第八届董事会独立董事 2025 年第五次专门会议 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 年第五次专门会议的 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 7 月 18 日在公司以现场结合通讯方式召开了第八届董事会独立 董事 2025 年第五次专门会议。会议应到独立董事 4 人，实 到独立董事 4 人，其中独立董事李光金、周友苏以通讯方式 参会，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《关于下属施工企业参股投资 G5 京昆 高速公路成都至雅安段扩容工程的关联交易议案》的审查意 见 经讨论，《关于下属施工企业参股投资 G5 京昆高速公 路成都至雅安段扩容工程的关联交易议案》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五十八次会议审议，且关联董事应 独立董事：李光金、周友苏、赵泽松、曹麒麟 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-079 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 G5 京昆高速公路成都至 雅安段扩容工程的关联交易公告 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： ●投资标的名称及金额 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）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）及公司关联方四川成渝高速公路股份有限公司（以下简称成渝公 司）、四川高路信息科技有限公司（以下简称高路信息）组成联合体，参与 G5 京昆高速公路成都至雅安段扩容工程（以下简称本项目）投资。本项目总投资 285.48 亿元，项目自筹资本金比例为 20.20%，约为 57.67 亿元。本公司持股比例 为 4%，其中路桥集团、交建集团分别持股 1%、3%，共需投入项目资本金约为 2.307 亿元。 ●本次交易构成关联交易 本公司与成渝公司、高路信 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-078 四川路桥建设集团股份有限公司 第八届监事会第四十五次会议决议的公告 （一）审议通过了《关于下属施工企业参股投资 G5 京昆高速公路成都至雅 安段扩容工程的关联交易议案》 会议同意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）以参股的方式， 与中国华西企业股份有限公司及公司关联方四川成渝高速公路股份有限公司、四 川高路信息科技有限公司组成联合体，参与 G5 京昆高速公路成都至雅安段扩容 工程（以下简称本项目）招标投标。本项目总投资 285.48 亿元，项目自筹资本 金比例为 20.20%，约为 57.67 亿元。本公司合计持股比例为 4%，其中路桥集团、 交建集团分别持股 1%、3%，共需投入项目资本金约为 2.307 亿元。 由于本项目投标前期属于商业秘密，且存在不确定性，根据《上市公司信息 披露暂缓与豁免管理规定》及《四川路桥信息披露暂缓与豁免业务管理制度》相 关规定，本次会议审议通过后，公司暂缓披露了该事项并履行了暂缓披露程序， 知情人履行了相关保密义务。因暂缓披 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-077 四川路桥建设集团股份有限公司 第八届董事会第五十八次会议决议的公告 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）本次董事会于 2025 年 7 月 18 日在公司以现场结合通讯方式召开，会 议通知于 2025 年 7 月 14 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。其中董事李黔、 李光金、周友苏以通讯方式参会。 （四）本次董事会由董事长孙立成主持，公司部分监事及高级管理人员列 席会议。 二、董事会会议审议情况 （一）审议通过了《关于下属施工企业参股投资 G5 京昆高速公路成都至雅 安段扩容工程的关联交易议案》 会议同意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）以参股的方式， 与中国华西企业股份有限公司及公司关联方四川成渝高速公路股份有 ...

智通财经7月22日电，四川路桥(600039.SH)公告称，公司下属施工企业四川公路桥梁建设集团有限公 司、四川省交通建设集团有限责任公司以参股方式与中国华西企业股份有限公司及公司关联方四川成渝 高速公路股份有限公司、四川高路信息科技有限公司组成联合体，参与G5京昆高速公路成都至雅安段 扩容工程投资。本项目总投资285.48亿元，项目自筹资本金比例为20.20%，约为57.67亿元。本公司持 股比例为4%，其中路桥集团、交建集团分别持股1%、3%，共需投入项目资本金约为2.307亿元。该交 易构成关联交易，无需提交股东会审议批准。 四川路桥：下属施工企业参股投资G5京昆高速公路成都至雅安段扩容工程 ...

