Group 1 - The company, Sichuan Road and Bridge (600039), announced plans to hold a 2025 semi-annual performance briefing on September 8, 2025 [1]

Core Viewpoint - Sichuan Road and Bridge (600039) announced that as of August 31, 2025, the company has not repurchased any shares through centralized bidding transactions [1] Summary by Relevant Sections - Company Announcement - Sichuan Road and Bridge has released an announcement regarding its share repurchase status [1]

Core Viewpoint - Sichuan Road and Bridge (600039.SH) reported strong financial performance for the first half of 2025, with significant revenue and profit growth, reinforcing its leading position in the southwestern infrastructure sector [1] Financial Performance - The company achieved a total operating revenue of 43.536 billion yuan and a net profit attributable to shareholders of 2.78 billion yuan in the first half of 2025 [1] - The total assets amounted to 239.856 billion yuan, with basic earnings per share at 0.32 yuan [1] - The company proposed a cash dividend of 0.32 yuan per 10 shares, totaling 278 million yuan, reflecting a dividend payout ratio of 50.02% over the past three years [1] Order Book and Project Pipeline - Sichuan Road and Bridge secured 218 new projects with a total contract value of 72.24 billion yuan, marking a year-on-year increase of 22.20% [2] - The company has a backlog of orders totaling 291.321 billion yuan, providing a solid foundation for future revenue generation [2] - Significant projects include various highway and railway constructions, with several expected to be operational within the year [2] Operational Strategy - The company employs a "participation + construction" model, engaging in projects like the G5 Jingkun Expressway expansion, which has a total investment of 28.548 billion yuan, optimizing cash flow while ensuring stable revenue [3] Innovation and Technology - Sichuan Road and Bridge has focused on innovation, achieving 18 invention patents and 74 utility model patents during the reporting period [4] - The company has implemented advanced technologies, such as an AI-driven automated steel bridge material warehouse and a quadruped robot for tunnel inspections, enhancing operational efficiency [4] Recognition and Achievements - The company has completed several landmark projects, including the world's largest mountain railway tunnel and the largest underground interchange, receiving international accolades [5] Market Environment and Policy Support - Recent government policies are expected to boost infrastructure investment, with projected public budget expenditure growth in the construction sector [6] - Sichuan's strategic position in the "Belt and Road" initiative enhances its role in international infrastructure projects, with significant contributions to regional development [7] Future Outlook - With ongoing policy support, a robust order backlog, and technological advancements, Sichuan Road and Bridge is well-positioned to lead in southwestern infrastructure upgrades and contribute to national strategic initiatives [8]

一、 回购股份的基本情况 √用于转换公司可转债 □为维护公司价值及股东权益 累计已回购股数 0万股 累计已回购股数占总股本比例 0% 累计已回购金额 0万元 实际回购价格区间 0元/股~0元/股 四川路桥建设集团股份有限公司（以下简称公司）于 2025 年 4 月 29 日召开 第八届董事会第五十五次会议，审议通过了《关于以集中竞价交易方式回购公司 股份的议案》。公司拟使用自有资金或自筹资金，以集中竞价交易方式回购公司部 分已发行的人民币普通股（A 股）股份，用于股权激励或转换公司发行的可转债。 本次回购金额不低于人民币 10,000 万元且不超过人民币 20,000 万元，回购股份的 价格上限为 12.54 元/股，回购股份期限为自公司董事会审议通过本次回购股份方 案之日起 12 个月内。因公司实施了 2024 年年度权益分派，以 2025 年 7 月 11 日 为除息日向全体股东每股派发现金红利 0.377 元（含税），因此本次回购股份的价 格上限自 2025 年 7 月 11 日起，由人民币 12.54 元/股调整为人民币 12.16 元/股。 （具体内容详见公司公告编号为 2025-050、2025- ...

Core Viewpoint - The Hongli Low Volatility ETF (512890) experienced a slight decline of 0.25% on September 1, closing at 1.191 yuan, with a trading volume of 4.81 billion yuan, leading among similar ETFs [1][2]. Trading Performance - The ETF's trading performance included a turnover rate of 2.33% and a five-day decline of 2.30%, while it showed a 60-day increase of 1.88% [2][3]. - Recent trading data indicates a narrowing trend in fund outflows, with a net outflow of 66.43 million yuan over the last five trading days and a total net outflow of 1.04 billion yuan over the past 20 days, but a net inflow of 2.51 billion yuan over the last 60 days [2][3]. Fund Composition - The ETF's top holdings showed mixed performance, with notable declines in stocks such as Chengdu Bank (-1.46%) and Industrial Bank (-2.68%), while Sichuan Road and Bridge saw an increase of 2.89% [3][4]. - The ETF's total market value as of August 29, 2025, was 206.33 billion yuan, with a cumulative return rate of 138.34% since its inception in December 2018, ranking 54th among 502 similar products [5]. Investment Recommendations - Analysts suggest focusing on banks with high dividend yields and strong asset quality, particularly smaller regional banks like Chengdu Bank and Jiangsu Bank, as well as banks with potential for ROE improvement such as China Merchants Bank and Ningbo Bank [4].

