Core Viewpoint - Sichuan Expressway Company Limited is initiated with an OUTPERFORM rating and target prices of Rmb6.85 for A-shares and HK$5.61 for H-shares, indicating strong potential for growth and attractive dividend yields [1][9] Investment Positives - The company possesses core road assets in Chengdu and Chongqing, totaling approximately 900 km, which are highly profitable due to strong regional transportation demand [1] - The operational maturity of the firm is reflected in its average gross margin of 52.8% over the past decade, positioning it among the highest in the industry [1] - Continued reinvestment in the main business is expected to enhance profit growth potential, with ongoing projects like the Chengle Expressway reconstruction and expansion [2][8] - The firm has secured a capital contribution of Rmb4.9 billion for the Chengya Expressway expansion project, with a toll collection period of nearly 30 years [3] - The acquisition of the Chengdu Second Ring (Western) Expressway is projected to contribute Rmb160 million in profit in 2025, along with additional compensation [4] Dividend and Valuation - The company aims for a dividend payout ratio of at least 60% from 2023 to 2025, significantly increasing shareholder returns [5] - The expected dividend yield for 2024 is 5.2%, with projections of 5.5% for 2025 and 5.8% for 2026, making it attractive within the toll road industry [6][9] - The target price for A-shares implies a P/E ratio of 13.3x for 2025, with a 21.9% upside potential, while H-shares imply a 10.0x P/E ratio with a 14.5% upside [9] Market Differentiation - The market's concern regarding the short toll collection period of core road assets is countered by the firm's ability to extend this period through strategic reconstruction, expansion, and M&A [7] - High-quality road assets and sustainable earnings growth potential differentiate the company from market perceptions [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 四川成渝高速公路股份有限公司 Sichuan Expressway Company Limited* （在中華人民共和國註冊成立之股份有限公司） （股份編號：00107） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 债券代码：241012.SH 债券简称：24成渝01 债券代码：102485587 债券简称：24成渝高速MTN001 四川成渝高速公路股份有限公司 投资者关系活动记录表 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 线上参与四川成渝（601107）2025年半年度业绩说明会的全体投资 | | | 者 | | 时间 | 2025年9 ...

2025 中期報告 Sichuan Expressway Company Limited 四川成渝高速公路股份有限公司 Interim Report 2025 中期報告 目 錄 | 釋義 | 2 | | --- | --- | | 公司資料 | 14 | | 公司簡介 | 18 | | 中期簡明財務信息 | 21 | | 股本變動及主要股東持股情況 | 91 | | 董事、監事及高級管理人員情況 | 95 | | 管理層討論與分析 | 98 | | 其他重要事項 | 131 | | 報告期後事項 | 142 | 釋義 於本章節中，釋義乃按英文版本(A-Z)排序。 一. 道路項目名稱 | 機場高速 | 成都機場高速公路 | | --- | --- | | 城北出口高速 | 成都城北出口高速公路 | | 成樂高速 | 四川成樂（成都－樂山）高速公路 | | 成仁高速 | 成自瀘赤（成都 － 自貢 － 瀘州 － 赤水）高速公路 | | | 成都至眉山（仁壽）段 | | 成雅高速 | 四川成雅（成都－雅安）高速公路 | | 成渝高速 | 成渝（成都－重慶）高速公路（四川段） | | 二繞西高速 | 成都第二繞城高速公 ...

