5.还款保障措施：未来眉山天环公司收到的回款除归还银行贷款本息外，优 先用于偿还本次股东借款。 证券代码：600039 证券简称：四川路桥 公告编号：2025-101 四川路桥建设集团股份有限公司 关于全资子公司向其控股子公司 提供财务资助的进展公告 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。 四川路桥建设集团股份有限公司（以下简称公司）分别于 2025 年 3 月 4 日、 2025 年 3 月 20 日召开了第八届董事会第五十三次会议、2025 年第三次临时股东 会，审议通过了《关于全资子公司向其控股子公司提供财务资助的议案》，同意 公司全资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）向其控 股子公司眉山天环基础设施项目开发有限责任公司（以下简称眉山天环公司） 提供不超过 32,086 万元借款，借款期限为 3 年，利率不高于贷款市场报价利率， 具体以实际借款协议为准。同时，眉山天环公司参股股东蜀道投资集团有限责 任公司（以下简称蜀道集团）也将向其提供借款，借款条件同路桥集团。（具体 内容详见公司在上海证券交 ...

Investment Rating - The investment rating for the construction industry is "Positive" (maintained) [4] Core Viewpoints - The construction industry is experiencing revenue and profit pressure, but recovery momentum is gradually accumulating under supportive policies [4][8] - In the first half of 2025, the construction sector achieved revenue of 3.97 trillion yuan, a year-on-year decrease of 6.02%, and a net profit attributable to shareholders of 91.5 billion yuan, down 6.60% year-on-year [4][8] - Despite the overall decline, the gap between revenue and net profit growth rates has narrowed significantly compared to the first half of 2024, indicating a temporary easing of profit pressure [4][8] - The issuance of 4.4 trillion yuan in special bonds and ongoing investment stabilization policies are expected to gradually open up profit recovery space for the sector [4][8] Summary by Sections Industry Overview - The construction sector's revenue growth is slowing, with profits under pressure. In the first half of 2025, the sector's revenue decreased by 6.02% year-on-year, while net profit fell by 6.60% [8] - The revenue growth rate has declined by 3.04 percentage points compared to the first half of 2024, but the net profit growth rate has improved by 2.77 percentage points [8] - The overall gross margin for the construction sector in the first half of 2025 was 10.02%, down 0.16 percentage points year-on-year, while the net margin was 2.87%, down 0.04 percentage points [13] Subsector Performance - The performance of subsectors is mixed, with the steel structure sector showing revenue growth of 2.02%, driven by overseas industrial building orders [4][32] - The landscaping sector and chemical engineering saw significant profit growth, with net profits increasing by 70.48% and 19.81% respectively [4][32] - The gross margin improvements are concentrated in landscaping, chemical engineering, and international engineering, while the net margin for steel structures and central enterprises has declined [34] Central Enterprises and Orders - In the first half of 2025, the nine major central construction enterprises signed new orders totaling 7.79 trillion yuan, a slight increase of 0.17% year-on-year, despite an overall industry decline [4][56] - The central enterprises' new orders in overseas markets grew by 16.35% year-on-year, becoming a significant support for order structure optimization [56] - The valuation of central enterprises remains low, with expected PE ratios around 5 times and PB ratios below 0.5 times, indicating strong shareholder returns [59]

