（股份編號：00107） 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） 擬於2025年12月24日舉行之臨時股東會代理人委任表格 | | 普通決議案 | （附註4） 贊成 | （附註4） 反對 | （附註4） 棄權 | | --- | --- | --- | --- | --- | | | 以現場記名非累積投票表決方式審議及批准以下決議案 | | | | | 1. | 動議：審議、追認、確認和批准工程合同及其項下擬進行的交易；以及 | | | | | | 授權本公司董事長或董事長授權代表為及代表本公司簽立所有相關其他 | | | | | | 文件、文據及協議，並採取所有必要或權宜措施以實施工程合同及其附 | | | | | | 件及 ╱ 或使之生效；批准本集團任何成員公司（包括該等新設立或通過 | | | | | | 股權收購而投資的公司或其他組織）於其全權酌情認為適當或權宜且符 | | | | | | 合本公司及其股東整體利益的情況下，根據實際工作需要，與工程合同 | | | | | | 各方之任何成員公司（ ...

Market Overview - The railway and highway sector experienced a decline of 0.24% on December 1, with Sichuan Chengyu leading the drop [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Stock Performance - Notable gainers in the railway and highway sector included: - Guangdong Highway A (code: 000429) with a closing price of 12.46, up 3.57% and a trading volume of 306,500 shares [1] - Longjiang Transportation (code: 601188) with a closing price of 3.63, up 2.25% and a trading volume of 254,400 shares [1] - Major decliners included: - Sichuan Chengyu (code: 601107) with a closing price of 5.87, down 3.61% and a trading volume of 374,600 shares [2] - Ninghu Highway (code: 600377) with a closing price of 12.65, down 2.92% and a trading volume of 262,400 shares [2] Capital Flow - The railway and highway sector saw a net inflow of 161 million yuan from institutional investors, while retail investors experienced a net outflow of 107 million yuan [2] - Key stocks with significant capital flow included: - Beijing-Shanghai High-Speed Railway (code: 601816) with a net inflow of 86.08 million yuan from institutional investors [3] - Sichuan Chengyu (code: 601107) with a net inflow of 16.72 million yuan from institutional investors [3]

FF301 I. 法定/註冊股本變動 致：香港交易及結算所有限公司 公司名稱: 四川成渝高速公路股份有限公司（在中華人民共和國註冊成立之股份有限公司） 呈交日期: 2025年12月1日 本月底法定/註冊股本總額： RMB 3,058,060,000 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601107 | 說明 | | A股（上海證券交易所） | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,162,740,000 | RMB | | 1 RMB | | 2,162,740,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,162,740,000 | RMB | | 1 RMB | | 2,162,740,000 | | 1. 股份分類 | 普通 ...

Core Viewpoint - Sichuan Chengyu clarified that it is not participating in the Chengyu Expressway expansion project, which is being implemented by Sichuan Highway Construction Development Group and other entities [1] Group 1: Project Involvement - Chengyu Expressway expansion project is being undertaken by Sichuan Highway Construction Development Group and other parties, with Chengyu Company not involved [1] - The company will adhere to national and industry policies regarding the operation and toll management after the current toll period ends in 2027 [1] Group 2: Toll Management - The toll collection for the Sichuan section of Chengyu Expressway is currently operational and will continue until the end of 2027 [1] - The company will closely monitor policy developments and fulfill its information disclosure obligations [1]

Group 1 - The core point of the article is that Sichuan Chengyu (601107.SH) clarified its non-participation in the Chengyu Expressway expansion project, which is being undertaken by other entities [1] - The project is being implemented by Sichuan Highway Construction Development Group Co., Ltd. and other winning bidders [1] - Sichuan Chengyu's statement was made through an investor interaction platform, emphasizing its lack of involvement in the project [1]

Investment Rating - The report maintains a "Recommended" rating, emphasizing the importance of defensive stability and timely investment opportunities in the transportation sector [1]. Core Insights - The transportation sector's performance in November 2025 was generally average, outperforming the CSI 300 index, with highways leading the performance among sub-sectors [4][10]. - The report highlights a low interest rate environment, with the 10-year government bond yield at 1.82% as of November 21, 2025, indicating a stable financial backdrop for investments [20]. - The report identifies high dividend yield opportunities in both A-shares and H-shares within the transportation sector, with specific recommendations for companies like Sichuan Chengyu and Anhui Wantong Highway [68][70]. Monthly Market Performance - The transportation sector saw a cumulative decline of 2.24% from November 1 to November 21, 2025, outperforming the CSI 300 index by 1.79 percentage points [9]. - The sub-sectors of highways, railways, and ports had cumulative declines of -2.11%, -2.47%, and -2.97% respectively during the same period, but all outperformed the CSI 300 index [10]. - Year-to-date performance showed highways down 11.11%, railways down 15.77%, and ports down 4.83%, indicating a challenging year overall [10]. Highway Sector Tracking - In September 2025, highway passenger traffic was 934 million, down 4.3% year-on-year, while freight traffic increased by 5.2% to 3.891 billion tons [28]. - The report notes that the highway sector is expected to see stable performance improvements in 2026, driven by policy optimizations and local state-owned enterprise actions [68]. Railway Sector Tracking - In October 2025, railway passenger volume reached 410 million, up 10.1% year-on-year, while freight volume was 4.58 million tons, a slight increase of 0.6% [40][43]. - The report emphasizes the potential for investment opportunities in the railway sector, particularly in high-quality assets like the Beijing-Shanghai High-Speed Railway [70]. Port Sector Tracking - The report indicates that port cargo throughput for the four weeks ending November 16, 2025, was 1.057 billion tons, reflecting a year-on-year growth of 4.6% [48]. - The report highlights the importance of long-term value in port assets, suggesting that leading ports are undervalued in terms of their earnings stability and potential for dividend growth [71][72].

