Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [12]. Core Viewpoints - The Central Political Bureau meeting on April 25 emphasized the need for proactive macroeconomic policies to stabilize growth and address risks in key areas, signaling positive stability for the real estate chain [2][9]. - The meeting highlighted the importance of high-quality development to respond to external uncertainties, particularly in the context of international trade tensions, such as the escalating US-China tariff situation [8][9]. - Infrastructure investment is expected to receive policy support as a key driver for economic growth, with a focus on enhancing funding and implementing new policies [10][11]. Summary by Sections Macroeconomic Policies - The report outlines the need for consistent policy orientation, utilizing more proactive fiscal policies and moderately loose monetary policies, including the issuance of special bonds and maintaining liquidity to support the real economy [9][10]. Real Estate Market - The report indicates that real estate development investment in March 2025 was CNY 0.9 trillion, a decrease of 10.0% year-on-year, with sales and new construction areas also showing declines [62][63]. Infrastructure Investment - In March 2025, narrow infrastructure investment reached CNY 1.9 trillion, up 5.9% year-on-year, while broad infrastructure investment was CNY 2.6 trillion, reflecting a 10.7% increase [54][55]. Sector Performance - The construction sector is advised to focus on the dual themes of stabilizing growth and the "Belt and Road" initiative, with recommendations for companies with high overseas exposure to benefit from increasing international orders [11][12].

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-019 | | --- | --- | --- | --- | --- | --- | | 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 第十届监事会第十七次会议决议公告 本公司监事会及全体监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： ●本次监事会全体监事出席。 ●本次监事会无监事对会议审议议案投反对或弃权票情形。 ●本次监事会审议议案全部获得通过。 一、监事会召集、召开情况 上海隧道工程股份有限公司第十届监事会第十七次会议，于2025 年 4 月 21 日以电子邮件方式发出会议通知，并进行了电话确认，于 2025 年 4 月 29 日下午以通讯表决方式召开，应到监事 3 名，实到 3 名。本次会议的召集、召开符合法律、法 ...

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-018 | | --- | --- | --- | --- | --- | --- | | 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 第十届董事会第四十三次会议决议公告 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。 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 十三次会议，于 2025 年 4 月 21 日以电子邮件方式发出会议通知，并 进行了电话确认，于 2025 年 4 月 29 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 （ ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥10,549,386,215.70, a decrease of 25.33% compared to ¥14,125,167,419.49 in the same period last year[3] - The net profit attributable to shareholders was ¥330,395,366.40, down 25.38% from ¥444,187,481.85 year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 33.74%, amounting to ¥282,473,327.41 compared to ¥426,289,302.23 in the previous year[3] - Basic and diluted earnings per share were both ¥0.10, representing a decrease of 28.57% from ¥0.14 in the previous year[3] - The company reported a total comprehensive income of CNY 309,971,294.81 for Q1 2025, compared to CNY 431,088,380.17 in Q1 2024, indicating a decrease of 28.2%[18] Cash Flow - The net cash flow from operating activities was negative at -¥4,883,749,526.31, a decline of 25.02% from -¥3,908,349,919.29 in the same period last year[3] - Cash received from operating activities was 19,915,284,709.23, compared to 23,015,791,417.67, showing a decline of approximately 13.1%[22] - The company paid 19,075,726,437.00 in cash for goods and services, a decrease from 19,985,881,288.46, reflecting a decline of approximately 4.6%[22] - The net cash flow from operating activities was -4,883,749,526.31 in the current period, compared to -3,906,421,399.67 in the previous period, indicating a decline of approximately 25.0%[22] - The cash inflow from financing activities included 3,623,716,075.70 from borrowings, down from 5,289,434,697.89, indicating a decrease of approximately 31.5%[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥168,669,057,335.13, a decrease of 2.36% from ¥172,744,134,701.35 at the end of the previous year[4] - The company's total liabilities were RMB 102.92 billion, compared to RMB 108.24 billion previously[13] - The total liabilities decreased to CNY 127,773,667,593.16 from CNY 133,353,824,794.62, reflecting a reduction of approximately 4.3%[14] - Total equity increased to CNY 40,895,389,741.97 from CNY 39,390,309,906.73, representing an increase of about 3.8%[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 101,801, with the largest shareholder holding 30.49% of the shares[8] - The equity attributable to shareholders increased by 4.66% to ¥36,249,099,575.75 from ¥34,636,261,397.79 at the end of the previous year[4] Operational Costs - Total operating costs for Q1 2025 were CNY 10,218,736,117.94, down 26.5% from CNY 13,855,478,263.92 in Q1 2024[17] - Research and development expenses for Q1 2025 were CNY 341,763,807.14, down 37% from CNY 542,756,035.64 in Q1 2024[17] Other Financial Metrics - The company reported a weighted average return on net assets of 1.00%, down 0.52 percentage points from 1.52% in the previous year[3] - Non-recurring gains and losses for the period totaled ¥47,922,038.99, primarily from the disposal of non-current assets and government subsidies[6][7] - The impact of exchange rate changes on cash and cash equivalents was -2,773,403.92, compared to a positive impact of 6,517,879.68 in the previous period[23] Asset Composition - The company's current assets totaled RMB 93.01 billion, down from RMB 98.54 billion in the previous period[12] - Cash and cash equivalents decreased to RMB 19.12 billion from RMB 23.91 billion[12] - Accounts receivable stood at RMB 22.21 billion, slightly down from RMB 22.47 billion[12] - The company's long-term receivables rose to RMB 31.49 billion from RMB 29.31 billion[12] - Inventory increased to RMB 1.35 billion from RMB 1.16 billion[12] - The company reported a total of 46.08 billion in contract assets, down from 47.07 billion[12] Strategic Developments - The company has not disclosed any significant new strategies or product developments during the reporting period[10]

