Mergers and Acquisitions - Zhongguangtianze plans to acquire 100% equity of Changsha Sports Industry Company for 29.6 million yuan, constituting a related party transaction [1] Earnings Disclosure - JinkoSolar reported a revenue of 13.843 billion yuan for Q1 2025, a year-on-year decrease of 40.03%, with a net loss of 1.39 billion yuan compared to a net profit of 1.176 billion yuan in the same period last year [2] - Zhongjin Gold reported a revenue of 14.859 billion yuan for Q1 2025, a year-on-year increase of 12.88%, with a net profit of 1.038 billion yuan, up 32.65% year-on-year [3] - Northern Rare Earth achieved a revenue of 9.287 billion yuan for Q1 2025, a year-on-year increase of 61.19%, with a net profit of 431 million yuan, up 727.3% year-on-year [4] - Kweichow Moutai reported a revenue of 50.601 billion yuan for Q1 2025, a year-on-year increase of 10.54%, with a net profit of 26.847 billion yuan, up 11.56% year-on-year [5] Share Buybacks - Shanjin International plans to repurchase shares with a total amount between 100 million and 200 million yuan at a price not exceeding 29.7 yuan per share [6] - Sichuan Road and Bridge plans to repurchase shares with a total amount between 100 million and 200 million yuan at a price not exceeding 12.54 yuan per share [7] - China Railway plans to repurchase shares with a total amount between 800 million and 1.6 billion yuan at a price not exceeding 8.5 yuan per share [8] - Anhui Construction's controlling shareholder plans to increase its stake in the company with a total amount not exceeding 200 million yuan [9][10] Risk Matters - Chuangxing Resources' stock will be subject to delisting risk warning starting May 6, 2025, due to negative net profit for the fiscal year 2024 [11] - Yong'an Pharmaceutical clarified that rumors regarding a significant price increase of taurine are untrue [12] - *ST Xulan's stock will be delisted on April 30, 2025, as decided by the Shenzhen Stock Exchange [13] - Dawi Technology's shareholder plans to reduce its stake by up to 3% of the company's total shares due to personal financial needs [14]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [12]. Core Viewpoints - The Central Political Bureau meeting on April 25 emphasized the need for proactive macroeconomic policies to stabilize growth and address risks in key areas, signaling positive stability for the real estate chain [2][9]. - The meeting highlighted the importance of high-quality development to respond to external uncertainties, particularly in the context of international trade tensions, such as the escalating US-China tariff situation [8][9]. - Infrastructure investment is expected to receive policy support as a key driver for economic growth, with a focus on enhancing funding and implementing new policies [10][11]. Summary by Sections Macroeconomic Policies - The report outlines the need for consistent policy orientation, utilizing more proactive fiscal policies and moderately loose monetary policies, including the issuance of special bonds and maintaining liquidity to support the real economy [9][10]. Real Estate Market - The report indicates that real estate development investment in March 2025 was CNY 0.9 trillion, a decrease of 10.0% year-on-year, with sales and new construction areas also showing declines [62][63]. Infrastructure Investment - In March 2025, narrow infrastructure investment reached CNY 1.9 trillion, up 5.9% year-on-year, while broad infrastructure investment was CNY 2.6 trillion, reflecting a 10.7% increase [54][55]. Sector Performance - The construction sector is advised to focus on the dual themes of stabilizing growth and the "Belt and Road" initiative, with recommendations for companies with high overseas exposure to benefit from increasing international orders [11][12].

