第八届董事会独立董事 2025 年第八次专门会议 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 第八届董事会独立董事 2025 年第八次专门会议的 审查意见 根据《上市公司独立董事管理办法》有关规定，四川路 桥建设集团股份有限公司（以下简称公司）于 2025 年 11 月 24 日在公司以现场方式召开了第八届董事会独立董事 2025 年第八次专门会议。会议应到独立董事 4 人，实到独立董事 4 人。会议由独立董事李光金主持。本次会议的召集、召开 和表决程序符合《上市公司独立董事管理办法》的规定，就 审议事项发表如下审查意见： 一、独立董事对《关于调整公司 2025 年度日常性关联 交易预计金额的议案》的审查意见 经讨论，《关于调整公司 2025 年度日常性关联交易预 计金额的议案》符合公司业务发展需要，不会对公司的独立 性产生影响，不存在损害公司及股东特别是中小股东利益的 情形。因此，我们同意将本事项提交公司第八届董事会第六 十四次会议审议，且关联董事应回避表决。 表决结果：四票赞成，零票反对，零票弃权。 独立董事：李光金、周友苏、赵泽松、曹麒麟 2025 年 11 月 24 日 1 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-127 四川路桥建设集团股份有限公司 关于召开2025年第六次临时股东会的通知 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： 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 12 月 12 日 至2025 年 12 月 12 日 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年第六次临时股东会 召开的日期时间：2025 年 12 月 12 日 14 点 30 分 召开地点：成都市高新区九兴大道 12 号 (五) 网络投票的系统、起止日期和投票时间。 1 股东会召开日期：2025年12月12日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-124 四川路桥建设集团股份有限公司 2025年第五次临时股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 11 月 24 日 (二)股东会召开的地点：成都市高新区九兴大道 12 号 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 300 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 7,238,812,692 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 83.2469 | (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 会议由公司董事会召集，董事长孙立成主持本次股东会。会议采取现场投票 及网络投票方式召开并表决，会议的召集和召开符合《公司法》《上市公司股东 会规则 ...

四川省成都市锦江区东御街 18 号百扬大厦 11 楼 邮编：610000 11F,Square One,No.18 Dongyu St. ,Jinjiang District,Chengdu,PRC 电话/TEL：（028）87747485 传真/FAX：（028）86512848 网址/WEBSITE：www.kangdacdlawyers.com/ 北京康达（成都）律师事务所 关于四川路桥建设集团股份有限公司 2025 年 第五次临时股东会的 法律意见书 康达（成都）股会字【2025】第 0054 号 致：四川路桥建设集团股份有限公司 北京康达（成都）律师事务所（以下简称"本所"）接受四川路桥建设集团股份有 限公司（以下简称"四川路桥"或"公司"）的委托，指派谷荷玲、田镇律师（以下简称"本 所律师"或者"经办律师"）列席了四川路桥在 2025 年 11 月 24 日召开的 2025 年第五 次临时股东会（以下简称"本次股东会"）。本所律师依据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司股东会规则》等法律法规以及《四川路桥建设 集团股份有限公司章程》（以下简称"《公司章程》"）的有关规定，并 ...

（二）本次董事会于 2025 年 11 月 24 日在公司以现场结合通讯方式召开， 会议通知于 2025 年 11 月 17 日以书面、电话的方式发出。 （三）本次董事会应出席人数 10 人，实际出席人数 10 人。其中委托出席 1 人，副董事长羊勇因其他公务未能亲自出席，委托董事赵志鹏代为行使表决权； 董事李黔以通讯方式参会。 （四）本次董事会由董事长孙立成主持，公司部分高级管理人员列席了会议。 二、董事会会议审议情况 证券代码：600039 证券简称：四川路桥 公告编号：2025-125 四川路桥建设集团股份有限公司 第八届董事会第六十四次会议决议的公告 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。 一、董事会会议召开情况 （一）本次董事会会议的召开符合《公司法》、公司《章程》的规定。 （二）审议通过了《关于召开公司 2025 年第六次临时股东会的议案》 根据公司《章程》及有关规定，公司拟定于 2025 年 12 月 12 日以现场结合 网络的方式召开 2025 年第六次临时股东会。 1 （一）审议通过了《关于调整公司 ...

