本公司董事会、全体董事及相关股东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： 控股股东及其一致行动人持股的基本情况 本次股份减持计划实施前，四川路桥建设集团股份有限公司（以下简称公 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）持有公司股份 4,950,301,259 股，占公司总股本的比例为 56.93%，蜀道集团及其一致行动人四 川高速公路建设开发集团有限公司、四川藏区高速公路有限责任公司、蜀道资本 控股集团有限公司、四川高路文化旅游发展有限责任公司合计持有公司股份 6,927,708,854 股，占公司总股本的比例为 79.67%。 减持计划的实施结果情况 公司于 2025 年 9 月 11 日披露了《四川路桥控股股东通过大宗交易减持公 司股份计划公告》（公告编号：2025-099），蜀道集团计划通过大宗交易方式减持 公司股份不超过 173,911,812 股，即不超过公司总股本的 2%，减持股份来源为 IPO 前取得。2025 年 10 月 23 日，蜀道集团通过大宗交易方式减持公司无限售条 件流通股 173,9 ...

格隆汇10月24日丨四川路桥(600039.SH)公布，2025年10月23日，公司控股股东蜀道集团通过大宗交易 方式减持公司无限售条件流通股1.74亿股，占公司总股本的2.00%。蜀道集团及其一致行动人持股比例 由79.67%降至77.67%，权益变动触及1%整数倍刻度。 ...

Core Viewpoint - Sichuan Road and Bridge conducted two block trades on October 23, totaling 174 million shares and a transaction amount of 1.53 billion yuan, with a transaction price of 8.80 yuan, reflecting a discount of 0.23% compared to the closing price of the day [2] Trading Summary - The total transaction volume for the two block trades was 115.26 million shares and 1014.27 million yuan, with a price of 8.80 yuan, showing a discount of 0.23% [2] - The participating institutional trading desks were involved in both buying and selling, with a total transaction amount of 1.53 billion yuan and a net purchase of 1.53 billion yuan [2] - Over the past three months, Sichuan Road and Bridge has recorded three block trades, with a cumulative transaction amount of 1.54 billion yuan [2] Stock Performance - The closing price of Sichuan Road and Bridge on the day was 8.82 yuan, down 0.11%, with a daily turnover rate of 0.37% and a total transaction amount of 216 million yuan [2] - The stock experienced a net outflow of 10.94 million yuan in main funds throughout the day, while it has seen a cumulative increase of 3.63% over the past five days, with a total net inflow of 30.60 million yuan [2] Margin Trading Data - The latest margin financing balance for Sichuan Road and Bridge is 174 million yuan, with an increase of 1.24 million yuan over the past five days, representing a growth rate of 0.72% [2]

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - Infrastructure investment showed weakness in September, but the fourth quarter may benefit from increased funding and policy catalysts. The report highlights the importance of infrastructure as a stabilizing measure for the economy, with a focus on undervalued, high-dividend construction stocks [1][2] - The real estate sector saw a decline in sales area by 5.5% year-on-year from January to September, with a significant drop of 21.3% in September alone. However, the completion rate for real estate projects turned positive for the first time since 2024, indicating a potential recovery [2] - Cement demand is gradually weakening, with a production drop of 5.2% year-on-year from January to September. The report suggests that cement companies may seek to optimize supply and increase prices to recover profitability [3] - The flat glass market showed signs of improvement in September, with a slight increase in demand. However, overall production still declined by 5.2% year-on-year, and inventory levels have risen significantly [4] Summary by Sections Infrastructure Investment - Infrastructure investment from January to September showed a year-on-year increase of 1.1%, but September alone saw a decline of 4.7%. The report anticipates a recovery in the fourth quarter due to early fiscal funding and new policy financial tools [1][2] Real Estate Sector - Real estate sales area decreased by 5.5% year-on-year from January to September, with a notable drop of 11.9% in September. New construction area fell by 18.9% year-on-year, while completion area saw a slight increase in September, marking the first positive growth since 2024 [2] Cement Industry - Cement production from January to September was 1.259 billion tons, down 5.2% year-on-year. The average shipment rate was 41.3%, a decrease of 2.6 percentage points year-on-year. The report indicates that cement companies are likely to push for price increases to enhance profitability [3] Glass Industry - Flat glass production from January to September was 72.881 million weight cases, down 5.2% year-on-year. The report notes a slight improvement in demand in September, but overall inventory levels have increased significantly, indicating potential challenges ahead [4]

