隧道股份公告称，公司下属子公司上海基建、河南建发等组成的联合体，于2025年12月8日中标辉县至 鄄城（豫鲁界）高速公路辉县至卫辉段项目。项目采用"特许经营"模式，合作期33.25年，估算总投资 64.9亿元，其中建筑安装工程费42.61亿元。该项目将带动公司传统基建业务，为新兴业务提供应用场 景。不过，项目面临政策、市场、建设等风险，公司已制定相应应对措施。 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, highlighting their potential for growth and profitability in overseas markets [8][29]. Core Insights - The construction industry is experiencing a significant trend towards overseas expansion, driven by urbanization and industrialization in emerging markets, as well as the relocation of manufacturing capacity from China [1][11]. - There is a notable increase in overseas engineering demand, with specialized engineering firms expected to benefit significantly from this trend [1][11]. - The report emphasizes the importance of companies with competitive advantages in niche markets, recommending specific firms such as China Chemical, Jinggong Steel Structure, Jianghe Group, China National Materials, and China Steel International [1][11][19]. Summary by Sections Industry Investment Rating - The report recommends a "Buy" rating for several key players in the construction sector, including China Chemical (PE 6.3X), Jinggong Steel Structure (PE 10.7X), Jianghe Group (PE 12X), China National Materials (PE 7.3X), and China Steel International (PE 10X) [1][29]. Overseas Demand Drivers - Three main factors are driving the high demand for overseas construction: 1. Rapid economic growth in emerging regions such as Southeast Asia, Africa, and the Middle East, leading to increased infrastructure investment [19]. 2. The transfer of excess production capacity from China, particularly in cement and steel, to overseas markets, which is expected to boost regional engineering demand [19]. 3. The collaborative demand for construction services as various industries expand internationally, with a significant number of A-share companies reporting overseas revenue growth [19] [28]. AI and Semiconductor Cleanroom Growth - The report highlights the ongoing surge in global computing power demand driven by AI development, which is expected to lead to substantial growth in the semiconductor cleanroom market [3][26]. - It forecasts that global and Chinese semiconductor cleanroom investments will reach approximately 1680 billion and 504 billion respectively by 2025, representing about 15% of total industry capital expenditure [26]. High Dividend Yield Opportunities - The report identifies several construction companies with robust performance and high dividend yields, suggesting that these firms will attract long-term capital inflows. Key companies include Sichuan Road and Bridge (6.6%), Jianghe Group (6.5%), Jinggong Steel Structure (6.5%), Anhui Construction (5.7%), Tunnel Shares (5.5%), and Sanwei Chemical (6.4%) [7][28][29]. Recommendations for Specific Companies - The report recommends focusing on companies that are well-positioned to benefit from the ongoing trends, including: - China Chemical for chemical engineering overseas expansion - Jinggong Steel Structure for steel structure projects - Jianghe Group for high-end curtain wall projects - China National Materials for cement engineering - China Steel International for metallurgy projects - Semiconductor cleanroom leaders such as Yaxin Integration, Shenghui Integration, and Bocheng Co. [1][11][19][29].