Core Viewpoint - The article discusses the acquisition process of Sichuan Chengyu Highway Co., Ltd. by Shudao Investment Group, highlighting the compliance with regulatory requirements and the ongoing supervision by China International Capital Corporation (CICC) as the financial advisor [1][4]. Group 1: Acquisition Overview - Shudao Group acquired a total of 1,096,769,662 shares of Sichuan Chengyu, representing a 35.86% stake, following the merger of Sichuan Transportation Investment Group and Sichuan Railway Industry Investment Group [1]. - The acquisition was facilitated through a series of agreements signed between the involved parties, including the asset transfer agreement [1][2]. Group 2: Regulatory Compliance - Shudao Group received a written approval from the Hong Kong Securities and Futures Commission for the exemption from making a mandatory offer due to the nature of the asset transfer [2]. - Sichuan Chengyu has consistently fulfilled its reporting and announcement obligations throughout the acquisition process, including multiple disclosures on the Shanghai Stock Exchange [2][3]. Group 3: Ongoing Supervision - CICC has issued a continuous supervision opinion confirming that the asset transfer registration procedures have been completed and that the involved parties have adhered to disclosure obligations [4]. - The financial advisor has verified that there have been no violations of commitments made by Shudao Group during the supervision period [6]. Group 4: Future Plans and Commitments - Shudao Group has no plans to change the main business operations of Sichuan Chengyu in the next 12 months, nor does it intend to make significant adjustments to the company's assets or management [7][8][9]. - There are no plans for major changes to the company's articles of association or employee hiring practices during the supervision period [10][11]. Group 5: Corporate Governance - Sichuan Chengyu has established a sound corporate governance structure and internal control system, complying with the relevant regulations set by the China Securities Regulatory Commission [12]. - The company has maintained independent operations of its general meetings, board of directors, and supervisory board, with no significant violations of governance regulations identified [12]. Group 6: Other Obligations - There are no additional obligations from the acquisition that Shudao Group has failed to fulfill, indicating compliance with all stipulated requirements [14].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 四川成渝高速公路股份有限公司 Sichuan Expressway Company Limited* （在中華人民共和國註冊成立之股份有限公司） （股份編號：00107） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 关于蜀道投资集团有限责任公司 豁免要约收购四川成渝高速公路股份有限公司 的持续督导意见 中国国际金融股份有限公司（以下简称"中金公司"、"财务顾问"）接受委 托，担任蜀道投资集团有限责任公司（以下简称"蜀道集团"、"收购人"）豁免 要约收购四川成渝高速公路股份有限公司（以下简称"四川成渝"、"上市公司"） 的财务顾问，依照《上市公司收购管理办法》第六十九条、第七十一条、《上市 公司并购重组财务顾问业务管理办法》第三十一条以及《上海证券交易所上市公 司自律监管指引第11号——持续督导》等有关规定，持续督导期从四川成渝公告 收购报告书至收购完成后的12个 ...

中国国际金融股份有限公司 关于蜀道投资集团有限责任公司 豁免要约收购四川成渝高速公路股份有限公司 的持续督导意见 中国国际金融股份有限公司（以下简称"中金公司"、"财务顾问"）接受委 托，担任蜀道投资集团有限责任公司（以下简称"蜀道集团"、"收购人"）豁免 要约收购四川成渝高速公路股份有限公司（以下简称"四川成渝"、"上市公司"） 的财务顾问，依照《上市公司收购管理办法》第六十九条、第七十一条、《上市 公司并购重组财务顾问业务管理办法》第三十一条以及《上海证券交易所上市公 司自律监管指引第11号——持续督导》等有关规定，持续督导期从四川成渝公告 收购报告书至收购完成后的12个月止（即从2021年6月4日至收购完成后的12个月 止）。2025年8月28日，四川成渝披露了2025年半年度报告。结合上述2025年半年 度报告及日常沟通，中金公司出具了2025年半年度报告（从2025年4月1日至2025 年6月30日，以下简称"本持续督导期"）的持续督导意见（以下简称"本意见"）。 一、交易资产的交付或过户情况 （一）本次收购情况概述 2021 年 4 月 2 日，四川省交通投资集团有限责任公司（以下简称"四川交投集 ...

Investment Rating - The report maintains a "Buy" recommendation for the oil tanker sector and dry bulk sector, highlighting potential opportunities in both areas [3][24]. Core Insights - The VLCC freight rates have continued to rise, with the Clarkson VLCC-TCE index reaching $56,000 on September 5, marking a week-on-week increase of 34% [1][10]. - The report emphasizes the elasticity of oil tanker rates as the market approaches the peak season, driven by expected OPEC+ production increases and recovering refinery utilization rates [19][20]. - The dry bulk market is anticipated to gradually recover, supported by low supply growth and potential demand increases from upcoming projects and economic factors [23]. Summary by Sections Focus on Oil Tankers and Dry Bulk Opportunities - VLCC freight rates have shown significant increases across various routes, with Middle East to China rates at $58,000/day, up 38% week-on-week [1][10]. - OPEC+ is expected to increase production by approximately 137,000 barrels per day in October, which may contribute to higher freight demand [19]. - Refinery utilization rates have improved, with major refineries operating at 81.59%, a 0.2 percentage point increase from the previous week [19]. Industry Data Tracking - The Baltic Dry Index (BDI) was reported at 1979 points, down 2.3% week-on-week, indicating a mixed performance in the dry bulk sector [23]. - The report notes that the supply side remains constrained, with only 10.4% of dry bulk vessels on order, suggesting limited capacity growth in the coming years [23]. Market Review - The transportation sector experienced a decline of 1.4% in the week, underperforming the CSI 300 index by 0.6 percentage points [64]. - Notable stock performances included significant gains for companies like China Merchants Energy and China Merchants Jinling, while others like Shentong Express saw declines [64]. Investment Recommendations - Continued recommendations for the oil tanker sector include China Merchants Energy, China Merchants Jinling, and China Merchants South Oil [24]. - For the dry bulk sector, recommendations include Haitong Development and China Merchants Jinling, with a suggestion to pay attention to Pacific Shipping [24].

