPC contracting for steel structures, specializing in design, manufacturing, and construction of various types of steel structures such as light steel structures, bridge steel structures, large-span space steel structures, multi-story steel structures, super high-rise steel structures, and steel structure residences [1]. Group 2: Project Details - The company, as a member of a consortium led by Hunan Construction Group, has won a bid for a project with a relatively small contract amount, which accounts for less than 1% of the company's audited revenue for the fiscal year 2024 [1]. - The impact of this project on the company's overall annual performance is expected to be minimal [1].

国泰聚智量化选股混合发起A（023386）成立日期2025年9月2日，最新规模904.48万。今年以来收益 2.31%，同类排名4767/8827；成立以来收益8.58%。 1月9日，海波重科涨5.13%，截至发稿，报12.29元/股，成交1.28亿元，换手率8.69%，总市值24.63亿 元。海波重科股价已经连续4天上涨，区间累计涨幅5.7%。 资料显示，海波重型工程科技股份有限公司位于湖北省武汉市江夏区郑店街黄金桥工业园6号，成立日 期1997年4月11日，上市日期2016年7月19日，公司主营业务涉及桥梁钢结构的制作和安装,以及相应的 技术研究、工艺设计及技术服务。主营业务收入构成为：钢结构工程99.03%，其他收入0.97%。 从基金十大重仓股角度 数据显示，国泰基金旗下1只基金重仓海波重科。国泰聚智量化选股混合发起A（023386）三季度持有 股数4100股，占基金净值比例为0.49%，位居第九大重仓股。根据测算，今日浮盈赚取约2460元。连续 4天上涨期间浮盈赚取2583元。 国泰聚智量化选股混合发起A（023386）基金经理为吴可凡。 截至发稿，吴可凡累计任职时间2年218天，现任基金资产总规模 ...

诺安多策略混合A（320016）成立日期2011年8月9日，最新规模18.55亿。今年以来收益1.09%，同类排 名7080/8825；近一年收益77.35%，同类排名530/8084；成立以来收益233.6%。 诺安多策略混合A（320016）基金经理为孔宪政。 截至发稿，孔宪政累计任职时间5年44天，现任基金资产总规模56.08亿元，任职期间最佳基金回报 86.44%， 任职期间最差基金回报-16.74%。 1月8日，海波重科涨5.26%，截至发稿，报11.81元/股，成交8360.61万元，换手率5.85%，总市值23.67 亿元。海波重科股价已经连续3天上涨，区间累计涨幅1.45%。 资料显示，海波重型工程科技股份有限公司位于湖北省武汉市江夏区郑店街黄金桥工业园6号，成立日 期1997年4月11日，上市日期2016年7月19日，公司主营业务涉及桥梁钢结构的制作和安装,以及相应的 技术研究、工艺设计及技术服务。主营业务收入构成为：钢结构工程99.03%，其他收入0.97%。 从海波重科十大流通股东角度 数据显示，诺安基金旗下1只基金位居海波重科十大流通股东。诺安多策略混合A（320016）三季度新 进十 ...

Group 1 - The core point of the news is that Haibo Heavy Industry experienced a decline of 5.11% in its stock price, reaching 12.45 CNY per share, with a total market capitalization of 2.495 billion CNY [1] - Haibo Heavy Industry specializes in the manufacturing and installation of bridge steel structures, with 99.03% of its revenue coming from steel structure engineering [1] - The company was founded on April 11, 1997, and was listed on July 19, 2016 [1] Group 2 - According to data, Guotai Fund holds a significant position in Haibo Heavy Industry, with its Guotai Juzi Quantitative Stock Selection Mixed Fund A (023386) owning 4,100 shares, representing 0.49% of the fund's net value [2] - The fund has incurred an estimated floating loss of approximately 2,747 CNY today [2] - The fund was established on September 2, 2025, and has a current scale of 9.0448 million CNY, with a cumulative return of 8.2% since inception [2] Group 3 - The fund manager of Guotai Juzi Quantitative Stock Selection Mixed Fund A is Wu Kefan, who has been in the position for 2 years and 169 days [3] - The total asset size of the fund is 2.092 billion CNY, with the best return during Wu's tenure being 63.82% and the worst being -17.64% [3]

Core Viewpoint - Haibo Heavy Industry experienced a stock price increase of 5.12%, reaching 12.94 CNY per share, with a total market capitalization of 2.593 billion CNY as of November 20 [1] Company Overview - Haibo Heavy Industry is located in Wuhan, Hubei Province, and was established on April 11, 1997, with its listing date on July 19, 2016 [1] - The company's main business involves the manufacturing and installation of bridge steel structures, along with related technical research, process design, and technical services [1] - The revenue composition of the company is 99.03% from steel structure engineering and 0.97% from other sources [1] Shareholder Information - Noan Fund's Noan Multi-Strategy Mixed A (320016) fund is among the top ten circulating shareholders of Haibo Heavy Industry, holding 1.3911 million shares, which is 1.12% of the circulating shares [2] - The fund has achieved a year-to-date return of 74.46%, ranking 197 out of 8136 in its category, and a one-year return of 76.1%, ranking 179 out of 8055 [2] Fund Management - The fund manager of Noan Multi-Strategy Mixed A is Kong Xianzheng, who has been in the position for 4 years and 360 days [3] - The total asset size of the fund is 5.608 billion CNY, with the best return during Kong's tenure being 95.2% and the worst being -16.74% [3] Fund Holdings - Noan Multi-Strategy Mixed A holds 1.3911 million shares of Haibo Heavy Industry, representing 0.5% of the fund's net value, making it the ninth-largest holding [4]

