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。 公司将密切关注本期债券的换股情况，并根据相关监管规定及时履行信息 披露义务。 特此公告。 证券代码：600039 证券简称：四川路桥 公告编号：2025-106 四川路桥建设集团股份有限公司 关于控股股东非公开发行可交换公司债券 进入换股期的提示性公告 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）于2025年4月21日完成发行"蜀道投资集团 有限责任公司2025年面向专业投资者非公开发行可交换公司债券（第一期）" （以下简称本期债券），实际发行规模为人民币30亿元，债券期限为3年，标的 股票为蜀道集团所持有的部分公司股票，债券简称为"25蜀道EB"，债券代码 为"137194"。具体内容见公司于2025年4月23日在上海证券交易所网站（www. sse.com.cn）披露的《四川路桥关于控股股东非公开发行可交换公司债券发行 完成的公告》（公告编号：2025-045）。 本期债券换股期限自本期债券发行结束之日满6个月后的第一个交 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-104 四川路桥建设集团股份有限公司 2025 年第三季度主要经营数据公告 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。 二、已签订尚未执行的重大项目进展情况 公司目前无已签订尚未执行的重大项目。 上述经营指标数据为阶段性统计数据，由于存在各种不确定性，可能与定期 四川路桥建设集团股份有限公司（以下简称公司）根据《上海证券交易所上 市公司行业信息披露指引第八号——建筑》的相关规定，现将 2025 年第三季度 主要经营数据（未经审计）公告如下： | | | | | | 本年累计 | 上年同期 | | 本年累 | 本年累计 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 第三季 | 第三季度 中标项目 | 本年累 | 中标项目 | 累计中标 | | 计中标 | 中标已签 | | 序 | 分行 | 度中标 | 金额 | 计中标 | 合计金额 | 项目合计 | 同比 | 已签合 ...

Core Viewpoint - Sichuan Road and Bridge (600039) announced that the total amount of projects won in the first three quarters reached 97.173 billion yuan, representing a year-on-year increase of 25.16% compared to 77.642 billion yuan in the same period last year [1] Group 1 - The total amount of projects won in the first three quarters is 97.173 billion yuan [1] - This amount shows a year-on-year growth of 25.16% [1] - The previous year's total for the same period was 77.642 billion yuan [1]

Core Viewpoint - Sichuan Road and Bridge experienced a stock price increase of 2.02% on October 15, reaching 8.60 CNY per share, with a total market capitalization of 74.782 billion CNY [1] Financial Performance - For the first half of 2025, Sichuan Road and Bridge reported operating 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] - Cumulative cash dividends since the company's A-share listing amount to 18.577 billion CNY, with 13.776 billion CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 23.90% to 50,400, 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]

Group 1 - The stock price of Sichuan Road and Bridge has increased by 1.44% to 8.43 CNY per share, with a trading volume of 364 million CNY and a turnover rate of 0.64%, resulting in a total market capitalization of 73.304 billion CNY. The stock has risen for three consecutive days, with a cumulative increase of 5.23% during this period [1] - Sichuan Road and Bridge Construction Group Co., Ltd. is based in Chengdu, Sichuan Province, and was established on December 28, 1999. The company was listed on March 25, 2003, and its main business involves infrastructure construction and investment operations. The revenue composition is as follows: engineering construction 89.20%, trade sales 7.35%, highway investment operations 3.09%, and other 0.35% [1] Group 2 - According to data from the top ten holdings of funds, one fund under Chuangjin Hexin has a significant position in Sichuan Road and Bridge. The Chuangjin Hexin CSI Dividend Low Volatility Index A (005561) reduced its holdings by 258,900 shares, maintaining 11.2954 million shares, which accounts for 2.72% of the fund's net value, making it the third-largest holding. The estimated floating profit today is approximately 1.3555 million CNY, with a total floating profit of 4.7441 million CNY during the three-day increase [2] - The Chuangjin Hexin CSI Dividend Low Volatility Index A (005561) was established on April 26, 2018, with a current scale of 1.866 billion CNY. Year-to-date returns are 3.18%, ranking 3987 out of 4220 in its category; the one-year return is 7.07%, ranking 3508 out of 3857; and since inception, the return is 112.19% [2] - The fund managers of Chuangjin Hexin CSI Dividend Low Volatility Index A are Dong Liang and Sun Yue. Dong Liang has a tenure of 12 years and 21 days, with a total fund asset scale of 7.236 billion CNY, achieving a best return of 114.51% and a worst return of -26.54% during his tenure. Sun Yue has a tenure of 5 years and 37 days, managing assets of 5.824 billion CNY, with a best return of 80.8% and a worst return of -19.51% [2]

Core Viewpoint - Sichuan Road and Bridge experienced a stock price increase of 2.05% on October 14, reaching 8.48 CNY per share, with a total market capitalization of 73.739 billion CNY [1] Financial Performance - For the first half of 2025, Sichuan Road and Bridge reported operating 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] - Cumulative cash dividends since the company's A-share listing amount to 18.577 billion CNY, with 13.776 billion CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 23.90% to 50,400, 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] Stock Market Activity - The stock saw a net inflow of main funds amounting to 4.8907 million CNY, with significant buying and selling activity from large orders [1] - Year-to-date, the stock price has increased by 22.85%, with a recent five-day increase of 2.91%, but a decline of 5.67% over the past 20 days [1]

