Core Points - 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 [2] - Chengdu Road and Bridge is the only privately listed infrastructure company in Sichuan, primarily engaged in the construction of transportation infrastructure and building projects [6] Company Profile - Chengdu Road and Bridge was established in 1988 and listed on the Shenzhen Stock Exchange in 2011 [6] - The company is controlled by Dongjun Taida, which holds 20.56% of the voting rights, with Liu Jiangdong as the actual controller [6] Financial Performance - In 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% [6] - The net profit attributable to shareholders was -28.36 million yuan, a year-on-year decrease of 36.96% [6] - As of November 4, the stock price was 4.50 yuan per share, down 0.66%, with a total market capitalization of 3.407 billion yuan [6][7]

Core Points - Chengdu Road and Bridge (002628) held its eighth board meeting on November 3, where Lin Xiaoqing was elected as the chairman for a three-year term [1][3] - Lin Xiaoqing has been the deputy general manager since August 2023 and is the youngest chairman among A-share companies in Sichuan [3] Company Overview - Lin Xiaoqing, born in June 1996, holds a master's degree and has various roles including vice president of the Shenzhen Entrepreneurs Association [5] - Lin holds 420,000 shares of Chengdu Road and Bridge and has no related party relationships with major shareholders or other executives [5] - The company was established in 1988 and listed on the Shenzhen Stock Exchange in 2011, being the only private listed company in Sichuan focused on infrastructure [5] - Chengdu Road and Bridge has never reported an annual net profit loss until 2024, marking its first negative net profit since listing [5] Market Performance - As of the close on November 4, Chengdu Road and Bridge's stock price was 4.5 yuan per share, with a total market capitalization of 3.407 billion yuan [6]

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]