Group 1 - The controlling shareholder, Shanghai Urban Construction (Group) Co., Ltd., has increased its stake in the company by acquiring 62.88 million A-shares, representing 2.00% of the total share capital [1] - The total amount invested in this share acquisition is 399 million yuan [1] - Following this transaction, the shareholding ratio of the controlling shareholder has risen from 30.49% to 32.49% [1]

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-041 | | --- | --- | --- | --- | --- | --- | | 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 | | | 上海隧道工程股份有限公司 关于召开 2025 年半年度业绩暨现金分红说明会的公告 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 09 月 15 日（星期一）至 09 月 19 日（星期 五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 600820@stec.net 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 上海隧道工程股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日发布公司 ...

Market Overview - On September 10, the infrastructure sector declined by 0.24% compared to the previous trading day, with *ST Yuan Cheng leading the decline [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Top Performers in Infrastructure Sector - Dongzhu Ecology (603359) closed at 9.22, up 10.02% with a trading volume of 17,600 lots and a transaction value of 16.21 million [1] - Chengbang Co., Ltd. (603316) closed at 10.02, up 9.99% with a trading volume of 158,500 lots and a transaction value of 156 million [1] - ST Lingnan (002717) closed at 1.60, up 5.26% with a trading volume of 1,375,000 lots and a transaction value of 206 million [1] Underperformers in Infrastructure Sector - *ST Yuan Cheng (603388) closed at 1.85, down 5.13% with a trading volume of 17,500 lots and a transaction value of 3.24 million [2] - Hongrun Construction (002062) closed at 9.05, down 3.52% with a trading volume of 786,900 lots and a transaction value of 712 million [2] - Pudong Construction (600284) closed at 8.65, down 2.70% with a trading volume of 310,700 lots and a transaction value of 27.4 million [2] Capital Flow Analysis - The infrastructure sector saw a net inflow of 99.53 million from main funds, while retail investors experienced a net outflow of 123 million [2][3] - The main funds showed significant net inflows in several stocks, including: - Huylv Ecology (001267) with a net inflow of 14.5 million [3] - Chengbang Co., Ltd. (603316) with a net inflow of 66.68 million [3] - Xinjiang Communications Construction (002941) with a net inflow of 53.23 million [3]

Core Viewpoint - Tunnel Corporation (隧道股份) announced that its wholly-owned subsidiary, Shanghai Ruiteng International Real Estate Co., Ltd. (瑞腾置业), has jointly acquired the state-owned land use rights for two plots in Putuo District, Shanghai, in collaboration with its related party, Shanghai Urban Construction Real Estate Development Co., Ltd. (城建置业) [1] Group 1 - The project company, Shanghai Ruizhen Huicheng Real Estate Co., Ltd. (上海瑞臻汇诚置业有限公司), will be established with a registered capital of 2.5 billion yuan, with Ruiteng contributing 1.225 billion yuan for a 49% stake and Urban Construction contributing 1.275 billion yuan for a 51% stake [1] - The total investment for the Putuo District project is 7.714 billion yuan, with Ruiteng investing 3.78 billion yuan (49% stake) and Urban Construction investing 3.934 billion yuan (51% stake) [1] - The transaction constitutes a related party transaction as both companies are controlled by Shanghai Urban Construction (Group) Co., Ltd. [1]

Core Viewpoint - Tunnel Corporation (600820.SH) announced that its wholly-owned subsidiary, Shanghai Ruiteng International Real Estate Co., Ltd. (Ruiteng Real Estate), has jointly acquired the state-owned land use rights for the Pudong District W060401 unit A03B-04 and A03B-05 plots with its related party, Shanghai Urban Construction Real Estate Development Co., Ltd. (Urban Construction Real Estate) [1] Group 1 - Ruiteng Real Estate and Urban Construction Real Estate will jointly establish Shanghai Ruizhen Huicheng Real Estate Co., Ltd. (tentative name) as the project company to develop the Pudong plot project [1] - The registered capital of Ruizhen Huicheng is set at 2.5 billion RMB, with Ruiteng Real Estate contributing 1.225 billion RMB for a 49% stake, while Urban Construction Real Estate will contribute 1.275 billion RMB for a 51% stake [1] - The total investment for the Pudong plot project is 771.416 million RMB, with Ruiteng Real Estate investing 377.994 million RMB (49% stake) and Urban Construction Real Estate investing 393.422 million RMB (51% stake) [1]

本公司与城建置业同受上海城建（集团）有限公司（以下简称城 建集团）控制，本次交易构成关联交易。 重要内容提示： 投资标的名称及金额 上海隧道工程股份有限公司（以下简称公司或本公司）下属全资 子公司上海瑞腾国际置业有限公司（以下简称瑞腾置业）与公司关联 方上海城建置业发展有限公司（以下简称城建置业）于近日共同竞得 上海市普陀区 W060401 单元 A03B-04、A03B-05 地块（地块公告号： 2025073h2）的国有建设用地使用权（以下简称普陀地块项目、该项 目），瑞腾置业将与城建置业联合出资设立上海瑞臻汇诚置业有限公 司（暂定，简称瑞臻汇诚）作为项目公司开发普陀地块项目，瑞臻汇 诚注册资本为 25 亿元人民币，瑞腾置业出资 12.25 亿元，持股比例 为 49%，城建置业出资 12.75 亿元，持股比例为 51%。普陀地块项目 总投资 771,416 万元，瑞腾置业出资 377,994 万元，持股比例为 49%， 城建置业出资 393,422 万元，持股比例为 51%。 本次交易构成关联交易。 | 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-040 | | - ...

