新华财经北京11月13日电 新华500指数（989001）11月13日收盘涨1.28%，报5192.76点。 走势上看，新华500指数（989001）13日早间微有低开，随后震荡上行，午后指数持续走强，最终大幅收涨。指数盘中最高触及5193.82点，最低触及5124.89 点，成分股全天总成交额报6869亿元，成交额较上一交易日略有增加。 （文章来源：新华财经） 成分股方面，天华新能、新宙邦、星源材质、石基信息等成分股涨幅居前；东山精密、国投电力、四川路桥、大参林等成分股跌幅靠前。 ...

Core Viewpoint - The China Coal Economic Research Association reports significant structural changes in the coal transportation system during the "14th Five-Year Plan" period, enhancing the national allocation capacity of coal resources and promoting a smart and green transformation in coal transportation [1][2]. Group 1: Market Performance - As of November 13, 2025, the CSI State-Owned Enterprises Dividend Index (000824) decreased by 0.27%, with component stocks showing mixed performance [1]. - Leading gainers included Luxi Chemical (000830), while Sichuan Road and Bridge (600039) led the declines [1]. Group 2: Coal Transportation Developments - The National Railway Group reported that coal transportation reached 1.57 billion tons in the first nine months of the year, a year-on-year increase of 11.1%, with thermal coal accounting for 1.1 billion tons, up 17% [2]. - The successful operation of the new Shuo Railway, capable of 20,000-ton heavy-load transport, marks a significant advancement in coal transportation capabilities [1][2]. Group 3: Investment Strategies - CITIC Securities suggests that in the context of a weak macroeconomic recovery, high dividend strategies remain attractive, particularly for large-cap stocks in sectors like coal and photovoltaics [2]. - The CSI State-Owned Enterprises Dividend ETF closely tracks the CSI State-Owned Enterprises Dividend Index, which includes 100 listed companies with high and stable cash dividend yields [2].

Core Viewpoint - Sichuan Road and Bridge experienced a stock price decline of 2.03% on November 12, with a current price of 9.63 CNY per share and a total market capitalization of 83.739 billion CNY [1] Financial Performance - For the period from January to September 2025, Sichuan Road and Bridge achieved a revenue of 73.281 billion CNY, representing a year-on-year growth of 1.95%, and a net profit attributable to shareholders of 5.300 billion CNY, which is an increase of 11.04% year-on-year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Sichuan Road and Bridge reached 60,500, an increase of 20.10% compared to the previous period, while the average circulating shares per person decreased by 16.59% to 110,993 shares [2] Dividend Distribution - Since its A-share listing, Sichuan Road and Bridge has distributed a total of 18.855 billion CNY in dividends, with 14.054 billion CNY distributed over the past three years [3] Major Shareholders - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 96.117 million shares, a decrease of 18.469 million shares from the previous period [3]

Core Insights - The overall performance of Sichuan-listed companies in the third quarter of 2025 shows significant revenue and profit figures, with total operating revenue reaching 823.1 billion and net profit at 82.15 billion [1] Revenue and Profit Distribution - Sichuan companies exhibit a tiered revenue distribution, with 14 companies entering the "100 billion revenue club" [2] - Sichuan Changhong, New Hope, and Sichuan Road and Bridge lead the revenue rankings with 81.889 billion, 80.504 billion, and 73.281 billion respectively [2] - In terms of profit, 15 companies reported net profits exceeding 1 billion, with Wuliangye leading at 21.511 billion [2] - A total of 31 companies saw net profit growth exceeding 100%, with Olin Bio achieving over 10 times growth [2] Industry Performance - Traditional consumer industries are stable, while some cyclical industries face significant pressure, as seen with Sichuan Changhong's 5.94% revenue growth and Tongwei's 5.38% revenue decline [3] - Emerging industries, particularly in communication and military sectors, are becoming new growth engines, exemplified by New Yisheng's revenue growth of 221.70% [4] Traditional Industry Adaptation - Traditional leaders in the liquor and photovoltaic sectors are actively seeking breakthroughs despite facing challenges, with Wuliangye and Luzhou Laojiao both experiencing revenue declines [5][6] - Both companies are pursuing transformation strategies, including product innovation and targeting younger consumer demographics [6] - Tongwei is leveraging its full industry chain advantage to navigate the cyclical challenges in the photovoltaic sector [6] Institutional Confidence - Institutional investments in Sichuan companies indicate long-term confidence, with many companies favored by institutional capital reflecting their solid industrial foundation and innovative potential [5][6]

