关于以集中竞价交易方式回购股份进展的公告 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： | 回购方案首次披露日 | 2025/4/30 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2025 4 4 | 30 | 日~2026 | 年 | 月 | 日 29 | | 预计回购金额 | 10,000万元~20,000万元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 √用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 2,028,900股 | | | | | | | 累计已回购股数占总股本比例 | 0.0233% | | | | | | | 累计已回购金额 | 17,659,481.67元 | | | | | | | 实际回购价格区间 | 8.62元/股~8.79元/股 | | | | | | 一 ...

Group 1 - The company Sichuan Road and Bridge (600039.SH) announced that as of September 30, 2025, it has repurchased a total of 2.0289 million shares through centralized bidding, accounting for 0.0233% of the company's total share capital [1] - The maximum transaction price for the repurchased shares was 8.79 [1]

Core Viewpoint - The A-share market is experiencing a consolidation phase, with the Shanghai Composite Index falling below 3900 points, down 0.94%, and the ChiNext Index declining by 4.55%. In contrast, the Dividend Low Volatility ETF (512890) rose by 0.70%, indicating strong investor interest despite the overall market downturn [1]. Fund Performance - The Dividend Low Volatility ETF (512890) has shown resilience with a current price of 1.150 and a 5-day increase of 0.09%. The fund's trading volume reached 6.25 billion CNY, with a turnover rate of 3.08% [2][3]. - Over the past 10 trading days, the ETF has seen a net inflow of 420 million CNY, with a total net inflow of 1.272 billion CNY over the last 60 trading days. As of October 9, 2025, the ETF's circulating scale has reached 20.203 billion CNY [2][3]. Institutional Insights - Guosen Securities suggests that the current performance downturn may be nearing its end, with expectations for improvement in the industry fundamentals next year. They recommend focusing on banks with stable asset quality and low provisioning pressure, such as Chengdu Bank and Changsha Bank [4]. - Western Securities anticipates a potential turnaround for the insurance sector in October, driven by a combination of alleviated negative sentiment and policy catalysts. They recommend continued investment in the banking sector, which is currently undervalued [4]. Historical Performance - The Dividend Low Volatility ETF (512890), established in December 2018, has achieved a cumulative return of 128.10% as of October 9, 2025, outperforming its benchmark and ranking 93rd among 502 similar products. It is suggested as a stable income tool for investors during market volatility [4].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with total revenue of 43.536 billion yuan, a year-on-year decrease of 4.91%, and net profit attributable to shareholders of 2.780 billion yuan, down 13.00% [1] Group 1: Financial Performance - The company achieved revenue, net profit attributable to shareholders, and net profit after deducting non-recurring gains and losses of 43.536 billion yuan, 2.780 billion yuan, and 2.720 billion yuan respectively, with year-on-year changes of -4.91%, -13.00%, and -13.72% [1] - The company has a projected revenue of 109.295 billion yuan, 117.840 billion yuan, and 123.732 billion yuan for the years 2025 to 2027, reflecting year-on-year growth of +2%, +8%, and +5% respectively [3] - The expected net profit attributable to shareholders for 2025 to 2027 is 7.958 billion yuan, 8.410 billion yuan, and 8.914 billion yuan, with year-on-year growth of +10%, +6%, and +6% respectively [3] Group 2: Strategic Developments - Sichuan's strategic positioning has been upgraded, with infrastructure investment expected to exceed 280 billion yuan in 2025, a year-on-year increase of 4.48% [1] - The total planned scale of highways in Sichuan is approximately 20,000 kilometers by 2035, with over 10,000 kilometers already operational by the end of 2024, indicating significant growth potential [1] Group 3: Shareholder Returns - The major shareholder, Shudao Group, has increased the company's dividend payout ratio to 60%, with a projected dividend yield of 6.8% for 2025 [2] - The cash dividend ratio has been steadily increasing, with a commitment to maintain a payout of no less than 60% from 2025 to 2027 [2] Group 4: Order Growth - The company signed new contracts worth 72.240 billion yuan in the first half of 2025, representing a year-on-year increase of 22.20%, with quarterly growth rates of 18.87% and 25.44% for Q1 and Q2 respectively [2] - The infrastructure sector showed strong performance, with new contracts amounting to 61.740 billion yuan in the first half of 2025, a year-on-year increase of 25.88% [3]

Group 1 - The core viewpoint is that Fangzheng Securities has given Sichuan Road and Bridge Construction Group Co., Ltd. a strong buy initial rating [1]

Core Viewpoint - The announcement by Sichuan to cancel tolls on two highways marks a significant shift in China's highway toll system, indicating the beginning of a trend towards free highways in the western region of the country [2][4]. Group 1: Policy Changes - Sichuan has become the first western region to announce the cancellation of tolls on the Chengmian and Chengbei exit highways, effective September 2025 [2][4]. - The cancellation follows the expiration of toll collection periods, as stipulated by regulations that limit toll durations for government-funded and operational highways [4][8]. Group 2: Historical Context - The first batch of highways built in the late 1980s and early 1990s is reaching the end of their toll collection periods, with approximately 15,000 kilometers of government-funded and 5,000 kilometers of operational highways set to expire by the end of this year [4][10]. - Historical examples include the Shanghai-Jiaxing Highway, which ceased toll collection in 2012 after 24 years of operation [5]. Group 3: Economic Implications - The move to cancel tolls is expected to benefit logistics companies and private car owners, potentially reducing national logistics costs by 8.7% [10]. - However, the financial implications of free highways could lead to increased local government fiscal burdens, as the total highway debt exceeds 7 trillion yuan [10][12]. Group 4: Public Sentiment and Future Outlook - Public opinion is divided, with many supporting the cancellation of tolls while others express concerns about highway maintenance and funding [10][11]. - The trend towards free highways is seen as an irreversible historical trend, with expectations that more regions will follow suit in the future [12].

