Summary of Key Points Core Viewpoint - As of June 23, the total market financing balance reached 1.81 trillion yuan, indicating a daily increase of 4.22 billion yuan, with notable net purchases in various sectors, particularly in technology, banking, and pharmaceuticals [1]. Group 1: Market Financing Overview - The financing balance in the Shanghai market was 913.05 billion yuan, increasing by 1.99 billion yuan from the previous trading day [1]. - The financing balance in the Shenzhen market was 886.65 billion yuan, with an increase of 2.12 billion yuan [1]. - The financing balance in the Beijing Stock Exchange was 5.47 billion yuan, up by 102 million yuan [1]. Group 2: Individual Stock Performance - On June 23, a total of 1,984 stocks received net financing purchases, with 373 stocks having net purchases exceeding 10 million yuan [1]. - The top net purchase stock was Sifang Jingchuang, with a net purchase amount of 410.23 million yuan, followed by Hengbao Co. and China Merchants South Oil with net purchases of 22.08 million yuan and 12.82 million yuan, respectively [2]. - The sectors with the highest concentration of stocks receiving net purchases over 50 million yuan included computer, banking, and pharmaceutical industries, with 5, 4, and 3 stocks respectively [1]. Group 3: Financing Balance and Market Capitalization - The average financing balance as a percentage of market capitalization for stocks with significant net purchases was 4.28% [2]. - The stock with the highest financing balance relative to its market capitalization was Tibet Tianlu, with a financing balance of 1.09 billion yuan, accounting for 9.73% of its market value [2]. - Other notable stocks with high financing balance percentages included Jianghuai Automobile (8.92%), Hengbao Co. (8.15%), and Tianyang Technology (8.08%) [2].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The report emphasizes the importance of seizing the mid-year reporting window, continuing to recommend downstream high prosperity and western structural prosperity varieties [2][3] - The real estate sector is currently in a slow adjustment phase, with a focus on promoting market stabilization from both supply and demand sides [2][14] - The report highlights potential overperformance in Q2 for companies in the fiberglass, coatings, and ester chemical sectors, suggesting continued focus on these areas [3][20] Market Review - The Shanghai and Shenzhen 300 index fell by 0.45%, while the construction materials sector (CITIC) dropped by 1.68%. However, the fiberglass and glass sectors achieved positive returns [12][17] - Notable individual stock performances included Kaisheng New Energy (+18.0%), Zhenan Technology (+17.7%), and Quartz Shares (+14.9%) [12][17] Key Sub-industry Tracking - Cement: National cement market prices fell by 0.9% week-on-week, with demand weakening due to seasonal factors [17] - Glass: The photovoltaic glass market showed weak overall transactions, with prices declining [18] - Fiberglass: The market for non-alkali roving remained stable, with prices slightly down [19] Recommended Stocks - Key recommended stocks include: - China National Materials (17.58 CNY, Buy) - Three Trees (34.70 CNY, Buy) - Honghe Technology (13.68 CNY, Hold) - Qingsong Construction (3.59 CNY, Buy) - Gaozheng Mining (32.60 CNY, Hold) - Tibet Tianlu (8.07 CNY, Hold) - Shafeng Cement (8.03 CNY, Buy) [9][20]

章 程 （2025年6月 修订草案） 西 藏 天 路 股 份 有 限 公 司 T IBET T IANLU CO . ， LTD. 西藏天路 代码： 600326 公司章程 第一章 总则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为，根据《中华人民共 和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）和其他有 关 规定，制订本章程。 第二条 西藏天路股份有限公司系依照《公司法》和其他有关规定成立的股份有限公司（以下 简称"本公司"或"公司"）。 公司经西藏自治区人民政府藏政函（1999）80 号文和和西藏自治区经济贸易体制改革委员会 藏经委企复（1999）第 72 号文批准，以发起方式设立；在西藏自治区工商行政管理局注册登记， 取得营业执照，公司统一社会信用代码为 91540000710905111C。 第三条 公司于 2000 年 12 月 19 日经中国证券监督管理委员会证监发行字2000179 号文核 准，首次向社会公众发行人民币普通股 4000 万股，全部为向境内投资人发行的以人民币认购的内 资股(即人民币普通股)，于 2001 年 1 月 16 日 ...

