中信证券近期 系列电话会 掘金香港金融股的攻守 中信证券金融产业系列电话会 3月10日-3月13日 参会密码：942617 3月11日 周二 19:00 3月12日 周三 15:30 港交所： 市场新高助推贝塔, 资金-资产共振演绎阿尔法 主讲：田良 薛姣 参会密码：796633 3月13日 周四 15:30 招商银行： 稳健增长，稳定回报 主讲：肖悲斐 林楠 参会密码：079047 | 3月12日 周三 15:30 | 3月13日 周四 15:30 | | --- | --- | | 友邦保险： | 中金公司： 低估值贝塔适逢行业供给侧改革 | | 淘金港股保险 | 主讲： | | 主讲： | 田良 陆昊 | | 童成墩 薛姣 张君翔 | 参会密码：265727 | 红利为锚，成长为帆 基础设施和现代服务产业系列电话会 3月10日-3月19日 3月10日 周一 19:00 贝壳： 居住服务入口 主讲：陈聪 张全国 川投能源： 估值具备吸引力，电价冲击有限 主讲：荣浩翔 参会密码：352675 3月12日 周三 19:00 3月13日 周四 19:00 参会密码：850703 | 申通快递： | 中国巨石：玻 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - The fiscal policy increase in 2025 is expected to support infrastructure investment growth of over 5% [2][3] - The report emphasizes the importance of monitoring the conversion pace of physical workloads in the infrastructure industry chain and investment opportunities in high-prosperity regions, such as Sichuan Road and Bridge [1][3] - The report suggests focusing on cyclical trends in infrastructure and real estate, with particular attention to leading companies in steel structures and chemical engineering [1] Summary by Sections Fiscal Policy and Infrastructure Investment - The government work report indicates a continued implementation of proactive fiscal policies, with a fiscal deficit target of 5.66 trillion yuan for 2025, an increase of 1.6 trillion yuan year-on-year [13] - The total public budget expenditure is projected to be 29.7 trillion yuan, with a year-on-year increase of 1.2 trillion yuan [13] - The report estimates that the increase in fiscal deficit will contribute approximately 3,000 billion yuan to infrastructure funding [20][21] Market Performance Review - The construction index rose by 0.37% during the week of March 3-7, with the Shanghai and Shenzhen 300 index increasing by 0.10% [28] - Notable stock performances included Hainan Huatie (+28.4%), Zhenghe Ecology (+23.6%), and Saiwei Intelligent (+18.9%) [28] Investment Recommendations - Focus on the conversion pace of physical workloads in infrastructure, particularly in high-demand sectors such as water conservancy, railways, and aviation [33] - Recommended stocks include Sichuan Road and Bridge, China Communications Construction, and China Railway Construction, among others [33][34] - Attention should also be given to cyclical engineering sectors, particularly in steel structures and coal chemical projects [34] - The report highlights potential investment opportunities in low-altitude economy, overseas expansion, and small-cap transformation themes [35]

证券代码：600039 证券简称：四川路桥 公告编号：2025-025 四川路桥建设集团股份有限公司 关于股权激励限制性股票回购注销完成的公告 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）于 2025 年 1 月 6 日召开 了第八届董事会第五十次会议和第八届监事会第三十八次会议，审议通过了《关 于回购注销部分激励对象已获授但尚未解锁的限制性股票暨调整限制性股票回 购数量及价格的议案》，同意公司回购注销 35 名激励对象已获授但尚未解锁的合 计 2,224,320 股限制性股票。详见公司于 2025 年 1 月 7 日披露的公告编号为 2025-005 的《四川路桥关于回购注销部分激励对象已获授但尚未解锁的限制性股 票暨调整限制性股票回购数量及价格的公告》。 公司本次限制性股票回购注销完成后，公司股本结构情况如下： 单位：股 | 证券类别 | 变动前数量 | 变动数量 | 变动后数量 | | --- | --- | --- | --- | | 无限售条件流通股 | 6,703,6 ...

