5.还款保障措施：未来眉山天环公司收到的回款除归还银行贷款本息外，优 先用于偿还本次股东借款。 证券代码：600039 证券简称：四川路桥 公告编号：2025-101 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 ...

Investment Rating - The investment rating for the construction industry is "Positive" (maintained) [4] Core Viewpoints - The construction industry is experiencing revenue and profit pressure, but recovery momentum is gradually accumulating under supportive policies [4][8] - In the first half of 2025, the construction sector achieved revenue of 3.97 trillion yuan, a year-on-year decrease of 6.02%, and a net profit attributable to shareholders of 91.5 billion yuan, down 6.60% year-on-year [4][8] - Despite the overall decline, the gap between revenue and net profit growth rates has narrowed significantly compared to the first half of 2024, indicating a temporary easing of profit pressure [4][8] - The issuance of 4.4 trillion yuan in special bonds and ongoing investment stabilization policies are expected to gradually open up profit recovery space for the sector [4][8] Summary by Sections Industry Overview - The construction sector's revenue growth is slowing, with profits under pressure. In the first half of 2025, the sector's revenue decreased by 6.02% year-on-year, while net profit fell by 6.60% [8] - The revenue growth rate has declined by 3.04 percentage points compared to the first half of 2024, but the net profit growth rate has improved by 2.77 percentage points [8] - The overall gross margin for the construction sector in the first half of 2025 was 10.02%, down 0.16 percentage points year-on-year, while the net margin was 2.87%, down 0.04 percentage points [13] Subsector Performance - The performance of subsectors is mixed, with the steel structure sector showing revenue growth of 2.02%, driven by overseas industrial building orders [4][32] - The landscaping sector and chemical engineering saw significant profit growth, with net profits increasing by 70.48% and 19.81% respectively [4][32] - The gross margin improvements are concentrated in landscaping, chemical engineering, and international engineering, while the net margin for steel structures and central enterprises has declined [34] Central Enterprises and Orders - In the first half of 2025, the nine major central construction enterprises signed new orders totaling 7.79 trillion yuan, a slight increase of 0.17% year-on-year, despite an overall industry decline [4][56] - The central enterprises' new orders in overseas markets grew by 16.35% year-on-year, becoming a significant support for order structure optimization [56] - The valuation of central enterprises remains low, with expected PE ratios around 5 times and PB ratios below 0.5 times, indicating strong shareholder returns [59]

Summary of Key Points from Conference Call Records Industry Overview - **Chinese Economy and A-Share Market**: The Chinese economy is expected to stabilize, with A-share listed companies' revenue and inventory stabilizing for two consecutive quarters, significantly reducing risk probabilities. New emerging industries are entering a new capital expenditure expansion cycle, benefiting overall valuation recovery [1][5][2]. Core Insights and Arguments - **Capital Market Reforms**: Accelerated release of capital market reform dividends, with the launch of the growth tier on the Sci-Tech Innovation Board and the upcoming targeted issuance standards. The meeting between China and the US leaders stabilizes short-term risk outlook, while the US dollar and overseas interest rate cuts favor China's overall easing policy and the central bank's resumption of government bond trading [1][4][3]. - **Investment Recommendations**: - Emerging technology remains the main investment line, recommending sectors such as the internet, electronic semiconductors, innovative pharmaceuticals, robotics, and media. - Suggested increasing allocations in cyclical and financial sectors, focusing on brokers, insurance, and banks with potential for higher dividend returns, as well as non-ferrous metals, chemicals, real estate, and new energy sectors benefiting from improved supply-demand dynamics [1][6]. - **Aviation Industry Outlook**: The aviation industry's profit center is expected to rise over the next two years, with Q3 performance likely to exceed expectations. A significant reduction in losses is anticipated in Q4, with business travel demand recovery potentially initiating a super cycle in aviation [7][8]. - **Oil Shipping Market**: The TCE rate for VLOC has reached a 30-month high, driven by geopolitical oil prices and increased production from Iran. The demand for compliant VLCC transportation is expected to grow due to increased production in South America and the Middle East, alongside US sanctions. The supply-demand balance is projected to remain stable and favorable over the next 1-2 years [9]. - **Express Delivery Industry**: The express delivery sector is experiencing a recovery in profitability as competition eases due to regulatory measures. Recommendations include companies like SF Express, ZTO Express, and YTO Express, with future profitability dependent on price increases and regulatory effectiveness [10]. Additional Important Insights - **Coal Industry Dynamics**: The coal sector has seen a significant rebound in prices due to supply-side contractions and demand-side replenishment. The price of thermal coal has risen sharply, with expectations of continued demand growth driven by AI and extreme weather conditions [25][26]. - **Steel Industry Trends**: The steel demand is entering a traditional peak season, with slight increases in consumption. The supply side is also tightening, with production cuts expected to support price recovery. Recommendations include focusing on leading companies in the sector [31][32][33]. - **Chemical Industry Challenges**: The chemical industry faces short-term pressures due to low price indices, but medium to long-term prospects are improving as new capacity pressures decrease and capital expenditures decline starting in 2024 [18][19]. - **Energy Sector Opportunities**: In the energy sector, companies like CNOOC and PetroChina are highlighted for their stable performance and high dividend yields, particularly in the context of ongoing reforms and market conditions [16][20]. - **Construction and Real Estate**: The construction sector is expected to benefit from macroeconomic policies aimed at debt resolution, with companies like China State Construction and Sichuan Road & Bridge recommended for their high dividend yields [41][44]. This summary encapsulates the key insights and recommendations from the conference call records, providing a comprehensive overview of the current market landscape and future expectations across various industries.

