第八届董事会独立董事 2025 年第四次专门会议 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 年第四次专门会议的 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 6 月 9 日以现场方式召开了第八届董事会独立董事 2025 年第四次 专门会议。会议应到独立董事 4 人，实到独立董事 4 人。独 立董事李光金先生为会议主持人。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《关于拟收购成都市新筑路桥机械股份 有限公司桥梁功能部件资产组的关联交易议案》的审查意见 经讨论，《关于拟收购成都市新筑路桥机械股份有限公 司桥梁功能部件资产组的关联交易议案》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五十六次会议审议，且关联董事应回 避表决。 表决结果：四票赞成，零票反对，零票弃权。 1 第八届董事会独立董事 2025 年第四次专门会议 四 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-059 （四）本次监事会由监事会主席黄卫主持，公司部分高级管理人员列席了会 议。 二、监事会会议审议情况 （一）审议通过了《关于拟收购成都市新筑路桥机械股份有限公司桥梁功 能部件资产组的关联交易议案》 四川路桥建设集团股份有限公司 第八届监事会第四十三次会议决议的公告 本公司监事会及全体监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、监事会会议召开情况 （一）本次监事会会议的召开符合《公司法》、公司《章程》的规定。 （二）本次监事会于 2025 年 6 月 9 日在公司 10 楼会议室以现场结合通讯方 式召开，会议通知于 2025 年 6 月 3 日以书面、电话的方式发出。 （三）本次监事会应出席人数 6 人，实际出席人数 6 人。其中监事谭德彬、 赵帅、刘胜军、李亚舟以通讯方式参会。 监事会同意公司以支付现金的方式收购关联方成都市新筑路桥机械股份有 限公司（以下简称新筑股份）持有的成都市新筑交通科技有限公司 100%股权、 新筑股份其它与桥梁功能部件业务有关的资产和负债。最终 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-058 四川路桥建设集团股份有限公司 第八届董事会第五十六次会议决议的公告 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 6 月 9 日在公司 10 楼会议室以现场结合通讯方 式召开，会议通知于 2025 年 6 月 3 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。其中董事李黔以 通讯方式参会。 董事会同意公司以支付现金的方式收购关联方成都市新筑路桥机械股份有 限公司（以下简称新筑股份）持有的成都市新筑交通科技有限公司 100%股权、 新筑股份其它与桥梁功能部件业务有关的资产和负债。最终的收购方案待审计及 评估工作完成后确定，并按公司《章程》的规定另行提交公司董事会或股东会（如 需）审议。 具体内容详见公司公告编号为 2025-060 的《四川路桥关于拟收购成都市新 筑路桥机械股份有限公司桥梁功能 ...

Group 1 - The core point of the article is that Sichuan Road and Bridge (600039.SH) plans to acquire the 100% equity of New筑交科 and other assets and liabilities related to bridge functional components from New筑股份 to strengthen its engineering construction business and enhance its competitive edge in the market [1] Group 2 - The acquisition aims to promote stable development in the main business of engineering construction and improve technical craftsmanship in bridge construction [1] - The company intends to achieve industrial chain synergy and enhance market expansion capabilities through this acquisition [1]

Investment Rating - Industry rating is maintained at "Outperform the Market" [4] Core Viewpoints - The construction sector has shown a positive performance with a 1.33% increase, outperforming the CSI 300 by 0.36 percentage points. The focus on infrastructure investment in the central and western regions has significantly increased, with major projects and events expected to catalyze growth [1][3] - Continuous recommendations are made to focus on infrastructure investment opportunities in the central and western regions, particularly in construction, cement, and civil explosives, as well as key industries like coal chemical and nuclear power [1][2] Summary by Sections Major Projects and Catalysts in Central and Western Infrastructure - Significant projects include the Three Gorges Waterway New Channel with an investment of approximately 76.6 billion yuan and a total construction period of 100 months. Key beneficiaries include Yipuli and Kailong Co. [12][21] - The Zhejiang-Jiangxi-Guangdong Canal project is estimated to require 320 billion yuan and is expected to start construction during the 14th Five-Year Plan period, with key beneficiaries being Huase Group and Guotai Group [13][21] - In Tibet, the opening of the Yarlung Tsangpo River downstream hydropower project is anticipated, with an estimated investment exceeding 1 trillion yuan and a planned capacity of 60 million kilowatts [19][21] - The Xinjiang region is seeing the commencement of the China-Kyrgyzstan-Uzbekistan Railway, with a total cost of 8 billion USD, which is expected to catalyze related investments [20][21] Market Review - The construction index increased by 1.33% during the week, with the building design and service sectors showing strong performance, achieving gains of 2.09% and 1.34% respectively [3][23] Investment Recommendations - Emphasis on cyclical opportunities arising from improvements in infrastructure physical volume, with a focus on traditional construction blue-chip stocks and regional high-growth companies [24][28] - Recommendations include companies like Sichuan Road and Bridge, China Communications Construction, and China Railway Construction, which are expected to benefit from ongoing infrastructure projects [28] - Attention is drawn to emerging business directions and the transformation of the construction sector, particularly in AI and cleanroom sectors, with specific companies recommended for investment [29][30]

