Group 1 - Sichuan Road and Bridge announced a share buyback of approximately 7.65 million shares, accounting for 0.0879% of the total share capital, with a total expenditure of about 70.2 million RMB [1][1][1] - The highest and lowest prices for the repurchased shares were 9.85 RMB and 8.62 RMB per share, respectively [1][1][1] - As of the report date, the market capitalization of Sichuan Road and Bridge is 79.9 billion RMB [1][1][1] Group 2 - For the year 2024, the revenue composition of Sichuan Road and Bridge is as follows: logistics trade 6.25%, mining and new materials 3.12%, highway investment and operation 2.69%, other businesses 0.6%, and clean energy 0.57% [1][1][1]

证券代码：600039 证券简称：四川路桥 公告编号：2025-123 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 | | ...

中信证券股份有限公司 关于四川路桥建设集团股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易 之限售股份上市流通的核查意见 中信证券股份有限公司（以下简称"独立财务顾问"）作为四川路桥建设集 团股份有限公司（以下简称"上市公司"或"四川路桥"）发行股份及支付现金 购买四川省交通建设集团股份有限公司（2022 年 11 月 18 日更名为：四川省交 通建设集团有限责任公司，以下简称"交建集团"）95%股权、四川高路建筑工 程有限公司（2024 年 9 月 14 日更名为：四川蜀道建设工程有限公司，以下简称 "高路建筑"）100%股权和四川高速公路绿化环保开发有限公司（以下简称"高 路绿化"）96.67%股权并募集配套资金暨关联交易（以下简称"本次交易"）的 独立财务顾问，根据《上市公司重大资产重组管理办法》《上市公司并购重组财 务顾问业务管理办法》等规定，对四川路桥本次交易所涉及限售股份上市流通的 事项进行了审慎核查，具体情况如下： 一、本次解除限售股份取得的基本情况 四川路桥于 2022 年 11 月 14 日收到中国证券监督管理委员会出具的《关于 核准四川路桥建设集团股份有限公司向蜀道投资集团 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-122 四川路桥建设集团股份有限公司 关于发行股份及支付现金购买资产并募集配套资金暨 关联交易之限售股份上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为非公开发行股份；股票认购方式为网下，上市股数为 1,977,714,040股。 本次股票上市流通总数为1,977,714,040股。 本次股票上市流通日期为2025 年 12 月 1 日。 一、本次限售股上市类型 本次限售股上市类型为非公开发行的有限售条件流通股。 （一）核准情况 四川路桥建设集团股份有限公司（以下简称公司或上市公司）于 2022 年 11 月 14 日收到中国证券监督管理委员会出具的《关于核准四川路桥建设集团股份有 限公司向蜀道投资集团有限责任公司等发行股份购买资产并募集配套资金的批复》 （证监许可〔2022〕2758 号），核准公司向蜀道投资集团有限责任公司（以下简称 蜀道集团）发行 218,889 股股份、向四川高速公路建设开发集团有限公司（ ...

Investment Rating - The report maintains an investment rating of "Outperform" for the construction and decoration industry [3]. Core Viewpoints - The report highlights a continued decline in fixed asset investment in October, with a focus on the positive impact of moderately loose monetary policy and the acceleration of strategic project implementation [14][20]. - It emphasizes the increase in net financing of special bonds and rapid deployment of special government bonds, indicating a supportive funding environment for infrastructure projects [21][19]. Summary by Sections Industry Perspective and Investment Recommendations - The construction and decoration index rose by 0.35%, outperforming the overall A-share index by 0.53 percentage points, with notable performances in landscaping engineering and decoration sectors [13][30]. - Fixed asset investment from January to October 2025 reached CNY 408,914 billion, down 1.7% year-on-year, with infrastructure investment at CNY 203,809 billion, growing by 1.5% [14][16]. Key Company Dynamics - China Construction reported a new contract total of CNY 33,194 billion from January to October 2025, up 2.0% year-on-year [37]. - China Metallurgical Group announced a new contract amount of CNY 8,451 billion, down 11.8% year-on-year [37]. Valuation Status - As of November 14, 2025, the price-to-earnings (PE) ratios for various construction sub-sectors were as follows: housing construction at 6.64x, decoration at -24.37x, and municipal engineering at 8.14x [40].

Core Viewpoint - The article highlights the performance and investment appeal of the Dividend Low Volatility ETF (512890), which has shown significant capital inflows and strong market recognition. Group 1: ETF Performance - The Dividend Low Volatility ETF (512890) rose by 1.15% to 1.233 CNY, with a trading volume of 4.18 billion CNY, leading its category in terms of transaction scale [1][3] - Over the past five trading days, the ETF has seen a net inflow of 180 million CNY, and over the last 20 trading days, the net inflow reached 1.15 billion CNY, indicating strong investor interest [2][3] - As of November 19, 2025, the ETF's total circulation scale was 21.431 billion CNY, ranking first among similar products, reflecting market confidence in the dividend low volatility strategy [2][3] Group 2: Investment Strategy and Holdings - The ETF's top holdings include major banks and transportation sectors, such as China Grain Reserves Corporation, Nanjing Bank, and Agricultural Bank of China, showcasing a focus on stable dividend-paying stocks [2][6] - The ETF has achieved a cumulative return of 143.68% since its inception in December 2018, outperforming its benchmark, making it a viable option for investors seeking stable returns amid market volatility [6] Group 3: Market Outlook - Analysts from Zheshang Securities express optimism about the value of dividend assets, predicting a balanced market style in 2026, with cyclical and technology growth sectors performing well [5] - The banking sector is highlighted as having significant investment potential due to its low historical valuations and strong dividend policies, making it an attractive choice for long-term investors [5]

2025 年第五次临时股东会 四川路桥建设集团股份有限公司 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。 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： 四川路桥建设集团股份有限公司 2025 年第五次临时股东会 会议资料 2025 年 11 月 24 日 1 2025 年第五次临时股东会 四川路桥建设集团股份有限公司 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。 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 ...

