Group 1: Space Photovoltaics - The space photovoltaic sector is gaining attention, with significant advancements in satellite power systems and perovskite solar cell research by Shanghai Port Bay [1] - Tesla CEO Elon Musk announced that SpaceX and Tesla aim to achieve an annual solar manufacturing capacity of 100GW within three years [1] - Shanghai Port Bay's subsidiary has successfully established a full-chain development model, ensuring the reliability of its core energy system products, which have supported the launch of 16 satellites [1] Group 2: AI Integration in Industry - The "Artificial Intelligence +" initiative has been incorporated into the 14th Five-Year Plan, aiming to integrate AI with various industries by 2025 [2] - By 2027, the goal is to promote the deep application of 35 general large models in manufacturing and to launch 1,000 high-level industrial intelligent entities [2] - Shanghai's government has introduced a three-year action plan to support the transformation of advanced manufacturing through AI applications [2] Group 3: AI Applications in Transportation - Shenzhen Urban Transport has developed a multi-modal AI control engine to support urban traffic governance and service upgrades, with plans to raise up to 1.8 billion yuan for AI applications [3] - Sujiao Technology has created an integrated low-altitude AI inspection platform for drone operations, enhancing efficiency in complex scenarios [3] - A strategic collaboration has been established to promote an "AI + communication + infrastructure" ecosystem [3] Group 4: AI in Engineering Design - Huasheng Group's subsidiary has launched the AiRoad system, significantly improving design efficiency by 8-10 times and overall design efficiency by 20-30% [4] - The Design Institute has made substantial progress in AI projects related to bridge design, developing a prototype intelligent design assistant capable of understanding and generating design plans [4]

Investment Rating - The report assigns a rating of "Buy" to the company [2]. Core Insights - The company is a leading private engineering design firm in China, actively innovating and expanding new business lines to create a second growth curve. It is the only firm in the country with comprehensive design capabilities across all transportation sectors [10][18]. - The company is focusing on low-altitude economy initiatives, having signed strategic cooperation agreements to establish six core benchmarks in this area. The low-altitude business segment saw a 96% year-on-year increase in orders in 2024 [10][47]. - The digital transformation is a key focus, with the integration of digital technologies into the transportation sector, providing comprehensive digital solutions. The digital intelligence business is expected to generate revenues of 421 million yuan in 2024, reflecting a growth of 7.9% [10][48]. - Profit forecasts indicate that the company's net profit attributable to shareholders is projected to be 352 million yuan in 2025, with a corresponding reasonable value of 10.30 yuan per share based on a 20x PE valuation for 2025 [10][9]. Summary by Sections Section 1: Company Overview and Business Expansion - The company has a unique position as the only firm with comprehensive design capabilities in the transportation sector, having received numerous awards and maintaining a strong market presence [18][20]. - Traditional business lines are being complemented by new ventures in comprehensive testing, low-carbon and environmental services, and digital intelligence, with significant revenue contributions from these new areas [23][24]. Section 2: Low-Altitude Business Development - The company has established a robust low-altitude business framework, integrating research, planning, and application across the entire industry chain. It has formed strategic partnerships with over 20 leading enterprises in the sector [47][53]. - The low-altitude business segment is expected to continue growing, with new contracts signed in the first half of 2025 amounting to 42.33 million yuan, a 27% increase year-on-year [10][66]. Section 3: Water Transport and Digital Solutions - The company is enhancing its water transport business, aiming to benefit from canal construction projects while implementing digital design solutions for smart transportation [10][48]. - The integration of digital technologies is expected to provide significant growth opportunities, with the digital intelligence segment showing faster revenue growth compared to traditional business lines [10][48]. Section 4: Financial Projections and Investment Recommendations - The company’s revenue is projected to decline slightly in the near term, with a forecasted revenue of 4.32 billion yuan in 2025, but is expected to stabilize and grow thereafter [9][10]. - The investment recommendation is to "Buy," with a target price of 10.30 yuan per share based on future earnings potential and market positioning [10][9].

