四川路桥建设集团股份有限公司 董事会秘书管理办法 （2025 年 10 月修订版） 第一章 总则 第一条 为提高四川路桥建设集团股份有限公司（以下 简称公司）治理水平，规范公司董事会秘书的选任、履职和 培训工作，根据《中华人民共和国公司法》（以下简称《公 司法》）、《上海证券交易所上市公司自律监管指引第1号 —规范运作》《上海证券交易所股票上市规则》（以下简称 《股票上市规则》）、《上市公司治理准则》等法律法规、 其他规范性文件和公司《章程》的规定，制订本办法。 第二条 公司董事会秘书为公司高级管理人员，对公司 和董事会负责，应忠实、勤勉地履行职责。 第三条 公司董事会秘书是公司与证券监管机构、上海 证券交易所之间的指定联络人。公司董事会秘书和代行董事 会秘书职责的人员、证券事务代表负责与证券监管机构、上 海证券交易所联系，以公司名义办理信息披露、股票及其衍 生品种变动管理等事务。 第四条 公司设立董事会办公室为董事会秘书负责管理 的信息披露事务部门。董事会秘书除履行管理董事会办公室 的职责外，可根据公司内部职责分工，负责管理其他相关职 能部门。 （二）最近3年受到过中国证监会的行政处罚； （三）最近3年受到 ...

四川路桥建设集团股份有限公司 董事会薪酬与考核委员会工作制度 第二条 委员会是公司董事会设立的专门工作机构， 对董事会负责，董事会有权否决损害股东利益的薪酬计划 或方案。 第二章 人员组成 第三条 委员会成员由五名董事组成，其中独立董事 占多数。 （2025年10月修订版） 第四条 委员会委员由董事长、二分之一以上独立董 事或者全体董事的三分之一提名，并由董事会选举产生。 第一章 总 则 第五条 委员会设主任委员（召集人）一名，由独立 董事委员担任，负责主持委员会工作，召集、主持会议并 签发会议文件。主任委员由董事会在独立董事委员中选举 产生。 第一条 为进一步健全公司董事（非独立董事）及高 级管理人员的考核和薪酬管理制度，完善公司治理结构， 根据《中华人民共和国公司法》《上市公司独立董事管理办 法》《上市公司治理准则》《四川路桥建设集团股份有限公 司章程》（以下简称公司《章程》）及其他有关规定，公 司董事会设立薪酬与考核委员会（以下简称委员会），并 制订本制度。 1 第六条 委员会任期与公司董事会任期一致，委员任 期届满，连选可以连任。期间如有委员不再担任公司董事 职务，其委员资格自其离任董事同时自动丧失， ...

Core Insights - The company reported a third-quarter revenue of 29.745 billion, representing a year-on-year increase of 14.00% [1] - The net profit for the third quarter was 2.52 billion, showing a significant year-on-year growth of 59.72% [1] - For the first three quarters, the total revenue reached 73.281 billion, with a year-on-year growth of 1.95% [1] - The net profit for the first three quarters was 5.3 billion, reflecting an increase of 11.04% year-on-year [1]

Core Points - The infrastructure sector experienced a decline of 0.28% on October 30, with Hui Lv Ecology leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Infrastructure Sector Performance - Notable gainers in the infrastructure sector included: - Garden Co., Ltd. (605303) with a closing price of 20.20, up 3.17% on a trading volume of 174,200 shares and a transaction value of 3.54 billion [1] - Sichuan Road and Bridge (600039) closed at 9.05, up 2.26% with a trading volume of 402,200 shares and a transaction value of 360 million [1] - Tusheng Technology (603778) closed at 4.70, up 2.17% with a trading volume of 1,095,700 shares and a transaction value of 524 million [1] - Major decliners included: - Hui Lv Ecology (001267) closed at 19.59, down 7.29% with a trading volume of 618,300 shares and a transaction value of 1.235 billion [2] - Chiweng Electric Power (300982) closed at 18.78, down 4.96% with a trading volume of 54,400 shares and a transaction value of 10.3 million [2] - Huitong Group (603176) closed at 5.86, down 4.72% with a trading volume of 92,500 shares and a transaction value of 55.164 million [2] Capital Flow Analysis - The infrastructure sector saw a net outflow of 789 million from main funds, while retail investors contributed a net inflow of 698 million [2] - Speculative funds recorded a net inflow of 90.495 million [2]

