Core Viewpoint - The A-share market showed mixed performance with the Shanghai Western Development Leading Enterprises Index rising by 0.2% to 6529.57 points, with a trading volume of 62.957 billion yuan [1] Group 1: Index Performance - The Shanghai Western Development Leading Enterprises Index increased by 4.75% over the past month and 3.46% over the past three months, but has decreased by 2.45% year-to-date [1] - The index is composed of leading companies from various secondary industries in selected regions, providing a reference for investors interested in China's regional economic development [1] Group 2: Index Holdings - The top ten weighted companies in the index are: Shaanxi Coal and Chemical Industry (15.2%), Kweichow Moutai (14.42%), Yili Industrial Group (14.27%), Seres (13.44%), TBEA (6.64%), Chengdu Bank (4.23%), Chongqing Rural Commercial Bank (3.33%), Sichuan Changhong (3.06%), Northern Rare Earth (2.83%), and Sichuan Road and Bridge (2.77%) [1] - The index's holdings are entirely composed of companies listed on the Shanghai Stock Exchange [1] Group 3: Industry Composition - The industry composition of the index includes: Consumer Staples (29.48%), Discretionary Consumer (16.92%), Energy (16.30%), Industrials (14.69%), Materials (12.04%), Financials (7.96%), Utilities (1.53%), Healthcare (0.76%), Information Technology (0.15%), Communication Services (0.14%), and Real Estate (0.02%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [4] Core Viewpoints - Infrastructure investment continues to show steady growth, with energy, heating, gas, and water sectors maintaining high growth rates. In the first half of 2025, narrow infrastructure investment (excluding electricity) reached 881.22 billion yuan, a year-on-year increase of 4.6%, while broad infrastructure investment totaled 11.98 trillion yuan, up 8.9% year-on-year, significantly higher than the narrow measure, indicating strong support from high-demand sectors like energy [5][8] - The commencement of the Yarlung Tsangpo River hydropower project, with a total investment of 1.2 trillion yuan, marks a significant step in advancing clean energy and hydropower construction in China. This project is expected to generate an annual power output of 300 billion kilowatt-hours, equivalent to three Three Gorges or five Baihetan projects, and will accelerate construction in the hydropower sector [10][11] - The Central Urban Work Conference highlighted a shift in urbanization from rapid growth to stable development, focusing on quality improvement and efficiency enhancement. This transition is expected to create systematic development opportunities in urban renewal, green construction, and infrastructure upgrades within the construction industry [11] Summary by Sections Infrastructure Investment - Infrastructure investment in China has shown a steady upward trend, with narrow infrastructure investment growing by 4.6% year-on-year and broad infrastructure investment increasing by 8.9% year-on-year in the first half of 2025. Key sectors such as transportation, energy, and water supply are driving this growth [5][8] Market Performance - The Shanghai Composite Index rose by 0.69%, the Shenzhen Component Index increased by 2.04%, and the ChiNext Index grew by 3.17% during the week. However, the construction decoration index fell by 0.71%. Notable stock performances included Shikong Technology (+17.83%) and Huitong Group (+12.70%) [21] Company Dynamics - Several companies reported significant changes in their financial performance for the first half of 2025. For instance, Longyuan Construction is expected to turn a profit, while Chongqing Construction anticipates losses. Notably, companies like Zhongjian Construction and China Energy Engineering reported new contract values of 5,481.9 billion yuan and 775.36 billion yuan, respectively, indicating a mixed performance across the sector [12][17][18]

Core Insights - The article highlights the performance and characteristics of the Ping An SSE Dividend Low Volatility Index A (020456), emphasizing its strong returns and risk-adjusted performance metrics [4][5]. Fund Performance - As of July 22, 2025, the Ping An SSE Dividend Low Volatility Index A has a unit net value of 1.15 yuan, reflecting a 0.38% increase from the previous trading day and a cumulative increase of 17.48% over the past year, ranking it in the top half of comparable funds [3]. - The fund's Sharpe ratio for the past year is 1.15, indicating the highest return for the same level of risk among comparable funds [4]. - The maximum drawdown for the fund this year is 5.35%, compared to a benchmark drawdown of 0.44% [4]. - The fund has achieved a return of 11.76% since the start of its regular investment plan [4]. Fund Characteristics - The Ping An SSE Dividend Low Volatility Index A was established on April 23, 2024, and aims to closely track the SSE Dividend Low Volatility Index, with a target tracking deviation of less than 0.35% on a daily basis [4]. - The fund's management fee is 0.50%, and the custody fee is 0.10%, totaling a fee rate of 0.60% [4]. - The fund is managed by Qian Jing and Bai Guiyao, with Qian Jing achieving a return of 15.67% since taking over management [4]. Investment Strategy - The index selects 50 securities based on liquidity, continuous dividend payments, moderate dividend payout ratios, positive growth in earnings per share, and high dividend yields with low volatility [5]. - As of June 30, 2025, the top ten holdings of the fund include China COSCO Shipping, Chengdu Bank, and Industrial Bank, with the top ten stocks accounting for 17.41% of the total portfolio [5][7].