Core Viewpoint - The China Securities State-Owned Enterprises Dividend Index (000824) has experienced a decline of 0.66% as of June 5, 2025, indicating a mixed performance among its constituent stocks, with some stocks rising while others fell significantly [1][2]. Group 1: Index Performance - The China Securities State-Owned Enterprises Dividend Index (000824) has decreased by 0.66% as of June 5, 2025 [1]. - The National Enterprise Dividend ETF (159515) has also seen a decline of 0.54%, with the latest price at 1.1 yuan [1]. - Notable gainers include Ninghu Expressway (600377) up by 1.75%, and notable losers include Caibai Co., Ltd. (605599) down by 6.15% [1]. Group 2: Market Analysis - Recent reports indicate that dividend assets have rapidly "shrunk," with the exception of the banking sector, which has shown lackluster performance [1]. - The proportion of stocks with a Sharpe Ratio higher than the index among dividend assets has reached an extreme historical low, suggesting a potential market adjustment followed by upward movement [1]. - Despite the rising valuation levels of dividend assets, there remains significant room for further increases when compared to historical peaks [1]. Group 3: Top Holdings - As of May 30, 2025, the top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index include COSCO Shipping Holdings (601919) and Jizhong Energy (000937), with the top ten accounting for 15.83% of the index [2].

Investment Rating - Investment rating: Positive (maintained) [5] Core Viewpoints - Structural market conditions are emerging, leading to a reassessment of the investment value in the construction sector. Since 2025, the construction sector has been in a phase of weak recovery, with cautious market sentiment and low valuation and trading activity. However, with ongoing macro policies supporting the market, accelerated special fund disbursement, and increasing differentiation among enterprises, structural investment opportunities are gradually appearing within the sector. It is recommended to select quality stocks with policy advantages, profit recovery capabilities, or growth elasticity based on three main lines: "regional direction," "relative return configuration," and "industrial extension and upgrading" [5][11][20]. Summary by Sections Section 1: Market Performance - The construction sector is experiencing a weak recovery, with fixed asset investments in the western and central regions growing by 6.2% and 5.5% year-on-year, respectively, significantly above the national average of 4.2% [6][12]. - Water conservancy investments reached 294.36 billion yuan in the first four months of 2025, indicating steady progress in infrastructure construction [13]. - The "Belt and Road" initiative continues to see trade recovery, with a total trade volume of 2.14 trillion USD in 2024, up 5.16% year-on-year [15][16]. Section 2: Stock Selection Strategies - Three main lines for stock selection are proposed: 1. Focus on regions with clear policy support, particularly in the central and western regions and water conservancy projects [6][12]. 2. Central state-owned enterprises (SOEs) are characterized by stable dividends and low valuations, making them attractive for defensive investment [7][16]. 3. Companies exploring diversified transformation paths, such as "construction+" models, are expected to create new growth curves in emerging fields like smart manufacturing and digital economy [20]. Section 3: Market Review - The construction sector index rose by 1.12% during the week, while the Shanghai Composite Index fell by 0.03% [31]. - Among the stocks, Hopu Co. saw a significant increase of 44.63%, while the overall market had 127 stocks in the construction sector rise [31].

Group 1: Metal and Mining Sector - Zijin Mining's copper production is expected to increase by 7% to 115,000 tons in 2025, with gold production rising by 16% to 85 tons[15] - The company's projected net profit for 2024 is 32.05 billion CNY, increasing to 42.06 billion CNY in 2025, and 49.36 billion CNY in 2026, with a PE ratio decreasing from 14.39 to 9.34[13] Group 2: Construction Materials Sector - China National Materials Technology's net profit is forecasted to grow from 0.89 billion CNY in 2024 to 2.10 billion CNY in 2026, with a significant increase in high-end product capacity[20] - Keda Manufacturing's overseas revenue is projected to rise from 20 billion CNY in 2017 to 80 billion CNY in 2024, with overseas revenue share increasing from 36% to 64%[30] Group 3: Chemical Sector - Yara International's net profit is expected to reach 0.2 billion CNY in 2024, 3.0 billion CNY in 2025, and 7.2 billion CNY in 2026, driven by the expansion of special glass fiber production[25] - Ba Tian Co. is projected to maintain a strong profit margin due to its diverse fertilizer product offerings, with a production capacity of 200,000 tons of phosphate rock annually[79] Group 4: Aviation Sector - Juneyao Airlines is expected to achieve a net profit of 1.05 billion CNY in 2024, increasing to 2.0 billion CNY in 2025, with a PE ratio of 27.2 in 2024 and dropping to 11.4 in 2026[70] - The airline's operational efficiency is highlighted by its leading cost control, with a significant reduction in financial expenses anticipated in the coming years[70]