责任编辑：石秀珍 SF183 值得一提的是，华泰柏瑞红利低波ETF（512890）自2017年12月成立以来表现优异。截至2025年10月 14日，该基金累计回报率达131.14%，不仅超越业绩比较基准，在502只同类产品中排名前20%（第80 位）。专家建议，普通投资者可将红利低波ETF（512890）作为资产配置中稳健收益的核心组成部分， 通过定投方式分散入场时点，降低短期波动影响。对于没有股票账户的投资者，也可通过其场外联接基 金（A类份额代码：007466；C类份额代码：007467；I类份额代码：022678；Y类份额代码：022951） 进行配置。 风险提示：基金有风险，投资需谨慎。过往业绩并不预示其未来表现。投资者在做出投资决策前，应认 真阅读基金合同、招募说明书等文件，结合自身风险承受能力理性投资。 | 股票名称 | 持仓市值(元) | 持仓数目 | 相对上期增减 | 占殿票市值比 | 日要金净值比 | | --- | --- | --- | --- | --- | --- | | 成在哪很行 | 586,106,532,90 | 29.159.529 | 20.25% | 3.15%1 | ...

Summary of Sichuan Road and Bridge Conference Call Company Overview - **Company**: Sichuan Road and Bridge - **Industry**: Infrastructure and Construction Key Points Industry and Market Trends - Sichuan's infrastructure investment growth remains positive, significantly outpacing the national average, indicating a high level of industry prosperity [2][3] - The province's transportation development plan for the 14th Five-Year Plan includes a total investment of 700 billion in road and waterway projects, with an actual completion of 260 billion in 2024, exceeding previous years [4] - The projected average annual investment for the next decade is 140 billion, with a planned 280 billion for 2025, reflecting a 4.5% year-on-year growth [4] Company Performance and Financials - The company is expected to see a recovery in profitability in the third and fourth quarters of 2025 due to ongoing project acceleration [2][3] - Revenue growth forecasts for 2025 to 2027 are 2%, 8%, and 5% respectively, with net profits projected at 7.96 billion, 8.41 billion, and 8.91 billion, corresponding to price-to-earnings ratios of approximately 9, 9, and 8 [2][7] - The company’s dividend payout ratio is expected to increase to no less than 60% of the annual net profit, with a projected dividend yield of 6.8% in 2025, making it a stable investment choice amid international market volatility [2][3][7] Business Model and Competitive Advantages - Sichuan Road and Bridge employs an integrated investment and construction model, allowing for high returns with minimal investment by securing quality projects [2][5] - The major shareholder, Shudao Group, is consistently increasing its stake, facilitating a positive cash flow and reinvestment cycle, which is rare among local construction companies [3][5] - The company has a significant market share in the Sichuan transportation infrastructure sector, with 70%-80% in ongoing and completed railway and road projects [5] Recent Changes and Management Adjustments - The management team was replaced due to accountability issues related to the 823 incident, which has led to a recovery in new order growth [7] - The company has divested from loss-making mineral and renewable energy businesses to focus on core operations, alleviating operational pressure [7] - New orders have shown a year-on-year increase of 22% in the first half of 2025, with significant growth in the first and second quarters [7] Additional Insights - The company’s governance structure has been strengthened through recent adjustments, laying a solid foundation for future growth [6] - The unique and stable business model positions the company favorably for optimistic growth prospects over the next three years [8]

Market Overview - The infrastructure sector experienced a decline of 0.26% on October 13, with Guanzhong Ecological leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Stock Performance - Notable gainers in the infrastructure sector included: - China Communications Construction Co., Ltd. (交建股份) with a closing price of 14.25, up 5.56% [1] - Sichuan Road and Bridge Group (四川路桥) at 8.31, up 3.10% [1] - Wenkai Co., Ltd. (文科股份) at 4.47, up 2.76% [1] - Conversely, Guanzhong Ecological (冠中生态) saw a significant decline of 15.85%, closing at 18.48 [2] Capital Flow - The infrastructure sector saw a net outflow of 1.303 billion yuan from institutional investors, while retail investors contributed a net inflow of 976 million yuan [2] - The capital flow for key stocks showed: - China Energy Engineering Group (中国能建) had a net inflow of 59.32 million yuan from institutional investors [3] - Guanzhong Ecological experienced a net outflow of 707.10 million yuan from institutional investors [3]

Investment Rating - The report gives an "Overweight" rating for the construction and decoration industry, indicating a positive outlook compared to the overall market performance [2][9]. Core Insights - The construction industry is experiencing a slowdown in investment, leading to pressure on corporate profits. Despite this, infrastructure investment remains stable, acting as a stabilizing force in the overall economy [3][4]. - The report highlights that companies with a net profit growth rate below -10% include China Railway, China Metallurgical Group, and others, while those with growth rates above 20% include Jianfa Hecheng and Zhi Te New Materials [3][4]. - The report suggests that weak investment could lead to a valuation recovery for central state-owned enterprises in the construction sector, as current valuations are low with a PE ratio of 12.4X and a PB ratio of 0.82X as of October 10, 2025 [3][4]. Summary by Sections Investment Trends - Fixed asset investment growth has slowed, with infrastructure investment showing a year-on-year increase of 5.4% for the first eight months of 2025. The report notes that while manufacturing and real estate are under pressure, infrastructure investment remains relatively stable [3][4]. Profit Forecasts - The report provides a forecast for net profit growth rates for key companies in the industry, categorizing them into various growth ranges, with several companies expected to face profit pressures in 2025 [4]. Valuation Analysis - The report includes a valuation table for key companies in the construction industry, indicating their earnings per share (EPS), PE ratios, and projected net profit growth rates for 2024 to 2026. For instance, China Railway is projected to have a net profit decline of 17% in 2025, while Jianfa Hecheng is expected to see a significant increase of 45% [4].