Core Viewpoint - The company will repurchase and cancel a total of 14,448,840 restricted stocks due to certain conditions not being met by the incentive recipients as per the 2021 Restricted Stock Incentive Plan [1][3]. Summary by Sections Repurchase and Cancellation Reasons - The repurchase is based on the failure of six incentive recipients to meet the conditions for lifting restrictions during the second release period, resulting in the cancellation of 105,840 restricted stocks. Additionally, due to unmet performance targets, 14,343,000 restricted stocks from the third release period will also be canceled [1][3]. Details of the Repurchase - The decision for the repurchase was approved in the 57th meeting of the 8th Board of Directors and the 44th meeting of the 8th Supervisory Board on June 27, 2025. The total number of restricted stocks to be repurchased is 14,448,840, involving 369 incentive recipients [2][3]. Repurchase Arrangement - The company has opened a dedicated securities account for the repurchase and has applied for the cancellation procedures for the 14,448,840 restricted stocks. The cancellation is expected to be completed by August 28, 2025 [3]. Changes in Share Structure - After the completion of the repurchase, the total number of remaining restricted stocks under the 2021 Incentive Plan will be 2,310,000 [3]. Legal Compliance - The repurchase has followed all necessary legal procedures and complies with relevant laws and regulations. The company has committed to fulfilling its information disclosure obligations and will handle the cancellation and capital reduction registration as required by law [4].

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 2021 年限制性股票 四川省成都市东御街 18 号百扬大厦 1 栋 11 楼邮编：610000 法律意见书 电话/TEL:（028）87747485 传真/FAX： （028）86512848 网址/WEBSITE：www.kangdacdlawyers.com 激励计划之部分限制性股票回购注销相关事项的 法律意见书 康达（成都）法意字[2025]第 0507 号 二〇二五年八月 北京 BEIJING 上海 SHANGHAI 广州 GUANGZHOU 深圳 SHENZHEN 海口 HAIKOU 西 安 XI'AN 天津 TIANJIN 杭州 HANGZHOU 南京 NANJING 沈阳 SHENYANG 成都 CHENGDU 菏泽 HEZE 苏 州 SUZHOU 武汉 WUHAN 香港 HONGKONG 呼和浩特 HUHEHAOTE 1厦门 XIAMEN 长沙 CHANGSHA 重 庆 CHONGQING 郑州 ZHENGZHOU 合肥 HEFEI 宁波 NINGBO 济南 JINAN 昆明 KUNMING 南昌 NANCHANG 法律意见书 北 ...

Core Viewpoint - The company will repurchase and cancel a total of 14,448,840 restricted stocks due to certain performance conditions not being met under the 2021 incentive plan [1][2][4] Summary by Sections 1. Reasons for Repurchase and Cancellation - The repurchase and cancellation of restricted stocks are based on the failure of six incentive recipients to meet the conditions for lifting restrictions during the second release period, resulting in 105,840 shares being repurchased [1][2] - Additionally, due to unmet performance targets at the company level, 14,343,000 shares corresponding to the third release period will also be repurchased [1][2] 2. Details of the Repurchase and Cancellation - The total number of restricted stocks to be repurchased and canceled is 14,448,840 shares, involving 369 incentive recipients [3] - The repurchase process has been initiated with the China Securities Depository and Clearing Corporation Limited, and the cancellation is expected to be completed by August 28, 2025 [3] 3. Changes in Share Structure - Following the cancellation, the share structure will be as follows: - Total unrestricted circulating shares: 6,715,566,605 (unchanged) - Total restricted circulating shares: 1,994,472,880 reduced by 14,448,840 to 1,980,024,040 - Total shares before cancellation: 8,710,039,485 reduced to 8,695,590,645 [3] 4. Compliance and Commitments - The company assures that the decision-making process and information disclosure comply with relevant laws and regulations, and it commits to bearing legal responsibilities for any disputes arising from this repurchase [3][4]

