| 证券代码：600326 | 证券简称：西藏天路 | 公告编号：2025-033 号 | | --- | --- | --- | | 转债代码：110060 | 转债简称：天路转债 | | | 债券代码：188478 | 债券简称：21 天路 | 01 | 西藏天路股份有限公司 第七届董事会第十三次会议决议公告 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。 西藏天路股份有限公司（以下简称"公司"）第七届董事会第十三次会议于 2025 年 6 月 20 日（星期五）以通讯方式召开。通知以书面方式于会议召开五日 前发送至公司各位董事、监事及高级管理人员。本次会议应出席董事 9 人，实际 出席董事 9 人。会议召开及表决程序符合《公司法》《公司章程》及《西藏天路 股份有限公司董事会议事规则》的规定，经与会董事以通讯方式表决，形成决议 如下： 一、审议通过了《关于公司续聘会计师事务所的议案》 本议案已经董事会审计委员会审议通过。董事会表决结果为：9 票同意，0 票反对，0 票弃权。董事会同意续聘信永中和会计师事务所（特殊普通合伙） ...

Group 1 - The core point of the article highlights the significant stock price movements in the water conservancy sector, with companies such as Deep Water Planning Institute and Hanjian River Mountain both reaching their daily limit up [1] - Other companies in the sector, including Tibet Tianlu, Qinglong Pipeline, Aibulu, Zhongshe Consulting, and Sanhe Pile, experienced stock price increases exceeding 5% [1] - Additional companies like Deep Water Haina and Suzhou Planning also saw upward trends in their stock prices, indicating a broader positive movement within the industry [1]

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [4] Core Viewpoints - The western fixed asset investment (FAI) is experiencing high growth, with the issuance of special bonds accelerating, which will provide stronger support for infrastructure [1][21] - The GDP growth rate in the western region from 2019 to 2024 has reached a compound annual growth rate (CAGR) of 7%, with significant support from central financial policies and national strategic planning [28][32] - The issuance of special bonds in the central and western regions has significantly accelerated, with a notable increase in new special bonds in provinces like Sichuan and Shaanxi [21][32] Summary by Sections 1. High Prosperity of Western Fixed Asset Investment - The western region has maintained double-digit growth in FAI, with provinces like Inner Mongolia, Xinjiang, and Tibet showing strong performance [1] - The issuance of special bonds has increased significantly, with Sichuan's issuance up by 162% year-on-year [21] 2. Investment Opportunities in Key Regions - **Sichuan-Chongqing**: The transportation planning investment in Sichuan during the 14th Five-Year Plan is expected to increase by 16.5% compared to the previous plan, benefiting local construction companies [2][36] - **Tibet**: Active mining and robust infrastructure projects are expected to drive high regional investment demand, with significant projects like the construction of major copper mines [2][48] - **Xinjiang**: The coal chemical industry is thriving, with nearly 500 billion yuan invested in the past five years, and the region is expected to see continued infrastructure support [3][60] 3. Major Infrastructure Projects Boosting Regional Investment - The construction of the Pinglu Canal is expected to significantly enhance water transport infrastructure in Guangxi, with a total investment of approximately 727 billion yuan [3] - The Western Land-Sea New Corridor is projected to connect multiple provinces and enhance regional infrastructure growth, with completion expected by 2035 [3][60] 4. Investment Recommendations - Key stocks recommended include Sichuan Road and Bridge, China Chemical, and China Energy Engineering, all rated as "Buy" [9][47]

| 证券代码：600326 | | 证券简称：西藏天路 | 公告编号：2025-032 号 | | --- | --- | --- | --- | | 转债代码: | 110060 | 转债简称：天路转债 | | | 债券代码：188478 | | 债券简称：21 天路 | 01 | 西藏天路股份有限公司 关于子公司涉及诉讼的公告 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： 一、本次诉讼起诉的基本情况及一审判决情况 因昌都高争与四川川煤第六工程建设有限公司（以下简称"川煤六建"）、 浙江华钻建设有限公司（以下简称"华钻公司"）、第三人成远矿业开发股份有 限公司（以下简称"成远公司"）生态破坏责任纠纷，为维护合法权益，控股子 公司昌都高争于 2024 年 9 月 24 日向西藏自治区昌都市中级人民法院提起诉讼， 案件所处诉讼阶段：二审上诉阶段 上市公司所处的当事人地位：西藏天路股份有限公司（以下简称"公司"） 控股子公司西藏昌都高争建材股份有限公司（以下简称"昌都高争"）为原 告方 涉案的金额：12,575. ...

西藏天路股份有限公司 关于可转换公司债券及公开发行公司债券 2025 年 | 证券代码：600326 | 证券简称：西藏天路 | 公告编号：2025-31 号 | | --- | --- | --- | | 转债代码：110060 | 转债简称：天路转债 | | | 债券代码：188478 | 债券简称：21 天路 01 | | 特此公告。 西藏天路股份有限公司董事会 2025 年 6 月 11 日 跟踪评级结果的公告 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。 根据《上市公司证券发行注册管理办法》和《上海证券交易所股票上市 规则》的有关规定，西藏天路股份有限公司（以下简称"公司"）委托信用评 级机构上海新世纪资信评估投资服务有限公司对公司 2019 年 10 月 28 日发行 的可转换公司债券（债券代码：110060；债券简称：天路转债）、2021 年 7 月 27 日发行的公开发行公司债券（债券代码：188478；债券简称：21 天路 01） 进行了跟踪评级。 公司前次主体信用评级结果为"AA"，评级展望为"稳定"；" ...

