本公司董事会、全体董事及相关股东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： 控股股东及其一致行动人持股的基本情况 本次股份减持计划实施前，四川路桥建设集团股份有限公司（以下简称公 司）控股股东蜀道投资集团有限责任公司（以下简称蜀道集团）持有公司股份 4,950,301,259 股，占公司总股本的比例为 56.93%，蜀道集团及其一致行动人四 川高速公路建设开发集团有限公司、四川藏区高速公路有限责任公司、蜀道资本 控股集团有限公司、四川高路文化旅游发展有限责任公司合计持有公司股份 6,927,708,854 股，占公司总股本的比例为 79.67%。 减持计划的实施结果情况 公司于 2025 年 9 月 11 日披露了《四川路桥控股股东通过大宗交易减持公 司股份计划公告》（公告编号：2025-099），蜀道集团计划通过大宗交易方式减持 公司股份不超过 173,911,812 股，即不超过公司总股本的 2%，减持股份来源为 IPO 前取得。2025 年 10 月 23 日，蜀道集团通过大宗交易方式减持公司无限售条 件流通股 173,9 ...

格隆汇10月24日丨四川路桥(600039.SH)公布，2025年10月23日，公司控股股东蜀道集团通过大宗交易 方式减持公司无限售条件流通股1.74亿股，占公司总股本的2.00%。蜀道集团及其一致行动人持股比例 由79.67%降至77.67%，权益变动触及1%整数倍刻度。 ...

Core Viewpoint - Sichuan Road and Bridge conducted two block trades on October 23, totaling 174 million shares and a transaction amount of 1.53 billion yuan, with a transaction price of 8.80 yuan, reflecting a discount of 0.23% compared to the closing price of the day [2] Trading Summary - The total transaction volume for the two block trades was 115.26 million shares and 1014.27 million yuan, with a price of 8.80 yuan, showing a discount of 0.23% [2] - The participating institutional trading desks were involved in both buying and selling, with a total transaction amount of 1.53 billion yuan and a net purchase of 1.53 billion yuan [2] - Over the past three months, Sichuan Road and Bridge has recorded three block trades, with a cumulative transaction amount of 1.54 billion yuan [2] Stock Performance - The closing price of Sichuan Road and Bridge on the day was 8.82 yuan, down 0.11%, with a daily turnover rate of 0.37% and a total transaction amount of 216 million yuan [2] - The stock experienced a net outflow of 10.94 million yuan in main funds throughout the day, while it has seen a cumulative increase of 3.63% over the past five days, with a total net inflow of 30.60 million yuan [2] Margin Trading Data - The latest margin financing balance for Sichuan Road and Bridge is 174 million yuan, with an increase of 1.24 million yuan over the past five days, representing a growth rate of 0.72% [2]

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - Infrastructure investment showed weakness in September, but the fourth quarter may benefit from increased funding and policy catalysts. The report highlights the importance of infrastructure as a stabilizing measure for the economy, with a focus on undervalued, high-dividend construction stocks [1][2] - The real estate sector saw a decline in sales area by 5.5% year-on-year from January to September, with a significant drop of 21.3% in September alone. However, the completion rate for real estate projects turned positive for the first time since 2024, indicating a potential recovery [2] - Cement demand is gradually weakening, with a production drop of 5.2% year-on-year from January to September. The report suggests that cement companies may seek to optimize supply and increase prices to recover profitability [3] - The flat glass market showed signs of improvement in September, with a slight increase in demand. However, overall production still declined by 5.2% year-on-year, and inventory levels have risen significantly [4] Summary by Sections Infrastructure Investment - Infrastructure investment from January to September showed a year-on-year increase of 1.1%, but September alone saw a decline of 4.7%. The report anticipates a recovery in the fourth quarter due to early fiscal funding and new policy financial tools [1][2] Real Estate Sector - Real estate sales area decreased by 5.5% year-on-year from January to September, with a notable drop of 11.9% in September. New construction area fell by 18.9% year-on-year, while completion area saw a slight increase in September, marking the first positive growth since 2024 [2] Cement Industry - Cement production from January to September was 1.259 billion tons, down 5.2% year-on-year. The average shipment rate was 41.3%, a decrease of 2.6 percentage points year-on-year. The report indicates that cement companies are likely to push for price increases to enhance profitability [3] Glass Industry - Flat glass production from January to September was 72.881 million weight cases, down 5.2% year-on-year. The report notes a slight improvement in demand in September, but overall inventory levels have increased significantly, indicating potential challenges ahead [4]