Group 1 - The company, Sichuan Road and Bridge Construction Group Co., Ltd., is proceeding with the repurchase and cancellation of 14,448,840 restricted stocks due to certain performance conditions not being met for the incentive plan [2][3] - The repurchase involves 369 incentive targets, and after the cancellation, there will be 2,310,000 restricted stocks remaining under the 2021 incentive plan [3] - The legal opinion issued by Beijing Kangda (Chengdu) Law Firm confirms that the necessary legal procedures have been followed for this repurchase and cancellation [1][3] Group 2 - The company held its eighth board meeting and the 44th supervisory board meeting on June 27, 2025, where the repurchase and cancellation proposal was approved [2] - The repurchase includes 105,840 shares for six incentive targets who could not fully lift the restrictions during the second lifting period, and 14,343,000 shares for those not meeting performance criteria in the third lifting period [2][3] - The company has opened a dedicated securities account for the repurchase and has applied for the necessary procedures to complete the cancellation by August 28, 2025 [3]

Group 1 - The stock price of Sichuan Road and Bridge (600039) closed at 8.37 yuan on August 25, 2025, with a 0.6% increase and a turnover rate of 0.46% [1] - The company reported a total revenue of 22.986 billion yuan for Q1 2025, representing a year-on-year growth of 3.98%, and a net profit attributable to shareholders of 1.774 billion yuan, up 0.99% year-on-year [1] - The company's liquidity ratios are as follows: current ratio at 1.275, quick ratio at 1.211, and a debt-to-asset ratio of 77.62% [1] Group 2 - Sichuan Road and Bridge has made investments in 22 companies and participated in 2,294 bidding projects [2] - The company holds 25 trademark registrations and 63 patents, along with 16 administrative licenses [2]

证券代码：600039 证券简称：四川路桥 公告编号：2025-087 四川路桥建设集团股份有限公司 关于股权激励限制性股票回购注销实施公告 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： ●回购注销原因：经四川路桥建设集团股份有限公司（以下简称公司或四川 路桥）第八届董事会第五十七次会议审议，鉴于公司《2021 年限制性股票激励 计划（草案）》（以下简称《2021 年激励计划》）首次授予的 6 名激励对象在 第二个解除限售期因故出现《2021 年激励计划》规定的不能解除限售或者不能 全部解除限售的情形，公司将对前述 6 名激励对象第二个解除限售期不能解除限 售的 105,840 股限制性股票进行回购注销；同时，《2021 年激励计划》首次及预 留部分第三个解除限售期的解除限售条件中公司层面业绩考核指标未达到规定 的解除限售条件，公司将对第三个解除限售期对应的 14,343,000 股限制性股票予 以回购注销。综上，公司本次将回购注销 14,448,840 股已获授但尚未解除限售的 限制性股票。 ●本次注销股份 ...

法律意见书 四川省成都市东御街 18 号百扬大厦 1 栋 11 楼邮编：610000 11th floor, building 1, Baiyang building, No. 18, Dongyu street, Chengdu, Sichuan 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 2021 年限制性股票 激励计划之部分限制性股票回购注销相关事项的 法律意见书 康达（成都）法意字[2025]第 0507 号 二〇二五年八月 1 北京 BEIJING 上海 SHANGHAI 广州 GUANGZHOU 深圳 SHENZHEN 海口 HAIKOU 西安 XI'AN 天津 TIANJIN 杭州 HANGZHOU 南京 NANJING 沈阳 SHENYANG 成都 CHENGDU 菏泽 HEZE 苏州 SUZHOU 武汉 WUHAN 香港 HONGKONG 呼和浩特 HUHEHAOTE 厦门 XIAMEN 长沙 CHANGSHA 重庆 CH ...