Core Viewpoint - The construction of the Bise Bridge in Tunisia, the largest ongoing bridge project in the country, has officially entered the main structural construction phase with the drilling of the first permanent pile on July 18, 2023, marking a significant milestone for the project [2] Group 1: Project Overview - The Bise Bridge project spans a total length of 2070 meters, with a main span of 292.5 meters and a bridge deck width of 25 meters, accommodating four lanes of traffic and pedestrian pathways [2] - The project is funded by the European Investment Bank and the African Development Bank, with a signed contract amounting to approximately 1.42 billion RMB [2] - The construction is expected to take 38 months, with a completion date set for July 18, 2024, utilizing an EPC (Engineering, Procurement, and Construction) model [2] Group 2: Technical and Environmental Considerations - The project team has developed control process plans for key construction techniques, including high-altitude steel truss installation, long trestles, large platforms, and ultra-long pile foundations in the sea [2] - A comprehensive ecological baseline survey was conducted over three months to identify the ecological environment and biodiversity characteristics, laying the groundwork for ongoing ecological monitoring [2] - Advanced measures such as floating barriers to control suspended solids and mist cannons to suppress dust will be implemented to minimize environmental impact during construction [2] Group 3: Economic and Social Impact - The Bise Bridge will alleviate traffic congestion caused by the previous old bridge, which required scheduled closures for shipping, thus enhancing regional economic development and improving local residents' travel conditions [2]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The construction index rose by 0.32% this week, while the Shanghai and Shenzhen 300 index increased by 1.07%, indicating that the construction sector underperformed the market by 0.75 percentage points. Professional engineering, architectural design, and infrastructure sectors showed stronger gains [1][33] - Infrastructure investment continued to support the economy, with energy-related and water conservancy investments maintaining strength, while transportation infrastructure showed signs of recovery. For the first half of 2025, real estate development investment, narrow infrastructure, broad infrastructure, and manufacturing grew by -11.2%, +4.6%, +8.9%, and +7.5% year-on-year, respectively [1][13] - Recent disclosures of second-quarter orders from central state-owned enterprises (SOEs) indicate a recovery trend, with China Railway's second-quarter orders showing a year-on-year growth of 20.08%. The overall order situation for central SOEs is optimistic, suggesting a rebound in physical workload [2][27] Summary by Sections Macro and Micro Verification of Infrastructure Recovery - Infrastructure investment in June continued to provide support, with energy and water conservancy investments remaining strong, while transportation infrastructure showed signs of recovery. The year-on-year growth rates for real estate development investment, narrow infrastructure, broad infrastructure, and manufacturing from January to June 2025 were -11.2%, +4.6%, +8.9%, and +7.5%, respectively [1][13][14] Recent Order Disclosures from Central SOEs - Central SOEs such as China Railway, China Energy Construction, China Chemical, and China Nuclear Engineering reported a recovery in second-quarter orders. For instance, China Railway's first-half orders showed a year-on-year growth of 2.8%, with a significant increase in the second quarter [2][27][28] Valuation Perspective - As of July 18, the construction sector's PE (TTM) and PB (LF) ratios were among the lowest across all primary industries, indicating significant room for valuation improvement. The construction sector's PE (TTM) was 11.12 times, with a historical percentile of 48.50%, compared to the Shanghai and Shenzhen 300's PE of 13.39 times [3][30][32]

Group 1 - The opening ceremony for the permanent pile drilling of the Bizerte Bridge in Tunisia, constructed by Sichuan Road and Bridge Group, marks the transition to the main structure construction phase [1][2] - The project is funded by the European Investment Bank and the African Development Bank, with a contract amount of approximately 1.42 billion RMB and a construction period of 38 months [4] - The Bizerte Bridge, spanning 2070 meters with a main span of 292.5 meters, will significantly improve local traffic conditions and enhance regional connectivity [4][7] Group 2 - The project aims to alleviate long-standing traffic issues caused by the old bridge, which frequently closes for ship passage, leading to significant delays for local residents [4][7] - The construction is expected to enhance the attractiveness and openness of the region, contributing positively to the socio-economic development of Tunisia [7]