Group 1 - A total of 54 stocks in the A-share market experienced block trading today, with a total transaction value of 2.921 billion yuan [1] - The top three stocks by transaction value were Sichuan Road and Bridge at 1.53 billion yuan, Tianshan Aluminum at 268 million yuan, and Jiangsu Guotai at 197 million yuan [1] - Among the stocks, 8 were traded at par, 2 at a premium, and 44 at a discount; Donghua Software and *ST Chengchang had the highest premium rates of 6.77% and 1.21% respectively [1] Group 2 - The highest buy amounts from institutional special seats were Sichuan Road and Bridge (1.53 billion yuan), Tianshan Aluminum (268 million yuan), and Jiangsu Guotai (152 million yuan) [1] - Other notable buy amounts included Tianli Lithium Energy at 63.74 million yuan and Hunan Silver at 39.64 million yuan [1] - The highest sell amounts from institutional special seats were Longqi Technology at 13.383 million yuan, Sanhua Intelligent Control at 2.398 million yuan, and Yingxin Development at 720,000 yuan [2]

Market Overview - On October 22, the infrastructure sector rose by 0.68% compared to the previous trading day, with Beixin Road and Bridge leading the gains [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Key Stocks Performance - Beixin Road and Bridge (002307) closed at 5.57, up 10.08% with a trading volume of 517,700 shares and a transaction value of 288 million yuan [1] - Wenke Co., Ltd. (002775) closed at 4.89, up 5.16% with a trading volume of 703,600 shares [1] - ST Yipin (603843) closed at 5.59, up 5.08% with a trading volume of 87,300 shares [1] - ST Lingnan (002717) closed at 1.71, up 4.91% with a trading volume of 1,675,400 shares [1] - Yuanlin Co., Ltd. (605303) closed at 69.61, up 4.79% with a trading volume of 186,200 shares [1] Capital Flow Analysis - The infrastructure sector experienced a net outflow of 492 million yuan from institutional investors, while retail investors saw a net inflow of 594 million yuan [2][3] - The main stocks with significant net inflows from retail investors included Beixin Road and Bridge, Wenke Co., Ltd., and Sichuan Road and Bridge [3] - Beixin Road and Bridge had a net inflow of 109 million yuan from institutional investors, accounting for 37.96% of its trading volume [3]

Core Viewpoint - Sichuan Road and Bridge experienced a stock price increase of 2.11% on October 22, reaching 8.72 CNY per share, with a total market capitalization of 758.26 billion CNY [1] Financial Performance - For the first half of 2025, Sichuan Road and Bridge reported a revenue of 43.536 billion CNY, a year-on-year decrease of 4.91%, and a net profit attributable to shareholders of 2.780 billion CNY, down 13.00% year-on-year [2] - The company has cumulatively distributed dividends of 18.855 billion CNY since its A-share listing, with 14.054 billion CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Sichuan Road and Bridge was 50,400, a decrease of 23.90% from the previous period, while the average circulating shares per person increased by 31.41% to 133,066 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 25.4396 million shares to 115 million shares [3]

Core Insights - The construction and decoration industry is experiencing a mixed performance, with the overall market indices declining while certain segments show growth [1][3] - Significant government investment and policy support are expected to enhance infrastructure development and promote green transformation [2][3] Industry Overview - The Shanghai Composite Index fell by 1.47%, the Shenzhen Component Index by 4.99%, and the ChiNext Index by 5.71% during the week, while the Shenwan Construction Decoration Index decreased by 1.67%. However, segments such as decoration, engineering consulting services, and steel structures saw increases of +3.40%, +2.68%, and +0.72% respectively [1][3] - A total of 48 stocks in the Shenwan Construction sector rose, with the top five performers being Matrix Co. (+39.20%), Huajian Group (+28.11%), *ST Dongyi (+26.23%), Guosheng Technology (+26.15%), and Kexin Development (+17.87%) [1][3] Investment Highlights - Major engineering projects are accelerating, supported by robust funding mechanisms. The National Railway Group reported a fixed asset investment of 593.7 billion yuan, a year-on-year increase of 5.8%, with 968 kilometers of new railway lines completed [1][2] - The issuance of 400 billion yuan in 20-year special bonds is part of a broader 1.3 trillion yuan plan aimed at infrastructure and new productivity projects, solidifying the capital foundation for future investments [1][2] - Recent policy initiatives from multiple government departments aim to optimize industrial structure and accelerate green transformation, focusing on energy conservation and carbon reduction in key industries [2] Stock Selection Strategy - The current stock selection in the construction sector revolves around two main themes: 1. Dividend-focused stocks that are undervalued, benefiting from a low-interest-rate environment and increased attention on high-dividend yields. Recommended stocks include Jianghe Group and Sichuan Road and Bridge [3] 2. Companies embracing "Construction+" strategies, which involve mergers, acquisitions, and transitions into new business areas such as renewable energy and digital construction [3]

