Group 1: Report Summary - The report regularly tracks the latest private exchangeable bond (private EB) projects from public channels and provides basic element tracking. There were no new project information this week (20251201 - 20251205), and some projects were not listed due to compliance reasons. The final terms of private bond issuance should refer to the final prospectus, and the issuance progress should be consulted with the relevant lead underwriters. [1] Group 2: Project Status Table - The table lists 23 private EB projects, including details such as bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates. Among them, 16 projects have passed, 6 projects have received feedback, and 1 project has been accepted. [2] Group 3: Related Research Reports - Lists several related research reports on the weekly tracking of private EBs from 20251027 to 20251128. [3]

Core Viewpoint - The report highlights that Tongguan Copper Foil is a leader in domestic AI copper foil, with its self-developed technology recognized by overseas supply chains and achieving bulk supply, emphasizing that technological strength and cost will be key in the future for domestic substitution and market share expansion [1][2]. Group 1: Industry Trends - Since the beginning of the fourth quarter, three directions—overseas expansion, AI new materials, and domestic demand in the real estate chain—have shown a characteristic of "rationality and restraint," indicating short-term fluctuations rather than trend changes [1]. - The trend of upgrading AI materials has led to accelerated entry of domestic and foreign manufacturers into the industry, with many participants and high-frequency feedback, suggesting a strategy of "responding steadily" [2]. Group 2: Company Insights - Tongguan Copper Foil's technological accumulation and low debt ratio will continue to support its position as a "leader" in the market [2]. - The copper foil upgrade direction is clearer compared to electronic fabrics, with no significant disputes over product dominance, indicating a more straightforward upgrade path to fourth-generation copper foil [2]. Group 3: Market Data - The national average price of high-standard cement is 355 RMB/ton, down 70 RMB/ton year-on-year, and up 5 RMB/ton month-on-month, with an average shipment rate of 44.6% [3]. - The average price of float glass is 1163.86 RMB/ton, an increase of 16.02 RMB/ton, with a 1.40% rise [3]. - The capacity utilization rate of concrete mixing stations is 8.15%, up 0.46 percentage points month-on-month [3].

证券研究报告 | 行业专题研究 gszqdatemark 2025 12 07 年 月 日 建筑装饰 明年预计有多少保险资金增配建筑板块？ 政策持续推动中长期资金入市，下调险企风险因子，二级市场有望持续迎 保险机构增量资金。今年初中央金融办、中国证监会等六部委联合印发《关 于推动中长期资金入市工作的实施方案》，提出力争大型国有保险公司从 2025 年起每年新增保费的 30%用于投资 A 股（对应每每年少少千亿新新增 长期资金）。本周金管局发布《关于调整保险公司相关业务风险因子的通 知》，应长期持仓的沪深 300 指数成分股、中证红利低波动 100 指数成分 股、科创板股票下调风险因子，同时降低出口信用与海外投资保险的保费 和准备金风险因子。长期持仓风险因子下调，一方面有助于减少险资投资 股票的资本消耗，腾出增持股票空间；另一方面有望提升险资长期持股意 愿，增强资本市场稳定性。2025 年 1-10 月我国实现保费收入 5.48 万新 元，同增 8.0%，2022 年以来我国保费收入持续增长。截少 2025Q3 末， 我国保险资金运用余额 37.5 万新元，同增 16.5%；其中投入少股票/基金 的资金分别为 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-129 二、本次对外投资进展情况 近日，公司收到通知，本基金已在中国证券投资基金业协会完成备案，并取得《私募投资基金备案证 明》，备案信息如下： 的关联交易进展公告 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。 重要内容提示： ■ 一、合作投资基本概述情况 四川路桥建设集团股份有限公司（以下简称公司）分别于2024年5月24日、2024年6月12日召开第八届董 事会第三十八次会议、2024年第四次临时股东大会，审议通过了《关于下属施工企业以认购基金模式参 与新建绵遂内铁路绵遂段站前工程项目投标的关联交易议案》。同意公司下属子公司组成联合体参与新 建绵阳至遂宁至内江铁路绵阳至遂宁段站前工程施工总价承包项目（以下简称绵遂内项目、该项目）投 标。该项目中标后，公司下属子公司四川公路桥梁建设集团有限公司、四川路桥华东建设有限责任公 司、四川省交通建设集团有限责任公司作为有限合伙人共认缴四川蜀路畅股权投资合伙企业（有限合 伙）（以下简称私募基金、本基金）约13.28亿元基 ...

