Core Insights - The report highlights a significant decline in fixed asset investment (FAI) in 2025, with infrastructure investment becoming a drag on the economy, prompting the economic work conference to emphasize "investment stabilization" [2][9] - Looking ahead to 2026, the report suggests that "active fiscal policies" will drive investment stabilization, with a focus on structural opportunities in the construction sector, including western infrastructure, overseas engineering, and new infrastructure [2][9] Group 1: Economic Overview - In 2025, FAI experienced a comprehensive decline, with infrastructure investment significantly dropping, particularly in the third quarter, where narrow infrastructure investment turned negative, declining by 8.7% in October [23][28] - The report notes that the actual situation of infrastructure investment may have deteriorated earlier than expected in 2024, despite apparent growth in infrastructure investment [30][34] Group 2: Structural Opportunities - The report emphasizes the importance of structural opportunities in the construction sector, particularly in western infrastructure projects, overseas engineering, and new infrastructure driven by technological advancements [45][46] - Specific recommendations include focusing on high-dividend leading companies in western regions, such as Sichuan Road and Bridge, and exploring opportunities in Xinjiang and Tibet [9][10] Group 3: Overseas Engineering - The report indicates that overseas engineering demand remains strong, driven by favorable client structures and business models of central enterprises, as well as private enterprises expanding into international markets [10][11] - Key recommendations for overseas engineering include companies like China National Materials, Jianghe Group, and Jinggong Steel Structure, which are expected to perform well in terms of earnings and dividends [10][11] Group 4: New Infrastructure - The report identifies several sectors within new infrastructure that are expected to see growth, including clean rooms, commercial aerospace, nuclear power, and low-altitude economy, driven by technological advancements and safety demands [10][11] - Specific companies recommended in these sectors include Yaxiang Integration for clean rooms and China Nuclear Engineering for nuclear power projects [10][11] Group 5: Traditional Demand - The report notes that traditional demand, particularly in real estate, remains under pressure, with new and second-hand housing demand still facing challenges [11] - It highlights the potential turning point for companies like Honglu Steel Structure, which may benefit from improved cyclical sentiment and operational efficiency [11] Group 6: Reform and Restructuring - The report discusses the need for deep reforms in the construction sector to enhance global competitiveness, focusing on identifying quality assets and new business opportunities for central enterprises [12][12] - It also emphasizes the importance of market value management and the potential for mergers and acquisitions in the construction industry [12][12]

| 证券代码：600820 | 证券简称：隧道股份 | | | 公告编号：2025-060 | | --- | --- | --- | --- | --- | | 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 | | | 姓名 | 离任职 务 | 离任时间 | 原定任期到期 日 | 离任原因 | 是否继续在 上市公司及 | 具体职 务（如适 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 其控股子公 | 用） | 毕的公开 | | | | | | | 司任职 | | 承诺 | | 孙桂峰 | 副总裁 | 2025 年 12 月 | 2025 年 1 月 26 | 到龄退休 | 否 | / | 否 | | | | 24 日 | 日 | | | | | 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。 上海隧道工程股份有限公司（以下简称" ...

Group 1 - Jizhi Co., Ltd. plans to acquire at least 51% equity in Pumai Technology through cash payment, aiming to gain control over the company, which is a leading enterprise in the field of robot performance testing and calibration in China [1] - Yaxing Chemical's subsidiary intends to transfer 7.14% equity for 60 million yuan to another fund under the same control, indicating strategic investment movements within the same management group [2] - Weigao Bio's application for clinical trials of subcutaneous human immunoglobulin has been accepted by the National Medical Products Administration, targeting primary immunodeficiency diseases [3] Group 2 - Sentai Co., Ltd.'s controlling shareholder plans to increase shareholding by at least 100 million yuan within 12 months, aiming to enhance confidence in the company's future [4] - Health元's subsidiary has received acceptance for the marketing authorization application of Lecanemab injection, which is intended for moderate to severe plaque psoriasis patients [5][11] - Sunshine Nuohuo has signed a technical development contract for the STC008 injection project, with a total payment of 500 million yuan, indicating significant investment in cancer treatment [6] Group 3 - Hunan YN has been designated as a delivery warehouse for lithium carbonate by the Guangzhou Futures Exchange, enhancing its position in the lithium market [7] - Tianji Co., Ltd. is pushing for the industrialization of lithium sulfide material preparation, although it faces risks in commercialization [8] - Yuandong Bio has received FDA approval for Methylene Blue injection, expanding its product portfolio in the U.S. market [10] Group 4 - Nanshan Aluminum has established a wholly-owned subsidiary in Hainan with an investment of 5 million yuan, focusing on high-end aluminum products [13] - ST Xifa plans to acquire 50% equity in Lhasa Beer, aiming for full ownership, with the transaction currently in the planning stage [14] - Hengrui Medicine's SHR-A1904 injection has been included in the list of breakthrough therapy products, indicating its potential in treating advanced gastric cancer [12] Group 5 - Chengdu Gas is planning to merge three subsidiaries, streamlining operations and enhancing efficiency [26] - Baoli Electric intends to invest 50 million yuan to establish a wholly-owned subsidiary focused on key equipment and solutions in energy storage [27] - Huadian International has successfully put the second unit of its Longkou Phase IV project into commercial operation, marking a significant milestone in its energy production capacity [34]

格隆汇12月24日丨隧道股份(600820.SH)公布，公司董事会于近日收到公司副总裁孙桂峰先生的辞职报 告。孙桂峰先生因到龄退休原因，申请辞去公司副总裁职务。根据《公司法》和《公司章程》等相关规 定，孙桂峰先生的辞职报告自送达公司董事会之日起生效。 ...