Group 1 - A total of 54 stocks in the A-share market experienced block trading today, with a total transaction value of 2.921 billion yuan [1] - The top three stocks by transaction value were Sichuan Road and Bridge at 1.53 billion yuan, Tianshan Aluminum at 268 million yuan, and Jiangsu Guotai at 197 million yuan [1] - Among the stocks, 8 were traded at par, 2 at a premium, and 44 at a discount; Donghua Software and *ST Chengchang had the highest premium rates of 6.77% and 1.21% respectively [1] Group 2 - The highest buy amounts from institutional special seats were Sichuan Road and Bridge (1.53 billion yuan), Tianshan Aluminum (268 million yuan), and Jiangsu Guotai (152 million yuan) [1] - Other notable buy amounts included Tianli Lithium Energy at 63.74 million yuan and Hunan Silver at 39.64 million yuan [1] - The highest sell amounts from institutional special seats were Longqi Technology at 13.383 million yuan, Sanhua Intelligent Control at 2.398 million yuan, and Yingxin Development at 720,000 yuan [2]

Market Overview - On October 22, the infrastructure sector rose by 0.68% compared to the previous trading day, with Beixin Road and Bridge leading the gains [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Key Stocks Performance - Beixin Road and Bridge (002307) closed at 5.57, up 10.08% with a trading volume of 517,700 shares and a transaction value of 288 million yuan [1] - Wenke Co., Ltd. (002775) closed at 4.89, up 5.16% with a trading volume of 703,600 shares [1] - ST Yipin (603843) closed at 5.59, up 5.08% with a trading volume of 87,300 shares [1] - ST Lingnan (002717) closed at 1.71, up 4.91% with a trading volume of 1,675,400 shares [1] - Yuanlin Co., Ltd. (605303) closed at 69.61, up 4.79% with a trading volume of 186,200 shares [1] Capital Flow Analysis - The infrastructure sector experienced a net outflow of 492 million yuan from institutional investors, while retail investors saw a net inflow of 594 million yuan [2][3] - The main stocks with significant net inflows from retail investors included Beixin Road and Bridge, Wenke Co., Ltd., and Sichuan Road and Bridge [3] - Beixin Road and Bridge had a net inflow of 109 million yuan from institutional investors, accounting for 37.96% of its trading volume [3]

Core Points - The Xinhua 500 Index (989001) closed at 5059.14 points on October 22, down 20.22 points, representing a decline of 0.40% [1] - The index opened significantly lower in the morning and exhibited a fluctuating consolidation trend throughout the day, failing to recover the gap from the previous trading day [2] - The index reached a high of 5072.52 points and a low of 5032.65 points during the trading session, with a total trading volume of 599.9 billion yuan, which showed a significant decrease compared to the previous trading day [3] Sector Performance - Among the constituent stocks, ST Huayuan, Sichuan Road and Bridge, China National Offshore Oil Corporation, CNOOC Services, and Rongsheng Petrochemical showed notable gains [3] - Conversely, stocks such as Stada Pharma, Dufluor, Huatian Technology, Tianci Materials, and Mango Super Media experienced significant declines [3]

A股今日震荡调整，芯片股盘中异动，银行、地产等板块逆势走强。截至14:30，A500ETF易方达 （159361）标的指数下跌约0.3%，成份股中，天孚通信涨超6%，寒武纪-U涨超4%，四川路桥、国药股 份、捷成股份、中国海油涨超3%。 有券商表示，当前A股市场可能继续呈现蓄势震荡的特征，在国内政策预期升温与三季报业绩验证的支 撑下，结构性机会依然丰富。预计A股市场短期以稳步震荡上行为主，仍需密切关注政策面、资金面以 及外盘的变化情况。 资料显示，中证A500指数由各行业市值较大、流动性较好的500只股票组成，覆盖93个中证三级行业中 的91个，其中信息技术、医药卫生等新兴产业占比较高，实现"核心资产"与"新质生产力"双轮驱动。 A500ETF易方达（159361）的管理费率仅为0.15%/年，可助力投资者低成本布局A股核心资产。 （文章来源：每日经济新闻） 值得注意的是，在股指经历震荡回调之后，近日资金开始积极加仓。Wind数据显示，截至14:30， A500ETF易方达（159361）今日盘中获资金净申购超7000万份，而在本周前两日，该ETF累计净流入资 金超3亿元。 ...

