Core Viewpoint - Sichuan Road and Bridge (600039) reported a decline in both revenue and net profit for 2024, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for 2024 is projected to be 107.238 billion yuan, a year-on-year decrease of 6.78% [1] - The net profit attributable to shareholders is expected to be 7.21 billion yuan, reflecting a year-on-year decline of 19.92% [1] Dividend Distribution - The company plans to distribute a cash dividend of 0.377 yuan per share (tax included) to all shareholders, totaling approximately 3.284 billion yuan (tax included) [1] - The total dividend amount for the 2024 fiscal year is estimated to be 3.606 billion yuan, which represents 50.02% of the net profit attributable to shareholders for the same year [1]

证券研究报告 工业/基础材料 从顺周期到逆周期，配置内需投资链 上周高层北京调研和国常会，均提出促进或持续推动"房地产市场平稳健康 发展"，市场对增量政策期待较高，我们相对推荐估值处于低位、经营业绩 有望稳健增长的石膏板龙头和板材龙头。二手房成交持续高景气，推荐涂料 和管材。3 月基建投资环比继续改善，外需扰动下有望继续发力，短期重点 推荐水利管网机会。光伏玻璃、玻纤等顺周期品种复价后，短期供给有所增 加。我们短期继续推荐内需逆周期及供给端约束较强的品种，重点推荐四川 路桥、中材国际、中国交建、中国核建、三联虹普、海螺水泥、华新水泥 H、 北新建材、兔宝宝、三棵树。 上周细分行业回顾 截至 4.17，上周全国水泥价格周环比-0.9%；水泥出货率 48.7%，周环比/ 同比+0.4%/-1.7pct；上周国内浮法玻璃均价 71 元/重量箱，周环比/同比 +0.7%/-23.3%，重点样本企业库存 5624 万重箱，周环比基本持平，年同比 +3.8%，库存天数约 28.93 天，环比增加 0.01 天。截至 4.17，3.2mm/2.0mm 光伏玻璃主流订单价格 22.3/14.3 元/平米，周环比基本持平，行业 ...

截至2025年3月31日，招商基金旗下招商瑞恒一年持有期混合C(009378)期末净资产2.52亿元，比上期减 少12.55%，该基金经理为余芽芳。 | 日期 | 期间申购(亿份) | 期间赎回(亿份) | 期末总份额(亿份) | 期末净资产(亿元) | 净资产变动率 | | --- | --- | --- | --- | --- | --- | | 2025-03-31 | 0.00 | 0.00 | 0.02 | 0.02 | -2.54% | | 2024-12-31 | 0.00 | 0.02 | 0.02 | 0.02 | -47.96% | | 2024-09-30 | 0.00 | 0.02 | 0.04 | 0.04 | -27.77% | | 2024-06-30 | 0.29 | 0.35 | 0.06 | 0.06 | -49.10% | 数据显示，该基金近3个月收益率-0.67%，近一年收益率0.16%，成立以来收益率为12.21%。其股票持 仓前十分别为：渝农商行（601077）、格力电器（000651）、四川路桥（600039）、歌尔股份 （002241）、迪威尔、云铝股份（000 ...

