| 证券代码：600820 | 股票简称：隧道股份 | | 编号：临 | 2025-008 | | --- | --- | --- | --- | --- | | 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 第十届董事会第四十一次会议决议公告 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： ●本次董事会会议无董事对会议审议议案投反对或弃权票情形。 ●本次董事会会议审议议案全部获得通过。 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 一次会议，于 2025 年 4 月 10 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 15 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》 ...

Group 1 - Company Instech reported a net profit of 177 million yuan for 2024, a year-on-year increase of 28.15%, with a proposed cash dividend of 1.20 yuan per 10 shares [1] - Instech achieved an operating revenue of 1.185 billion yuan in 2024, representing a year-on-year growth of 24.45% [1] - The company specializes in the research, production, and sales of rare earth permanent magnet materials and applications [2] Group 2 - Company Junda reported a net loss of 106 million yuan for Q1 2025, transitioning from profit to loss, with a year-on-year revenue decline of 49.52% [3] - Junda's operating revenue for Q1 2025 was 1.875 billion yuan [3] - The company focuses on the research, production, and sales of photovoltaic cell products [4] Group 3 - Company Annada reported a net loss of 10.26 million yuan for Q1 2025, with a year-on-year revenue increase of 1.44% [5] - Annada's operating revenue for Q1 2025 was 473 million yuan [5] - The company specializes in titanium dioxide and iron phosphate products [6] Group 4 - Company Jiuzhou Pharmaceutical reported a net profit of 250 million yuan for Q1 2025, a year-on-year increase of 5.68% [7] - Jiuzhou's operating revenue for Q1 2025 was 1.49 billion yuan, reflecting a year-on-year growth of 0.98% [7] - The company provides custom research and production services for pharmaceutical companies and research institutions [8] Group 5 - Company Yitong Century won a 1.48 billion yuan contract for a 5G comprehensive maintenance project with Guangdong Unicom [9] - The project will enhance the company's business volume and expansion in Guangdong [9] - Yitong Century specializes in communication network technology services and solutions [10] Group 6 - Company Rijiu Optoelectronics reported a net profit of 67.47 million yuan for 2024, a year-on-year increase of 506.9%, with a proposed cash dividend of 2.00 yuan per 10 shares [10] - Rijiu's operating revenue for 2024 was 583 million yuan, representing a year-on-year growth of 22% [10] - The company focuses on the research, production, and sales of touch display application materials [11] Group 7 - Company Ruotong reported a net profit of 95.98 million yuan for 2024, a year-on-year increase of 0.91%, with a proposed cash dividend of 2.00 yuan per 10 shares [12] - Ruotong's operating revenue for 2024 was 408 million yuan, reflecting a year-on-year growth of 7.54% [12] - The company specializes in drilling and completion equipment for oil and gas [13] Group 8 - Company Shuangxiang reported a net profit of 472 million yuan for 2024, a year-on-year increase of 754.84%, with a proposed cash dividend of 1.50 yuan per 10 shares [14] - Shuangxiang's operating revenue for 2024 was 2.29 billion yuan, representing a year-on-year growth of 51.55% [14] - The company focuses on synthetic leather and optical-grade PMMA products [15] Group 9 - Company Xinfang Pharmaceutical reported a net profit of 101 million yuan for 2024, a year-on-year decrease of 64.70%, with a proposed cash dividend of 0.30 yuan per 10 shares [16] - Xinfang's operating revenue for 2024 was 6.032 billion yuan, reflecting a year-on-year decline of 6.63% [16] - The company is involved in medical services, pharmaceutical distribution, and manufacturing [17] Group 10 - Company Dongxing Medical reported a net profit of 97.42 million yuan for 2024, a year-on-year increase of 0.21%, with a proposed cash dividend of 6.00 yuan per 10 shares [18] - Dongxing's operating revenue for 2024 was 435 million yuan, reflecting a year-on-year growth of 0.40% [18] - The company specializes in surgical medical devices [19] Group 11 - Company Wuzhou Special Paper reported a net profit of 64.68 million yuan for Q1 2025, a year-on-year decrease of 51.56%, with an operating revenue of 1.989 billion yuan [20] - Wuzhou's operating revenue for Q1 2025 increased by 15.21% [20] - The company focuses on the research, production, and sales of mechanism paper and pulp [21] Group 12 - Company Jinrui Mining expects a net profit of 15.28 million yuan for Q1 2025, a year-on-year increase of 617.40% [22] - The company specializes in the production and sales of strontium salt products [23] Group 13 - Company Youyan New Materials expects a net profit of 60 million to 75 million yuan for Q1 2025, a year-on-year increase of 13076% to 16370% [24] - The company focuses on electronic films, precious metal materials, and rare earth materials [25] Group 14 - Company Guoli expects a net profit of 11 million to 13 million yuan for Q1 2025, a year-on-year increase of 164.38% to 212.45% [26] - The company specializes in urban infrastructure design, construction, and investment [27] Group 15 - Company Shenzhen Airport reported a passenger throughput of 5.5422 million in March, a year-on-year increase of 8.70% [28] - The airport's cargo throughput was 171,900 tons, reflecting a year-on-year growth of 14.51% [28] - The company is involved in aviation and related non-aviation businesses [29] Group 16 - Company Shenghui Integration reported an order balance of 2.117 billion yuan as of March 31, 2025, a year-on-year increase of 11.89% [30] - The company provides cleanroom engineering and electromechanical engineering services [31] Group 17 - Company Chengyi Pharmaceutical received a drug registration certificate for Mercaptopurine tablets [32] - The drug is applicable for various diseases including choriocarcinoma and acute lymphoblastic leukemia [32] Group 18 - Company Enhua Pharmaceutical initiated Phase I clinical trials for NH280105 capsules, targeting Alzheimer's disease [33] - The trial aims to assess the safety and pharmacokinetics of the drug [33] Group 19 - Company Lingang Steel proposed a share buyback of 50 million to 100 million yuan [34] - The company specializes in the production and development of metallurgical products [35] Group 20 - Company Fujia plans to repurchase shares worth 15 million to 30 million yuan [36] - The company focuses on smart cleaning appliances and key components [37] Group 21 - Company Mould Technology received a project designation letter for exterior parts from a luxury car client, with an estimated total sales of 2.07 billion yuan [38] - The project is expected to start mass production in April 2027 [38] Group 22 - Company Longxin General expects a net profit of 4.55 billion to 5.30 billion yuan for Q1 2025, a year-on-year increase of 76.65% to 105.77% [39] - The company specializes in motorcycles, engines, and general machinery products [40] Group 23 - Company Dongfang Securities reported a net profit of 1.436 billion yuan for Q1 2025, a year-on-year increase of 62.08% [41] - The company focuses on investment management and securities trading [42] Group 24 - Company Yalian Machinery plans to use up to 800 million yuan of idle funds for low-risk financial products [43] - The company specializes in the production of engineered wood production lines and equipment [44] Group 25 - Company Guanghua Technology reported a net loss of 205 million yuan for 2024, with total revenue of 2.589 billion yuan [45] - The company focuses on PCB chemicals and lithium battery materials [46] Group 26 - Company Boya Biotechnology plans to publicly transfer 80% of its subsidiary's equity for 213 million yuan [47] - The transaction aims to optimize resource allocation focusing on blood products [48] Group 27 - Company Darui Electronics plans to repurchase shares worth 30 million to 50 million yuan [49] - The company specializes in customized components and automation equipment [50] Group 28 - Company Hongying Intelligent plans to repurchase shares worth 30 million to 40 million yuan [51] - The company focuses on smart control products and assemblies [52] Group 29 - Company Guangku Technology announced a change in the upper shareholding structure of its controlling shareholder [53] - The operational activities of the company will not be materially affected [54] Group 30 - Company Dingjie Smart's application for convertible bond issuance has been accepted by the Shenzhen Stock Exchange [55] - The company provides digital and intelligent solutions for various industries [56]