Investment Rating - The report maintains a "Buy" rating for key companies including China Chemical, Donghua Technology, Sanwei Chemical, China Metallurgical Group, China Railway Group, and Sichuan Road and Bridge [10][11][32]. Core Insights - The Xinjiang region is expected to enter a period of intensive policy catalysts, with the central government likely to provide more support, enhancing the performance and valuation of the Xinjiang sector [2][10][13]. - The report emphasizes two main investment directions: transportation infrastructure and coal chemical projects in Xinjiang, driven by the region's strategic importance and resource endowment [2][6][10]. - Key companies recommended include local infrastructure leaders such as Xinjiang Communications Construction and Beixin Road and Bridge, as well as coal chemical leaders like China Chemical and Donghua Technology [10][13]. Summary by Sections Transportation Infrastructure - Xinjiang plans to complete a transportation investment of 800 billion yuan in 2025, with a year-on-year increase of 13.5% [2][22]. - The region aims to achieve a "county-to-county" highway network and fill gaps in western railway infrastructure, indicating significant long-term construction potential [2][22]. - Key players in this sector include Xinjiang Communications Construction, Beixin Road and Bridge, and other local construction firms [10][22]. Coal Chemical Projects - Xinjiang has over 800 billion yuan in coal chemical projects under construction or planned, with significant investment expected in the coming years [6][23]. - The report forecasts annual investments of approximately 997 billion yuan in 2025, 2077 billion yuan in 2026, and 2326 billion yuan in 2027 [6][28]. - Companies such as China Chemical, Donghua Technology, and Sanwei Chemical are highlighted as primary beneficiaries of this sector's growth [10][23]. Valuation and Market Potential - China Metallurgical Group is estimated to have a total value of 718 billion yuan, with a potential upside of 71% based on current market valuation [7][31]. - China Railway Group's estimated value is 1443 billion yuan, with a potential upside of 70% [7][31]. - The report also notes the rising prices of gold and copper, suggesting a re-evaluation of the value of resource-rich construction companies [10][13]. High Dividend Stocks - Sichuan Road and Bridge is recommended for its high dividend yield, projected at 6.4% for 2025, with significant growth in net profit expected [10][9]. - The report emphasizes the attractiveness of high dividend stocks in the current market environment [10][9].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [2][25]. Core Insights - The report highlights a weak overall investment environment, with infrastructure investment under pressure. However, regional investments may gain momentum as national strategic layouts deepen [2][3]. - Key statistics from the National Bureau of Statistics indicate that from January to August 2025, national fixed asset investment increased by 0.5% year-on-year, while infrastructure investment (including all categories) rose by 5.4% [11][12]. - The report identifies specific companies with significant stock performance, such as Shanghai Construction (+31.7%) and Time Space Technology (+29.14%), indicating strong market interest in certain firms within the sector [6][10]. Summary by Sections 1. Market Performance - The construction industry saw a weekly increase of 0.44%, outperforming the Shanghai Composite Index, which decreased by 1.30% [4][6]. - The best-performing sub-industry was private infrastructure companies, which rose by 6.19% [6][9]. 2. Key Changes in the Industry - National statistics show that manufacturing investment grew by 5.1%, while real estate investment fell by 12.9% year-on-year [11][12]. - Infrastructure investment excluding electricity increased by 2.0%, reflecting a slowdown compared to previous months [11][12]. 3. Company-Specific Developments - Notable contracts include a feasibility study for the Ho Chi Minh City urban rail project worth 0.46 billion yuan, representing 1.67% of the 2024 revenue for the company involved [14][15]. - Another significant contract for North Xin Road Bridge is valued at 5.04 billion yuan, accounting for 4.93% of its 2024 revenue [14][15]. 4. Investment Recommendations - The report recommends state-owned enterprises such as China Chemical, China Railway, and China Railway Construction due to their low valuations and potential for recovery [2][3]. - It also suggests monitoring private companies like Zhi Te New Materials and Honglu Steel Structure for investment opportunities [2][3].

