来源：羊城晚报 11月3日，成都路桥（002628）第八届董事会第一次会议召开，会议审议并全票通过了《关于选举第八届董事会董事长的议案》，林晓晴当选为成都路桥 第八届董事会董事长，任期三年。 据了解，林晓晴自2023年8月起担任成都路桥副总经理。去年5月，成都路桥原董事长王培利因个人原因辞职，其后林晓晴成为公司董事长。此番再次当 选，其仍是四川A股公司最年轻的董事长。 简历显示，林晓晴出生于1996年6月，硕士研究生学历。现任成都路桥董事长，政协第六届深圳市罗湖区委员会委员、深圳市罗湖区工商业联合会（总商 会）第五届执委会（理事会）常务委员（常务理事）、深圳市企业家协会副会长。 目前，林晓晴持有成都路桥股份42万股，与持有公司5%以上股份的股东、实际控制人及公司其他董事、监事、高级管理人员不存在关联关系。2024年， 林晓晴从成都路桥获得的税前报酬总额为92.57万元。 成都路桥成立于1988年，于2011年在深交所上市，是四川省唯一基建类民营上市公司，主要从事公路、桥梁、隧道等交通基础设施建设以及房屋建设和建 筑装饰的施工业务。自2011年上市以来，成都路桥直至2023年为止从未出现年度净利润亏损，2024 ...

Core Points - Chengdu Road and Bridge held its first meeting of the eighth board of directors on November 3, where Lin Xiaoqing was elected as the chairman for a three-year term [1] - Lin Xiaoqing, born in 1996, is the youngest chairman among A-share companies in Sichuan and has a master's degree [4] - The company has undergone a series of asset integrations during Lin Xiaoqing's tenure as chairman [6] Summary by Sections Leadership Changes - Lin Xiaoqing was appointed as the vice general manager in August 2023 and will succeed Wang Peili as chairman in May 2024 due to personal reasons [2] - Lin Xiaoqing holds 420,000 shares of the listed company and has no related party relationships with major shareholders or other board members [4] Company Background - Chengdu Road and Bridge was established in 1988 and listed on the Shenzhen Stock Exchange in 2011, being the only privately-owned infrastructure company in Sichuan [8] - The company primarily engages in the construction of transportation infrastructure such as roads, bridges, and tunnels, as well as housing construction and decoration [8] Recognition - Lin Xiaoqing was listed among the 131 young entrepreneurs in the Hurun U30 China Entrepreneur Pioneers list published on May 8 this year [5]

Core Viewpoint - Lin Xiaoqing has been re-elected as the chairman of Chengdu Road and Bridge, making her the youngest chairman of an A-share company in Sichuan, with a term of three years [1][8]. Group 1: Company Leadership - Lin Xiaoqing, born in 1996, holds a master's degree and is involved in various political and business associations in Shenzhen [3]. - She has been serving as the chairman of Chengdu Road and Bridge since May of the previous year and was appointed as the vice general manager in August 2023 [5][8]. - Lin Xiaoqing holds 420,000 shares of the listed company and received a salary of 925,700 yuan last year [5]. Group 2: Company Background - Chengdu Road and Bridge was established in 1988 and listed on the Shenzhen Stock Exchange in 2011, being the only privately-owned listed company in Sichuan focused on infrastructure [8]. - The company primarily engages in the construction of transportation infrastructure such as roads, bridges, and tunnels, as well as housing construction and decoration [8]. Group 3: Financial Performance - For the first three quarters of this year, Chengdu Road and Bridge reported revenue of 541 million yuan, a year-on-year increase of 0.88%, while the net profit attributable to shareholders was -28.36 million yuan, a year-on-year decrease of 36.96% [8]. - As of November 4, the company's stock price was 4.50 yuan per share, down 0.66%, with a total market capitalization of 3.407 billion yuan [8].

Core Points - Chengdu Road and Bridge (002628.SZ) held its first meeting of the eighth board of directors on November 3, where Lin Xiaoqing was elected as the chairman for a three-year term [1] - Lin Xiaoqing, born in 1996, is the youngest chairman of an A-share company in Sichuan and has held various positions in business associations [2][4] - Under Lin's leadership, the company has undertaken asset restructuring and strategic partnerships to optimize operations and expand its business [6][7] Company Leadership - Lin Xiaoqing was appointed as the vice general manager in August 2023 and will succeed Wang Peili as chairman in May 2024 [2] - Lin holds 420,000 shares of the company and has no related party relationships with major shareholders or other executives [4] - In 2022, Lin received a salary of 925,700 yuan [4] Business Developments - Chengdu Road and Bridge has engaged in asset divestitures to reduce operational costs and risks, including the sale of stakes in certain companies [6] - The company announced a 100% acquisition of Sichuan Chichang Construction Engineering to enhance its capabilities in housing construction and rural revitalization projects [6] - A strategic cooperation agreement with the government of Chifeng City aims to integrate fluorite mineral resources and develop a fluorochemical industry cluster [7] Financial Performance - For the first three quarters of the year, the company reported revenue of 541 million yuan, a year-on-year increase of 0.88%, while the net profit attributable to shareholders was a loss of 28.36 million yuan, down 36.96% [7][8] - The company’s total assets as of the report date were approximately 6.97 billion yuan [8] Market Position - As of November 4, the stock price of Chengdu Road and Bridge was 4.50 yuan per share, with a market capitalization of 3.407 billion yuan [9]

