四川路桥建设集团股份有限公司章程 （2025 年 8 月修订） 目 录 第一节 财务会计制度 1 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东 第二节 控股股东和实际控制人 第三节 股东会 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第五章 公司党组织 第六章 董事和董事会 第一节 董事 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第七章 高级管理人员 第八章 职工民主管理与劳动人事制度 第九章 财务会计制度、利润分配和审计 第二节 内部审计 第三节 会计师事务所的聘任 第二节 公告 第十一章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 2 第十章 通知与公告 第一节 通知 第十二章 修改章程 第十三章 附则 第一章 总则 第一条 为规范四川路桥建设集团股份有限公司（以下简称公司）的组织和 行为，坚持和加强党的全面领导，完善公司法人治理结构，建设中国特色现代国 有企业制度，维护股东、公司、职工、 ...

四川路桥建设集团股份有限公司 董事会议事规则 （2025 年 8 月修订） 第一条 总则 为了进一步规范四川路桥建设集团股份有限公司（以下简称公司或本公司） 董事会的议事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事 会规范运作和科学决策水平，根据《中华人民共和国公司法》《中华人民共和国 证券法》《上市公司章程指引》《上市公司治理准则》《上海证券交易所股票上 市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》和《四 川路桥建设集团股份有限公司章程》（以下简称公司《章程》）等有关规定，制 订本规则。董事会议事具体内容根据公司《章程》和中国证监会、上海证券交易 所等相关规定执行。 第二条 董事会办公室 董事会下设董事会办公室，处理董事会日常事务，保管董事会印章。 第三条 定期会议 有下列情形之一的，董事会应当召开临时会议： 1 （一）代表十分之一以上表决权的股东提议时； （二）三分之一以上董事提议时； （三）董事长认为必要时； （四）二分之一以上独立董事提议时； （五）风控与审计委员会或者公司总经理提议时； （六）公司《章程》规定的其他情形。 第六条 临时会议的提议程序 董事会会议分 ...

四川路桥建设集团股份有限公司2025 年半年度报告 公司代码：600039 公司简称：四川路桥 四川路桥建设集团股份有限公司 2025 年半年度报告 1 / 355 四川路桥建设集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人孙立成、主管会计工作负责人王文德及会计机构负责人（会计主管人员）冯静 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司于2025年8月29日召开第八届董事会第六十次会议，审议通过了《关于2025年中期利润分 配方案的议案》。根据公司《章程》及公司实际情况，拟订2025年中期利润分配方案如下：以实 施权益分派登记日享有利润分配权（即扣减回购专用证券账户中股份后）的总股本为基数，向全 体股东每股派发现金红利0.032元（含税）。截至2025年半年度报告披露日，公司总股本为 8 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-091 四川路桥建设集团股份有限公司 关于修订公司《章程》及其附件的公告 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《公司法》《关于新〈公司法〉配套制度规则实施相关过渡期安排》《上 市公司章程指引（2025 年修订）》等相关规定，公司拟取消监事会、监事，由 公司董事会风控与审计委员会行使《公司法》规定的监事会职权。监事会取消后， 公司《监事会议事规则》等监事会相关制度将废止。 二、公司《章程》修订情况 基于上述情况并结合实际情况，公司拟对公司《章程》有关条款进行修订， 修订内容主要包括：公司注册资本、股本变动等情况；调整公司经营范围；取消 监事会；调整风控与审计委员职责；调整股东会及董事会职权；新增董事会专门 委员会、独立董事专节；完善董事任职资格及董事勤勉义务、忠实义务等。另， 部分小写阿拉伯数字统一修改为汉字数字、"或"修改为"或者"，不再于修订 对比表中对比例示。 | 序号 | | 修订前条款 | 修订后条款 | | --- | --- | --- ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-093 重要内容提示: 被担保人名称：四川路桥建设集团物资有限责任公司、四川路桥怡达投 资有限公司、绵阳新路投资发展有限责任公司、四川路桥怡通投资有限公司、达 卡绕城高速公路开发有限责任公司、四川路桥城投环保材料有限责任公司 四川路桥建设集团股份有限公司（以下简称公司或本公司）已于 2024 年 12 月 20 日召开第八届董事会第四十九次会议、2025 年 1 月 6 日召开 2025 年第 一次临时股东会审议通过了《关于公司 2025 年度授信及担保计划的议案》，2025 年度，公司提供担保预计总额为 462.66 亿元（包含以前年度已签担保合同的存 量使用部分及预计新增）。上述担保金额为公司 2025 年度可提供的担保最高控 制额度，具体的担保金额和期限将以正式发生担保义务确定，超过上述控制额度 或者条件的担保事项，需按规定另行审议。在上述担保额度以内发生的具体融资 担保事项，由公司股东会授权本公司董事长或董事长授权的人及四川公路桥梁建 设集团有限公司、四川省交通建设集团有限责任公司、四川川交路桥有限责任公 司、四川路桥盛通建筑工程有限公司 ...