Suspension - Tongyu Heavy Industry: Zhuhai Port Group is planning to transfer part of its shares in the company, which may lead to changes in the controlling shareholder and actual controller, resulting in stock suspension [1] Mergers and Acquisitions - Tiandi Online: Plans to acquire 100% equity of Shanghai Jiato Internet Technology Group Co., Ltd [2] - *ST Zhongji: Plans to acquire 100% equity of New Energy Chemical [2] Buybacks, Increases, and Share Transfers - Shanjin International: Plans to repurchase shares worth between 100 million to 200 million yuan [3] - Sichuan Road and Bridge: Plans to repurchase shares worth between 100 million to 200 million yuan [3] - Anhui Construction: Controlling shareholder plans to increase holdings by no more than 200 million yuan [3] - Liren Lizhuang: Shareholder Hangzhou Haoyue plans to transfer 17.57% of its shares to Linlang Huancai through an agreement, with a total transfer price of 486 million yuan [3] Daily Operations and External Investments - Yaowang Technology: Plans to cancel 8.5675 million shares [4] - Guoneng Rixin: Plans to invest 62.5 million yuan to acquire 20% equity of Tibet Dongrun [5] - Yinglian Co., Ltd.: Subsidiary Jiangsu Yinglian Recyclable Fluid signed a cooperation development framework agreement with a leading consumer battery company [5] - COSCO Shipping Holdings: Subsidiary signed a total of 14 shipbuilding agreements with Nantong COSCO Shipping Kawasaki or Dalian COSCO Shipping Kawasaki, with each ship priced at 220 million USD, totaling 3.08 billion USD for 14 vessels [5] Performance Changes - Yuyuan New Materials: Q1 2025 net profit of 67.3847 million yuan, a year-on-year increase of 14698.12%, mainly due to increased profits from subsidiaries [6] - New Huangpu: Q1 2025 net profit of 77.5857 million yuan, a year-on-year increase of 2123.13%, mainly due to increased investment income [6] - China Shipbuilding Defense: Q1 2025 net profit of 184 million yuan, a year-on-year increase of 1099.85%, due to improved performance of joint ventures [6] - Northern Rare Earth: Q1 2025 net profit of 431 million yuan, a year-on-year increase of 727.30%, driven by higher average prices and lower raw material costs [6] - Yunnan Energy Holdings: Q1 2025 net profit of 44.2891 million yuan, a year-on-year increase of 622.62% [6] - Zhewen Internet: Q1 2025 net profit of 110 million yuan, a year-on-year increase of 332.45%, mainly due to changes in the fair value of stocks [7] - Sairisi: Q1 2025 net profit of 748 million yuan, a year-on-year increase of 240.60%, due to product structure optimization [7] - Ninebot: Q1 2025 net profit of 456 million yuan, a year-on-year increase of 236.22%, driven by sales growth in electric two-wheelers and service robots [7] - CRRC: Q1 2025 net profit of 3.053 billion yuan, a year-on-year increase of 202.79%, due to increased railway equipment revenue [7] - Jinjiang Shipping: Q1 2025 net profit of 357 million yuan, a year-on-year increase of 187.07% [8] - China Shipbuilding: Q1 2025 net profit of 1.127 billion yuan, a year-on-year increase of 180.99% [9] - China Galaxy: Q1 2025 net profit of 3.016 billion yuan, a year-on-year increase of 84.86%, driven by growth in wealth management and investment banking [10] - Sany Heavy Industry: Q1 2025 net profit of 2.471 billion yuan, a year-on-year increase of 56.40% [11] - Weir Shares: Q1 2025 net profit of 866 million yuan, a year-on-year increase of 55.25% [12] - CITIC Securities: Q1 2025 net profit of 6.545 billion yuan, a year-on-year increase of 32.00% [13] - Wukuang Development: Q1 2025 net profit of 67.113 million yuan, compared to a net loss of 108 million yuan in the same period last year [14] - Leshan Electric Power: Q1 2025 net loss of 1.2038 million yuan, compared to a net loss of 5.18 million yuan in the same period last year [15] - Guofang Group: Q1 2025 net profit of 15.1684 million yuan, a year-on-year decrease of 10.99% [16] - China Duty Free: Q1 net profit of 1.938 billion yuan, a year-on-year decrease of 15.98% [17] - Qingdao Kingway: Q1 2025 net profit of 873.58 million yuan, a year-on-year decrease of 5.23% [18] - Guanghetong: Q1 2025 net profit of 118 million yuan, a year-on-year decrease of 37.30% [19] - Guotai Junan: Q1 2025 net profit of 12.242 billion yuan, a year-on-year increase of 391.78% [20] - China Heavy Industry: Q1 net profit of 519 million yuan, a year-on-year increase of 281.99% [21] - Lingnan Shares: Q1 2025 net loss of 66.3973 million yuan [22]

2025.04. 29 4月29日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 永安药业："牛磺酸价格暴涨几倍"等传闻不实 永安药业发布股票交易异常波动公告称，近期网络上流传"牛磺酸价格暴涨几倍"等传闻，经向公司有 关部门了解，此等消息不实。请投资者以公司官方公告及定期报告作为信息依据，理性投资。 *ST科新：申请撤销公司股票退市风险警示 *ST科新公告，公司股票触及被实施退市风险警示的情形已消除，满足《股票上市规则》第9.3.7条 规定的可以申请撤销对公司股票实施退市风险警示的条件。公司已向上海证券交易所申请撤销股票退 市风险警示，上海证券交易所将于收到公司申请之后15个交易日内，根据实际情况决定是否撤销对 公司股票实施的退市风险警示。在上海证券交易所审核期间，公司股票不停牌，仍正常交易。 雷迪克：未开展任何机器人相关业务 雷迪克发布异动公告称，截至本公告日，公司未开展任何机器人相关业务，不存在行星滚柱丝杠相关 产品。誊展精密收购事项的审计和评估工作仍在进行中，尚未签署正式的收购协议，该事项尚存在不 确定性，敬请广大投资者注意投资风险，理性投资。 新华 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-048 四川路桥建设集团股份有限公司 第八届监事会第四十二次会议决议的公告 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 4 月 29 日在公司 10 楼会议室以现场结合通讯 方式召开，会议通知于 2025 年 4 月 18 日以书面、电话的方式发出。 （三）本次监事会应出席人数 7 人，实际出席人数 7 人。其中监事栾黎、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 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。 2、报告的内容和格式符合中国证监会和上海证券交易所的各项规定，所包 含的信息能从各个方面真实地反映出公司 2025 年第一季度的经营管理和财务状 况等事项； 3、监事会在提出本意见前，未发现参与第一季度报告编制和审议的人员有 违反保密规定的行为。 表决结果：七票赞成，零票反对，零 ...

