| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-058 | | --- | --- | --- | --- | --- | --- | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | ●本次董事会会议审议议案全部获得通过。 一、董事会会议召集、召开情况 上海隧道工程股份有限公司（简称"公司"）第十届董事会第五 十七次会议，分别于 2025 年 12 月 12 日、2025 年 12 月 15 日以电子 邮件方式发出会议通知和补充会议通知，并进行了电话确认，于 2025 年 12 月 17 日以通讯表决方式召开，应到董事 8 名，实到 8 名。本次 会议的召集、召开符合相关法律、法规和《公司章程》的规定。 二、董事会会议审议情况 （一）《公司关于注销昆明元鼎建设发展有限公司的议案》（该项议案 同意票 8 票，反对票 0 票，弃权票 0 票；是否通过：通过）； 上海隧道工程股份有限公司 第十届董事会第五十七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在 ...

Investment Rating - The report maintains a "stronger than the market" investment rating for the construction and decoration industry [3]. Core Viewpoints - The Central Economic Conference has set the tone for "dual easing," indicating that incremental policies and key projects are expected to advance [12][13]. - There is a significant increase in special bond net financing, with a cumulative net financing of 3.88 trillion yuan as of December 13, 2025, which is higher than the same period in the previous three years [13]. - The macroeconomic focus remains on stable growth, with expectations for further policies to promote infrastructure and real estate demand in the coming year [12]. Summary by Sections 1. Industry Viewpoints and Investment Recommendations - The construction and decoration index fell by 1.59% last week, with specific sectors like landscaping engineering (+1.74%) and municipal engineering (+0.20%) performing better [12]. - The Central Economic Conference emphasized a more proactive fiscal policy and moderately loose monetary policy, suggesting that strategic projects will accelerate [12]. - The report identifies three main investment lines: 1. Recommend state-owned enterprises benefiting from national key projects, such as China Railway Construction and China State Construction [17]. 2. Focus on high-prosperity segments related to major strategic projects, recommending companies like High Hope Explosive and China Railway Industry [17]. 3. Support for companies transitioning to new productive forces like AI and robotics, recommending firms such as Roman Holdings and Hongrun Construction [17]. 2. Market Review - The report notes that the special bond issuance has completed 103% of the annual issuance target, with a total of 4.54 trillion yuan issued [13][16]. - The construction sector's performance is tracked, with specific stocks showing significant gains, such as Yaxiang Integration (+25.2%) and Hexin Instruments (+13.4%) [23]. 3. Key Company Dynamics - The report tracks significant company announcements, including China Chemical's nylon new material project achieving full production capacity and Shanghai Construction's provision of guarantees totaling 63.89 billion yuan [30]. 4. Industry Valuation Status - As of December 12, 2025, the PE ratios for various construction sub-sectors are as follows: housing construction (6.25x), municipal engineering (7.89x), and chemical engineering (10.56x) [31].

Investment Rating - The industry investment rating is "Overweight" [2][25]. Core Insights - Fixed asset investment in China showed a cumulative year-on-year decline of 2.6% from January to November 2025, with manufacturing investment increasing by 1.9% [2][3]. - Traditional infrastructure investment has seen a widening decline, necessitating a stabilization of investment. Infrastructure investment (including all categories) grew by only 0.1% year-on-year, a decrease of 1.4 percentage points compared to the previous month [4][3]. - Real estate investment remains low, with a year-on-year decline of 15.9% from January to November 2025, indicating a weak recovery trajectory [11][3]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year decline in fixed asset investment is 2.6%, with a decrease of 0.9 percentage points from the previous month [3]. - Manufacturing investment has increased by 1.9%, but this is still a decline of 0.8 percentage points compared to the previous month [2]. Infrastructure Investment - Infrastructure investment (excluding electricity) has a year-on-year decline of 1.1%, with a decrease of 1.0 percentage points from the previous month [4]. - Specific sectors such as transportation, storage, and postal services saw a decline of 0.1%, while water, environment, and public facilities management experienced a decline of 6.3% [4]. Regional Investment Trends - Eastern regions reported a year-on-year decline of 6.6%, while central and western regions saw declines of 1.7% and 0.2%, respectively. The northeastern region faced a significant decline of 14.0% [4]. Real Estate Investment - Real estate investment has decreased by 15.9% year-on-year, with construction starts down by 20.5% and completions down by 18.0% [11]. - The current cycle is characterized by excessive clearing of supply entities and difficulties in inventory replenishment, leading to a slow recovery in investment [11]. Investment Recommendations - For 2026, the industry is expected to stabilize, with emerging sectors likely to benefit from major national strategies. Key companies to watch include Sichuan Road and Bridge, China Chemical, and others in new infrastructure and overseas markets [16].

