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 ...

证券日报网讯 12月17日晚间，隧道股份发布公告称，公司第十届董事会第五十七次会议审议通过《公 司关于注销昆明元鼎建设发展有限公司的议案》《公司关于下属企业设立城网智运（上海）科技有限公 司（暂定名）的议案》《公司关于对外捐赠的议案》。 （文章来源：证券日报） ...

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-058 | | --- | --- | --- | --- | --- | --- | | 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 | | | ●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"）第十届董事会第五 十七次会议，分别于 2025 年 12 月 12 日、2025 年 12 月 15 日以电子 邮件方式发出会议通知和补充会议通知，并进行了电话确认，于 2025 年 12 月 17 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）《公司关于注销昆明元鼎建设发展有限公司的议案》（该项议案 同意票 8 票，反对票 0 票，弃权票 0 票；是否通过：通过）； 上海隧道工程股份有限公司 第十届董事会第五十七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在 ...

Investment Rating - The report maintains a "stronger than the market" investment rating for the construction and decoration industry [3]. Core Viewpoints - The Central Economic Conference has set the tone for "dual easing," indicating that incremental policies and key projects are expected to advance [12][13]. - There is a significant increase in special bond net financing, with a cumulative net financing of 3.88 trillion yuan as of December 13, 2025, which is higher than the same period in the previous three years [13]. - The macroeconomic focus remains on stable growth, with expectations for further policies to promote infrastructure and real estate demand in the coming year [12]. Summary by Sections 1. Industry Viewpoints and Investment Recommendations - The construction and decoration index fell by 1.59% last week, with specific sectors like landscaping engineering (+1.74%) and municipal engineering (+0.20%) performing better [12]. - The Central Economic Conference emphasized a more proactive fiscal policy and moderately loose monetary policy, suggesting that strategic projects will accelerate [12]. - The report identifies three main investment lines: 1. Recommend state-owned enterprises benefiting from national key projects, such as China Railway Construction and China State Construction [17]. 2. Focus on high-prosperity segments related to major strategic projects, recommending companies like High Hope Explosive and China Railway Industry [17]. 3. Support for companies transitioning to new productive forces like AI and robotics, recommending firms such as Roman Holdings and Hongrun Construction [17]. 2. Market Review - The report notes that the special bond issuance has completed 103% of the annual issuance target, with a total of 4.54 trillion yuan issued [13][16]. - The construction sector's performance is tracked, with specific stocks showing significant gains, such as Yaxiang Integration (+25.2%) and Hexin Instruments (+13.4%) [23]. 3. Key Company Dynamics - The report tracks significant company announcements, including China Chemical's nylon new material project achieving full production capacity and Shanghai Construction's provision of guarantees totaling 63.89 billion yuan [30]. 4. Industry Valuation Status - As of December 12, 2025, the PE ratios for various construction sub-sectors are as follows: housing construction (6.25x), municipal engineering (7.89x), and chemical engineering (10.56x) [31].

Investment Rating - The industry investment rating is "Overweight" [2][25]. Core Insights - Fixed asset investment in China showed a cumulative year-on-year decline of 2.6% from January to November 2025, with manufacturing investment increasing by 1.9% [2][3]. - Traditional infrastructure investment has seen a widening decline, necessitating a stabilization of investment. Infrastructure investment (including all categories) grew by only 0.1% year-on-year, a decrease of 1.4 percentage points compared to the previous month [4][3]. - Real estate investment remains low, with a year-on-year decline of 15.9% from January to November 2025, indicating a weak recovery trajectory [11][3]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year decline in fixed asset investment is 2.6%, with a decrease of 0.9 percentage points from the previous month [3]. - Manufacturing investment has increased by 1.9%, but this is still a decline of 0.8 percentage points compared to the previous month [2]. Infrastructure Investment - Infrastructure investment (excluding electricity) has a year-on-year decline of 1.1%, with a decrease of 1.0 percentage points from the previous month [4]. - Specific sectors such as transportation, storage, and postal services saw a decline of 0.1%, while water, environment, and public facilities management experienced a decline of 6.3% [4]. Regional Investment Trends - Eastern regions reported a year-on-year decline of 6.6%, while central and western regions saw declines of 1.7% and 0.2%, respectively. The northeastern region faced a significant decline of 14.0% [4]. Real Estate Investment - Real estate investment has decreased by 15.9% year-on-year, with construction starts down by 20.5% and completions down by 18.0% [11]. - The current cycle is characterized by excessive clearing of supply entities and difficulties in inventory replenishment, leading to a slow recovery in investment [11]. Investment Recommendations - For 2026, the industry is expected to stabilize, with emerging sectors likely to benefit from major national strategies. Key companies to watch include Sichuan Road and Bridge, China Chemical, and others in new infrastructure and overseas markets [16].

