Core Insights - The report discusses the implementation of the "Tax Law Principle" and its implications for service industries such as internet and finance, indicating that current tax arrangements are unlikely to change significantly in the short term [2][3][12] - The real estate sector is experiencing a favorable shift in financing policies, with REITs and private placements opening new equity financing channels to alleviate financial pressures on real estate companies [3][13] Tax Law Implementation - The State Council approved the "Implementation Regulations of the Value-Added Tax Law of the People's Republic of China" on December 19, 2025, and subsequent announcements have clarified tax details, suggesting stability in tax arrangements for service industries [2][3][12] - The definition of "basic services" in telecommunications is evolving, with mobile data and internet broadband still classified as "value-added services" subject to a 6% VAT rate, while traditional voice services are recognized as "basic services" with a 9% VAT rate [2][3][12] Real Estate Sector Analysis - The financing environment for the real estate industry is improving, with a shift from debt financing to equity financing, including the introduction of REITs and private placements [3][13] - Recent regulatory changes, such as the gradual retreat from the "three red lines" policy, indicate a more supportive financing environment for real estate companies [13] - The report maintains a "positive" rating for the real estate sector, highlighting the potential for recovery in the industry as financing policies become more favorable [3][13] Investment Recommendations - The report recommends several quality real estate companies for investment, including China Jinmao, Poly Developments, and China Resources Land, among others, due to their potential for recovery and attractive valuations [13] - The report emphasizes the importance of monitoring the evolving financing landscape and the impact of government policies on the real estate market [3][13]

证券代码：600039 证券简称：四川路桥 公告编号：2026-006 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司应当在每个月的前 3 个交易日内公告截至上 月末的回购进展情况。现将公司回购股份的进展情况公告如下： 四川路桥建设集团股份有限公司 关于以集中竞价交易方式回购股份进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/4/30 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 月 2025 4 4 | 30 | 日~2026 | 年 | 29 | 日 | | 预计回购金额 | 10,000万元~20,000万元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | √用于转换公司可转债 □为维护公司价值及股东权益 ...

格隆汇2月2日丨四川路桥(600039.SH)公布，截至2026年1月31日，公司通过集中竞价交易方式已累计回 购股份11,246,900股，占公司总股本的比例为0.1293%，回购的最高成交价为10.00元/股，最低成交价为 8.62元/股，支付的总金额为人民币105,997,130.42元（不含交易费用）。 ...

Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The cleanroom market is expanding due to increased investment in high-tech industries, benefiting companies like Yaxiang Integration, with related companies including Shenghui Integration and Bocheng Co., Ltd. [3][4] - The real estate market is showing signs of marginal improvement, with significant potential for transformation and development [5] Summary by Sections Cleanroom Industry - The growth in high-tech industry investments is driving the expansion of the cleanroom market, with Micron Technology planning to invest $24 billion in a NAND factory in Singapore over the next decade, which will include 700,000 square feet of cleanroom space [4] - The World Semiconductor Trade Statistics (WSTS) predicts a 26.3% increase in the global semiconductor market by 2026, reaching $975 billion, further supporting the cleanroom industry's growth [4] - Yaxiang Integration's parent company reported a consolidated revenue of NT$9.5 billion (approximately RMB 2.1 billion) in December, a year-on-year increase of 165.2% [4] Real Estate Market - The Central Economic Work Conference in December 2025 emphasized stabilizing the real estate market through targeted policies, including controlling inventory and encouraging the acquisition of existing properties for affordable housing [5] - An article published on January 2, 2026, highlighted the importance of managing expectations in the real estate market, which has significant financial asset attributes and broad social implications [5] Recommended Companies - The report recommends Yaxiang Integration for the cleanroom sector, with related companies including Bocheng Co., Ltd. and Shenghui Integration [7] - Other sectors recommended include commercial aerospace, controllable nuclear fusion, and renewable energy, with specific companies highlighted for each sector [7]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [11] Core Insights - In the inflation cycle, the prices of commodities such as copper and gold are rising, benefiting construction state-owned enterprises with quality mining rights, while the chemical industry is also expected to show profit resilience due to price elasticity [2][10] Summary by Relevant Sections Resource Sector - China Railway has invested in five modern mines, producing significant quantities of copper, cobalt, molybdenum, lead, zinc, and silver, with a revenue increase of 8.04% year-on-year in resource utilization business [6] - China Power Construction holds a 25.28% stake in Huagang Mining, with copper and cobalt production figures reported for 2025 [7] - Shanghai Construction's mining operations include a significant gold mine in Eritrea, contributing to substantial revenue from gold sales [8] - Sichuan Road and Bridge has developed a resource reserve system focusing on various minerals, with significant overseas projects [9] Chemical Industry - China Chemical has a broad chemical industrial layout, including significant production capacities for various chemicals and advancements in technology for epoxy propylene production [10] - The company has also made progress in potassium and phosphate mining, with substantial production and sales figures reported for 2025 [10] Market Performance - The construction sector's performance has varied, with specific sub-sectors showing positive growth rates year-to-date, such as chemical engineering and steel structure [20][21]

