致：四川路桥建设集团股份有限公司 四川省成都市锦江区东御街 18 号百扬大厦 11 楼 邮编：610000 11F,Square One,No.18 Dongyu St. ,Jinjiang District,Chengdu,PRC 电话/TEL：（028）87747485 传真/FAX：（028）86512848 网址/WEBSITE：www.kangdacdlawyers.com/ 北京康达（成都）律师事务所（以下简称"本所"）接受四川路桥建设集团股份 有限公司（以下简称"四川路桥"或"公司"）的委托，指派龚星铭、谷荷玲律师（以 下简称"本所律师"或者"经办律师"）列席了四川路桥在 2025 年 5 月 13 日召开的 2024 年年度股东会（以下简称"本次股东会"）。本所律师依据《中华人民共和国公 司法》《中华人民共和国证券法》《上市公司股东会规则》等法律法规以及《四川路 桥建设集团股份有限公司章程》（以下简称"《公司章程》"）的有关规定，并按照 律师行业公认的业务标准、道德规范和勤勉尽责精神，就本次股东会的召集、召开、 出席人员资格、召集人资格、表决程序、表决结果等相关事宜出具本法律意见书。 北京康达 ...

证券研究报告 建筑装饰 行业定期报告 hyzqdatemark 2025 年 05 月 13 日 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 营收业绩短暂承压，静待政策驱动回升 投资评级： 看好（维持） ——建筑装饰行业周报（20250505-20250511） 投资要点： 本周观点： 证券分析师 板块增速放缓，利润阶段承压。2024 年，申万建筑板块整体经营表现面临一定压力， 全年实现营业收入 87,316 亿元，同比下降 3.95%；归母净利润 1,715 亿元，同比下 降 14.22%。受房地产市场持续低迷、地方债务约束强化等因素影响，板块整体营收 与利润增速较 2023 年分别回落 11.18pct 和 24.77pct。 ...

Investment Rating - The investment rating for the construction and engineering sector is "Positive" and maintained [7]. Core Insights - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting the High-Quality Development of Public Funds" on May 7, which emphasizes the importance of performance benchmarks and strict regulation of fund companies' selection of benchmarks [2][6]. - The Action Plan aims to optimize fund operation models and establish a mechanism that binds fund company income to investor returns, addressing market concerns about fund companies profiting while investors do not [10]. - The plan encourages the issuance of actively managed equity funds with performance-based management fees, aiming for at least 60% of the top fund management institutions to issue such funds within a year [10]. - The Action Plan also stresses the need for long-term performance assessments and incentives for fund managers, with a significant weight on performance metrics [10]. - The focus on performance benchmarks is expected to reduce the tendency of funds to concentrate on single sectors or styles, promoting a more stable investment approach [10]. - The construction sector, particularly stocks with significant weight in the CSI 300 index, is highlighted as a key area for investment, with major state-owned enterprises included [10]. - Recommended stocks for weight allocation include Sichuan Road & Bridge, China State Construction, and others that align with high dividend characteristics and stable growth expectations [10]. Summary by Sections - **Event Description**: The CSRC's release of the "Action Plan" on May 7 [6]. - **Event Commentary**: The Action Plan's implications for fund management and investment strategies in the construction sector [10].

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The central bank has implemented a stimulus policy, creating 500 billion yuan for service consumption and elderly care refinancing, encouraging financial institutions to increase support for key sectors such as accommodation, dining, entertainment, and education. The overall direction of recovery in the real estate chain remains unchanged, with expectations for a significant acceleration in the home improvement industry by Q3 2025 due to the promotion of trade-in subsidies and service consumption stimulus policies [2][3] - The report highlights the potential for recovery in the construction materials sector, particularly for undervalued consumer leaders and expansion-oriented companies such as Beixin Building Materials, Sankeshu, and Oppein Home [2][3] - The report also notes that if external demand declines rapidly, infrastructure projects in central and western China may become a critical support area, with companies like Huaxin Cement and Sichuan Road and Bridge being of interest [2][3] Summary by Sections 1. Sector Overview - The construction materials sector has shown a 2.55% increase in the past week, outperforming the CSI 300 and Wind All A indices [5] - The cement market has seen a 1.2% decrease in prices nationwide, with average shipment rates at 48%, down approximately 1.5 percentage points [3][20] 2. Bulk Construction Materials Fundamentals 2.1 Cement - National average cement prices are reported at 383.0 yuan/ton, down 4.7 yuan from the previous week but up 27.0 yuan year-on-year [21][22] - The average inventory level for cement companies is at 62.5%, with a slight increase from the previous week [29] 2.2 Glass Fiber - The profitability of the glass fiber industry is expected to improve as demand in wind power and thermoplastics continues to grow, with leading companies likely to gain excess profits due to their product structure advantages [12] - The report recommends companies like China Jushi and suggests attention to other leading firms in the sector [12] 2.3 Glass - The glass industry is currently facing weak demand, with inventory levels fluctuating at high levels. The report suggests monitoring production line adjustments to gauge future price movements [13][14] 3. Renovation Materials - The report emphasizes the positive impact of government policies on home improvement consumption, with expectations for continued demand growth in 2025 due to trade-in policies and consumer confidence recovery [15] - Recommended companies in this segment include Beixin Building Materials and Oppein Home, which are well-positioned to benefit from these trends [15]

