Core Viewpoint - Shandong Road and Bridge announced that its subsidiary, the Highway and Bridge Group, plans to acquire a 140 million yuan limited partner share from Yantai He Rui through its subsidiary Jinan Ri Sheng, with a three-year investment period and an annualized return rate of 6% [1] Group 1 - The investment amount for the acquisition is 140 million yuan [1] - The investment period is set for three years [1] - The expected annualized return rate is 6% [1]

Group 1 - The project involves the construction of an automotive parts facility in Kaifeng, Henan Province, with a total construction period of approximately 9 months [2] - The project includes the establishment of multiple workshops, substations, sewage treatment stations, exhibition halls, and supporting infrastructure such as roads, utilities, and communication systems [2] - The company plans to acquire a limited partnership interest worth 140 million yuan in the Yantai Mountain High-speed Rail Investment Center, with an annual return rate of 6% over a three-year investment period [1][2] Group 2 - The project will involve the construction of production lines for stamping, welding, painting, and assembly, along with the procurement of related production technology and auxiliary equipment [2] - The company is responsible for ensuring quality, safety, dust control, progress, cost management, completion acceptance, and defect repair during the project implementation [2] - The project is part of a public tender process, with the company’s subsidiary, Shandong Provincial Highway Bridge Construction Group, designated to undertake the project [1][2]

Core Viewpoint - The company, Zhengping Road and Bridge Construction Co., Ltd., has announced the resumption of its stock trading after a temporary suspension due to significant price fluctuations and has disclosed various operational and financial challenges that may impact its future performance [2][21]. Group 1: Stock Trading and Suspension - The company's stock will resume trading on October 16, 2025, after a temporary suspension initiated on October 9, 2025, due to a significant price increase of 101.86% from September 1 to September 30, 2025 [2][7][21]. - The stock experienced 15 trading days of price limits and 4 instances of abnormal fluctuations during the suspension period, indicating a serious deviation from its fundamentals [2][19]. Group 2: Financial and Operational Challenges - The company has reported a significant lack of mining resource extraction capacity, requiring substantial investment for future operations, but currently lacks sufficient funds, personnel, and equipment [3][8]. - As of June 30, 2025, the company's monetary funds amounted to approximately 101.72 million yuan, with 81.66 million yuan restricted due to various factors, leading to a high asset-liability ratio of 92.22% [3][8]. - The company has faced continuous operating losses, with a reported revenue of 1.36 billion yuan and a net loss of 484 million yuan for the year 2024, and a revenue of 344 million yuan with a net loss of 88 million yuan for the first half of 2025 [4][18]. Group 3: Corporate Governance and Compliance - The company has been issued a disclaimer of opinion in its 2024 annual report due to limited audit scope, resulting in a risk warning for delisting [3][14]. - There are ongoing issues with non-operating fund occupation by a subsidiary, with a remaining balance of approximately 4.21 million yuan as of now [4][17]. - The company has confirmed that there are no undisclosed significant matters that could affect stock price fluctuations, including major asset restructuring or other significant transactions [11][12].

Core Viewpoint - Sichuan Road and Bridge (600039) announced that the total amount of projects won in the first three quarters reached 97.173 billion yuan, representing a year-on-year increase of 25.16% compared to 77.642 billion yuan in the same period last year [1] Group 1 - The total amount of projects won in the first three quarters is 97.173 billion yuan [1] - This amount shows a year-on-year growth of 25.16% [1] - The previous year's total for the same period was 77.642 billion yuan [1]

Core Points - The successful rotation of two T-shaped rigid beams marks a significant breakthrough in the construction of the Wuhan-Chongqing Expressway, specifically the Wuhan to Hanchuan section [1][2] - The project is crucial for enhancing the transportation network between the Yangtze River Economic Belt and the Chengdu-Chongqing economic circle, contributing to regional economic development [3] Group 1: Project Details - The Wuhan-Chongqing Expressway spans approximately 867 kilometers, with the Wuhan to Hanchuan section measuring about 53.159 kilometers [1] - The key control project, the cross-Hu-Rong Railway Bridge, features a total length of 150 meters and a width of 19.695 meters, designed as a double-separation style bridge [1] Group 2: Construction Techniques - The construction utilized an integrated "pre-fabrication and then rotation" method to minimize impact on the operational railway, which has trains passing every three minutes during peak hours [2] - The rotation of the beams required precise control of time, angle, and balance, with one beam rotating 90.4 degrees and the other 91.7 degrees [2] Group 3: Safety Measures - A comprehensive safety and quality assurance system was established, including the use of high-precision monitoring equipment to oversee the rotation process in real-time [2] - The project team conducted extensive simulations and tests to ensure the accuracy of the rotation angles and other critical parameters [2]

为妥善解决回购款支付问题，公司与江安县人民政府经友好协商，拟签订补充协议，对剩余款项的支付 安排、融资成本分担及违约责任等事项进行重新约定。根据补充协议约定，江安县人民政府在2025年10 月15日前安排节余指标回购款人民币14,000万元支付给公司，剩余节余指标回购款3,652.06万元在2026 年6月底前根据后续资金安排分期分批支付完成；公司让利于江安县人民政府910万元（以年利率6.5% 的1年期资金成本计算），在剩余节余指标回购款3,652.06万元中扣除910万元，即江安县人民政府只支 付公司剩余节余指标回购款2,742.06万元。 格隆汇10月14日丨成都路桥(002628.SZ)公布，公司于2021年2月与江安县人民政府签订《江安县2020年 （第二批）四面山镇、夕佳山镇、阳春镇、怡乐镇等9个镇13个增减挂钩项目投资合作协议书》（简 称"原协议"），约定由公司负责实施城乡建设用地增减挂钩项目，节余指标由江安县人民政府按23.77 万元/亩单价回购。项目已于2023年12月取得全部指标证书，形成节余指标951.2858亩，回购总价款为 22,612.06万元。截至2025年9月底，公司累计收到回 ...

