Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [9] Core Views - The construction sector exhibits characteristics such as low valuation, low institutional holdings, large market capitalization, and stable outlook for quality targets. The report identifies four key investment directions within the construction industry: 1) Companies with strong Q3 performance and short-term earnings certainty 2) High dividend yield stocks providing a safety cushion 3) Strong long-term growth potential 4) Large-cap stocks with low absolute valuations [5][6][7] Summary by Sections Valuation Metrics - As of the latest closing, the Jiangsu Construction Index has a PE ratio of 12.83, ranking 28th across all industries, with a 10-year percentile of 68.5%. The PB ratio stands at 0.84, ranking 31st, with a 10-year percentile of 16.22%. Notably, the construction sector and the banking sector are the only indices within the Jiangsu framework that are trading below book value [5][6] Institutional Holdings - The construction sector has historically low institutional holdings, which may reflect a weak outlook for the industry and a lack of attention from investors. This could lead to undervaluation of high-quality construction stocks [6] Market Capitalization - The construction sector has a limited number of listed companies, with eight major state-owned enterprises collectively valued at 941.19 billion, accounting for 47% of the Jiangsu Construction Index's market capitalization. These enterprises play a crucial role in stabilizing economic growth and are likely to be favored in a market shift towards undervalued sectors [6][7] Investment Directions - **Direction One**: Focus on companies with strong Q3 earnings, such as Sichuan Road and Bridge, China Chemical, and others, which show robust growth and sufficient order backlogs [7] - **Direction Two**: Invest in high dividend yield stocks like Jianghe Group (6.2%), Sichuan Road and Bridge (5.6%), and others, which provide a strong holding safety net [7] - **Direction Three**: Target companies with strong long-term growth potential, such as Honglu Steel Structure and others benefiting from semiconductor capital expenditure [7] - **Direction Four**: Invest in large-cap stocks with low absolute valuations, including eight major state-owned enterprises that are all trading below book value [7]

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、对外担保情况概述 安徽鸿路钢结构（集团）股份有限公司（以下简称：公司或本公司）分别于 2024 年 11 月 20 日召开第六届董事会第十五次会议、2024 年 12 月 9 日召开 2024 年第二次临时股东大会，会议审议通过了《关于 2025 年度公司对子公司提供担 保额度的议案》；分别于 2025 年 4 月 17 日召开第六届董事会第二十次会议、2025 年 5 月 9 日召开 2024 年度股东大会，会议审议通过了《关于 2025 年度公司对子 公司增加担保额度的议案》，同意公司为安徽鸿翔建材有限公司等 17 家子公司 银行融资提供担保总额度 159.43 亿元，具体担保额度明细如下表： | 被担保人名称 | 资产负债 | 贷款银行 | 担保金额(不 | | --- | --- | --- | --- | | | 率 | | 超过） | | 安徽鸿翔建材有限公司 | 高于 70% | 中国建设银行股份有限公司 | 68,000.00 | | | | 中国农业银行股份有限公司 | 20,000.00 ...

Market Overview - The Shanghai Composite Index closed at 4018.60 points, above the annual line, with a change of 0.53% [1] - The total trading volume of A-shares reached 2,194.371 billion yuan [1] Stocks Breaking Annual Line - A total of 112 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Shede Liquor: 9.90% - Binhai Energy: 8.36% - Pinwo Food: 6.38% [1] Detailed Stock Performance - The following table summarizes the performance of stocks that broke the annual line: - Shede Liquor (600702): Today's change of 10.01%, turnover rate of 7.58%, latest price 65.63 yuan [1] - Binhai Energy (000695): Today's change of 9.96%, turnover rate of 5.02%, latest price 12.47 yuan [1] - Pinwo Food (300892): Today's change of 8.84%, turnover rate of 16.98%, latest price 36.70 yuan [1] - Other notable stocks include: - Haida Co. (300320): 8.77% change, 9.19% turnover, latest price 10.91 yuan [1] - Huachao City A (000069): 9.92% change, 3.74% turnover, latest price 2.66 yuan [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that just crossed the annual line include: - Wanxin Media: Minor deviation rate [1] - Chengdu Bank: Minor deviation rate [1] - China Publishing: Minor deviation rate [1]