| 投资标的名称 | 四川蜀路畅股权投资合伙企业（有限合伙） | | | --- | --- | --- | | 投资金额（亿元） | 13.28 | | | 投资进展阶段 | 完成 交易要素变更 进展 | 终止 | | 特别风险提示（如有请勾选） | 募集失败 | | | | 未能完成备案登记 | | | | 提前终止 | | | | 发生重大变更 | | | | 其他： 基金具有投资周期长、流动性较低等特 | | | | 点，可能受到国家宏观经济政策、行业发展趋势、 | | | | 合伙企业投资业务开展情况等因素影响，存在着 | | | | 不能实现预期效益或投资不确定性的风险。 | | 证券代码：600039 证券简称：四川路桥 公告编号：2025-129 一、合作投资基本概述情况 四川路桥建设集团股份有限公司 关于子公司以认购基金模式参与新建绵遂内 铁路绵遂段站前工程项目暨基金完成备案 的关联交易进展公告 四川路桥建设集团股份有限公司（以下简称公司）分别于 2024 年 5 月 24 日、2024 年 6 月 12 日召开第八届董事会第三十八次会议、2024 年第四次临时股 东大会， ...

2025 年第六次临时股东会 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 2025 年第六次临时股东会 会议资料 2025 年第六次临时股东会 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 股东会会议须知 各位股东及股东代表： 为维护投资者的合法权益，确保四川路桥建设集团股份有限 公司（以下简称公司）股东会的正常秩序和议事效率，根据《中 华人民共和国公司法》《上市公司股东会规则》等法律法规、规 范性文件和《四川路桥建设集团股份有限公司章程》《四川路桥 建设集团股份有限公司股东会议事规则》的规定，现就会议须知 通知如下，请参加本次会议的全体人员自觉遵守。 一、股东会期间，全体参会人员应以维护股东的合法权益、 确保会议的正常秩序和议事效率为原则，自觉履行法定义务。 2025 年 12 月 12 日 1 二、在会议主持人宣布现场出席会议的股东和代理人人数 及其所持有表决权的股份总数之前，会议登记终止。 三、为保证股东会的正常秩序，除出席会议的股东及股东代 理人，公司董事、高级管理人员、见证律师及公司董事会邀请的 人员以外，公司有权拒绝其他人员入场，对于干扰会议秩序、寻 衅滋事和侵犯股东 ...

数据来源：Wind 截止 最新定期报告显示，红利低波ETF（512890）前十大重仓股具体包括中粮糖业、南钢股份、成都银行、 大秦铁路、南京银行、兴业银行、农业银行、建设银行、中信银行、四川路桥，持仓占比如下： | 量仓括股 (2025-09-30) | | | | | | | | ਲਿੰਦ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 設置名称 | 特色电脑(元) | 将在数据 | 相对上期增城 | 占鉴赏布幅比 | 古都當中國比 | 占值得版本找 利润行业 | 区间分类型 | 行业区间设置 | | 中德维亚 (D | 695,289,225,56 | 43.591.801 | | 3.47% | 3.45% | 2.04% 日前角图 | 7.5.11% | -2.68% | | 廣明露出 | 570 DE9,953.25 | 908 584,753 | | 2.85% | 2.83% | 1.76% 8794 | 26.0% | 28.34% | | 同期的行 | 567,817,070.50 | 32.916.970 | 12.0 ...

