Core Viewpoint - The report from Pacific Securities highlights that Zhongyuan Expressway's core business involves the investment, construction, and management of highways, with a total maintenance mileage of approximately 808 kilometers disclosed in the semi-annual report [1] Financial Performance - In the first three quarters, the core revenue from highway tolls reached 3.43 billion, representing a year-on-year increase of 1.63%, accounting for 72% of total revenue and contributing a gross profit of 1.837 billion [1] - Revenue from construction services accounted for 27.5% of total revenue, with a gross margin of zero due to accounting standards, while the real estate segment saw a significant year-on-year revenue decline of 50% [1] Future Outlook - The company is expected to achieve steady profit growth this year due to the increase in revenue from consolidated statements [1] - The company plans to maintain a dividend payout ratio of no less than 40% annually over the next three years [1] - The Zhenglu Expressway, a key project, is anticipated to be completed and operational by the end of 2026, with a feasibility study indicating its potential profitability [1] Strategic Initiatives - The company aims to enhance its core business while diversifying its operations [1] - It will leverage its subsidiary focused on digital and technological innovation to strengthen technological capabilities and has established a special fund for technology research and development [1] - The company is optimistic about its future development and maintains a "buy" rating [1]

Group 1 - In 2025, the social security fund has invested in six "broken net stocks" with low prices and valuations, such as Wan Neng Power, which has a stock price below its net asset value and a dividend yield exceeding 4.5% [1][6] - The social security fund's investment strategy focuses on traditional industries with solid fundamentals, seeking companies that can provide consistent cash returns to shareholders [3][11] - The fund's average annual investment return has reached 7.36% since its establishment 24 years ago, indicating a long-term investment approach rather than short-term speculation [3][11] Group 2 - The social security fund has shown a preference for the chemical industry, which has recently performed well, with the basic chemical industry index rising by 11.51% since July 2025 [3][4] - The fund's recent investments include companies with unique global technologies, such as Haiyou Development, which has developed a megawatt-level seawater electrolysis hydrogen production device [6] - The fund's holdings in 334 listed companies have shown that 62% of them achieved year-on-year net profit growth in the first half of 2025, highlighting a focus on high-performing stocks [7][11] Group 3 - The social security fund has dynamically adjusted its holdings, with new investments in 14 stocks and increased positions in 12 stocks, while also reducing holdings in eight stocks, indicating a strategy of profit-taking [10][11] - The fund's investment in high-dividend strategies is supported by new policies encouraging companies to increase dividend payouts, making assets with dividend yields over 5% more attractive [7] - The collaboration between institutional investors and prominent retail investors in certain low-priced leading stocks suggests a shared recognition of the companies' value [8]

Investment Rating - The report maintains an "Accumulate" rating for Zhongyuan Expressway (600020) [1][5] Core Views - Zhongyuan Expressway has shown steady profit growth in 2025, with a projected completion of new road assets in the coming year [1][4] - The company reported a total revenue of 4.888 billion RMB for the first three quarters of 2025, representing a year-on-year increase of 3.89%, and a net profit attributable to shareholders of 961 million RMB, up 16.78% year-on-year [3][4] - The company plans to maintain a dividend payout ratio of no less than 40% over the next three years, with a cash dividend of approximately 382 million RMB for 2024, translating to a dividend per share of about 0.17 RMB [3][4] Financial Summary - Total revenue for 2024 is projected at 6.969 billion RMB, with a year-on-year growth of 22.20% [6] - The net profit for 2025 is estimated at 999 million RMB, reflecting a year-on-year increase of 12.62% [6] - The diluted earnings per share (EPS) for 2025 is expected to be 0.44 RMB, with a price-to-earnings (PE) ratio of 9.72 [6][8] - The company's core business, highway toll revenue, accounted for 72% of total revenue, with a gross profit contribution of 1.837 billion RMB [4][6]

Core Viewpoint - Zhongyuan Expressway (600020.SH) reported a toll revenue of 387 million yuan for November 2025 [1] Group 1 - The company disclosed its toll revenue figures for a specific month, indicating a focus on financial performance [1]

董事会谨此提醒投资者，上述数据系河南省高速公路联网监控收费通信服务 有限公司拆分数据，未经审计。自执行"营改增"政策后，该通行费收入中未含 增值税。因此，本公告所涉及数据仅作为阶段性数据供投资者参考，请广大投资 者审慎使用该等数据。 特此公告。 河南中原高速公路股份有限公司董事会 2025 年 12 月 13 日 证券代码：600020 证券简称：中原高速 公告编号：临 2025－068 河南中原高速公路股份有限公司 2025 年 11 月份通行费收入和交通量数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 河南中原高速公路股份有限公司（以下简称"公司"）2025 年 11 月份通行 费收入为 386,922,650.14 元，各路段情况如下： | 路段 | 通行费收入 | 交通量 | | --- | --- | --- | | | （元） | （折算数，台次） | | 京港澳高速公路郑州至漯河段 | 171,100,983.90 | 2,889,360 | | 京港澳高速公路漯河至驻马店段 | 36,296,6 ...