Core Insights - The company reported a revenue of 68.8 billion for 2024, a year-on-year decrease of 7.28%, and a net profit attributable to shareholders of 2.84 billion, down 3.54%, slightly below expectations [1] - The company focuses on high-quality development and digital transformation, reducing emphasis on scale growth due to the long-term slowdown in the traditional infrastructure industry [4] Financial Performance - In Q4, the company achieved a revenue of 25.9 billion, a decline of 5.06%, with a net profit of 1.342 billion, down 7.54% [1] - The core construction business generated a revenue of 57.2 billion in 2024, accounting for 83% of total revenue, with a gross margin of 6.96%, an increase of 0.03 percentage points [2] - The overall expense ratio for 2024 increased by 0.06 percentage points to 8.94%, with specific rates for sales, management, R&D, and financial expenses showing varied changes [3] Business Segmentation - Revenue from digital information services grew significantly, with a year-on-year increase of 27% to 4.0 billion, and a gross margin of 17%, up 1.7 percentage points [2] - The company signed new orders with an 8% year-on-year increase, indicating a focus on quality regions, with 65% of revenue coming from Shanghai and 90% from the Yangtze River Delta, Guangdong, Hong Kong, Macau, and Singapore [1] Future Outlook - The company aims for a revenue and profit growth of 5-10% in 2025, supported by favorable cash flow and a high dividend payout ratio, with a projected dividend yield of 5.25% based on the closing price of 6.09 yuan on April 25 [1] - Profit forecasts for 2025-2027 are adjusted to 2.98 billion, 3.12 billion, and 3.26 billion, reflecting a downward revision due to the anticipated slowdown in revenue growth [4] - The target price is set at 9.24 yuan, based on a segmented valuation approach, maintaining a "buy" rating [4]