证券代码：600326 证券简称：西藏天路 公告编号：2025-036 号 转债代码：110060 转债简称：天路转债 债券代码：188478 债券简称：21 天路 01 西藏天路股份有限公司 关于续开展信托融资业务的公告 二、信托融资业务主要内容 一年期定期存款挂牌利率计算，待融资到期后，本金及利息将全额返还。） 上述具体业务内容以公司与信托公司最终签订的相关协议为准。 三、合作对方的基本情况介绍 （一）西藏信托有限公司 注册资本：520,000 万元人民币 法定代表人：周贵庆 注册地址：西藏拉萨市经济开发区博达路 1 号阳光新城别墅区 A7 栋 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、概述 西藏天路股份有限公司（以下简称"公司"）为进一步契合企业自身发展目 标，全面提升上市公司资本运作效能，增强资金统筹的灵活性与配置效率，最大 化释放资产价值，优化企业财务结构、改善资金流动性，拟继续向信托机构申请 总额不超过 3 亿元的信托融资，融资期限为 1 年，融资利率不超过 3.3%，同时 需按融资金额的 1%向信托业保 ...

Summary of Key Points Core Viewpoint - The company, Xizang Tianlu Co., Ltd., has announced that its subsidiary, Chongqing Zhongjiao Recycling Resources Development Co., Ltd., will receive a guarantee for a loan application not exceeding 80 million yuan from Agricultural Bank of China, which requires shareholder approval due to the subsidiary's debt ratio exceeding 70% [1][4]. Group 1: Guarantee Details - Chongqing Zhongjiao plans to apply for a comprehensive credit renewal of up to 80 million yuan, including a working capital loan of 20 million yuan and supply chain finance of 60 million yuan, with a loan term of 2-3 years [2][3]. - The interest rates for the loans are capped at 4% for working capital loans and 3.8% for supply chain finance [2][3]. - The guarantee involves pledging 100% equity of two subsidiaries and a mortgage on an industrial land parcel of 33,520 square meters [2][3]. Group 2: Financial Overview - As of December 31, 2024, the total assets of Chongqing Zhongjiao were approximately 1.83 billion yuan, with total liabilities of about 1.58 billion yuan, resulting in a debt ratio exceeding 70% [6][8]. - The company reported a net loss of approximately 89.9 million yuan for the last fiscal year [6]. - The total amount of external guarantees provided by the company and its subsidiaries is 445.6561 million yuan, which is 2.76% of the company's latest audited net assets [8]. Group 3: Board Approval and Risk Management - The board of directors unanimously approved the guarantee proposal, indicating effective control over the subsidiary's operational risks and credit situation [7][8]. - The company has no overdue external guarantees, reflecting a stable financial management approach [3][8].

的规定，在公司中设立中国共产党的组织， 的规定，在公司中设立中国共产党的组织， 建立党的工作机构，配齐配强专兼职党务工 建立党的工作机构，配齐配强专兼职党务工 作人员。 作人员。 证券代码：600326 证券简称：西藏天路 公告编号：2025-035 号 转债代码: 110060 转债简称：天路转债 债券代码：188478 债券简称：21 天路 01 西藏天路股份有限公司 关于修改公司章程的公告 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。 根据《中国共产党章程》《中国共产党基层组织选举工作条例》等党内法规 对党的基层组织设置、党委委员人数的要求，结合公司实际，决定对党委委员相 关内容进行修订并进行工商变更登记。 具体修改条款如下： 修订前 修订后 公司党组织关系隶属西藏建工建材集团 副书记 2 名。党委委员由党员大会（或党员 有限公司党委。公司党委按照有关规定，根据 代表大会）选举产生，每届任期 5 年。任期 工作需要逐级设立党的基层委员会、总支部委 届满，应按期进行换届选举。如需调整党委 员会、支部委员会，建立健全党的基 ...