Core Viewpoint - The A-share market shows a collective increase in major indices, indicating positive market sentiment and potential investment opportunities in infrastructure-related sectors [1] Market Performance - As of December 5, 2025, the Shanghai Composite Index rose by 0.67%, the Shenzhen Component Index increased by 0.98%, and the ChiNext Index gained 1.25% [1] - The Infrastructure 50 ETF (159635) saw a rise of 1.26%, with the latest price at 1.122 yuan and an intraday turnover rate of 7.5% [1] Stock Performance - Among the constituent stocks, Shanghai Port Construction led with a 10% increase, followed by Zhenhua Heavy Industries at 5.72%, Huitong Technology at 4.81%, Aidi Precision at 3.38%, and XCMG at 3.26% [1] - Conversely, Sichuan Road and Bridge experienced a decline of 2.53%, with Hongrun Construction down by 1.05%, Anhui Construction down by 0.41%, Zhongli Co. down by 0.37%, and Pudong Construction down by 0.12% [1] Fund Flow - The Infrastructure 50 ETF has recorded five consecutive trading days of positive performance, with expectations for a sixth consecutive gain [1] - Over the past three trading days, there has been a continuous inflow of funds into the ETF [1] Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the Infrastructure 50 ETF is 9.64, which is below 10 and represents a valuation that is lower than 66.79% of the time over the past decade [1] - This low valuation suggests potential investment opportunities in undervalued assets within the infrastructure sector [1]

Core Viewpoint - The release of the first national coal spot trading rules is expected to enhance the operational efficiency and profitability of state-owned coal enterprises, thereby supporting the performance of the State-Owned Enterprise Dividend ETF [1][2]. Group 1: Market Performance - As of December 5, 2025, the China Securities State-Owned Enterprise Dividend Index decreased by 0.20%, with Shenhua Holdings leading the gains and Sichuan Road and Bridge leading the losses [1]. - The latest scale of the State-Owned Enterprise Dividend ETF reached 47.53 million yuan, with a total of 40.89 million shares [1]. Group 2: Regulatory Developments - The newly published coal trading rules, developed by major coal trading centers and state-owned enterprises, aim to fill a regulatory gap and enhance market transparency and efficiency [1][2]. - The four major coal-producing regions control 81% of national output and 95% of external supply, indicating a significant concentration of market power [1]. Group 3: Industry Outlook - The coal industry is characterized by stable cash flows and high dividend rates among state-owned listed companies, making it an attractive investment option [2]. - The new rules are expected to provide fundamental support by improving operational efficiency and enhancing the sustainability of profits for coal enterprises [2]. - There is an increasing market focus on high-dividend, low-volatility assets, with expectations for resilient dividend performance as the year-end approaches [2]. Group 4: ETF Composition - The top ten weighted stocks in the China Securities State-Owned Enterprise Dividend Index account for 16.99% of the index, with companies like COSCO Shipping and Jizhong Energy among the leaders [3]. - The ETF closely tracks the index, selecting 100 listed companies with high and stable cash dividend rates [2].

Investment Rating - The investment rating for China Communications Construction Company (CCCC) is "Buy" [1][8]. Core Views - The report highlights a significant improvement in operating cash flow, with a net cash flow of -657.9 billion yuan for Q1-Q3 2025, an improvement from -770.3 billion yuan in the same period of 2024 [5]. - The company has seen a steady growth in new contracts, with a total of 13,400 billion yuan in new contracts signed for Q1-Q3 2025, representing a year-on-year increase of 4.6% [5][18]. - The report projects a decrease in net profit attributable to shareholders by 16.3% for Q3 2025, while the non-recurring net profit increased by 24.1% [2][4]. Summary by Relevant Sections Financial Performance - For Q1-Q3 2025, total revenue was 513.9 billion yuan, a decrease of 4.2% year-on-year [4]. - The net profit attributable to shareholders for the same period was 136 billion yuan, down 16.1% year-on-year [4]. - The gross profit margin for Q1-Q3 2025 was 11.04%, a decrease of 0.50 percentage points [4]. Cash Flow and Contracts - The operating cash flow for Q1-Q3 2025 improved significantly, with Q3 showing a positive cash flow of 115.1 billion yuan [5]. - New contracts signed in Q3 2025 amounted to 3,489 billion yuan, a year-on-year increase of 9.2% [5][18]. Dividend and Asset Management - The proposed dividend payout ratio for H1 2025 is set at 20% of the net profit attributable to shareholders, amounting to approximately 19.14 billion yuan [6]. - The company is focused on optimizing asset allocation and improving asset utilization efficiency [6].