Core Insights - The company reported a revenue of 68.816 billion yuan for 2024, a decrease of 7.28% year-on-year, and a net profit attributable to shareholders of 2.841 billion yuan, down 3.54% year-on-year [1] - The company plans to distribute a cash dividend of 0.692 billion yuan, resulting in a dividend payout ratio of approximately 35.41%, with a corresponding dividend yield of 5.25% based on the closing price on April 25 [1] Financial Performance - Quarterly revenue for 2024 was as follows: Q1: 14.125 billion yuan (up 23.45% YoY), Q2: 13.909 billion yuan (up 16.48% YoY), Q3: 14.854 billion yuan (down 36.85% YoY), Q4: 25.927 billion yuan (down 4.98% YoY) [2] - Quarterly net profit attributable to shareholders was: Q1: 0.444 billion yuan (down 1.01% YoY), Q2: 0.341 billion yuan (up 5.02% YoY), Q3: 0.714 billion yuan (down 0.91% YoY), Q4: 1.342 billion yuan (down 7.13% YoY) [2] - Revenue by business segment included: construction industry 57.239 billion yuan (down 6.72% YoY), design services 2.388 billion yuan (down 6.90% YoY), infrastructure operation 5.029 billion yuan (down 15.79% YoY), and others [2] New Orders and Growth - The company achieved new orders of 103.016 billion yuan in 2024, an increase of 8.01% year-on-year, with construction, design, operation, and digital business contributing 90.935 billion yuan, 6.161 billion yuan, 4.891 billion yuan, and 1.030 billion yuan respectively [2] - The company is focusing on mergers and acquisitions in strategic emerging industries such as smart operations, low-altitude economy, deep-sea economy, and artificial intelligence [3] Strategic Initiatives - The company approved a valuation enhancement plan for 2025-2027, focusing on modern urban construction services, emergency maintenance systems, digital transformation, and green material applications [3] - A budget of up to 0.5 billion yuan is planned for stock repurchase to enhance shareholder returns [3] Future Projections - Expected net profits for 2025-2027 are projected at 2.867 billion yuan, 2.963 billion yuan, and 3.154 billion yuan respectively, with corresponding price-to-earnings ratios of 6.68, 6.46, and 6.07 [3]

Core Insights - The company reported a revenue of 68.82 billion yuan for 2024, a year-on-year decrease of 7.28%, with a net profit attributable to shareholders of 2.84 billion yuan, down 3.54% year-on-year [1] - New signed orders increased by 8.01% year-on-year, totaling 103.02 billion yuan, with significant growth in energy engineering, municipal engineering, and real estate engineering sectors [1] - The digital information business saw a revenue increase of 24.09%, indicating a strong push towards emerging business areas [1] Financial Performance - The gross profit margins for various segments improved, with overall gross margin rising by 1.87 percentage points to 12.15% [2] - Investment income decreased by approximately 1.54 billion yuan to 1.44 billion yuan, impacting net profit growth [2] - Operating cash flow improved significantly, with a net inflow of 4.587 billion yuan, a year-on-year increase of 44.2% [2] Dividend and Future Outlook - The company plans to distribute a total dividend of 1.01 billion yuan for 2024, resulting in a dividend yield of 5.25% [3] - The company is focusing on expanding into emerging fields such as low-altitude economy, resilient cities, artificial intelligence, and robotics [3] - Profit forecasts for 2025-2027 are adjusted, with expected net profits of 2.90 billion yuan, 3.03 billion yuan, and 3.17 billion yuan respectively [4]