为妥善解决回购款支付问题，公司与江安县人民政府经友好协商，拟签订补充协议，对剩余款项的支付 安排、融资成本分担及违约责任等事项进行重新约定。根据补充协议约定，江安县人民政府在2025年10 月15日前安排节余指标回购款人民币14,000万元支付给公司，剩余节余指标回购款3,652.06万元在2026 年6月底前根据后续资金安排分期分批支付完成；公司让利于江安县人民政府910万元（以年利率6.5% 的1年期资金成本计算），在剩余节余指标回购款3,652.06万元中扣除910万元，即江安县人民政府只支 付公司剩余节余指标回购款2,742.06万元。 格隆汇10月14日丨成都路桥(002628.SZ)公布，公司于2021年2月与江安县人民政府签订《江安县2020年 （第二批）四面山镇、夕佳山镇、阳春镇、怡乐镇等9个镇13个增减挂钩项目投资合作协议书》（简 称"原协议"），约定由公司负责实施城乡建设用地增减挂钩项目，节余指标由江安县人民政府按23.77 万元/亩单价回购。项目已于2023年12月取得全部指标证书，形成节余指标951.2858亩，回购总价款为 22,612.06万元。截至2025年9月底，公司累计收到回 ...

Group 1 - The stock price of Sichuan Road and Bridge has increased by 1.44% to 8.43 CNY per share, with a trading volume of 364 million CNY and a turnover rate of 0.64%, resulting in a total market capitalization of 73.304 billion CNY. The stock has risen for three consecutive days, with a cumulative increase of 5.23% during this period [1] - Sichuan Road and Bridge Construction Group Co., Ltd. is based in Chengdu, Sichuan Province, and was established on December 28, 1999. The company was listed on March 25, 2003, and its main business involves infrastructure construction and investment operations. The revenue composition is as follows: engineering construction 89.20%, trade sales 7.35%, highway investment operations 3.09%, and other 0.35% [1] Group 2 - According to data from the top ten holdings of funds, one fund under Chuangjin Hexin has a significant position in Sichuan Road and Bridge. The Chuangjin Hexin CSI Dividend Low Volatility Index A (005561) reduced its holdings by 258,900 shares, maintaining 11.2954 million shares, which accounts for 2.72% of the fund's net value, making it the third-largest holding. The estimated floating profit today is approximately 1.3555 million CNY, with a total floating profit of 4.7441 million CNY during the three-day increase [2] - The Chuangjin Hexin CSI Dividend Low Volatility Index A (005561) was established on April 26, 2018, with a current scale of 1.866 billion CNY. Year-to-date returns are 3.18%, ranking 3987 out of 4220 in its category; the one-year return is 7.07%, ranking 3508 out of 3857; and since inception, the return is 112.19% [2] - The fund managers of Chuangjin Hexin CSI Dividend Low Volatility Index A are Dong Liang and Sun Yue. Dong Liang has a tenure of 12 years and 21 days, with a total fund asset scale of 7.236 billion CNY, achieving a best return of 114.51% and a worst return of -26.54% during his tenure. Sun Yue has a tenure of 5 years and 37 days, managing assets of 5.824 billion CNY, with a best return of 80.8% and a worst return of -19.51% [2]

责任编辑：石秀珍 SF183 值得一提的是，华泰柏瑞红利低波ETF（512890）自2017年12月成立以来表现优异。截至2025年10月 14日，该基金累计回报率达131.14%，不仅超越业绩比较基准，在502只同类产品中排名前20%（第80 位）。专家建议，普通投资者可将红利低波ETF（512890）作为资产配置中稳健收益的核心组成部分， 通过定投方式分散入场时点，降低短期波动影响。对于没有股票账户的投资者，也可通过其场外联接基 金（A类份额代码：007466；C类份额代码：007467；I类份额代码：022678；Y类份额代码：022951） 进行配置。 风险提示：基金有风险，投资需谨慎。过往业绩并不预示其未来表现。投资者在做出投资决策前，应认 真阅读基金合同、招募说明书等文件，结合自身风险承受能力理性投资。 | 股票名称 | 持仓市值(元) | 持仓数目 | 相对上期增减 | 占殿票市值比 | 日要金净值比 | | --- | --- | --- | --- | --- | --- | | 成在哪很行 | 586,106,532,90 | 29.159.529 | 20.25% | 3.15%1 | ...

Core Points - The S339 Zhanghe Bridge to Wandi section renovation project, undertaken by China Communications Construction Company, has recently completed a significant milestone with the handover of the lighting project in Pingpu Town [1] - The total length of the S339 renovation project is 15.8 kilometers, with nearly 13 kilometers within Pingpu Town, which includes the installation of 9 outdoor combination transformer boxes and 404 streetlights [1] - The lighting project enhances the nighttime environment for six villages and one community along the S339 highway, improving safety and convenience for local residents [1] Project Details - The lighting installation consists of 399 single-head LED streetlights (100W) and 5 three-head LED streetlights (3×100W) [1] - The handover was organized by the Urban Management Bureau's Garden Center of the Fanchang District, with participation from the energy management unit, Pingpu Town, the District Transportation Bureau, and the District Power Supply Department [1] - The construction team from China Communications Construction received high praise from the handover group for their work on the project [1]