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 8 月 19 日在公司以现场结合通讯方式召开，会 议通知于 2025 年 8 月 13 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。其中董事赵志 鹏、李黔以通讯方式参会。 （四）本次董事会由董事长孙立成主持，公司部分监事及高级管理人员列 席会议。 二、董事会会议审议情况 证券代码：600039 证券简称：四川路桥 公告编号：2025-083 四川路桥建设集团股份有限公司 第八届董事会第五十九次会议决议的公告 证券代码：600039 证券简称：四川路桥 公告编号：2025-083 （一）审议通过了《关于成立总部相关职能部门的议案》 根据公司实际需要，同意成立资产运营管理部、物资设备管理部与工程项目 成本管理中心，并授权公司经理层决定前述职能部门后续的具体实施或调整（整 合、撤销）等相关事宜。 表决结果：十票赞成，零票 ...

● 回购股份价格：本次回购股份的价格上限为 12.16 元/股。 证券代码：600039 证券简称：四川路桥 公告编号：2025-086 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的回购报告书 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： ● 回购股份金额：本次拟用于回购的资金总额为不低于人民币 10,000 万元且 不超过人民币 20,000 万元。 ● 回购股份资金来源：公司自有资金或自筹资金。 ● 回购股份用途：拟用于股权激励或转换公司发行的可转债。 ● 回购股份方式：通过上海证券交易所交易系统以集中竞价交易方式进行股 份回购。 ● 回购股份期限：自公司董事会审议通过回购股份方案之日起 12 个月内。 ● 相关股东是否存在减持计划：截止本报告披露日，除公司控股股东非公开 发行的可交换公司债券外，公司董事、监事、高级管理人员、控股股东及其一致 行动人在未来 3 个月、未来 6 个月均无减持公司股份的计划。如后续有相关减持 股份计划，将按照法律、法规及规范性文件的要求及时配合公司履行信 ...

Group 1 - Sichuan Road and Bridge (600039.SH) announced the involvement of its subsidiaries in construction projects [1] - The subsidiaries mentioned include Sichuan Highway Bridge Construction Group Co., Ltd. and Sichuan Transportation Construction Group Co., Ltd. [1] - The announcement highlights the company's ongoing activities in the infrastructure sector [1]

证券之星消息，8月19日基础建设板块较上一交易日下跌0.08%，东珠生态领跌。当日上证指数报收于 3727.29，下跌0.02%。深证成指报收于11821.63，下跌0.12%。基础建设板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603359 | 东珠生态 | 7.56 | -2.95% | 28.12万 | 2.15 乙 | | 002941 | 新疆交建 | 15.48 | -2.82% | 69.17万 | 10.86 Z | | 002307 | 北新路桥 | 4.78 | -2.05% | 93.43万 | 4.48亿 | | 603007 | *ST花王 | 4.66 | -1.48% | - 11.42万 | 5344.78万 | | 603388 | *ST元成 | 2.28 | -1.30% | 17.67万 | 4039.60万 | | 002717 | ST岭南 | 1.63 | -1.21% | 64.04万 | 1.05亿 | | 600039 ...

Core Insights - The central government has clarified its stance on addressing "involution" competition, transitioning from policy formulation to implementation since the second half of 2024 [1][2] - In July 2025, 33 construction-related central enterprises, state-owned enterprises, and private enterprises issued a "Proposal" advocating for the "Four No's" principle: no scale assembly, no blind expansion, no excessive debt, and no shell structures, aiming to resist "involution" competition and shift focus from price competition to value competition [1][2] Construction Industry Analysis - The report emphasizes the shift from price competition to value competition in the construction industry, driven by the "anti-involution" policy [2] - The analysis categorizes the construction industry into three major segments: central state-owned enterprise blue chips, international engineering, and steel structure [2] Central State-Owned Enterprises - For traditional undervalued central state-owned enterprise blue chips, the focus should be on three dimensions: dividend capability, price elasticity, and technological transformation [3] - In Q1 2025, the market share of nine major construction central enterprises increased to 59.89%, indicating strong order acquisition capabilities [3] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [3] International Engineering Sector - The international engineering sector benefits from price elasticity, particularly with rising expectations for resource prices [4] - North China International, which has a significant coal sales volume, is highlighted for its potential profit contributions from coal business in 2026 [4] Steel and Cement Industries - The steel and cement industries are expected to improve profitability through the exit of outdated capacities and product structure upgrades [5] - Companies like China National Materials and China Steel International are recommended, with China Aluminum International suggested for attention [5] Steel Structure Sector - The steel structure sector is divided into manufacturing and installation segments, with rising steel prices benefiting manufacturing companies like Honglu Steel Structure [6] - The transition towards intelligent construction and green building is expected to enhance the competitive advantages of leading companies in the installation segment, such as Jinggong Steel Structure and Jianghe Group [6]

Core Viewpoint - Sichuan Road and Bridge has seen a net financing inflow of 16.69 million yuan last week, ranking 480th in the market, indicating a moderate level of investor interest [1] Financing and Investment Data - Last week, the total financing amount for Sichuan Road and Bridge was 127 million yuan, while the repayment amount was 110 million yuan [1] - Over the past 5 days, the main capital outflow was 44.39 million yuan, with a decline of 3.05% in this period [1] - Over the past 10 days, the main capital outflow reached 75.55 million yuan, with a decline of 2.74% [1] Company Overview - Sichuan Road and Bridge Construction Group Co., Ltd. was established in 1999 and is located in Chengdu, primarily engaged in civil engineering construction [1] - The company has a registered capital of 8.71 billion yuan and a paid-in capital of 150 million yuan [1] - The legal representative of the company is Sun Licheng [1] Business Activities - Sichuan Road and Bridge has made investments in 22 enterprises and participated in 2,289 bidding projects [1] - The company holds 25 trademark registrations and 63 patent registrations, along with 16 administrative licenses [1]

