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 ...

证券代码：600820 证券简称：隧道股份 公告编号：2025-061 上海隧道工程股份有限公司 2025年第一次临时股东会决议公告 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 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 660 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,439,933,872 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 45.7980 | | 份总数的比例（%） | | 表决情况： (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 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 12 月 29 日 (二) 股东大会召开的地点：上海市宛平南路 1099 号一楼多媒体会议厅 (三) 出席会议的普通股股东和恢 ...

上海隧道工程股份有限公司 2025 年第一次临时股东会法律意见书 .IIN MAO P.R.C.LAWYERS 茂 建 Urb . 国 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 2025 年第一次临时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 2025 年第一次临时股东会法律意见书 台，网络投票的时间和方式与本次股东会的通知内容一致。 经审核,本次股东会召开时间、地点及会议内容与通知和公告一致。公司发 出通知的时间、方式及通知内容均符合法律、法规和规范性文件及《公司章程》 的相关规定，本次股东会的召集和召开程序符合相关法律、法规和规范性文件及 《公司章程》的规定。 二、本次股东会出席人员和召集人的资格 1、出席会议 ...

12月24日，2025年"上海工匠"正式揭晓。隧道股份王会丽、滕丽、潘伟强三位"蓝色工匠"，经过6个多月层层选拔、审核评审、社会公示，最终从1112人 申报名单上脱颖而出，荣获"上海工匠"荣誉。至此，隧道股份已有19人荣膺"上海工匠"称号，充分展现了股份公司在工匠选育、人才培育方面的体系化成 果。 本次被评为 "上海工匠"的三位同志 他们既是匠心精神的传承者 也是数智转型先行者 隧道股份3人 荣获"上海工匠"荣誉 在数智转型的新时代 以匠心赋能"十五五"新未来 他们聚焦数字化、智能化领域 取得了一系列卓越工作成果 隧道股份上海路桥 王会丽： 以数智技术赋能交通设施更新 随着城市发展进入"存量时代"，如何高质量、低影响开展桥梁基础设施更新，是摆在行业面前的一大难题。王会丽瞄准交通更新"交通要畅、环境要静、 时间要短"痛点，创新将无人机倾斜摄影+激光点云扫描用于既有高架逆向建模，极大缩短交通更新施工中的工序时间，用数字技术赋能设施有机更新。 而在跨海大桥的更新防护施工中，她将海上风电桩基固化土防护技术首次引入桥梁领域，为水域桥梁冲刷治理提供了"绿色、低碳、高效"的新路径。此 外，她还联合上海航天卫星，研发了基于K ...