2025 年第四次临时股东会 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 年第四次临时股东会 会议资料 2025 年 9 月 26 日 1 2025 年第四次临时股东会 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》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。 八、公司聘请律师出席并见证本次股东会，并出具法律意见 书。 3 二、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、监事、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合法权益的行为，公司有权予以制止并 报告有关部门查处。 三、股东会在会议主持人的组织下进行。若股东及股东代理 人需发言，应当按照会议的议程，经会议主持人许可方可发言， 发言内容应当围绕本次会 ...

Core Points - The Shanghai Composite Index closed at 3830.65 points, slightly below the five-day moving average, with a change of -0.03% [1] - The total trading volume of A-shares reached 15,108.13 billion yuan, with 405 A-shares breaking through the five-day moving average [1] Group 1: Stocks with Significant Deviation from Five-Day Moving Average - Green Island Wind (301043) had a price increase of 20.01% and a deviation rate of 14.12% [2] - Yuma Technology (300993) saw a price increase of 20.02% with a deviation rate of 13.62% [2] - Wuxin Tunnel Equipment (835174) experienced a price increase of 12.92% and a deviation rate of 9.54% [2] - Tianshan Electronics (301379) had a price increase of 13.65% and a deviation rate of 9.06% [2] - Suzhou Tianmai (301626) reported a price increase of 12.17% with a deviation rate of 8.65% [2] Group 2: Additional Stocks with Notable Performance - Heshun Electric (300141) increased by 12.54% with a deviation rate of 7.89% [2] - Neusoft Group (600718) had a price increase of 10.03% and a deviation rate of 7.70% [2] - Xilong Science (002584) reported a price increase of 10.02% with a deviation rate of 7.26% [2] - Tianma New Materials (838971) saw a price increase of 10.63% and a deviation rate of 7.14% [2] - Dalong Real Estate (600159) increased by 10.10% with a deviation rate of 7.03% [2]

Core Insights - The construction of the Xixiang Expressway, which includes nine major super-engineering projects, has entered a comprehensive construction phase, with the Yuanbao Hub underground interchange being recognized as the world's largest scale underground interchange in mountainous areas [2] - The project has a bridge-to-tunnel ratio of 73.4%, with a total estimated investment of 58.738 billion yuan and a per-kilometer cost of approximately 25.1 million yuan [2] - The Lugu Lake Grand Bridge, a key component of the expressway, holds three world records, including the largest span of a space cable-stayed bridge and the largest span of a steel truss cable-stayed bridge in mountainous areas [2] Project Overview - The Xixiang Expressway was initially planned in 2011 but faced delays due to high construction difficulty and investment costs until it was included in the National Highway Network Planning [2] - The project officially commenced in 2022 and is now in a large-scale construction phase [2] - The expressway features nine super-engineering projects, including three bridges, five tunnels, and one interchange, which is rare in highway construction [2] Engineering Challenges - The Lugu Lake Grand Bridge was selected after evaluating 16 potential bridge sites, balancing geological challenges, construction costs, and traffic convenience [2] - The project employs innovative designs, such as the U-shaped tunnel anchor, which reduces concrete usage by 20% and enhances stability in soft rock conditions [2] - The construction of the Salt Source Tunnel, the second-longest tunnel in the province, utilizes a specially developed TBM to shorten the construction period from seven years to four years [3] Technological Innovations - The Yuanbao Hub interchange incorporates 11 different excavation methods and 36 types of engineering structures, showcasing a wide range of tunneling techniques [3] - The project management utilizes advanced technologies, including AI-assisted monitoring and drone management, to ensure real-time tracking of construction progress [3] - The completion of the Xixiang Expressway will enhance the transportation network in Liangshan Prefecture, integrating with multiple existing highways to form a comprehensive traffic hub [3]

