Core Viewpoint - The construction and decoration industry is experiencing a slowdown in fixed asset investment and new contract signings, with a focus on potential growth areas such as overseas construction, urban renewal, digital construction, and power engineering [2][5]. Investment Strategy - From January to October 2025, cumulative fixed asset investment decreased by 1.7% year-on-year, while infrastructure investment increased by 1.5%, with a sequential decline of 1.8 percentage points [2]. - New contracts in the construction industry totaled 21.30 trillion yuan from January to September 2025, down 4.6% year-on-year, with a notable slowdown in the decline of new orders in the third quarter [2]. - The backlog of construction orders stood at 59.95 trillion yuan, reflecting a year-on-year decrease of 1.8%, indicating that the decline in existing orders is less severe than that of new contracts [2]. Sector Performance - The construction decoration index rose by 6.8% from the beginning of 2025 to December 2, but underperformed compared to the broader market [2]. - The renovation and decoration service sector led the secondary market with a growth rate of 30.6% [2]. - The construction sector's allocation ratio was 0.62%, which is 0.94 percentage points lower than the industry standard [2]. Central Enterprises - The eight major central enterprises saw their new contracts remain stable in the first half of 2025, with overall revenue growth declining by 4.4% and net profit attributable to shareholders decreasing by 7.5% [3]. - Factors such as slowing infrastructure investment growth and prolonged repayment cycles due to local fiscal pressures have impacted the revenue of these enterprises [3]. Growth Opportunities - Overseas construction saw a cumulative completion amount of 134.18 billion USD from January to October 2025, with a year-on-year increase of 7.9%, particularly in Belt and Road countries [4]. - Urban renewal projects are expected to be funded through various sources, with plans to start renovating 25,000 old urban communities, of which 21,700 have already commenced [4]. - Digital construction is being driven by new productivity, with a focus on comprehensive digital transformation across urban areas [4]. - The power engineering sector is anticipated to benefit from significant opportunities in water resources and environmental projects from 2025 to 2030 [4]. - Local government bond issuance has accelerated, with a total issuance of 6.49 trillion yuan from January to September 2025, marking a year-on-year increase of 29.3% [4]. Investment Recommendations - The construction sector is expected to see a resonance of fundamentals, policies, and valuations, with a focus on marginal changes in overseas construction, urban renewal, digital construction, power engineering, and debt reduction [5]. - Recommended stocks include China Power Construction, China Energy Engineering, China Communications Construction, Tunnel Corporation, Metro Design, and Jianfa Heceng, particularly those with stable performance and low valuations [5].

Core Viewpoint - The acquisition proposal by Metro Design to purchase 100% equity of Guangzhou Metro Engineering Consulting Co., Ltd. from its controlling shareholder, Guangzhou Metro Group, is under regulatory review and shareholder voting, with a transaction value of 510 million yuan and a remarkable valuation increase of 380.48% for the target company [1][2][7]. Valuation Dispute - The transaction is officially classified as "not constituting a major asset restructuring" and "not constituting a restructuring listing" [2][6]. - The target company's total assets, net assets, and revenue for the end of 2024 represent 8.33%, 18.58%, and 15.83% of the corresponding metrics of the listed company, all below the 50% threshold [2][6]. - Control of the listed company remains unchanged, with Guangzhou Metro Group as the controlling shareholder before and after the transaction [2][6]. - The target company's valuation increased from a book value of 106 million yuan to an assessed value of 511 million yuan, resulting in an increase of 405 million yuan [3][8]. - The valuation is supported by a price-to-earnings ratio of 15.68 and a price-to-book ratio of 4.83, which are considered reasonable compared to comparable transactions [8]. Related Transaction Risks - The target company has a high proportion of related party transactions, with sales from related parties accounting for 51.37%, 42.84%, and 42.25% of revenue for the years 2023, 2024, and the first half of 2025, respectively [4][9]. - The company acknowledges that these related transactions are primarily obtained through bidding and are expected to continue due to industry and market conditions [9]. - There are concerns regarding the effectiveness of internal controls, which could allow the controlling shareholder to influence the target company and potentially harm the interests of the company and its investors [10]. - The target company has previously exceeded the allowable limit for labor dispatch workers, with the number of such workers being 532, 410, and 90 from the end of 2023 to June 2025, representing 43.32%, 33.91%, and 9.05% of total employees, respectively [10]. - The engineering supervision business is heavily concentrated in the Guangdong province, with over 81% of revenue coming from this region from 2023 to June 2025, raising concerns about revenue volatility if market conditions change significantly [5][10].

