Market Performance - The railway and highway sector increased by 0.24% compared to the previous trading day, with Sichuan Chengyu leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Stock Performance - Sichuan Chengyu (601107) closed at 6.26, up 3.81% with a trading volume of 271,500 shares and a transaction value of 26.97 million [1] - Jilin Expressway (601518) closed at 2.92, up 2.10% with a trading volume of 195,800 shares and a transaction value of 56.81 million [1] - Western Entrepreneurship (000557) closed at 5.10, up 2.00% with a trading volume of 194,100 shares and a transaction value of 98.11 million [1] - Other notable stocks include Shanxi Expressway (000755) at 5.38, up 1.89%, and Iron Dragon Logistics (600125) at 6.58, up 1.39% [1] Capital Flow - The railway and highway sector saw a net inflow of 309 million in main funds, while retail investors experienced a net outflow of 232 million [2] - The main funds' net inflow for Beijing-Shanghai High-Speed Railway (601816) was 2.35 million, while it faced a net outflow of 83.12 million from speculative funds [3] - Other stocks like Guangzhou-Shenzhen Railway (601333) had a main fund net inflow of 1.89 million, but a net outflow of 1.14 million from retail investors [3]

Summary of Shandong Expressway Conference Call Company Overview - Shandong Expressway focuses on toll road operations as its core business and has diversified into the broader transportation industry chain, including railway freight and electromechanical engineering, optimizing its revenue structure [2][4] - The company strategically introduced Anhui Expressway to optimize its equity structure, facilitating future capital operations [2] Core Financial Insights - Toll revenue remains the primary source of income for Shandong Expressway, with costs and revenues moving in sync, maintaining a stable gross margin over the long term [2][6] - In the first three quarters of 2025, the company reported steady growth in profits and cash flow, with investment income becoming a significant profit supplement, and asset disposals adding 0.85 billion yuan to net profit attributable to shareholders [2][6] Dividend Policy - Shandong Expressway boasts a leading dividend yield in the industry, projected at 4.1% for 2024, ranking among the top three in the sector [2][7] - Expected dividend yields for 2025 and 2026 are forecasted to reach 4.5% and 4.6%, respectively, with potential for new dividend plans in the future [2][7] Operational Highlights - The company’s core road assets are located in Shandong Province, a major transportation hub with strong demand for both passenger and freight transport [2][8] - As of mid-2025, the operational mileage reached 2,913 kilometers, with approximately 1,604 kilometers of free road assets [2][8] - Key routes such as the Jiqing and Jingtai expressways have completed expansion projects, which are expected to significantly increase traffic volume and enhance revenue per kilometer due to new toll standards [2][9] Competitive Advantages - Shandong Expressway's competitive edge lies in its location and road assets, with a leading operational mileage in the industry [2][8] - The completion of the Jingtai expressway expansion is anticipated to extend toll collection periods, further securing revenue sustainability [2][8] Future Outlook - The company’s future development is supported by three main factors: 1. Ongoing completion of core road asset expansions is expected to catalyze volume and price increases [2][9] 2. Continuous decline in borrowing costs since 2022 will reduce financial expenses and enhance profit growth potential [2][9] 3. The low-risk yield environment enhances the attractiveness of high dividend configurations, with rising expected dividend yields since 2025 [2][9] - Overall, there is a strong positive outlook on the investment value of Shandong Expressway [2][9]

2025年上半年公司营业收入为2.03亿元，营业收入增长率为-11.01%，归属母公司净利润为-0.12亿元， 归属母公司净利润增长率为-175.92%。 目前公司属于信息技术行业，主要产品类型为电子元器件，2024年报主营构成为智慧高速:66.26%;汽车 电子:28.69%;智慧城市:3.53%;其他:1.53%。 同壁财经讯，企查查数据显示，根据《山东高速信联科技股份有限公司2026-2027年度电子标签 （OBU）和双界面CPU卡片入围采购项目（标段1）中标结果公告》，深圳市金溢科技股份有限公司于 2026年1月27日公告中标山东高速信联科技股份有限公司采购项目，中标金额为3600.00万元。 相关上市公司：金溢科技(002869.SZ) 同壁财经小贴士： 同壁财经讯，企查查数据显示，根据《山东高速信联科技股份有限公司2026-2027年度电子标签 （OBU）和双界面CPU卡片入围采购项目（标段1）中标结果公告》，深圳市金溢科技股份有限公司于 2026年1月27日公告中标山东高速信联科技股份有限公司采购项目，中标金额为3600.00万元。 相关上市公司：金溢科技(002869.SZ) 同壁财经小贴士： ...