Group 1 - The banking sector has shown positive performance, with the China Securities State-Owned Enterprises Dividend Index (000824) rising by 0.10% and several constituent stocks experiencing significant gains, such as Chongqing Bank (601963) up by 7.21% and Jiangsu Jinzu (600901) up by 5.57% [1] - The National State-Owned Enterprises Dividend ETF (159515) has seen a growth in scale of 979.54 million yuan this month, ranking it in the top half among comparable funds [1] - The Central Political Bureau of the Communist Party of China held a meeting on April 25, focusing on economic themes and indicating a continuation of policy support [1] Group 2 - Huachuang Securities noted that large banks are advancing their capital increase plans, and the mid-term dividend strategy is still in progress, indicating sustained long-term investment value in the banking sector [2] - The low interest rate environment continues to highlight the stability of bank earnings and dividends, with high dividend yield banks showing absolute returns [2] - The positive economic trend remains unchanged, with monetary and fiscal policies being firmly implemented since October 2024, which is expected to stabilize bank asset quality and support credit growth [2] Group 3 - As of March 31, 2025, the top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index accounted for 15.22% of the index, with companies like COSCO Shipping Holdings (601919) and Jizhong Energy (000937) among the top [3] - The performance of individual stocks within the index varies, with some stocks like Nanjing Steel (600282) showing a gain of 2.07%, while others like Hengyuan Coal Power (600971) saw a decline of 2.64% [5]

Investment Rating - The report maintains a "Buy" rating for the company [7][8] Core Views - The company achieved a revenue of 68.8 billion RMB in 2024, a year-on-year decrease of 7.28%, and a net profit attributable to shareholders of 2.84 billion RMB, down 3.54% year-on-year, slightly below expectations due to a slowdown in traditional infrastructure investment [1] - The company focuses on high-quality development and digital transformation, with a target revenue and profit growth of 5-10% in 2025, supported by strong cash flow and a high dividend payout ratio [1][4] - The digital information business showed significant growth, with an overall gross margin increase to 12.2% year-on-year [2] Summary by Sections Financial Performance - In 2024, the core construction business generated revenue of 57.2 billion RMB, accounting for 83% of total revenue, with a gross margin of 6.96%, up 0.03 percentage points year-on-year [2] - The company reported a net cash inflow from operating activities of 4.59 billion RMB, an increase of 1.41 billion RMB year-on-year, with a cash collection and payment ratio of 97.4% and 88.0% respectively [3] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 2.98 billion RMB, 3.12 billion RMB, and 3.26 billion RMB respectively, reflecting a downward adjustment in revenue growth expectations [4] - The target price is set at 9.24 RMB, based on a valuation method that considers comparable averages, with a price-to-earnings ratio of 7.0x for construction and 27x for information operations [4][8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.86 CNY, reflecting a 9x PE for 2025 [6][17]. Core Views - The company demonstrated stable performance in Q4 2024, with a revenue of 259.3 billion CNY, a year-on-year decrease of 5.1%. The net profit attributable to the parent company was 13.4 billion CNY, down 7.5% year-on-year, while the non-recurring net profit increased by 1.3% year-on-year [1][2]. - The company plans to distribute a cash dividend of 6.9 billion CNY for the year-end, totaling 10.06 billion CNY for the year, with a dividend payout ratio of 35.68% and a corresponding dividend yield of 5.25% [1][2]. Revenue and Profitability - In 2024, the company achieved an operating income of 688.2 billion CNY, a decrease of 7.28% year-on-year, with a net profit of 28.4 billion CNY, down 3.5% year-on-year [1][5]. - The company’s gross margin improved to 12.2%, up 1.87 percentage points year-on-year, with a Q4 gross margin of 12.99%, an increase of 5.44 percentage points year-on-year [2][4]. Business Segments - The company’s revenue from various segments in 2024 included construction at 572 billion CNY, design services at 24 billion CNY, infrastructure operations at 50 billion CNY, and digital information business at 4 billion CNY, with respective year-on-year changes of -6.7%, -6.9%, -15.8%, and +26.7% [2][3]. - The company’s new orders reached 1,030 billion CNY in 2024, a year-on-year increase of 8.01%, with significant growth in municipal and energy sectors exceeding 30% [3]. Financial Management - The company maintained a good control over operating expenses, with a total expense ratio of 8.94%, a slight increase of 0.06 percentage points year-on-year. The net profit margin for 2024 was 4.3%, up 0.02 percentage points year-on-year [4][5]. - The company reported a net cash inflow from operating activities of 45.9 billion CNY, an increase of 14 billion CNY year-on-year [4].