Core Viewpoint - Sichuan Road and Bridge announced financial assistance from its wholly-owned subsidiary to its controlling subsidiary, indicating a strategic move to support infrastructure development [1] Group 1: Financial Assistance Details - The company approved a loan of up to 320.86 million yuan (approximately 32.086 million) from Sichuan Highway Bridge Construction Group Co., Ltd. to Meishan Tianhuan Infrastructure Project Development Co., Ltd. [1] - The loan term is set for three years, with an interest rate not exceeding the loan market quotation rate, to be specified in the actual loan agreement [1] - Additionally, the shareholder of Meishan Tianhuan Company, Shudao Investment Group Co., Ltd., will also provide a loan under similar conditions [1] Group 2: Corporate Governance - The decisions were made during the 53rd meeting of the 8th Board of Directors and the third extraordinary shareholders' meeting held on March 4 and March 20, 2025, respectively [1]

申万宏源证券承销保荐有限责任公司 关于 蜀道投资集团有限责任公司 免于发出要约收购四川路桥建设集团股份有限公司 的持续督导意见 财务顾问 二〇二五年十一月 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、"本 财务顾问"）接受委托，担任蜀道投资集团有限责任公司（以下简称"蜀道集团"、 "收购人"）豁免要约收购四川路桥建设集团股份有限公司（以下简称"四川路 桥"、"上市公司"）的财务顾问。 根据《上市公司收购管理办法》第七十一条，"自收购人公告上市公司收购 报告书至收购完成后 12 个月内，财务顾问应当通过日常沟通、定期回访等方式， 关注上市公司的经营情况，结合被收购公司定期报告和临时公告的披露事宜，对 收购人及被收购公司履行持续督导职责"。本财务顾问持续督导期为自 2021 年 6 月 4 日至收购完成后 12 个月内。 2025 年 10 月 31 日，上市公司披露了 2025 年第三季度报告。通过日常沟通， 结合上市公司的2025 年第三季度报告，本财务顾问出具 2025 年第三季度的持续督 导意见，本次持续督导期间为自 2025 年 7 月 1 日至 2025 年 9 月 30 日。本意 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-121 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法律责任。 四川路桥建设集团股份有限公司（以下简称公司）分别于 2025 年 3 月 4 日、 2025 年 3 月 20 日召开了第八届董事会第五十三次会议、2025 年第三次临时股东 会，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》，同意 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）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。同时，眉山天环公司参股股东蜀道投资集团有限责 任公司（以下简称蜀道集团）也将向其提供借款，借款条件同路桥集团。（具体 内容详见公司在上海证券交易所网站披露的公告编号为 2025-023 的《四川路桥 关于全资子公司向其控股子公司提供财务资 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-120 四川路桥建设集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 会议召开时间：2025 年 11 月 20 日上午 09:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.ss einfo.com/） 会议召开方式：上证路演中心网络文字互动 会议问题征集：投资者可于 2025 年 11 月 13 日至 11 月 19 日 16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目（https://roadshow.sseinfo.com/pr eCallQa）或通过电子邮件的形式发送至四川路桥建设集团股份有限公司（以下 简称公司）投资者关系邮箱 srbcdsh@163.com 进行提问。公司将在业绩说明会上 对投资者普遍关注的问题进行回答。 公司已于 2025 年 10 月 31 日披露了《四川路桥 2025 年第三季度报告》 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company plans to acquire 100% equity of Xin Zhu Jiao Ke for 628 million yuan, enhancing its industrial chain and profitability [5][10]. - Xin Zhu Jiao Ke generated revenue of 469 million yuan and a net profit of 30.57 million yuan in 2024, with 1-5 months of 2025 showing revenue of 179 million yuan and a net profit of 24.40 million yuan [10]. - The acquisition was evaluated using asset-based and income approaches, with the asset-based method determining the final valuation of 628 million yuan, reflecting a 16.85% increase over the book value [10]. - The company reported a significant turnaround in Q3, with revenue of 29.75 billion yuan, a 14% year-on-year increase, and a net profit of 2.52 billion yuan, up 59.72% year-on-year [10]. - The company has a strong order backlog, with a cumulative bid amount of 97.17 billion yuan in the first three quarters, a 25% increase year-on-year [10]. - The strategic location of Sichuan is expected to sustain construction demand, supported by government initiatives [10]. - The company plans to increase its dividend payout ratio to 60% for 2025, indicating a dividend yield of 5.5% based on projected earnings [10]. Summary by Sections Acquisition Details - The company intends to acquire Xin Zhu Jiao Ke for 628 million yuan, which will include related assets and liabilities [5][10]. Financial Performance - In Q3, the company achieved a revenue of 29.75 billion yuan and a net profit of 2.52 billion yuan, marking significant growth [10]. - The projected revenue for 2024 is 107.24 billion yuan, with a net profit of 7.365 billion yuan [14]. Market Outlook - The company is well-positioned to benefit from the ongoing infrastructure demand in Sichuan, which is recognized as a strategic area for national development [10]. - The government has emphasized the importance of infrastructure projects in the region, which is expected to drive future growth [10].

