Investment Rating - The industry investment rating is "Overweight" [2][26]. Core Viewpoints - Fixed asset investment has continued to weaken, with a cumulative year-on-year increase of only 0.5% for January to August 2025, a decrease of 1.1 percentage points compared to July 2025. Manufacturing investment also saw a year-on-year increase of 5.1%, reflecting a similar decline [4][12]. - Infrastructure investment is under pressure, with transportation, water conservancy, and public utility investments all showing declining growth rates. Infrastructure investment (including all categories) increased by 5.4% year-on-year, down 1.9 percentage points from July 2025. Excluding electricity, the growth rate was only 2.0% [5][12]. - Real estate investment remains low, with a year-on-year decrease of 12.9% for January to August 2025, and construction starts down by 19.5% [12][18]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is 0.5%, down 1.1 percentage points from the previous month. Manufacturing investment growth is also down to 5.1% [4][12]. Infrastructure Investment - Infrastructure investment (all categories) shows a year-on-year increase of 5.4%, with a decline of 1.9 percentage points from the previous month. Excluding electricity, the growth rate is only 2.0% [5][12]. - Specific sectors like transportation and public utilities are experiencing significant pressure, with transportation investment growing by only 2.7% year-on-year [5][12]. Real Estate Investment - Real estate investment has decreased by 12.9% year-on-year, with construction starts down by 19.5% and completions down by 17.0% [12][18]. - The current cycle is characterized by excessive supply clearance and difficulties in inventory replenishment, leading to a slow recovery in investment [12][18]. Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain flexibility as national strategic layouts deepen. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction among state-owned enterprises, and Zhi Te New Materials and Honglu Steel Structure among private enterprises [18].

天风证券（601162）发布研报称，近期反内卷关注度提升，可以从"价格弹性"角度、下游盈利改善及资 本开支角度、报表改善&"转型升级"角度和新能源材料及工程的相关品种四个角度把握建筑板块反内卷 投资机遇。抓项目促投资工作调度会指出，要紧盯国省"十四五"重大工程、省重点项目、中省预算内投 资项目、地方政府专项债券项目。伴随省内的重点项目加速推进，下半年基本面有望呈现加速改善的趋 势。近期石油沥青开工率回升明显，进入9月随着天气转凉，看好后续实物工作量的转化。 天风证券主要观点如下： 反内卷关注度再提升，重视建筑板块投资机遇 近期反内卷关注度提升，该行认为可以从四个角度把握反内卷投资机遇，1)"价格弹性"角度，关注受益 上游大宗涨价品种，重视"建筑+矿产"、"建筑+化工"等资源生产和贸易标的，同时重视资源加工板块的 鸿路钢构（002541）(002541.SZ)等; 2)下游盈利改善及资本开支角度，在"反内卷"推动下，钢铁行业自律性显著增强，供给端出现明显改 善，中钢国际（000928）25H1新签国内订单24.44亿，同比+53.81%，国内订单边际恢复，中材国际 （600970）25H1境内新签订单同比-2% ...

天风证券主要观点如下： 智通财经APP获悉，天风证券发布研报称，近期反内卷关注度提升，可以从"价格弹性"角度、下游盈利 改善及资本开支角度、报表改善&"转型升级"角度和新能源材料及工程的相关品种四个角度把握建筑板 块反内卷投资机遇。抓项目促投资工作调度会指出，要紧盯国省"十四五"重大工程、省重点项目、中省 预算内投资项目、地方政府专项债券项目。伴随省内的重点项目加速推进，下半年基本面有望呈现加速 改善的趋势。近期石油沥青开工率回升明显，进入9月随着天气转凉，看好后续实物工作量的转化。 反内卷关注度再提升，重视建筑板块投资机遇 1)9月10日四川路桥(600039.SH)公告，为引入认可公司内在价值和看好未来发展的价值投资者、优化公 司股权结构，蜀道集团计划通过大宗交易方式减持公司股份不超过173,911,812股，即不超过公司总股本 的2%; 2)25H1四川路桥累计新增中标项目218个，金额约722亿元，同比增长22.20%，其中，基建订单增速高 达25.88%，新开工项目受土地组卷报批、项目红线用地征拆等前期工作影响，未能实现大面积动工， 项目接续不足，公司上半年收入有所承压，8月28日，抓项目促投资工作 ...