Core Viewpoint - The report highlights significant adjustments in the heavy holdings of Liu Gesong's six funds managed by GF Fund, particularly in the new energy vehicle and semiconductor sectors, with a notable shift towards new consumption, internet, and military industries [1][2]. Fund Holdings Adjustment - Liu Gesong's funds have reduced their positions in several previously favored stocks, including: - North Huachuang: Holdings decreased by approximately 17.69% to 161,240 shares [2]. - Seres: Holdings reduced by 9.14% [6]. - EVE Energy: Holdings decreased by 4.16% [6]. - JinkoSolar: Holdings down by 10.77% [6]. - Conversely, there has been a significant increase in holdings of stocks such as: - DeYe Co.: Increased by 40% [3][8]. - Xichuang Data: Increased by nearly 76% [3]. - Xiaomi Group-W: Increased by 25.66% [7]. Fund Performance - The overall performance of Liu Gesong's funds in Q2 was underwhelming, with all funds experiencing net redemptions: - The best-performing fund, GF Multi-Dimensional Emerging, recorded a net value growth rate of 7.91% [4]. - Other funds, such as GF Small Cap Growth A and C, reported growth rates of 2.38% and 2.28%, respectively [4]. - GF Innovation Upgrade and GF Technology Pioneer recorded negative returns [4]. Market Context - The A-share market saw mixed performance in Q2, with the Shanghai Composite Index rising by 3.26% and the Shenzhen Component Index slightly declining by 0.37% [5]. - Key sectors such as military, banking, and telecommunications showed significant gains, while sectors like food and beverage, home appliances, and steel performed poorly [5]. - Liu Gesong remains optimistic about the domestic economy's resilience, citing factors such as the easing of geopolitical tensions and supportive domestic policies [5].

Core Viewpoint - The company has shown significant growth in its bidding amounts for infrastructure projects, indicating a strong focus on its core business and a positive outlook for future orders [2][4]. Group 1: Bidding Performance - In Q2, the company achieved a total bidding amount of 37.559 billion yuan, representing a year-on-year increase of 25% [2]. - For the first half of the year, the cumulative bidding amount reached 72.24 billion yuan, up 22.2% year-on-year [2]. - The infrastructure sector accounted for 61.74 billion yuan of the total bidding in the first half, reflecting a growth of 25.88% [2]. - The construction sector saw a cumulative bidding amount of 10.412 billion yuan, with a year-on-year increase of 4.34% [2]. - Other business areas experienced a slight decline, with a cumulative bidding amount of 0.89 billion yuan, down 4.37% year-on-year [2]. Group 2: Future Project Outlook - The company is expected to benefit from the gradual rollout of highway projects in Sichuan Province in the second half of 2024, with multiple highway projects already won as an investor [2][3]. - A total of 36 highway projects were introduced in June 2024, covering approximately 4,100 kilometers and involving a total investment of about 840 billion yuan [2]. - The company successfully won bids for eight highway projects with a total investment exceeding 260 billion yuan [2]. Group 3: Industry Growth Potential - The total scale of highways in Sichuan Province is projected to reach approximately 20,000 kilometers by 2035, indicating sustained demand for construction [3]. - In 2024, Sichuan is expected to complete the construction of 507 kilometers of new highways, bringing the total operational mileage to 10,310 kilometers, ranking third in the country [3]. - The company anticipates that project preparations will accelerate in the second half of 2024, leading to increased order conversion during the peak construction periods in Q3 and Q4 [3]. Group 4: Dividend and Valuation - The company plans to increase its dividend payout ratio from 50% to 60% for 2025, maintaining this level through 2027 [4]. - If the company achieves an estimated profit of 8 billion yuan in 2025, the corresponding dividend yield would exceed 6% [4]. - The projected earnings for 2025-2027 are estimated at 8.29 billion, 9.25 billion, and 10.4 billion yuan, respectively, with current valuations of 9.03, 8.09, and 7.19 times [4].