上海隧道工程股份有限公司 董事会议事规则 （2025 年修订） 目录 1 第三条 公司根据中国证监会的要求逐步建立以及完善独立董事制 度。 第四条 《公司法》规定的情形以及被中国证监会确定为市场禁入 者，并且禁入尚未解除的人员，不得担任公司的董事。 第一章 总则 第二章 董事和独立董事 第三章 董事会和董事会职权 第四章 董事会会议的召集、通知和出席 第五章 董事会会议的议程、议案与审议 第六章 董事会会议的表决 第七章 董事会会议的决议 第八章 董事会会议的记录 第九章 董事会秘书 第十章 附则 第一章 总则 第一条 为维护上海隧道工程股份有限公司（以下简称"公司"）及 公司股东的合法权益，明确董事会的职责与权限、议事程序，确保董 事会的工作效率、科学决策、规范运作，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》"）、《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》"）， 以及其他有关法律、法规的规定，特制定本规则。 第二章 董事和独立董事 第一节 董事 第二条 公司董事为自然人。董事 ...

上海隧道工程股份有限公司章程 （2025年修订） 目 录 第三章 股份 第四章 股东和股东会 第五章 董事和董事会 第六章 高级管理人员 第七章 党委 第九章 通知与公告 第一章 总则 第二章 经营宗旨和范围 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第一节 股东的一般规定 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第一条 为维护公司、股东、债权人和职工的合法权益，规范公司的组 织和行为，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"）、《中国共产党章程》、《中华 人民共和国企业国有资产法》(以下简称"《企业国有资产法》")和其他 有关规定，制订本章程。 第二条 公司系依照《股票发行与交易管理暂行条例》、《上海市股份有 限公司暂行规定》、《上海市证券交易管理办法》和其他有关规定成立的 股份有限公司(以下简称"公司")。 公司经上海市建设委员会关于上海市隧道工程公司改制为上海隧道 工程股份有限公司的批复批准以募集方式设立，在上海市 ...

上海隧道工程股份有限公司 《公司章程》修订对照表 | 原《公司章程》内容 | 修订后《公司章程》内容 | | --- | --- | | 第一条 为维护公司、股东、债权人和 | 第一条为维护公司、股东、债权人和 | | 职工的合法权益，规范公司的组织和 | 职工的合法权益，规范公司的组织和 | | 行为，根据《中华人民共和国公司法》 | 行为，根据《中华人民共和国公司法》 | | (以下简称"公司法")、《中华人民共 | (以下简称"公司法")、《中华人民共 | | 和国证券法》（以下简称"证券法"）、 | 和国证券法》（以下简称"证券法"）、 | | 《中国共产党章程》和其他有关规定， | 《中国共产党章程》、《中华人民共和 | | 制订本章程。 | 国企业国有资产法》(以下简称"《企 | | | 业国有资产法》")和其他有关规定， | | | 制订本章程。 | | 第二条 公司系依照《股票发行与交易 | 第二条 公司系依照《股票发行与交易 | | 管理暂行条例》、《上海市股份有限公 | 管理暂行条例》、《上海市股份有限公 | | 司暂行规定》、《上海市证券交易管理 | 司暂行规定》、《上海市证券交易管理 ...

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-056 | | --- | --- | --- | --- | --- | --- | | 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 | | | 关于取消监事会并修订《公司章程》及部分治理制度的公告 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。 上海隧道工程股份有限公司 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 十六次会议，于 2025 年 12 月 5 日以电子邮件方式分别发出会议通知， 并进行了电话确认，于 2025 年 12 月 12 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。会议审议通过了《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》 二、议案主要内容 根据《中华人民共和国公司法》（以下简 ...

证券代码：600820 证券简称：隧道股份 公告编号：2025-057 上海隧道工程股份有限公司 关于召开2025年第一次临时股东会的通知 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。 一、 召开会议的基本情况 重要内容提示： (一)股东会类型和届次 2025年第一次临时股东会 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 29 日 14 点 30 分 召开地点：上海市宛平南路 1099 号一楼多媒体会议厅 (五)网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年12月29日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 至2025 年 12 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大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 过互联网投票平台的投票时间为股 ...

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-055 | | --- | --- | --- | --- | --- | --- | | 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 （一）《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》（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）； 议案详情请见同日披露的"上海隧道工程股份有限公司关于取消 监事会并修订《公司章程》及部分治理制度的公告"（临 2025-056）。 第十届董事会第五十六次会议决议公告 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。 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" ...

