证券代码：600039 证券简称：四川路桥 公告编号：2025-129 二、本次对外投资进展情况 近日，公司收到通知，本基金已在中国证券投资基金业协会完成备案，并取得《私募投资基金备案证 明》，备案信息如下： 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。 重要内容提示： ■ 一、合作投资基本概述情况 四川路桥建设集团股份有限公司（以下简称公司）分别于2024年5月24日、2024年6月12日召开第八届董 事会第三十八次会议、2024年第四次临时股东大会，审议通过了《关于下属施工企业以认购基金模式参 与新建绵遂内铁路绵遂段站前工程项目投标的关联交易议案》。同意公司下属子公司组成联合体参与新 建绵阳至遂宁至内江铁路绵阳至遂宁段站前工程施工总价承包项目（以下简称绵遂内项目、该项目）投 标。该项目中标后，公司下属子公司四川公路桥梁建设集团有限公司、四川路桥华东建设有限责任公 司、四川省交通建设集团有限责任公司作为有限合伙人共认缴四川蜀路畅股权投资合伙企业（有限合 伙）（以下简称私募基金、本基金）约13.28亿元基 ...

| 投资标的名称 | 四川蜀路畅股权投资合伙企业（有限合伙） | | | --- | --- | --- | | 投资金额（亿元） | 13.28 | | | 投资进展阶段 | 完成 交易要素变更 进展 | 终止 | | 特别风险提示（如有请勾选） | 募集失败 | | | | 未能完成备案登记 | | | | 提前终止 | | | | 发生重大变更 | | | | 其他： 基金具有投资周期长、流动性较低等特 | | | | 点，可能受到国家宏观经济政策、行业发展趋势、 | | | | 合伙企业投资业务开展情况等因素影响，存在着 | | | | 不能实现预期效益或投资不确定性的风险。 | | 证券代码：600039 证券简称：四川路桥 公告编号：2025-129 一、合作投资基本概述情况 四川路桥建设集团股份有限公司 关于子公司以认购基金模式参与新建绵遂内 铁路绵遂段站前工程项目暨基金完成备案 的关联交易进展公告 四川路桥建设集团股份有限公司（以下简称公司）分别于 2024 年 5 月 24 日、2024 年 6 月 12 日召开第八届董事会第三十八次会议、2024 年第四次临时股 东大会， ...

2025 年第六次临时股东会 四川路桥建设集团股份有限公司 四川路桥建设集团股份有限公司 2025 年第六次临时股东会 会议资料 2025 年第六次临时股东会 四川路桥建设集团股份有限公司 四川路桥建设集团股份有限公司 股东会会议须知 各位股东及股东代表： 为维护投资者的合法权益，确保四川路桥建设集团股份有限 公司（以下简称公司）股东会的正常秩序和议事效率，根据《中 华人民共和国公司法》《上市公司股东会规则》等法律法规、规 范性文件和《四川路桥建设集团股份有限公司章程》《四川路桥 建设集团股份有限公司股东会议事规则》的规定，现就会议须知 通知如下，请参加本次会议的全体人员自觉遵守。 一、股东会期间，全体参会人员应以维护股东的合法权益、 确保会议的正常秩序和议事效率为原则，自觉履行法定义务。 2025 年 12 月 12 日 1 二、在会议主持人宣布现场出席会议的股东和代理人人数 及其所持有表决权的股份总数之前，会议登记终止。 三、为保证股东会的正常秩序，除出席会议的股东及股东代 理人，公司董事、高级管理人员、见证律师及公司董事会邀请的 人员以外，公司有权拒绝其他人员入场，对于干扰会议秩序、寻 衅滋事和侵犯股东 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-128 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 2025 4 4 | 30 | 日~2026 | 年 | 月 | 日 29 | | 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 | | | | | | | 累计已回购股数 | 7,646,900股 | | | | | | | 累计已回购股数占总股本比例 | 0.0879% | | | | | | | 累计已回购金额 | 70,203,437.67元 | | ...