Investment Rating - The report maintains a "Buy" rating for key companies including China Chemical, Donghua Technology, Sanwei Chemical, China Metallurgical Group, China Railway Group, and Sichuan Road and Bridge [10][11][32]. Core Insights - The Xinjiang region is expected to enter a period of intensive policy catalysts, with the central government likely to provide more support, enhancing the performance and valuation of the Xinjiang sector [2][10][13]. - The report emphasizes two main investment directions: transportation infrastructure and coal chemical projects in Xinjiang, driven by the region's strategic importance and resource endowment [2][6][10]. - Key companies recommended include local infrastructure leaders such as Xinjiang Communications Construction and Beixin Road and Bridge, as well as coal chemical leaders like China Chemical and Donghua Technology [10][13]. Summary by Sections Transportation Infrastructure - Xinjiang plans to complete a transportation investment of 800 billion yuan in 2025, with a year-on-year increase of 13.5% [2][22]. - The region aims to achieve a "county-to-county" highway network and fill gaps in western railway infrastructure, indicating significant long-term construction potential [2][22]. - Key players in this sector include Xinjiang Communications Construction, Beixin Road and Bridge, and other local construction firms [10][22]. Coal Chemical Projects - Xinjiang has over 800 billion yuan in coal chemical projects under construction or planned, with significant investment expected in the coming years [6][23]. - The report forecasts annual investments of approximately 997 billion yuan in 2025, 2077 billion yuan in 2026, and 2326 billion yuan in 2027 [6][28]. - Companies such as China Chemical, Donghua Technology, and Sanwei Chemical are highlighted as primary beneficiaries of this sector's growth [10][23]. Valuation and Market Potential - China Metallurgical Group is estimated to have a total value of 718 billion yuan, with a potential upside of 71% based on current market valuation [7][31]. - China Railway Group's estimated value is 1443 billion yuan, with a potential upside of 70% [7][31]. - The report also notes the rising prices of gold and copper, suggesting a re-evaluation of the value of resource-rich construction companies [10][13]. High Dividend Stocks - Sichuan Road and Bridge is recommended for its high dividend yield, projected at 6.4% for 2025, with significant growth in net profit expected [10][9]. - The report emphasizes the attractiveness of high dividend stocks in the current market environment [10][9].

2025 年第四次临时股东会 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 年第四次临时股东会 会议资料 2025 年 9 月 26 日 1 2025 年第四次临时股东会 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》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。 八、公司聘请律师出席并见证本次股东会，并出具法律意见 书。 3 二、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、监事、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合法权益的行为，公司有权予以制止并 报告有关部门查处。 三、股东会在会议主持人的组织下进行。若股东及股东代理 人需发言，应当按照会议的议程，经会议主持人许可方可发言， 发言内容应当围绕本次会 ...

Core Insights - The construction of the Xixiang Expressway, which includes nine major super-engineering projects, has entered a comprehensive construction phase, with the Yuanbao Hub underground interchange being recognized as the world's largest scale underground interchange in mountainous areas [2] - The project has a bridge-to-tunnel ratio of 73.4%, with a total estimated investment of 58.738 billion yuan and a per-kilometer cost of approximately 25.1 million yuan [2] - The Lugu Lake Grand Bridge, a key component of the expressway, holds three world records, including the largest span of a space cable-stayed bridge and the largest span of a steel truss cable-stayed bridge in mountainous areas [2] Project Overview - The Xixiang Expressway was initially planned in 2011 but faced delays due to high construction difficulty and investment costs until it was included in the National Highway Network Planning [2] - The project officially commenced in 2022 and is now in a large-scale construction phase [2] - The expressway features nine super-engineering projects, including three bridges, five tunnels, and one interchange, which is rare in highway construction [2] Engineering Challenges - The Lugu Lake Grand Bridge was selected after evaluating 16 potential bridge sites, balancing geological challenges, construction costs, and traffic convenience [2] - The project employs innovative designs, such as the U-shaped tunnel anchor, which reduces concrete usage by 20% and enhances stability in soft rock conditions [2] - The construction of the Salt Source Tunnel, the second-longest tunnel in the province, utilizes a specially developed TBM to shorten the construction period from seven years to four years [3] Technological Innovations - The Yuanbao Hub interchange incorporates 11 different excavation methods and 36 types of engineering structures, showcasing a wide range of tunneling techniques [3] - The project management utilizes advanced technologies, including AI-assisted monitoring and drone management, to ensure real-time tracking of construction progress [3] - The completion of the Xixiang Expressway will enhance the transportation network in Liangshan Prefecture, integrating with multiple existing highways to form a comprehensive traffic hub [3]

