□四川日报全媒体记者 寇敏芳2025年12月29日24时，青海久治至四川马尔康高速公路（简称久马高速）再通87.5 公里，结束阿坝州红原县不通高速的历史，从成都驾车前往红原大草原的时间缩短至4小时。久马高速有一个标签 ——四川已建成通车路段平均海拔最高的高速公路，此次通车路段平均海拔高达3300米。它穿行在四川盆地向青 藏高原过渡的边缘地带，在高海拔、高寒复杂地质结构下，"绣"出一条"天路"。那么，建好这条"最高"高速，需 要过几关？勇闯不良地质关"豆腐渣"里打隧洞，路面穿上"保温服"冬日红原，草原枯黄、白雪皑皑。记者赶在通 车前试跑，车行在崭新的路上，窗外是广袤寂寥的雪原。建设的艰辛，便藏在这条平坦大道的路基之下。查针梁 子隧道是此次通车段的控制性工程，也是全国罕见的高原软岩大变形隧道，施工如同在豆腐渣里打洞。"我们2020 年9月进洞施工，最开始两年，只挖了100米左右。"四川省交通勘察设计研究院隧道院久马高速隧道专业负责人周 杰彬说，隧道建设不怕硬就怕软，有时初支刚做好，吃个午饭的工夫，钢拱架就被地应力扭成了"麻花"，不得不 反压回填、拆除钢架、重新支护。隧道全长3.1公里，计划5年完成，时间近半，却只 ...

Group 1 - The overall performance of the construction sector in 2025 was weaker than the CSI 300 index, with the SW construction decoration index increasing by 8.88% compared to the CSI 300's 18.19% [4][7] - Private enterprises in the construction sector showed significant advantages, achieving a return rate of 35.6%, while state-owned enterprises faced pressure with a return rate of -4.51% [4][7] - The report anticipates that the "14th Five-Year Plan" will open an investment upturn, with major projects expected to be launched in 2026, leading to a new cycle of investment growth [4][24] Group 2 - The report identifies three main value lines for future investment: major engineering projects, high dividends, and growth transformation [4][32] - Major engineering projects include significant investments in waterway construction, the Tibet railway, and hydropower projects, with total investments estimated at approximately 6,211 billion yuan for waterway projects alone [4][36][39] - The report suggests focusing on companies with high dividend yields and low valuations, as regulatory measures are enhancing the importance of shareholder returns [4][49] Group 3 - The construction sector is expected to benefit from the AI investment wave, with the cleanroom market projected to grow significantly due to increased demand from the semiconductor industry [4][55] - The cleanroom investment is estimated to account for 10-20% of the total capital expenditure in the semiconductor industry, indicating a strong growth potential in this area [4][55] - Companies such as Deep Sanda A, Yaxin Integration, and others are recommended for investment due to their involvement in the cleanroom sector [4][61]

Market Overview - The infrastructure sector increased by 0.16% on December 31, with Guosheng Technology leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Top Performers - Guosheng Technology (603778) closed at 17.60, up 7.84% with a trading volume of 858,400 shares and a transaction value of 1.466 billion [1] - Guanzhong Ecology (300948) closed at 21.69, up 5.55% with a trading volume of 94,800 shares and a transaction value of 203 million [1] - China Nuclear Engineering (601611) closed at 13.48, up 4.01% with a trading volume of 1,951,000 shares and a transaction value of 1.265 billion [1] Underperformers - C Haofan (001396) closed at 43.15, down 13.72% with a trading volume of 117,200 shares and a transaction value of 525 million [2] - Dongzhu Ecology (603359) closed at 9.54, down 4.31% with a trading volume of 907,400 shares and a transaction value of 89.57 million [2] - Jiangjian Co. (603815) closed at 7.44, down 2.36% with a trading volume of 211,700 shares and a transaction value of 158 million [2] Capital Flow - The infrastructure sector experienced a net outflow of 113 million from institutional investors, while retail investors saw a net inflow of 4.06 million [2] - The main capital inflow was observed in Huylu Ecology (001267) with a net inflow of 98.54 million, accounting for 9.78% of the total [3] - China Nuclear Engineering (601611) had a net inflow of 50.82 million, representing 4.02% of the total [3]

