Group 1 - The construction of the Chengyu High-speed Railway's key control project, the largest span and highest safety risk section, has successfully completed the final concrete pouring, marking the completion of all nine continuous beams in this segment [1][3] - The main span of the bridge over the Chuyong Expressway is 128 meters, consisting of a total of 64 cantilever pouring segments, utilizing a fully enclosed bridge construction machine for the cantilever pouring [7] - The project is part of the national "eight vertical and eight horizontal" high-speed rail network and will significantly reduce travel time between Chengdu and Chongqing, injecting new transportation momentum into the Chengdu-Chongqing economic circle [9] Group 2 - The construction will transition from "local breakthroughs" to a new phase of "overall completion," with a focus on quality and safety while accelerating project progress [7] - Innovative technologies such as fully enclosed bridge construction machines, intelligent synchronous control systems, and BIM technology have been introduced to enhance construction efficiency and quality control [7] - The Chengyu High-speed Railway has a total length of 292 kilometers and is designed for a speed of 350 kilometers per hour, with expectations for early operation [9]

Core Insights - The construction index decreased by 1.67%, while the CSI 300 index increased by 0.74%, indicating that the construction sector underperformed the market by 2.42 percentage points [1] - Mergers and acquisitions, along with semiconductor cleanroom-related stocks, showed significant gains this week, driven by heightened expectations for U.S. production expansion [1][2] - The focus remains on infrastructure opportunities in regions like Xinjiang and Tibet, as well as on mergers and acquisitions and small-cap construction transformation stocks [1] Construction Sector Performance - In the week from September 22 to September 26, the construction index fell by 1.67%, while the CSI 300 index rose by 0.74%, leading to a 2.42 percentage point underperformance of the construction sector [5] - Among sub-sectors, only the architectural design sector recorded a positive return of 1.02%, while other sub-sectors experienced declines [5] - Notable individual stock performances included Huajian Group (+23.17%), Haibo Heavy Industry (+17.25%), Suzhou Planning (+12.08%), *ST Huawang (+11.95%), and Yaxiang Integration (+11.89%) [5] Infrastructure Development - In Sichuan, the number of newly awarded projects reached 218, amounting to approximately 72.2 billion yuan, reflecting a year-on-year growth of 22.20%, with infrastructure orders growing by 25.88% [3] - Despite the increase in new projects, the commencement of construction has been hindered by land approval and project red line issues, leading to revenue pressure in the first half of the year [3] - A recent meeting emphasized the need to accelerate project initiation and completion in the remaining months of the year, suggesting a potential improvement in the fundamentals for Sichuan Road and Bridge [3] Material Indicators - The cement shipment rate was reported at 50.83%, with a week-on-week increase of 2.50 percentage points, while the asphalt plant operating rate was at 40.10%, up by 5.7 percentage points [4] - The recovery in cement and asphalt rates indicates a positive outlook for the conversion of physical workload in infrastructure projects [4]

Investment Rating - The industry rating is maintained at "Outperform the Market" [6] Core Viewpoints - The construction index decreased by 1.67%, while the CSI 300 index increased by 0.74%, indicating that the construction sector underperformed the market by 2.42 percentage points. The cleanroom sector is expected to benefit from the rising production expectations in the U.S. and the upcoming third-quarter reports, which may exceed expectations [1][2][3] - The cleanroom sector is experiencing renewed benefits due to U.S. policies that may require semiconductor companies to match domestic production with imports, potentially benefiting companies like TSMC and Micron Technology [2][13] - The construction sector in Sichuan is seeing a significant increase in new bids, with a total of 218 new projects worth approximately 72.2 billion yuan, a year-on-year increase of 22.20% [3][23] - The cement shipment rate and asphalt operating rate have rebounded, indicating a positive outlook for the conversion of physical workloads in construction projects [4][24] Summary by Sections Market Overview - The construction index fell by 1.67% from September 22 to September 26, while the CSI 300 index rose by 0.74%, with only the architectural design sub-sector recording a positive return of 1.02% [5][32] Investment Recommendations - Focus on infrastructure investment opportunities in regions with high growth potential, such as Sichuan, Xinjiang, and Tibet, as well as sectors like hydropower, coal chemical, and nuclear power [1][36] - Emphasize the cleanroom sector, particularly companies like Baicheng Co., Shenghui Integration, and Yaxiang Integration, which are expected to benefit from the ongoing semiconductor industry developments [17][38] Key Projects and Orders - Sichuan Road and Bridge has seen a significant increase in new bids, with a focus on major provincial projects and government special bond projects to accelerate construction progress [3][23] - The cleanroom sector's order volume remains robust, with Baicheng Co. and Shenghui Integration reporting significant year-on-year growth in new orders [18][19] Sector Performance - The cleanroom sector is expected to maintain a high level of activity, driven by domestic demand for new semiconductor production facilities and the ongoing transition of the semiconductor industry [17][21] - The construction sector is experiencing a structural recovery, with a focus on major transportation infrastructure projects and regional opportunities in high-demand areas [36][39]

