Core Viewpoint - As of August 5, 2025, Gansu Expressway (赣粤高速) reported a closing price of 5.16 yuan, reflecting a 0.98% increase, with a trading volume of 130,900 lots and a transaction amount of 67.39 million yuan [1] Financial Performance - For the first quarter of 2025, the company reported total operating revenue of 1.561 billion yuan, a year-on-year increase of 0.10% - The net profit attributable to shareholders was 428 million yuan, representing a year-on-year growth of 9.52% - The non-recurring net profit was 411 million yuan, up 7.17% year-on-year - The current ratio stood at 1.076, the quick ratio at 0.740, and the debt-to-asset ratio at 43.51% [1] Capital Flow - On the trading day, the net outflow of main funds was 11.01 million yuan, accounting for 16.33% of the transaction amount - The outflow from large orders was 2.43 million yuan, making up 3.61% of the transaction amount, while small orders saw a net inflow of 8 million yuan, representing 11.87% of the transaction amount [1] Company Overview - Jiangxi Gansu Expressway Co., Ltd. was established in 1998 and is located in Nanchang City, primarily engaged in public facility management - The company has a registered capital of 2.335 billion yuan, which is also the paid-in capital - The legal representative of the company is Han Feng [1] Investment and Intellectual Property - The company has made investments in 18 enterprises and participated in 1,054 bidding projects - It holds 12 trademark registrations and 143 patents, along with 43 administrative licenses [2]

Core Insights - The railway and highway sector experienced a slight increase of 0.37% on August 5, with Jiangxi Changyun leading the gains [1] - The Shanghai Composite Index closed at 3617.6, up by 0.96%, while the Shenzhen Component Index closed at 11106.96, up by 0.59% [1] Sector Performance - Jiangxi Changyun (600561) closed at 7.02, with a rise of 2.48% and a trading volume of 97,200 shares, totaling a transaction value of 67.94 million yuan [1] - Other notable performers included: - Sanfengsi (001317) at 48.56, up 2.02% with a transaction value of 165 million yuan [1] - Sichuan Chengyu (601107) at 5.71, up 1.78% with a transaction value of 123 million yuan [1] - Wuhu Expressway (600012) at 16.11, up 1.64% with a transaction value of 62.67 million yuan [1] Capital Flow - The railway and highway sector saw a net outflow of 158 million yuan from institutional investors, while retail investors contributed a net inflow of 115 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Daqin Railway (601006) had a net inflow of 15.37 million yuan from institutional investors, while it faced a net outflow of 20.23 million yuan from retail investors [3] - Jiangxi Changyun (600561) experienced a net inflow of 4.43 million yuan from institutional investors but a net outflow of 0.61 million yuan from retail investors [3] - Sichuan Chengyu (601107) had a net inflow of 0.82 million yuan from retail investors, despite a net outflow from institutional investors [3]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002357 | 富临远业 | 11.12 | 3.06% | 16.35万 | | 1.78亿 | | 600561 | 江西长运 | 6.85 | 1.33% | 5.95万 | | 4046.55万 | | 001317 | 三丰司 | 47.60 | 1.08% | 1 4.01万 | | 1.92亿 | | 603069 | 海汽集团 | 21.15 | 1.00% | 4.92万 | | 1.04亿 | | 600548 | 深高速 | 10.42 | 0.97% | 3.74万 | | 3872.71万 | | 000548 | 湖南投资 | 5.56 | 0.91% | 6.32万 | | 3505.22万 | | 600269 | 赣粤高速 | 5.11 | 0.79% | 12.13万 | | 6172.68万 | | 000429 | 粵高速 A | 12.41 | 0.73% | 5.06万 | | 6276 ...