Core Viewpoint - The company plans to issue shares to acquire 100% equity of Guangzhou Metro Engineering Consulting Co., Ltd. held by Guangzhou Metro Group and raise funds from no more than 35 specific investors [1] Group 1 - The transaction is subject to approval by the Shenzhen Stock Exchange's merger and acquisition review committee, which is scheduled to meet on December 11, 2025 [1] - The final outcome and timeline of the transaction remain uncertain, pending approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission [1] - The company will continue to advance the process and disclose information in a timely manner [1]

证券代码：003013 证券简称：地铁设计 公告编号：2025-075 广州地铁设计研究院股份有限公司 关于收到深圳证券交易所并购重组审核委员会审核 公司发行股份购买资产并募集配套资金暨关联交易 事项会议安排的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广州地铁设计研究院股份有限公司（以下简称"公司"）拟通过发行股份的 方式购买广州地铁集团有限公司持有的广州地铁工程咨询有限公司（以下简称 "标的公司"）100%股权并向不超过 35 名特定投资者发行股份募集配套资金（以 下简称"本次交易"）。 根据《深圳证券交易所并购重组审核委员会 2025 年第 15 次审议会议公告》， 深圳证券交易所并购重组审核委员会定于 2025 年 12 月 11 日召开 2025 年第 15 次并购重组审核委员会审议会议，审核公司本次交易事项。 广州地铁设计研究院股份有限公司 董 事 会 2025 年 12 月 5 日 1 本次交易尚需深圳证券交易所审核通过以及中国证券监督管理委员会同意 注册后方可实施。本次交易能否取得相关部门的审核或注册，以及最终取得审核 或注册的时间均 ...

Summary of Industry and Company Insights from Conference Call Industry Overview - **Dairy Products Market**: The dairy market shows significant differentiation, with the ambient milk segment experiencing a decline, though the rate of decline is narrowing. Yili shows signs of bottoming out, while Mengniu is affected by internal management issues. The low-temperature milk segment is primarily driven by fresh milk growth, with Junlebao and New Hope performing well due to regional expansion and product innovation, posing challenges to Yili and Mengniu [1][5][12]. - **Channel Transformation**: Traditional supermarket channels are in decline due to store closures and high costs. New retail channels, such as O2O platforms, are rapidly emerging, with dairy product sales exceeding 20% and maintaining high growth, significantly impacting traditional channels [1][7][8]. - **Brand Competition**: The beverage market is highly competitive, with brands investing heavily to capture large outlets. Nongfu Spring benefits from the Wahaha incident and market recovery, showing significant performance improvement, while China Resources Beverage faces a decline due to strategic missteps [1][15][17]. Key Company Insights - **Yili and Mengniu Performance**: Both companies are in a declining state in the ambient liquid milk segment, with Yili's decline around 6-7% year-on-year and Mengniu's around 10%. However, Yili shows signs of recovery, and both companies face intense price competition and rising raw material costs [5][12]. - **Ice Cream and Other Dairy Products**: Yili's ice cream and milk powder segments are growing, with ice cream increasing by over 10% and milk powder by around 10%. Mengniu also shows positive performance in its milk powder business [6]. - **Sales Channels**: The performance of sales channels varies, with traditional supermarkets declining significantly. New retail channels are growing, with Nongfu Spring achieving a 20% e-commerce sales ratio [7][23]. Market Trends and Future Outlook - **Sales Growth**: The overall dairy product sales growth is projected at 20-30% for 2025, with low-temperature milk growing by 30% and ambient milk showing no significant growth [10][11]. - **Future Projections for Major Brands**: Yili aims for a 2-3% growth in ambient products and 10% in low-temperature products, while Mengniu targets stability or slight growth in ambient products and 8-10% in low-temperature products [12]. - **Emerging Competitors**: Junlebao and New Hope are gaining market share due to effective marketing and regional expansion strategies, posing a threat to established players like Yili and Mengniu [13]. Beverage Market Dynamics - **Nongfu Spring's Strategy**: Nongfu Spring has adopted a strategy of inventory reduction and reduced pressure on annual targets, leading to strong performance in both water and sugar-free tea segments, with overall growth exceeding 15% [16]. - **Competitive Landscape**: The beverage industry is highly competitive, with brands increasing spending to secure market share. This has led to significant shifts in market dynamics, particularly in the restaurant and special channel sectors [15][18]. - **Market Challenges**: Traditional channels continue to face challenges, with small supermarkets and convenience stores struggling due to economic downturns and reduced consumer purchasing power [11][22]. Conclusion The dairy and beverage industries are undergoing significant transformations, with emerging competitors and changing consumer preferences shaping the market landscape. Companies like Yili and Mengniu are adapting to these changes, while new players like Junlebao and Nongfu Spring are capitalizing on growth opportunities. The future outlook remains cautiously optimistic, with potential for recovery and growth in specific segments.