Summary of Sichuan Road and Bridge Group Conference Call Industry and Company Overview - Sichuan Road and Bridge Group benefits from the Western Development Strategy, with significant urbanization potential in Sichuan, a key implementation area. The infrastructure potential in western Sichuan is substantial, with expectations that highway scale will double by 2035, and regional infrastructure growth will significantly outpace the national average [2][4][5]. Core Points and Arguments - **Shareholding and Support from Shudao Group**: Shudao Group has increased its stake in Sichuan Road and Bridge to 79.6% through methods like private placements and tender offers. This group’s integrated investment and construction model ensures smooth order acquisition, contributing 65% to the company's revenue, with profitability surpassing that of other local enterprises [2][6][8]. - **Dividend Policy**: The company has a clear and improving dividend policy, with a minimum payout ratio of 50% set for 2022-2024, increasing to 60% in 2025. The expected dividend yield for this year is between 6.5% and 7%, making it an attractive high-dividend stock in the construction sector [2][7]. - **Financial Performance**: Sichuan Road and Bridge's revenue accounts for 43% of Shudao Group's total revenue, and its profit constitutes 76% of the group's total profit. This indicates that the company's financial performance is crucial for Shudao Group, which has a strong incentive to support it [2][8][9]. - **Recent Performance and Market Trends**: In the first half of the year, the company showed strong performance in the construction sector, attributed to the high infrastructure demand in Sichuan. The stock price has increased by 265% over the past five years, significantly outperforming the Shenwan Construction Index, which declined by 35% during the same period [3][11]. - **Order Situation**: The year-on-year decline in orders is narrowing, with positive changes expected in the first and second quarters of 2025. Future performance is anticipated to maintain single to double-digit growth, with a potential trend shift once performance normalizes [4][14]. Other Important Insights - **Divestiture of Non-Core Businesses**: The company divested its mining and new energy businesses to focus on core operations, which is expected to enhance dividend capacity and stabilize performance [2][10]. - **Management Changes**: New leadership appointments starting from July 2024 are expected to stabilize management and drive future development [12][13]. - **International Market Presence**: The company's overseas market share was only 1.8% in 2023, with limited growth expected in 2024. However, it has established a presence in regions like Central Asia and Africa, indicating a unique development direction [15]. - **Overall Development Logic**: The company’s growth is driven by the high infrastructure demand in Sichuan, proven capabilities through Shudao Group's integrated model, and the expectation of returning to normal performance levels following management stabilization and order recovery [16].

Group 1 - The core point of the article is that Shudao Equipment (300540) announced a contract with Sichuan Road and Bridge Shengtong Construction Engineering Co., Ltd. for the construction of a hydrogen fuel cell intelligent manufacturing base project [1] - The total contract amount is 24.6838 million yuan, which includes tax [1] - The contract is classified as a related party transaction but does not constitute a major asset reorganization [1] Group 2 - The construction period for the project is set at 90 days [1]

Core Viewpoint - The successful completion of the Gongdefang Tunnel marks a significant milestone for the Xichang to Ningnan Expressway project, which aims to be operational by 2027, enhancing regional connectivity and economic development [1][6]. Group 1: Project Overview - The Gongdefang Tunnel connects villages in Liangshan Yi Autonomous Prefecture, with the left line measuring 3,168 meters and the right line 3,205 meters, featuring a maximum burial depth of approximately 345 meters [3]. - The tunnel is classified as a long micro-gas tunnel, constructed using a dual-end excavation method, and traverses active fault zones, presenting high construction difficulty and safety risks [3][4]. Group 2: Construction Techniques and Innovations - The project team has implemented advanced geological prediction and monitoring, along with strict management protocols to ensure safety and quality during construction [3]. - Innovative construction technologies, including intelligent tunneling equipment and digital monitoring systems, have been adopted to enhance efficiency and safety [4]. Group 3: Environmental Considerations - The project has developed a "clean and dirty water diversion" drainage technology to address challenges related to wastewater discharge, reducing labor and operational costs while protecting the surrounding ecological environment [4]. Group 4: Economic and Social Impact - Upon completion, the expressway will reduce travel time from Xichang to Ningnan from 2.5 hours to 1 hour, ending the historical lack of expressway access for Puge County and contributing to regional economic development and tourism [6]. - The project is a key component of the S71 expressway, enhancing the transportation network and solidifying Liangshan's role as a transportation hub in southern Sichuan [6].