Core Viewpoint - Sichuan Road and Bridge experienced a stock price increase of 2.11% on October 22, reaching 8.72 CNY per share, with a total market capitalization of 758.26 billion CNY [1] Financial Performance - For the first half of 2025, Sichuan Road and Bridge reported a revenue of 43.536 billion CNY, a year-on-year decrease of 4.91%, and a net profit attributable to shareholders of 2.780 billion CNY, down 13.00% year-on-year [2] - The company has cumulatively distributed dividends of 18.855 billion CNY since its A-share listing, with 14.054 billion CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Sichuan Road and Bridge was 50,400, a decrease of 23.90% from the previous period, while the average circulating shares per person increased by 31.41% to 133,066 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 25.4396 million shares to 115 million shares [3]

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses the **non-ferrous metals industry** and its strategic planning under the "15th Five-Year Plan" (2026-2030) in China, focusing on resource security, technological innovation, and market optimization [1][2][4][5]. Core Insights and Arguments 1. **Resource Security and Development**: - The non-ferrous metals industry will enhance resource security by increasing domestic reserves and integrating resources, especially for strategic minerals like copper, cobalt, and nickel, where foreign dependency is projected to remain above 50% to 70% [2][5]. - China ranks 53rd globally in per capita proven reserves of major minerals, with half of its 30 key mineral resources below the world average in terms of reserves [2]. 2. **Technological Innovation**: - Technological innovation is identified as the core driver for high-quality development, focusing on domestic production of high-end materials to overcome foreign technology blockades [1][4]. - Key areas for innovation include AI chip optical modules, solid-state battery materials, magnesium alloys for humanoid robots, and titanium alloys for aerospace applications [1][4]. 3. **Market Structure Optimization**: - The "15th Five-Year Plan" aims to optimize the non-ferrous metals industry structure through market-oriented and legal measures, addressing overcapacity in sectors like copper and lithium smelting [1][4][5]. - The plan emphasizes integrated operations and green low-carbon development to enhance efficiency and sustainability [1][4]. 4. **Export Control and Global Positioning**: - In response to geopolitical tensions, China may strengthen export controls on rare metals to enhance negotiation power and participate in global governance of dual-use items [1][4][5]. - The strategy aims to transition from being a resource power to a rule-making power, enhancing global pricing power for rare metals [5]. Additional Important Insights 1. **Investment Opportunities**: - Companies with strong metal resource reserves, such as Zijin Mining, are expected to benefit from increased mineral resource development [6]. - The digital economy and AI advancements will favor companies involved in high-end new materials, such as Putailai, and those positioned in the lithium supply chain, like Ganfeng Lithium [6]. - The green transition in industries like aluminum may benefit leading companies such as China Aluminum [6]. 2. **Electric Power Industry Developments**: - The electric power sector is set to establish a unified national market by 2029, enhancing various service mechanisms and improving transaction efficiency [12][13]. - By 2030, coal-fired power generation is expected to account for 30% of installed capacity, down from current levels, with a shift towards auxiliary services and capacity compensation as key revenue sources [9][10]. 3. **Clean Energy Growth**: - By 2030, renewable energy installations are projected to reach 3 billion kilowatts, representing 60% of total capacity, with significant growth opportunities in solar and wind energy [10][13]. 4. **Urban Renewal and Construction Industry**: - Urban renewal initiatives will focus on improving living conditions and infrastructure, with a projected urbanization rate exceeding 70% by the end of the "15th Five-Year Plan" [20]. - The construction industry is expected to leverage AI and digital technologies to enhance efficiency and safety in building projects [18][24]. 5. **Challenges and Future Directions**: - The non-ferrous metals industry faces challenges such as overcapacity and the need for technological upgrades, which will be addressed through strategic planning and investment in innovation [37][39]. - The construction sector will focus on high-quality development, digital transformation, and international expansion to adapt to changing market dynamics [42][43]. This summary encapsulates the key points discussed in the conference call, providing insights into the strategic direction and investment opportunities within the non-ferrous metals and related industries in China.