Group 1 - The core viewpoint of the article highlights the performance and outlook of the AI Fund, Xingzheng Global Dividend Mixed A, which reported a profit of 5.7861 million yuan in the first half of 2025, with a net value growth rate of 5.79% [3] - As of September 5, 2025, the fund's unit net value was 1.096 yuan, and the fund manager, Zhang Xiaofeng, manages two funds that have shown positive returns over the past year [3][6] - The fund's performance compared to peers shows a one-year net value growth rate of 16.74%, ranking 576 out of 604 comparable funds [6] Group 2 - The fund's management maintains a humble approach to macroeconomic predictions, focusing on intuitive logic and adaptability to changing circumstances, with a shift towards domestic demand as a core driver post-export growth decline [3] - The fund's stock assets are undervalued, with a weighted average price-to-earnings ratio (TTM) of approximately 5.63 times, significantly lower than the peer average of 33.74 times [12] - The weighted average net profit growth rate (TTM) for the fund's held stocks was -0.01%, indicating a challenging growth environment [22] Group 3 - The fund's maximum drawdown since inception was 6.82%, occurring in the second quarter of 2025, with an average stock position of 71.31%, lower than the peer average of 85.36% [34][37] - As of June 30, 2025, the fund had 1,515 holders, with individual investors holding 81.33% of the shares, indicating a strong retail investor base [42] - The fund's top ten holdings include companies like China Shenhua, Gree Electric, and Agricultural Bank of China, reflecting a diversified investment strategy [48]

Core Points - The Dhaka Bypass Expressway, partially opened on August 24, significantly reduces travel time from 1.5 hours to 20 minutes, enhancing transportation efficiency for goods like chicken feet [1][4] - The project, spanning approximately 48 kilometers with a total investment of $412 million, connects key industrial areas in northern and northeastern Bangladesh and serves as a vital route between Dhaka and Chittagong, the country's second-largest city [2][4] - The expressway is the first public-private partnership (PPP) road project in Bangladesh since the PPP law was enacted and represents a significant achievement in the "Golden Bangladesh" vision and the Belt and Road Initiative [4] Economic Impact - The expressway alleviates traffic congestion in Dhaka, a city with over 20 million residents, thereby facilitating economic development and improving living standards [4] - Local residents, such as those in Dorjibari village, benefit from reduced travel times, allowing for better market access for agricultural products like mangoes and jackfruits, which can now be sold at higher prices [4] - The project is expected to create approximately 800 long-term jobs in toll management and smart operations, contributing to local employment and skill development [6] Technological and Environmental Innovations - The construction utilized local materials, such as fine sand from riverbeds, to address the scarcity of gravel, and introduced cement-stabilized sand technology to improve road durability [5] - The project incorporates clean energy and waste recycling measures, aligning with Bangladesh's ecological and sustainable development goals [5] - The introduction of Chinese technology and standards during construction is expected to enhance local infrastructure development and provide a model for future projects [5][6] Strategic Significance - The expressway is seen as a physical manifestation of the friendship between China and Bangladesh, symbolizing mutual aspirations for a better future and the strengthening of bilateral strategic cooperation [7]

行业报告 | 行业研究周报 建筑装饰 证券研究报告 反内卷关注度再提升，重视建筑板块投资机遇 核心观点 本周 CS 建筑板块下跌 1.13%，沪深 300 板块下跌 0.37%，建筑板块跑输大盘 0.76pct。本周中小园林标的、转型标的以及洁净室板块涨幅靠前。近期反 内卷关注度提升，重申建筑板块反内卷投资机遇。当前时点，我们继续维 持此前观点，建议关注反内卷行情及中西部基建景气向上，固投产业链重 点关注中西部基建（建筑，水泥，民爆）和重点产业投资（水电站、煤化 工、核电等）带来的产业链相关机会，同时关注中小市值建筑转型品种。 反内卷关注度再提升，重视建筑板块投资机遇 近期反内卷关注度提升，24 年下半年以来中央层面对于整治"内卷式"竞 争的定调逐步明确，"反内卷"逐步从政策定调向落地转化，25 年 7 月， 中建一局、中国核建等 33 家建筑类央企、国企和民企发布《倡议书》，共 同抵制"内卷式"竞争。我们认为可以从四个角度把握反内卷投资机遇， 1）"价格弹性"角度，关注受益上游大宗涨价品种，重视"建筑+矿产"、 "建筑+化工"等资源生产和贸易标的，同时重视资源加工板块的鸿路钢构 等； 5）供需格局，关注央国 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-097 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关联交易的进展公告 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。 一、背景概述 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、 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（以下简称项目或绵 遂内项目）投标。项目中标后，认购招标人绵遂内铁路有限责任公司指定的私募 基金份额，认缴基金的出资额为项目标段中标额的1/5。（具体详见公司于上海 证券交易所网站披露的公告编号为2024-050的《四川路桥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投标暨关联交易的公告》） 后续，公司下属子公司四川公路桥梁建设集团有限公司（以下简称路桥集团）、 四川省铁路建设有限公司（以下简称铁建公 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-098 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（以下简称公司或本公司）下属施工企业四 川公路桥梁建设集团有限公司（以下简称路桥集团）、四川省交通建设集团有限 责任公司（以下简称交建集团）、四川路航建设工程有限责任公司（以下简称路 航公司）以参股方式与中国华西企业股份有限公司（以下简称华西股份）、广西 路建工程集团有限公司（以下简称广西路建）、上海城建市政工程（集团）有限 公司（以下简称上海城建）及公司关联方四川蜀道高速公路集团有限公司（以下 简称蜀高公司）组成联合体，参与南江至三台（中江）高速公路项目（以下简称 本项目）投资。本项目总投资 487.23 亿元，项目自筹资本金比例为 20.20%，约 为 98.42 亿元。本公司持股比例为 3.3%，其中路桥集团、交建集团、路航公司分 别持股 1.7%、0.8%、0.8%，共需投入项目资本金约为 3.248 亿元。具体内容详 见公司公告编号为 2025-085 的《四川路桥建设集团股份有限公司关于下属施工 企业参股投资南江至三台（中江）高速公路项目的关联交易公告》。 此后，蜀高公 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-097 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关联交易的进展公告 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。 证券代码：600039 证券简称：四川路桥 公告编号：2025-097 司（以下简称华东公司）及四川省交通建设集团有限责任公司（以下简称交建集 团）。具体情况如下： 1.铁建公司与华东公司、交建集团分别签订了《份额转让协议》，约定铁建 公司将所持有的547,003,252.20元的私募基金份额转让给华东公司，铁建公司将 所持有的234,024,917.40元的私募基金份额转让给交建集团。鉴于铁建公司尚未 履行出资义务，本次转让私募基金份额事宜为公司合并报表范围内子公司之间的 内部转让，不涉及交易对价。 2.合伙企业已召开合伙人会议，决议解除原《合伙协议》，修改原协议中合 伙人信息并重新签署新《合伙协议》，修改后的合伙人及出资信息如下： 一、背景概述 四川路桥建设集团股份有限公司（以下简称公司）分别 ...