Core Points - Four listed companies have recently exposed environmental risks, highlighting the increasing importance of environmental responsibility in corporate governance [10][11][13] - The report is part of the A-share Green Weekly, which analyzes environmental information from thousands of listed companies based on data from various government sources [9][18] Company Summaries - Tunnel Holdings Co., Ltd. was fined 1 million yuan for failing to prepare a construction waste disposal plan for filing [4][9] - Jidian Co., Ltd. was fined approximately 36,400 yuan for starting construction without an approved environmental impact assessment report [16][17] - Shida Shenghua Co., Ltd. was penalized for not providing self-monitoring reports for emissions during the first five months of 2025, resulting in a fine of 36,200 yuan [15] - The environmental violations of these companies may pose investment risks for their 495,800 shareholders [14]

Core Viewpoint - Four listed companies in A-shares have recently exposed environmental risks, highlighting the increasing importance of environmental responsibility in corporate operations [7][10]. Group 1: Environmental Violations and Penalties - Tunnel Holdings Co., Ltd. was fined 1 million yuan for failing to prepare a construction waste disposal plan for filing [7][11]. - Jidian Co., Ltd. was fined approximately 36,400 yuan for starting construction without an approved environmental impact assessment report [4][13]. - The penalties reflect a growing trend of regulatory scrutiny on environmental compliance among listed companies [8][10]. Group 2: Company Details and Financial Impact - Tunnel Holdings has a market capitalization of 20.2 billion yuan [3]. - Jidian Co., Ltd. has a market capitalization of 2.017 billion yuan [4]. - The environmental risks associated with these companies may affect approximately 495,800 shareholders, potentially leading to investment risks [11]. Group 3: Regulatory Context and Trends - The report emphasizes the increasing focus on ESG (Environmental, Social, and Governance) investment principles, which are becoming crucial for investors assessing corporate sustainability [15]. - The legal framework for environmental information disclosure has been strengthened, promoting transparency and public participation in environmental protection [15].

Group 1 - The land auction in Shanghai commenced on September 4, 2023, with three companies, including Shanghai Urban Construction, China Overseas, and China Merchants, competing for prime plots in the Putuo District [1] - Shanghai Urban Construction won the bidding for the A03B-04 and A03B-05 plots with a bid of 5.24 billion yuan, resulting in a floor price of 79,324 yuan per square meter and a premium rate of 12.79% [1] - The winning bid exceeded the previous auction price for a similar plot by China Overseas, which was 6.525 billion yuan with a premium rate of 14.17% and a floor price of 58,800 yuan per square meter [1] Group 2 - The total area of the acquired plots is 26,400 square meters, with a total construction area of 66,000 square meters, starting from a total price of 4.646 billion yuan and a starting floor price of 70,300 yuan per square meter [1] - The location of the plots is in the core of the Zhenru urban sub-center, which is undergoing urban renewal with a focus on "new planning and overall development" [3] - The plots are adjacent to waterways and public green spaces, enhancing their ecological advantages, and are within 800 meters of the under-construction Line 20 Zhenhua Road Station, improving accessibility to established commercial areas [3]

Core Insights - The seventh batch of land sales in Shanghai on September 4 involved five residential plots, with a total transaction value of 11.116 billion yuan [1] - The most competitive bidding occurred for the Yangpu waterfront plot, where a consortium led by China Railway Real Estate and Jiangsu Runhao Real Estate won with a bid of 2.736 billion yuan, reflecting a floor price of 92,225 yuan/m² and a premium rate of 28.1% [1][2] - The participation of external companies like Jiangsu Runhao, Jinggong Steel Structure, and Yucheng Group indicates a shift in the competitive landscape of Shanghai's real estate market, potentially enhancing market vitality [1][4] Company Participation - Shanghai Tunnel Engineering Co., Ltd. announced its participation in the bidding for multiple plots, successfully acquiring two plots in the Putuo District for a total of 5.24 billion yuan, with a floor price of 79,324 yuan/m² and a premium rate of 12.79% [2][3] - Jinggong Steel Structure won a plot in Minhang District for 546 million yuan, with a floor price of 36,649 yuan/m² and a premium rate of 11.19% [4] - Yucheng Group acquired a plot in the suburban Qingpu District at the base price of 270 million yuan, with a floor price of 15,505 yuan/m² and a premium rate of 0% [4] Market Trends - The seventh batch of land sales attracted 17 companies, including 14 state-owned enterprises, indicating strong interest in Shanghai's real estate market [5] - The successful bids by non-traditional private enterprises like Yucheng Group and Jinggong Steel Structure reflect a growing recognition of the Shanghai market [5] - Analysts predict that the ongoing land supply and competitive bidding will contribute to a stable trend in Shanghai's real estate prices [5]