证券代码:600269 股票简称:赣粤高速 编号:临 2025-032 单位：元 | 昌九高速 | 92,147,842.01 | | --- | --- | | 昌樟高速 | 48,287,320.61 | | 昌泰高速 | 60,995,322.26 | | 九景高速 | 47,083,650.83 | | 彭湖高速 | 6,286,585.43 | | 温厚高速 | 7,669,092.10 | | 昌奉高速 | 10,605,490.91 | | 奉铜高速 | 7,629,949.20 | | 合计 | 280,705,253.35 | 公司2025年6月份车辆通行服务收入为280,705,253.35元。 2025 年 6 月份车辆通行服务收入一览表 江西赣粤高速公路股份有限公司 2025 年6 月份车辆通行服务收入数据公告 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。 上述数据未经审计，供投资者参考。自执行"营改增"政策后， 该通行服务收入中含增值税。 特此公告。 江西赣粤高速公路股份有限公司董事会 20 ...

经中国银行间市场交易商协会中市协注〔2024〕MTN317 号文注 册，本公司于 2025 年 7 月 9 日在中国银行间债券市场成功发行 2025 年度第一期中期票据（简称 25 赣粤 MTN001），发行规模为人民币 11 亿元，发行期限为 3 年，起息日为 2025 年 7 月 9 日，发行利率为 1.70%。 本次募集资金 11 亿元已于 2025 年 7 月 9 日划入公司指定账户。 证券代码:600269 股票简称:赣粤高速 编号:临2025-031 江西赣粤高速公路股份有限公司 关于 2025 年度第一期中期票据发行结果的 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 完整性承担个别及连带责任。 特此公告。 江西赣粤高速公路股份有限公司董事会 2025 年 7 月 11 日 ...

证券代码:600269 股票简称:赣粤高速 编号:临2025-030 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。 经中国银行间市场交易商协会中市协注〔2024〕SCP398 号文注 册，本公司在中国银行间债券市场成功发行 2025 年度第四期超短期 融资券（简称 25 赣粤 SCP004），发行规模为人民币 11 亿元，发行期 限为 270 日，起息日为 2025 年 7 月 8 日，发行利率为 1.55%。本次 募集资金 11 亿元已于 2025 年 7 月 8 日划入公司指定账户。 特此公告。 江西赣粤高速公路股份有限公司董事会 2025 年 7 月 10 日 江西赣粤高速公路股份有限公司 关于 2025 年度第四期超短期融资券 发行结果的公告 ...

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Insights - The easing of the Israel-Iran conflict has led to a decline in oil tanker rates, with the VLCC market shifting from geopolitical influences to supply-demand fundamentals [3][14] - The establishment of the General Aviation and Low Altitude Economy Working Group by the Civil Aviation Administration of China (CAAC) aims to enhance the development of low-altitude economy and general aviation [3][16] - The price of unmanned logistics vehicles has dropped to around 20,000 yuan, contributing to a 5.3% year-on-year growth in national social logistics total in the first five months of 2025 [3][22] Industry Highlights - The VLCC market sentiment has transitioned to supply-demand fundamentals, with tanker rates under pressure due to increased competition among shipowners and no significant rise in cargo volumes [3][14] - As of July 4, 2025, the shipping rates from Shanghai to Europe increased by 3.5% to 2,101 USD/TEU, while rates to the US West and East coasts decreased by 19.0% and 12.6%, respectively [3][15] - In the first half of 2025, 117 new international air cargo routes were opened in China, with over 233 round-trip flights added weekly [3][16][18] - The logistics sector has seen a total of 138.7 trillion yuan in social logistics, reflecting a 5.3% year-on-year increase, with a slight deceleration in growth compared to previous months [3][24] High-Frequency Data Tracking - In June 2025, domestic cargo flights increased by 9.42% year-on-year, while international flights rose by 32.87% [26][33] - The express delivery sector experienced a 17.20% year-on-year increase in business volume in May 2025, with total express business volume reaching 173.2 billion pieces [56][58] - The national port cargo throughput reached 7.345 billion tons in the first five months of 2025, marking a 3.8% year-on-year growth [52]

