Core Viewpoint - Tunnel Corporation (600820.SH) announced the establishment of the Yuan Sheng Leasing 2025 Asset-Backed Special Plan, with a total issuance amount of 1.683 billion yuan [1] Group 1 - On May 19, 2025, the company received a no-objection letter from the Shanghai Stock Exchange regarding the transfer of asset-backed securities under the Yuan Sheng Leasing 2025 Asset-Backed Special Plan [1] - The actual subscription funds received for the second phase of the Yuan Sheng Leasing 2025 Asset-Backed Special Plan amounted to 1.683 billion yuan, confirming that it met the target fundraising scale outlined in the plan documents [1] - The special plan was officially established on January 16, 2026, after verification by Deloitte Huayong Accounting Firm [1]

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 13, 2026 [1][5] - China National Offshore Oil Corporation (CNOOC) leads with a daily increase of 3.57% but has a year-to-date decline of 1.82% and a dividend yield of 4.44% [1][5] - Other notable performers include Shenhua Holdings with a daily rise of 2.35% and a year-to-date increase of 10.78%, and Tunnel Engineering with a daily increase of 2.30% and a year-to-date rise of 2.93% [1][5] Group 2 - The average historical price-to-earnings (P/E) ratio for the index is reported at 11.75 times, with an expected P/E ratio of 11.07 times [2] - The average dividend yield for the index stands at 4.76% [2] - The index shows a defensive characteristic with a defensive ratio of 1.34 times [2] Group 3 - The article mentions the formation of a MACD golden cross signal, indicating a positive trend for the stocks listed [4][8]

Core Viewpoint - The recent financial report of Tunnel Corporation reveals a paradox where net profit has decreased by 19.35%, yet cash flow and gross margin show strong performance, indicating potential underlying strength in the company's operations and future prospects [5][21][14]. Shareholder Composition - The top ten circulating shareholders of Tunnel Corporation include notable long-term investors such as Hong Kong Central Clearing Limited, National Social Security Fund, and Basic Pension Insurance Fund, collectively holding 1.51 billion shares, accounting for 48.02% of circulating shares, with an increase of 23.57 million shares from the previous period [3][4][19]. Financial Performance - The company reported a net profit decline of 19.35%, raising concerns about its operational health amidst a focus on stable growth in the infrastructure sector [21]. - Cash received from sales reached 40.81 billion yuan, exceeding the operating revenue, suggesting strong customer payment behavior and effective accounts management [6][22]. - The gross margin improved significantly to 15.90%, a year-on-year increase of 36.48%, indicating a potential shift in project structure or technological capabilities [7][23]. Cash Flow and Asset Quality - The company maintains a robust liquidity position with cash and cash equivalents amounting to 21.08 billion yuan, fully covering short-term borrowings of 10.04 billion yuan, indicating no immediate survival crisis [24]. - The credit impairment loss was reported at -26.48 million yuan, reflecting a recovery of previously uncollectible debts, which is a positive indicator of asset quality [9][25]. Robotics and Innovation - Tunnel Corporation is actively developing specialized robotic equipment for infrastructure projects, enhancing safety and efficiency in high-risk environments [10][26]. - The company is also exploring humanoid robots for future infrastructure maintenance, aiming to meet evolving operational demands [10][26]. Market Sentiment and Future Outlook - The significant increase in holdings by Hong Kong Central Clearing Limited, representing foreign capital, suggests a short-term optimistic sentiment towards the company's transformation prospects [11][26]. - Observers are encouraged to focus on the company's emerging industry orders, R&D efficiency, and the sustainability of gross margins as it expands its revenue base [27].

Market Overview - The infrastructure sector experienced a decline of 0.42% on January 13, with Dongzhu Ecological leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Top Performers - Guosheng Technology (603778) saw a closing price of 25.20, with a significant increase of 7.55% and a trading volume of 950,500 shares, amounting to a transaction value of 2.344 billion [1] - Chengbang Co., Ltd. (603316) closed at 15.86, up 4.07%, with a trading volume of 189,300 shares and a transaction value of 297 million [1] - Tunnel Co. (600820) closed at 6.68, up 2.30%, with a trading volume of 794,700 shares and a transaction value of 529 million [1] Underperformers - Dongzhu Ecological (603359) dropped by 10.02% to a closing price of 7.90, with a trading volume of 682,200 shares and a transaction value of 5.41 billion [2] - China Nuclear Engineering (601611) fell by 9.98% to 17.95, with a trading volume of 2,315,100 shares and a transaction value of 4.280 billion [2] - Palm Co. (002431) decreased by 7.29% to 2.67, with a trading volume of 1,255,000 shares and a transaction value of 341 million [2] Capital Flow - The infrastructure sector saw a net outflow of 752 million from institutional investors, while retail investors contributed a net inflow of 610 million [2] - The top net inflows from retail investors were observed in China Electric Power (601669) with 14.4 million, and Tunnel Co. (600820) with 50.6 million [3] - Conversely, significant net outflows were noted in China Energy Construction (601868) with 53.8 million and China Railway (601390) with 42.1 million [3]

Core Viewpoint - Tunnel Engineering Co., Ltd. has shown a positive stock performance with a 2.14% increase on January 13, 2023, and a total market capitalization of 20.97 billion yuan, indicating investor interest and potential growth in the infrastructure sector [1]. Group 1: Company Overview - Shanghai Tunnel Engineering Co., Ltd. was established on November 26, 1993, and listed on January 28, 1994, focusing on urban infrastructure design, construction, investment, and operation, including tunnel, road, rail transit, water, energy, and underground space projects [1]. - The company's main business revenue composition includes construction (84.30%), infrastructure operation (6.91%), investment (3.38%), design services (2.39%), financing leasing (1.41%), and other segments [1]. Group 2: Financial Performance - For the period from January to September 2025, Tunnel Engineering reported a revenue of 34.395 billion yuan, a year-on-year decrease of 19.80%, and a net profit attributable to shareholders of 1.210 billion yuan, down 19.33% year-on-year [2]. - The company has distributed a total of 9.214 billion yuan in dividends since its A-share listing, with 3.144 billion yuan distributed over the past three years [3]. Group 3: Shareholder Information - As of October 31, 2025, the number of shareholders for Tunnel Engineering reached 129,700, an increase of 5.81% from the previous period, while the average circulating shares per person decreased by 5.49% to 24,243 shares [2]. - The top ten circulating shareholders include notable entities such as Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with varying changes in their holdings compared to the previous period [3].