Core Viewpoint - The E Fund Hong Kong Stock Connect Dividend Mixed A Fund (005583) reported a profit of 231 million yuan for the first half of 2025, with a net value growth rate of 10.82% and a fund size of 2.656 billion yuan as of the end of June 2025 [2][33]. Fund Performance - As of September 5, the fund's unit net value was 0.872 yuan, with a three-month net value growth rate of 14.38%, a six-month growth rate of 19.92%, a one-year growth rate of 43.07%, and a three-year growth rate of 17.40% [2][6][28]. - The fund's three-year Sharpe ratio was 0.0855, ranking 372 out of 875 comparable funds [26]. - The fund's maximum drawdown over the past three years was 33.73%, with the largest single-quarter drawdown occurring in Q1 2022 at 29.54% [28]. Market Analysis - The fund manager noted several changes in the Hong Kong stock market compared to last year, including the underperformance of high-dividend indices relative to broad indices, significant internal differentiation within high-dividend indices, and a slowdown in incremental capital inflow after a rapid increase in Q1 [2][3]. - The fund manager expressed a relatively positive outlook on underperforming sectors such as utilities, which have lower valuations and are in a capital expenditure downcycle, potentially improving shareholder returns [3]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 9.63 times, compared to the industry average of 15.75 times. The weighted average price-to-book (P/B) ratio was about 0.31 times, while the industry average was 2.52 times [11]. - The weighted average price-to-sales (P/S) ratio was approximately 0.28 times, with the industry average at 2.16 times, indicating that the fund's valuations are significantly lower than the industry averages [11]. Fund Holdings - As of June 30, 2025, the fund had a total of 38,800 holders, with a total of 3.406 billion shares held. Institutional investors accounted for 70.43% of the holdings, while individual investors made up 29.57% [37]. - The fund's top ten holdings included Longyuan Power, China Mobile, Sinopec Engineering, Sinochem Fertilizer, Beijing Enterprises Water Group, Mengniu Dairy, Xinhua Wenhui, Sinopec Kantons, Datang Renewable, and Sichuan Chengyu Expressway [42].

Core Points - ST Er Ya (600107) stock price increased by 11.02% to 6.65 CNY as of September 5, 2025, reaching a nearly one-year high of 7.07 CNY during the week [1] - The stock has experienced a cumulative increase of 62.77% since August 14, 2025, with significant price fluctuations leading to its appearance on the trading leaderboard [2][3] - The company reported a net loss of 21.86 million CNY in the first half of 2025, raising concerns about potential delisting risks if annual revenue falls below 30 million CNY and losses continue [3] Trading Information Summary - ST Er Ya was listed on the trading leaderboard due to a cumulative price deviation exceeding 12% over three consecutive trading days [2][4] - This marks the first appearance on the leaderboard in the last five trading days [2] Company Announcement Summary - The company acknowledged abnormal stock price fluctuations and confirmed no undisclosed significant matters related to the company or its major stakeholders [3] - The 2024 financial report received a qualified opinion, and if the 2025 internal control audit report is also negative or unable to express an opinion, it may trigger regulatory delisting warnings [3]

Group 1 - The company Sichuan Chengyu announced its participation in an online collective reception event for investors on September 12, 2025, from 14:00 to 17:00 [2] - The event is organized by the Sichuan Listed Companies Association and Shenzhen Panorama Network Co., Ltd. [2]