Core Viewpoint - Sichuan Road and Bridge (600039.SH) has announced a share buyback program, indicating a strategic move to enhance shareholder value through repurchasing shares in the market [1] Summary by Categories Share Buyback Details - As of November 30, 2025, the company has repurchased a total of 7.6469 million shares, which represents 0.0879% of the company's total share capital [1] - The highest transaction price for the repurchased shares was 9.85 CNY per share, while the lowest was 8.62 CNY per share [1] - The total amount spent on the share buyback was 70.2034 million CNY, excluding transaction fees [1]

格隆汇12月1日｜Wind数据显示，周一（12月1日），共有12家公司限售股解禁，合计解禁量为24.12亿 股，按最新收盘价计算，合计解禁市值为361.87亿元。从解禁量来看，四川路桥、联芸科技、昆船智能 解禁量居前，解禁股数分别为19.78亿股、2.23亿股、1.53亿股。从解禁市值来看，四川路桥、联芸科 技、卡莱特解禁市值居前，解禁市值分别为186.5亿元、105.75亿元、36.43亿元。从解禁股数占总股本 比例来看，昆船智能、联芸科技、卡莱特解禁比例居前，解禁比例分别为63.65%、48.52%、45.8%。 ...

Core Viewpoint - On December 1, a total of 12 companies had their restricted shares unlocked, with a total unlock volume of 2.412 billion shares, amounting to a market value of 36.187 billion yuan based on the latest closing price [1] Summary by Category Unlock Volume - Four companies had an unlock volume exceeding 10 million shares [1] - The companies with the highest unlock volumes were Sichuan Road and Bridge (1.978 billion shares), Lianyun Technology (223 million shares), and Kunshan Intelligent (153 million shares) [1] Unlock Market Value - Four companies had an unlock market value exceeding 100 million yuan [1] - The companies with the highest unlock market values were Sichuan Road and Bridge (18.65 billion yuan), Lianyun Technology (10.575 billion yuan), and Kalait (3.643 billion yuan) [1] Unlock Ratio - Four companies had an unlock ratio exceeding 10% of their total share capital [1] - The companies with the highest unlock ratios were Kunshan Intelligent (63.65%), Lianyun Technology (48.52%), and Kalait (45.8%) [1]

Group 1: Metal Sector - Huaxi Nonferrous is expected to see net profit growth from CNY 6.58 billion in 2024 to CNY 11.40 billion in 2026, with a PE ratio decreasing from 37.28 to 21.52[10] - The company has a projected capacity increase to 0.6 million tons of tin and 1 million tons of antimony by 2027, benefiting from resource consolidation trends in Guangxi[12] Group 2: Construction Materials - Huaxin Cement's net profit is forecasted to rise from CNY 24.16 billion in 2024 to CNY 36.73 billion in 2026, with a PE ratio dropping from 17.21 to 11.32[10] - The company has diversified its growth strategy, focusing on overseas markets and stabilizing its aggregate business[28] Group 3: Transportation - ZTO Express is projected to achieve net profits of CNY 88.17 billion in 2024, increasing to CNY 104.11 billion by 2026, with a PE ratio improving from 13.39 to 11.34[10] - The "anti-involution" measures in the express delivery sector have led to a recovery in profitability, with significant improvements in average ticket prices since August 2025[33] Group 4: Energy Sector - ChuanTou Energy's net profit is expected to grow from CNY 45.08 billion in 2024 to CNY 52.59 billion in 2026, with a PE ratio decreasing from 15.93 to 13.65[10] - The company benefits from its stake in Yalong River Hydropower, which contributes significantly to its earnings[73] Group 5: Chemical Sector - Yara International's net profit is projected to increase from CNY 9.50 billion in 2024 to CNY 39.34 billion in 2026, with a PE ratio decreasing from 42.50 to 10.27[10] - The company is positioned as a leader in overseas potash mining, with significant reserves in Laos[49]

