| 投资标的名称 | 四川蜀路畅股权投资合伙企业（有限合伙） | | | --- | --- | --- | | 投资金额（亿元） | 13.28 | | | 投资进展阶段 | 完成 交易要素变更 进展 | 终止 | | 特别风险提示（如有请勾选） | 募集失败 | | | | 未能完成备案登记 | | | | 提前终止 | | | | 发生重大变更 | | | | 其他： 基金具有投资周期长、流动性较低等特 | | | | 点，可能受到国家宏观经济政策、行业发展趋势、 | | | | 合伙企业投资业务开展情况等因素影响，存在着 | | | | 不能实现预期效益或投资不确定性的风险。 | | 证券代码：600039 证券简称：四川路桥 公告编号：2025-129 一、合作投资基本概述情况 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基金完成备案 的关联交易进展公告 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、2024 年 6 月 12 日召开第八届董事会第三十八次会议、2024 年第四次临时股 东大会， ...

2025 年第六次临时股东会 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 2025 年第六次临时股东会 会议资料 2025 年第六次临时股东会 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 股东会会议须知 各位股东及股东代表： 为维护投资者的合法权益，确保四川路桥建设集团股份有限 公司（以下简称公司）股东会的正常秩序和议事效率，根据《中 华人民共和国公司法》《上市公司股东会规则》等法律法规、规 范性文件和《四川路桥建设集团股份有限公司章程》《四川路桥 建设集团股份有限公司股东会议事规则》的规定，现就会议须知 通知如下，请参加本次会议的全体人员自觉遵守。 一、股东会期间，全体参会人员应以维护股东的合法权益、 确保会议的正常秩序和议事效率为原则，自觉履行法定义务。 2025 年 12 月 12 日 1 二、在会议主持人宣布现场出席会议的股东和代理人人数 及其所持有表决权的股份总数之前，会议登记终止。 三、为保证股东会的正常秩序，除出席会议的股东及股东代 理人，公司董事、高级管理人员、见证律师及公司董事会邀请的 人员以外，公司有权拒绝其他人员入场，对于干扰会议秩序、寻 衅滋事和侵犯股东 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-128 四川路桥建设集团股份有限公司 关于以集中竞价交易方式回购股份进展的公告 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。 重要内容提示： | 回购方案首次披露日 | 2025/4/30 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2025 4 4 | 30 | 日~2026 | 年 | 月 | 日 29 | | 预计回购金额 | 10,000万元~20,000万元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | √用于转换公司可转债 □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 7,646,900股 | | | | | | | 累计已回购股数占总股本比例 | 0.0879% | | | | | | | 累计已回购金额 | 70,203,437.67元 | | ...

Core Viewpoint - Sichuan Road and Bridge (600039.SH) has announced a share buyback program, indicating a strategic move to enhance shareholder value through repurchasing shares in the market [1] Summary by Categories Share Buyback Details - As of November 30, 2025, the company has repurchased a total of 7.6469 million shares, which represents 0.0879% of the company's total share capital [1] - The highest transaction price for the repurchased shares was 9.85 CNY per share, while the lowest was 8.62 CNY per share [1] - The total amount spent on the share buyback was 70.2034 million CNY, excluding transaction fees [1]

格隆汇12月1日｜Wind数据显示，周一（12月1日），共有12家公司限售股解禁，合计解禁量为24.12亿 股，按最新收盘价计算，合计解禁市值为361.87亿元。从解禁量来看，四川路桥、联芸科技、昆船智能 解禁量居前，解禁股数分别为19.78亿股、2.23亿股、1.53亿股。从解禁市值来看，四川路桥、联芸科 技、卡莱特解禁市值居前，解禁市值分别为186.5亿元、105.75亿元、36.43亿元。从解禁股数占总股本 比例来看，昆船智能、联芸科技、卡莱特解禁比例居前，解禁比例分别为63.65%、48.52%、45.8%。 ...

Wind数据显示，周一（12月1日），共有12家公司限售股解禁，合计解禁量为24.12亿股，按最新收盘价 计算，合计解禁市值为361.87亿元。从解禁量来看，4家公司解禁股数超千万股。四川路桥、联芸科 技、昆船智能解禁量居前，解禁股数分别为19.78亿股、2.23亿股、1.53亿股。从解禁市值来看，4家公 司解禁股数超亿元。四川路桥、联芸科技、卡莱特解禁市值居前，解禁市值分别为186.5亿元、105.75亿 元、36.43亿元。从解禁股数占总股本比例来看，4家公司解禁比例超10%。昆船智能、联芸科技、卡莱 特解禁比例居前，解禁比例分别为63.65%、48.52%、45.8%。 ...

