Core Viewpoint - Sichuan Road and Bridge experienced a stock price increase of 45.54% this year, with a current market capitalization of 86.956 billion yuan, indicating strong performance in the infrastructure sector [1][2]. Group 1: Stock Performance - As of December 30, Sichuan Road and Bridge's stock price rose by 2.04% to 10.00 yuan per share, with a trading volume of 1.05 billion yuan and a turnover rate of 0.12% [1]. - The stock has seen a 1.63% increase over the last five trading days, a 5.93% increase over the last 20 days, and a 21.83% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Sichuan Road and Bridge reported operating revenue of 73.281 billion yuan, a year-on-year increase of 1.95%, and a net profit attributable to shareholders of 5.300 billion yuan, reflecting an 11.04% year-on-year growth [2]. - The company has distributed a total of 18.855 billion yuan in dividends since its A-share listing, with 14.054 billion yuan distributed in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Sichuan Road and Bridge increased by 20.10% to 60,500, while the average circulating shares per person decreased by 16.59% to 110,993 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 96.117 million shares, a decrease of 18.4692 million shares from the previous period [3].

Core Points - The Jiuma Expressway has opened an additional 87.5 kilometers, connecting key areas and significantly reducing travel time to the Hongyuan Grassland to four hours [1][2] - The expressway enhances connectivity between Aba County and Hongyuan County, promoting tourism and agricultural resources along the route, thus stimulating economic development in the western Sichuan plateau region [1] - The project has overcome various technical challenges related to the harsh natural environment, including ecological protection and complex geological conditions [1] Summary by Sections - **Project Completion**: The Jiuma Expressway has now completed a total of 186 kilometers, with 33 kilometers remaining to be finished by 2027 [2] - **Travel Time Reduction**: Once fully operational, the travel time from Chengdu to Jiuzhi, Qinghai, will decrease from 8.5 hours to 5.5 hours, marking a significant milestone for regional economic and cultural exchanges [2] - **Environmental Challenges**: The construction faced difficulties due to the high altitude and sensitive ecological environment, requiring innovative solutions for environmental protection and infrastructure durability [1]

Core Viewpoint - The completion of the Jiuma Expressway significantly enhances transportation efficiency in the Aba region, reducing travel time to the Hongyuan Grassland to four hours, while also promoting local economic development through improved connectivity [1][3]. Group 1: Project Overview - The Jiuma Expressway, constructed by Shudao Group, includes a total of 186 kilometers of completed road, with the latest segment of 87.5 kilometers connecting key areas in Aba County and Hongyuan County [1][9]. - The project has overcome extreme environmental challenges, with an average elevation of over 3,300 meters and an annual average temperature of only 1.4°C, addressing complex geological conditions such as wetland soft soil and permafrost [3][6]. Group 2: Environmental Considerations - The project emphasizes ecological protection, implementing innovative techniques for the preservation and transplantation of native grassland, and utilizing new technologies for ecological restoration [3][6]. - A commitment to "prevention first, protection prioritized" has guided the project, ensuring that construction does not compromise the fragile high-altitude ecosystem [3][6]. Group 3: Technological Innovations - The project has introduced advanced technologies to tackle significant engineering challenges, such as the "tunnel cancer" issue related to soft rock deformation, employing a dual-layer steel arch support system [6]. - A focus on mechanization and automation has improved construction efficiency and safety, with the implementation of a three-part construction control system that dynamically adjusts support parameters based on real-time data [6][7]. Group 4: Quality Assurance - The construction team has developed specific strategies to address the unique challenges of the region, including the use of gravel fill and innovative materials to enhance road durability against harsh weather conditions [7]. - The project aims to achieve a "safe and high-quality" expressway standard, ensuring long-term performance and resilience of the infrastructure [7].

Core Viewpoint - The Chengnan Expressway expansion project, the largest of its kind in Sichuan, aims to alleviate traffic congestion and enhance transportation efficiency between Chengdu and Nanchong, with an expected completion by the end of the year [2][3]. Group 1: Project Overview - The Chengnan Expressway expansion project spans 240.226 kilometers with a total investment of 36.807 billion yuan and a construction period of three years [2]. - It is the first expressway in the Chengyu economic circle to expand to eight lanes, designed for speeds of 100 to 120 km/h, significantly improving travel times [3]. Group 2: Construction Challenges and Innovations - The project faced challenges such as complex geological conditions and high-altitude construction, which were addressed through innovative technologies, including a digital non-track triangular hanging basket that reduced construction time significantly [4]. - The widening technique employed aims to maximize land use while ensuring safety during construction, with measures like movable steel guardrails and dedicated traffic management teams [4]. Group 3: Cultural and Aesthetic Enhancements - The project incorporates local cultural elements into its design, moving away from traditional greening methods to create a landscape that reflects regional heritage [5][6]. - Specific cultural symbols from cities along the route are integrated into various structures, enhancing the aesthetic appeal and creating a connection between historical and modern elements [6].