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-059 | | --- | --- | --- | --- | --- | --- | | 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（简称"公司"）董事会于近日收到公 司副总裁孙桂峰先生的辞职报告。孙桂峰先生因到龄退休原因，申请 辞去公司副总裁职务。根据《公司法》和《公司章程》等相关规定， 孙桂峰先生的辞职报告自送达公司董事会之日起生效。 公司衷心感谢孙桂峰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 董事会 2025 年 12 月 25 日 上海隧道工程股份有限公司 关于副总裁辞职的公告 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。 ...

隧道股份12月24日公告，公司董事会近日收到副总裁孙桂峰的辞职报告，孙桂峰因到龄退休原因，申请 辞去公司副总裁职务，辞职报告自送达公司董事会之日起生效。 ...

南财智讯12月24日电，隧道股份公告，公司董事会于近日收到公司副总裁孙桂峰先生的辞职报告。孙桂 峰先生因到龄退休原因，申请辞去公司副总裁职务。根据《公司法》和《公司章程》等相关规定，孙桂 峰先生的辞职报告自送达公司董事会之日起生效。 ...

为此，中交二航局安徽工业化建造分公司打造智能化、标准化的预制生产基地，配置2条短线匹配法生 产线、12套4米标准台座、2套变截面专用台座、15套高精度液压模板系统，辅以一系列先进设备。其 中，短线匹配法预制技术的精准应用是核心亮点，除起始梁段及墩顶块采用"固定端模+活动端模"浇筑 外，其余梁段均以已浇筑梁段作为匹配段进行浇筑，模板系统精度控制优于1毫米，匹配梁平面及高程 精度优于2毫米。 作为中国桥梁科技创新引领代表性工程、世界特大跨悬索桥建设里程碑工程，张靖皋长江大桥多项技术 突破填补国际空白。节段箱梁的预制与供货核心任务，对预制产能、技术精度和交付效率提出严苛要 求。 中国青年报客户端讯（陈勇 中青报·中青网记者 王海涵 王磊）连日来，一艘艘货船载着一榀榀节段梁驶 离安徽芜湖裕溪口码头，发往江苏张靖皋长江大桥建设现场。驻芜央企中交二航局安徽工业化建造分公 司负责张靖皋长江大桥全桥2284榀节段梁的预制与供货任务，为这座集多项"世界之最""世界首创"于一 身的超级工程上部结构施工奠定基础。 节段梁在 长江航运。中交二航局四公司供图 目前，张靖皋长江大桥已完成主塔主体结构封顶，全面转入上部结构施工阶段。未来， ...

Investment Rating - The report rates the industry as "Overweight" [7] Core Insights - The potential for investment growth in new infrastructure remains significant, with a focus on expanding effective investment space and enhancing private investment vitality [2][3] - Central enterprises are encouraged to identify new growth areas, particularly in renewable energy, aerospace, and low-altitude economy sectors [4] - The government is increasing support for capital in key infrastructure projects, including railways and smart construction initiatives [5] Summary by Relevant Sections Recent Key Reports - The report highlights the importance of strategically expanding investment in new infrastructure and emphasizes the need for a coordinated approach to urbanization and rural revitalization [3][4] Key Company Recommendations - Recommended companies include China Railway, China Communications Construction, and China State Construction, all of which are expected to benefit from high dividend yields and stable growth [8][11] - Specific sectors such as clean rooms, commercial aerospace, and controlled nuclear fusion are highlighted for their growth potential, with recommended stocks including Yaxiang Integration and Shanghai Port [6][10] Macro/Meso/Micro Data - The report indicates a projected increase in broad infrastructure funding by 7.3% in 2025, driven by enhanced fiscal policies and the issuance of special bonds [31][32] - It also notes that the construction industry is experiencing a decline in net profit margins, with a 10% year-on-year decrease in net profit reported [14][15]

上海隧道工程股份有限公司 2025 年第一次临时股东会 会议文件 2025 年 12 月 29 日 上海隧道工程股份有限公司 2025 年第一次临时股东会会议文件 上海隧道工程股份有限公司 2025 年第一次临时股东会议程 会议召开时间：2025 年 12 月 29 日（星期一）下午 14:30 会议方式：本次会议采用现场投票、网络投票相结合的表决方式。社会公众股股东可以 在交易时间内通过上海证券交易所的交易系统或互联网投票平台行使表决权。 会议召开地点：上海市宛平南路 1099 号一楼多媒体会议厅。 网络投票时间：2025 年 12 月 29 日（星期一），通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票平台（网 址：vote.sseinfo.com）的投票时间为股东会召开当日的 9:15-15:00。 1、审议《公司关于取消监事会并修订<公司章程>及部分治理制度的议案》。 为保证会场秩序，场内请勿吸烟、大声喧哗。对干扰会议正常秩序、寻衅滋事和侵犯其 1 上海隧道工程股份有限公司 2025 年第一次临时股东会须 ...