Core Viewpoint - The engineering consulting services sector experienced a decline of 1.55% on January 26, with Huawi Design leading the drop. The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1]. Group 1: Market Performance - The engineering consulting services sector saw significant individual stock movements, with notable gainers including: - Laotuchuanxie (300492) at 86.09, up 10.39% with a trading volume of 84,300 shares and a transaction value of 737 million [1]. - Suzhou Planning (301505) at 27.56, up 4.04% with a trading volume of 132,300 shares and a transaction value of 381 million [1]. - Shenzhen Ruijie (300977) at 24.11, up 3.92% with a trading volume of 58,400 shares and a transaction value of 143 million [1]. - Conversely, Huawi Design (920427) led the decline at 16.15, down 28.22% with a trading volume of 218,100 shares and a transaction value of 388 million [2]. Group 2: Capital Flow - The engineering consulting services sector experienced a net outflow of 663 million from institutional investors, while retail investors saw a net inflow of 466 million [2]. - The capital flow for individual stocks showed varied trends, with Suzhou Planning (301505) having a net inflow of 25.8 million from institutional investors but a net outflow from retail investors [3]. - China Ruilin (603257) had a net inflow of 23.2 million from institutional investors, while retail investors experienced a net outflow of 27.8 million [3].

Group 1 - The core point of the article is that Huasheng Group (603018) reported a total of 28,784 shareholders as of January 20, 2026 [1]

Meeting Overview - The second meeting of the sixth board of directors of Huashe Design Group Co., Ltd. was held on January 22, 2026, in Nanjing, with all 9 directors present [1] - The meeting was convened by Chairman Yang Weidong and complied with the Company Law of the People's Republic of China and the company's articles of association [1] Resolutions Passed - The board approved the appointment of Xu Yigang and Zhai Jianfeng as executive vice presidents [1] - The board approved the appointment of Chen Ruyang, Li Jianfeng, Cao Yali, Deng Runfei, Qiu Jiang, Wang Tao, and Ye Jingchao as vice presidents [1] - Ye Jingchao was appointed as the financial officer, and Deng Runfei was appointed as the chief engineer [1] Management Structure - The board approved the work division of the management team [3] - The board approved the organizational structure adjustment [3]

| 证券代码：603018 | 证券简称：华设集团 | 公告编号：2026-005 | | --- | --- | --- | | 转债代码：113674 | 转债简称：华设转债 | | 华设设计集团股份有限公司 第六届董事会第二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 华设设计集团股份有限公司（以下简称"公司"）第六届董事会第二次会议于 2026年1月22日在公司AB507会议室（南京市秦淮区紫云大道9号）召开，会议由 董事长杨卫东召集并主持。本次会议通知于2026年1月16日以书面和邮件方式送 达各位董事。本次会议应出席董事9名，实际出席9名。会议采用现场与通讯表决 方式进行。会议的召开符合《中华人民共和国公司法》及《华设设计集团股份有 限公司章程》的规定。 二、董事会会议审议情况 1、审议通过《关于聘任公司高级管理人员的议案》 会议同意聘任徐一岗、翟剑峰为公司执行副总经理； 会议同意聘任陈汝扬、李剑锋、曹亚丽、邓润飞、邱江、王涛、叶敬超为公 司副总经理； 会议同意聘任叶敬超 ...

Core Viewpoint - The ongoing disputes within Huazhe Group (603018.SH) revolve around the proposed amendments to the company's articles of association, particularly regarding the cumulative voting system, which has raised concerns among minority shareholders about their ability to participate in corporate governance [2][5]. Group 1: Shareholder Disputes - Huazhe Group's shareholder, Hangzhou Zhongyikun Management Consulting Co., Ltd., holding 3.001% of shares, has called for a vote against all proposals at the upcoming 2026 extraordinary general meeting, primarily targeting the amendment to the articles of association [2][5]. - The proposed amendment seeks to change the conditions under which the cumulative voting system is applied, requiring a single shareholder and their concerted actors to hold at least 30% of shares for it to be activated [5][6]. - The new company secretary, Deng Runfei, argues that the non-cumulative voting system is a reasonable choice for companies without a major shareholder, aligning with national regulations and the company's governance characteristics [2][6]. Group 2: Governance and Voting Dynamics - The recent board election process has been contentious, with Hangzhou Zhongyikun submitting a proposal to elect a non-independent director, which was later withdrawn by Huazhe Group, citing the need for further discussion [4][5]. - The voting results from the 2026 extraordinary general meeting showed that despite increased support for Hangzhou Zhongyikun's position, the proposed amendments passed with an 81% approval rate [5][6]. - The company's shareholding structure is notably dispersed, with the largest shareholder holding only 4.17% and the top ten shareholders collectively owning 23.25%, which complicates governance dynamics [6][8]. Group 3: Employee Shareholding and Corporate Strategy - Approximately 100 employees, including executives, hold about 25% of Huazhe Group's total shares, reflecting a significant employee stake in the company [8]. - The company aims to explore a governance system that promotes development and achieves a win-win situation for shareholders, employees, and the enterprise [8]. - Huazhe Group's strategic transition from a traditional engineering design firm to an innovative technology enterprise platform is emphasized, indicating a focus on aligning with strategic investors [6][8].