Policy Insights - China's Ministry of Ecology and Environment emphasizes the need for a $1.3 trillion financing roadmap ahead of COP30, highlighting the importance of international cooperation and funding commitments from developed countries [2][3] - The report indicates that developing countries are dissatisfied with the $300 billion annual target set at COP29, calling for more substantial commitments from developed nations [2] Market Dynamics - The average trading price of green certificates increased by 210% in Q3 compared to Q1, reflecting a robust growth in the green certificate market, with a total trading volume of 529 million certificates from January to September, a year-on-year increase of 110% [4] - The shift from a policy-driven to a value-driven green certificate market indicates a genuine increase in corporate demand for clean electricity [5] Local Initiatives - Guangzhou's new guidelines promote sustainable residential development, mandating the use of green building materials and energy-efficient appliances, with a minimum of 20% green material usage [8][9] Corporate Practices - Lenovo Group signed a strategic cooperation agreement with Xi'an New Area to develop a zero-carbon city, focusing on eight key areas including infrastructure and energy management through AI technology [13] - Tetra Pak's Kunshan facility has achieved carbon neutrality, becoming the first carbon-neutral production base in China for the company, showcasing a viable path for multinational manufacturers to achieve operational carbon neutrality [14]

中国最高法发布典型案例保障"居有所安" 中新社北京11月3日电 (记者 张素)中国最高人民法院3日公开发布6件建设工程质量保护典型案例，旨在 引导建设单位、施工单位、设计单位等强化质量观念，保障"居有所安"。 来源：中国新闻网 编辑：张澍楠 广告等商务合作，请点击这里 "审理此案的法院与当地住房和城乡建设部门建立沟通协作机制，开展常态化违法线索排查、移送工 作，协助行政主管部门对建筑企业进行管理，有效打击建设工程领域违法现象。"最高人民法院民事审 判第一庭一级高级法官助理张闻说。 "某食品公司诉石某等建设工程施工合同纠纷案"明确，借用资质施工导致工程质量缺陷的，借用方与被 借用方应承担连带责任。 "既打击资质借用方'借帽子'行为，也惩治资质出借方'卖牌子'行为。"最高人民法院民事审判第一庭二 级高级法官谢勇说，此类案件的审理要压实建筑行业主体责任、保护建设单位合法权益、促进建筑市场 健康有序发展。 最高法表示，在执法办案中将始终绷紧工程质量这根弦，引导建筑市场各类主体依法经营、诚信经营。 (完) 这批案例涉及化解工程质量僵局、工程质量责任主体认定等内容。例如，竣工交付使用10年后主体结构 吊车梁出现裂缝，法院 ...

Core Viewpoint - The event aims to promote high-quality construction standards in the real estate sector of Hainan Province, emphasizing the shift in housing demand from quantity to quality, thereby enhancing public satisfaction and living standards [1][2]. Group 1: Event Overview - The 2025 Hainan Province Construction Quality Safety Standardization Construction Observation Meeting was held in Haikou, attended by over 500 participants from the housing and construction sectors [1]. - The event featured seven exhibition areas showcasing various aspects of quality construction, including standard applications and common quality issues [1]. Group 2: Project Details - The Haikou Qiongshan Boya District Urban Renewal Project covers an area of 45.17 acres with a total construction area of approximately 130,400 square meters, consisting of six commercial residential buildings and supporting facilities [2]. - The project adopts a mixed-use residential neighborhood concept, aiming to create an ecological and livable urban renewal benchmark [2]. Group 3: Quality Management Practices - The project implements a comprehensive quality management system that includes preventive measures, control processes, and acceptance procedures to address common quality issues such as leakage and dimensional deviations [2]. - The use of digital engineering systems and smart methods enhances construction efficiency and quality control, promoting a shift towards lean construction practices [2]. - The project adheres to Hainan Province's "unit-by-unit acceptance system," ensuring that each housing unit meets stringent quality standards [2].