Core Viewpoint - Honglu Steel Structure's stock price has shown fluctuations, with a recent increase of 2.23% and a total market capitalization of 12.344 billion yuan, indicating investor interest despite recent declines in the stock price over various time frames [1] Financial Performance - For the period from January to September 2025, Honglu Steel Structure reported a revenue of 15.917 billion yuan, reflecting a year-on-year growth of 0.19%, while the net profit attributable to shareholders decreased by 24.29% to 496 million yuan [2] - Cumulatively, the company has distributed 1.365 billion yuan in dividends since its A-share listing, with 784 million yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 18.75% to 13,700, while the average number of circulating shares per person increased by 23.06% to 36,155 shares [2] - The top ten circulating shareholders include notable funds, with changes in holdings observed, such as a decrease of 3.2777 million shares by Zhonggeng Value Pioneer Stock and an increase of 100 shares by Zhonggeng Value Navigation Mixed Fund [3] Stock Performance - Year-to-date, Honglu Steel Structure's stock price has increased by 1.82%, but it has seen a decline of 1.16% over the last five trading days and 7.74% over the last 20 days [1]

Group 1 - The company held its 27th meeting of the 6th Board of Directors on November 7, 2025, with all 5 directors present, meeting the legal requirements for the meeting [2][3] - The Board unanimously approved the proposal not to lower the conversion price of the "Honglu Convertible Bonds" [3][7] - The decision will take effect from the next trading day after the meeting, November 10, 2025, and if the conversion price adjustment clause is triggered again, the Board will convene to decide on the matter [7][17] Group 2 - The company issued 18.80 billion RMB worth of convertible bonds on October 9, 2020, with a maturity of six years [8] - The initial conversion price was set at 43.74 RMB per share, which has been adjusted multiple times, with the latest adjustment bringing it to 32.08 RMB per share as of June 14, 2025 [11][14] - The conversion period for the bonds is from April 15, 2021, to October 8, 2026 [10][13]

Core Viewpoint - Honglu Steel Structure announced that it will not lower the conversion price of its "Honglu Convertible Bonds" during the board meeting held on November 7, 2025 [2] Group 1 - The sixth board meeting of Honglu Steel Structure was held on November 7, 2025, where the decision regarding the conversion price of the bonds was made [2] - The board decided that if the conversion price adjustment clause is triggered again after November 10, 2025, another meeting will be convened to decide on the exercise of the downward adjustment right [2]

Group 1 - Honglu Steel Structure held its 27th meeting of the 6th board of directors on November 7, 2025, where it reviewed the proposal regarding not adjusting the conversion price of "Honglu Convertible Bonds" [1] - For the first half of 2025, the company's revenue composition was 96.92% from steel structures and 3.08% from other businesses [1] Group 2 - As of the report, Honglu Steel Structure has a market capitalization of 12.1 billion yuan [2]

| 证券代码:002541 | 证券简称:鸿路钢构 | 公告编号:2025-068 | | --- | --- | --- | | 债券代码:128134 | 债券简称:鸿路转债 | | 安徽鸿路钢结构(集团)股份有限公司 关于不向下修正"鸿路转债"转股价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示 1、证券代码：002541 证券简称：鸿路钢构 2、债券代码：128134 债券简称：鸿路转债 3、转股价格：人民币 32.08 元/股 4、转股期限：2021 年 4 月 15 日至 2026 年 10 月 8 日 5、自 2025 年 10 月 20 日至 2025 年 11 月 7 日期间，公司股票已有十五个交 易日的收盘价低于当期转股价格（即 32.08 元/股）的 85%（即 27.27 元/股）的 情形，已触发"鸿路转债"转股价格的向下修正条款。 6、2025 年 11 月 7 日，公司召开第六届董事会第二十七次会议，审议通过 了《关于不向下修正"鸿路转债"转股价格的议案》，公司董事会决定本次不向 下修正"鸿路转债"转股价格。自本 ...

证券代码：002541 证券简称：鸿路钢构 公告编号：2025-069 债券代码：128134 债券简称：鸿路转债 安徽鸿路钢结构（集团）股份有限公司 第六届董事会第二十七次会议决议公告 特此公告。 二、董事会会议审议情况 会议经过审议并表决，形成决议如下： 一、会议以 5 票同意，0 票反对，0 票弃权，审议通过了《关于不向下修正"鸿路转债" 转股价格的议案》。 《关于不向下修正"鸿路转债"转股价格的公告》（公告编号：2025-068），详见公司指 定信息披露媒体《证券时报》、《中国证券报》、《上海证券报》、《证券日报》和巨潮资讯 （http://www.cninfo.com.cn）。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 安徽鸿路钢结构（集团）股份有限公司（以下简称"公司"）第六届董事会第二十七 次会议于 2025 年 11 月 3 日以送达方式发出，并于 2025 年 11 月 7 日在公司会议室以现场 的方式召开。会议应出席董事 5 人，实际出席董事 5 人，符合召开董事会会议的法定人数。 会议由董事长万胜平先生主持， ...

证券日报网讯鸿路钢构（002541）11月6日在互动平台回答投资者提问时表示，公司目前生产经营正 常，订单饱和。公司1-9月份钢结构产品产量为361.02万吨，同比增长11.06%。 ...