Group 1 - The "15th Five-Year Plan" emphasizes the cultivation of emerging industries and strategic clusters in sectors like new energy and aerospace [1] - The plan aims to enhance the capital market by improving its inclusiveness and functionality, promoting direct financing through stocks and bonds [1] - The real estate sector is encouraged to develop high-quality housing and optimize supply for affordable housing [1] Group 2 - The People's Bank of China aims to consolidate the positive momentum in the capital market and improve mechanisms to stabilize the market [2] - Financial support for market-oriented transformation of financing platforms and coordination in real estate financing is emphasized [2] Group 3 - The Chinese Foreign Ministry stresses the importance of free trade and opposes restrictive measures regarding rare earth exports [3] - The ministry calls for dialogue to resolve trade differences and maintain a fair business environment [3] Group 4 - The revised Cybersecurity Law supports the development of artificial intelligence (AI) and emphasizes the need for ethical standards and risk monitoring [4] - The law aims to promote AI applications while ensuring safety and development [4] Group 5 - The 11th batch of national drug procurement includes 55 commonly used medicines, reflecting a shift from merely pursuing the lowest bid to optimizing procurement rules [5] - The improvement in procurement rules is seen as a move to enhance the domestic market [5] Group 6 - The price of tungsten hexafluoride (WF6) is set to increase by 70%-90% starting next year, impacting major semiconductor manufacturers [6] Group 7 - Gold prices have seen a significant drop after reaching a historical high, with a maximum pullback of over 10% [7] - Despite the recent decline, many institutions remain optimistic about gold's long-term prospects due to factors like geopolitical risks and potential Fed rate cuts [7] Group 8 - The South Korean stock market has outperformed the S&P 500 by 49 percentage points this year, attributed to AI investments, corporate governance reforms, and strong export growth [10] Group 9 - Lithium hexafluorophosphate prices have nearly doubled in a short period, driven by changes in supply and demand dynamics [12] - The market is expected to face a supply shortage by Q4 2026 if demand continues to grow [12] Group 10 - The silver economy is being promoted through initiatives to enhance consumption among the elderly [13] - The Bank of Korea is considering increasing its gold reserves for the first time in years [14] Group 11 - Positive announcements include significant profit growth for companies like Sunshine Power and Yutong Bus [19] - Negative announcements involve planned share reductions and losses reported by companies like Xinzhi Group and Dongfang Carbon [19]

Core Insights - In the past five trading days (October 20 to October 24), a total of 9 companies saw significant shareholder increases, with a cumulative increase of 242 million shares and a total investment of 2.994 billion yuan [1] - During the same period, 107 companies experienced shareholder reductions, amounting to a total reduction of 9.443 billion yuan [1] Summary by Category Shareholder Activity - The top three companies with the highest increase in shareholder investment are Sichuan Road and Bridge, with an increase of 174 million shares and an investment of 1.530 billion yuan; followed by Changjiang Electric Power, with an increase of 49.56 million shares and an investment of 1.366 billion yuan; and Wuzhou Transportation, with an increase of 3.826 million yuan [1][2] - The main board accounted for 9 stocks in the shareholder increase category, with a total increase amount of 2.994 billion yuan [1] Industry Distribution - The significant shareholder increases were primarily concentrated in the steel and construction decoration industries, with 2 stocks each [1] Market Performance - The average increase in stock prices for companies with shareholder increases over the past five days was 1.86%, which was weaker than the overall performance of the Shanghai Composite Index during the same period [1] - Notable stock price increases were observed in Huamao Technology (10.62%), Wuzhou Transportation (2.84%), and China Communications Design (2.63%), while declines were seen in Vanadium Titanium Shares (-1.01%) and Xingfa Group (-0.56%) [1][2] Fund Flow - Among the stocks with shareholder increases, 6 experienced net inflows of main funds, with Changjiang Electric Power leading at a net inflow of 171 million yuan [2] - The stocks with the highest net outflows included Vanadium Titanium Shares and Jiangzhong Pharmaceutical, with outflows of 67 million yuan and 6 million yuan, respectively [2] Performance Metrics - Of the stocks with significant shareholder increases, 2 have released their third-quarter reports, with Jiangzhong Pharmaceutical showing the highest net profit growth of 5.54% year-on-year [2]

