证券代码：002480 证券简称：新筑股份 编号：2025-006 投 资 者关 系 活 动类别 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 （请文字说明其他活动内容） 活动参与人员 公司参与人员：董事会秘书陈思遥、首席合规官贾珺 参与机构：国联民生证券股份有限公司 时间 2025 年 11 月 21 日（星期五）上午 9:30-11:30 地点 成都市高新区交子大道 499 号蜀道集团大厦 形式 现场交流 交 流 内容 及 具 体问答记录 一、基本情况介绍 成都市新筑路桥机械股份有限公司（以下简称"新筑股份 或公司"）副总经理、董事会秘书陈思遥介绍了控股股东蜀道 集团成立背景、主责主业和发展规划；介绍了新筑股份从四川 发展无偿划转至蜀道集团的背景和意义以及本次重大资产重 组方案中注入资产蜀道清洁能源集团的经营情况、竞争优势及 产业布局等。 二、问答环节 问 1：介绍一下新筑股份本次推进重大资产重组后，对未 来可持续发展，有没有设定一个短期、中期和长期目标。 答：本次重组完成后，新筑股份将全面退出磁浮及桥梁功 能部件，蜀道清洁能源成为控股子 ...

投 资 者关 系 活 动类别 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 （请文字说明其他活动内容） 活动参与人员 公司参与人员：董事会秘书陈思遥、首席合规官贾珺、证券事 务代表简杰； 四川蜀道清洁能源集团有限公司：副总经理郑宇 参与机构：联储证券有限责任公司、成都市通用工程技术有限 公司 时间 2025 年 11 月 20 日（星期四）上午 9:30-11:30 地点 四川蜀道清洁能源集团有限公司 240 会议室 形式 现场交流 交 流 内容 及 具 体问答记录 一、基本情况介绍 成都市新筑路桥机械股份有限公司（以下简称"公司"） 副总经理、董事会秘书陈思遥简要介绍了公司历史沿革、产业 现状和本次重组背景，同时介绍了控股股东蜀道集团三大主业 板块（含清洁能源板块）、发展规划和产业协同。四川蜀道清 洁能源集团有限公司（以下简称"蜀道清洁能源集团"）副总 经理郑宇介绍了蜀道清洁能源集团发展历程、竞争优势及产业 布局等。 二、问答环节 问 1：介绍蜀道清洁能源集团目前资源储备情况以及获取 资源的优势。 答： 目前，蜀道清洁能源集团在手资源储备超 ...

（编辑 王雪儿） 证券日报网讯 金溢科技11月21日发布公告，在公司回答调研者提问时表示，当前在政策支持、技术突 破与市场需求的共同推动下，智慧交通行业正迎来快速发展的重要机遇期，"交能融合"作为重要发展方 向，正逐步构建起深度融合、协同发展的新业态。公司作为一站式"数字交通"与"交能融合"解决方案及 核心设备提供商，依托"交通+IT"双基因优势，坚持以客户需求和技术创新为双轮驱动，持续强化全栈 式服务能力，围绕"聪明的车、智慧的路、协同的云、清洁的能、低碳的园、韧性的城"构建业务集群， 致力于打造覆盖iACT网联交通智能体与CCTE网联交能复合体的全场景解决方案，助力实现更安全、高 效、绿色、可持续的未来交通愿景。在数字能源业务方面，公司积极推动"车、能、路、云"一体化融合 发展，积极推进与能源企业、整车厂等产业链伙伴的战略合作，共同打造多样化用电场景，助力交通能 源系统的清洁化、数字化升级。 ...

Core Insights - The North China Electric Power Research Institute and Shanghai Qiyuan Chip Power Technology Co., Ltd. successfully conducted the first commercial vehicle 100 MW charging and swapping station regulation capability test in China, marking a significant milestone in the integration of transportation and energy sectors [1][2] Group 1: Event Overview - The event included experts from various organizations such as the Ministry of Transport, National Energy Administration, and State Grid, highlighting the collaborative effort in advancing technology verification to large-scale engineering applications [1] - The demonstration achieved specific targets for load deviation and response times, showcasing the effectiveness of the 100 MW charging and swapping station in peak load management [1] Group 2: Future Directions - The North China Electric Power Research Institute plans to enhance its technical supervision and management standards for new entities involved in the grid, focusing on the impacts of new business models like "transportation-energy integration" and "electricity-computation collaboration" [2] - The institute aims to strengthen its forward-looking capabilities and talent development to support the high-quality construction of the new power system in North China [2]

合资公司注册资本拟定为人民币1,500万元，各方均以货币出资，其中公司拟认缴出资人民币765万元， 认缴出资比例为51%，自合资公司注册成立之日起 2 年内完成实缴;昱盛智慧拟认缴出资人民币735万 元，认缴出资比例为49%，自合资公司注册成立之日起2年内完成实缴。 智通财经APP讯，金溢科技(002869.SZ)发布公告，为推进公司交能融合业务战略落地，公司与昱盛智慧 (深圳)能源科技有限公司(以下简称"昱盛智慧")拟在广东省深圳市共同出资设立合资公司，并拟共同签 署《设立合资公司之合作协议》。 ...