证券代码：003013 证券简称：地铁设计 公告编号：2025-074 广州地铁设计研究院股份有限公司 1 广州地铁设计研究院股份有限公司（以下简称"公司"）拟通过发行股份的 方式购买广州地铁集团有限公司持有的广州地铁工程咨询有限公司（以下简称 "标的公司"）100%股权并向不超过 35 名特定投资者发行股份募集配套资金（以 下简称"本次交易"）。 根据深圳证券交易所上市审核中心有关工作安排，拟于近期审核公司发行股 份购买资产并募集配套资金事项，具体会议时间待确定后另行公告。 本次交易尚需深圳证券交易所审核通过以及中国证券监督管理委员会同意 注册后方可实施。本次交易能否取得相关部门的审核或注册，以及最终取得审核 或注册的时间均存在不确定性。公司将继续推进相关工作，严格按照相关法律法 规的规定和要求及时履行信息披露义务。敬请广大投资者关注后续公告并注意投 资风险。 特此公告。 广州地铁设计研究院股份有限公司 董 事 会 2025 年 12 月 3 日 关于深圳证券交易所上市审核中心审核公司 发行股份购买资产并募集配套资金暨关联交易事项 会议安排的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 ...

华泰联合证券有限责任公司 关于广州地铁设计研究院股份有限公司 发行股份购买资产并募集配套资金暨关联交易 独立财务顾问声明和承诺 华泰联合证券有限责任公司（以下简称"华泰联合证券""本独立财务顾问"）接 受广州地铁设计研究院股份有限公司（以下简称"地铁设计""上市公司"或"公司"） 委托，担任本次发行股份购买资产并募集配套资金暨关联交易（以下简称"本次交易"） 的独立财务顾问，就该事项向上市公司全体股东提供独立意见，并制作本独立财务顾问 报告。 本独立财务顾问报告是依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理办法》《公 开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》《上 市公司监管指引第 9 号——上市公司筹划和实施重大资产重组的监管要求》和《深圳证 券交易所上市公司重大资产重组审核规则》等法律法规及文件的规定和要求，以及证券 行业公认的业务标准、道德规范，经过审慎调查，本着诚实信用和勤勉尽责的态度，就 本次交易认真履行尽职调查义务，对上市公司相关的申报和披露文件进行审慎核查后出 具的，旨在就本次交易行为做 ...