Group 1 - The core viewpoint of the news is that Shudao Group continues to empower Xinzhuzhi Co., Ltd. (002480) with resources, particularly through the appointment of new non-independent directors from Shudao Group [1][2] - Xinzhuzhi announced the resignation of two non-independent directors, Liu Zhumeng and Zhao Kexing, and the nomination of Zhu Jin and Wang Sicheng as their replacements [1] - Zhu Jin and Wang Sicheng are both from Shudao Group's core enterprises, indicating a trend of management talent being transferred from Shudao Group to the listed company [1][2] Group 2 - Hongda Group, a core subsidiary of Shudao Group, focuses on comprehensive investment and financing in the mining sector, participating in major global mining projects [2] - Shudao Clean Energy serves as the strategic implementation entity for Shudao Group's "transportation + energy" industrial ecosystem, with plans to achieve over 21.32 million kilowatts of installed capacity by the end of the 14th Five-Year Plan [2] - The addition of Zhu Jin and Wang Sicheng is expected to inject Shudao's cultural genes into Xinzhuzhi, aiding in the ongoing asset integration of the listed company [2][3] Group 3 - Shudao Group's acquisition of Xinzhuzhi is aimed at deepening state-owned enterprise reform and optimizing the layout of state-owned assets [3] - The restructuring plan involves Xinzhuzhi issuing shares and paying cash to acquire 60% of Shudao Clean Energy, while divesting from loss-making traditional business segments [3] - This transaction is expected to fundamentally improve Xinzhuzhi's operating conditions by integrating high-quality assets and establishing Shudao Clean Energy as a core subsidiary focused on clean energy generation [3]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6][9]. Core Views - The company is a listed platform under Shudao Group, focusing on the clean energy generation business through asset restructuring [8][11]. - The acquisition of Shudao Clean Energy Group aims to enhance the company's focus on clean energy generation, transitioning away from traditional businesses [19][37]. - The company is expected to benefit from the resource advantages of Shudao Group, which is actively involved in the development of multiple hydropower projects and renewable energy resources [32][37]. Financial Performance and Forecast - The company’s projected revenue for 2023 is 2,509 million RMB, with a year-on-year growth rate of 52.14%. However, a decline in revenue is expected in subsequent years, with 2024 projected at 2,483 million RMB, a decrease of 1.05% [7]. - The net profit attributable to shareholders is forecasted to be -342 million RMB in 2023, worsening to -409 million RMB in 2024, before improving to -127 million RMB in 2025 [7][9]. - The earnings per share (EPS) is expected to be -0.45 RMB in 2023, improving to -0.16 RMB by 2025 [7]. Business Strategy and Development - The company plans to divest from its traditional businesses in rail transit and bridge components, focusing instead on clean energy generation [19][33]. - Shudao Clean Energy is projected to have an operational and under-construction installed capacity of 10.5 million kW by the end of 2024, with significant contributions from hydropower projects [11][37]. - The company is also exploring new models that integrate transportation and energy, as well as renewable energy and mining [11][32]. Market Position and Competitive Landscape - The company is positioned as one of the five major listed platforms under Shudao Group, which is a significant player in the transportation and energy sectors in Sichuan Province [32][33]. - The average price-to-book (P/B) ratio of comparable companies is approximately 7.5, while the company's current P/B ratio is about 5.6, indicating potential for growth post-restructuring [9][11].