Core Viewpoint - The company intends to reappoint Xinyong Zhonghe Accounting Firm as its external auditor for the fiscal year 2025, following a competitive negotiation process and a thorough review of the firm's qualifications and independence [1][5][6] Group 1: Audit Firm Information - The proposed audit firm is Xinyong Zhonghe Accounting Firm, established on March 2, 2012, with a registered address in Beijing [1] - As of December 31, 2024, Xinyong Zhonghe has 259 partners and 1,780 registered accountants, with over 700 accountants having signed audit reports for securities services [1][2] - In 2023, Xinyong Zhonghe reported a total revenue of 4.046 billion yuan, with audit services contributing 3.015 billion yuan and securities services 996 million yuan [2] Group 2: Audit Project Details - The proposed signing partner for the audit project is He Yong, who has been providing audit services since 2022 and has signed and reviewed over 8 listed companies in the past three years [3] - The quality review partner is Cui Xifu, who has been with the firm since 2005 and has signed and reviewed over 10 listed companies in the last three years [3] - The signing accountant is Ding Mao, who has been providing audit services since 2017 and has signed 2 listed companies in the past three years [3] Group 3: Audit Fees and Procedures - The total audit fee for 2024 is set at 700,000 yuan, comprising 400,000 yuan for financial report auditing and 300,000 yuan for internal control auditing [5][6] - The audit committee has reviewed and supervised the selection process, confirming that Xinyong Zhonghe meets the qualifications and independence requirements set by the China Securities Regulatory Commission [5][6] - The board of directors approved the reappointment of Xinyong Zhonghe at a meeting held on June 20, 2025, with a unanimous vote [6]

证券代码：600326 证券简称：西藏天路 公告编号：2025-033 号 转债代码：110060 转债简称：天路转债 债券代码：188478 债券简称：21 天路 01 西藏天路股份有限公司 第七届董事会第十三次会议决议公告 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。 表决结果：9 票同意，0 票反对，0 票弃权。 详见同日刊登在《中国证券报》《上海证券报》《证券时报》《证券日报》 及上海证券交易所 http://www.sse.com.cn 网站上的《西藏天路股份有限公司 关于修改公司章程的公告》（2025-035 号）。 该议案尚需提请公司股东大会审议。 三、审议通过了《关于公司续开展信托融资业务的议案》 西藏天路股份有限公司（以下简称"公司"）第七届董事会第十三次会议于 前发送至公司各位董事、监事及高级管理人员。本次会议应出席董事 9 人，实际 出席董事 9 人。会议召开及表决程序符合《公司法》《公司章程》及《西藏天路 股份有限公司董事会议事规则》的规定，经与会董事以通讯方式表决，形成决议 如下： 一、审议通过了《 ...

证券代码：600326 证券简称：西藏天路 公告编号：2025-038 号 债券代码：188478 债券简称：21 天路 01 西藏天路股份有限公司 关于召开2025年第二次临时股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 转债代码: 110060 转债简称：天路转债 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 7 月 8 日 10 点 00 分 召开地点：西藏拉萨市夺底路 14 号公司 6610 会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 7 月 8 日 至2025 年 7 月 8 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11 ...

一、概述 西藏天路股份有限公司（以下简称"公司"）为进一步契合企业自身发展目 标，全面提升上市公司资本运作效能，增强资金统筹的灵活性与配置效率，最大 化释放资产价值，优化企业财务结构、改善资金流动性，拟继续向信托机构申请 总额不超过 3 亿元的信托融资，融资期限为 1 年，融资利率不超过 3.3%，同时 需按融资金额的 1%向信托业保障协会缴纳保证金，保证金利息将参照央行最新 公布的一年期定期存款挂牌利率计算，待融资到期后，本金及利息将全额返还。 | 证券代码：600326 | 证券简称：西藏天路 公告编号：2025-036 号 | | --- | --- | | 转债代码：110060 | 转债简称：天路转债 | | 债券代码：188478 | 债券简称：21 天路 01 | 西藏天路股份有限公司 关于续开展信托融资业务的公告 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。 该议案已经公司第七届董事会第十三次会议审议通过，无需提交公司股东大 会审议。本项业务不涉及关联交易，也不构成《上市公司重大资产重组管理办法》 规定的重大 ...