Core Viewpoint - Fujian Expressway (600033) announced the appointment of Mr. Qiu Luoyang as the company's vice president, as approved by the board of directors [1] Company Summary - The board of directors of Fujian Expressway has approved the hiring of Mr. Qiu Luoyang as vice president [1]

Core Viewpoint - Fujian Expressway (600033.SH) reported a slight increase in revenue and net profit for the first three quarters of 2025, indicating stable financial performance despite a challenging economic environment [1] Financial Performance - The company achieved an operating revenue of 2.298 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 1.3% [1] - The net profit attributable to shareholders reached 822 million yuan, reflecting a year-on-year increase of 3.58% [1] - Basic earnings per share were reported at 0.2994 yuan [1]

证券代码：600033 证券简称：福建高速 编号：临 2025-028 福建发展高速公路股份有限公司 关于聘任公司副总经理的公告 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。 邱路阳先生简历如下： 邱路阳先生：1979 年 8 月出生，中共党员，硕士研究生学历。曾任福建省 交通规划设计院助理工程师、工程师，福建省高速公路养护工程有限公司工程师、 高级工程师，福建省高速公路集团有限公司道路养护处高级工程师、运营管理部 技术主管，福建发展高速公路股份有限公司职工监事。现任福建罗宁高速公路有 限公司副总经理。 特此公告。 福建发展高速公路股份有限公司 董 事 会 2025 年 10 月 31 日 福建发展高速公路股份有限公司（以下简称公司）于 2025 年 10 月 30 日召 开第十届董事会第十一次会议。会议表决通过了《关于聘任公司副总经理的议案》。 经公司总经理钟永元先生提名并经董事会提名委员会审查，董事会同意聘任邱路 阳先生为公司副总经理，任期与公司第十届董事会成员任期一致。邱路阳先生具 备所任职务所需的专业知识及管理经验， ...

证券代码：600033 证券简称：福建高速 编号：临 2025-029 二、说明会召开的时间、地点和方式 福建发展高速公路股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 福建发展高速公路股份有限公司（以下简称公司）已于 2025 年 10 月 31 日 在上海证券交易所网站（www.sse.com.cn）披露了公司《2025 年第三季度报告》。 为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定 于 2025 年 11 月 05 日（星期三）10:30-11:30 在"价值在线"（www.ir-online.cn） 举办 2025 年第三季度业绩说明会，与投资者进行沟通和交流，广泛听取投资者 的意见和建议。 会议召开时间：2025 年 11 月 05 日（星期三）10:30-11:30 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会 议 问 题 征 集 ： 投 资 者 可 于 2025 ...