Core Viewpoint - The report from Huachuang Securities indicates that the highway sector is expected to maintain resilience in 2026, with high dividend configurations being a preferred investment direction. The port industry is anticipated to shift from a single container-driven growth model to a dual-wheel structure of stable container growth (5%-8%) and a recovery in bulk cargo (2%-5%) by 2026, with stable pricing expected. There are strategic layout opportunities for leading companies in the bulk supply chain that focus on dividends and returning to growth expectations in the coming year [1]. Highway Sector - The highway sector is viewed as a preferred option for stable asset allocation due to low valuations and high dividends, with expected dividend yields around 5% for leading highway companies in 2026. Notable companies include Sichuan Chengyu (5.6%), Shandong Highway (5.0%), and Anhui Wantong Highway (5.0%), with higher yields for H-shares [2]. - The outlook for 2026 suggests strong performance driven by stable volume and pricing, alongside significant cost reduction opportunities. Key factors include potential optimization of toll policies and a favorable interest rate environment that could alleviate operational pressures for highway companies [2]. - High dividend characteristics are expected to remain stable in 2026, with clear three-year return plans from leading companies like Sichuan Chengyu and Wantong Highway [2]. Port Sector - The port sector is entering a strategic value era, transitioning from a perception of cyclical capacity assets to being recognized as global supply chain security hubs. This shift is driven by geopolitical factors and the need for strategic asset control [3]. - The industry is expected to see stable throughput and pricing in 2026, with a dual growth model of container stability and bulk cargo recovery. The average dividend payout ratio is projected to be 37.46%, indicating significant potential for increases [3]. Railway Sector - Passenger transport is expected to see steady growth, with flexible pricing mechanisms in place. Freight transport is also showing signs of improvement, particularly in coal and other cargo types [4][5]. Bulk Supply Chain - The bulk supply chain is poised for a new growth phase in 2026, with companies like Xiamen Xiangyu leading the way in transformation logic focused on profit margin enhancement and investor returns. The operational environment is recovering, with strong performance trends evident since 2025 [6][7]. - Strategic layout opportunities exist for leading companies in the bulk supply chain that emphasize dividends and growth expectations [7]. Investment Recommendations - The company continues to favor A/H share transportation assets, highlighting the importance of industry logic and valuation elasticity. Key recommendations include Sichuan Chengyu and Wantong Highway for their stable growth and high dividends, as well as other notable companies in the highway and port sectors [8].

Core Viewpoint - Sichuan Chengyu (601107) reported on November 18 that as of October 31, 2025, the total number of shareholders is 37,213, with 36,980 in A-shares and 233 in H-shares [1] Summary by Category - **Shareholder Information** - Total number of shareholders is 37,213 as of October 31, 2025 [1] - A-shares account for 36,980 shareholders, while H-shares have 233 shareholders [1]

Group 1 - ST Er Ya (600107) closed at 7.62 yuan on November 14, 2025, with a 4.96% increase and a trading volume of 155,300 shares, amounting to a total transaction value of 118 million yuan [1] - On November 14, 2025, ST Er Ya was listed on the "Dragon and Tiger List" due to a cumulative price deviation of 12% over three consecutive trading days, marking the second appearance in five days [2] - The company reported a net profit of -35.68 million yuan for the first three quarters of 2025, and if the annual revenue falls below 300 million yuan and continues to incur losses, it may trigger financial delisting risk warnings [3][4] Group 2 - The company and its chairman, Zheng Jiping, are currently under investigation by the China Securities Regulatory Commission [3][4] - If the internal control audit report for 2025 continues to receive a negative opinion or cannot express an opinion, it may trigger regulatory delisting risk warnings [3][4]

Core Viewpoint - ST Er Ya (600107) has experienced significant stock price fluctuations, with a recent increase of 4.53% to 7.62 CNY, while facing potential delisting risks due to financial performance issues [1][2][3] Trading Information Summary - ST Er Ya's stock was listed on the "Dragon and Tiger List" twice within a week due to a cumulative price deviation of over 12% in both downward and upward directions [1][3] - The stock reached a high of 7.62 CNY and a low of 6.37 CNY during the week [1] Company Announcement Summary - For the first three quarters of 2025, ST Er Ya reported revenue of 172 million CNY and a net loss of 35.68 million CNY [1][3] - The company is at risk of financial delisting if annual revenue falls below 300 million CNY and continues to incur losses [1] - The 2024 annual report received a qualified opinion, and if the internal control report for 2025 is also negative or unable to express an opinion, it may trigger regulatory delisting warnings [1] - The company and its actual controller, Zheng Jiping, are currently under investigation by the China Securities Regulatory Commission [1][2][3]