Group 1 - The article presents the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 7, 2026 [1][5] - The top performer is Tuke Mining (600188.SH) with a daily increase of 3.61% and a year-to-date increase of 6.84%, along with a dividend yield of 5.31% [1][5] - Nanshan Aluminum (600219.SH) ranks second with a daily increase of 2.82% and a year-to-date increase of 8.36%, offering a dividend yield of 6.87% [1][5] Group 2 - Other notable stocks include Daimay Co. (603730.SH) with a daily increase of 1.72% and a year-to-date increase of 1.48%, and Tianshan Aluminum (002532.SZ) with a daily increase of 1.70% and a year-to-date increase of 14.52% [1][5] - The list also features companies like Midea Group (000333.SZ) and China Shenhua (601088.SH), which have year-to-date increases of 1.56% and 1.88%, respectively, with dividend yields of 5.09% and 7.95% [1][5] - The data is sourced from the Shanghai Stock Exchange and reflects the closing prices as of January 7, 2026, with dividend yields calculated up to January 6, 2026 [1][5]

Core Viewpoint - The exchange has issued review opinions on the listing of the "Dongfanghong Tunnel Co., Ltd. Intelligent Operation and Maintenance High-Speed Closed Infrastructure Securities Investment Fund" and the transfer application for the "Dongfanghong Tunnel Co., Ltd. Intelligent Operation and Maintenance High-Speed Infrastructure Asset-Backed Special Plan" Group 1: Toll Revenue - The construction of the Hangzhou Ring Road's Jiangdong Third Road crossing is expected to be completed by early 2030, with an estimated impact of -9.07% on traffic volume and -10.07% on revenue for this project in 2030 [1][11] - The project currently faces competition from existing projects such as the Xiangshan Bridge and the Jiaoshao Bridge, with future impacts expected from new roads including the Kezhu Expressway and the intercity railway connecting to Xiaoshan Airport [1][11] Group 2: Traffic Flow Forecast - The projected standard traffic volume for the project is 60,051 pcu/day in 2025 and 79,125 pcu/day in 2026, with growth rates of 33.8% and 30.8% respectively [2][13] - The opening of the Sutai Expressway and the Deqing Link Line is expected to increase traffic volume by 27.43% in 2025 and 26.44% in 2026 [2][13] Group 3: Capital Expenditure - The overall technical condition of the Qianjiang Tunnel is rated as Class 2, with planned annual investments for smart operation and maintenance expenditures during the forecast period [3][13] - The management is required to disclose the basis for predicting operational maintenance costs, including historical maintenance expenditures and future maintenance plans [3][14] Group 4: Cash Flow Forecast - The project forecasts EBITDA and net profit growth rates of 34.19% and 69.16% respectively for 2026, with a request for clarification on the reasons for the net profit growth rate being significantly higher than traffic volume and EBITDA growth rates [3][14] Group 5: Operational Management Arrangements - The operational management fee is based on the actual toll revenue, with a tiered fee structure of 30%, 50%, and 60% [4][15] - The management is required to justify the reasonableness of the operational management fee rates based on historical performance and similar projects [4][15] Group 6: Other Feedback Issues - The project is required to disclose arrangements for asset transfer upon expiration of the toll period, ensuring that transfer costs are considered in the valuation [5][18] - The project currently has an insurance coverage amount of 2.539 billion yuan, which does not cover the valuation, necessitating further disclosure of future insurance arrangements [5][19]

（文章来源：证券日报） 证券日报网讯 12月29日，隧道股份发布公告称，公司第十届监事会于近日收到公司监事会主席田赛男 女士、监事彭瑶女士、监事杨帆先生提交的书面辞职报告，依照《公司法》和《公司章程》规定，由于 公司监事会取消导致的工作变动原因，田赛男女士申请辞去公司监事会主席、监事职务；彭瑶女士和杨 帆先生申请辞去监事职务。 ...

（文章来源：证券日报） 证券日报网讯 12月29日，隧道股份发布公告称，公司2025年12月29日召开2025年第一次临时股东会， 审议《公司关于取消监事会并修订及部分治理制度的议案》。 ...

关于监事辞职的公告 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。 上海隧道工程股份有限公司（简称"公司"）第十届监事会于近日 收到公司监事会主席田赛男女士、监事彭瑶女士、监事杨帆先生提交 的书面辞职报告，依照《公司法》和《公司章程》规定，由于公司监 事会取消导致的工作变动原因，田赛男女士申请辞去公司监事会主席、 监事职务；彭瑶女士和杨帆先生申请辞去监事职务。公司对田赛男女 士、彭瑶女士、杨帆先生先生在担任公司第十届监事会监事期间作出 的贡献和努力表示衷心的感谢！ | 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-062 | | --- | --- | --- | --- | --- | --- | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 隧道 债券简称：23 | | K2 | | | 上海隧道工程股份有限公司 特此公告。 上海隧道工程股份有限公司 监事会 2025年12月30日 ...