Group 1: Metal Sector - Zijin Mining's net profit forecast for 2025 is 475 million CNY, with a PE ratio of 15.46[12] - Luoyang Molybdenum's net profit forecast for 2025 is 168.65 million CNY, with a PE ratio of 17.35[12] - The copper production of Zijin Mining is expected to increase by 7% to 115,000 tons in 2025[20] Group 2: Chemical Sector - Wanhua Chemical's net profit forecast for 2025 is 141.75 million CNY, with a PE ratio of 0.00[12] - Longbai Group's net profit forecast for 2025 is 23.01 million CNY, with a PE ratio of 19.75[12] - The MDI market is expected to improve as supply and demand conditions stabilize[48] Group 3: Transportation Sector - China Merchants Highway's net profit forecast for 2025 is 55.01 million CNY, with a PE ratio of 12.10[12] - Haitong Development's net profit forecast for 2025 is 4.43 million CNY, with a PE ratio of 18.87[12] Group 4: Construction Sector - Sichuan Road and Bridge's net profit forecast for 2025 is 82.86 million CNY, with a PE ratio of 8.79[12] - Honglu Steel Structure's net profit forecast for 2025 is 7.96 million CNY, with a PE ratio of 15.35[12]

Meeting Overview - The shareholders' meeting was held on September 26, 2025, at No. 12, Jiuxing Avenue, High-tech Zone, Chengdu [1] - The meeting was chaired by Vice Chairman Yang Yong due to Chairman Sun Licheng's absence [1] Attendance - Out of 10 current directors, 7 attended the meeting, while 3 were absent due to other commitments [2] - Among 6 current supervisors, 3 attended, with one participating via telecommunication [2] - The company secretary and some senior executives were also present [2] Resolutions - Three proposals were reviewed and approved: 1. Proposal to amend the company's Articles of Association [3] 2. Proposal to amend the Rules of Procedure for Shareholders' Meetings [3] 3. Proposal to amend the Rules of Procedure for Board Meetings [3] - The first proposal required a special resolution, which was passed with over two-thirds of the valid voting rights [4] Legal Verification - The meeting was witnessed by Beijing Kangda (Chengdu) Law Firm, with lawyers Gong Xingming and Tian Zhen present [4] - The lawyers confirmed that the meeting's procedures, participant qualifications, and voting processes complied with legal regulations and the company's Articles of Association [4]

Group 1 - The fourth extraordinary general meeting of shareholders for Sichuan Road and Bridge Construction Group Co., Ltd. was held on September 26, 2025, in Chengdu [2] - The meeting was convened by the board of directors, with the chairman absent and the vice chairman presiding over the meeting [2][3] - The meeting was conducted in accordance with the Company Law and the company's articles of association, utilizing both on-site and online voting methods [2] Group 2 - A total of 10 directors were in office, with 7 attending the meeting; some directors were absent due to other commitments [3] - The meeting approved several resolutions, including amendments to the company's articles of association and rules for shareholder meetings, all of which passed with the required majority [4][5] - The meeting was witnessed by lawyers from Beijing Kangda (Chengdu) Law Firm, confirming that the procedures and voting results complied with legal regulations and the company's articles of association [5]

一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 9 月 26 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： 重要内容提示： 证券代码：600039 证券简称：四川路桥 公告编号：2025-102 四川路桥建设集团股份有限公司 2025年第四次临时股东会决议公告 本次会议是否有否决议案：无 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。 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 会议由公司董事会召集，董事长孙立成因其他公务未能出席会议，委托副董 事长羊勇主持本次股东会。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》及《公司章程》等有关规 定。 1 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：《关于修订公司<章程>的议案》 审议结果：通过 | 1、出席会议的股东和代理人人数 | 424 | | - ...