证券代码：600039 证券简称：四川路桥 公告编号：2025-095 四川路桥建设集团股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： ?会议召开时间：2025 年 9 月 8 日下午 16:00-17:00 （一）会议召开时间：2025 年 9 月 8 日下午 16:00-17:00 （二）会议召开地点：上证路演中心（网址：https://roadshow.sseinfo.com/） （三）会议召开方式：上证路演中心网络文字互动 三、参加人员 ?会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.ss einfo.com/） ?会议召开方式：上证路演中心网络文字互动 ?会议问题征集：投资者可于 2025 年 9 月 2 日至 9 月 7 日 16:00 前登录上证 路演中心网站首页点击"提问预征集"栏目（https://roadshow.sseinfo.com/preCal lQa）或通过电子邮件的形式发送至四川路桥建设 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-096 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。 格上限自 2025 年 7 月 11 日起，由人民币 12.54 元/股调整为人民币 12.16 元/股。 （具体内容详见公司公告编号为 2025-050、2025-072、2025-086 的相关公告） 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。现将公司回购股份进展情况公告如下： 截至 2025 年 8 月 31 日，公司尚未通过集中竞价交易方式回购公司股份。 上述回购股份进展符合相关法律法规的规定及公司回购股份方案的要求。 三、其他事项 重要内容提示： | 回购方案首次披露日 | 2025/4/30 | | | | | | | | | --- | --- | --- | --- | -- ...

会议召开时间：2025 年 9 月 8 日下午 16:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.ss einfo.com/） 会议召开方式：上证路演中心网络文字互动 会议问题征集：投资者可于 2025 年 9 月 2 日至 9 月 7 日 16:00 前登录上证 路演中心网站首页点击"提问预征集"栏目（https://roadshow.sseinfo.com/preCal lQa）或通过电子邮件的形式发送至四川路桥建设集团股份有限公司（以下简称 公司）投资者关系邮箱 srbcdsh@163.com 进行提问。公司将在业绩说明会上对投 资者普遍关注的问题进行回答。 公司已于 2025 年 8 月 30 日披露了《四川路桥 2025 年半年度报告》，为便于 广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计 划于 2025 年 9 月 8 日下午 16:00-17:00 举行 2025 年半年度业绩说明会，就投资 者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络文字互动形式召开，公司将针对 2025 年半年度的经 营成 ...

公司报告 | 半年报点评 四川路桥（600039） 证券研究报告 收入和利润阶段性承压，订单保持亮眼增速 受阶段性业务衔接影响，收入和利润有所承压 公司发布 25 年半年报，25H1 公司实现营业收入 435.36 亿元，同比-4.91%， 实现归母净利润 27.80 亿元，同比-13.00%，扣非归母净利润 27.20 亿元， 同比-13.72%。单季度看，25Q2 公司收入、归母净利润分别为 205.50、10.05 亿元，同比分别-13.21%、-30.10%，上半年公司收入和利润有所承压，主 要系：1）新开工项目受土地组卷报批、项目红线用地征拆等前期工作影响， 未能实现大面积动工，项目接续不足，在建项目规模总量有所下降；2）公 司在建及新开工项目多位于盆周山区，地质条件复杂，环境敏感度高，安 全、环保要求高，叠加 2025 年汛期防汛形势严峻，项目建设进度有所放缓； 3）公司战略调整，蜀道矿业集团及蜀道清洁能源集团已于 2024 年末完成 出表，受此影响，营业收入较去年同期呈现同比下降趋势。 工程板块收入承压，新签订单保持较快增长 25H1 公司工程建设板块实现营业收入 388.36 亿元，同比下降 ...

Investment Rating - The industry is rated as "Buy" for key companies such as Sichuan Road and Bridge, China Metallurgical Group, and China Construction [6][4]. Core Insights - The construction industry continues to face revenue pressure, with a 5.7% decline in overall revenue for the first half of 2025, although the decline has narrowed in Q2 to 5.3% [9][10]. - The net profit attributable to shareholders decreased by 6.2% in H1 2025, with a smaller decline of 3.5% in Q2, primarily due to reduced impairment losses [13][19]. - The industry is expected to see marginal improvements in revenue performance in the second half of 2025, driven by potential fiscal policy support and the launch of major projects [4][9]. Summary by Sections 1. Performance Overview - The construction sector's revenue for H1 2025 totaled approximately 4 trillion yuan, reflecting a 5.7% year-on-year decline, with Q2 revenue at 2.05 trillion yuan [9][10]. - The net profit for H1 2025 was 937 billion yuan, down 6.2%, with Q2 net profit at 471 billion yuan [13][19]. 2. Profitability - The gross profit margin for the construction sector was 10.1% in H1 2025, a decrease of 0.2 percentage points year-on-year [19]. - The net profit margin remained stable at 2.34% for H1 2025, with a slight increase in Q2 [37][19]. 3. Asset and Operational Quality - The asset-liability ratio increased to 77.3% by the end of Q2 2025, reflecting a tightening funding environment [41][43]. - Cash flow from operations showed a net outflow of 496.9 billion yuan in H1 2025, which was a reduction in outflow compared to the previous year [3][41]. 4. Order Intake - New contracts signed by major state-owned enterprises reached 7.8 trillion yuan in H1 2025, a 0.2% increase year-on-year, with Q2 showing a 2% increase [3][4]. 5. Investment Recommendations - The report suggests focusing on companies with low valuations and strong government support, particularly in regions like Xinjiang [4][6]. - Recommended stocks include Sichuan Road and Bridge, China Metallurgical Group, and China Construction, among others [4][6].