证券代码：003013 证券简称：地铁设计 上市地：深圳证券交易所 广州地铁设计研究院股份有限公司 发行股份购买资产并募集配套资金 暨关联交易报告书（草案） （上会稿） | 项目 | | 名称 | | --- | --- | --- | | 购买资产交易对方 | | 广州地铁集团有限公司 | | 募集配套资金认购方 | 不超过 35 | 名符合中国证监会规定的特定投资者 | 独立财务顾问 签署日期：二〇二五年十二月 广州地铁设计研究院股份有限公司 发行股份购买资产并募集配套资金暨关联交易报告书（草案） 声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、上市公司声明 本公司及本公司全体董事、高级管理人员保证上市公司及时、公平地披露信息， 保证本报告书及其摘要内容的真实、准确、完整，不存在虚假记载、误导性陈述或者 重大遗漏，保证本报告书所引用的相关数据的真实性和合理性，并对所提供信息的真 实性、准确性、完整性负相应的法律责任。 本公司全体董事、高级管理人员承诺：如本次交易本人提供或披露的信息涉嫌虚 假记载、误导性陈述或者重大遗漏，被司法机关立案侦查或者被中国证券监督管理委 员会立案调查 ...

广州地铁设计研究院股份有限公司（以下简称"公司"）拟通过发行股份的 方式购买广州地铁集团有限公司持有的广州地铁工程咨询有限公司 100%股权并 向不超过 35 名特定投资者发行股份募集配套资金（以下简称"本次交易"）。 公司分别于 2025 年 8 月 9 日、2025 年 10 月 31 日、2025 年 11 月 15 日、2025 年 11 月 29 日披露了《广州地铁设计研究院股份有限公司发行股份购买资产并募 集配套资金暨关联交易报告书（草案）（修订稿）》（以下简称"草案（修订稿）"） 等文件。 证券代码：003013 证券简称：地铁设计 公告编号：2025-073 广州地铁设计研究院股份有限公司 关于发行股份购买资产并募集配套资金暨关联交易 报告书（草案）（上会稿）修订说明的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 完善了少许表述，对重组方案无影响。 特此公告。 广州地铁设计研究院股份有限公司 董 事 会 2025 年 12 月 3 日 2 根据深圳证券交易所的进一步审核意见，公司对重组报告书做了相应修订， 形成并披露了《广州地铁设计研究 ...

Core Viewpoint - The company, Metro Design, is planning to acquire 100% equity of Guangzhou Metro Engineering Consulting Co., Ltd. from its controlling shareholder, Guangzhou Metro Group, at a significant premium of 380.48% over its assessed value [1][3]. Group 1: Acquisition Details - The assessed book value of the consulting company is 106 million yuan, while the valuation is 511 million yuan, resulting in an increase of 405 million yuan [1][3]. - The acquisition will involve issuing 43.7961 million shares and raising up to 128 million yuan to supplement working capital and repay debts [2][6]. - The consulting company has a high proportion of related party sales, accounting for 51.37%, 42.84%, and 42.25% of its revenue from 2023 to mid-2025 [4]. Group 2: Business Operations - The consulting company primarily provides engineering supervision and project management services in urban rail transit and municipal construction [3]. - The company's revenue from engineering supervision in Guangdong province is substantial, with figures of 186 million yuan, 200 million yuan, and 83.3461 million yuan for the years 2023, 2024, and mid-2025, respectively [4]. - The company has been addressing its labor dispatch issues, reducing the number of dispatched workers from 532 to 90 by mid-2025 [6][7]. Group 3: Financial Performance - For the first three quarters of 2025, Metro Design reported a revenue of 1.933 billion yuan, a year-on-year increase of 0.85%, and a net profit attributable to shareholders of 347 million yuan, up 16.92% [2][7]. - The company has maintained a cash dividend payout ratio of 40% to 50% over the past five years, with a total dividend distribution of 996 million yuan [8].