四川路桥建设集团股份有限公司 关于下属施工企业参股投资南江至三台（中江）高速 公路项目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。 证券代码：600039 证券简称：四川路桥 公告编号：2025-098 四川路桥建设集团股份有限公司董事会 2025 年 9 月 4 日 1 四川路桥建设集团股份有限公司（以下简称公司或本公司）下属施工企业四 川公路桥梁建设集团有限公司（以下简称路桥集团）、四川省交通建设集团有限 责任公司（以下简称交建集团）、四川路航建设工程有限责任公司（以下简称路 航公司）以参股方式与中国华西企业股份有限公司（以下简称华西股份）、广西 路建工程集团有限公司（以下简称广西路建）、上海城建市政工程（集团）有限 公司（以下简称上海城建）及公司关联方四川蜀道高速公路集团有限公司（以下 简称蜀高公司）组成联合体，参与南江至三台（中江）高速公路项目（以下简称 本项目）投资。本项目总投资 487.23 亿元，项目自筹资本金比例为 20.20%，约 为 98.42 亿元。本公司持股比例为 3.3%，其中路 ...

Core Viewpoint - Sichuan Road and Bridge experienced a stock price decline of 2.02% on September 4, 2023, with a current price of 8.71 CNY per share and a total market capitalization of 757.39 billion CNY [1] Group 1: Stock Performance - Year-to-date, Sichuan Road and Bridge's stock price has increased by 26.18%, with a 3.08% rise over the last five trading days and a 3.81% increase over the last 20 days, while it has decreased by 3.79% over the last 60 days [2] - As of June 30, 2023, the number of shareholders is 50,400, a decrease of 23.90% from the previous period, with an average of 133,066 circulating shares per shareholder, an increase of 31.41% [2] Group 2: 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] Group 3: Dividend and Shareholding - Since its A-share listing, Sichuan Road and Bridge has distributed a total of 18.577 billion CNY in dividends, with 13.776 billion CNY distributed over the last three years [3] - As of June 30, 2023, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 115 million shares, an increase of 25.4396 million shares from the previous period [3]

丨证券研究报告丨 公司研究丨点评报告丨四川路桥（600039.SH） [Table_Title] 项目接续过程中业绩阶段性承压，下半年施工有 望加速 报告要点 [Table_Summary] 公司 2025 年上半年实现营业收入 435.36 亿元，同比减少 4.91%；归属净利润 27.80 亿元，同 比减少 13.00%；扣非后归属净利润 27.20 亿元，同比减少 13.72%。 分析师及联系人 research.95579.com 1 张弛 张智杰 袁志芃 龚子逸 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 请阅读最后评级说明和重要声明 %% %% %% %% 四川路桥（600039.SH） cjzqdt11111 [Table_Title 项目接续过程中业绩阶段性承压，下半年施工 2] 有望加速 [Table_Summary2] 事件描述 公司 2025 年上半年实现营业收入 435.36 亿元，同比减少 4.91%；归属净利润 27.80 ...

Group 1 - The construction industry faced overall pressure in the first half of 2025, with a slight improvement in cash flow in Q2 [6][10][12] - The industry's revenue and profit both declined year-on-year, with total revenue of 3.92 trillion yuan, down 5.63%, and net profit of 936.2 billion yuan, down 5.33% [12][26] - The gross profit margin for construction companies was 10.14%, a slight decrease of 0.12 percentage points year-on-year, while the net profit margin increased marginally to 2.39% [6][10][20] Group 2 - The construction industry saw an increase in cash collection efficiency, with the cash collection ratio rising by 6.29 percentage points to 95.11% [6][31] - The industry's asset-liability ratio increased to 77.52%, up 0.57 percentage points from the beginning of the year, indicating a rise in financial leverage [6][34] - The total amount of funds occupied by downstream owners increased, with accounts receivable and inventory reaching 10.03 trillion yuan, a year-on-year increase of 8.57% [27][30] Group 3 - The chemical engineering and petroleum engineering sectors showed resilience, with positive revenue growth, while the steel structure sector also saw profit recovery due to overseas expansion [11][39][40] - In the first half of 2025, only two sub-sectors, steel structure and chemical engineering, achieved positive revenue growth of 2.81% and 1.33% respectively [39][41] - The gross profit margin for the international engineering and petroleum engineering sectors improved, with international engineering at 15.14%, up 3.26 percentage points [43][44]