第八届董事会独立董事 2025 年第六次专门会议 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 第八届董事会独立董事 2025 年第六次专门会议的 审查意见 根据《上市公司独立董事管理办法》有关规定，四川路 桥建设集团股份有限公司（以下简称公司）于 2025 年 8 月 19 日在公司以现场方式召开了第八届董事会独立董事 2025 年第六次专门会议。会议应到独立董事 4 人，实到独立董事 4 人。会议由独立董事李光金主持。本次会议的召集、召开 和表决程序符合《上市公司独立董事管理办法》的规定，就 审议事项发表如下审查意见： 一、独立董事对《关于下属施工企业参股投资南江至三 台（中江）高速公路项目的关联交易议案》的审查意见 经讨论，《关于下属施工企业参股投资南江至三台（中 江）高速公路项目的关联交易议案》符合公司业务发展需要， 不会对公司的独立性产生影响，不存在损害公司及股东特别 是中小股东利益的情形。因此，我们同意将本事项提交公司 第八届董事会第五十九次会议审议，且关联董事应回避表决。 表决结果：四票赞成，零票反对，零票弃权。 1 第八届董事会独立董事 2025 年第六次专门会议 四川路桥建设集 ...

四川路桥建设集团股份有限公司（以下简称公司或本公司）下属施工企业四 川公路桥梁建设集团有限公司（以下简称路桥集团）、四川省交通建设集团有限 责任公司（以下简称交建集团）、四川路航建设工程有限责任公司（以下简称路 航公司）以参股方式与中国华西企业股份有限公司（以下简称华西股份）、广西 路建工程集团有限公司（以下简称广西路建）、上海城建市政工程（集团）有限 公司（以下简称上海城建）及公司关联方四川蜀道高速公路集团有限公司（以下 简称蜀高公司）组成联合体，参与南江至三台（中江）高速公路项目（以下简称 本项目）投资。本项目总投资 487.23 亿元，项目自筹资本金比例为 20.20%，约 为 98.42 亿元。本公司持股比例为 3.3%，其中路桥集团、交建集团、路航公司分 别持股 1.7%、0.8%、0.8%，共需投入项目资本金约为 3.248 亿元。 ●本次交易构成关联交易 本公司与蜀高公司同受蜀道投资集团有限责任公司（以下简称蜀道集团）控 制，本次交易构成关联交易。 ●本次交易不构成重大资产重组 证券代码：600039 证券简称：四川路桥 公告编号：2025-085 四川路桥建设集团股份有限公司 关于下属施工企业 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-084 四川路桥建设集团股份有限公司 第八届监事会第四十六次会议决议的公告 本公司监事会及全体监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。 一、监事会会议召开情况 （一）本次监事会会议的召开符合《公司法》、公司《章程》的规定。 （二）本次监事会于 2025 年 8 月 19 日在公司以现场结合通讯方式召开，会 议通知于 2025 年 8 月 13 日以书面、电话的方式发出。 （三）本次监事会应出席人数 6 人，实际出席人数 6 人。其中监事谭德彬、 赵帅、刘胜军、李亚舟以通讯方式参会。 （四）本次监事会由监事会主席黄卫主持，公司部分高级管理人员列席了会 议。 二、监事会会议审议情况 （一）审议通过了《关于下属施工企业参股投资南江至三台（中江）高速 公路项目的关联交易议案》 四川路桥建设集团股份有限公司监事会 2025 年 8 月 19 日 2 会议同意公司下属施工企业四川公路桥梁建设集团有限公司（以下简称路桥 集团）、四川省交通建设集团有限责任公司（以下简称交建集团）、四川路航建 ...