Core Viewpoint - The company has disclosed its third-quarter financial report for 2025, ensuring the accuracy and completeness of the information provided, and has outlined significant transactions and legal matters affecting its operations [2][10][16]. Financial Data - The third-quarter financial report has not been audited [3][8]. - The company does not require retrospective adjustments or restatements of previous accounting data [3]. - There are no non-recurring profit and loss items reported for the quarter [3]. Shareholder Information - The company has provided details on its major shareholders and confirmed that there have been no changes in the top ten shareholders due to securities lending activities [5]. Major Transactions - The company plans to sell 100% equity of Chuanfa Maglev and related assets to Sichuan Shudao Rail Transit Group and 100% equity of Xinzhu Jiao Ke to Sichuan Road and Bridge Construction Group [5]. - The company intends to issue shares and pay cash to acquire 60% equity of Sichuan Shudao Clean Energy Group [5]. Legal Matters - A subsidiary of the company is involved in a lawsuit concerning a construction contract dispute, with the amount in question being approximately 194.13 million yuan [7]. - The company has filed a counterclaim in this legal matter [7]. Board and Supervisory Meetings - The company's board and supervisory meetings have approved the third-quarter report, confirming compliance with legal and regulatory requirements [10][15][16].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Insights - The "14th Five-Year Plan" emphasizes high-quality economic development, with a focus on technological innovation and new productive forces as the main development line [13][14] - Expectations for infrastructure stimulus in Q4 are rising, with the construction sector likely to benefit from incremental funds and policy catalysts [18][31] Summary by Sections 1. "14th Five-Year Plan" and Infrastructure Stimulus - The "14th Five-Year Plan" highlights the importance of high-quality development, emphasizing the need for a strong real economy and technological innovation [13][14] - Q4 infrastructure stimulus expectations are increasing, with significant issuance of special bonds and government bonds, totaling 3.68 trillion yuan in special bonds issued by September 2025, accounting for 83.6% of the annual quota [18][23] 2. Market Review - The construction index rose by 2.87% during the week of October 20-24, underperforming the broader market by 0.54 percentage points [25] - Notable stock performances included Huylv Ecological (+33%), China Nuclear Engineering (+23%), and Shikong Technology (+21%) [25] 3. Investment Recommendations - Focus on infrastructure investment opportunities in high-growth regions such as Xinjiang and Tibet, and consider companies involved in water conservancy, railways, and aviation projects [31] - Emphasize the nuclear power sector, recommending companies like China Nuclear Engineering and Libat, which are positioned well in the nuclear construction chain [33][15] - Highlight the importance of emerging business directions, including cleanroom technology and AI-driven computing infrastructure, suggesting companies like Boche and Shenghui Integration [33]

Investment Rating - The report maintains a "Buy" rating for several companies in the construction and decoration industry, including local state-owned enterprises such as Sichuan Road and Bridge, Tunnel Co., Anhui Construction, and Zhejiang Communications [4][22]. Core Insights - The report highlights the acceleration of state-owned asset management reforms across various provinces, aiming to enhance the efficiency of state-owned assets through measures like mergers, restructuring, and securitization [1][12]. - It emphasizes the importance of state-owned listed companies in preserving and increasing the value of state assets, which is crucial for supplementing local fiscal and social security funds [3][17]. - The report suggests that the focus on asset securitization will likely increase, with local governments and state-owned enterprises actively pushing for the listing of unlisted assets [2][17]. Summary by Sections State-Owned Asset Management - Multiple provinces are implementing reforms to optimize state-owned assets, with principles focusing on asset utilization, securitization, and leveraging funds [1][12]. - The scope of asset revitalization is expected to expand, targeting various types of state-owned resources and assets [2][12]. Financial Implications - The report indicates that local governments are facing funding constraints due to declining land transfer revenues and slow tax growth, which necessitates the revitalization of state-owned assets to supplement fiscal resources [2][19]. - State-owned listed companies are anticipated to prioritize valuation enhancement through operational improvements, increased dividends, mergers, and asset injections [3][17]. Investment Recommendations - Key investment opportunities include local state-owned enterprises with low price-to-earnings ratios, such as Sichuan Road and Bridge (25PE 9.6X), Tunnel Co. (25PE 7.4X), and Anhui Construction (25PE 6.0X) [4][22]. - The report also highlights the potential for asset injection and integration in leading international engineering firms like North International and China National Materials [4][22]. Valuation Insights - The report provides a detailed valuation table for key companies, indicating low price-to-book ratios for several central state-owned enterprises, suggesting potential undervaluation [20][24].

Group 1 - The core point of the article is that Sichuan Road and Bridge (600039.SH) announced a reduction in shareholding by its controlling shareholder, Shudao Group, through a block trade [1] - On October 23, 2025, Shudao Group reduced its holdings by 174 million shares, accounting for 2.00% of the company's total share capital [1] - Following the reduction, the shareholding percentage of Shudao Group and its concerted parties decreased from 79.67% to 77.67%, triggering a change in equity that touches the 1% integer scale [1]