Group 1: Index Adjustments - The announcement from the China Securities Index indicates that significant adjustments to A-share indices will take effect after market close on December 12, with the CSI 300 index replacing 11 stocks, including Huadian New Energy and Dongshan Precision [2] - The CSI 500 index will replace 50 stocks, including Heertai and Huahong Semiconductor, while the CSI 1000 index will replace 100 stocks, including Shijia Photon and Wangfujing [2] - The SSE 50 index will replace 4 stocks, including SAIC Motor and Northern Rare Earth, and the SSE 180 index will replace 7 stocks, including Guotou Capital and Zhongtian Technology [3] Group 2: Technology Finance Meeting - A joint meeting was held by the People's Bank of China and the Ministry of Science and Technology to discuss the integration of technology and finance, emphasizing the importance of technological innovation in national development [4] - The meeting highlighted the need for a financial system that supports technological innovation and called for the implementation of policies to enhance the synergy between technology and finance [4] Group 3: Regulatory Actions Against Financial Fraud - The China Securities Regulatory Commission (CSRC) has taken action against Lifan Shuke Co., which is accused of falsifying financial data, proposing a fine of 10 million yuan and initiating delisting procedures [5] - The CSRC's approach combines administrative penalties, market bans, and criminal referrals to strengthen the legal framework against financial fraud [5] Group 4: Virtual Currency Regulation - The People's Bank of China convened a meeting to address the rise in virtual currency speculation, reaffirming that virtual currencies do not hold legal status equivalent to fiat currencies and are considered illegal financial activities [6] - The meeting emphasized the need for ongoing efforts to combat illegal financial activities related to virtual currencies and improve regulatory policies [6] Group 5: Commercial Space Industry Development - The establishment of a dedicated Commercial Space Administration marks a significant step in regulating China's commercial space industry, which is expected to enhance collaboration across the industry [8] - The new agency aims to facilitate communication among various stakeholders in the commercial space sector, potentially improving overall competitiveness [8] Group 6: Securities Investigation - Tianfeng Securities has been placed under investigation by the CSRC for alleged violations related to information disclosure and financing practices [9] - This investigation may be linked to past issues regarding the company's financial practices, indicating a move towards addressing historical challenges [9] Group 7: Market Performance - On November 28, major U.S. stock indices experienced gains, with Intel shares rising by 10%, marking the largest single-day increase since September 18 [10] - Commodity markets saw significant increases, with silver prices reaching historical highs and copper prices also hitting record levels [10] Group 8: IPO and New Stock Offerings - The CSRC has approved IPO registrations for two companies, with new stock offerings scheduled for December 1-5, including Muxi Co. and Angrui Microelectronics [11][12] - This week, a total of 45 companies will have their restricted shares released, amounting to approximately 36.97 billion shares and a total market value of 665.82 billion yuan [13][16]

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, highlighting their potential for growth and profitability in overseas markets [8][29]. Core Insights - The construction industry is experiencing a significant trend towards overseas expansion, driven by urbanization and industrialization in emerging markets, as well as the relocation of manufacturing capacity from China [1][11]. - There is a notable increase in overseas engineering demand, with specialized engineering firms expected to benefit significantly from this trend [1][11]. - The report emphasizes the importance of companies with competitive advantages in niche markets, recommending specific firms such as China Chemical, Jinggong Steel Structure, Jianghe Group, China National Materials, and China Steel International [1][11][19]. Summary by Sections Industry Investment Rating - The report recommends a "Buy" rating for several key players in the construction sector, including China Chemical (PE 6.3X), Jinggong Steel Structure (PE 10.7X), Jianghe Group (PE 12X), China National Materials (PE 7.3X), and China Steel International (PE 10X) [1][29]. Overseas Demand Drivers - Three main factors are driving the high demand for overseas construction: 1. Rapid economic growth in emerging regions such as Southeast Asia, Africa, and the Middle East, leading to increased infrastructure investment [19]. 2. The transfer of excess production capacity from China, particularly in cement and steel, to overseas markets, which is expected to boost regional engineering demand [19]. 3. The collaborative demand for construction services as various industries expand internationally, with a significant number of A-share companies reporting overseas revenue growth [19] [28]. AI and Semiconductor Cleanroom Growth - The report highlights the ongoing surge in global computing power demand driven by AI development, which is expected to lead to substantial growth in the semiconductor cleanroom market [3][26]. - It forecasts that global and Chinese semiconductor cleanroom investments will reach approximately 1680 billion and 504 billion respectively by 2025, representing about 15% of total industry capital expenditure [26]. High Dividend Yield Opportunities - The report identifies several construction companies with robust performance and high dividend yields, suggesting that these firms will attract long-term capital inflows. Key companies include Sichuan Road and Bridge (6.6%), Jianghe Group (6.5%), Jinggong Steel Structure (6.5%), Anhui Construction (5.7%), Tunnel Shares (5.5%), and Sanwei Chemical (6.4%) [7][28][29]. Recommendations for Specific Companies - The report recommends focusing on companies that are well-positioned to benefit from the ongoing trends, including: - China Chemical for chemical engineering overseas expansion - Jinggong Steel Structure for steel structure projects - Jianghe Group for high-end curtain wall projects - China National Materials for cement engineering - China Steel International for metallurgy projects - Semiconductor cleanroom leaders such as Yaxin Integration, Shenghui Integration, and Bocheng Co. [1][11][19][29].