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [4] Core Viewpoints - Sichuan Road and Bridge is a leading enterprise in the infrastructure sector of Sichuan Province, benefiting from strong demand for infrastructure and fiscal support [5][8] - The company has a robust growth momentum, supported by the Sichuan provincial government's increasing investment in transportation infrastructure, with a compound annual growth rate (CAGR) of 10.89% from 2016 to 2023, significantly higher than the national average of 6.67% [5][8] - The "investment and construction integration" model adopted by Sichuan Road and Bridge enhances profitability by allowing the company to undertake large projects with minimal equity participation, avoiding multiple bidding processes [11][10] Summary by Sections Market Review - The construction decoration index increased by 0.70% during the week, while the Shanghai Composite Index fell by 1.72% [31] - The Sichuan Road and Bridge company is positioned to benefit from the growing infrastructure needs in the Chengdu-Chongqing economic circle, with significant project investments expected [8] Company Dynamics - Sichuan Road and Bridge has optimized its business structure by divesting non-core assets, which is expected to reduce losses by approximately 271 million yuan [15][14] - The company has increased its cash dividend payout ratio from 15.2% in 2019 to 50.0% in 2023, with a commitment to maintain a dividend ratio of no less than 60% from 2025 to 2027 [15][14] Financial Performance - The company’s revenue from its major shareholder, Shudao Group, has increased from 51.42% in 2021 to 62.81% in 2023, reflecting strong integration and support from the parent company [10][13] - The fixed asset investment by Shudao Group reached 1,969 billion yuan in 2023, with a significant portion allocated to highway investments [12][10] Industry Trends - The Sichuan provincial government plans to invest over 280 billion yuan in transportation infrastructure by 2025, further enhancing the growth prospects for Sichuan Road and Bridge [8][5] - The overall construction market remains robust, with several companies reporting significant contract wins and project expansions both domestically and internationally [24][29]

Buybacks and Shareholding Changes - Guizhou Moutai has repurchased 822,200 shares at a cost of 1.2 billion yuan [1] - SF Holding has repurchased 20,771,400 shares at a cost of 758 million yuan [1] - HeMai Co., Ltd. plans to increase its shareholding by 112 million to 223 million yuan [1] - Chipone Technology's controlling shareholder intends to increase its stake by 50 million to 100 million yuan [1] - Haitai New Light plans to repurchase shares worth 50 million to 100 million yuan [1] - Jiangnan Yifan's directors and shareholders plan to reduce their holdings by no more than 4% [1] - Maxinlin's shareholders plan to reduce their holdings by no more than 2% [1] - Wenke Co., Ltd. has a shareholder intending to reduce its holdings by no more than 1.6% [1] Mergers and Acquisitions - Jiabiou plans to acquire 63.21% of Ouyi Biological for 831 million yuan [1] - Guanghong Technology intends to acquire 100% of AC Company and 0.003% of TIS Company for 733 million yuan [1] - Youyan Silicon is planning a major asset restructuring to acquire 60% of Gaofeng Technology [1] - Chunhui Intelligent Control plans to acquire control of Chunhui Instrument [1] - Aerospace Electric plans to acquire 32.7% of Jiangsu Aolei for 56.933 million yuan [1] Operational Data - Lujiazui reported a net profit growth of 5.26% year-on-year for 2024 [1] - Chang'an Automobile's February sales reached 161,400 units, a year-on-year increase of 