Core Insights - The company experienced a decline in revenue and profit in Q1-Q3 2025, with total revenue of 34.395 billion yuan, down 19.80% year-on-year, and net profit attributable to shareholders of 1.210 billion yuan, down 19.33% year-on-year [1] Group 1: Financial Performance - In Q3 2025, the company reported revenue of 12.374 billion yuan, a decrease of 16.70% year-on-year, with net profit attributable to shareholders at 483 million yuan, down 32.36% year-on-year [1] - The decline in net profit was primarily due to reduced investment income from joint ventures and associates, while the significant drop in non-recurring net profit was attributed to an increase in non-recurring gains and losses [1] - The comprehensive gross margin for Q1-Q3 2025 was 15.90%, an increase of 4.25 percentage points year-on-year, while the Q3 gross margin was 16.80%, up 11.37 percentage points year-on-year [3] - The net profit margin for Q1-Q3 2025 was 3.58%, a decrease of 0.19 percentage points year-on-year, and for Q3 it was 4.08%, down 1.11 percentage points year-on-year [3] Group 2: Order and Business Performance - The company secured new orders worth 69.029 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 5.06%, with Q3 new orders reaching 22.822 billion yuan, up 16.56% year-on-year [2] - The construction, design, operation, and digital business segments saw new contract values of 58.590 billion, 3.437 billion, 6.549 billion, and 0.452 billion yuan respectively in Q1-Q3 2025, with notable growth in the operation and digital segments [2] - The company’s new orders from outside Shanghai and overseas reached 26.963 billion and 3.901 billion yuan respectively, showing increases of 7.08% and 35.44% year-on-year, indicating a strong expansion in external and international markets [2] Group 3: Profit Forecast and Valuation - The company forecasts net profit attributable to shareholders for 2025-2027 to be 2.996 billion, 3.162 billion, and 3.364 billion yuan, with year-on-year growth rates of 5.46%, 5.52%, and 6.42% respectively [4] - The current stock price corresponds to price-to-earnings ratios of 6.93, 6.56, and 6.17 for the years 2025, 2026, and 2027 [4] - The company maintains a strong market position and is accelerating overseas business expansion while sustaining high dividend levels, leading to a resilient operational outlook and valuation advantage [4]

Core Viewpoint - The article highlights the significance of the Chengyu · Tonghua Li project in Hefei as a pioneering smart rental housing initiative in Anhui province, emphasizing its role in providing affordable housing and contributing to urban development and talent attraction [4][24]. Project Overview - The Chengyu · Tonghua Li project is located at the intersection of Tongcheng South Road and Gaotie Road in Hefei, covering a total construction area of 61,072.32 square meters, which includes three rental residential buildings, one commercial facility, and an underground garage [4]. - Upon completion, the project will offer 606 units of affordable rental housing, marking it as the first smart rental housing project in Anhui province [4]. Awards and Recognition - The project has received multiple accolades, including being recognized as a national safety production standardization base and a model project for smart residential construction in Hefei [4]. Waterproofing Solutions - The total waterproofing area for the project is approximately 50,000 square meters, covering roofs, basements, and interiors [5]. - Asta Waterproofing is the sole supplier of waterproof materials for the project, adhering to high-quality standards and contributing to the overall waterproof design [6]. Advantages of Pre-applied Self-adhesive Waterproofing System - The pre-applied self-adhesive waterproofing system is noted for its strong adaptability and ease of construction, allowing application on damp surfaces and reducing construction time and costs [8][10]. - The system ensures durability and structural stability by forming a complete waterproofing system that effectively prevents moisture penetration [9]. Environmental Considerations - The construction method is environmentally friendly, utilizing cold application techniques that eliminate fire hazards and harmful emissions, aligning with national green building standards [11][24]. Construction Key Points - Key construction steps include thorough cleaning and repair of the base layer, reinforcement of weak points, and careful installation of waterproofing membranes to ensure integrity and longevity [15][18][21].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 18.21 [1][5] Core Views - The company reported a revenue of RMB 739.4 million and a net profit attributable to the parent of RMB 11.1 million for the first three quarters of 2025, reflecting a year-on-year decline of 6.3% and 24.0% respectively. The Q3 figures showed a revenue of RMB 204.7 million and a net profit of RMB 3.1 million, down 15.8% and 38.3% year-on-year. The lower net profit in Q3 was primarily due to reduced revenue from industrial and civil engineering projects [1] - The company is expected to benefit from sustained high demand in nuclear power investment, with an increasing proportion of nuclear engineering projects likely to enhance profitability [1][4] - The gross margin for Q3 2025 improved to 11.9%, up 0.9 percentage points year-on-year and 1.0 percentage points quarter-on-quarter, driven by the increased revenue share from nuclear engineering [2] Summary by Sections Financial Performance - For the first three quarters of 2025, the company experienced a significant decline in operating cash flow, reporting a negative cash flow of RMB 154.5 million, which is a decrease of RMB 121.1 million year-on-year. The Q3 cash flow was negative RMB 19.7 million, down RMB 12.1 million year-on-year, mainly due to increased cash payments for goods and services [3] - The company recorded a credit impairment loss of RMB 2.1 million for the first three quarters, a reduction of 19.6% year-on-year, indicating potential improvement in cash collection as the order revenue structure optimizes [3] Market Outlook - Domestic nuclear power investment reached RMB 858.2 billion from January to August 2025, marking a year-on-year increase of 27.5%. The company, as a key player in nuclear power construction, is well-positioned to benefit from emerging fields such as nuclear fusion, which are expected to drive new growth [4] - The company anticipates continued growth in new contracts, with a total of RMB 1129.6 billion in new contracts signed in the first three quarters of 2025, reflecting a year-on-year increase of 5.8% [2] Profit Forecast and Valuation - The profit forecast for the company remains unchanged, with projected net profits attributable to the parent company of RMB 23.5 billion, RMB 28.2 billion, and RMB 32.4 billion for 2025 to 2027 respectively. The valuation year has been shifted to 2026, with a target market value of RMB 548 billion [5]