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。 上海隧道工程股份有限公司（简称"公司"）董事会于近日收到 公司董事兼总裁葛以衡先生的辞职报告，葛以衡先生因工作变动原因， 申请辞去公司总裁职务。根据《公司法》和《公司章程》等相关规定， 葛以衡先生的辞职报告自送达公司董事会之日起生效。 公司衷心感谢葛以衡先生在任职期间为公司发展所做出的贡献！ 特此公告。 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2025-007 | | --- | --- | --- | | 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 关于总裁辞职的公告 董事会 2025 年 4 月 15 日 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [5][8]. Core Views - The company has a stable cash dividend policy, maintaining a dividend payout ratio of around 30% from 2013 to 2023, with cash dividends increasing from 409 million to 1,038 million RMB, reflecting a CAGR of 9.76% [6]. - The company has shown robust growth, with operating revenue increasing from 23.501 billion to 74.193 billion RMB from 2013 to 2023, achieving a CAGR of 12.18% [7]. - The company is focusing on digital transformation and expanding its overseas business, which is expected to create new growth points [6][7]. Financial Performance - The company's total market capitalization is approximately 18.83 billion RMB, with a closing price of 5.99 RMB per share [3]. - The company’s net profit attributable to shareholders is projected to reach 3.07 billion RMB in 2024, with a corresponding PE ratio of 6.1 [6][9]. - The company’s revenue is expected to grow from 76.573 billion RMB in 2024 to 86.791 billion RMB in 2026, with a CAGR of 6.75% [9][10]. Business Segments - The company operates primarily in infrastructure construction, with its core business segments including construction, design, investment, and operation [7]. - The construction business accounted for 87.13% of total revenue in the first half of 2024, with new contracts signed amounting to 909.35 billion RMB, reflecting a year-on-year growth of 10.93% [7]. - The company is actively pursuing data commercialization in the transportation infrastructure sector, with new data orders signed amounting to 1.03 billion RMB in 2024 [7]. Market Position - The company has a strong market presence in the Yangtze River Delta region, with 82.72% of its revenue coming from Jiangsu, Zhejiang, and Shanghai in the first half of 2024 [7]. - The company is accelerating its international expansion, with overseas revenue reaching 2.126 billion RMB in the first half of 2024, a year-on-year increase of 50.73% [7].

