| 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]

Core Viewpoint - The increasing share of renewable energy generation, such as wind and solar, poses unprecedented challenges to grid frequency stability, highlighting the limitations of traditional thermal power plants in response speed and regulation precision [1] Group 1: Industry Challenges - The rise in renewable energy generation is leading to significant challenges in maintaining grid frequency stability [1] - Traditional thermal power plants are facing issues with slow response times and insufficient regulation precision, which are critical bottlenecks for the absorption of renewable energy [1] Group 2: Company Developments - The Shanghai Energy Construction Design and Build of Tunnel Co., Ltd. has successfully connected the first phase of the China Electric Jin Gu mixed energy independent frequency regulation station project to the grid [1] - This project utilizes an innovative coupling solution of "supercapacitors + lithium batteries," providing a demonstration model to address industry challenges [1] - The project is expected to significantly alleviate grid frequency fluctuations and effectively assist in the grid absorption of wind and solar power, ensuring the safety of the Piyuan grid [1]