Summary of Key Points Core Viewpoint - The Hongli Low Volatility ETF (512890) has shown stable performance with a closing price of 1.197 yuan and a significant asset scale of 20.617 billion yuan as of August 27, 2025, indicating its attractiveness for investors seeking steady returns and low volatility [1][4]. Fund Performance - The ETF's cumulative return since its inception in December 2018 has reached 139.00%, outperforming its benchmark and ranking 44th among 502 similar products, highlighting the long-term advantages of the low volatility strategy [4]. - The ETF has experienced net outflows of 120 million yuan over the last five trading days and 810 million yuan over the last ten trading days, while achieving a net inflow of 3.02 billion yuan over the last 60 trading days [1]. Trading Activity - The ETF's trading activity remains robust, with a total trading volume of 9.431 billion yuan over the last 20 trading days and an average daily trading volume of 472 million yuan [1]. - Year-to-date, the ETF has recorded a total trading volume of 66.603 billion yuan, with an average daily trading volume of 416 million yuan, indicating sustained market activity [1]. Top Holdings - The top ten holdings of the ETF include Chengdu Bank, Industrial Bank, Sichuan Road and Bridge, Daqin Railway, CITIC Bank, Shanghai Rural Commercial Bank, Jiangsu Bank, Chongqing Rural Commercial Bank, Shanghai Bank, and Bank of Communications, with a total market value of approximately 5.147 billion yuan [3][4]. Investment Strategy - The Chief Investment Officer of China Life emphasizes a focus on long-term capital market entry and optimizing equity asset structure, particularly in high-dividend stocks to enhance stability and long-term return potential [3]. - Jinglin Asset's strategy includes treating dividend assets as a core holding, maintaining or increasing positions in high-dividend stocks while reducing exposure to stocks with declining dividend attractiveness [3].

Core Viewpoint - The completion of the Yong'an Long Tunnel marks a significant milestone in the construction of the "first red-themed expressway in the country," the Zhan-Guang Expressway, which is expected to enhance transportation and tourism in the region [1][6]. Group 1: Project Overview - The Yong'an Long Tunnel, located in Tongjiang County, is the longest tunnel of the Zhan-Guang Expressway, with a left tunnel length of 6,862 meters and a right tunnel length of 6,825 meters, reaching a maximum depth of 580 meters [3]. - The Zhan-Guang Expressway has a total length of 250.825 kilometers and a total investment of 48.9089 billion yuan, designed for a speed of 100 km/h [6]. Group 2: Construction Progress - Currently, the excavation, filling, tunnel, and pile foundation construction of the Zhan-Guang Expressway from the Sichuan-Shaanxi border to Wangping has exceeded 70%, with the construction of piers and caps progressing past the halfway mark [4]. - The project team has implemented a dual guarantee system of "risk prediction + precise control" to address complex geological conditions, utilizing advanced intelligent equipment for construction [3]. Group 3: Technological Innovations - The project has introduced advanced intelligent equipment, reducing the number of workers in single tunnel operations by 20% and shortening drilling and blasting operation time by 20%, while doubling the efficiency of arch installation [3]. - The use of smooth blasting technology and innovative lining techniques has achieved a lining qualification rate of over 99%, ensuring high-quality construction [3]. Group 4: Economic and Social Impact - Upon completion, the Zhan-Guang Expressway will connect several significant red tourism sites, forming a "3-hour red tourism circle" and improving travel conditions for local communities [6]. - The expressway is expected to inject new momentum into the revitalization and development of the old revolutionary areas in Sichuan and Shaanxi [6].

Group 1 - Sichuan Highway and Bridge Construction Group Co., Ltd. was fined 10,000 yuan by the Chongqing Municipal Transportation Committee for violating Article 19 of the Chongqing Construction Engineering Safety Production Management Measures [1] - The violation involved the project manager of the Yuchizhu XYC5 project failing to conduct on-site inspections and supervision as required [1] - The fine was issued on June 10, 2025, following an inspection that revealed the non-compliance [2] Group 2 - Sichuan Highway and Bridge Construction Group Co., Ltd. was established on April 16, 1998, and is a significant state-owned enterprise in Sichuan Province [3] - The company has historical roots tracing back to the 18th Army Road Engineering Team and the Southwest Highway Bureau Bridge Construction Office, having built the renowned Sichuan-Tibet Highway [3] - The company became a key player in the transportation sector by establishing the first listed company in the Sichuan transportation system in 2003 and achieving overall listing in 2012 [3]