Investment Rating - The report assigns an "Overweight" rating to the highway industry [6]. Core Insights - The comprehensive revision of the "Regulations on the Management of Toll Roads" has been in preparation for years, with broad consensus on four key amendments. The anticipated policy optimization is expected to accelerate, with the amendment of the Highway Law serving as an important signal that could improve long-term returns in the industry [3][6]. - The demand for highway tolls is recovering, and the certainty of dividends remains prominent. The highway industry is experiencing a release of suppressed demand and expansion effects, driving significant growth in traffic volume and profitability. From the second half of 2024 to the first half of 2025, traffic volume in the highway industry is expected to remain under pressure, particularly with a year-on-year reduction in truck traffic, which contrasts with the steady growth trend in highway freight volume [6]. - The report highlights that highway companies are actively optimizing their debt structures in response to the continuous decline in the Loan Prime Rate (LPR), which is expected to further reduce financial costs and support profitability growth. The stability of the highway dividend policy and manageable capital expenditure pressures for expansion and reconstruction projects position the industry as a preferred choice for dividends in the transportation sector [6]. Summary by Sections Policy Revision - The "Regulations on the Management of Toll Roads" is the most important policy for the highway industry, originally enacted in 2004. It has effectively supported the rapid construction of China's highway network over the past forty years. However, rising construction costs and unchanged toll standards have led to declining returns on new and expanded projects, increasing financing difficulties and accumulating debt risks [6]. - The Ministry of Transport has previously released draft amendments in 2013, 2015, and 2018, with the revision consistently appearing in annual legislative work plans. The report suggests that as a batch of highways approaches the end of their tolling period, policy optimization may accelerate [6]. - Key amendments include extending the operating period for new projects from 25 years to 30 years, allowing for extensions on reconstruction projects, introducing compensation mechanisms for reductions, and establishing a maintenance fee system based on the "user pays" principle [6]. Investment Recommendations - The report maintains an "Overweight" rating for the highway sector, suggesting that policy optimization may catalyze optimistic expectations. The industry faces reinvestment pressures due to limited operating years and ongoing business needs, making reinvestment a necessary choice. The report anticipates that policy optimization will systematically improve reinvestment risks and ensure reasonable returns on reinvestment [6]. - Recommended stocks include China Merchants Highway, Nanjing-Hangzhou Expressway, Anhui Wantuo Expressway, and Shenzhen International, with additional mentions of Sichuan Chengyu, Guangdong Expressway, Shandong Expressway, and Zhongyuan Expressway as related targets [6].

Core Viewpoint - The railway and highway sector experienced a slight increase of 0.41% on January 26, with Ninghu Expressway leading the gains, while the Shanghai Composite Index fell by 0.09% and the Shenzhen Component Index decreased by 0.85% [1]. Group 1: Market Performance - The closing price of Ninghu Expressway was 11.94, with a rise of 1.70% and a trading volume of 166,300 shares, resulting in a transaction value of approximately 198.67 million yuan [1]. - Shandong Expressway closed at 9.95, up by 1.12%, with a trading volume of 72,900 shares and a transaction value of about 72.32 million yuan [1]. - The railway and highway sector saw a net inflow of 57.44 million yuan from main funds, while retail investors experienced a net outflow of 10.94 million yuan [2][3]. Group 2: Individual Stock Performance - The stock of Beijing-Shanghai High-Speed Railway closed at 4.94, increasing by 1.02%, with a trading volume of 3.2831 million shares and a transaction value of approximately 1.619 billion yuan [1]. - Dazhou Railway's stock closed at 5.04, up by 0.80%, with a trading volume of 2.2155 million shares and a transaction value of about 1.112 billion yuan [1]. - The stock of Fujian Expressway closed at 3.78, down by 1.31%, with a trading volume of 450,100 shares and a transaction value of approximately 171 million yuan [2]. Group 3: Fund Flow Analysis - Beijing-Shanghai High-Speed Railway had a main fund net inflow of 29.4 million yuan, while retail investors saw a net outflow of 14.8 million yuan [3]. - Daqin Railway recorded a net inflow of 92.79 million yuan from main funds, with a net outflow of 79.14 million yuan from retail investors [3]. - The stock of Ninghu Expressway had a main fund net inflow of 5.48 million yuan, while retail investors experienced a net outflow of 5.96 million yuan [3].