Financial Performance - Total revenue for the third quarter reached ¥812,828,917.56, an increase of 2.70% compared to the same period last year[4] - Net profit attributable to shareholders was ¥275,952,470.80, reflecting a growth of 5.28% year-over-year[4] - Total operating revenue for the first three quarters of 2025 reached ¥2,297,838,326.95, a slight increase from ¥2,268,245,670.36 in the same period of 2024, representing a growth of approximately 1.3%[18] - Operating profit for the first three quarters of 2025 was ¥1,351,435,924.13, compared to ¥1,311,087,477.54 in 2024, indicating an increase of about 3.1%[18] - Net profit for the first three quarters of 2025 was ¥1,010,294,275.39, up from ¥990,081,984.81 in 2024, reflecting a growth of approximately 2.2%[19] - The total comprehensive income for the first three quarters of 2025 was ¥1,106,475,948.44, slightly down from ¥1,108,355,893.98 in 2024, indicating a decrease of about 0.2%[19] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥17,592,577,955.46, up 1.76% from the end of the previous year[5] - The company's equity attributable to shareholders increased by 6.70% to ¥12,432,440,871.20 compared to the previous year[5] - The total liabilities decreased to CNY 2,465,347,670.68 from CNY 3,130,293,972.83, reflecting a reduction of about 21.2%[14] - The company's total liabilities to total assets ratio improved to approximately 14.0% from 18.1%, reflecting a stronger financial position[14] Cash Flow and Liquidity - Cash flow from operating activities for the year-to-date period was ¥2,233,619,229.26, showing a significant increase of 46.41%[4] - The net cash flow from operating activities for the first three quarters of 2025 was ¥2,233,619,229.26, significantly higher than ¥1,525,567,680.12 in 2024, marking an increase of about 46.3%[21] - The company reported a 48.63% increase in cash and cash equivalents at the end of the reporting period, indicating improved liquidity[6] - The total cash and cash equivalents at the end of the third quarter of 2025 amounted to ¥2,965,869,119.17, compared to ¥1,908,141,348.21 at the end of the same period in 2024, showing an increase of approximately 55.4%[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 68,095[10] - The basic earnings per share for the quarter was ¥0.1006, up 5.34% from the same quarter last year[4] - The basic earnings per share for the first three quarters of 2025 was ¥0.2994, compared to ¥0.2890 in 2024, reflecting an increase of about 3.8%[19] Investment Activities - The company has seen a 55.99% increase in construction in progress, reflecting ongoing investment in infrastructure[6] - The company's investment activities resulted in a net cash outflow of ¥435,805,022.23 in 2025, compared to a net outflow of ¥265,904,983.35 in 2024, indicating an increase in investment expenditures[22] Other Financial Metrics - Accounts receivable decreased by 41.52%, primarily due to a reduction in toll fees receivable[6] - The company's long-term equity investments increased to CNY 85,550,238.74 from CNY 84,315,635.44, showing a slight growth of about 1.5%[13] - The total non-current assets amounted to CNY 14,034,623,311.28, down from CNY 14,354,916,603.89, indicating a decrease of approximately 2.2%[13] - The company's retained earnings increased to CNY 6,521,425,104.69 from CNY 5,837,027,550.99, representing a growth of about 11.7%[14] - The company reported a total operating cost of ¥1,003,544,997.63 for the first three quarters of 2025, slightly higher than ¥1,001,128,400.50 in 2024, indicating a marginal increase of about 0.2%[18] - The company’s financial expenses decreased to ¥8,050,244.76 in 2025 from ¥25,388,845.85 in 2024, representing a significant reduction of approximately 68.3%[18]

证券代码：600033 证券简称：福建高速 编号：临 2025-027 福建发展高速公路股份有限公司 第十届董事会第十一次会议决议公告 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。 福建发展高速公路股份有限公司（以下简称公司）于 2025 年 10 月 18 日以 专人送达和传真、电子邮件的方式发出关于召开第十届董事会第十一次会议的通 知。本次会议于 2025 年 10 月 30 日以通讯表决的方式召开，会议应到董事 11 人， 实到董事 11 人，会议符合《公司法》和《公司章程》等有关规定。会议由董事 长方晓东先生主持，经出席会议的董事认真审议，会议表决通过了如下议案： 一、审议通过《2025 年第三季度报告》。表决结果：11 票同意，0 票反对， 0 票弃权。 本议案已经公司董事会审计委员会事前审核并通过。 本议案已经公司董事会战略委员会事前审核并通过。 三、审议通过《关于修订公司<内部控制手册>的议案》。表决结果：11 票同 意，0 票反对，0 票弃权。 本议案已经公司董事会审计委员会事前审核并通过。 四、审议通过《关 ...

Market Overview - The railway and highway sector experienced a decline of 0.35% on the trading day, with Shentong Metro leading the losses [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers in the railway and highway sector included: - Jilin Expressway (601518) with a closing price of 3.00, up 5.63% on a trading volume of 803,800 shares and a turnover of 240 million yuan [1] - Chongqing Road and Bridge (600106) closed at 6.84, up 4.91% with a trading volume of 558,900 shares and a turnover of 375 million yuan [1] - Conversely, Shentong Metro (600834) led the declines, closing at 8.90, down 3.68% with a trading volume of 119,800 shares and a turnover of 108 million yuan [2] Capital Flow - The railway and highway sector saw a net outflow of 210 million yuan from institutional investors, while retail investors contributed a net inflow of 324 million yuan [2] - Specific stock capital flows included: - Chongqing Road and Bridge (600106) had a net inflow of 28.18 million yuan from institutional investors, while retail investors had a net outflow of 25.08 million yuan [3] - Jilin Expressway (601518) showed a significant retail net inflow, indicating strong interest from individual investors [3]