Group 1 - The core point of the article is that Sichuan Road and Bridge announced the convening of its 64th board meeting on November 24, 2025, to discuss the agenda for the sixth extraordinary shareholders' meeting in 2025 [1] - For the year 2024, the revenue composition of Sichuan Road and Bridge is as follows: logistics trade accounts for 6.25%, mining and new materials for 3.12%, highway investment and operation for 2.69%, other businesses for 0.6%, and clean energy for 0.57% [1] - As of the report date, the market capitalization of Sichuan Road and Bridge is 80.1 billion yuan [1] Group 2 - The article also mentions that Dapeng Industrial's strategic placement has significantly benefited its insiders, with a subscription price of 9 yuan and a first-day listing price of 118 yuan, resulting in a floating profit of 24.92 million yuan for the actual controller and his brother [1]

Core Insights - The infrastructure sector saw a rise of 0.75% on November 24, with Guosheng Technology leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Infrastructure Sector Performance - Guosheng Technology (603778) closed at 60.8, with a gain of 10.07% and a trading volume of 1.2687 million shares, totaling a transaction value of 1 billion [1] - Beixin Road and Bridge (002307) closed at 5.73, up 9.98%, with a trading volume of 2.8782 million shares and a transaction value of 1.593 billion [1] - Other notable performers included Meili Ecology (000010) with a 4.97% increase, and Aoya Co., Ltd. (300949) with a 4.27% increase [1] Capital Flow Analysis - The infrastructure sector experienced a net inflow of 246 million in main funds, while retail funds saw a net outflow of 34.5751 million [2] - Guosheng Technology had a main fund net inflow of 1.59 billion, but retail funds experienced a net outflow of 78.8728 million [3] - China Nuclear Engineering (601611) reported a main fund net inflow of 43.1344 million, with retail funds seeing a net outflow of 38.4155 million [3]

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, particularly focusing on international engineering leaders such as China National Materials (中材国际), China Steel International (中钢国际), and others [9][24]. Core Viewpoints - The expectation of a ceasefire in the Russia-Ukraine conflict has increased, which could lead to significant reconstruction investments in Ukraine, estimated at $523.6 billion over the next decade, creating substantial demand for construction projects and building materials [2][18]. - Chinese construction companies are well-positioned to benefit from overseas projects, especially in post-war reconstruction efforts in Ukraine, as they possess competitive advantages in technology, efficiency, and cost [3][20]. - The trend of urbanization and industrialization in emerging markets, combined with the relocation of some manufacturing capacities from China, indicates a long-term trend of Chinese construction companies expanding overseas [7][24]. Summary by Sections Industry Dynamics - The report highlights the potential for large-scale reconstruction in Ukraine if the conflict ends, with significant investment needs in housing (16% of total needs) and infrastructure (32.4% of total needs) [2][18]. - The demand for basic construction materials like cement and steel is expected to rise significantly due to reconstruction efforts [18][19]. Investment Recommendations - Key companies recommended for investment include: - China National Materials (中材国际) with a PE of 7.2X and a dividend yield of 5.5% - China Steel International (中钢国际) with a PE of 9.6X and a dividend yield of 5.3% - Northern International (北方国际) with a PE of 11X - China Chemical Engineering (中国化学) with a PE of 6.3X and a PB of 0.70X - Jianghe Group (江河集团) with a PE of 12X and a dividend yield of 6.5% - Precision Steel Structure (精工钢构) with a PE of 10X and a dividend yield of 6.9% [8][24][26]. Market Trends - The report notes that overseas construction demand remains robust, driven by urbanization and industrialization in emerging markets, such as Saudi Arabia's Vision 2030 and various infrastructure initiatives in Southeast Asia [7][22][23]. - The report cites that 68% of A-share listed companies have disclosed overseas business income, indicating a growing trend of Chinese companies expanding internationally [7][24].

Core Viewpoint - The Sichuan Road and Bridge Group's disciplinary committee has launched a special initiative to combat online gambling among young employees, aiming to protect their health and prevent corruption risks associated with gambling [1][2]. Group 1: Implementation Plan - The implementation plan emphasizes the principle of "punishing before the fact, treating the disease to save people" and includes measures to curb the risks of corruption related to gambling [1]. - The focus of the initiative is on four key areas: addressing gambling-related absenteeism, preventing gambling from leading to corruption, closing loopholes related to job privileges, and dismantling traps of corruption [1]. Group 2: Target Audience and Duration - The initiative targets young employees under 40 years old, including newly promoted officials and key position personnel, and will run from November 20, 2023, to January 20, 2026 [1]. Group 3: Systematic Measures - The plan includes three main strategies: 1. Conducting thorough investigations to understand employees' mental states through self-checks and discussions [2]. 2. Strengthening warning education to reinforce discipline awareness and bottom-line thinking through various educational activities [2]. 3. Providing support and care by organizing family meetings and health activities to create a dual defense system [2]. Group 4: Enforcement and Supervision - Strict prohibitions are in place against participating in online gambling in any form, and departments are responsible for monitoring compliance and addressing violations promptly [3]. - Employees are encouraged to supervise each other and report any signs of gambling behavior, ensuring comprehensive oversight [3].

Group 1 - The company Sichuan Road and Bridge announced that as of November 21, 2025, it has repurchased a total of 7,646,900 shares through centralized bidding, which represents 0.0879% of the company's total share capital [2]