Investment Rating - Industry rating is maintained as "Outperform the Market" [5] Core Viewpoints - Infrastructure investment continues to show high growth, with significant increases in municipal and water conservancy investments, which grew by 26.0% and 36.8% year-on-year respectively in the first quarter of 2025 [1][2] - New signed orders for construction companies indicate a recovery in infrastructure sentiment, with notable increases in orders for major companies such as China Construction and Sichuan Road and Bridge [1] - The report suggests focusing on the conversion rhythm of physical workload in infrastructure and investment opportunities in high-sentiment provinces like Sichuan [1] - The report highlights the potential for cyclical recovery driven by warming physical volumes in infrastructure and real estate, alongside expectations for policy support amid tariff impacts [1] - The report recommends monitoring the recovery of international engineering projects along the Belt and Road, particularly in Europe and ASEAN [1] Summary by Sections Infrastructure Investment - In the first three months of 2025, infrastructure investment showed a year-on-year increase of 11.5%, with a monthly increase of 12.6% in March [1] - New special bonds issued in Q1 amounted to 960.2 billion, an increase of 326.1 billion year-on-year, providing strong support for infrastructure investment [1] Real Estate Market - Real estate sales area decreased by 3% year-on-year in the first quarter, with a monthly decline of 1.6% in March [2] - New construction area saw a significant drop of 24.4% year-on-year, while the completion area decreased by 14.3% [2] Cement and Glass Industry - Cement production in the first quarter was 331 million tons, a decline of 1.4% year-on-year, but March saw a recovery with a 2.5% increase [3] - The average cement price remained stable at 402 yuan per ton as of April 13, with expectations for price increases in early April [3] - Flat glass production fell by 6.4% year-on-year in the first quarter, but market trading conditions are gradually improving [4] Key Stock Recommendations - The report recommends several stocks for investment, including Sichuan Road and Bridge, China Construction, and China Electric Power, all rated as "Buy" [15]

Group 1 - The core index, the China Securities Baidu Baifa Strategy 100 Index (Baifa 100), opened high and rose by 1.13%, closing at 14,535.82 points with a trading volume of 39.619 billion yuan [1] - Over the past month, the Baifa 100 index has decreased by 7.82%, increased by 1.80% over the past three months, and has declined by 2.42% year-to-date [1] - The Baifa 100 index is based on a comprehensive scoring system that includes financial factors, momentum factors, and search factors, selecting the top 100 securities based on their scores [1] Group 2 - The top ten weighted stocks in the Baifa 100 index include: Steel Research Nake (1.4%), Dalian Heavy Industry (1.22%), Weivi Co. (1.18%), Huaneng Hydropower (1.17%), Guodian Measurement (1.17%), Sichuan Road and Bridge (1.15%), Huaneng International (1.13%), Jingneng Power (1.13%), Yanjing Beer (1.12%), and Yutong Bus (1.11%) [1] - The market segments represented in the Baifa 100 index include: Industrial (39.78%), Information Technology (18.67%), Materials (11.81%), Consumer Discretionary (11.46%), Utilities (5.61%), Financials (4.06%), Consumer Staples (2.29%), Communication Services (2.21%), Healthcare (2.08%), Energy (1.05%), and Real Estate (0.97%) [2] - The index samples are adjusted monthly, with adjustments implemented on the third Friday of each month [2] Group 3 - Public funds tracking the Baifa 100 index include: GF China Securities Baifa 100 A and GF China Securities Baifa 100 E [3]

Investment Rating - Non-metallic building materials: Buy (Maintain) [4] - Construction and Engineering: Overweight (Maintain) [4] Core Viewpoints - The report discusses three phases of the "tariff" trade, highlighting the impact of high tariffs between China and the US on domestic substitution and the potential benefits for companies with local production facilities [1][2] - The first phase focuses on domestic substitution due to high tariffs, suggesting attention to companies like Quartz Co., Kaisheng Technology, and Feiliwa, which are positioned to benefit from this trend [1] - The second phase indicates a global economic downturn due to a 10% tariff imposed by the US, leading to increased pressure on manufacturing and capital expenditure, with a recommendation to focus on state-owned enterprises and index-weighted stocks [1][2] - The third phase anticipates domestic policy adjustments aimed at boosting consumption and infrastructure investment, with specific recommendations for companies in the construction materials sector [2] Summary by Sections Phase 1: Domestic Substitution - Companies benefiting from domestic substitution include Quartz Co. (domestic sand for semiconductors), Kaisheng Technology (synthetic quartz sand), and Feiliwa (leading semiconductor quartz products) [1] - US-based companies like Puyang Nayi and China Jushi are expected to benefit from high tariff barriers [1] Phase 2: Global Economic Impact - The imposition of a 10% tariff by the US is expected to lower global economic forecasts, increasing demand risks and putting pressure on manufacturing [1][2] - Recommendations include focusing on state-owned enterprises such as China State Construction, China Railway Construction, and China Chemical [1][2] Phase 3: Domestic Policy Adjustments - Anticipated policy measures include boosting consumption, expanding into non-US markets, and structural investment opportunities in infrastructure [2] - Key companies to watch include cement and glass leaders like Anhui Conch Cement and Qibin Group, as well as consumer building materials leaders like Skshu Paint and Beixin Building Materials [2] Market Data Tracking - The report notes a decline in the CITIC Building Materials Index by 2.56% and the CITIC Construction Index by 3.29% during the reporting period [3] - Specific price data includes an average price of 398.33 CNY/ton for PO42.5 cement and 1269 CNY/ton for glass, with respective changes noted [3]

