● 本报记者 董添 天风证券研报认为，2025年上半年，建筑板块营收、业绩承压下滑，看好下半年盈利修复。上半年建筑 板块毛利率、净利率同比小幅下降，资产负债率小幅提升；子板块业绩表现分化，化工工程、钢结构业 绩实现稳步增长。从建筑板块个股的半年报来看，央企韧性凸显，重点关注高股息标的及高景气细分赛 道。 Wind数据显示，2025年上半年，Wind建筑板块上市公司营业收入、归母净利润分别同比减少5.66%和 8.89%，行业上半年业绩整体有所回落。但从券商近期披露的研报看，不少机构看好建筑行业下半年盈 利修复的机会。近期，多家建筑类上市公司获机构调研，调研内容主要围绕业绩如何改善、如何更好地 回馈股东、海外业务最新发展等方面。 行业上半年业绩回落 进一步梳理看，2025年上半年，Wind建筑板块所属的157家上市公司中，55家上市公司营业收入实现同 比增长，70家上市公司归母净利润实现同比增长。 2025年上半年，一共有8家建筑行业上市公司营业收入突破千亿元。"千亿俱乐部"里，仅中国电建、中 国能建两家上市公司营业收入实现同比增长。 中国电建2025年上半年共实现营业收入2927.57亿元，同比增长2.66% ...

Core Viewpoint - Shaoneng Co., Ltd. plans to expand its renewable energy business by venturing into wind power, in addition to its existing operations in hydropower, biomass power generation, and photovoltaic energy [1] Group 1 - The company aims to further enlarge its energy business scale [1] - The focus is on optimizing the business structure [1] - The goal is to enhance profitability [1]

Core Viewpoint - The report outlines the equity change of Guangdong Shaoneng Group Co., Ltd., indicating that Shaoguan Jincai Investment Group Co., Ltd. plans to subscribe for shares in the company, which will increase its ownership from 0% to a maximum of 8.55%, and combined with its concerted action partner, will hold up to 21.75% of the total shares post-issuance [1][3][17]. Group 1: Equity Change Details - The equity change involves the subscription of shares by Shaoguan Jincai Investment Group Co., Ltd. and its concerted action partner, Shaoguan Industrial Asset Management Co., Ltd. [1][3] - The total number of shares to be issued is capped at 101,010,101 shares, which represents no more than 30% of the company's total share capital before the issuance [22][24]. - The expected ownership structure post-issuance will see Shaoguan Jincai Investment holding 8.55% and Shaoguan Industrial Asset holding 13.20%, totaling 21.75% [21][19]. Group 2: Financial and Operational Background - Shaoguan Jincai Investment Group was established on December 18, 2015, with a registered capital of 427.40 million yuan, focusing on project investments authorized by the Shaoguan municipal government [2][13]. - The financial data for Shaoguan Jincai Investment shows total assets of 297,573.16 million yuan, total liabilities of 115,178.66 million yuan, and net profit of 4,243.17 million yuan for the year ending December 31, 2024 [14]. - Shaoguan Industrial Asset Management Co., Ltd. was founded on April 1, 2002, with a focus on managing state-owned assets, reporting total assets of 74,015.40 million yuan and net profit of 260.51 million yuan for the year ending December 31, 2024 [15][13]. Group 3: Regulatory and Procedural Aspects - The equity change requires approval from relevant state-owned asset supervision authorities, the shareholders' meeting, and compliance with antitrust reviews by the National Market Supervision Administration [20][17]. - The report indicates that the subscription agreement and the concerted action agreement were signed on July 3, 2025, outlining the rights and obligations of the parties involved [25][20]. - The agreements stipulate that the shares subscribed will not be transferred for 18 months post-issuance, ensuring stability in the ownership structure [24][25].