Group 1: Metal Sector - Huaxi Nonferrous is expected to see net profit growth from CNY 6.58 billion in 2024 to CNY 11.40 billion in 2026, with a PE ratio decreasing from 37.28 to 21.52[10] - The company has a projected capacity increase to 0.6 million tons of tin and 1 million tons of antimony by 2027, benefiting from resource consolidation trends in Guangxi[12] Group 2: Construction Materials - Huaxin Cement's net profit is forecasted to rise from CNY 24.16 billion in 2024 to CNY 36.73 billion in 2026, with a PE ratio dropping from 17.21 to 11.32[10] - The company has diversified its growth strategy, focusing on overseas markets and stabilizing its aggregate business[28] Group 3: Transportation - ZTO Express is projected to achieve net profits of CNY 88.17 billion in 2024, increasing to CNY 104.11 billion by 2026, with a PE ratio improving from 13.39 to 11.34[10] - The "anti-involution" measures in the express delivery sector have led to a recovery in profitability, with significant improvements in average ticket prices since August 2025[33] Group 4: Energy Sector - ChuanTou Energy's net profit is expected to grow from CNY 45.08 billion in 2024 to CNY 52.59 billion in 2026, with a PE ratio decreasing from 15.93 to 13.65[10] - The company benefits from its stake in Yalong River Hydropower, which contributes significantly to its earnings[73] Group 5: Chemical Sector - Yara International's net profit is projected to increase from CNY 9.50 billion in 2024 to CNY 39.34 billion in 2026, with a PE ratio decreasing from 42.50 to 10.27[10] - The company is positioned as a leader in overseas potash mining, with significant reserves in Laos[49]

11月27日，中国人民银行、科技部等部门联合召开科技金融统筹推进机制第一次会议。中国人民银行行长潘功胜、科技部部长阴和俊出席会议并 讲话。中国人民银行副行长朱鹤新主持会议，科技部副部长邱勇、金融监管总局副局长周亮、中国证监会副主席陈华平、国务院国资委党委委员 肖宗辉出席。 其中会议指出，党的二十届四中全会对未来五年的发展作出顶层设计和战略擘画，坚持科技创新在国家发展中的战略核心地位，要求加快高水平 科技自立自强，引领发展新质生产力，大力发展金融"五篇大文章"，为"十五五"科技金融工作指明了方向。各有关部门要深入学习贯彻全会精神， 突出科技创新的引领作用，加快构建与科技创新相适应的科技金融体制，持续深化金融供给侧结构性改革，推动科技、产业、金融良性循环，为 建设科技强国提供坚实支撑。 01 A股重要指数样本股调整 11月28日，中证指数网站发布关于沪深300、中证500、中证1000、中证A500等指数定期调整结果的公告称，此次调整为指数样本的定期调整，将 于12月12日收市后正式生效。 其中沪深300指数更换11只样本，华电新能、东山精密、指南针、胜宏科技等调入指数。中证500指数更换50只样本，和而泰、华虹 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, highlighting their potential for growth and profitability in overseas markets [8][29]. Core Insights - The construction industry is experiencing a significant trend towards overseas expansion, driven by urbanization and industrialization in emerging markets, as well as the relocation of manufacturing capacity from China [1][11]. - There is a notable increase in overseas engineering demand, with specialized engineering firms expected to benefit significantly from this trend [1][11]. - The report emphasizes the importance of companies with competitive advantages in niche markets, recommending specific firms such as China Chemical, Jinggong Steel Structure, Jianghe Group, China National Materials, and China Steel International [1][11][19]. Summary by Sections Industry Investment Rating - The report recommends a "Buy" rating for several key players in the construction sector, including China Chemical (PE 6.3X), Jinggong Steel Structure (PE 10.7X), Jianghe Group (PE 12X), China National Materials (PE 7.3X), and China Steel International (PE 10X) [1][29]. Overseas Demand Drivers - Three main factors are driving the high demand for overseas construction: 1. Rapid economic growth in emerging regions such as Southeast Asia, Africa, and the Middle East, leading to increased infrastructure investment [19]. 2. The transfer of excess production capacity from China, particularly in cement and steel, to overseas markets, which is expected to boost regional engineering demand [19]. 3. The collaborative demand for construction services as various industries expand internationally, with a significant number of A-share companies reporting overseas revenue growth [19] [28]. AI and Semiconductor Cleanroom Growth - The report highlights the ongoing surge in global computing power demand driven by AI development, which is expected to lead to substantial growth in the semiconductor cleanroom market [3][26]. - It forecasts that global and Chinese semiconductor cleanroom investments will reach approximately 1680 billion and 504 billion respectively by 2025, representing about 15% of total industry capital expenditure [26]. High Dividend Yield Opportunities - The report identifies several construction companies with robust performance and high dividend yields, suggesting that these firms will attract long-term capital inflows. Key companies include Sichuan Road and Bridge (6.6%), Jianghe Group (6.5%), Jinggong Steel Structure (6.5%), Anhui Construction (5.7%), Tunnel Shares (5.5%), and Sanwei Chemical (6.4%) [7][28][29]. Recommendations for Specific Companies - The report recommends focusing on companies that are well-positioned to benefit from the ongoing trends, including: - China Chemical for chemical engineering overseas expansion - Jinggong Steel Structure for steel structure projects - Jianghe Group for high-end curtain wall projects - China National Materials for cement engineering - China Steel International for metallurgy projects - Semiconductor cleanroom leaders such as Yaxin Integration, Shenghui Integration, and Bocheng Co. [1][11][19][29].

联芸科技的解禁规模次之，下周将有2.23亿股上市流通，解禁股主要为首发原股东限售股份，解禁市值 达105.75亿元。 解禁比例来看，胜业电气、炜冈科技、昆船智能、三未信安的解禁比例居前，均超50%。 人民财讯11月28日电，下周将有33只个股解禁，按照最新收盘价计算，合计解禁市值594.67亿元。 四川路桥（600039）的解禁规模最大，下周将有19.78亿股上市流通，主要为定向增发机构配售股份， 解禁市值达186.5亿元。 ...