Core Insights - The report highlights a significant decline in fixed asset investment (FAI) in 2025, with infrastructure investment becoming a drag on the economy, prompting the economic work conference to emphasize "investment stabilization" [2][9] - Looking ahead to 2026, the report suggests that "active fiscal policies" will drive investment stabilization, with a focus on structural opportunities in the construction sector, including western infrastructure, overseas engineering, and new infrastructure [2][9] Group 1: Economic Overview - In 2025, FAI experienced a comprehensive decline, with infrastructure investment significantly dropping, particularly in the third quarter, where narrow infrastructure investment turned negative, declining by 8.7% in October [23][28] - The report notes that the actual situation of infrastructure investment may have deteriorated earlier than expected in 2024, despite apparent growth in infrastructure investment [30][34] Group 2: Structural Opportunities - The report emphasizes the importance of structural opportunities in the construction sector, particularly in western infrastructure projects, overseas engineering, and new infrastructure driven by technological advancements [45][46] - Specific recommendations include focusing on high-dividend leading companies in western regions, such as Sichuan Road and Bridge, and exploring opportunities in Xinjiang and Tibet [9][10] Group 3: Overseas Engineering - The report indicates that overseas engineering demand remains strong, driven by favorable client structures and business models of central enterprises, as well as private enterprises expanding into international markets [10][11] - Key recommendations for overseas engineering include companies like China National Materials, Jianghe Group, and Jinggong Steel Structure, which are expected to perform well in terms of earnings and dividends [10][11] Group 4: New Infrastructure - The report identifies several sectors within new infrastructure that are expected to see growth, including clean rooms, commercial aerospace, nuclear power, and low-altitude economy, driven by technological advancements and safety demands [10][11] - Specific companies recommended in these sectors include Yaxiang Integration for clean rooms and China Nuclear Engineering for nuclear power projects [10][11] Group 5: Traditional Demand - The report notes that traditional demand, particularly in real estate, remains under pressure, with new and second-hand housing demand still facing challenges [11] - It highlights the potential turning point for companies like Honglu Steel Structure, which may benefit from improved cyclical sentiment and operational efficiency [11] Group 6: Reform and Restructuring - The report discusses the need for deep reforms in the construction sector to enhance global competitiveness, focusing on identifying quality assets and new business opportunities for central enterprises [12][12] - It also emphasizes the importance of market value management and the potential for mergers and acquisitions in the construction industry [12][12]

2025 年第七次临时股东会 四川路桥建设集团股份有限公司 四川路桥建设集团股份有限公司 2025 年第七次临时股东会 会议资料 2025 年 12 月 30 日 1 2025 年第七次临时股东会 四川路桥建设集团股份有限公司 四川路桥建设集团股份有限公司 股东会会议须知 各位股东及股东代表： 为维护投资者的合法权益，确保四川路桥建设集团股份有限 公司（以下简称公司）股东会的正常秩序和议事效率，根据《中 华人民共和国公司法》《上市公司股东会规则》等法律法规、规 范性文件和《四川路桥建设集团股份有限公司章程》《四川路桥 建设集团股份有限公司股东会议事规则》的规定，现就会议须知 通知如下，请参加本次会议的全体人员自觉遵守。 一、股东会期间，全体参会人员应以维护股东的合法权益、 确保会议的正常秩序和议事效率为原则，自觉履行法定义务。 二、在会议主持人宣布现场出席会议的股东和代理人人数 及其所持有表决权的股份总数之前，会议登记终止。 三、为保证股东会的正常秩序，除出席会议的股东及股东代 理人，公司董事、高级管理人员、见证律师及公司董事会邀请的 人员以外，公司有权拒绝其他人员入场，对于干扰会议秩序、寻 衅滋事和侵犯股东 ...

Core Viewpoint - China Post Life Insurance is undergoing a significant transformation in its investment strategy, focusing on direct equity investments, despite facing challenges in investment performance and profitability [1][8]. Investment Performance - In the first three quarters of 2025, China Post Life's comprehensive investment return rate was only 0.31%, significantly below the industry average of 6.10% [2][9]. - The third quarter saw a further decline in investment returns to -1.90%, making it the only bank-affiliated insurer with negative quarterly returns [2][10]. - The company has experienced consecutive investment net losses in 2023 and 2024, indicating a persistent issue with investment performance [2][10]. Business Scale and Profitability - China Post Life achieved insurance premium income of approximately 151.31 billion yuan in the first three quarters of 2025, a year-on-year increase of 17.66% [3][11]. - Despite being the second-largest non-listed life insurance company by net profit, the company reported a 15.57% decline in net profit to 9.129 billion yuan [3][11]. - The increase in operating costs and insufficient investment returns have contributed to a "revenue without profit" situation [3][11]. Solvency and Management Concerns - The company's solvency ratios have been under pressure, with core solvency adequacy ratio dropping to 92.53% in the third quarter of 2025, nearing regulatory limits [3][12]. - The high surrender rate of 21% for participating insurance policies and management issues have raised concerns about the company's operational capabilities [3][12]. Investment Strategy and Actions - In 2025, China Post Life has made four significant equity investments, focusing on high-dividend assets in sectors like transportation infrastructure and environmental protection [4][13]. - The latest investment involved acquiring a 5% stake in Sichuan Road and Bridge, with a total investment of approximately 3.89 billion yuan [4][13]. - The company aims to convert equity investments into long-term holdings to stabilize dividends and mitigate short-term market fluctuations [4][15].

