Group 1: Institutional Research Highlights - The top twenty companies with the most institutional research in the past 30 days include Ice Wheel Environment, Boshi Jie's, Jun Ding Da, Huichuan Technology, and Dazhu Laser[5] - In the last five days, the most researched companies include Hu Dian Co., Guilin Sanjin, Ice Wheel Environment, Mankalon, and Xingrong Environment[5] - Among the top twenty companies in the past 30 days, five had ten or more rating agencies, namely Ice Wheel Environment, Boshi Jie's, Jun Ding Da, Huichuan Technology, and Dazhu Laser[5] Group 2: Shareholder Increase and Buyback Situations - From June 30 to July 4, 2025, two companies announced significant shareholder increases, both having ten or more rating agencies: Renfu Pharmaceutical and Suzhou Bank[7] - From January 1 to July 4, 2025, 234 companies announced shareholder increases, with 64 having ten or more rating agencies[24] - In the same period, 288 companies announced buyback progress, with 78 having ten or more rating agencies, including Xiamen Xiangyu, Huafa Shares, Changhong Meiling, Pingmei Shares, and Mengbaihe[28] Group 3: Financial Metrics and Recommendations - The average expected buyback amount as a percentage of the market value on the announcement date exceeded 1% for companies like Xiamen Xiangyu (6.42%), Huafa Shares (3.21%), and Changhong Meiling (3.03%)[29] - For the year 2025, 1,573 companies announced buyback progress, with 345 having ten or more rating agencies, and 93 companies had a buyback amount exceeding 1% of their market value[30]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research in the past 30 days include Ice Wheel Environment, Boshi Jie, Jun Ding Da, Huichuan Technology, and Dazhu Laser [2][8] - In the last five days, the most researched companies are Hu Dian Co., Guilin Sanjin, Ice Wheel Environment, Mankalon, and Xingrong Environment [2][8] - Among the top twenty companies in the past 30 days, five have received ratings from ten or more institutions, namely Ice Wheel Environment, Boshi Jie, Jun Ding Da, Huichuan Technology, and Dazhu Laser [2][8] - Jun Ding Da and Dazhu Laser are expected to achieve significant growth in net profit attributable to shareholders in 2024 compared to 2023 [2][8] Group 2: Shareholder Increase in A-Share Listed Companies - From June 30 to July 4, 2025, two companies announced significant shareholder increases, both rated by ten or more institutions: Renfu Pharmaceutical and Suzhou Bank [3][12] - From January 1 to July 4, 2025, a total of 234 companies announced shareholder increases, with 64 rated by ten or more institutions. Among these, 19 companies have proposed increases where the average proposed amount exceeds 1% of the market value on the announcement date [3][12][14] Group 3: A-Share Buyback Situation - From June 30 to July 4, 2025, 288 companies announced buyback progress, with 78 rated by ten or more institutions. Companies with an expected buyback amount exceeding 1% of the market value include Xiamen Xiangyu, Huafa Co., Changhong Meiling, Pingmei Co., and Mengbaihe [3][16] - From January 1 to July 4, 2025, 1,573 companies announced buyback progress, with 345 rated by ten or more institutions. Among these, 93 companies have a significant buyback ratio, and several are in the board proposal stage, including Changhong Meiling, Liugong, Sanor Biotech, and others [3][18]

Core Insights - The construction industry is officially entering a platform period, with infrastructure investment maintaining resilience but showing signs of decline in revenue among major state-owned enterprises [5][28][30] - The overall investment tone for infrastructure in the second half of 2025 will focus on stability, supported by proactive fiscal policies and accelerated government bond issuance [2][37] - Structural opportunities are emerging, particularly in manufacturing, power, water conservancy, and water transport sectors, driven by special government bonds [5][6] Industry Overview - The construction industry has seen a decline in total revenue for the first time in 2024, confirming a turning point for the industry [30] - The total revenue for the construction industry in 2024 was 86,962.78 billion, a decrease of 4.29% year-on-year, with net profit dropping by 13.74% [30][32] - The share of real estate in GDP has been declining since its peak in 2021, while infrastructure investment has been rising but not enough to offset the decline in real estate [26][28] Investment Strategy - Long-term investment should focus on manufacturing-oriented companies like Honglu Steel Structure, while short-term strategies should prioritize high-dividend stocks and significant changes in individual companies [6][7] - The report emphasizes the importance of structural opportunities in the construction sector, particularly in areas aligned with national strategic initiatives and safety capabilities [60] State-Owned Enterprises - There is a growing divergence among state-owned construction enterprises, with only a few, such as China State Construction and China Energy Engineering, showing positive growth in Q1 2024 [7][28] - The report recommends focusing on companies with strong dividend stability and growth potential, such as China Chemical Engineering and China Communications Construction [7][8] Professional Engineering and International Opportunities - The international engineering sector is expected to benefit from ongoing orders and the deepening of cooperation along the Belt and Road Initiative [8] - Companies like China National Materials and China Steel International are highlighted for their low valuations and high dividend yields, indicating strong performance potential [8] Mergers and Acquisitions - The construction industry is moving towards maturity, necessitating mergers and acquisitions to find new growth points [10] - The report anticipates that future mergers will primarily come from smaller, weaker segments of the industry, such as design and decoration [10]