Core Viewpoint - The ongoing disputes surrounding Huasheng Group's governance and shareholder voting rights have intensified, particularly regarding the proposed amendments to the company's articles of association that could limit the influence of minority shareholders [2][5]. Group 1: Shareholder Voting Rights and Governance - Huasheng Group's proposed amendment to its articles of association aims to change the cumulative voting system, requiring a single shareholder and their concerted actions to hold at least 30% of shares for it to be applicable [2][5]. - The amendment has been met with opposition from minority shareholder Hangzhou Zhongyikun Management Consulting Co., which argues that it will diminish the ability of small shareholders to participate in corporate governance [2][4]. - The company’s new secretary, Deng Runfei, defends the non-cumulative voting system as a reasonable choice for companies without a major shareholder, aligning with national regulations and the company's governance characteristics [2][6]. Group 2: Recent Shareholder Meetings and Proposals - In December 2025, Huasheng Group announced the agenda for its 2026 first extraordinary general meeting, which included the controversial articles amendment and the election of Yang Weidong as a non-independent director [5]. - Despite a significant turnout of shareholders at the meeting, with 588 attendees representing 40.86% of voting rights, the proposed amendments passed with an 81% approval rate [5][6]. - Hangzhou Zhongyikun's proposal to elect Huang Qingzhou as a non-independent director was submitted as a temporary proposal but faced procedural challenges, leading to its rejection with only 11.83% approval [4][6]. Group 3: Shareholding Structure and Company Strategy - Huasheng Group has a highly dispersed shareholding structure, with the largest shareholder holding only 4.17% and the top three shareholders collectively owning 11.03% [6][7]. - Approximately 25% of the company's shares are held by employees, including executives, reflecting a commitment to maintaining a non-controlling shareholder status [7]. - The company is undergoing a strategic transformation from a traditional engineering design firm to an innovative technology enterprise, emphasizing the need for a governance structure that supports this transition [6][7].

Group 1 - The first meeting of the sixth board of directors of the company was held on January 16, 2026, with all 9 directors present, complying with relevant laws and regulations [2][4] - Yang Weidong was elected as the chairman of the sixth board of directors [3][4] - The board approved the division of work among its members, with all votes in favor [5][6] Group 2 - The composition of the specialized committees was established, including the Strategic and Technological Innovation Committee, Nomination and Human Resources Committee, Audit Committee, and Compensation and Assessment Committee, with specific members appointed [6][7] - Yao Yu was appointed as the general manager of the company, with unanimous approval [8] - Deng Runfei was appointed as the secretary of the board, with responsibilities to act as the securities affairs representative until a new representative is appointed [8] Group 3 - The board approved the proposal to participate in the capital increase of Nanjing Smart Traffic Information Co., Ltd., with unanimous support [8]

华设设计集团股份有限公司 第六届董事会第一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 华设设计集团股份有限公司（以下简称"公司"）第六届董事会第一次会议于 2026年1月16日在公司AB507会议室（南京市秦淮区紫云大道9号）召开，会议由 董事杨卫东召集并主持。本次会议因情况特殊，以电话方式发出会议通知。本次 会议应出席董事9名，实际出席9名。会议采用现场与通讯表决方式进行。会议的 召开符合《中华人民共和国公司法》及《华设设计集团股份有限公司章程》的规 定。 | 证券代码：603018 | 证券简称：华设集团 | 公告编号：2026-004 | | --- | --- | --- | | 转债代码：113674 | 转债简称：华设转债 | | 二、董事会会议审议情况 1、审议通过《关于选举公司董事长的议案》 会议选举杨卫东先生担任公司第六届董事会董事长。杨卫东先生简历详见附件。 表决结果：同意9票，反对0票，弃权0票。 2、审议通过《关于董事会成员工作分工的议案》 表决结果：同意9 ...