证券代码：600020 证券简称：中原高速 公告编号：临 2025-069 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 河南中原高速公路股份有限公司 2025年第四次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 269 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,644,243,802 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 73.1629 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 会议由公司董事会召集，董事长刘静主持。会议采用记名投票方式表决，包 括现场投票及网络投票，部分董事以视频方式参会。会议的召集、召开程序符合 《公司法》及《公司章程》的规定。 二、 议案审议情况 (一) 非累积投票议案 1 (一) 股东会召开的时间：20 ...

北京市嘉源律师事务所 关于河南中原高速公路股份有限公司 2025 年第四次临时股东会的 法律意见书 嘉源律师事务所 JIA YUAN LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 . 在 x 致:河南中原高速公路股份有限公司 北京市嘉源律师事务所 关于河南中原高速公路股份有限公司 2025年第四次临时股东会的法律意见书 嘉源(2025)-04-914 北京市嘉源律师事务所(以下简称"本所")接受河南中原高速公路股份有限 公司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公 司法》")《上市公司股东会规则》(以下简称"《股东会规则》")等现行有效 的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及《河南 中原高速公路股份有限公司章程》(以下简称"《公司章程》")的有关规定,指 派本所律师对公司 2025 年第四次临时股东会(以下简称"本次股东会")进行见 证,并依法出具本法律意见书。 为出具本法律意见书,本所指派律师现场见证了本次股东会,查阅了公司提 供的与本次股东会有关的文件和资料,并进行了必要的审查和验证。在前述审查 和验证的过程 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - Crude oil freight rates have declined from high levels, with mixed changes in ocean freight rates. The China Import Crude Oil Composite Index (CTFI) was reported at 2321.90 points on December 4, down 7.9% from November 27. The VLCC market has seen transactions at major loading ports, with shipowners trying to maintain price levels despite a cooling market [3][14] - China Eastern Airlines has launched the world's longest one-way flight route from Shanghai to Buenos Aires, reducing travel time by over 4 hours. Additionally, a ton-class eVTOL was included in urban firefighting drills for the first time [3][16] - In November, China's express delivery volume exceeded 180 billion items for the first time, marking a new record. The first full schedule China-Europe freight train departed from Shijiazhuang [3][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, with the Middle East route showing a 9.76% drop. The Shanghai port's export rates to Europe and the US have also seen declines of 0.3%, 5.0%, and 4.7% respectively [14][15] - The launch of the longest flight route by China Eastern Airlines connects Shanghai to Buenos Aires, significantly shortening travel time [16][17] - The express delivery volume in China reached a record high of 180 billion items in November, reflecting strong economic vitality [24][26] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was reported at 5721.00 points, up 2.4% year-on-year [28] - Domestic freight flight numbers decreased by 2.03% year-on-year in November, while international flights increased by 14.88% [30] - The SCFI index for container shipping was reported at 1397.63 points, down 0.39% week-on-week and down 38.06% year-on-year [37] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the transportation demand increase driven by hydropower station construction in the Yarlung Tsangpo River downstream [5] - Investment opportunities in low-altitude economy trends, recommending CITIC Offshore Helicopter [5] - Opportunities in the highway and railway sectors, recommending Gansu Expressway, Beijing-Shanghai High-Speed Railway, and others [5] - Investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Shares [5] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [5] - Opportunities in the aviation sector, recommending Air China, China Southern Airlines, and others [5]

Core Viewpoint - The manufacturing sector in China has shown growth in the number of enterprises, indicating a positive trend in industrial development and investment opportunities [1] Group 1: Manufacturing Sector Overview - As of January to October 2025, the number of manufacturing enterprises reached 487,309, an increase of 13,423 compared to the same period last year, representing a year-on-year growth of 2.83% [1] - Manufacturing enterprises account for 93.1% of the total industrial enterprises, highlighting their significant role in the industrial landscape [1] Group 2: Industry Reports and Insights - The report titled "2026-2032 China Manufacturing Market Competition Pattern Analysis and Investment Development Research Report" by Zhiyan Consulting provides in-depth analysis and insights into the manufacturing sector [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in comprehensive industry research reports, business plans, feasibility studies, and customized services [1]

| | | | 会议议程………………………………………………………………3 | | --- | | 1、关于购买董事及高级管理人员责任保险的议案…………5 | | 2、关于提请股东会对融资事项进行授权的议案…………………7 | 2 河南中原高速公路股份有限公司 （HENAN ZHONGYUAN EXPRESSWAY COMPANY LIMITED） 2025 年第四次临时股东会会议资料 河南中原高速公路股份有限公司 2025 年 12 月 12 日 1 河南中原高速公路股份有限公司 2025 年第四次临时股东会 会议议程 一、会议时间： 1、现场会议召开时间：2025 年 12 月 12 日 9 点 30 分 2、网络投票时间：通过交易系统投票平台的投票时间 为 股 东 会 召 开 当 日 的 交 易 时 间 段 ， 即 9:15-9:25 ， 9:30-11:30，13:00-15:00；通过互联网投票平台的投票时 间为股东会召开当日的 9:15-15:00。 二、会议召开地点： 1、现场会议地点：郑州市郑东新区农业东路 100 号 2、网络投票平台：上海证券交易所网络投票系统 三、股权登记日：2025 年 ...