Core Viewpoint - The construction and decoration industry is experiencing a slowdown in fixed asset investment and new contract signings, with a focus on potential growth areas such as overseas construction, urban renewal, digital construction, and power engineering [2][5]. Investment Strategy - From January to October 2025, cumulative fixed asset investment decreased by 1.7% year-on-year, while infrastructure investment increased by 1.5%, with a sequential decline of 1.8 percentage points [2]. - New contracts in the construction industry totaled 21.30 trillion yuan from January to September 2025, down 4.6% year-on-year, with a notable slowdown in the decline of new orders in the third quarter [2]. - The backlog of construction orders stood at 59.95 trillion yuan, reflecting a year-on-year decrease of 1.8%, indicating that the decline in existing orders is less severe than that of new contracts [2]. Sector Performance - The construction decoration index rose by 6.8% from the beginning of 2025 to December 2, but underperformed compared to the broader market [2]. - The renovation and decoration service sector led the secondary market with a growth rate of 30.6% [2]. - The construction sector's allocation ratio was 0.62%, which is 0.94 percentage points lower than the industry standard [2]. Central Enterprises - The eight major central enterprises saw their new contracts remain stable in the first half of 2025, with overall revenue growth declining by 4.4% and net profit attributable to shareholders decreasing by 7.5% [3]. - Factors such as slowing infrastructure investment growth and prolonged repayment cycles due to local fiscal pressures have impacted the revenue of these enterprises [3]. Growth Opportunities - Overseas construction saw a cumulative completion amount of 134.18 billion USD from January to October 2025, with a year-on-year increase of 7.9%, particularly in Belt and Road countries [4]. - Urban renewal projects are expected to be funded through various sources, with plans to start renovating 25,000 old urban communities, of which 21,700 have already commenced [4]. - Digital construction is being driven by new productivity, with a focus on comprehensive digital transformation across urban areas [4]. - The power engineering sector is anticipated to benefit from significant opportunities in water resources and environmental projects from 2025 to 2030 [4]. - Local government bond issuance has accelerated, with a total issuance of 6.49 trillion yuan from January to September 2025, marking a year-on-year increase of 29.3% [4]. Investment Recommendations - The construction sector is expected to see a resonance of fundamentals, policies, and valuations, with a focus on marginal changes in overseas construction, urban renewal, digital construction, power engineering, and debt reduction [5]. - Recommended stocks include China Power Construction, China Energy Engineering, China Communications Construction, Tunnel Corporation, Metro Design, and Jianfa Heceng, particularly those with stable performance and low valuations [5].

Group 1 - The Central Political Bureau of the Communist Party of China held a meeting to analyze and study economic work for 2026, emphasizing the need for better coordination between domestic economic work and international trade struggles, and the implementation of more proactive macro policies [1] - The meeting proposed eight key "insistences" for economic work, highlighting the importance of expanding domestic demand and optimizing supply [1] - Experts indicated that the demand for economic growth transformation remains strong, and policies need to balance short-term and long-term goals, with domestic demand continuing to play a crucial role in economic recovery [1] Group 2 - The China Securities Regulatory Commission established legislative contact points to enhance market participation in capital market legislation, with six units designated as the first batch of contact points [4] - The International Monetary Fund's Shanghai Center officially opened, aimed at strengthening communication and cooperation with economies in the Asia-Pacific region [6] Group 3 - The National Financial Regulatory Administration emphasized the need for insurance companies to assess the sustainability of their business models as a regulatory focus, highlighting the importance of strategic direction and asset-liability management [8] - The latest data from the China Passenger Car Association indicated that domestic retail sales of new energy passenger vehicles reached 1.32 million units in November, a year-on-year increase of 4.2% [12] - TrendForce projected that global shipments of optical transceivers above 800G will reach nearly 63 million units by 2026, representing a growth rate of 2.6 times from 2025 [13] Group 4 - China Minmetals announced plans to sell assets worth approximately 60.68 billion yuan, including 100% equity of China Metallurgical Real Estate and other subsidiaries to China Minmetals [16] - Agricultural Bank of China approved a cash dividend distribution plan amounting to approximately 41.82 billion yuan, with a per-share cash dividend of 0.1195 yuan [23] - Midea Group completed a share repurchase totaling approximately 10 billion yuan, acquiring about 135 million shares [27]

Core Viewpoint - The company has secured the concession for the construction and operation of the Huixian to Juancheng (Yulu Border) Expressway, with a total investment of 6.49 billion yuan, structured under a 33.25-year concession model, which includes a construction period of 3.5 years and a toll collection period of 29.75 years [2][19]. Group 1: Project Overview - The Huixian to Juancheng (Yulu Border) Expressway is part of the new highway construction projects in Henan Province, aiming to enhance connectivity and avoid becoming a bottleneck in the transportation network [17]. - The project spans 50.32 kilometers, designed as a four-lane expressway with a speed limit of 120 km/h, and includes various infrastructure components such as bridges, tunnels, and traffic facilities [17]. Group 2: Investment Structure - The project will be executed under a Build-Operate-Transfer (BOT) model, where the project company is responsible for financing, construction, operation, and management throughout the concession period [18]. - The consortium involved in the project includes Shanghai Tunnel Engineering Co., Ltd. and several subsidiaries, with a significant shareholding structure [7][12][13][14][15]. Group 3: Financial Implications - The total investment for the project is estimated at 6.49 billion yuan, with construction costs accounting for 4.261 billion yuan [2][17]. - The project is expected to enhance the company's capabilities in traditional infrastructure construction and provide opportunities for its emerging business sectors, such as smart operations and digitalization [19]. Group 4: Risk Factors - The project faces various risks, including policy changes, market fluctuations, construction challenges, operational costs, and financing issues, which could impact its overall success [4][5][6][20][21]. - Mitigation strategies have been outlined to address these risks, such as engaging with government bodies, conducting professional traffic forecasts, and exploring diverse financing options [22][23][24][25][26][27].