5.72% [1] - Ningbo Port completed a container throughput of 3.35 million TEUs in February, up 11% year-on-year [1] - Beibu Gulf Port's February cargo throughput was 23.9793 million tons, a year-on-year increase of 14.56% [1] Contracts and Bids - Hainan Huatie's subsidiary signed a 3.69 billion yuan computing power service agreement [1] - Jiahuan Technology is expected to win a China Mobile procurement project worth approximately 2.185 billion yuan [1] - Gansu Consulting's subsidiary won a bid for the modernization of the Gansu Province Jing Electric Irrigation District [1] - Hongrun Construction's subsidiary jointly won a 248 million yuan user-side energy storage project [1] - Yitong Century is expected to win a 228 million yuan project for China Mobile communication engineering [1] - Zhonglan Environmental Protection is expected to win a 167 million yuan ecological governance project for a landfill [1] - Sinan Navigation signed a major contract worth 145 million yuan [1] - Zhen Shitong won a project for the AV system of the China Merchants Bank headquarters [1] Major Investments - Panjiang Co., Ltd.'s wholly-owned subsidiary plans to invest 6.67 billion yuan in the construction of the Guizhou Energy Puding Power Plant [1] - Jinghua New Materials plans to invest 300 million yuan in the construction of a high-end adhesive material production and R&D center [1] - Sichuan Road and Bridge's subsidiary is participating in the investment of the Panzhihua to Yanyuan Expressway project [1] - Deyue Co., Ltd.'s Malaysian subsidiary signed a land sale agreement worth 194.3 million yuan [1] - Miao Exhibition plans to invest 101 million yuan in a fund [1] - Longtu Photomask plans to increase capital by 100 million yuan to its wholly-owned subsidiary Zhuhai Longtu [1] Other Developments - Berry Gene's AI-related business and products have not yet significantly impacted overall performance [1] - Agricultural Bank appointed Meng Fanjun as vice president [1] - Shanghai Bank's Niu Ren's director qualification has been approved [1] - China Life Insurance's Li Zhuyong resigned from executive director and vice president positions [1] - Fuling Power's chairman Lei Shanchun resigned due to personal work changes [1] - Houl娃 appointed Zhang Mingrui as general manager [1] - Ankai Micro launched a new generation of low-power Bluetooth chip AK1080 series [1] - San Da Membrane's Tiaonan investment project has begun trial operation [1] - Senying Windows triggered conditions to initiate stock price stabilization measures [1] - Aiwei Electronics successfully mass-produced its self-developed 4×80W automotive-grade digital audio amplifier products [1] - ST Haoyuan applied for the cancellation of its stock risk warning [1] - Huasheng Pharmaceutical's first special medical purpose formula food has obtained production license [1] - New Industry's products have received IVDR CE certification [1] - Yinuosi obtained CAP certification in the United States [1] - Changchun High-tech's subsidiary's drug has received approval for additional indications [1] - Fosun Pharma's 24-valent pneumococcal polysaccharide conjugate vaccine clinical trial has been approved [1]

第八届董事会独立董事 2025 年第二次专门会议 四川路桥建设集团股份有限公司 四川路桥建设集团股份有限公司 第八届董事会独立董事 2025 年第二次专门会议的 审查意见 根据《上市公司独立董事管理办法》有关规定，四川路 桥建设集团股份有限公司（以下简称公司）于 2025 年 3 月 4 日以现场结合通讯方式召开了第八届董事会独立董事 2025 年第二次专门会议。会议应到独立董事 4 人，实到独立董事 4 人，独立董事李光金以通讯方式参会。独立董事李光金先 生为专门会议主持人，本次会议的召集、召开和表决程序符 合《上市公司独立董事管理办法》的规定，就审议事项发表 如下审查意见： 一、独立董事对《关于下属施工企业参股投资攀枝花至 盐源高速公路项目的关联交易议案》的审查意见 经讨论，《关于下属施工企业参股投资攀枝花至盐源高 速公路项目的关联交易议案》符合公司业务发展需要，遵循 公平合理的原则，不会对公司的独立性产生影响，不存在损 害公司及股东特别是中小股东利益的情形。因此，我们同意 将本事项提交公司第八届董事会第五十三次会议审议，且关 联董事应回避表决。 1 第八届董事会独立董事 2025 年第二次专门会议 四川 ...