Investment Rating - The report maintains an "Overweight" rating for the construction and building materials industry [6]. Core Views - The funding environment is gradually improving, with expectations for increased fiscal support in the fourth quarter, particularly benefiting the real estate sector [1]. - The report highlights a potential turning point for consumer building materials revenue due to improving demand and a decrease in price pressures in 2025 [2]. - The cement industry is experiencing a push for price increases, but demand support remains weak, leading to price fluctuations [3]. - The flat glass market shows signs of price stabilization, but supply-side improvements are still needed [4]. Summary by Sections Investment Environment - Infrastructure, real estate, and manufacturing investments in China showed mixed results, with infrastructure investment up by 1.1% year-on-year, real estate down by 13.9%, and manufacturing up by 4.0% [1]. - The central government has allocated an additional 500 billion yuan to local governments, indicating a proactive fiscal approach [1]. Real Estate Market - From January to September 2025, real estate sales, new starts, and completion areas decreased by 5.5%, 18.9%, and 15.3% year-on-year, respectively [2]. - September saw a positive turn in monthly housing completion area, suggesting a potential recovery in the sector [2]. Cement Industry - Cement production from January to September 2025 was 1.259 billion tons, down 5.2% year-on-year, with a notable price increase in September [3]. - The average cement price in September was 351 yuan per ton, reflecting a 1.4% month-on-month increase [3]. Glass Industry - The flat glass production for the first nine months of 2025 was 729 million weight cases, down 5.2% year-on-year, with prices stabilizing in September [4]. - The photovoltaic glass market showed better performance with a price increase of 19% month-on-month [4]. Recommended Stocks - The report recommends several stocks with a "Buy" rating, including China Liansu (2128 HK), Sichuan Road and Bridge (600039 CH), Yaxiang Integration (603929 CH), Sankeshu (603737 CH), Tubaobao (002043 CH), and Dongfang Yuhong (002271 CH) [7][29].

Investment Rating - The industry investment rating is currently neutral, indicating that the industry is expected to perform in line with the overall market [22]. Core Insights - The fixed asset investment and manufacturing investment growth rates have continued to decline, with a cumulative year-on-year decrease of 0.5% for fixed asset investment from January to September 2025, and a 4.0% year-on-year increase in manufacturing investment, which is a decline of 1.1 percentage points compared to the previous month [3][4]. - Infrastructure investment is under pressure, with a year-on-year growth of 3.3% for total infrastructure investment and 1.1% for infrastructure investment excluding electricity, both showing a decline in growth rates compared to the previous month [4]. - Real estate investment remains low, with a year-on-year decrease of 13.9% from January to September 2025, and construction starts down by 18.9% [10]. Summary by Sections Economic Overview - The GDP growth for the first three quarters of 2025 is reported at 5.2%, with quarterly growth rates of 5.4%, 5.2%, and 4.8% respectively [3]. Infrastructure Investment - Infrastructure investment growth is under pressure, with specific sectors like transportation, water conservancy, and public utilities showing varying degrees of decline [4]. - Eastern regions experienced a year-on-year investment decline of 4.5%, while central and western regions saw a slight increase of 1.5% [4]. Real Estate Investment - Real estate investment has shown a significant decline, with expectations of a slow recovery due to challenges in supply and inventory replenishment [10]. Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain traction with the implementation of national strategic layouts. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction among others [14].