Summary of Sichuan Road and Bridge Group Conference Call Industry Overview - Sichuan is a key area for the Western Development strategy, with significant improvements in infrastructure investment intensity and strategic positioning. The urbanization rate is below the national average, indicating substantial growth potential in highway infrastructure, which presents development opportunities for Sichuan Road and Bridge [2][3][12]. Company Insights - Sichuan Road and Bridge adopts an integrated investment and construction model, achieving operational capabilities 2-3 percentage points higher than typical construction firms. The controlling shareholder, Shudao Group, has increased its stake to nearly 80%, reflecting strong confidence from industrial capital and providing robust support [2][4][5]. - The company transferred loss-making businesses to Shudao Group for 650 million yuan, resulting in a loss reduction of approximately 500 million yuan, and plans to increase the dividend payout ratio to 60% by 2025, with an expected annual dividend yield of 7% [2][5][13]. Financial Performance - As of Q1 2025, Sichuan Road and Bridge signed new projects worth 35 billion yuan, a year-on-year increase of 19%, with infrastructure orders accounting for 88% of this total, up 28% year-on-year. This indicates a significant improvement in order recovery [2][6]. - The company’s stock has shown excess returns since the controlling shareholder's stake increase, with a cumulative rise of 265% over five years, while the Shanghai Construction Index fell by 35% during the same period. However, there has been a pullback since late 2023 due to revenue and performance declines [2][8]. Market Dynamics - The investment amount for key projects in Sichuan Province is substantial, providing a stable development outlook for Sichuan Road and Bridge. The company is currently in a favorable upward cycle due to personnel adjustments and continuous order improvements [2][12]. - The company’s overseas business, although small, is accelerating, with 2023 overseas revenue at 2.211 billion yuan, accounting for 2% of total revenue. Key markets are in Central Asia and Africa, with new projects expected to generate additional business [2][7]. Future Outlook - The company is expected to experience a recovery in revenue and performance in 2025, following a challenging 2024. The projected revenue growth is modest, with a PE ratio expected to decline from 9 times in 2024 to 8 times in 2025, and further to 7 times in 2026, aligning with industry benchmarks [2][9]. - Sichuan Road and Bridge's advantages include its strategic location in a high-demand infrastructure market, a high dividend strategy, and a return to stable management and operations, all of which support a positive outlook for future growth [2][10][11].

公告编号：2025-034证券代码：600039证券简称：四川路桥 登录新浪财经APP 搜索【信披】查看更多考评等级 四川路桥建设集团股份有限公司 关于董事长提议回购公司部分股份的提示性公告 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。 四川路桥建设集团股份有限公司（以下简称本公司或公司）于2025年4月8日收到公司董事长孙立成先生 （以下简称提议人）《关于提议四川路桥建设集团股份有限公司回购公司部分股份的函》，具体内容如 下： 一、提议人的基本情况及提议时间 1、提议人：公司董事长孙立成先生 2、提议时间：2025年4月8日 二、提议回购股份的原因和目的 为维护公司全体股东利益，增强投资者信心，稳定及提升公司价值，基于对公司未来发展的信心，公司 董事长孙立成先生提议公司通过集中竞价交易方式回购部分公司股份，回购的股份将用于股权激励或用 于转换公司发行的可转债。 三、提议内容 1、回购股份的种类：公司发行的人民币普通股（A股）。 2、回购股份的用途：本次回购的股份用于股权激励或用于转换公司发行的可转债；若公司未能在本次 回购 ...