行业报告 | 行业研究周报 建筑装饰 证券研究报告 积极把握反内卷投资主线，重视四川路桥投资机会 核心观点 反内卷关注度再提升，重视建筑板块投资机遇 近期反内卷关注度提升，我们认为可以从四个角度把握反内卷投资机遇， 1）"价格弹性"角度，关注受益上游大宗涨价品种，重视"建筑+矿产"、 "建筑+化工"等资源生产和贸易标的，同时重视资源加工板块的鸿路钢构 等； 2）下游盈利改善及资本开支角度，在"反内卷"推动下，钢铁行业自律性 显著增强，供给端出现明显改善，中钢国际 25H1 新签国内订单 24.44 亿， 同比+53.81%，国内订单边际恢复，中材国际 25H1 境内新签订单同比-2%， 工程技术、高端装备制造业务分别同比增长 10%、5%，推荐中钢国际、中 材国际，建议关注中铝国际； 3）报表改善&"转型升级"角度，科技属性更强的建筑公司未来有望受益 于科技型基建需求的结构性高景气； 4）新能源材料及工程的相关品种：光伏等新能源领域是本轮反内卷的重要 行业，建议关注新能源相关建筑标的； 5）供需格局，关注央国企蓝筹及优质地方国企。 引入战略投资者优化股权结构，基本面有望加速改善 1）9 月 10 日四川路桥公 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and chemical sectors, particularly focusing on those benefiting from infrastructure development in Xinjiang and coal chemical projects [10][21]. Core Insights - The year 2025 marks the 70th anniversary of the Xinjiang Uyghur Autonomous Region, with expectations for increased central government support and policies that could significantly boost the performance and valuation of companies in the region [1][2][10]. - Key investment opportunities are identified in two main areas: transportation infrastructure and coal chemical projects, with specific recommendations for companies such as China Communications Construction, North New Road Bridge, and China Chemical [2][10][21]. - The report highlights the potential for substantial investment in coal chemical projects in Xinjiang, estimating annual investments of approximately 997 billion, 2077 billion, and 2326 billion from 2025 to 2027 [2][21]. Summary by Sections Transportation Infrastructure - The report emphasizes the importance of enhancing transportation infrastructure in Xinjiang, with ongoing railway projects and expected progress on the China-Kyrgyzstan-Uzbekistan railway, which has a total investment of 8 billion USD [2][21]. - Recommended companies benefiting from this sector include Xinjiang Communications Construction, North New Road Bridge, and major players in cement and steel production [1][2][10]. Coal Chemical Projects - The report notes that Xinjiang has significant potential for coal chemical development, with over 800 billion in investments planned for ongoing and proposed projects by mid-2025 [2][21]. - Key companies in this sector include China Chemical, Donghua Technology, and Sanwei Chemical, which are expected to benefit from the acceleration of project launches and the rising demand for green methanol [2][10][21]. Valuation Reassessment - The report suggests that companies rich in mineral resources, such as China Metallurgical Group and China Railway Group, are due for a valuation reassessment due to rising prices of gold and copper amid a recovering economy [7][30]. - China Metallurgical Group's estimated value is 732 billion, with a potential upside of 64%, while China Railway Group's estimated value is 1490 billion, with a potential upside of 69% [7][30]. High Dividend Recommendations - The report highlights Sichuan Road and Bridge as a high-dividend stock, projecting a dividend yield of 6.4% for 2025, benefiting from the strategic importance of Sichuan in national infrastructure plans [8][10][21]. - Other companies recommended for their high dividend yields include China Construction and China Railway Group, with respective yields of 5% and 4.6% [6][10].

Group 1 - The company Sichuan Road and Bridge announced a share repurchase plan on September 12, 2025, through centralized bidding, involving the repurchase of 476,000 shares [2] - The repurchased shares represent 0.0055% of the company's total share capital [2]

Group 1 - The company Sichuan Road and Bridge (600039) announced a share buyback plan ranging from 100 million to 200 million yuan [1] - The maximum buyback price is set at 12.16 yuan per share [1]

截至发稿，四川路桥市值为753亿元。 每经头条（nbdtoutiao）——一次自救，"奥特曼"竟埋下百亿元损失的"时间炸弹"，现在被引爆！有人 却在疯狂赚钱⋯⋯ （记者 王晓波） 每经AI快讯，四川路桥（SH 600039，收盘价：8.66元）9月12日晚间发布公告称，2025年9月12日，公 司通过集中竞价交易方式首次回购股份约48万股，已回购股份占公司总股本的比例为0.0055%，回购的 最高成交价为8.76元/股，最低成交价为8.7元/股，支付的总金额为人民币约416万元。 2024年1至12月份，四川路桥的营业收入构成为：物流贸易占比6.25%，矿业及新材料占比3.12%，高速 公路投资运营占比2.69%，其他业务占比0.6%，清洁能源占比0.57%。 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-100 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首次回购股份的公告 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。 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出 回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 四川路桥建设集团股份有限公司（以下简称公司）于 2025 年 4 月 29 日召开 第八届董事会第五十五次会议，审议通过了《关于以集中竞价交易方式回购公司 股份的议案》。公司拟使用自有资金或自筹资金，以集中竞价交易方式回购公司部 分已发行的人民币普通股（A 股）股份，用于股权激励或转换公司发行的可转债。 本次回购金额不低于人民币 10,000 万元且不超过人民币 20,000 万元，回购股份的 价格上限为 12.54 元/股，回购股份期限为自公司董事会审议通过本次回购股份方 案之日起 12 个月 ...

关于 蜀道投资集团有限责任公司 免于发出要约收购四川路桥建设集团股份有限公司 的持续督导意见 财务顾问 申万宏源证券承销保荐有限责任公司 二〇二五年九月 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、"本 财务顾问"）接受委托，担任蜀道投资集团有限责任公司（以下简称"蜀道集团"、 "收购人"）豁免要约收购四川路桥建设集团股份有限公司（以下简称"四川路 桥"、"上市公司"）的财务顾问。 根据《上市公司收购管理办法》第七十一条，"自收购人公告上市公司收购 报告书至收购完成后 12 个月内，财务顾问应当通过日常沟通、定期回访等方式， 关注上市公司的经营情况，结合被收购公司定期报告和临时公告的披露事宜，对 收购人及被收购公司履行持续督导职责"。本财务顾问持续督导期为自 2021 年 6 月 4 日至收购完成后 12 个月内。 2025 年 8 月 30 日，上市公司披露了 2025 年半年度报告。通过日常沟通，结 合上市公司的2025年半年度报告，本财务顾问出具2025年半年度的持续督导意见， 本次持续督导期间为自 2025 年 1 月 1 日至 2025 年 6 月 30 日。本意见所依据的文 件 ...