Group 1 - The company held its 40th meeting of the 10th Board of Directors on March 28, 2025, with all 8 directors present, confirming compliance with relevant laws and regulations [1][3] - The Board approved a proposal for the company's wholly-owned subsidiary to participate in the non-public issuance of shares by Shanghai Waigaoqiao Group Co., Ltd., with the investment amount not exceeding a specified limit [1][3] - All resolutions presented during the Board meeting received unanimous approval, with no dissenting or abstaining votes recorded [3]

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-006 | | --- | --- | --- | --- | --- | --- | | 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。 ●本次董事会会议无董事对会议审议议案投反对或弃权票情形。 ●本次董事会会议审议议案全部获得通过。 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 次会议，于 2025 年 3 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 3 月 28 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 ...

Investment Rating - The industry investment rating is "Leading the Market - A" [5] Core Viewpoints - The report emphasizes that the issuance of special bonds is accelerating, and with the arrival of the construction peak season, infrastructure investment growth is expected to improve [2][16] - The government is focused on stabilizing the real estate market, with policies aimed at both supply and demand sides, which is expected to support a recovery in real estate demand [3][18] - The report suggests that the construction sector is likely to benefit from increased government investment and the implementation of debt relief measures, leading to improved operational metrics for construction companies [11][12] Summary by Sections Industry Dynamics Analysis - The issuance of special bonds has increased significantly, and with the construction peak season approaching, infrastructure investment growth may see improvement. As of the end of February, the broad money (M2) balance was 320.52 trillion yuan, a year-on-year increase of 7% [16][18] - The real estate market is showing signs of recovery, with significant increases in second-hand housing transactions in major cities. From the beginning of the year to March 12, the daily average transaction volumes in Beijing, Shanghai, and Shenzhen increased by 35.10%, 50.52%, and 65.63% respectively [3][18] Market Performance - The construction industry rose by 1.60% from March 10 to March 14, outperforming the Shenzhen Composite Index (1.24%) and the CSI 300 Index (1.59%). The renovation and decoration sector saw the highest increase at 3.49% [19][22] - The report highlights key stocks to watch, including major state-owned enterprises in construction, which are expected to benefit from improved operational metrics and valuation recovery [11][28] Key Focus Stocks - The report recommends focusing on undervalued construction state-owned enterprises such as China State Construction, China Communications Construction, China Railway Construction, and China Railway Group, which are expected to see improvements in operational metrics due to favorable fiscal policies [11][12][28] - It also suggests paying attention to construction design firms and international engineering service providers that are expanding their presence in the Belt and Road Initiative countries [12][28]

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-005 | | --- | --- | --- | --- | --- | --- | | 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 | | | 签字注册会计师近三年从业情况： 1 | 时间 | 上市公司名称 | 职务 | | --- | --- | --- | | 2021-2022 年 | 上海姚记科技股份有限公司 | 签字会计师 | | 2022 年 | 上海隧道工程股份有限公司 | 签字会计师 | （二）诚信记录 本次变更的签字注册会计师近三年不存在因执业行为受到刑事 处罚，受到证监会及派出机构、行业主管部门的行政处罚、监督管 理措施，受到证券交易所、行业协会等自律组织的自律监管措施、 纪律处分的情况。 上海隧道工程股份有限公司 关于年审会计师事务所签字注册会计师变更公告 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 ...

