证券代码：600820 证券简称：隧道股份 公告编号：2025-045 上海隧道工程股份有限公司 2025年半年度权益分派实施公告 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法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.08元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/10/23 | － | 2025/10/24 | 2025/10/24 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 公司于 2025 年 6 月 27 日召开的公司 2024 年年度股东大会会议，审议通过《公司股东 大会对董事会授权方案》，股东大会授权董事会在符合中期分红前提条件下，择时择机论证、 制定、实施公司中期分红方案，以及办理与中期分红相关的所有必须事项（详见公司于 2025 年 6 月 18 日披露的《公司 2024 年度股东大会会议文件》）。 公司于 2025 年 8 月 2 ...

Group 1 - The board meeting of Shanghai Tunnel Engineering Co., Ltd. was held on October 14, 2025, with all 8 directors present, and the meeting complied with relevant laws and regulations [5] - All resolutions presented at the board meeting were approved unanimously, with no votes against or abstentions [3][4] - The board approved the work report and the proposal for the election of the 11th board of directors, which will consist of 9 members, including 3 independent directors [6][8] Group 2 - The 11th board candidates include recommendations from the controlling shareholder Shanghai Urban Construction Group and the second-largest shareholder Shanghai Guosheng Group, with specific candidates listed [6][7] - The board also approved the convening of the first extraordinary shareholders' meeting of 2025 to discuss the work report and the board election proposal [12] - The board agreed to apply for the issuance of shelf ABS (Asset-Backed Securities) not exceeding 3 billion yuan, to be submitted by a subsidiary [12]

Group 1 - The board meeting of Shanghai Tunnel Engineering Co., Ltd. was held on October 14, 2025, with all 8 directors present, and the meeting was conducted in accordance with relevant laws and regulations [5] - All resolutions proposed during the board meeting were approved unanimously, with no dissenting or abstaining votes [3][4] - The board approved the election of the 11th board of directors, which will consist of 9 members, including 3 independent directors and 1 employee director [6] Group 2 - The board of directors communicated with the actual controller, Shanghai State-owned Assets Supervision and Administration Commission, and major shareholders to propose candidates for the 11th board [6] - The candidates for the 11th board include recommendations from Shanghai Urban Construction Group and Shanghai Guosheng Group [6][7] - The board also approved the convening of the first temporary shareholders' meeting of 2025 to discuss the board work report and the election proposal [12] Group 3 - The board agreed to apply for the issuance of shelf ABS (Asset-Backed Securities) not exceeding 3 billion yuan through its subsidiary [12] - The board approved the implementation plan for the reform of the wage decision mechanism for 2025-2026 [12]

Group 1 - The company Tunnel Corporation (SH 600820) announced on October 14 that its 10th Board of Directors held its 50th meeting via telecommunication, reviewing the "10th Board Work Report" and other documents [1] - For the first half of 2025, Tunnel Corporation's revenue composition 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, Tunnel Corporation's market capitalization is 20.5 billion yuan [1]

| 证券代码：600820 | 股票简称：隧道股份 | | 编号：临 | 2025-044 | | --- | --- | --- | --- | --- | | 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 第十届董事会第五十一次会议决议公告 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。 公司第十届董事会自 2022 年 1 月起至今，三年任期届满，根据 《公司法》和公司章程规定，董事会决定公司进行换届选举。 董事会与公司实际控制人——上海市国有资产监督管理委员会、 控股股东上海城建（集团）有限公司（简称"城建集团"）及第二大 股东上海国盛（集团）有限公司（简称"国盛集团"）沟通和协商， 提出了第十一届董事会候选人名单。 第十一届董事会由 9 人组成，其中 3 人为独立董事，由工会全委 会选举产生的职工董事为 1 人，股东推荐的董事为 5 人， ...

Core Points - The ecological protection and restoration project in the northern coastal area of Dongying, Shandong, constructed by China Communications Second Harbor Engineering Company, has passed the completion acceptance [1] Group 1: Project Details - The project includes ecological enhancement of 6,322 meters of slope surface [1] - It involves the construction of live oyster reefs covering approximately 457.5 hectares [1] - The project has restored about 64.7 hectares of land back to the sea [1] - It includes the recovery of 120 hectares of saline-alkali land with the restoration of alkali grass [1] - The project features a 31-hectare planting area for alkali grass [1] - It also addresses the management of 248.5 hectares of Spartina alterniflora [1]