- The "CSI Smart High Dividend Strategy Index" was launched by the China Securities Index Company in 2024 to optimize traditional dividend stock selection logic through dynamic screening mechanisms and volatility control rules[2][32] - The index selects 50 stocks with continuous dividends and high expected dividend yields, using a "expected dividend yield" selection method combined with a dividend yield and volatility weighting mechanism to avoid the "high dividend trap" and ensure selected stocks have stable dividend capabilities and low volatility[2][32][39] - The index's construction process includes selecting stocks with continuous dividends over the past three years, calculating the expected dividend yield based on disclosed cash dividend plans, and weighting by the ratio of dividend yield to volatility[39][41] - The index has shown superior performance with higher annualized returns, lower volatility, and smaller maximum drawdowns compared to other dividend indices, demonstrating its value in long-term asset allocation[2][33][37] Model Performance Metrics - CSI Smart High Dividend Strategy Index, annualized return: 19.66%, annualized volatility: 24.60%, Sharpe ratio: 0.88, maximum drawdown: 64.82%[37] - Dividend Low Volatility 100 Total Return Index, annualized return: 17.87%, annualized volatility: 24.47%, Sharpe ratio: 0.81, maximum drawdown: 64.02%[15][37] - CSI Dividend Total Return Index, annualized return: 14.14%, annualized volatility: 25.86%, Sharpe ratio: 0.75, maximum drawdown: 72.13%[15][37] - CSI All Share Total Return Index, annualized return: 11.00%, annualized volatility: 26.29%, Sharpe ratio: 0.50, maximum drawdown: 71.48%[15] Factor Construction and Evaluation - The "expected dividend yield" factor is constructed by calculating the dividend yield based on disclosed cash dividend plans and adjusting for stock price at the end of April[39][41] - The factor is evaluated positively for its ability to avoid the "high dividend trap" and ensure selected stocks have stable dividend capabilities and low volatility[2][39] - The index's weighting method, which uses the ratio of dividend yield to volatility, effectively controls annualized volatility and enhances risk-adjusted returns[39][41] Factor Performance Metrics - CSI Smart High Dividend Strategy Index, dividend yield: consistently higher than other dividend indices during the period from September 30, 2024, to March 31, 2025[38] - The index's constituent stocks have a net asset return rate of approximately 10.5% and the lowest asset-liability ratio among compared dividend indices, indicating high profitability and low debt risk[54][56]

（原标题："国家队"连续出手，A股尾盘拉升！国资委重磅发声，最新增持回购股名单曝光（附股）） 利好频出，能否出现市场底部？ 今天A股尾盘急速拉升，上证指数在不到40分钟时间拉升超1%。市场利好消息频出，今天一早，中国人民银行和中央汇金公司重磅发声。中央汇 金明确了自己是资本市场上的"国家队"，发挥着类"平准基金"作用。央行表示，必要时向中央汇金公司提供充足的再贷款支持。 盘中国资委也重磅发声，将全力支持推动中央企业及其控股上市公司主动作为，不断加大增持回购力度，切实维护全体股东权益，持续巩固市场 对上市公司的信心，努力提升公司价值，充分彰显央企责任担当。同时，加大对央企市值管理工作的指导，引导中央企业持续为投资者打造负责 任、有实绩、可持续、守规矩的价值投资优质标的，为促进资本市场健康稳定发展作出贡献。 "国家队"再出手 中央汇金昨日已发布公告称充分认可当前A股配置价值，已再次增持了交易型开放式指数基金（ETF），未来将继续增持。另外中国国新、中国诚 通也官宣了增持中央企业股票、科技创新类股票、ETF。 今天"国家队"继续买入的迹象明显，部分ETF基金出现明显放量迹象，且买入方向开始向中小盘股、科技股扩散。其 ...