各位投资各位朋友上午好我是国军建筑韩继承今天我们团队非常荣幸再次邀请到我们的老朋友我们的行业龙头张总跟我们就吃了午饭就整个的建筑的清新产业业务做一个深入的交流然后呢现在我们首先有请张总做个介绍张总先有请您 哎好呃各位朋友大家好呃这个新年好啊呃也很长时间没有聊过了然后整体呢从当前的一些情况来看呢我们公司的情况还是比较稳定的呃然后现在呢大家关注的这些热点呢跟建筑业好像相去甚远然后建筑业这边呢目前这段关注度呢距离确切也不高你看前面我跟韩记成在聊啊基本上呢在策略会的现场也好包括一些人过程当中的沟通和交流 整体来看呢这个建筑业的情况呢大家可能都比较悲观但是反而呢我个人觉得呢呃从过去的几年来看吧或者说我们从去年看去年低空经济在上半年或者说在三月份的时候也很热然后呢到了下半年也还有一点点一些陆陆续续的一些新的一些政策推出来然后呢包括九月份的一些新的政策那整体来看呢最近的这个科技的 AI的然后机器人的都特别热门然后我觉得呢大家也不用特别着急吧如果关注建筑板块的可能还是要看长期无论是说要即将开的这些会会否有一些什么新的政策出来还是我们现在的一些经营的情况来看呢都还值得期待然后从整体的我们公司经营的状况来看呢目前阶段呢无论是开工 ...

Investment Rating - The report maintains an "Overweight" rating for the construction and building materials sectors [9]. Core Insights - The low-altitude and data infrastructure sectors continue to show high prosperity, with January building materials and home furnishings sales increasing year-on-year [12][20]. - The construction activity post-Spring Festival is recovering slowly due to various factors, including local investment directions and weather conditions, necessitating close monitoring of cement and steel shipments [12][13]. - The building materials home furnishings index (BHI) for January was 110.35, reflecting a month-on-month increase of 1.53 points and a year-on-year increase of 8.46 points [20]. - The report emphasizes the positive effects of the "old-for-new" policy on sales, with January sales reaching 1095.27 billion yuan, a year-on-year increase of 3.09% [20]. - Short-term recommendations focus on domestic cyclical demand and supply-constrained varieties, highlighting companies such as Shenzhen Urban Transport, Tunnel Co., China Nuclear Engineering, and others [12][20]. Summary by Sections Industry Overview - The report notes that the low-altitude economy and data infrastructure policies are being actively promoted, with significant investment expected in underground pipelines and existing infrastructure upgrades [12][13]. - The construction material sales recovery is expected to be gradual, influenced by local government investment shifts towards technology and consumption [13][20]. Market Dynamics - As of February 14, the national cement shipment rate was 11.5%, with a week-on-week increase of 5.9 percentage points [12]. - The average price of float glass was 75 yuan per weight box, showing a week-on-week increase of 0.8% but a year-on-year decrease of 30.6% [2][32]. - The report highlights a significant increase in inventory levels for float glass, with a total of 55.27 million weight boxes, a week-on-week increase of 3.9% [2][34]. Company Recommendations - The report recommends several companies for investment, including Shenzhen Urban Transport (301091 CH), Tunnel Co. (600820 CH), and China Nuclear Engineering (601611 CH), among others, with target prices and buy ratings [10][20]. - The report also identifies companies with strong performance in the past week, such as Lifan Technology and Hainan Huatie, which saw significant stock price increases [10][11]. Future Outlook - The report anticipates that the construction and building materials sectors will benefit from improved domestic investment demand in 2025, with a focus on large construction and cement as foundational investments [12][20]. - The potential for growth in the fiberglass and consumer building materials sectors is highlighted, with expectations for continued demand recovery in the coming years [12][20].