每经头条（nbdtoutiao）——中国无人驾驶"军团"，"武装"阿布扎比 公司以通讯方式召开第八届董事会第六十七次会议，审议通过了《关于聘任公司财务总监、总法律顾 问、首席合规官、债券信息披露事务负责人的议案》，同意聘任郭人荣先生为公司财务总监，任期同本 届董事会，自本次董事会审议通过之日起生效；同时，由郭人荣先生担任公司总法律顾问、首席合规 官、债券信息披露事务负责人。 （记者 王晓波） 每经AI快讯，四川路桥1月30日晚间发布公告称，四川路桥建设集团股份有限公司董事会于2026年1月 30日收到公司原财务总监、总法律顾问、首席合规官、债券信息披露事务负责人王文德先生的书面辞任 报告。王文德先生因工作调整原因，不再继续担任前述职务。 ...

证券日报网讯1月30日，四川路桥（600039）在互动平台回答投资者提问时表示，公司严格按照相关法 律法规要求履行信息披露义务，如按相关规定需披露业绩预告的，公司将依法合规披露业绩预告。 ...

证券代码：600039 证券简称：四川路桥 公告编号：2026-005 四川路桥建设集团股份有限公司 关于公司高级管理人员变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 四川路桥建设集团股份有限公司（以下简称公司）董事会于 2026 年 1 月 30 日收到公司原财务总监、总法律顾问、首席合规官、债券信息披露事务负 责人王文德先生的书面辞任报告。王文德先生因工作调整原因，不再继续担任前 述职务。 (二) 离任对公司的影响 董事会于 2026 年 1 月 30 日收到公司原财务总监、总法律顾问、首席合规官、 债券信息披露事务负责人王文德先生的书面辞任报告。王文德先生因工作调整原 因，不再继续担任前述职务。根据《公司法》、公司《章程》等有关规定，王文 德先生的辞任报告于送达董事会时生效。王文德先生已按照公司相关规定做好交 接工作，其离任不会对公司日常生产经营产生不利影响。 王文德先生在任职期间恪尽职守、勤勉敬业，公司董事会对王文德先生为公 司发展所做出的贡献表示衷心的感谢。 二、聘任情况 根据《公司法》 ...

[Table_Title] 建筑行业跟踪报告 [Table_Page] 跟踪分析|建筑装饰 证券研究报告 估值底部叠加春季躁动，推荐"低估值&筹码优"大建央国企 [Table_Summary] 核心观点： | [分析师： Table_Author]耿鹏智 | | | --- | --- | | | SAC 执证号：S0260524010001 | | | 021-38003620 | | | gengpengzhi@gf.com.cn | | 分析师： | 尉凯旋 | | | SAC 执证号：S0260520070006 | | | 021-38003576 | | | yukaixuan@gf.com.cn | | 分析师： | 谢璐 | | | SAC 执证号：S0260514080004 | | | SFC CE No. BMB592 | | | 021-38003688 | | | xielu@gf.com.cn | 请注意，耿鹏智,尉凯旋并非香港证券及期货事务监察委员 会的注册持牌人，不可在香港从事受监管活动。 [Table_ 相关研究： DocReport] | 建筑行业周报:"十五五"国 | 2 ...

证券代码：600039证券简称：四川路桥公告编号：2026-004 四川路桥建设集团股份有限公司 关于购买资产及放弃优先受让权的关联交易进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 近日，公司收到新筑股份函告，结合近期市场和政策等因素，新筑股份为进一步提升重组实施后的整体 资产质量，使重组方案更符合其长远发展及全体股东利益，拟对重组方案进行调整。鉴于公司为新筑股 份重组事项的交易对方之一，若新筑股份调整方案对公司本次关联交易产生影响，公司将与新筑股份协 商一致后依法依规履行相关程序。 敬请广大投资者理性投资，注意投资风险。 特此公告。 四川路桥建设集团股份有限公司董事会 2026年1月28日 四川路桥建设集团股份有限公司（以下简称公司）分别于2025年11月7日、2025年11月24日召开了第八 届董事会第六十三次会议、2025年第五次临时股东会，审议通过了《关于收购成都市新筑路桥机械股份 有限公司桥梁功能部件资产组的关联交易议案》《关于放弃清洁能源集团优先受让权的关联交易议 案》，同意公司以现金方式收购关联方成都 ...