（四）本次董事会由董事长孙立成主持，公司部分监事和高级管理人员列席 了会议。 二、董事会会议审议情况 （一）审议通过了《2025 年第一季度报告》 会议审议通过了《2025 年第一季度报告》。报告详见上海证券交易所网站 （www.sse.com.cn）。 证券代码：600039 证券简称：四川路桥 公告编号：2025-047 四川路桥建设集团股份有限公司 第八届董事会第五十五次会议决议的公告 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 4 月 29 日在公司 10 楼会议室以现场结合通讯 方式召开，会议通知于 2025 年 4 月 18 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。其中董事池祥成、 李黔以通讯方式参会。 此议案已经第八届董事会风控与审计委员会 2025 年第三次会议审议通过。 表决结果：十票赞成，零票反对，零票弃权。 （二）审议通过了《关于公 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-050 1、若公司股票价格持续超出回购方案披露的价格上限，可能导致回购方案 无法按计划实施或只能部分实施的风险； 2、若公司在实施回购股份期间，受外部环境变化、临时经营需要等因素影 响，可能致使本次回购股份所需资金未能筹措到位，导致回购方案无法实施的风 险； 3、若因发生对公司股票交易价格产生重大影响的重大事项或因公司生产经 营、财务状况、外部客观情况发生重大变化等原因，公司董事会可能根据规则变 更或终止本次回购方案等事项，则存在回购方案无法按计划实施的风险； 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公司股份方案的公告 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: 四川路桥建设集团股份有限公司（以下简称公司或本公司）拟使用公司 自有资金或自筹资金，以集中竞价交易方式回购公司部分已发行的人民币普通股 （A 股）股份，用于股权激励或转换公司发行的可转债。本次回购金额不低于人 民币 10,000 万元且不超过人民币 20,000 万元， ...

【品大事】 永安药业："牛磺酸价格暴涨几倍"等传闻不实 永安药业发布股票交易异常波动公告称，近期网络上流传"牛磺酸价格暴涨几倍"等传闻，经向公司有关 部门了解，此等消息不实。请投资者以公司官方公告及定期报告作为信息依据，理性投资。 4月29日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者参 考。 *ST科新：申请撤销公司股票退市风险警示 *ST科新公告，公司股票触及被实施退市风险警示的情形已消除，满足《股票上市规则》第9.3.7条规定 的可以申请撤销对公司股票实施退市风险警示的条件。公司已向上海证券交易所申请撤销股票退市风险 警示，上海证券交易所将于收到公司申请之后15个交易日内，根据实际情况决定是否撤销对公司股票实 施的退市风险警示。在上海证券交易所审核期间，公司股票不停牌，仍正常交易。 雷迪克：未开展任何机器人相关业务 雷迪克发布异动公告称，截至本公告日，公司未开展任何机器人相关业务，不存在行星滚柱丝杠相关产 品。誊展精密收购事项的审计和评估工作仍在进行中，尚未签署正式的收购协议，该事项尚存在不确定 性，敬请广大投资者注意投资风险，理性投资。 新华保险：拟出资不超过100 ...