Group 1 - The core viewpoint of the news is the performance and investment potential of the Dividend Low Volatility ETF (512890), which has shown resilience in a fluctuating market environment [1][5][9] - The top ten holdings of the ETF exhibit mixed performance, with notable changes in stock values, including a decline in COFCO Sugar and Nanjing Bank, while Construction Bank and CITIC Bank showed slight increases [1][5] - The ETF has attracted significant capital inflows, with net inflows of 1.02 billion yuan over the last 10 trading days, 1.35 billion yuan over the last 20 days, and 5.72 billion yuan over the last 60 days, indicating strong investor interest [1][5] Group 2 - Huatai Securities' chief strategist He Kang expresses optimism about the "old economy" sector, highlighting its low valuations and potential for recovery, contrasting with the crowded and overvalued tech sector [3][8] - The current market is described as being in a "slow bull" phase, with a recommendation to use dividend assets as a foundational investment while balancing growth-oriented sectors [4][8] - The Dividend Low Volatility ETF (512890) has a historical return of 134.48% since its inception in December 2018, outperforming its benchmark and ranking 85th among 502 products, making it a stable investment tool in volatile markets [9]

Group 1: Policy Changes and Economic Measures - The State Council of China announced the implementation of the VAT Law Regulations starting January 1, 2026, which includes tax incentives and requires timely public disclosure of VAT exemption standards and conditions [1] - The National Development and Reform Commission and the Ministry of Finance released a notice on the "Two New" policy for 2026, adjusting the subsidy for old-for-new vehicle exchanges to a percentage of the vehicle price, while maintaining the upper limit for automobile subsidies [1] - The Ministry of Finance and the State Taxation Administration confirmed a reduction in the VAT rate for individuals selling homes purchased for less than two years from 5% to 3%, effective January 1, 2026 [1] Group 2: Industry Developments - The automotive industry is set to receive support through a one-time subsidy for consumers who scrap older vehicles and purchase new energy vehicles or fuel-efficient cars, as outlined in the 2026 implementation details [1] - The Ministry of Industry and Information Technology announced a digital transformation plan for the automotive industry, aiming for over 95% adoption of design tools and a 10% increase in labor productivity by 2027 [1] - The securities and futures industry saw a significant increase in the number of private asset management products registered, with a 44.78% month-on-month increase and a 129.96% year-on-year increase in November 2025 [1] Group 3: Company Announcements - Zijin Mining announced an expected net profit increase of approximately 59%-62% for 2025, attributed to higher production and sales prices of key mineral products [1] - Sichuan Road and Bridge signed a highway construction contract worth 154.58 billion yuan [5] - Salt Lake Co. plans to acquire a 51% stake in Minmetals Salt Lake for 46.05 billion yuan [5]

证券代码：600039 证券简称：四川路桥 公告编号：2025-138 四川路桥建设集团股份有限公司 关于 2021 年限制性股票激励计划预留授予部分 第二个解除限售期解除限售条件成就暨股票上市公告 一、限制性股票激励计划的批准及实施情况 （一）已履行的决策程序和实施情况 1、2021 年 10 月 20 日，公司召开第七届董事会第四十一次会议、第七届监事 会第三十六次会议，审议通过了《关于<四川路桥 2021 年限制性股票激励计划（草 案）>及其摘要的议案》《关于<四川路桥 2021 年限制性股票激励计划实施考核管 理办法>的议案》《关于提请股东大会授权董事会全权办理公司 2021 年限制性股 票激励计划相关事项的议案》等议案。 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 2,310,000股，均为依据《四川路桥 2021 年限制性股票激励计划（草案）》（以下 简称《2021 年激励计划》）预留授予部分第二个解除限售期解除限售的股票。 本 ...