Summary of Sichuan Road and Bridge's Conference Call Company and Industry Overview - **Company**: Sichuan Road and Bridge - **Industry**: Infrastructure construction in Sichuan Province, China - **Key Stakeholder**: Shudao Group, the main investor in Sichuan's infrastructure projects Core Insights and Arguments - Sichuan Road and Bridge benefits from the infrastructure construction planning in Sichuan Province, with over 90% of its revenue coming from local construction projects [2][3] - The company is expected to return to a growth trajectory as the impact of recent special events fades [2][3] - Shudao Group, which holds 63% of the company's revenue, significantly supports Sichuan Road and Bridge, enhancing its profitability through an integrated investment and construction model [2][4] - The province's GDP is among the top in the country, with a growth target of 5.7% for 2024 and over 5.5% for 2025, indicating a strong push for construction activities [2][8] - Sichuan Road and Bridge plans to increase its dividend payout ratio from 50% to 60%, potentially raising the dividend yield to 8%-9% with future earnings growth [5][19] Important but Overlooked Content - The province has 810 key projects planned for 2025, with an annual investment requirement of nearly 800 billion [8] - The integrated investment and construction model allows Sichuan Road and Bridge to achieve a higher profit margin compared to other state-owned enterprises, with a gross margin significantly above 4% [15] - The company has a diversified business model, including highway construction, mining, and clean energy, although it focuses primarily on highway projects due to favorable local planning [16] - The company’s cash flow situation is expected to improve as it enhances collection efforts and maintains a high dividend policy [23][24] - Future catalysts include high certainty in local demand and potential strategic mentions of the Chengdu-Chongqing economic circle, which could positively impact regional demand [7][22] Financial Performance and Market Position - Sichuan Road and Bridge's revenue structure shows that 89% of its income comes from local projects, with a significant portion from engineering construction [13] - The company has shown a clear upward trend in revenue and net profit from 2014 to 2022, with a notable increase following the establishment of Shudao Group [13] - Current PB ratio is 1.6, which is reasonable given a 17% ROE, indicating potential for market value growth [18][21] - The company is positioned as one of the best-performing listed companies under Shudao Group, with significant growth potential in its market value [18] Long-term Investment Value - The long-term investment value of Sichuan Road and Bridge is supported by its robust dividend policy, unique business model, and favorable policy environment [25] - The company is expected to maintain a high dividend yield and stable earnings, making it an attractive investment option [19][25]

Investment Rating - The report assigns an "Accumulate" rating for the construction engineering industry [8] Core Insights - In August, broad infrastructure investment decreased by 6.4%, with a month-on-month decline of 4.5 percentage points, while narrow infrastructure investment fell by 5.9%, with a month-on-month decline of 0.8 percentage points [4][6] - Real estate investment in August saw a year-on-year decline of 19.9%, with the drop expanding compared to July [7] - The report highlights a trend towards stabilization in the real estate market, despite ongoing challenges [7] - Infrastructure investment from January to August grew by 2.0% year-on-year, outpacing overall investment growth [7] Summary by Sections Infrastructure Investment - Broad infrastructure investment in August decreased by 6.4%, a decline of 12.6 percentage points compared to the same month in 2024, and a month-on-month drop of 4.5 percentage points [6] - Narrow infrastructure investment fell by 5.9%, with a year-on-year decline of 7.1 percentage points and a month-on-month decrease of 0.8 percentage points [6] - Specific sectors such as water conservancy saw a significant drop of 29.8% year-on-year, while public facilities decreased by 11.6% [6] Real Estate Market - Real estate investment in August dropped by 19.9% year-on-year, with sales area declining by 11.0% [7] - New construction area fell by 19.8%, and completed area decreased by 21.2% [7] - The report indicates that the real estate market is moving towards stabilization, with inventory reduction efforts showing results [7] Investment Recommendations - The report recommends undervalued high-dividend stocks such as China State Construction (dividend yield 4.85%), China Railway Construction (dividend yield 3.74%), and Tunnel Corporation (dividend yield 4.48%) [7] - It also highlights the potential for growth in private investment in infrastructure, particularly in green energy [7]