申万宏源证券承销保荐有限责任公司 关于 蜀道投资集团有限责任公司 免于发出要约收购四川路桥建设集团股份有限公司 的持续督导意见 财务顾问 二〇二五年四月 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、"本 财务顾问"）接受委托，担任蜀道投资集团有限责任公司（以下简称"蜀道集团"、 "收购人"）豁免要约收购四川路桥建设集团股份有限公司（以下简称"四川路 桥"、"上市公司"）的财务顾问。 根据《上市公司收购管理办法》第七十一条，"自收购人公告上市公司收购 报告书至收购完成后 12 个月内，财务顾问应当通过日常沟通、定期回访等方式， 关注上市公司的经营情况，结合被收购公司定期报告和临时公告的披露事宜，对 收购人及被收购公司履行持续督导职责"。本财务顾问持续督导期为自 2021 年 6 月 4 日至收购完成后 12 个月内。 2025 年 4 月 23 日，上市公司披露了 2024 年年度报告。通过日常沟通，结合 上市公司的2024 年年度报告，本财务顾问出具 2024 年年度的持续督导意见，本次 持续督导期间为自 2024 年 1 月 1 日至 2024 年 12 月 31 日。本意见所依据的文件 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 22,985,816,779.58, representing a year-on-year increase of 3.98% compared to CNY 22,106,017,697.22 in the same period last year[4] - The net profit attributable to shareholders of the listed company was CNY 1,774,197,421.63, showing a slight increase of 0.99% from CNY 1,756,748,353.24 in the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,776,316,723.80, up by 2.05% from CNY 1,740,571,507.41 in the same period last year[4] - The total profit for the first quarter of 2025 was CNY 2,204,819,220.69, an increase from CNY 2,158,011,946.67 in the same period of 2024, representing a growth of approximately 2.0%[20] - The net profit for the first quarter of 2025 was CNY 1,814,922,532.26, compared to CNY 1,785,593,539.87 in the first quarter of 2024, reflecting an increase of about 1.6%[20] - The net profit margin for Q1 2025 was approximately 9.65%, compared to 9.72% in Q1 2024, indicating a slight decline[19] Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -3,053,298,877.46, compared to CNY -2,978,280,300.42 in the previous year, indicating a decline in cash flow[4] - The total current assets as of March 31, 2025, were CNY 14,001,732,489.37, an increase from CNY 13,892,731,775.04 at the end of 2024[24] - The total cash and cash equivalents at the end of the first quarter of 2025 were CNY 18,884,261,825.31, down from CNY 20,926,279,658.66 at the end of the first quarter of 2024[22] - The cash outflow from investment activities for the first quarter of 2025 was CNY 821,357,234.44, compared to CNY 1,430,821,917.32 in the same period of 2024, showing a decrease of approximately 42.6%[22] - The company's total current assets as of March 31, 2025, were approximately ¥153.23 billion, a decrease from ¥157.24 billion on December 31, 2024, representing a decline of about 2.4%[14] - Cash and cash equivalents decreased to approximately ¥19.58 billion from ¥20.78 billion, a decline of about 5.8%[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 66,202[9] - The top ten shareholders hold a significant portion of the company's shares, with the largest shareholder owning approximately 4.55 billion shares[11] - The company has not reported any significant changes in its financing or share lending activities among major shareholders[12] Liabilities and Equity - The total assets at the end of the reporting period were CNY 234,871,866,878.62, a decrease of 2.04% from CNY 239,773,354,769.84 at the end of the previous year[5] - Total liabilities decreased to ¥182,315,921,504.80 from ¥189,113,553,778.59, reflecting a reduction of 3.93%[16] - The company's equity attributable to shareholders rose to ¥49,693,671,779.60 from ¥47,836,601,917.91, an increase of 3.86%[16] Operating Costs and Expenses - Total operating costs for Q1 2025 were ¥20,745,904,911.04, up from ¥20,095,138,562.85 in Q1 2024, reflecting a year-over-year increase of 3.24%[19] - Financial expenses for Q1 2025 were ¥570,693,449.47, down from ¥719,398,036.37 in Q1 2024, showing a decrease of 20.63%[19] - Research and development expenses decreased to ¥133,456,890.85 in Q1 2025 from ¥279,816,733.07 in Q1 2024, a reduction of 52.24%[19] Strategic Moves - The company has pledged 405,803,310 shares to secure the exchangeable bonds issued for professional investors, indicating a strategic move to enhance liquidity[11] - The company has engaged in various asset management plans through partnerships with multiple banks and funds, indicating a strategy for diversified investment[11] Future Outlook - The company plans to implement new accounting standards starting in 2025, which may affect financial reporting[32]