Core Viewpoint - On November 11, Jinli Technology's stock experienced a sudden drop, raising significant market attention due to its weak financial performance and increased selling pressure from investors [2][4]. Financial Performance - Jinli Technology reported a net loss of approximately 30 million yuan for the first three quarters, a significant decline from a profit of 31 million yuan in the same period last year, indicating a shift from profit to loss [4][11]. - The company's operating revenue for the first three quarters was approximately 124.43 million yuan, a slight increase of 0.02% year-on-year, but the net profit attributable to shareholders decreased by 214.62% [11]. - The net cash flow from operating activities was -94.94 million yuan, reflecting the company's inability to generate positive cash flow from its core business [12]. Stock Market Activity - On November 11, Jinli Technology's stock price fell by 8.43%, closing at 26.28 yuan per share, with a trading volume that indicated significant selling pressure [2][6]. - The stock was listed on the "Dragon and Tiger List" due to a price deviation of over 7%, showing a stark divide in buying and selling forces among investors [6][7]. - The top five buying seats accounted for 24.62% of the total buying amount, while the top five selling seats represented 22.01% of the total selling amount, indicating a notable interest from institutional investors despite the overall decline [6][7]. Operational Challenges - The company faced increased expenses, with sales expenses rising by 59.17% year-on-year, while revenue growth remained stagnant, leading to concerns about operational efficiency [14]. - Credit impairment losses and asset impairment losses increased significantly, reflecting challenges in accounts receivable collection and inventory management [14]. Shareholder Activity - There were rumors regarding the seventh largest shareholder, Weng Renyuan, selling shares, which may have contributed to the stock's decline [8].

Core Viewpoint - The article highlights the recognition of Shandong High-speed New Energy's achievements in green sustainable development, particularly in the integration of transportation and energy sectors, aligning with global climate change initiatives and China's dual carbon goals [1][2]. Group 1: Policy and Market Opportunities - The Chinese government has increasingly emphasized green low-carbon development, issuing policies to encourage the deep integration of transportation and energy sectors, with a target for 2027 to have electric energy account for 10% of the transportation sector's terminal energy consumption [2][3]. - The market potential for transportation and energy integration is estimated to be in the hundreds of billions, potentially exceeding one trillion yuan, as indicated by industry experts [2]. Group 2: Company Initiatives and Achievements - Shandong High-speed New Energy has been awarded the "2025 Green Design International Award" and "Green Design Engineer" certification, showcasing its innovative solutions in the "photovoltaic + port logistics" integration project [1]. - As of June 2025, the company has a grid-connected capacity of 4,799 MW, a year-on-year increase of approximately 4.4%, and a total operational power generation of about 3.674 billion kWh, reflecting a growth of around 6.9% [4][5]. - The company is actively expanding its clean energy projects, including a 175 MW distributed wind power project and a 93.75 MW onshore wind power project, which is expected to save 80,000 tons of standard coal and reduce carbon dioxide emissions by approximately 200,000 tons annually [5][6]. Group 3: Strategic Development and Innovation - The company is leveraging its unique advantages in scale and scenario resources, with over 9,000 kilometers of highway under management, to develop renewable energy projects along these routes [5][6]. - Shandong High-speed New Energy is focusing on technological innovation and collaboration with academic institutions, such as the establishment of the "Beihang Shandong High-speed Energy Integration Research Center," to enhance its research and development capabilities [6][7]. - The company aims to create a modern transportation industry system that is high-end, intelligent, and green, with plans to establish a comprehensive energy system by 2030 [3][4].

Core Viewpoint - The company is experiencing revenue pressure due to tight local government finances, leading to slower project acceptance and revenue recognition, despite improvements in gross margin and cash flow management [4][5][6]. Financial Performance - For the first three quarters of 2024, the company reported revenue of 670 million, net profit attributable to shareholders of 40 million, and net profit excluding non-recurring items of 20 million, representing year-on-year declines of 14.0%, 27.2%, and 37.9% respectively [4]. - In Q3 2025, the company achieved revenue of 260 million, net profit attributable to shareholders of 50 million, and net profit excluding non-recurring items of 50 million, with year-on-year declines of 18.9%, 23.8%, and 21.3% respectively [4]. Margin Analysis - The company's gross margin for the first three quarters of 2025 was 40.9%, up 7.29 percentage points year-on-year, while the net margin was 4.7%, down 1.15 percentage points [5]. - In Q3 2025, the gross margin was 51.0%, an increase of 10.50 percentage points year-on-year, and the net margin was 19.9%, a decrease of 2.18 percentage points [5]. Cost Management - Management and R&D expenses have increased, negatively impacting net profit margins. For the first three quarters of 2025, the expense ratios were 3.3% for sales, 15.4% for management, 0.7% for finance, and 15.2% for R&D, with year-on-year increases of 0.12, 3.59, 0.99, and 5.04 percentage points respectively [6]. - In Q3 2025, the expense ratios improved slightly, with sales at 2.7% (down 0.22 percentage points), management at 12.9% (up 4.25 percentage points), finance at 0.8% (up 1.06 percentage points), and R&D at 13.2% (up 5.21 percentage points) [6]. Cash Flow Improvement - The company has improved its cash flow management, with operating cash flow net outflow of 360 million for the first three quarters of 2025, which is 90 million less than the same period last year. In Q3, the cash outflow was reduced by 120 million year-on-year [6]. Strategic Initiatives - The company is accelerating its transformation strategy focusing on "productization, platformization, and internationalization," targeting new sectors such as low-altitude economy, intelligent networking, and smart computing [7]. - The "14th Five-Year Plan" emphasizes the development of strategic emerging industries, including low-altitude economy and intelligent networking, which aligns with the company's strategic focus [7][8].