Core Viewpoint - Several companies have announced significant investments, acquisitions, and strategic partnerships, indicating a trend of expansion and diversification in various sectors, including technology, energy, and manufacturing [3][4][15][26]. Group 1: Investments and Acquisitions - Guizhou Moutai plans to establish a research institute with its controlling shareholder, contributing a total of 10 billion yuan in registered capital, with Moutai contributing 4.9 billion yuan for a 49% stake [3]. - GoerTek intends to acquire 100% of Hong Kong Mia and Changhong Limited for approximately 104 billion HKD (around 95 billion yuan), enhancing its capabilities in precision metal components [4][5]. - China Nuclear Power is set to invest 1 billion yuan in China Fusion Energy Company, aiming to strategically position itself in the nuclear fusion energy sector [15]. - Hunan YN plans to invest approximately 9.5 billion yuan in a lithium battery cathode material project in Malaysia, enhancing its market presence in Southeast Asia [16]. - Tianrun Industrial proposes to acquire 100% of Shandong Altai for 135 million yuan, focusing on automotive lightweight components [18]. - Kema Technology aims to purchase 73% of Suzhou Kaixin Semiconductor for 102 million yuan, expanding its product offerings in silicon carbide materials [24]. Group 2: Project Developments - Sichuan Chengyu is part of a consortium that has been pre-selected for the G5 Jingkun Expressway expansion project, with an estimated total investment of 285.48 billion yuan, where the company plans to contribute approximately 49.02 billion yuan [8]. - Zhejiang Fu Holdings' subsidiary is involved in the research and development of large-scale hydropower generator sets, with a focus on the Yarlung Tsangpo River downstream hydropower project [6]. Group 3: Financial Performance - Anfu Technology reported a net profit of 107 million yuan for the first half of 2025, marking a 14.38% increase year-on-year, driven by overseas alkaline battery business expansion [26]. - Jieput's net profit is expected to increase by 57.03% to 82.6% in the first half of 2025, benefiting from rising global laser demand [27]. - Microelectrophysiology anticipates a net profit increase of 76.34% to 105.73% for the same period, attributed to successful product launches in the cardiac electrophysiology field [29]. - Jiangling Motors reported a net profit of 733 million yuan for the first half of 2025, a decline of 18.17% year-on-year, despite a slight revenue increase [30].

Group 1 - Guizhou Moutai plans to establish a research institute company with its controlling shareholder, Moutai Group, with a registered capital of 1 billion yuan, where Guizhou Moutai will contribute 490 million yuan for a 49% stake [3] - Zhejiang Fu Holdings' subsidiary focuses on the research, design, manufacturing, and service of large and medium-sized hydropower turbine generator sets, with a significant project in the Yarlung Zangbo River area currently in the early construction phase [4] - Geer Software intends to acquire over 51% of Shenzhen Weipin Zhiyuan Information Technology Co., a leading digital transformation service provider in China [5] Group 2 - Sichuan Chengyu is part of a consortium that is the first candidate for the G5 Jingkun Expressway expansion project, with an estimated total investment of approximately 28.55 billion yuan, and the company plans to invest 4.902 billion yuan [6] - Sichuan Road and Bridge's subsidiary is participating in the same G5 Jingkun Expressway project, holding a 4% stake, with a total project investment of 28.55 billion yuan [7] - Xining Special Steel confirmed that there are no undisclosed significant information after its stock price experienced unusual fluctuations [8] Group 3 - Sanbo Brain Science's chairman has had his detention lifted and is now under investigation, returning to work [9][10] - Anke Intelligent Electric reported no significant changes in its operating environment and plans to disclose its semi-annual report on August 26 [11] - Funeng Technology received a development notice from GAC Group for battery supply, indicating increased market recognition for its SPS battery products [12] Group 4 - China Nuclear Power plans to invest 1 billion yuan in China Fusion Energy Company, acquiring a 6.65% stake, as part of a forward-looking strategy in the nuclear fusion energy sector [13] - Anfu Technology reported a net profit of 107 million yuan for the first half of 2025, a year-on-year increase of 14.38% [15] - Jieput's net profit is expected to increase by 57.03% to 82.6% in the first half of 2025, driven by rising demand for laser devices [16] Group 5 - Microelectrophysiology anticipates a net profit increase of 76.34% to 105.73% in the first half of 2025, supported by strong overseas sales of its heart electrophysiology products [17] - Zhongman Petroleum signed a gas exploration and development contract in Algeria, with a 90% investment share in the Zerafa II block, which has an estimated gas resource of 109.257 billion cubic meters [20] - Guizhou Gas shareholders plan to reduce their holdings by up to 6% through various trading methods [22]