Core Viewpoint - Sichuan Road and Bridge Construction Group Co., Ltd. is holding a performance briefing for the fiscal year 2024 and the first quarter of 2025 to enhance investor understanding of its operational results and financial status [1][2]. Group 1: Meeting Details - The performance briefing is scheduled for May 16, 2025, from 09:00 to 10:00 [1][2]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center, accessible via the website: https://roadshow.sseinfo.com/ [1][2]. - The format of the meeting will be an online text interaction, allowing for real-time communication with investors [1][2]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date and time [2][3]. - Questions from investors can be submitted between May 13 and May 15, 2025, through the "Pre-Question Collection" section on the Roadshow Center website or via the company's email [3]. Group 3: Company Representatives - The meeting will include participation from the company's chairman, general manager, independent directors, board secretary, financial director, and relevant department heads [2]. Group 4: Post-Meeting Access - After the briefing, investors can view the meeting's proceedings and key content on the Shanghai Stock Exchange Roadshow Center [3].

证券代码：600039 证券简称：四川路桥 公告编号：2025-052 重要内容提示： 会议召开时间：2025 年 5 月 16 日上午 09:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.ss einfo.com/） 会议召开方式：上证路演中心网络文字互动 会议问题征集：投资者可于 2025 年 5 月 13 日至 5 月 15 日 16:00 前登录上 证路演中心网站首页点击"提问预征集"栏目（https://roadshow.sseinfo.com/preCal lQa）或通过四川路桥建设集团股份有限公司（以下简称公司）邮箱 srbcdsh@16 3.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 公司已于 2025 年 4 月 23 日披露了《四川路桥 2024 年年度报告》，于 2025 年 4 月 30 日披露了《四川路桥 2025 年第一季度报告》，为便于广大投资者更全 面深入地了解公司 2024 年度暨 2025 年第一季度经营成果、财务状况，公司计划 于 2025 年 5 月 16 日上午 09:00-10:00 举行 ...

Core Viewpoint - The article discusses the differences between Free Cash Flow Index and Low Volatility Dividend Index, focusing on stock selection criteria, industry distribution, and performance characteristics. Group 1: Stock Selection Criteria - Free Cash Flow Index considers multiple factors including free cash flow and earnings quality, representing a growth value style [5][21] - The selected stocks in the Free Cash Flow Index include growth-oriented companies such as CATL, Midea Group, and Wuliangye [6] - Low Volatility Dividend Index focuses on liquidity, dividend yield, and volatility, selecting high dividend, low volatility stocks, typical of a value style [10][21] Group 2: Industry Distribution - Free Cash Flow Index covers growth sectors like telecommunications, power equipment, home appliances, and food and beverage, with these sectors accounting for over 34% of the index weight [12][21] - Low Volatility Dividend Index primarily includes undervalued, high dividend sectors such as banking, transportation, construction, textiles, coal, and steel [14][21] Group 3: Concentration and Performance - Free Cash Flow Index has a high concentration with the top ten stocks accounting for nearly 70% of the index weight, leading to higher volatility risk [17][21] - In contrast, Low Volatility Dividend Index has a more dispersed weight distribution, with the highest individual stock weight below 3%, resulting in lower volatility risk [19][21] - Performance-wise, from 2019 to 2021, the Free Cash Flow Index increased by over 90%, while the Low Volatility Dividend Index rose by only about 30% [23][25]