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - Recent acceleration in major infrastructure projects in Tibet and Xinjiang has drawn market attention, with additional key regions identified for potential investment opportunities [2][6] - The report highlights the strategic importance of regions such as Chongqing, Sichuan, and Shaanxi in the context of national development and infrastructure investment [7][11] Summary by Relevant Sections Chongqing - Chongqing is positioned as a significant strategic hub in the western development initiative, benefiting from the Chengdu-Chongqing economic circle and major projects like the Three Gorges Waterway New Channel with a static total investment of approximately 76.6 billion [7] - The region's construction potential is bolstered by the release of project lists exceeding 70 billion for the new land-sea channel [7] Sichuan - Sichuan is recognized as a national strategic hinterland, with plans for four major projects totaling 736 billion in investment over the next five years [11] - The province's highway network is projected to reach about 20,000 kilometers by 2035, indicating sustained construction demand [11] Shaanxi - Shaanxi has a higher proportion of infrastructure investment compared to the national average, with significant projects underway, including the completion of 600 provincial key projects with an investment of approximately 260.8 billion in the first half of 2025 [11] - The region is expected to benefit from the strategic hinterland development, with ongoing advancements in transportation and energy sectors [11]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The construction sector is expected to benefit from rising resource prices, particularly in the "construction + mining" sector, with a focus on the revaluation of mineral resources [2][13] - Recent inflation data in the US is favorable for the Federal Reserve's interest rate cuts, which has elevated the valuation of the non-ferrous metals sector, indicating a potentially strong copper price trend [2][13] - The construction companies with rich mineral resources, such as China Metallurgical Group and China Railway Group, are highlighted for their growth potential in the mining sector [2][13] Summary by Sections Resource Price Expectations - There is an ongoing expectation of rising prices for resource commodities, which is likely to enhance the performance of construction companies involved in resource business [2][13] - The report emphasizes the importance of companies like Northern International and Shanghai Construction in the coal and gold sectors, respectively, as they are positioned to benefit from price elasticity and profit improvements [2][13] Market Performance Review - The construction index fell by 0.44% during the week, underperforming the CSI 300 index, which rose by 1.69%, resulting in a 2.12 percentage point lag [4][22] - Notable stock performances included Meichen Technology (+27%), Hongrun Construction (+23%), and Sentai Co. (+23%) [4][22] Investment Recommendations - The report suggests focusing on the recovery of infrastructure investments and the "anti-involution" investment theme, particularly in regions with high demand such as Sichuan, Zhejiang, Anhui, and Jiangsu [28][29] - Key recommendations include companies like Sichuan Road and Bridge, Zhejiang Communications, and major state-owned enterprises like China Communications Construction and China Railway Group, which are expected to benefit from strategic projects in the western regions [28][29] - The report also highlights the importance of nuclear power investments and emerging business directions in the construction sector, recommending companies like Libat and China Nuclear Engineering [30][31]

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - Infrastructure investment in July showed a high increase in railway and water electricity fuel investment, while overall infrastructure investment is experiencing marginal slowdown, particularly in the central and western regions [1][2] - Real estate development investment from January to July decreased by 12%, with a significant drop of 17.1% in July alone, indicating a continued weakness in the real estate sector [2] - The issuance of special bonds has accelerated, with a total of 27,775.89 billion yuan issued from January to July, representing a year-on-year increase of 56.5%, which is expected to support infrastructure investment growth in the second half of the year [1] - Cement demand is anticipated to gradually recover, with a focus on investment opportunities at relatively low points in the market, despite a 4.5% year-on-year decline in cement production from January to July [3] - The flat glass market is showing signs of improvement, with a slight increase in prices and a reduction in inventory levels, suggesting a potential recovery in demand [4] Summary by Sections Infrastructure Investment - In July, infrastructure investment growth was supported by a 21.5% year-on-year increase in water electricity fuel investment, while transportation and storage investment saw a 3.9% increase [2] - The report emphasizes the importance of focusing on major engineering projects and infrastructure investments in the central and western regions [1] Real Estate Sector - The real estate sector continues to show weakness, with significant declines in sales, new construction, and completion areas from January to July [2] - The report highlights the need for monitoring policy changes that could impact the real estate market [4] Cement and Glass Markets - Cement production decreased by 4.5% year-on-year, with a notable drop in July, but there are expectations for demand recovery as the market enters a peak season [3] - The flat glass market is experiencing a slight recovery, with improved trading conditions and reduced inventory levels [4]

证券之星消息，8月14日基础建设板块较上一交易日下跌1.25%，北新路桥领跌。当日上证指数报收于 3666.44，下跌0.46%。深证成指报收于11451.43，下跌0.87%。基础建设板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603952 | 大千生态 | 43.35 | 10.00% | 8.18万 | | 3.46亿 | | 002628 | 成都路桥 | 5.29 | 7.09% | 125.59万 | | 6.70 Z | | 300649 | 杭州元林 | 17.14 | 3.25% | - 10.73万 | | 1.83亿 | | 600039 | 四川路桥 | 8.42 | 0.72% | 63.42万 | | 5.41亿 | | 600853 | 龙建股份 | 3.96 | 0.25% | 36.87万 | | 1.46亿 | | 600820 | 隧道股份 | 6.69 | 0.00% | 47.23万 | | 3.16亿 | | ...