Focus Events - Vanke founder Wang Shi is attempting to establish smooth communication with the decision-making team to ensure a stable transition and protect the interests of investors, partners, and employees [1] - Muyuan Foods has submitted a listing application to the Hong Kong Stock Exchange, with plans to use the raised funds for global expansion, supply chain development, strategic initiatives, and R&D investments [3] - Henan Jiachen Intelligent Control Co., Ltd. has completed its listing guidance and is in the acceptance phase, aiming to publicly issue shares on the Beijing Stock Exchange [5] Industry Dynamics - The Ministry of Industry and Information Technology, the National Development and Reform Commission, and the National Data Bureau have issued a plan to accelerate the digital transformation of the electronic information manufacturing industry, focusing on advanced computing, 5G-A, and AI applications [7] - The State-owned Assets Supervision and Administration Commission emphasizes strengthening the machine tool industry and accelerating digital transformation through AI technology [9][10] Company Focus - China Chengtong is focusing on special bond investments, the establishment of a science and technology innovation fund, and increasing loan investments to support state-owned enterprise upgrades and strategic emerging industries [11] - Zhongchao Holdings has seen its stock price rise significantly, with a 46.53% increase over four consecutive trading days, while the actual controller has sold 3.49 million shares [12] - Changan Automobile plans to invest over 200 billion yuan in new energy and intelligent vehicles, with expectations to produce humanoid robots by 2028 [12] - Xiaomi Group reported a record high revenue of 111.3 billion yuan for Q1 2025, a 47.4% year-on-year increase, with adjusted net profit reaching 10.7 billion yuan, up 64.5% [13] - Pinduoduo's Q1 2025 revenue was 95.67 billion yuan, a 10% increase year-on-year, but adjusted net profit fell by 45% [14] - Guotai Haitong plans to increase capital by 1.5 billion yuan to Guotai Junan Futures for net capital supplementation [15] - ZTO Express has terminated the restructuring plan for its subsidiary due to a lack of consensus on transaction terms and changes in market conditions [18]

Market Overview - The A-share market showed weakness today, with the Shanghai Composite Index closing down by 0.18% and a total trading volume of 1.02 trillion yuan. Over 2,600 stocks rose while 2,576 fell, with 95 stocks hitting the daily limit up and 5 hitting the limit down [1]. Sector Performance - The agricultural chemical sector saw significant gains in the afternoon, with Zhongqi Co. hitting the daily limit up. Other stocks like Zhongnong United, Guangxin Co., and Lier Chemical also reached the limit up [1]. - Consumer goods stocks performed strongly throughout the day, particularly in the beverage manufacturing and clothing sectors, which had the highest gains [1]. Historical Highs - A total of 23 stocks reached historical closing highs today, with a concentration in the machinery equipment, pharmaceutical biology, and food and beverage sectors, featuring 6, 5, and 2 stocks respectively [2]. - The average increase for stocks that reached historical highs was 6.98%, with notable gainers including Hahai Huadong, Jinlongyu, and Jinghua Laser [2]. Institutional Activity - In the institutional trading board, 10 stocks saw net purchases from institutions, with Xinghui Co. leading at a net buy of 34.13 million yuan, followed by Qingdao Jinwang at 26.84 million yuan [5]. - Conversely, stocks like Xindadi and Nuofeng experienced net sales exceeding 40 million yuan [4]. Northbound Capital - Northbound capital saw net purchases in stocks like Greebo and Fenghuo Electronics exceeding 20 million yuan, while net sales over 20 million yuan were recorded for Baili Electric and San Sheng Guo Jian [6]. Corporate Announcements - Sichuan Road and Bridge is planning to acquire 100% equity of Chengdu Xinzhu Transportation Technology Co. from its controlling shareholder, which is expected to constitute a related party transaction [7]. - Muyuansheng has submitted an application for issuing H-shares and listing on the Hong Kong Stock Exchange [7]. - Keke Technology plans to repurchase shares for an employee stock ownership plan, with a budget of 10 to 20 million yuan [7]. - Zhizhi Co. announced a commitment from its controlling shareholder to not reduce their holdings from May 30 to December 31, 2025 [8].