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。 一、董事会会议召开情况 （一）本次董事会会议的召开符合《公司法》、公司《章程》的规定。 （二）本次董事会于 2025 年 8 月 19 日在公司以现场结合通讯方式召开，会 议通知于 2025 年 8 月 13 日以书面、电话的方式发出。 （三）本次董事会应出席人数 10 人，实际出席人数 10 人。其中董事赵志 鹏、李黔以通讯方式参会。 （四）本次董事会由董事长孙立成主持，公司部分监事及高级管理人员列 席会议。 二、董事会会议审议情况 证券代码：600039 证券简称：四川路桥 公告编号：2025-083 四川路桥建设集团股份有限公司 第八届董事会第五十九次会议决议的公告 证券代码：600039 证券简称：四川路桥 公告编号：2025-083 （一）审议通过了《关于成立总部相关职能部门的议案》 根据公司实际需要，同意成立资产运营管理部、物资设备管理部与工程项目 成本管理中心，并授权公司经理层决定前述职能部门后续的具体实施或调整（整 合、撤销）等相关事宜。 表决结果：十票赞成，零票 ...

● 回购股份价格：本次回购股份的价格上限为 12.16 元/股。 证券代码：600039 证券简称：四川路桥 公告编号：2025-086 四川路桥建设集团股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：本次拟用于回购的资金总额为不低于人民币 10,000 万元且 不超过人民币 20,000 万元。 ● 回购股份资金来源：公司自有资金或自筹资金。 ● 回购股份用途：拟用于股权激励或转换公司发行的可转债。 ● 回购股份方式：通过上海证券交易所交易系统以集中竞价交易方式进行股 份回购。 ● 回购股份期限：自公司董事会审议通过回购股份方案之日起 12 个月内。 ● 相关股东是否存在减持计划：截止本报告披露日，除公司控股股东非公开 发行的可交换公司债券外，公司董事、监事、高级管理人员、控股股东及其一致 行动人在未来 3 个月、未来 6 个月均无减持公司股份的计划。如后续有相关减持 股份计划，将按照法律、法规及规范性文件的要求及时配合公司履行信 ...

Group 1 - Sichuan Road and Bridge (600039.SH) announced the involvement of its subsidiaries in construction projects [1] - The subsidiaries mentioned include Sichuan Highway Bridge Construction Group Co., Ltd. and Sichuan Transportation Construction Group Co., Ltd. [1] - The announcement highlights the company's ongoing activities in the infrastructure sector [1]

证券之星消息，8月19日基础建设板块较上一交易日下跌0.08%，东珠生态领跌。当日上证指数报收于 3727.29，下跌0.02%。深证成指报收于11821.63，下跌0.12%。基础建设板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603359 | 东珠生态 | 7.56 | -2.95% | 28.12万 | 2.15 乙 | | 002941 | 新疆交建 | 15.48 | -2.82% | 69.17万 | 10.86 Z | | 002307 | 北新路桥 | 4.78 | -2.05% | 93.43万 | 4.48亿 | | 603007 | *ST花王 | 4.66 | -1.48% | - 11.42万 | 5344.78万 | | 603388 | *ST元成 | 2.28 | -1.30% | 17.67万 | 4039.60万 | | 002717 | ST岭南 | 1.63 | -1.21% | 64.04万 | 1.05亿 | | 600039 ...

Core Insights - The central government has clarified its stance on addressing "involution" competition, transitioning from policy formulation to implementation since the second half of 2024 [1][2] - In July 2025, 33 construction-related central enterprises, state-owned enterprises, and private enterprises issued a "Proposal" advocating for the "Four No's" principle: no scale assembly, no blind expansion, no excessive debt, and no shell structures, aiming to resist "involution" competition and shift focus from price competition to value competition [1][2] Construction Industry Analysis - The report emphasizes the shift from price competition to value competition in the construction industry, driven by the "anti-involution" policy [2] - The analysis categorizes the construction industry into three major segments: central state-owned enterprise blue chips, international engineering, and steel structure [2] Central State-Owned Enterprises - For traditional undervalued central state-owned enterprise blue chips, the focus should be on three dimensions: dividend capability, price elasticity, and technological transformation [3] - In Q1 2025, the market share of nine major construction central enterprises increased to 59.89%, indicating strong order acquisition capabilities [3] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [3] International Engineering Sector - The international engineering sector benefits from price elasticity, particularly with rising expectations for resource prices [4] - North China International, which has a significant coal sales volume, is highlighted for its potential profit contributions from coal business in 2026 [4] Steel and Cement Industries - The steel and cement industries are expected to improve profitability through the exit of outdated capacities and product structure upgrades [5] - Companies like China National Materials and China Steel International are recommended, with China Aluminum International suggested for attention [5] Steel Structure Sector - The steel structure sector is divided into manufacturing and installation segments, with rising steel prices benefiting manufacturing companies like Honglu Steel Structure [6] - The transition towards intelligent construction and green building is expected to enhance the competitive advantages of leading companies in the installation segment, such as Jinggong Steel Structure and Jianghe Group [6]