Core Viewpoint - The report of the Zhongjin Shandong Expressway REIT for Q4 2025 indicates a steady growth in distributable income and stable operational performance despite external challenges. Group 1: Financial Performance - The fund achieved a total distributable income of approximately 191 million yuan in 2025, reflecting a year-on-year increase of 0.95% [2] - The annualized cash distribution rate based on the closing price of 7.364 yuan per share on December 31, 2025, reached 6.47% [2] - Since its establishment, the fund has distributed income 9 times, totaling approximately 691 million yuan, with a distribution ratio close to 100% [3] Group 2: Operational Performance - The actual operating revenue for the Yanhua Expressway in 2025 was 255.92 million yuan, which is 94.92% of the forecasted value of 269.61 million yuan [4] - The decrease in traffic volume and toll revenue was influenced by changes in the road network, particularly the reopening of the Jinan to Heze Expressway after expansion [4] Group 3: Management Actions - The fund management has actively maintained road assets and rights, successfully completing bridge construction over the Yanhua Expressway and securing compensation for related construction [5] - The operational management team has focused on ensuring key operational metrics are met, including traffic flow rates and customer satisfaction, while implementing measures to maximize toll revenue collection [5] - Safety measures were prioritized, with preparations for national evaluations and proactive checks conducted throughout the year, resulting in no safety production responsibility accidents [5]

Investment Rating - The report maintains a "Buy" rating for major airlines including China Southern Airlines, China Eastern Airlines, Spring Airlines, and others, while recommending "Hold" for YTO Express and Shentong Express [2]. Core Insights - The report highlights a positive outlook for the aviation sector driven by multiple factors, including the upcoming Spring Festival travel peak, the appreciation of the RMB easing cost pressures, and the increase in visa-free countries for Chinese citizens, which is expected to boost international travel demand [4][7]. - The anticipated passenger transport volume during the 2026 Spring Festival is projected to reach a historical high of 95 million, with a daily average of 2.38 million passengers, reflecting a year-on-year growth of approximately 5.3% [4]. - The report emphasizes the cyclical recovery of the civil aviation market, with expectations of rising passenger load factors and ticket prices, driven by a gradual recovery in demand and limited capacity growth [4][7]. Summary by Sections Aviation and Airports - Daily flight operations from January 19 to January 23 showed slight fluctuations, with Eastern Airlines and Southern Airlines operating 2,245.80 and 2,221.80 flights respectively, while year-on-year comparisons indicate a decrease in operations [4]. - The average aircraft utilization rates during the same period were reported, with Spring Airlines achieving the highest at 9.20 hours per day, although all airlines showed a decline compared to the previous year [4]. - The report suggests that the upcoming Spring Festival will significantly enhance market demand, particularly from student travelers, as the holiday season approaches [4][7]. Logistics and Express Delivery - The report notes a divergence in the growth rates of express delivery companies, with a total of approximately 4.073 billion packages collected from January 12 to January 18, reflecting a year-on-year decline of 11.82% [7]. - It highlights the ongoing high-quality development of the express delivery industry, with policies aimed at reducing competition ("anti-involution") expected to improve profitability [7]. - The report recommends focusing on express companies with significant profit elasticity, such as Shentong Express and YTO Express, as well as those with strong growth potential in overseas markets like Jitu Express [7]. Infrastructure - The report tracks various transportation metrics, including highway and railway freight volumes, indicating a mixed performance across sectors [7]. - It suggests that the low-interest-rate environment will continue to support investment in infrastructure, with a focus on high-quality assets [7]. - Specific recommendations include investing in highway companies like Shandong Highway and Anhui Expressway, as well as railway companies like Daqin Railway and Beijing-Shanghai High-Speed Railway [7]. Shipping and Trade - The report indicates a mixed performance in shipping rates, with the SCFI index showing a decline of 7.39% week-on-week and a year-on-year drop of 28.73% [7]. - It emphasizes the potential for investment opportunities in oil and bulk shipping due to geopolitical factors and structural demand growth [7]. - Recommendations include focusing on companies like COSCO Shipping Energy and COSCO Shipping Holdings for oil shipping investments, as well as Hai Tong Development for bulk shipping [7].

