| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-054 | | --- | --- | --- | --- | --- | --- | | 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 对外投资公告 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。 重要提示： 投资标的名称及金额：辉县至鄄城（豫鲁界）高速公路辉县至 卫辉段项目特许经营者总投资 64.9 亿元，其中建筑安装工程费 42.61 亿元，项目采用"特许经营"模式，合作期 33.25 年，其中：前期及 建设期 3.5 年，收费期 29.75 年。 项目风险提示： 1、政策风险。政府可能出台新的交通政策、土地政策、环保要 求或税收政策等，影响项目的运营成本和收益。 2、市场风险。 （1）车流量波动：受经济发展状况、节假日、突发事件等因素 影响，车流量可能出现较大波动，进而影响通行费收入。如经济衰 ...

Core Viewpoint - The company announced that its subsidiary consortium, including Shanghai Jianzhu and Henan Jianda, won the bid for the Huixian to Juancheng (Yulu boundary) expressway project, which is expected to enhance its traditional infrastructure business and provide application scenarios for emerging businesses [1] Group 1 - The project is structured as a "public-private partnership" with a cooperation period of 33.25 years [1] - The estimated total investment for the project is 6.49 billion yuan, with construction and installation costs amounting to 4.261 billion yuan [1] - The project is anticipated to drive the company's traditional infrastructure business [1] Group 2 - The company has identified potential risks related to policy, market, and construction aspects of the project [1] - Corresponding countermeasures have been developed to address these risks [1]

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]

Group 1 - The company Tunnel Shares (SH 600820) announced on November 28 that its 10th Board of Directors held a meeting via telecommunication to review the proposal for acquiring 65% equity in Binzhou Huanghe Public Railway Bridge Investment Co., Ltd. [1] - For the first half of 2025, the revenue composition of Tunnel Shares is as follows: construction business accounts for 84.3%, operational business 6.91%, investment business 3.38%, design services 2.39%, and financing leasing 1.41% [1] - As of the report date, the market capitalization of Tunnel Shares is 19.9 billion yuan [1]

| 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）》 ...

Core Points - Shanghai Tunnel Engineering Co., Ltd. has submitted a registration and listing application for the "Dongfanghong Tunnel Co., Ltd. Intelligent Operation and Maintenance High-Speed Closed Infrastructure Securities Investment Fund" to the China Securities Regulatory Commission (CSRC) and the Shanghai Stock Exchange, which was officially accepted on November 25, 2025 [1][2] - The issuance of the public REITs is subject to approval from the CSRC and the Shanghai Stock Exchange, indicating a level of uncertainty in the process [2] Company Information - The company has committed to fulfilling its information disclosure obligations in accordance with legal regulations as the situation progresses [2] - The board of directors of Shanghai Tunnel Engineering Co., Ltd. has ensured the accuracy and completeness of the announcement regarding the REITs application [1][4]

| 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]