股票代码：600039 股票简称：四川路桥 地点：上海证券交易所 中信证券股份有限公司 关于 四川路桥建设集团股份有限公司 2021 年限制性股票激励计划预留授予部分第二 个解除限售期解除限售条件成就 之 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二五年十二月 1 独立财务顾问报告 独立财务顾问 | 一、释义 | 3 | | --- | --- | | 二、声明 | 4 | | 三、基本假设 | 5 | | 四、本次限制性股票激励计划的审批程序 | 6 | | 五、本次限制性股票激励计划预留授予部分解除限售条件成就的说明 | 10 | | 六、独立财务顾问核查意见 | 13 | 一、释义 3 除非另有说明，本报告中下列简称具有如下特定含义： 四川路桥、公司、上市公 司 指 四川路桥建设集团股份有限公司 2021 年限制性股票激励 计划、限制性股票激励 计划、激励计划 指 四川路桥建设集团股份有限公司 2021 年限制性股票激 励计划 2021 年限制性股票、限 制性股票 指 公司依照 2021 年限制性股票激励计划授予的 A 股普通 股股票，激励对象只有在公司业绩目标和个人绩效考核 ...

四川路桥建设集团股份有限公司 2021 年限制性股票激励计划预留授予部分第二个解除限售期 解除限售条件成就的 法律意见书 康达（成都）法意字[2025]第 0772 号 法律意见书 四川省成都市东御街 18 号百扬大厦 1 栋 11 楼邮编：610000 11th floor, building 1, Baiyang building, No. 18, Dongyu street, Chengdu, Sichuan 电话/TEL:（028）87747485 传真/FAX：（028）86512848 网址/WEBSITE：www.kangdacdlawyers.com 北京康达（成都）律师事务所 关 于 二〇二五年十二月 1 北京 BEIJING 上海 SHANGHAI 广州 GUANGZHOU 深圳 SHENZHEN 海口 HAIKOU 西安 XI'AN 天津 TIANJIN 杭州 HANGZHOU 南京 NANJING 沈阳 SHENYANG 成都 CHENGDU 菏泽 HEZE 苏州 SUZHOU 武汉 WUHAN 香港 HONGKONG 呼和浩特 HUHEHAOTE 厦门 XIAMEN 长沙 CHANG ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-139 四川路桥建设集团股份有限公司 2025年第七次临时股东会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 12 月 30 日 (二)股东会召开的地点：成都市高新区九兴大道 12 号 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 250 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 7,239,860,144 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 83.2589 | (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 会议由公司董事会召集，董事长孙立成因其他公务未能出席会议，委托副董 事长羊勇主持本次股东会。会议采取现场投票及网络投票方式召开并表决，会议 的召集 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-142 四川路桥建设集团股份有限公司 关于参股投资高速公路项目的关联交易进展 暨重大项目签约的公告 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法律责任。 四川路桥建设集团股份有限公司（以下简称公司）全资子公司四川省交通建 设集团有限责任公司（以下简称交建集团）于2021年8月6日召开2021年第六次临 时董事会，审议通过了关于《投资建设天府新区经眉山至乐山高速公路项目》的 议案。该决策系交建集团成为公司全资子公司前，由其履行审议程序。此后，交 建集团就本项目与本公司关联方四川天眉乐高速公路有限责任公司（以下简称天 眉乐公司）签订施工框架协议，确定工程施工的主要权利义务，据此开展施工。 2025 年 12 月 28 日，交建集团与天眉乐公司签署《天府新区经眉山至乐山 高速公路项目 C1 合同段施工总承包合同》（以下简称合同或本合同），合同主 要内容如下： 一、协议主体 发包人：四川天眉乐高速公路有限责任公司 承包人：四川省交通建设集团有限责任公司 二、工程名称 天府新区经 ...