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The easing of tensions in the Middle East has led to a decline in oil tanker rates, with the VLCC market experiencing a significant price drop of 14.31% compared to June 19, with current rates at WS59.88 [3][12] - In the shipping sector, the demand for European routes has improved, resulting in a 10.6% increase in spot market booking prices, while the US routes have seen a decline of 7.0% and 11.9% for the West and East coasts, respectively [3][14] - During the summer travel season, Hainan Airlines plans to operate nearly 2,500 flights daily, with domestic ticket bookings reaching 17.9 million, a 5% increase year-on-year [3][15] - The newly unveiled Zhuque eVTOL has a range of 600 kilometers, and from January to May, national railway freight volume increased by 3.1% year-on-year, totaling 1.641 billion tons [3][22] Summary by Sections 1. Industry Hot Events - The Middle East situation has calmed, leading to a reduction in oil tanker rates and a return to supply-demand fundamentals [12] - Hainan Airlines is set to launch 75 new domestic and international routes during the summer travel season, with a daily flight plan of nearly 2,500 [15] - The Zhuque eVTOL was showcased, achieving a range of 600 kilometers, while railway freight volume showed a year-on-year increase [22] 2. High-Frequency Data Tracking - Air logistics: The overall trend for routes to the Asia-Pacific remains stable, with air freight prices showing a decline [25] - Shipping ports: The domestic container shipping price index has decreased, while dry bulk freight rates have also fallen [43] - Express logistics: In May 2025, express delivery volume increased by 17.20% year-on-year, with revenue rising by 8.20% [54] - Air travel: The average daily international flights in the last week of June 2025 increased by 17.51% year-on-year [3] - Road and rail: The number of freight trucks on highways increased by 0.88% week-on-week [3] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Investment opportunities in the road and rail sector, recommending Sichuan Chengyu, Gansu Expressway, and others [4] - Interest in cruise and ferry investment opportunities, recommending Bohai Ferry and Haixia Co [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, and others [4]

Group 1 - The report highlights the steady growth in highway traffic volume, with a focus on the valuation recovery of H-shares and the systemic revaluation of A-shares, recommending specific stocks such as Zhejiang Huhangyong, Wantong Expressway, and Ninghu Expressway [3][4][32] - The railway passenger transport sector is experiencing structural changes in customer demographics, leading to a stable growth outlook, with a shift in valuation logic from PE to DCF and EV/EBITDA [3][4][56] - The railway freight sector is benefiting from the transformation of logistics and adjustments in railway freight pricing policies, with steady growth in freight volume and turnover, although the growth rate remains low [3][4][75] Group 2 - The logistics industry is being empowered by AI, which enhances traffic efficiency through the integration of traffic data models and optimization algorithms, allowing leading companies to expand their market share [3][4][105] - The report notes that the number of vehicles in China has reached 353 million by 2024, reflecting a year-on-year growth of 10.31%, indicating a robust demand for transportation services [5][11] - The report discusses the ongoing digital transformation in the railway sector, aiming for comprehensive digitization and intelligent upgrades by 2027, which will enhance operational efficiency [107][108]

证券代码:600269 股票简称:赣粤高速 编号:临 2025-029 江西赣粤高速公路股份有限公司 2025 年5 月份车辆通行服务收入数据公告 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。 公司2025年5月份车辆通行服务收入为269,231,798.96元。 特此公告。 江西赣粤高速公路股份有限公司董事会 2025 年 6 月 13 日 2025 年 5 月份车辆通行服务收入一览表 单位：元 | 昌九高速 | 89,657,183.84 | | --- | --- | | 昌樟高速 | 46,452,737.58 | | 昌泰高速 | 59,582,551.99 | | 九景高速 | 43,910,467.66 | | 彭湖高速 | 5,908,509.52 | | 温厚高速 | 7,504,927.22 | | 昌奉高速 | 9,132,298.00 | | 奉铜高速 | 7,083,123.15 | | 合计 | 269,231,798.96 | 上述数据未经审计，供投资者参考。自执行"营改增"政策后， 该 ...