Core Viewpoint - The article discusses the importance of building a modern transportation infrastructure system in China, emphasizing the integration of artificial intelligence (AI) with logistics to enhance supply chain resilience and efficiency during the 14th and 15th Five-Year Plans [1][4][6]. Group 1: Modern Infrastructure System - The modern infrastructure system in transportation includes a comprehensive, efficient, convenient, intelligent, green, safe, and resilient network [4]. - It emphasizes the advantages of various transportation modes such as rail, road, water, and air, and aims for seamless connections and one-stop services for passenger and cargo transport [4]. - The system also focuses on digital transformation for intelligent operations, energy conservation, pollution prevention, and enhancing resilience against natural disasters and emergencies [4][5]. Group 2: Logistics System Resilience - The 15th Five-Year Plan aims to support a new development pattern that promotes domestic circulation and international cooperation, requiring improvements in multi-modal transport networks and logistics infrastructure [5]. - Key measures include breaking down policy barriers, enhancing regional and departmental collaboration, and promoting standardized logistics practices [5]. - The development of backup hubs and emergency material storage centers is essential for creating a diversified supply chain and improving logistics resilience [5][6]. Group 3: AI Integration in Logistics - The integration of AI in logistics is crucial for enhancing operational efficiency and reducing costs, as outlined in the "Artificial Intelligence + Transportation" implementation plan [6][7]. - AI applications include demand forecasting, route optimization, and the development of smart transportation and warehousing systems [7]. - The establishment of a multi-modal logistics service platform using AI will facilitate seamless transport connections and real-time risk analysis [7][8]. Group 4: Energy and Transportation Integration - The integration of energy and transportation is highlighted as a key pathway for green transportation, with a focus on clean energy transitions and the rise of electric vehicles [9][10]. - The development of photovoltaic power generation along highways and the establishment of a "light-storage-charge-exchange" system are essential for achieving low-carbon energy supply [10][11]. - The market-driven approach in the construction of energy facilities should consider traffic flow, electric vehicle charging needs, and grid connectivity for effective implementation [11].

Group 1: Core Insights - The 20th Central Committee's Fourth Plenary Session emphasizes accelerating the construction of a strong transportation nation and modern infrastructure systems [1] - The focus is on enhancing the resilience and connectivity of the comprehensive transportation system to support regional coordinated development and high-level opening up [1][4] - The "14th Five-Year Plan" has improved the interconnectivity and resilience of the transportation system, paving the way for the "15th Five-Year Plan" to further develop a multi-dimensional and integrated transportation network [1][5] Group 2: Modern Infrastructure System - A modern infrastructure system in transportation includes a comprehensive, efficient, convenient, intelligent, green, safe, and resilient network [4] - Emphasis on utilizing various transportation modes such as railways, highways, waterways, and civil aviation to maximize comparative advantages and synergies [4] - The system aims for effective connections between different transport modes, achieving seamless transfer and one-stop services for passengers and cargo [4] Group 3: Logistics System Resilience - The "15th Five-Year Plan" aims to support a new development pattern that emphasizes domestic circulation while promoting international circulation [5] - Key measures include enhancing multi-modal transport infrastructure, breaking down policy barriers, and promoting data sharing in logistics [5] - Development of smart logistics and integrated supply chain services is essential for improving logistics resilience and efficiency [5][6] Group 4: AI Integration in Logistics - The integration of artificial intelligence (AI) in logistics is crucial for enhancing operational efficiency and reducing costs [6][7] - AI applications include demand forecasting, route optimization, and smart warehouse management, which can significantly lower logistics expenses [7] - The government is encouraged to support the development of AI technologies in logistics while maintaining a neutral stance on technology [7][8] Group 5: Energy and Transportation Integration - The integration of energy and transportation is highlighted as a key pathway for green transportation development during the "15th Five-Year Plan" [9] - The focus is on developing clean energy solutions, such as photovoltaic power generation along highways, to support sustainable transportation [9][10] - A market-oriented approach is necessary for the deployment of integrated energy systems, considering factors like traffic flow and charging demand for electric vehicles [11]