Group 1 - The transaction involves a significant asset sale, issuance of shares, and cash payment for asset acquisition, along with fundraising, all of which are interdependent and form an integral part of a major asset restructuring [2][3][4] - The company plans to sell 100% equity of Sichuan Development Maglev Technology Co., Ltd. and related assets to Sichuan Shudao Rail Transit Group Co., Ltd., and 100% equity of Chengdu Xinzhu Transportation Technology Co., Ltd. to Sichuan Road and Bridge Construction Group Co., Ltd. [3] - The company intends to issue shares and pay cash to acquire 60% equity of Sichuan Shudao Clean Energy Group Co., Ltd., which will become a controlling subsidiary post-transaction [4] Group 2 - The company aims to raise matching funds by issuing shares to no more than 35 qualified investors, with the total amount not exceeding 100% of the transaction price for the asset acquisition [5] - This transaction is expected to constitute a major asset restructuring and related party transaction but does not qualify as a restructuring listing [6] - The company has disclosed the history of this transaction, including stock suspension and resumption dates, and relevant announcements made on various dates [7][8] Group 3 - As of the announcement date, the audit and evaluation work related to the transaction is still ongoing, and the company will convene a board meeting to review the transaction once these tasks are completed [9]

Group 1 - The construction of the Chengyu High-speed Railway's key control project, the largest span and highest safety risk section, has successfully completed the final concrete pouring, marking the completion of all nine continuous beams in this segment [1][3] - The main span of the bridge over the Chuyong Expressway is 128 meters, consisting of a total of 64 cantilever pouring segments, utilizing a fully enclosed bridge construction machine for the cantilever pouring [7] - The project is part of the national "eight vertical and eight horizontal" high-speed rail network and will significantly reduce travel time between Chengdu and Chongqing, injecting new transportation momentum into the Chengdu-Chongqing economic circle [9] Group 2 - The construction will transition from "local breakthroughs" to a new phase of "overall completion," with a focus on quality and safety while accelerating project progress [7] - Innovative technologies such as fully enclosed bridge construction machines, intelligent synchronous control systems, and BIM technology have been introduced to enhance construction efficiency and quality control [7] - The Chengyu High-speed Railway has a total length of 292 kilometers and is designed for a speed of 350 kilometers per hour, with expectations for early operation [9]

Group 1 - The transaction involves a major asset sale, issuance of shares, and cash payment for asset acquisition, along with fundraising, which are interdependent components of a significant asset restructuring [2][3][4] - The company plans to sell 100% equity of Sichuan Development Maglev Technology Co., Ltd. and other related assets to Sichuan Shudao Rail Transit Group Co., Ltd., and 100% equity of Chengdu Xinzhu Transportation Technology Co., Ltd. to Sichuan Road and Bridge Construction Group Co., Ltd. [3] - The company intends to issue shares and pay cash to acquire 60% equity of Sichuan Shudao Clean Energy Group Co., Ltd., making it a controlling subsidiary post-transaction [3][4] Group 2 - The company plans to raise funds by issuing shares to no more than 35 qualified investors, with the total amount not exceeding 100% of the transaction price for the asset acquisition [4] - The company’s stock was suspended from trading starting May 26, 2025, due to the planning of the asset sale and related transactions [5] - As of the announcement date, the audit and evaluation work related to the transaction is still ongoing, and the company will convene a board meeting to review the transaction once these tasks are completed [6]

Core Viewpoint - The G8513 Jiuzhaigou to Mianyang Expressway (referred to as "Jiuzhai Expressway") has officially opened, marking the end of the historical lack of expressway access for Jiuzhaigou, Pingwu, and Beichuan counties in Sichuan [1][3]. Group 1: Infrastructure Details - The Jiuzhai Expressway spans a total length of 245.809 kilometers, featuring a dual four-lane highway standard with a design speed of 80 km/h [3]. - The expressway includes 131 bridges, 45 tunnels, 18 interchanges, 17 toll stations, and 6 service areas, with a bridge-tunnel ratio of 82.15%, indicating a high density of bridge and tunnel structures [3]. - The expressway was opened in segments, with the final segment connecting the Jiuzhaigou Chaimenguan to Jiamuhai section completed in 2023, achieving full connectivity [3]. Group 2: Connectivity and Ecological Considerations - The Jiuzhai Expressway connects with the G8513 Pingtian to Mianyang Expressway in the north and links to the G5 Jingkun Expressway and G93 Chengyu Ring Expressway in the south, forming a significant interprovincial highway corridor between Sichuan and Gansu [5]. - The expressway traverses sensitive ecological areas, including the Giant Panda National Park and the National Aquatic Germplasm Resource Conservation Area, with a high bridge-tunnel ratio of 95% in the panda park section, minimizing ecological impact [5]. - The expressway integrates over 30 cultural and tourism resources, enhancing the region's tourism potential through a design that reflects local cultural elements [5]. Group 3: Construction Challenges - Construction of the Jiuzhai Expressway began in 2016 and involved over 40,000 workers, facing significant geological challenges, including multiple fault zones and natural disasters such as the 8.0 magnitude Jiuzhaigou earthquake [7]. - The Baima Tunnel, noted for its high design and construction difficulty, passes through seven fault zones and has a maximum burial depth of 1,092 meters, highlighting the engineering challenges faced during construction [7].