Core Viewpoint - The railway and highway sector experienced a decline of 0.36% on October 29, with Fujian Expressway leading the losses, while the overall market showed positive performance with the Shanghai Composite Index rising by 0.7% and the Shenzhen Component Index increasing by 1.95% [1][2] Group 1: Market Performance - The Shanghai Composite Index closed at 4016.33, reflecting an increase of 0.7% [1] - The Shenzhen Component Index closed at 13691.38, showing a rise of 1.95% [1] Group 2: Capital Flow - The railway and highway sector saw a net inflow of 131 million yuan from main funds, while retail funds experienced a net outflow of 208 million yuan [2] - Retail investors contributed a net inflow of 77.49 million yuan to the sector [2]

Core Viewpoint - The article expresses optimism about the Chinese stock market, highlighting the recent crossing of the 4000-point mark and the supportive measures from the People's Bank of China to stabilize the market [3][6]. Market Performance - The A-share market saw a collective decline on October 28, with the Shanghai Composite Index down 0.22%, Shenzhen Component down 0.44%, and ChiNext down 0.15%. The total trading volume was 21,655.28 billion yuan, a decrease of 1,912.71 billion yuan from the previous day [14]. - Despite the overall decline, over 2300 stocks rose, with 72 stocks hitting the daily limit up. The Fujian Free Trade Zone concept stocks experienced a surge, with Pingtan Development achieving six limit-ups in eight days [14]. Sector Analysis - The electronics, communication, media, non-bank financials, and banking sectors have shown excess returns for three consecutive years, with the potential for continued outperformance in the TMT (Technology, Media, and Telecommunications) sectors due to the accelerating development of the global AI industry [6][7]. - The transformer sector is experiencing a significant increase in demand, with global delivery times for key components extending to 115-130 weeks, leading to rising product prices [14][20]. Company Earnings - Several companies reported substantial earnings growth in Q3, including: - Shiroyama Real Estate: Revenue of 593 million yuan, up 235.68% YoY; net profit of 109 million yuan, up 3,168.80% YoY [21]. - G-bits: Revenue of 1.968 billion yuan, up 129.19% YoY; net profit of 569 million yuan, up 307.7% YoY [21]. - Huasheng Tiancheng: Revenue of 909 million yuan, up 10.29% YoY; net profit of 219 million yuan, up 563.58% YoY [21]. Investment Trends - The article notes a net outflow of 33.356 billion yuan from major funds, with the non-ferrous metals sector experiencing the largest outflow. Conversely, sectors such as defense, computing, and basic chemicals saw net inflows [22]. - The article also highlights the performance of specific stocks, with notable net inflows into companies like Sanhua Intelligent Control and Longcheng Military Industry, while companies like Northern Rare Earth and ZTE experienced significant outflows [22]. Policy and Economic Outlook - The Central Committee of the Communist Party of China has released recommendations for the 15th Five-Year Plan, emphasizing the need for breakthroughs in key technologies such as integrated circuits, advanced materials, and biomanufacturing [19]. - The U.S. government has signed an $80 billion agreement with Westinghouse Electric Company to build nuclear reactors to meet the growing electricity demand from AI, indicating a global trend towards energy solutions for technology advancements [21].

Market Overview - The railway and highway sector increased by 0.74% compared to the previous trading day, with Ganyue Express leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Ganyue Express (600269) closed at 5.45, up 5.21% with a trading volume of 1.12 million shares and a transaction value of 612 million yuan [1] - Fujian Express (600033) closed at 3.73, up 4.48% with a trading volume of 1.30 million shares and a transaction value of 482 million yuan [1] - Shanxi Express (000755) closed at 5.33, up 4.31% with a trading volume of 212,600 shares and a transaction value of 113 million yuan [1] - Other notable performers include Zhongyuan Express (600020) up 2.91%, Shentong Metro (600834) up 2.40%, and Chongqing Road and Bridge (600106) up 2.38% [1] Capital Flow - The railway and highway sector experienced a net outflow of 412 million yuan from institutional investors, while retail investors saw a net inflow of 216 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Modern Investment (000900) saw a net inflow of 11.76 million yuan from institutional investors, while it experienced a net outflow of 852.87 million yuan from speculative funds [3] - Shanxi Express (000755) had a net inflow of 11.45 million yuan from institutional investors, with a net outflow of 765.18 million yuan from speculative funds [3] - Iron Dragon Logistics (600125) reported a net inflow of 9.12 million yuan from institutional investors, while retail investors had a net outflow of 1.39 million yuan [3]