Group 1 - The 25 Tunnel Co., Ltd. SCP003 bond has a net trading price of 99.99 yuan, with a trading volume of 1.32 billion yuan and a latest yield of 1.6399% as of July 3 [1] - The bond is a super short-term financing bond issued by Shanghai Tunnel Engineering Co., Ltd., with an actual issuance amount of 2 billion yuan and a maturity date of September 17, 2025 [1] - The bond has a face value of 100 yuan, a coupon rate of 1.59%, and is zero-coupon with a term of 93 days [1] Group 2 - Shanghai Tunnel Engineering Co., Ltd. was established in 1993 and is primarily engaged in construction decoration and other building industries, with a registered capital of approximately 3.14 billion yuan [1] - The company has invested in 35 enterprises, participated in 801 bidding projects, and holds 8 trademark registrations and 266 patents [2]

| 证券代码：600820 | 证券简称：隧道股份 | | | 公告编号：2025-029 | | --- | --- | --- | --- | --- | | 债券代码：185752 | 债券简称：22 | 隧道 | 01 | | | 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 关于公司独立董事离任的公告 二、 独立董事离任对公司的影响 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： 上海隧道工程股份有限公司（以下简称"公司"）董事会于近日 收到公司独立董事褚君浩先生的辞职报告，因年龄原因，褚君浩先生 申请辞去公司独立董事、董事会提名委员会主任委员、董事会战略与 ESG 委员会委员职务。褚君浩先生的辞职申请在送达董事会后即时生 效。辞职后褚君浩先生将不再担任公司任何职务。 姓名 离任职务 离任时间 原定任期到 期日 离任原因 是否继续在上市 公司及其控股子 公司任职 具体职务 （ ...

一、 会议召开和出席情况 2024年年度股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 | 证券代码：600820 | 证券简称：隧道股份 | | | 公告编号：2025-028 | | --- | --- | --- | --- | --- | | 债券代码：185752 | 债券简称：22 | 隧道 | 01 | | | 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 本次股东会由公司董事会召集，董事长葛以衡先生主持本次股东会。会议采取现 场及网络相结合的投票方式，符合《中华人民共和国公司法》及《公司章程》的 规定。 (一)股东大会召开的时间：2025 年 6 月 27 日 (二)股东大会召开的地点：上海市大连路 118 号隧道股份大连路基地 6 楼英豪厅 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会 ...

40th Floor, Bund Center, 222 East Yan Road, Shanghai 200002, China 中国 上海 200002 延安东路 222号 外滩中心 40 楼 Tel/电话:(8621) 6249 6040 Fax/传真:(8621) 6249 5611 E-mail/电子信箱:info@jinmao.com.cn 上海市金茂律师事务所 关于上海隧道工程股份有限公司 2024年年度股东会的 法律意见书 致:上海隧道工程股份有限公司 上海隧道工程股份有限公司 2024 年年度股东会法律意见书 JIN MAO P.R.C.LAWYERS 金 茂 律师 事 务 所 上海市金茂律师事务所(以下简称"本所")接受上海隧道工程股份有限公 司(以下简称"公司")的委托,委派杨红良律师、吴伯庆律师出席公司于 2025 年６月 27日召开的上海隧道工程股份有限公司 2024年年度股东会(以下简称" 股 东会"),并依据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司股东会规则》等中国现行法律、法规和规范性文件〈以下简称"法律、法规 和规范性文件"）及《上海隧道工程股份有限公司 ...

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-030 | | --- | --- | --- | --- | --- | --- | | 债券代码：185752 | 债券简称：22 | 隧道 | 01 | | | | 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 | | | 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"）第十届董事会第四 十五次会议，于 2025 年 6 月 24 日发出会议通知，并进行了电话确认， 于 2025 年 6 月 27 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 上海隧道工程股份有限公司 第十届董事会第四十五次会议决议公告 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个别及连带责任。 重要内容提示： ●本次董事会会议全体董事出席。 ●本次董事会会议无 ...

| 证券代码：600820 | 股票简称：隧道股份 | 编号：临2025-027 | | --- | --- | --- | | 债券代码：185752 | 债券简称：22隧道01 | | | 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 上海隧道工程股份有限公司（简称"公司"）董事会于近日收到 公司董事桂水发先生的书面辞职报告。桂水发先生因任期已满，申请 辞去公司董事、董事会战略与 ESG 委员会委员、董事会薪酬与考核 委员会委员职务。根据《公司法》和《公司章程》等相关规定，桂水 发先生的辞职未导致公司董事会成员低于法定人数，不影响公司董事 会正常运作，辞职报告自送达公司董事会之日起生效。 公司董事会对桂水发先生为公司的发展所作出的贡献表示衷心 的感谢！ 特此公告。 2025 年 6 月 24 日 上海隧道工程股份有限公司 关于董事辞职的公告 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。 董事会 ...

Group 1 - The core viewpoint of the news is that the China Railway Industry Index has experienced a decline, reflecting the overall performance of listed companies in the high-speed rail sector [1][2]. - The China Railway Industry Index fell by 1.12% to 1257.9 points, with a trading volume of 6.628 billion yuan on June 19 [1]. - Over the past month, the index has decreased by 2.06%, by 3.75% over the last three months, and by 7.44% year-to-date [2]. Group 2 - The index includes companies involved in high-speed rail infrastructure, rolling stock, electrical engineering, communication equipment, information systems, and operations [2]. - The top ten weighted companies in the index are: Beijing-Shanghai High-Speed Railway (15.18%), Daqin Railway (15.13%), CRRC Corporation (14.95%), China Railway Group (10.81%), China Railway Construction (6.95%), Teradyne (3.19%), Tunnel Corporation (2.61%), China Railway Signal & Communication (2.53%), Inner Mongolia First Machinery Group (2.31%), and Times Electric (2.1%) [2]. - The index's holdings are primarily listed on the Shanghai Stock Exchange (84.89%) and the Shenzhen Stock Exchange (15.11%) [2].