证券研究报告 工业/基础材料 重点工程积极推进，关注淡季价格支撑 华泰研究 2025 年 5 月 11 日│中国内地 行业周报（第十九周） 本周观点：基建重点工程积极推进，关注建材淡季价格回落幅度 上周"一揽子金融政策支持稳市场稳预期"新闻发布会召开，公布实施降准 降息、公积金贷款和结构性货币政策工具利率下调、房地产融资制度改革等， 有望助力地产需求"止跌回稳"趋势。超长期特别国债和新型政策性金融工 具有望加快基建重点工程建设，今年 1-4 月全国铁路投资同比+5.3%，4 月 单月同比+5.7%，铁路、水利、核电等重点领域基建投资延续高景气。上周 公募基金改革方案发布，中长期有望提升低配的建筑建材龙头配置比例。我 们持续推荐估值尚处于低位的基建链及地产链龙头，短期重点推荐四川路 桥、中材国际、海南华铁、三联虹普、中国建筑国际、华新水泥、上峰水泥、 中材科技、兔宝宝、中国联塑。 上周细分行业回顾 截至 5.9，上周全国水泥价格周环比-1.2%；水泥出货率 48.1%，周环比/同 比-1.5%/-6.1pct；上周国内浮法玻璃均价 71 元/重量箱，周环比/同比 -0.3%/-21.3%，重点样本企业库存 58 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Viewpoints - The construction sector has outperformed the market recently, with a 2.23% increase compared to the 2.09% rise in the CSI 300 index, indicating a positive trend in the industry [1] - Significant price increases in cellulose-related products have been observed, highlighting the potential for domestic substitution to drive performance and valuation catalysts, with a strong recommendation for Sanwei Chemical [1][24] - The issuance of special bonds remains high, suggesting a focus on the conversion rhythm of physical construction work in the future [4] Summary by Sections 1. Progress of Domestic Substitution for Cellulose Products - Acetic cellulose (CA) is primarily used in tobacco filters, with China consuming approximately 300,000 tons annually, and Sichuan Pushi, holding a 67% stake by Yibin Paper, has a leading position in the production of diacetate and triacetate [2] - The prices of CAB (cellulose acetate butyrate) and CAP (cellulose acetate propionate) have significantly increased, with imported CAB prices ranging from 188,000 to 200,000 yuan/ton, while domestic prices are between 90,000 and 115,000 yuan/ton, a notable rise from 58,000 yuan/ton in March 2025 [2][24] - Domestic production capabilities for CAB and CAP have been historically monopolized by foreign companies, but local firms like Wuxi Chemical Research Institute and Fujian Hongyan Chemical are developing their production capabilities [3] 2. High-Level Special Bond Issuance and Focus on Infrastructure Work - In April 2025, new local special bonds totaled 230.144 billion yuan, with a cumulative issuance of 1.1904 trillion yuan from January to April, marking a year-on-year increase of 467.9 billion yuan [4][29] - The cement shipment rate was reported at 48.07%, with a slight decrease, while the asphalt plant operating rate was 28.8%, indicating a gradual recovery in construction activity [4][29] 3. Market Review - The construction index rose by 2.23% during the week of May 5-9, outperforming the CSI 300 index, with notable gains in construction decoration and design sectors [5][36] - Key stocks that performed well included Shanshui Bide (+28.1%), ST Saiwei (+21.7%), and ST Chuangxing (+21.5%) [5][36] 4. Investment Recommendations - The report suggests focusing on traditional construction blue-chip stocks, particularly in infrastructure sectors like water conservancy, railways, and aviation, with a recommendation for companies like Sichuan Road and Bridge, Zhejiang Jiaoke, and Anhui Construction [41] - It also highlights opportunities in cyclical engineering stocks, particularly in coal chemical projects, recommending companies like Sanwei Chemical and China Chemical for their strong technical capabilities [42]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Viewpoints - The construction sector has outperformed the market recently, with a 2.23% increase compared to the 2.09% rise in the CSI 300 index, indicating a positive trend in the industry [1] - Significant price increases in cellulose-related products have been observed, highlighting the potential for domestic substitution to drive performance and valuation catalysts, with a strong recommendation for Sanwei Chemical [1][24] - The issuance of special bonds remains high, suggesting a focus on the conversion rhythm of physical construction work in the future [4] - The year 2025 is anticipated to be a pivotal year for coal chemical projects, likely receiving additional policy support [1] Summary by Sections 1. Progress of Domestic Substitution for Cellulose Products - Acetate cellulose (CA) is primarily used in tobacco filters, with China consuming approximately 300,000 tons annually, and Sichuan Pushi holding a leading position in production [2] - The prices of CAB (cellulose acetate butyrate) and CAP (cellulose acetate propionate) have significantly increased, with domestic CAB prices rising to 90,000-115,000 RMB/ton from 58,000 RMB/ton earlier in the year [2][24] - Sanwei Chemical is enhancing its production capacity for cellulose and its derivatives, with a projected annual capacity of 15,000 tons expected to be operational by December 2025 [3][24] 2. Special Bond Issuance and Infrastructure Work - In April 2025, new local special bonds totaled 230.144 billion RMB, with a cumulative issuance of 1.1904 trillion RMB from January to April, marking a year-on-year increase of 467.9 billion RMB [4][29] - The cement shipment rate was reported at 48.07%, indicating a slight decrease, while the asphalt plant operating rate was 28.8%, showing a slight increase [4][29] 3. Market Review - The construction index rose by 2.23% during the week of May 5-9, with notable gains in the building decoration and design sectors, which increased by 5.91% and 4.43% respectively [5][36] - Top-performing stocks included Shanshui Bide (+28.1%) and ST Saiwei (+21.7%) [5][36] 4. Investment Recommendations - Focus on traditional construction blue-chip stocks, particularly in infrastructure sectors such as water conservancy, railways, and aviation, with recommendations for companies like Sichuan Road and Bridge, Zhejiang Communications, and Anhui Construction [41] - Emphasis on cyclical opportunities in the construction sector, with a positive outlook for companies involved in coal chemical projects, particularly Sanwei Chemical and China Chemical [42]