Group 1 - The report maintains a positive outlook on the construction and decoration industry, emphasizing the sustained growth policies and the favorable economic environment in the western regions of China, particularly in Xinjiang and Sichuan [5][12][22] - The "14th Five-Year Plan" is expected to drive high-quality development in domestic infrastructure investment, with significant projects like the Yarlung Tsangpo River downstream hydropower project and the Duku Highway in Xinjiang set to commence construction [10][11][15] - The report highlights the importance of new infrastructure needs, including the construction of a modern energy system and the development of smart transportation systems, which are anticipated to create new investment opportunities for companies in the sector [25][26] Group 2 - The report identifies key companies that are likely to benefit from the infrastructure boom in Xinjiang, such as Xinjiang Communications Construction, Qingsong Construction, and China Chemical Engineering, due to their involvement in major projects [14][16][19] - The coal chemical industry in Xinjiang is entering a phase of accelerated investment, with numerous projects planned or under construction, which is expected to enhance the operational performance of companies like China Metallurgical Group and China Railway Group [17][19][20] - The report notes that the Belt and Road Initiative continues to present overseas construction opportunities, with significant growth in new orders for major state-owned enterprises in both domestic and international markets [5][19][22] Group 3 - The report emphasizes the potential for companies involved in the new energy sector, as the government aims to construct a new energy system and achieve carbon peak goals, creating opportunities for firms engaged in renewable energy projects [25][26] - Companies like Suzhou Transportation Science and Technology and Huase Group are highlighted for their roles in the emerging low-altitude economy, which is expected to see accelerated development in infrastructure and operational capabilities [5][25] - The report discusses the rising prices of key minerals such as gold, copper, and cobalt, suggesting that companies involved in mineral resource development, like China Metallurgical Group and China Railway Group, may see increased value from their operations [17][19][22]

每经AI快讯，隧道股份（SH 600820，收盘价：6.32元）11月28日晚间发布公告称，公司第十届第五十 四次董事会会议于2025年11月28日以通讯表决方式召开。会议审议了《公司关于下属子公司收购滨州市 黄河公铁路桥投资有限公司65%股权的议案》等文件。 2025年1至6月份，隧道股份的营业收入构成为：施工业占比84.3%，运营业务占比6.91%，投资业务占 比3.38%，设计服务占比2.39%，融资租赁占比1.41%。 截至发稿，隧道股份市值为199亿元。 每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还有10名消防员受伤！记者现场直击香 港大埔火灾：燃烧的宏福苑，五级大火的五个谜团 （记者 曾健辉） ...

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-053 | | --- | --- | --- | --- | --- | --- | | 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 第十届董事会第五十四次会议决议公告 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。 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"）第十届董事会第五 十四次会议，分别于 2025 年 11 月 24 日、27 日以电子邮件方式分别 发出会议通知和补充会议通知，并进行了电话确认，于 2025 年 11 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、召开符合相关法律、法规和《公司章程》的规定。 二、董事会会议审议情况 （一）《上海隧道工程股份有限公司其他管理人员业绩考核和薪酬分 配方案（2024-2026 年）》 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600820 证券简称：隧道股份 公告编号：临2025-052 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 特此公告。 上海隧道工程股份有限公司 董事会 2025年11月28日 关于基础设施公募REITs申报发行工作的进展公告 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。 上海隧道工程股份有限公司（以下简称"公司"）获悉，上海东方证券资产管理有限公司已向中国证券监 督管理委员会（以下简称"中国证监会"）、上海证券交易所分别提交了"东方红隧道股份智能运维高速 封闭式基础设施证券投资基金"的注册、上市申请等材料，并于2025年11月25日正式获受理。 公司基础设施公募REITs有关情况请详见公司于2023年7月15日发布的《上海隧道工程股份有限公司关 于开展基础设施公募REITs申报发行工作的公告》（临2023-020）。 本次发行基础设施公募REITs尚需获得中国证监会和上海证券交易所的审核同意，存在不确定性。 ...

| 证券代码：600820 | 证券简称：隧道股份 | | | 公告编号：临 | 2025-052 | | --- | --- | --- | --- | --- | --- | | 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 | | | 特此公告。 上海隧道工程股份有限公司 董事会 公司基础设施公募 REITs有关情况请详见公司于2023年7月15日发布的《上 海隧道工程股份有限公司关于开展基础设施公募 REITs 申报发行工作的公告》 （临 2023-020）。 本次发行基础设施公募 REITs 尚需获得中国证监会和上海证券交易所的审 核同意，存在不确定性。公司将根据相关事项进展情况，严格按照法律法规的规 定与要求及时履行信息披露义务，敬请广大投资者注意投资风险。 上海隧道工程股份有限公司 关于基础设施公募 REITs 申报发行工作的进展公告 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。 上海隧道工程股份有限公司（以 ...