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - Fixed asset investment growth in China has further declined, with a cumulative year-on-year decrease of 2.6% for January to November 2025, a drop of 0.9 percentage points compared to the previous period [2][3]. - Traditional infrastructure investment has seen an expanded decline, necessitating measures to stabilize investment. Infrastructure investment (including all categories) grew by only 0.1% year-on-year, down 1.4 percentage points from the previous month [4]. - Real estate investment remains low, with a year-on-year decrease of 15.9% for January to November 2025, indicating a weak recovery trajectory [11]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is -2.6%, with manufacturing investment showing a slight increase of 1.9% [2][3]. - The decline in traditional infrastructure investment has intensified, with significant drops in various sectors, including transportation and public facilities [4]. Infrastructure Investment - Infrastructure investment (excluding electricity) has decreased by 1.1% year-on-year, with notable declines in transportation and environmental management sectors [4]. - Regional investment disparities are evident, with the eastern region experiencing a 6.6% decline year-on-year [4]. Real Estate Investment - Real estate investment has decreased by 15.9% year-on-year, with construction starts down by 20.5% and completions down by 18.0% [11]. - The report anticipates a slow recovery in real estate investment due to challenges in inventory replenishment and supply chain issues [11]. Investment Recommendations - The report suggests that in 2026, industry investment is expected to stabilize, with emerging sectors likely to benefit from national strategic initiatives [15]. - Specific companies are highlighted for potential investment, including Sichuan Road and Bridge, China Chemical, and others in the new infrastructure and overseas markets [15].

Core Insights - The report emphasizes the acceleration of bidding for nuclear fusion projects and the operational launch of the Liebherr Nantong base, focusing on nuclear power and marine engineering modules [6][15][28] - The report highlights the structural recovery of infrastructure investment, particularly in Sichuan and Xinjiang, and recommends investments in low-valuation central state-owned enterprises [6][34] - The report tracks the development of cleanroom technology and the increasing capital expenditure of Taiwanese electronics companies in the U.S., indicating a trend of the Taiwanese supply chain moving to the U.S. [6][34] Group 1: Nuclear Fusion and Power Projects - The signing of a joint statement between China and France on December 4, 2025, promotes the development of nuclear power, recognizing nuclear fusion energy as a significant direction for future energy development [6][15] - The Liebherr Nantong base is expected to achieve an annual output value of CNY 560 million for nuclear modules and CNY 640 million for oil and gas energy modules, addressing the decline in traditional chemical business demand [6][28] - The report notes that the modular construction method in nuclear power can significantly shorten construction periods, with the Liebherr Nantong base now operational [6][28] Group 2: Cleanroom and Coal Chemical Industry - The report tracks the cleanroom sector, noting that TSMC plans to invest USD 165 billion in capital expenditures in the U.S., with Foxconn and Wistron also planning significant investments [6][34] - In the coal chemical sector, projects are progressing steadily, with Xinjiang remaining a primary investment area, including a 1.5 million tons/year coal-to-ethylene project [6][34] - The average price of medium and heavy plates in 13 regions decreased by 0.9%, while rebar prices fell by 1.0%, indicating a slight decline in steel prices [6][34] Group 3: Financial Tracking and Investment Recommendations - The report indicates that special bonds issued for refinancing have reached CNY 2.01 trillion, with a cumulative issuance of CNY 4.5 trillion in special bonds for the year, reflecting a 13.8% year-on-year increase [6][34] - The report recommends focusing on four main investment lines: infrastructure recovery, safety resources, technology in high-end manufacturing, and overseas business opportunities [6][34] - The funding availability rate for construction sites is reported at 59.74%, showing a slight increase from the previous week [6][34]

上海隧道工程股份有限公司 股东会议事规则 （2025 年修订） 第一章 总则 第一条 为了规范上海隧道工程股份有限公司（以下简称"公司"）股 东会的行为，保证公司股东会能够依法行使职权，维护公司和股东的 权益，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》"）、中国证监会颁布的 《上市公司股东会规则》（以下简称"《规则》"）、《上市公司治理准则》、 上海证券交易所《股票上市规则》、《上海隧道工程股份有限公司章程》 （以下简称"《公司章程》"）及其他相关法律法规的有关规定，特制 定本《议事规则》。 第二条 公司股东会由公司股东组成，股东会是公司的权力机构。股 东会应当在《公司法》和公司章程规定的范围内行使职权。 第三条 本规则适用于公司股东会，对公司、全体股东、股东授权代 理人、公司董事、高级管理人员以及列席股东会的其他有关人员均具 有约束力。 第四条 股东会分为年度股东会和临时股东会。年度股东会每年召开 1 一次，应当于上一会计年度结束后的六个月内举行。临时股东会不定 期召开，出现《公司法》第一百一十三条规定的应当召开临时股东会 的情形时，临时股东会应 ...