Group 1 - The new policy financial tools have been fully deployed, supporting private investment and REITs issuance [2] - As of October 29, 500 billion yuan of new policy financial tools have been allocated, with a portion supporting key private investment projects [2] - A total of 18 private investment projects have been recommended to the CSRC, with 14 projects already issued, raising nearly 30 billion yuan [2] Group 2 - The central bank aims to maintain reasonable price levels and ensure steady growth, employment, and expectations [3] - In October, new social financing amounted to 815 billion yuan, a year-on-year decrease of 597 billion yuan [3] - The central bank emphasizes the importance of promoting reasonable price recovery as a key consideration in monetary policy [3] Group 3 - The National Energy Administration has issued guidelines to promote the integrated development of renewable energy [4] - The guidelines aim to enhance the complementary development of various renewable energy sources and optimize energy structures [4] - There is a focus on improving the collaborative development of wind, solar, hydrogen, and storage technologies [4] Group 4 - Recommendations include sectors such as copper and cobalt resources, energy storage, dividends, and infrastructure in the western region [5] - Specific stock recommendations include China Railway (601390) for copper, China Metallurgical (601618) for nickel, and China Construction (601668) for low valuation and high dividends [5] - The report also highlights opportunities in AI and low-altitude economy sectors, recommending companies like Design Institute (603357) and Huazhong International (002949) [5]

Core Viewpoint - Sichuan Road and Bridge experienced a stock price increase of 40.01% year-to-date, with a recent decline of 3.32% over the last five trading days, indicating volatility in its stock performance [1]. Financial Performance - For the period from January to September 2025, Sichuan Road and Bridge achieved a revenue of 732.81 billion, representing a year-on-year growth of 1.95%, and a net profit attributable to shareholders of 53.00 billion, reflecting an increase of 11.04% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 188.55 billion, with 140.54 billion distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 20.10% to 60,500, while the average circulating shares per person decreased by 16.59% to 110,993 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 96.12 million shares, a decrease of 18.47 million shares from the previous period [3].

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, emphasizing long-term growth logic, low valuations, and high dividend yields [12][15][22]. Core Viewpoints - The market has been characterized by a "high cut low" trend since the fourth quarter, with the dividend index rising by 8.3% from early October, significantly outperforming major indices [2][15]. - The construction sector has shown significant underperformance year-to-date, with a rise of only 11.6%, ranking 23rd among 30 industries, while valuations remain at historical lows [2][22]. - Key investment directions include overseas expansion driven by urbanization and industrialization in emerging markets, and regional economic support in areas like Sichuan and Xinjiang [3][7][15]. Summary by Sections Overseas Demand and Expansion - The report highlights the sustained high demand for overseas construction, driven by urbanization and industrialization in emerging countries, such as Saudi Arabia's "Vision 2030" and various infrastructure investment plans in Southeast Asia [3][24]. - Chinese companies are accelerating their overseas operations, with 3,667 A-share companies disclosing overseas revenue, totaling 9.52 trillion yuan, a 56.58% increase from 2020 [3][27]. - Recommended companies benefiting from this trend include China Chemical Engineering, Jinggong Steel Structure, Jianghe Group, and China National Materials [6][15][22]. Regional Economic Opportunities - The report identifies Sichuan, Xinjiang, and Tibet as regions likely to receive significant policy support, with Sichuan positioned as a strategic hub for national development [7][29]. - Investment in Xinjiang's coal chemical industry is projected to accelerate, with estimated annual investments of 690 billion yuan in 2025, 1,293 billion yuan in 2026, and 2,156 billion yuan in 2027 [7][30]. - Key companies recommended in this context include Sichuan Road and Bridge, China Chemical Engineering, Sanwei Chemical, and Donghua Technology [7][15][35]. High Dividend Yield Opportunities - Many recommended companies have committed to high dividend payouts, with Sichuan Road and Bridge promising a minimum payout ratio of 60% from 2025 to 2027, and Jinggong Steel Structure committing to at least 70% [8][35]. - Expected dividend yields for 2026 are projected at 6.6% for Sichuan Road and Bridge, 6.3% for Jinggong Steel Structure, and 5.4% for China National Materials, indicating strong investment appeal [8][35]. Semiconductor Cleanroom Sector - The report notes that the AI development wave is driving demand for semiconductor cleanrooms, with global investment expected to reach 168 billion yuan by 2025 [9][35]. - Key players in this sector include Yaxin Integration, Shenghui Integration, and Bocheng Co., which are positioned to benefit from the expanding market [9][35]. Commercial Satellite Sector - The report emphasizes the increasing support for the commercial aerospace industry, with a focus on low-orbit satellite constellations and a projected surge in satellite launches starting next year [10][11]. - Recommended companies in this area include Shanghai Port Bay, which is expected to benefit from the increase in launch activities [10][11].