Focus 1: Jianlong Micro-Nano (688357) - The company has terminated the planning of a major asset restructuring, which was intended to acquire at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. through cash payment for equity [1] Focus 2: Industrial Fulian - The company has adjusted the maximum repurchase price for its shares from 19.36 yuan per share to 75.00 yuan per share, reflecting confidence in its future development and market conditions [2] Focus 3: *ST Dongtong - The company received a prior notice from the Shenzhen Stock Exchange regarding the proposed termination of its stock listing [3] Focus 4: Fundraising & Restructuring - Aolaide plans to raise up to 299.71 million yuan through a simplified procedure for issuing shares to specific targets, with proceeds allocated for OLED display core material production and working capital [4] - Maigemi has received approval from the Shenzhen Stock Exchange for its application to issue shares to specific targets, meeting all necessary conditions [4] - Su Yan Jingshen has also received approval for its share issuance application, pending final registration with the China Securities Regulatory Commission [4] Focus 5: Important Matters - Baiao Chemical's major shareholders are transferring a total of 10% of the company's shares to Liu Hongjun, resulting in him holding 10% of the total share capital post-transfer [5][6] - Zhejiang Pharmaceutical is planning to spin off its subsidiary for a listing on the Hong Kong Stock Exchange, which will not affect its control over the subsidiary [6] - Huafeng Aluminum is acquiring 100% of Shanghai Huafeng Puen Polyurethane Co., Ltd. for 100.06 million yuan, which will enhance its operational efficiency and market competitiveness [7] Focus 6: New Investments - Fuda Co. is establishing a wholly-owned subsidiary with an investment of 30 million yuan to enhance its forging business and related manufacturing capabilities [8] - Jianghai Co. is forming a joint venture to establish an innovation research institute with a registered capital of 50 million yuan, focusing on strategic technology research [9][10] Focus 7: Capital Market Activities - Zhongshan Bank has issued 60 billion yuan of subordinated debt with a fixed interest rate of 2.16% for a term of 10 years [17] - China Iron and Steel Group plans to increase its stake in China Iron and Steel Co. by investing between 65 million and 130 million yuan over the next six months [18]

Core Points - The company announced that its wholly-owned subsidiary, Shanghai Jianyuan Asset Management Co., Ltd., in collaboration with an affiliated party, Shanghai Urban Construction Real Estate Development Co., Ltd., has jointly acquired the state-owned land use rights for specific plots in Yangpu District, Shanghai [1] - The total investment for the Yangpu project is approximately 828.04 million yuan, with a registered capital for the project company set at 2.13 billion yuan, subject to final government approval [1] - Jianyuan Asset Management will contribute 852 million yuan for a 40% stake, while Urban Construction Real Estate will invest 1.278 billion yuan for a 60% stake, indicating a significant collaboration between the two entities under the control of Shanghai Urban Construction (Group) Co., Ltd. [1]

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-051 | | --- | --- | --- | --- | --- | --- | | 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 | | | 1 本次交易不构成重大资产重组。 本次关联交易无需经过有关部门批准。 至本次关联交易为止，过去 12 个月内公司与同一关联人或与不同 关联人之间交易类别相关的关联交易已达到公司最近一期经审计 净资产绝对值 5%以上（且金额超过 3000 万元人民币），但鉴于 本次关联交易系与关联人共同出资设立公司，各出资方均全部以 投资标的名称及金额 上海隧道工程股份有限公司（以下简称公司或本公司）下属全资 子公司上海建元资产管理有限公司（以下简称建元资管）与公司关联 方上海城建置业发展有限公司（以下简称城建置业）于近日共同竞得 上海市杨浦区 N090501 单元 A3a-03、A3a-04、A1-04-1 地块（地块公 告号：2025112HC）的国有建设用地使用权（以下简称杨浦地块项目、 该 ...