Core Viewpoint - The market opened high but closed lower on November 11, with the three major indices collectively declining. In contrast, the Dividend Low Volatility ETF (512890) rose by 0.33%, closing at 1.231 yuan, indicating strong investor interest in this ETF despite broader market trends [1]. Fund Performance - The Dividend Low Volatility ETF (512890) achieved a price of 1.231 yuan with a 0.33% increase and a turnover rate of 1.16%, leading its category in trading volume with a half-day transaction amount of 3.01 billion yuan [2][3]. - The ETF has seen significant capital inflows, with a total circulating scale reaching 26.073 billion yuan as of November 10, 2025. Over the past 5, 10, 20, and 60 days, it recorded net capital inflows of 580 million yuan, 910 million yuan, 3.37 billion yuan, and 3.39 billion yuan, respectively, indicating strong medium to long-term investment interest [2][3]. Holdings and Market Sentiment - The top ten holdings of the ETF showed mixed performance, with COFCO Sugar reaching a daily limit up of 9.99%, while other banks experienced slight increases or declines. The overall market sentiment reflects a cautious but optimistic outlook on dividend-paying stocks [3][4]. - The total market value of the top ten holdings amounts to approximately 5.50 billion yuan, representing 27.47% of the ETF's total market value [4]. Industry Insights - Analysts from Huatai Securities express a positive outlook on the allocation value of dividend assets, noting that insurance capital is accelerating its allocation to dividend stocks, with the potential allocation demand for dividend assets estimated between 0.8 trillion to 1.6 trillion yuan over the next two to three years [4]. - The core of dividend investment lies in obtaining stable cash flows, with high-dividend assets typically associated with mature and stable profit-generating companies, offering both defensive and cyclical profit-driving characteristics [4]. Investment Strategy - The Dividend Low Volatility ETF (512890) was established in December 2018 and has shown stable historical performance. It is recommended for investors seeking steady returns through methods like dollar-cost averaging. Investors without stock accounts can also access it through its off-market linked funds [5].