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - Fixed asset investment growth in China has further declined, with a cumulative year-on-year decrease of 2.6% for January to November 2025, a drop of 0.9 percentage points compared to the previous period [2][3]. - Traditional infrastructure investment has seen an expanded decline, necessitating measures to stabilize investment. Infrastructure investment (including all categories) grew by only 0.1% year-on-year, down 1.4 percentage points from the previous month [4]. - Real estate investment remains low, with a year-on-year decrease of 15.9% for January to November 2025, indicating a weak recovery trajectory [11]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is -2.6%, with manufacturing investment showing a slight increase of 1.9% [2][3]. - The decline in traditional infrastructure investment has intensified, with significant drops in various sectors, including transportation and public facilities [4]. Infrastructure Investment - Infrastructure investment (excluding electricity) has decreased by 1.1% year-on-year, with notable declines in transportation and environmental management sectors [4]. - Regional investment disparities are evident, with the eastern region experiencing a 6.6% decline year-on-year [4]. Real Estate Investment - Real estate investment has decreased by 15.9% year-on-year, with construction starts down by 20.5% and completions down by 18.0% [11]. - The report anticipates a slow recovery in real estate investment due to challenges in inventory replenishment and supply chain issues [11]. Investment Recommendations - The report suggests that in 2026, industry investment is expected to stabilize, with emerging sectors likely to benefit from national strategic initiatives [15]. - Specific companies are highlighted for potential investment, including Sichuan Road and Bridge, China Chemical, and others in the new infrastructure and overseas markets [15].

Core Insights - The report emphasizes the acceleration of bidding for nuclear fusion projects and the operational launch of the Liebherr Nantong base, focusing on nuclear power and marine engineering modules [6][15][28] - The report highlights the structural recovery of infrastructure investment, particularly in Sichuan and Xinjiang, and recommends investments in low-valuation central state-owned enterprises [6][34] - The report tracks the development of cleanroom technology and the increasing capital expenditure of Taiwanese electronics companies in the U.S., indicating a trend of the Taiwanese supply chain moving to the U.S. [6][34] Group 1: Nuclear Fusion and Power Projects - The signing of a joint statement between China and France on December 4, 2025, promotes the development of nuclear power, recognizing nuclear fusion energy as a significant direction for future energy development [6][15] - The Liebherr Nantong base is expected to achieve an annual output value of CNY 560 million for nuclear modules and CNY 640 million for oil and gas energy modules, addressing the decline in traditional chemical business demand [6][28] - The report notes that the modular construction method in nuclear power can significantly shorten construction periods, with the Liebherr Nantong base now operational [6][28] Group 2: Cleanroom and Coal Chemical Industry - The report tracks the cleanroom sector, noting that TSMC plans to invest USD 165 billion in capital expenditures in the U.S., with Foxconn and Wistron also planning significant investments [6][34] - In the coal chemical sector, projects are progressing steadily, with Xinjiang remaining a primary investment area, including a 1.5 million tons/year coal-to-ethylene project [6][34] - The average price of medium and heavy plates in 13 regions decreased by 0.9%, while rebar prices fell by 1.0%, indicating a slight decline in steel prices [6][34] Group 3: Financial Tracking and Investment Recommendations - The report indicates that special bonds issued for refinancing have reached CNY 2.01 trillion, with a cumulative issuance of CNY 4.5 trillion in special bonds for the year, reflecting a 13.8% year-on-year increase [6][34] - The report recommends focusing on four main investment lines: infrastructure recovery, safety resources, technology in high-end manufacturing, and overseas business opportunities [6][34] - The funding availability rate for construction sites is reported at 59.74%, showing a slight increase from the previous week [6][34]

上海隧道工程股份有限公司 股东会议事规则 （2025 年修订） 第一章 总则 第一条 为了规范上海隧道工程股份有限公司（以下简称"公司"）股 东会的行为，保证公司股东会能够依法行使职权，维护公司和股东的 权益，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、中国证监会颁布的 《上市公司股东会规则》（以下简称"《规则》"）、《上市公司治理准则》、 上海证券交易所《股票上市规则》、《上海隧道工程股份有限公司章程》 （以下简称"《公司章程》"）及其他相关法律法规的有关规定，特制 定本《议事规则》。 第二条 公司股东会由公司股东组成，股东会是公司的权力机构。股 东会应当在《公司法》和公司章程规定的范围内行使职权。 第三条 本规则适用于公司股东会，对公司、全体股东、股东授权代 理人、公司董事、高级管理人员以及列席股东会的其他有关人员均具 有约束力。 第四条 股东会分为年度股东会和临时股东会。年度股东会每年召开 1 一次，应当于上一会计年度结束后的六个月内举行。临时股东会不定 期召开，出现《公司法》第一百一十三条规定的应当召开临时股东会 的情形时，临时股东会应 ...