四川路桥建设集团股份有限公司 2025 年第七次临时股东会 会议资料 2025 年 12 月 30 日 2025 年第七次临时股东会 四川路桥建设集团股份有限公司 二、在会议主持人宣布现场出席会议的股东和代理人人数 及其所持有表决权的股份总数之前，会议登记终止。 三、为保证股东会的正常秩序，除出席会议的股东及股东代 理人，公司董事、高级管理人员、见证律师及公司董事会邀请的 人员以外，公司有权拒绝其他人员入场，对于干扰会议秩序、寻 衅滋事和侵犯股东合法权益的行为，公司有权予以制止并报告有 关部门查处。 四、股东会在会议主持人的组织下进行。若股东及股东代理 人需发言，应当按照会议的议程，经会议主持人许可方可发言， 发言内容应当围绕本次会议所审议的议案，简明扼要。为公平起 见，保障每位有发言意愿的股东及股东代理人均有发言机会，每 位股东及股东代理人只能发言一次，一般不超过 3 分钟；股东及 2 1 2025 年第七次临时股东会 四川路桥建设集团股份有限公司 四川路桥建设集团股份有限公司 股东会会议须知 各位股东及股东代表： 为维护投资者的合法权益，确保四川路桥建设集团股份有限 公司（以下简称公司）股东会的正常秩序和 ...

Core Viewpoint - Insurance capital is actively entering the market, with Zhongyou Insurance increasing its stake in Sichuan Road and Bridge Group to 5%, triggering a shareholding notification [1][3]. Company Summary - Zhongyou Insurance held 434.67 million shares of Sichuan Road and Bridge before the increase, representing 4.9987% of the total share capital. After purchasing an additional 114,300 shares on December 17, the total shares held increased to 434.78 million, equating to 5% of the total share capital [3]. - The market value of Zhongyou Insurance's holdings in Sichuan Road and Bridge is approximately 4.3 billion yuan, which constitutes 0.63% of the company's total assets as of the end of Q3 2025 [3][4]. - Zhongyou Insurance is a life insurance company controlled by China Post Group, with a registered capital of 32.643 billion yuan, officially established in September 2009 [3]. Financial Performance - For the first three quarters of 2025, Zhongyou Insurance reported insurance business revenue of 151.31 billion yuan, a year-on-year increase of 17.66%. However, net profit decreased by 15.56% to 9.129 billion yuan [4]. - As of the end of Q2, the core and comprehensive solvency ratios were 92.53% and 165.01%, respectively [4]. Industry Overview - Zhongyou Insurance's recent actions reflect a broader trend in the insurance industry, with 27 listed companies being targeted by insurance capital in 2023, totaling 35 instances of shareholding notifications, marking a recent high [4]. - Analysts attribute the surge in insurance capital's shareholding activities to three main factors: the pressure of potential "interest margin losses" due to low interest rates and asset scarcity, changes in accounting standards that enhance profit stability, and supportive policies encouraging long-term capital investment in the stock market [5].

H股成险资举牌重地 12月18日晚间，四川路桥披露的信息显示，中邮保险对其累计持股达4.35亿股，占公司总股本5.00%， 正式完成举牌。 这并非是中邮保险首次出手，此前它已经相继布局东航物流、绿色动力环保H股及中国通号H股。 近日，中邮保险增持四川路桥，完成中邮保险年内的第四次举牌，险资"长钱"加速入市。 随着中邮保险的举牌成功，今年险资的举牌次数达到39次，仅次于2015年的62次，为历史第二高。回顾 2025年险资举牌行为，呈现出举牌热情高涨、单一标的获多次举牌、举牌标的集中于H股等特点。业内 人士分析认为，预计2026年这一趋势仍将延续。从举牌资产所属板块来看，传统板块仍具有压舱石地 位，但科技板块的比重有望增加。 另一类是股票投资，选股方向以高股息、高分红资产为主，将其归类为以公允价值计量且变动计入其他 综合收益的金融资产（FVOCI），既能稳定获取分红现金流、增厚投资收益，又能规避股价波动对当期 净利润的影响，平安系年内多次举牌国有大行H股，正是这一策略的体现。 兴业证券的研究数据显示，2025年三季度保险资金的股票和基金的资产配置比例已升至15.5%，权益仓 位的提升，为险资举牌创造空间。 作为 ...