Core Viewpoint - The independent director of China Communications Construction Company (CCCC) has fulfilled responsibilities diligently in 2024, ensuring the protection of the company's overall interests and the legal rights of minority shareholders through active participation in decision-making and supervision [1]. Group 1: Basic Information - The independent director served on the fifth board of directors and various committees, with no conflicts affecting independence during the reporting period [1]. - The director attended 14 board meetings and 20 committee meetings, reviewing a total of 65 proposals, all of which received approval votes [1][2]. Group 2: Attendance and Participation - The independent director attended all shareholder meetings and provided professional opinions without raising objections [2]. - Participation in specialized committee meetings included 20 meetings with 47 proposals reviewed, contributing to informed decision-making [2]. Group 3: Communication and Oversight - The independent director attended five special meetings, reviewing significant matters such as related party transactions and financial reports, issuing 12 independent opinions [4]. - Engaged in communication with internal and external audit institutions, reviewing financial conditions and internal control systems, and ensuring compliance with auditing standards [4][6]. Group 4: Recommendations to Management - Recommendations were made regarding the company's internationalization strategy, emphasizing the need for clear goals, innovative management systems, and talent development [6]. Group 5: Key Focus Areas - The independent director closely monitored related party transactions, ensuring compliance with legal regulations and fair practices [7]. - Reviewed the company's external guarantees and fund usage, confirming no violations were present [8]. - Evaluated financial disclosures and internal controls, finding them to be accurate and complete [8]. Group 6: Financial and Audit Oversight - The independent director supported the reappointment of Ernst & Young as the company's auditor for 2024, affirming the quality and objectivity of their audit services [9]. - The profit distribution plan for 2023 and the interim dividend for 2024 were deemed reasonable and aligned with legal requirements, ensuring investor returns [9]. Group 7: Overall Evaluation - The independent director emphasized the commitment to uphold the interests of the company and its shareholders, particularly minority shareholders, while contributing to the company's high-quality development [10].

Investment Rating - The report maintains a rating of "Buy" for Sichuan Road and Bridge [4] Core Viewpoints - The construction of the national strategic hinterland is accelerating, with significant policy support expected to drive economic and investment growth in related regions [2][11] - Sichuan has been clearly defined as a national strategic hinterland province, with advantages in location, economy, resources, industry, and population [3][12] - The strategic hinterland construction is anticipated to focus on increasing investments in transportation infrastructure, manufacturing, warehousing, technology, and national defense, which will significantly boost demand for construction and engineering projects [3][14] Summary by Sections National Strategic Hinterland Construction - The national strategic hinterland is crucial for achieving national strategic goals and is expected to receive comprehensive support in terms of policy and funding [2][11] - The construction aims to enhance national security, optimize resource advantages, and balance regional economic development [2][11] Sichuan's Advantages - Sichuan is positioned as a transportation hub in the southwest, with a strong economic base (5th in GDP nationally in 2024) and abundant resources [3][12] - The province has a diverse industrial base and a large population, providing a solid foundation for strategic development [3][12] Investment Opportunities - Key sectors expected to benefit from the strategic hinterland construction include transportation engineering, municipal projects, and building materials [7][14] - Sichuan Road and Bridge is highlighted as a core beneficiary, with significant order backlogs and high-margin projects expected to drive profitability [8][19] Financial Projections - Sichuan Road and Bridge's projected net profits for 2024-2026 are 74.4 billion, 78.8 billion, and 82.8 billion respectively, with a current PE ratio of 9.1, 8.6, and 8.2 [8][19] - The company is expected to maintain a high dividend payout ratio, with forecasts of 50% to 60% from 2024 to 2027 [8][19]