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。 证券代码：600039 证券简称：四川路桥 公告编号：2025-022 四川路桥建设集团股份有限公司 关于下属施工企业参股投资攀枝花至盐源高速公路 项目暨关联交易的公告 重要内容提示： ●本次交易事项 四川路桥建设集团股份有限公司（以下简称公司或本公司）下属施工企业四 川公路桥梁建设集团有限公司（以下简称路桥集团）、四川省交通建设集团有限 责任公司（以下简称交建集团）、四川路桥华东建设有限责任公司（以下简称华 东公司）拟以参股的方式与公司关联方四川高速公路建设开发集团有限公司（以 下简称川高公司）、四川高路信息科技有限公司（以下简称高路信息）组成联合 体，参与攀枝花至盐源高速公路项目（以下简称本项目）投资。本项目总投资 349.57 亿元，项目自筹资本金比例为 20.20%，约为 70.61 亿元。本公司持股比例 为 5%，其中路桥集团、交建集团、华东公司分别持股 2%、2%、1%，共需投入 项目资本金约为 3.53 亿元。 ●本次交易构成关联交易 本公司、川高公司、高路信息同受 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-023 四川路桥建设集团股份有限公司 关于全资子公司向其控股子公司提供财务资助的公告 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。 重要内容提示: 交易简要内容：四川路桥建设集团股份有限公司（以下简称公司或本公司） 全资子公司四川公路桥梁建设集团有限公司（以下简称路桥集团）拟向其控股子 公司眉山天环基础设施项目开发有限责任公司（以下简称眉山天环公司）提供不 超过 32,086 万元借款，借款期限为 3 年，利率不高于贷款市场报价利率，具体 以实际借款协议为准。 本次财务资助事项已经公司第八届董事会第五十三次会议审议通过，尚需提 交公司股东会审议批准。 一、财务资助事项概述 眉山天环公司为本公司全资子公司路桥集团的控股子公司，为保证眉山天环 公司 2025 年度资金周转需求，路桥集团拟与本公司控股股东蜀道投资集团有限 责任公司（以下简称蜀道集团）以自有资金共同向眉山天环公司提供借款不超过 48,563 万元。其中，路桥集团提供借款的金额不超过 32,086 万元， ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-024 四川路桥建设集团股份有限公司 关于召开 2025 年第三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)股东会类型和届次 2025 年第三次临时股东会 (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 网络投票系统：上海证券交易所股东大会网络投票系统 重要内容提示： 一、 召开会议的基本情况 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 3 月 20 日 14 点 30 分 召开地点：成都市高新区九兴大道 12 号 (五)网络投票的系统、起止日期和投票时间。 1 股东会召开日期：2025年3月20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 网络投票起止时间：自 2025 年 3 月 20 日 至 2025 年 3 月 20 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 东会召开当日的交易时间段，即 9 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-021 四川路桥建设集团股份有限公司 第八届监事会第四十次会议决议的公告 本公司监事会及全体监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、监事会会议召开情况 （一）本次监事会会议的召开符合《公司法》、公司《章程》的规定。 （二）本次监事会于 2025 年 3 月 4 日在公司 10 楼会议室以现场结合通讯方 式召开，会议通知于 2025 年 2 月 28 日以书面、电话的方式发出。 （三）本次监事会应出席人数 7 人，实际出席人数 7 人，其中监事栾黎、谭 德彬、赵帅、刘胜军以通讯方式参会。 （四）本次监事会由监事会主席黄卫主持，公司部分高级管理人员列席会议。 该项议案涉及关联交易，关联交易事项审议程序符合相关规定，不存在损害 公司及全体股东利益的情形。 表决结果：七票赞成，零票反对，零票弃权。 （二）审议通过了《关于全资子公司向其控股子公司提供财务资助的议案》 会议同意公司全资子公司路桥集团向其控股子公司眉山天环基础设施项目 1 证券代码：600039 证券简称：四川路桥 ...