内部编号:2025060038 本报告并非是某种决策的结论、建议。本评级机构不对发行人使用或引用本报告产生的任何后果承担责任, 也不对任何投资者的投资行为和投资损失承担责任。本报告的评级结论及相关分析并非对评级对象的鉴证意 见。鉴于信用评级工作特性及受客观条件影响,本报告在资料信息获取、评级方法与模型、未来事项预测评 估等方面存在局限性。 西藏天路股份有限公司及其发行的天路转债与 21 天路 01 定期跟踪评级报告 项目负责人:吴晓丽 星 R.R. Fara wx1@shxs j.com 项目组成员:何婕好 40)xxxx3 he jieyu@shxs j. com 2-163 评级总监： 张明海 联系电话:(021)63501349 联系地址:上海市黄浦区汉口路 398号华盛大厦 14 层 公司网站：www.shxsj.com 上海新世纪资信评估投资服务有限公司 Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. 声明 除因本次评级事项使本评级机构与评级对象构成委托关系外,本评级机构、评级人员与评级对象不存在任何 影响评级行为独立、 ...

Core Viewpoint - The company, Xizang Tianlu Co., Ltd., is facing challenges in its cement and construction business due to high costs and competitive pressures, leading to ongoing losses despite some improvements in profitability metrics [4][8][13]. Company Overview - Xizang Tianlu is a leading cement producer in the Tibet Autonomous Region, maintaining a significant market share and brand recognition [3][7]. - The company has a strong relationship with its major shareholder, Tibet Construction Group, which provides financial support and favorable financing conditions [4][5]. Financial Performance - The company reported a revenue decline of 23.40% in 2024, primarily due to a significant drop in construction business income, which fell by 43.24% [12][13]. - Despite a decrease in sales volume, the profitability of the cement business improved due to a larger decline in coal procurement prices compared to cement prices [8][9]. - The overall gross profit margin for the company was 0.52% in 2024, reflecting the impact of seasonal demand fluctuations and cost pressures [13]. Market Environment - The cement industry is experiencing a downturn, with a 10.30% year-on-year decline in real estate investment in 2024, which is a major driver of cement demand [9][10]. - Infrastructure investment growth remains positive, but the overall cement demand is projected to decrease by 9.50% due to weak performance in the real estate sector [9][10]. - The company’s operations are heavily influenced by regional market conditions, with significant reliance on infrastructure projects in Tibet [10][11]. Future Outlook - The company is expected to maintain its credit quality in the near term, but potential downgrades could occur if operational challenges persist [4][9]. - There is optimism for a recovery in cement demand in 2025, supported by government policies and infrastructure investments, although competition remains fierce [9][10].

Core Viewpoint - Tibet Tianlu Co., Ltd. maintains its credit rating of "AA" with a stable outlook for both the company and its convertible bonds, indicating consistent financial health and creditworthiness [2][3][5]. Summary by Relevant Sections Company Credit Rating - The previous credit rating for Tibet Tianlu Co., Ltd. was "AA" with a stable outlook, which remains unchanged in the latest assessment [2][5]. - The credit ratings for the convertible bonds "Tianlu Convertible Bond" and "21 Tianlu 01" are also maintained at "AA" [3][5]. Rating Agency and Report - The credit rating was conducted by Shanghai New Century Credit Rating Investment Service Co., Ltd., which issued the tracking rating report on June 9, 2025 [3]. - The report confirms that there are no changes in the credit ratings compared to previous evaluations [3]. Bond Information - The bonds involved include "Tianlu Convertible Bond" (bond code: 110060) and "21 Tianlu 01" (bond code: 188478), both retaining their "AA" credit rating [5].

| 证券代码：600326 | 证券简称：西藏天路 | 公告编号：2025-31 号 | | --- | --- | --- | | 转债代码：110060 | 转债简称：天路转债 | | | 债券代码：188478 | 债券简称：21 天路 01 | | 西藏天路股份有限公司 关于可转换公司债券及公开发行公司债券 2025 年 跟踪评级结果的公告 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： 特此公告。 西藏天路股份有限公司董事会 2025 年 6 月 11 日 根据《上市公司证券发行注册管理办法》和《上海证券交易所股票上市 规则》的有关规定，西藏天路股份有限公司（以下简称"公司"）委托信用评 级机构上海新世纪资信评估投资服务有限公司对公司 2019 年 10 月 28 日发行 的可转换公司债券（债券代码：110060；债券简称：天路转债）、2021 年 7 月 27 日发行的公开发行公司债券（债券代码：188478；债券简称：21 天路 01） 进行了跟踪评级。 公司前次主体信用评级结果为"AA"，评级展 ...

内部编号:2025060038 西藏天路股份有限公司及其发行的天路转债与 21 天路 01 定期跟踪评级报告 项目负责人:吴晓丽 星 R.R. Fara wx1@shxs j.com 项目组成员:何婕好 40)xxxx3 he jieyu@shxs j. com 2-163 评级总监： 张明海 联系电话:(021)63501349 联系地址:上海市黄浦区汉口路 398号华盛大厦 14 层 公司网站：www.shxsj.com 上海新世纪资信评估投资服务有限公司 Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. 声明 除因本次评级事项使本评级机构与评级对象构成委托关系外,本评级机构、评级人员与评级对象不存在任何 影响评级行为独立、客观、公正的关联关系。 本评级机构与评级人员履行了调查和诚信义务,出具的评级报告遵循了真实、客观、公正的原则。 本报告的评级结论是本评级机构依据合理的内部信用评级标准和程序做出的独立判断,未因评级对象和其他 任何组织或个人的不当影响改变评级意见。 本次评级依据评级对象及其相关方提供或已经正式对外公布的信息,相 ...