Market Overview - On August 25, the A-share market experienced a significant upward trend, with the Shanghai Composite Index approaching 3900 points and the ChiNext Index leading in gains [1] - The total trading volume of the two markets reached 3.14 trillion yuan, an increase of 594.4 billion yuan compared to the previous trading day [1] ETF Performance - The Dividend Low Volatility ETF (512890) rose by 0.83% on the same day, closing at 1.219 yuan, with a turnover rate of 2.59% and a trading volume of 546 million yuan, making it the top performer among similar ETFs [2][3] - As of August 22, 2025, the asset size of the ETF was 20.992 billion yuan, with a daily average trading volume of 483 million yuan over the past 20 trading days, indicating sustained market interest [2] Fund Flow Analysis - Recent fund flows indicate short-term outflows and medium to long-term inflows, with a net outflow of 57 million yuan over the past five trading days and 117 million yuan over the past ten days; however, there was a net inflow of 3.298 billion yuan over the past 60 days [2] - The ETF's cumulative return since its establishment in December 2018 has reached 141.74%, significantly outperforming its benchmark and ranking 33rd among 502 similar products [5] Holdings and Sector Focus - The ETF's top holdings are primarily in the banking sector, including Chengdu Bank, Industrial Bank, Sichuan Road and Bridge, and Daqin Railway, which all saw price increases on August 25, aligning with their high dividend and low valuation characteristics [4] - The frequency of insurance capital stake acquisitions has significantly increased in 2025, with nearly 30 instances by August 19, focusing on high-dividend, low-volatility sectors such as banking and utilities, which enhances market attention and capital inflow expectations for the ETF's holdings [4]

Core Viewpoint - The opening of the first fully enclosed expressway in Bangladesh, the Dhaka Bypass Expressway, is expected to alleviate traffic congestion in the capital Dhaka and inject new momentum into regional economic vitality [1] Group 1: Project Overview - The Dhaka Bypass Expressway project is invested, constructed, and operated by Sichuan Road and Bridge Group Co., Ltd. with a total length of approximately 48 kilometers and a total investment of 4.12 billion USD [1] - The first phase of the expressway, covering 18 kilometers, officially commenced operations on the 24th [1] Group 2: Economic Impact - The expressway is strategically located in the eastern part of Dhaka, connecting the northern and northeastern industrial zones of Bangladesh and linking multiple national highways [1] - It serves as a crucial transportation route between Dhaka and Chittagong, the second-largest city in Bangladesh, which is expected to enhance regional economic activities [1]

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, particularly focusing on state-owned enterprises such as China Communications Construction Company (CCCC), China State Construction Engineering Corporation, and others [1][7][8]. Core Insights - The recent issuance of opinions on existing PPP projects clarifies responsibilities and ensures funding sources for ongoing projects, which is expected to accelerate revenue recognition for construction companies [2][7]. - The report emphasizes the strategic importance of Xinjiang, predicting increased central government support and policy incentives due to upcoming significant events, including the 70th anniversary of the Xinjiang Uyghur Autonomous Region [3][21]. - The construction sector is projected to benefit from the acceleration of large-scale infrastructure projects in Xinjiang, particularly in transportation and coal chemical industries, with significant investments expected in the coming years [6][21]. Summary by Sections Industry Investment Rating - The report highlights a "Buy" rating for major construction state-owned enterprises, including CCCC, China State Construction, China Metallurgical Group, and others, indicating strong potential for recovery and growth in their financial performance [1][7][8]. Key Developments - The issuance of guidelines for existing PPP projects aims to ensure smooth project execution and financial support, which is expected to enhance the financial health of construction companies [2][6]. - The report notes that as of the end of 2022, the total value of PPP projects in execution reached approximately 13.83 trillion yuan, with 9.95 trillion yuan expected to enter the operational phase [2][19]. Focus on Xinjiang - The report underscores the importance of Xinjiang's strategic position and the anticipated central government support, particularly in infrastructure and coal chemical projects, with projected investments exceeding 800 billion yuan [3][21]. - It identifies key beneficiaries in the Xinjiang region, including local construction leaders and coal chemical EPC companies, which are expected to see significant growth due to ongoing and upcoming projects [6][21]. Investment Recommendations - The report recommends focusing on construction companies with strong PPP project portfolios and those positioned to benefit from Xinjiang's infrastructure development, including CCCC, China State Construction, and others [7][18]. - It also highlights the potential of coal chemical EPC leaders such as China Chemical Engineering and Donghua Technology, which are expected to benefit from accelerated project timelines [21][26].