Group 1 - The core viewpoint of the news is that the market is experiencing fluctuations, with the dividend low volatility ETF (512890) showing a slight decline, while the overall market indices are rising [1][2] - The dividend low volatility ETF has seen a net outflow of 9.76 billion CNY over the past 20 trading days and 4.8 billion CNY over the last 5 days, indicating a trend of capital withdrawal [1][2] - As of August 18, 2025, the circulating scale of the dividend low volatility ETF is 210.27 billion CNY, reflecting its size in the market [1][2] Group 2 - Analysts suggest that the short-term adjustment in bank stocks is primarily a result of marginal capital pricing, but they still hold long-term investment value due to reasonable valuations and attractive dividend yields [1][3] - The dividend low volatility ETF (512890) was established on December 19, 2018, and has achieved a total return of 139.32% since its inception, indicating strong performance [3][4] - The ETF's top holdings have shown mixed performance, with some banks experiencing slight declines while others have seen minor gains, reflecting the volatility in the banking sector [4][5] Group 3 - The investment logic for the dividend sector is shifting from style-driven to stock-driven, with high-quality stocks attracting specific style capital inflows [3][5] - There is a clear asset allocation demand for high dividend stocks, as evidenced by frequent acquisitions by insurance companies and asset management companies [3][5] - Investors seeking stable returns and low-risk volatility can participate in the dividend low volatility ETF through its linked funds, even without a stock account [5]

Core Viewpoint - The report from Tianfeng Securities highlights the benefits of the "anti-involution" policy in the international engineering sector, focusing on price elasticity and downstream profitability improvements as key drivers for investment opportunities [1][3]. Group 1: International Engineering Sector - The international engineering sector benefits from price elasticity, with rising expectations for resource prices, particularly coal. Companies like Northern International, which have significant coal business, are expected to see profit contributions of over 600 million in 2024 and potential profits of 770 million and 950 million in 2026 under neutral and optimistic scenarios respectively [1][3]. - Downstream industries such as steel and cement are expected to improve profitability due to anti-involution measures, which may lead to increased demand for upgrading production lines, benefiting specialized engineering companies like China National Materials and China Steel International [1][3]. Group 2: Traditional Low-Valued State-Owned Enterprises - For traditional low-valued state-owned enterprises, the focus should be on dividend capacity, price elasticity, and technological transformation. The market share of nine major state-owned construction enterprises increased to 59.89% in Q1 2025, indicating strong order acquisition capabilities [2]. - The anticipated rise in commodity prices is expected to enhance the performance of construction companies involved in resource businesses, with recommendations for companies like China Chemical and China Railway [2]. - The construction industry is projected to benefit from structural high prosperity in technology-driven infrastructure demands, with recommendations for companies like Tunnel Co. and attention to China State Construction International [2]. Group 3: Steel Structure Sector - The steel structure sector is divided into manufacturing and installation. Upstream supply-side reforms are expected to benefit steel prices, leading to improved profits for manufacturing companies like Honglu Steel Construction, with potential net profits reaching 347 yuan per ton in Q3 2022 [4]. - Installation companies, such as Jinggong Steel Structure, are expected to accelerate industry consolidation, transitioning towards smart, green, and prefabricated construction. The overseas orders for Jinggong Steel Structure increased by 94% year-on-year in the first half of 2025, indicating improved profitability and cash flow [5].