Summary of Sichuan Road and Bridge Group Conference Call Industry and Company Overview - Sichuan Road and Bridge Group benefits from the Western Development Strategy, with significant urbanization potential in Sichuan, a key implementation area. The infrastructure potential in western Sichuan is substantial, with expectations that highway scale will double by 2035, and regional infrastructure growth will significantly outpace the national average [2][4][5]. Core Points and Arguments - **Shareholding and Support from Shudao Group**: Shudao Group has increased its stake in Sichuan Road and Bridge to 79.6% through methods like private placements and tender offers. This group’s integrated investment and construction model ensures smooth order acquisition, contributing 65% to the company's revenue, with profitability surpassing that of other local enterprises [2][6][8]. - **Dividend Policy**: The company has a clear and improving dividend policy, with a minimum payout ratio of 50% set for 2022-2024, increasing to 60% in 2025. The expected dividend yield for this year is between 6.5% and 7%, making it an attractive high-dividend stock in the construction sector [2][7]. - **Financial Performance**: Sichuan Road and Bridge's revenue accounts for 43% of Shudao Group's total revenue, and its profit constitutes 76% of the group's total profit. This indicates that the company's financial performance is crucial for Shudao Group, which has a strong incentive to support it [2][8][9]. - **Recent Performance and Market Trends**: In the first half of the year, the company showed strong performance in the construction sector, attributed to the high infrastructure demand in Sichuan. The stock price has increased by 265% over the past five years, significantly outperforming the Shenwan Construction Index, which declined by 35% during the same period [3][11]. - **Order Situation**: The year-on-year decline in orders is narrowing, with positive changes expected in the first and second quarters of 2025. Future performance is anticipated to maintain single to double-digit growth, with a potential trend shift once performance normalizes [4][14]. Other Important Insights - **Divestiture of Non-Core Businesses**: The company divested its mining and new energy businesses to focus on core operations, which is expected to enhance dividend capacity and stabilize performance [2][10]. - **Management Changes**: New leadership appointments starting from July 2024 are expected to stabilize management and drive future development [12][13]. - **International Market Presence**: The company's overseas market share was only 1.8% in 2023, with limited growth expected in 2024. However, it has established a presence in regions like Central Asia and Africa, indicating a unique development direction [15]. - **Overall Development Logic**: The company’s growth is driven by the high infrastructure demand in Sichuan, proven capabilities through Shudao Group's integrated model, and the expectation of returning to normal performance levels following management stabilization and order recovery [16].

Core Viewpoint - The recent market volatility has led to a collective decline of over 1% in the three major stock indices, with the Hongli Low Volatility ETF (512890) experiencing a drop of 1.87% but maintaining long-term net inflows, indicating investor confidence in the strategy [1][3][6]. Group 1: ETF Performance - The Hongli Low Volatility ETF (512890) closed at 1.153 yuan, with a trading volume of 6.68 billion yuan and a turnover rate of 3.32% [1][2]. - Over the past 60 trading days, the ETF has seen a net inflow of 1.79 billion yuan, reflecting a long-term positive sentiment among investors despite short-term fluctuations [1][3]. - The ETF has maintained strong liquidity, with a cumulative trading amount of 90.42 billion yuan over the last 20 trading days, averaging 4.52 billion yuan per day [2]. Group 2: Fund Flow Dynamics - Recent fund flow data indicates a mixed trend, with short-term outflows of 1.2 billion yuan over the last 5 trading days, while long-term inflows of 1.79 billion yuan over 60 trading days suggest strategic positioning by investors [3][6]. - As of September 16, the ETF's circulating scale was 20.293 billion yuan, ranking it among the top in its category, showcasing market recognition of the low volatility strategy [3]. Group 3: Holdings and Market Sentiment - The top ten holdings of the Hongli Low Volatility ETF include major banks and infrastructure companies, all of which have experienced varying degrees of adjustment recently [4][5]. - Goldman Sachs has maintained an overweight rating on A-shares and H-shares, advising investors to buy on dips, particularly favoring themes like shareholder returns and artificial intelligence, aligning with the ETF's focus [5][6].