Investment Rating - The report assigns an "Accumulate" rating for the construction engineering industry [8] Core Insights - In August, broad infrastructure investment decreased by 6.4%, with a month-on-month decline of 4.5 percentage points, while narrow infrastructure investment fell by 5.9%, with a month-on-month decline of 0.8 percentage points [4][6] - Real estate investment in August saw a year-on-year decline of 19.9%, with the drop expanding compared to July [7] - The report highlights a trend towards stabilization in the real estate market, despite ongoing challenges [7] - Infrastructure investment from January to August grew by 2.0% year-on-year, outpacing overall investment growth [7] Summary by Sections Infrastructure Investment - Broad infrastructure investment in August decreased by 6.4%, a decline of 12.6 percentage points compared to the same month in 2024, and a month-on-month drop of 4.5 percentage points [6] - Narrow infrastructure investment fell by 5.9%, with a year-on-year decline of 7.1 percentage points and a month-on-month decrease of 0.8 percentage points [6] - Specific sectors such as water conservancy saw a significant drop of 29.8% year-on-year, while public facilities decreased by 11.6% [6] Real Estate Market - Real estate investment in August dropped by 19.9% year-on-year, with sales area declining by 11.0% [7] - New construction area fell by 19.8%, and completed area decreased by 21.2% [7] - The report indicates that the real estate market is moving towards stabilization, with inventory reduction efforts showing results [7] Investment Recommendations - The report recommends undervalued high-dividend stocks such as China State Construction (dividend yield 4.85%), China Railway Construction (dividend yield 3.74%), and Tunnel Corporation (dividend yield 4.48%) [7] - It also highlights the potential for growth in private investment in infrastructure, particularly in green energy [7]

Macro Research - The US labor market is experiencing a significant slowdown in new job creation, raising concerns about a potential recession, although it has not yet reached that point. The impacts of immigration and retirement on labor supply are diminishing, making it difficult to maintain the current balance between supply and demand in the labor market, which has raised alarms about a potential slowdown [4][12][14] - The average monthly new job creation needed to keep the unemployment rate stable is estimated to be between 150,000 and 180,000. However, the recent average has fallen to 120,000, which is below this range, indicating a need for policy adjustments to stimulate job growth [14][16] Company Research: Anhui Expressway - Anhui Expressway completed the acquisition of group road assets in Q1 2025, significantly enhancing its performance. The company is also benefiting from the accelerated recovery of toll revenues following the expansion of the Xuanguang Expressway, with a 13% year-on-year increase in toll revenue [6][7] - The company has committed to a high dividend policy, maintaining a dividend payout ratio of no less than 60% of net profit for 2025-2027, which is expected to yield dividend rates of 4.9%, 4.9%, and 4.7% respectively [7][9] - Despite recent stock price pressure due to shareholder reduction announcements, the long-term value of Anhui Expressway remains intact, supported by its strong return on equity (ROE) and stable cash flow [7][9] Industry Research: Transportation - The transportation sector is seeing a recovery in toll revenues, particularly in the context of expressway expansions, which is expected to continue driving stable growth in comparable performance metrics [6][7] - The overall market sentiment is influenced by changes in risk appetite, with a focus on high dividend yields and stable cash flows in the transportation industry [7][9] Industry Research: Coal - The coal industry is strategically viewed positively, with expectations of upward price trends driven by increased demand and supply constraints. The total coal production for the year is projected to remain stable, with a slight decrease expected in the second half due to regulatory impacts [31][33] - The price of thermal coal has seen a slight decline, but overall demand is expected to improve, particularly in Q3, as the market adjusts to supply dynamics [34][31] Industry Research: Textile and Apparel - The textile and apparel industry is facing challenges, with export growth slowing down in both China and Vietnam. In August, China's textile and apparel exports fell by 5% year-on-year, indicating a significant decline in growth momentum [35][36] - Several Taiwanese manufacturers reported a slowdown in revenue growth, highlighting the pressures faced by the manufacturing sector amid changing market conditions [36][35]

| 证券代码：600820 | 股票简称：隧道股份 | | 编号：临 | 2025-043 | | --- | --- | --- | --- | --- | | 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。 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 十次会议，于 2025 年 9 月 8 日以电子邮件方式发出会议通知，并进 行了电话确认，于 2025 年 9 月 15 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。 1 ●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。 短期融资券、中期票据、永续票据、资产 ...

Group 1: Market Overview - Since August 2025, the A-share index has been rising, creating a bullish market atmosphere, which requires policy support and institutional improvements for future development [1][3][13] - The focus is on dividends, share buybacks, and delisting systems as key factors influencing the direction of the A-share market [1][3] Group 2: Shareholder Actions - As of September 9, 2025, 19 listed companies announced shareholder buyback plans, including several industry leaders [3][13] - Major shareholders and executives have been actively increasing their stakes, with significant announcements from companies like China Yangtze Power and Kweichow Moutai, indicating confidence in their long-term value [4][5][13] Group 3: Dividend Trends - In 2024, total dividends from A-shares reached 2.4 trillion yuan, with 89% of listed companies distributing dividends, although the distribution remains concentrated in five major industries [10][11] - The banking sector has been a significant contributor to dividends, with major banks consistently ranking high in dividend payouts [10][11] Group 4: Regulatory Environment - The A-share market is seeing an acceleration in delisting, with 24 companies delisted by September 7, 2025, primarily due to financial misconduct and regulatory violations [16][18] - The trend of "delisting without exemption" is becoming more common, indicating a stricter regulatory environment aimed at enhancing market integrity [16][19] Group 5: Recommendations for Improvement - Experts suggest establishing a rigid "profit equals dividend" mechanism to enhance the dividend culture and ensure more equitable distribution among companies [10][12] - There is a call for improved transparency and accountability in shareholder buyback and dividend announcements to prevent misleading practices and enhance investor confidence [8][9][12]