Core Points - On October 21, Haibo Heavy Industry saw a stock increase of 5.18%, reaching a price of 11.97 CNY per share, with a trading volume of 58.63 million CNY and a turnover rate of 4.05%, resulting in a total market capitalization of 2.399 billion CNY [1] - Haibo Heavy Industry, established on April 11, 1997, and listed on July 19, 2016, is based in Wuhan, Hubei Province, and specializes in the manufacturing and installation of bridge steel structures, along with related technical research, process design, and technical services [1] - The company's main business revenue composition is 99.03% from steel structure engineering and 0.97% from other income [1] Shareholder Insights - Among the top ten circulating shareholders of Haibo Heavy Industry, a fund under Jinyuan Shun'an Fund holds a significant position, with the Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund (004685) increasing its holdings by 38,200 shares in the second quarter, totaling 1.1 million shares, which accounts for 0.89% of the circulating shares [2] - The Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund, established on November 14, 2017, has a latest scale of 1.35 billion CNY, with a year-to-date return of 32.78%, ranking 2104 out of 8162 in its category; over the past year, it achieved a return of 42.06%, ranking 1158 out of 8024 [2] - The fund manager, Miao Weibin, has a tenure of 8 years and 312 days, with the fund's total asset scale at 1.35 billion CNY, achieving a best return of 512.59% and a worst return of -28.79% during his management period [2]

Core Viewpoint - The financial performance of China Railway Industry (中铁工业) for the first half of 2025 shows a decline in revenue and net profit compared to the previous year, indicating potential challenges in its operational efficiency and profitability [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 13.583 billion yuan, a decrease of 2.82% year-on-year [1]. - Net profit attributable to shareholders was 688 million yuan, down 26.36% year-on-year [1]. - In Q2 2025, total revenue reached 7.244 billion yuan, reflecting a year-on-year increase of 5.61, while net profit was 370 million yuan, a decline of 20.65% [1]. - The gross margin was 17.76%, down 5.47% year-on-year, and the net margin was 4.95%, down 24.90% year-on-year [1]. - The company’s accounts receivable accounted for 1031.21% of the latest annual net profit, indicating a significant collection issue [1][3]. Operational Insights - The company’s return on invested capital (ROIC) for the previous year was 6.29%, which is considered average, with a historical median ROIC of 7.19% over the past decade [3]. - The net profit margin for the previous year was 5.98%, suggesting that the added value of the company's products or services is generally low [3]. - The company’s cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 27.28% [3]. Business Development - In the first half of 2025, the company secured new contracts totaling 21.41 billion yuan, with overseas contracts amounting to 1.89 billion yuan, representing a year-on-year growth of 5.24% [4]. - The growth in overseas contracts was primarily driven by high-margin products such as shield machines and bridge steel structures from regions including Western Europe, the Middle East, and Oceania [4].

Core Insights - The company reported a total new contract value of 21.41 billion yuan for the first half of 2025, with a revenue of 13.584 billion yuan and a net profit of 688 million yuan [1] - The second quarter showed significant improvement in performance, with revenue of 7.244 billion yuan, a quarter-on-quarter increase of 14.28%, and a net profit of 3.7 billion yuan, reflecting a 16.50% increase [1] Financial Performance - For the first half of 2025, the company achieved a total profit of 796 million yuan, with the second quarter contributing 434 million yuan, marking a quarter-on-quarter growth of 19.79% [1] - The overall revenue for the first half was 13.584 billion yuan, with the second quarter accounting for 7.244 billion yuan [1] Overseas Business Growth - The company secured new contracts worth 1.89 billion yuan from overseas markets, representing a year-on-year growth of 5.24%, with the turnout from the switch business overseas reaching 246 million yuan, a 39.74% increase [2] - Major overseas orders were sourced from Western Europe, the Middle East, and Oceania, focusing on TBM products and bridge steel structures [2] - The company has maintained the world's leading position in TBM sales for eight consecutive years, expanding its market share in developed countries across various regions [2] Future Outlook - The company plans to leverage its advantages in design, research, and manufacturing of tunnel construction equipment to pursue project developments in major water conservancy projects and intercity railway networks [2] - The upcoming implementation of significant projects and the industry's shift towards mechanization, intelligence, and greening are expected to provide broader market opportunities for the company's main business in tunnel boring machines [2]