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 第四次临时股东会的法律意见书 康达（成都）股会字【2025】第 0048 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，指派龚星铭、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 9 月 26 日召开的 2025 年第四次临时股东会（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 按照 ...

Core Points - The company approved a financial assistance proposal for its wholly-owned subsidiary to provide a loan to its controlling subsidiary [1] - The loan amount is capped at 320.86 million yuan with a term of three years and an interest rate not exceeding the loan market quotation rate [1] - The specific loan agreement between the subsidiaries has been signed, detailing a loan of 30.16 million yuan at a fixed annual interest rate of 2.80% [1][2] Loan Details - Loan Amount: 30.16 million yuan [1] - Loan Term: Three years [1] - Interest Rate: Fixed at 2.80% per annum [1][2] Repayment and Default Terms - Repayment priority is given to the loan from the subsidiary's future receipts after settling bank loan principal and interest [3] - Default penalties include additional interest charges based on the duration of the delay, ranging from 5% to 30% depending on the overdue period [3][4] Legal and Contractual Aspects - The contract is governed by the Civil Code of the People's Republic of China, with disputes to be resolved through negotiation or litigation in the local court [3][4] - The agreement becomes effective upon signature and seal by both parties and will automatically expire once the loan principal and interest are fully repaid [4]

Investment Rating - Investment rating: Positive (maintained) [4] Core Viewpoints - Infrastructure investment remains resilient, with electricity, heat, gas, and water sectors leading the growth. From January to August 2025, national infrastructure investment continued to show moderate growth, with narrow infrastructure (excluding electricity) reaching 11.58 trillion yuan, a year-on-year increase of 2.0%. Broad infrastructure totaled 15.76 trillion yuan, with a year-on-year growth of 5.42%, significantly higher than the narrow measure, mainly supported by high-growth sectors like electricity. In August, narrow infrastructure saw a year-on-year decline of 5.85%, while broad infrastructure declined by 6.42%, indicating a slowdown in overall momentum. [5][10] Summary by Sections 1. Weekly Viewpoints - Infrastructure investment shows resilience, with electricity, heat, gas, and water sectors leading the growth. [10] - Future outlook suggests that despite a phase of slowdown in infrastructure investment, key projects like the New Tibet Railway and the lower reaches of the Yarlung Tsangpo River hydropower project are expected to support overall investment. [10] 2. Weekly Market Review - The Shanghai Composite Index fell by 1.30%, while the Shenzhen Component Index rose by 1.14%, and the ChiNext Index increased by 2.34%. The Shenwan Construction Decoration Index rose by 0.44%, with sub-sectors like housing construction and engineering consulting services showing notable gains. [14] - Top-performing stocks included Longjian Road & Bridge (+31.70%), Sentai Holdings (+29.14%), and Jiankang Institute (+27.40%). [14] 3. Infrastructure Data Tracking - Special bonds issued this week totaled 143.916 billion yuan, with a cumulative issuance of 6.2697 trillion yuan, up 45.02% year-on-year. [21] - Urban investment bonds issued this week amounted to 89.345 billion yuan, with a net financing amount of 8.891 billion yuan, leading to a cumulative net financing deficit of 373.946 billion yuan. [21] 4. Company Dynamics - Notable contract announcements include Mongolian Grass Ecological's contract worth 225 million yuan for a project in Inner Mongolia, and China Power Construction's new contracts totaling 800.797 billion yuan from January to August 2025, reflecting a year-on-year increase of 4.71%. [29][30]