上海隧道工程股份有限公司 董事会议事规则 （2025 年修订） 目录 1 第三条 公司根据中国证监会的要求逐步建立以及完善独立董事制 度。 第四条 《公司法》规定的情形以及被中国证监会确定为市场禁入 者，并且禁入尚未解除的人员，不得担任公司的董事。 第一章 总则 第二章 董事和独立董事 第三章 董事会和董事会职权 第四章 董事会会议的召集、通知和出席 第五章 董事会会议的议程、议案与审议 第六章 董事会会议的表决 第七章 董事会会议的决议 第八章 董事会会议的记录 第九章 董事会秘书 第十章 附则 第一章 总则 第一条 为维护上海隧道工程股份有限公司（以下简称"公司"）及 公司股东的合法权益，明确董事会的职责与权限、议事程序，确保董 事会的工作效率、科学决策、规范运作，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》"）、《上市公司治理准则》、上海证券交易所《股票上市规 则》、《上海隧道工程股份有限公司章程》（以下简称"《公司章程》"）， 以及其他有关法律、法规的规定，特制定本规则。 第二章 董事和独立董事 第一节 董事 第二条 公司董事为自然人。董事 ...

上海隧道工程股份有限公司章程 （2025年修订） 目 录 第三章 股份 第四章 股东和股东会 第五章 董事和董事会 第六章 高级管理人员 第七章 党委 第九章 通知与公告 第一章 总则 第二章 经营宗旨和范围 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第一节 股东的一般规定 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第一条 为维护公司、股东、债权人和职工的合法权益，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"）、《中国共产党章程》、《中华 人民共和国企业国有资产法》(以下简称"《企业国有资产法》")和其他 有关规定，制订本章程。 第二条 公司系依照《股票发行与交易管理暂行条例》、《上海市股份有 限公司暂行规定》、《上海市证券交易管理办法》和其他有关规定成立的 股份有限公司(以下简称"公司")。 公司经上海市建设委员会关于上海市隧道工程公司改制为上海隧道 工程股份有限公司的批复批准以募集方式设立，在上海市 ...

上海隧道工程股份有限公司 《公司章程》修订对照表 | 原《公司章程》内容 | 修订后《公司章程》内容 | | --- | --- | | 第一条 为维护公司、股东、债权人和 | 第一条为维护公司、股东、债权人和 | | 职工的合法权益，规范公司的组织和 | 职工的合法权益，规范公司的组织和 | | 行为，根据《中华人民共和国公司法》 | 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 | (以下简称"公司法")、《中华人民共 | | 和国证券法》（以下简称"证券法"）、 | 和国证券法》（以下简称"证券法"）、 | | 《中国共产党章程》和其他有关规定， | 《中国共产党章程》、《中华人民共和 | | 制订本章程。 | 国企业国有资产法》(以下简称"《企 | | | 业国有资产法》")和其他有关规定， | | | 制订本章程。 | | 第二条 公司系依照《股票发行与交易 | 第二条 公司系依照《股票发行与交易 | | 管理暂行条例》、《上海市股份有限公 | 管理暂行条例》、《上海市股份有限公 | | 司暂行规定》、《上海市证券交易管理 | 司暂行规定》、《上海市证券交易管理 ...

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-056 | | --- | --- | --- | --- | --- | --- | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | 关于取消监事会并修订《公司章程》及部分治理制度的公告 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个别及连带责任。 上海隧道工程股份有限公司 一、董事会会议召集、召开情况 上海隧道工程股份有限公司（简称"公司"）第十届董事会第五 十六次会议，于 2025 年 12 月 5 日以电子邮件方式分别发出会议通知， 并进行了电话确认，于 2025 年 12 月 12 日以通讯表决方式召开，应 到董事 8 名，实到 8 名。本次会议的召集、召开符合相关法律、法规 和《公司章程》的规定。会议审议通过了《公司关于取消监事会并修 订《公司章程》及部分治理制度的议案》 二、议案主要内容 根据《中华人民共和国公司法》（以下简 ...