证券代码：600039 证券简称：四川路桥 公告编号：2025-078 四川路桥建设集团股份有限公司 第八届监事会第四十五次会议决议的公告 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。 （二）本次监事会于 2025 年 7 月 18 日在公司以现场结合通讯方式召开，会 议通知于 2025 年 7 月 14 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 G5 京昆高速公路成都至雅 安段扩容工程的关联交易议案》 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）以参股的方式， 与中国华西企业股份有限公司及公司关联方四川成渝高速公路股份有限公司、四 川高路信息科技有限公司组成联合体，参与 G5 京昆高速公路成都至雅安段扩容 ...

第八届董事会独立董事 2025 年第五次专门会议 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 年第五次专门会议的 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 7 月 18 日在公司以现场结合通讯方式召开了第八届董事会独立 董事 2025 年第五次专门会议。会议应到独立董事 4 人，实 到独立董事 4 人，其中独立董事李光金、周友苏以通讯方式 参会，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 G5 京昆 高速公路成都至雅安段扩容工程的关联交易议案》的审查意 见 经讨论，《关于下属施工企业参股投资 G5 京昆高速公 路成都至雅安段扩容工程的关联交易议案》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五十八次会议审议，且关联董事应 独立董事：李光金、周友苏、赵泽松、曹麒麟 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-079 四川路桥建设集团股份有限公司 关于下属施工企业参股投资 G5 京昆高速公路成都至 雅安段扩容工程的关联交易公告 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： ●投资标的名称及金额 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）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）及公司关联方四川成渝高速公路股份有限公司（以下简称成渝公 司）、四川高路信息科技有限公司（以下简称高路信息）组成联合体，参与 G5 京昆高速公路成都至雅安段扩容工程（以下简称本项目）投资。本项目总投资 285.48 亿元，项目自筹资本金比例为 20.20%，约为 57.67 亿元。本公司持股比例 为 4%，其中路桥集团、交建集团分别持股 1%、3%，共需投入项目资本金约为 2.307 亿元。 ●本次交易构成关联交易 本公司与成渝公司、高路信 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-078 四川路桥建设集团股份有限公司 第八届监事会第四十五次会议决议的公告 （一）审议通过了《关于下属施工企业参股投资 G5 京昆高速公路成都至雅 安段扩容工程的关联交易议案》 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）以参股的方式， 与中国华西企业股份有限公司及公司关联方四川成渝高速公路股份有限公司、四 川高路信息科技有限公司组成联合体，参与 G5 京昆高速公路成都至雅安段扩容 工程（以下简称本项目）招标投标。本项目总投资 285.48 亿元，项目自筹资本 金比例为 20.20%，约为 57.67 亿元。本公司合计持股比例为 4%，其中路桥集团、 交建集团分别持股 1%、3%，共需投入项目资本金约为 2.307 亿元。 由于本项目投标前期属于商业秘密，且存在不确定性，根据《上市公司信息 披露暂缓与豁免管理规定》及《四川路桥信息披露暂缓与豁免业务管理制度》相 关规定，本次会议审议通过后，公司暂缓披露了该事项并履行了暂缓披露程序， 知情人履行了相关保密义务。因暂缓披 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-077 四川路桥建设集团股份有限公司 第八届董事会第五十八次会议决议的公告 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。 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 7 月 18 日在公司以现场结合通讯方式召开，会 议通知于 2025 年 7 月 14 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。其中董事李黔、 李光金、周友苏以通讯方式参会。 （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 （一）审议通过了《关于下属施工企业参股投资 G5 京昆高速公路成都至雅 安段扩容工程的关联交易议案》 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）以参股的方式， 与中国华西企业股份有限公司及公司关联方四川成渝高速公路股份有 ...