Group 1 - Cambridge Technology plans to invest 400 million yuan to establish a fund focused on optical devices and chips, aiming to invest in early-stage and growth-stage companies in the hard technology sector [1] - Tunnel Corporation's consortium won a bid for a highway project in Henan with a total investment of 6.49 billion yuan, using a BOT model for a 33.25-year cooperation period [2] - Hongrun Construction won a bid for a project worth 230 million yuan, which represents 3.88% of the company's projected revenue for 2024 [3] Group 2 - Tongrentang's product, Canling Baizhu Powder, received product registration approval from Health Canada, aimed at treating symptoms related to spleen and stomach weakness [4] - Hunan Baiyin announced a scheduled annual maintenance from December 9, 2025, to January 5, 2026, for equipment and facilities [5] - Changchun Gaoxin's subsidiary had two drugs included in the national medical insurance catalog for 2025 [6] Group 3 - Dongfang Securities' chairman resigned due to work relocation [7] - Xuantai Pharmaceutical's product, Sitagliptin Metformin Sustained-Release Tablets, was renewed for inclusion in the national medical insurance catalog [8] - ST Weihai was pre-selected for a smart agriculture EPC project with a bid of 652 million yuan, accounting for 26.27% of the company's projected revenue for 2024 [9] Group 4 - Guoxin Technology successfully tested an anti-quantum password financial POS chip, supporting both traditional and quantum-resistant algorithms [10] - Huaren Health's subsidiary received acceptance for a drug registration application for Lactulose Oral Solution, a common laxative [11] - Ankai Bus reported a 57.71% year-on-year increase in sales for the first 11 months of the year [12] Group 5 - Zhongyan Dadi's subsidiary won a bid for a project worth 73.86 million yuan [13] - Zhejiang Rongtai plans to invest 77 million USD in a factory in Thailand, focusing on mica paper and robot components production [14] - Optoelectronics plans to use up to 450 million yuan of idle funds for cash management [15] Group 6 - Tianyu Biological reported a 45.15% year-on-year decline in sales revenue from pig sales in November [16] - Daqin Railway's cargo transport volume increased by 1.75% year-on-year in November [17] - Yabo Co. won a bid for a heavy truck charging station project worth 3.616 million yuan [18] Group 7 - Hongri Pharmaceutical's product continues to be included in the national medical insurance catalog [19] - Jinggong Steel Structure signed a contract for steel structure installation worth approximately 470 million yuan for an overseas project [20] - Xizang Pharmaceutical's product, Xinhuasuan, continues to be included in the national medical insurance catalog [21] Group 8 - Guangdong Electric Power A announced the successful commissioning of a 1000MW unit at the Maoming Boge Power Plant [22] - Fuan Pharmaceutical's product, Palivizumab Injection, was newly included in the national medical insurance catalog [23] - Lizhu Group reported that 194 products were included in the 2025 national medical insurance catalog [24] Group 9 - Haisan Pharmaceutical's injection of Lantanol was included in the national medical insurance catalog [25] - Zhongtong Bus reported a 39.53% year-on-year increase in sales volume in November [26] - Shaanxi Coal Industry reported a 6.03% year-on-year increase in coal production in November [27] Group 10 - Haooubo's subsidiary received a medical device registration certificate for an IgG4 testing kit [28] - Yaopi Glass plans to invest 690 million yuan in new automotive glass production lines [30] - Huadian International completed the issuance of 2 billion yuan in medium-term notes [31] Group 11 - Zhongzai Zihuan's subsidiary won a bid for a green recycling project worth 205 million yuan [32] - Dabeinong reported a 25.26% year-on-year decline in sales revenue from pig sales in November [33] - Xiangjia Co. reported a 3.77% year-on-year increase in live poultry sales revenue in November [34] Group 12 - Huanxu Electronics reported a consolidated revenue of 5.198 billion yuan in November, a decrease of 3.34% year-on-year [35] - Aonong Biological reported a 72.21% year-on-year increase in pig sales volume in November [36] - Samsung Medical's subsidiary was pre-selected for a procurement project worth approximately 108 million yuan [37]