Core Viewpoint - The AI Fund Guojin Hongli Quantitative Stock Selection Mixed A (024385) reported a profit of 4.2903 million yuan for Q4 2025, with a weighted average profit per fund share of 0.0116 yuan, indicating a stable performance in a challenging market environment [1] Fund Performance - The fund's net value growth rate for the reporting period was 0.74%, with a total fund size of 312 million yuan as of the end of Q4 [1] - As of January 23, the unit net value was 1.051 yuan, reflecting a positive trend in fund valuation [1] Fund Manager Insights - The fund manager, Ma Fang, oversees seven funds, with the Guojin Quantitative Multi-Factor A achieving the highest one-year cumulative net value growth rate of 70.06%, while the Guojin Quantitative Multi-Strategy A recorded the lowest at 49.44% [1] - The fund management indicated that during the reporting period, the fund was in a closed period at certain times, adhering to a steady investment rhythm driven by quantitative models based on market conditions [1] Top Holdings - As of the end of Q4 2025, the fund's top ten holdings included Agricultural Bank of China, Gree Electric Appliances, Nanjing Bank, Tangshan Port, Guangdong Expressway A, Shandong Expressway, Phoenix Media, Shanghai Electric, TBEA Co., and Anhui Expressway [1]

Core Viewpoint - The company has received approval from its board and shareholders to apply for a unified registration of non-financial corporate debt financing instruments in accordance with the regulations of the China Interbank Market Dealers Association [1] Group 1 - The company plans to issue various debt instruments including ultra-short-term financing bonds, short-term financing bonds, medium-term notes (including long-term medium-term notes with options), private placement notes (PPN), and asset-backed notes (ABN) [1] - The registration for these instruments will be valid for a specified period, allowing for issuance either in one go or in phases [1] Group 2 - On January 20, 2026, the company successfully completed the issuance of its second phase of ultra-short-term financing bonds for the year 2026, amounting to 1 billion yuan [1] - The raised funds have been deposited into the company's designated account [1]

2026 年度第二期超短期融资券发行情况公告 本公司董事会及全体董事保证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。 经 2024 年 5 月 9 日召开的公司 2023 年年度股东大会审议批准，公司按照中 国银行间市场交易商协会（下称"交易商协会"）的相关规定，向交易商协会申 请统一注册非金融企业债务融资工具，具体包括超短期融资券、短期融资券、中 期票据（含长期限含权中期票据）、PPN（非公开定向债务融资工具）和 ABN（资 产支持票据）等，在中国银行间市场交易商协会注册有效期内一次或择机分期发 行。（相关决议公告详见《中国证券报》《上海证券报》《证券时报》《证券日 报》及上海证券交易所网站）。 2026 年 1 月 20 日，公司已完成 2026 年度第二期 10 亿元超短期融资券的起 息发行工作，该募集资金已到达公司指定账户，现将有关发行情况公告如下： 证券代码：600350 证券简称：山东高速 编号：2026-002 山东高速股份有限公司 特此公告。 山东高速股份有限公司董事会 2026 年 1 月 21 日 2 | 债券名称 | 山东高速股份 ...