Investment Rating - The report maintains a rating of "Buy" for several key companies in the aviation and logistics sectors, including China Southern Airlines, Spring Airlines, and SF Express [2]. Core Insights - The aviation sector is expected to benefit from multiple catalysts, including the recovery of passenger demand and improved ticket pricing due to high load factors and regulatory support [4][6]. - The logistics and express delivery industry is experiencing a divergence in growth rates, with a focus on improving operational quality through policies aimed at reducing "involution" and the adoption of automation technologies [6][7]. Summary by Sections Aviation Sector - The report highlights the positive impact of the national strategy to expand domestic demand, which is expected to drive up airline stock prices. For instance, companies like China Eastern Airlines and China Southern Airlines saw stock increases of 12.48% and 13.60%, respectively [4]. - Key metrics for airlines from December 15 to December 19 include average daily flights and aircraft utilization rates, with notable year-on-year increases in flight numbers for several airlines [4]. - The report emphasizes the long-term growth potential of the aviation sector, driven by a combination of recovering demand, regulatory support for pricing, and a gradual recovery in aircraft utilization rates [6]. Logistics and Express Delivery - The express delivery sector is witnessing a mixed trend in volume and pricing, with November data showing a year-on-year increase in delivery volumes for some companies while others face declines [6]. - The report notes that the integration of Danbird Logistics into Shentong Express is expected to enhance scale and operational efficiency [6]. - The "anti-involution" policy is anticipated to improve profitability across the express delivery industry, with a focus on enhancing service quality and pricing strategies [6][7]. Infrastructure - The report suggests that the infrastructure sector, particularly highways, remains stable with consistent cash dividends and ongoing expansion projects [6]. - Data from December 8 to December 14 indicates a slight decline in freight traffic on highways and railways, but overall port throughput showed a year-on-year increase [6]. Shipping and Trade - The shipping sector is experiencing fluctuations in freight rates, with oil shipping showing strength while dry bulk rates are declining. The report suggests that geopolitical factors may reshape global shipping dynamics [7]. - The report recommends monitoring companies in the shipping sector for potential investment opportunities, particularly those positioned to benefit from seasonal demand increases [7].

Core Viewpoint - The incident involving the spillage of seafood waste on the Weiqing Expressway has led to significant damage to over 40 vehicles, causing a dilemma for affected car owners regarding compensation due to the classification of the event as a "non-traffic accident" [1][7]. Group 1: Incident Overview - The seafood waste spillage occurred on December 12, with a heavy-duty truck losing a "slurry" of seafood waste on the road, affecting numerous vehicles that passed by [7]. - Affected car owners have formed a rights protection group, which has grown to 49 members, highlighting the widespread impact of the incident [1]. Group 2: Response from Authorities - The Shandong Highway Yantai Company has acknowledged the incident and is actively working to assist affected car owners with their claims, including providing necessary evidence such as road monitoring footage and incident records [3][5]. - The highway maintenance unit has confirmed that they are collecting information on the responsible truck driver and have begun charging for the cleanup of the waste [3]. Group 3: Damage and Compensation Issues - Car owners have reported extensive damage, with cleaning costs ranging from hundreds to over a thousand yuan, and some have had to clean their vehicles multiple times without completely removing the odor [7]. - Due to the lack of a traffic accident report, car owners are unable to claim insurance through conventional channels, leading some to consider civil lawsuits against the responsible party [7].

12月19日，是东兴证券复牌的第二个交易日。在前一日收获涨停后，19日股价则有所调整，截至收 盘，最终报收14.39元/股，微跌0.35%。 而此前一日，相伴东兴证券9年之久的大股东山东高速公告称，根据相关会计准则及政策，拟在2025年 度对联营企业东兴证券对应的长期股权投资计提减值准备，预计减值准备金额约为6.9亿元。 据青岛荣晟企业管理咨询有限公司董事长、资深IPO顾问王立慧对证券时报·券商中国记者分析，山东高 速计提的6.9亿元减值，并非对东兴证券的投资交易"不划算"，而是在交易预案发布后，将其账面上"虚 高"的长期股权投资价值，向下调整到即将换入的中金公司股票的公允价值水平。这是一个必要的会计技 术处理，以确保财务报表反映交易的经济实质。 计提减值系会计上的计量调整 山东高速发布公告当日，即东兴证券复牌首日。12月17日，中金公司换股吸收合并东兴证券、信达证券 的预案出炉。其中，被吸收合并方东兴证券换股价格为16.14元/股，较基准价格溢价26%。以此计算， 东兴证券与中金公司A股的换股比例为1∶0.4373。 根据山东高速12月18日公告，基于中金公司吸收合并东兴证券的预案，为更加客观、公正地反映公 ...

Core Viewpoint - The article discusses the recent accounting adjustment by Shandong High-Speed Group regarding its investment in Dongxing Securities, which involves a proposed impairment of approximately 690 million yuan due to the upcoming merger with CICC [2][4][7]. Group 1: Investment and Impairment - Shandong High-Speed announced a planned impairment of 690 million yuan for its long-term equity investment in Dongxing Securities, reflecting a necessary accounting adjustment following the merger announcement with CICC [2][3][4]. - The impairment is not indicative of a poor investment but rather a compliance measure to align the book value of the investment with the fair value of the new asset (CICC shares) post-merger [4][6]. Group 2: Historical Context - Shandong High-Speed has been a significant shareholder in Dongxing Securities since 2016, initially acquiring 120 million shares at a price of 18.81 yuan per share, totaling an investment of 2.257 billion yuan [5]. - The company's stake in Dongxing Securities has fluctuated, with a current holding of 3.71%, allowing it to exert significant influence despite owning less than 20% [6]. Group 3: Financial Impact - The impairment is expected to reduce Shandong High-Speed's consolidated profit by approximately 690 million yuan for the fiscal year 2025 [7]. - The investment in Dongxing Securities contributed 45.57 million yuan to Shandong High-Speed's investment income in the first three quarters of 2025, highlighting the importance of this asset in the company's overall financial performance [6].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 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。 山东高速股份有限公司（以下简称"公司"） 根据《企业会计准则第2号-长期股权投资》《企业会计准则 第8号-资产减值》及公司会计政策等相关规定， 2025年度拟计提东兴证券股份有限公司（以下简称"东 兴证券"）对应长期股权投资减值准备约6.9亿元，预计导致公司2025年度合并报表利润总额减少约6.9亿 元。 山东高速股份有限公司董事会 本次计提减值准备金额未经审计，最终会计处理及对公司2025年度利润的影响以公司披露的2025年年度 报告为准。 上述减值事项预计将导致公司2025年度合并报表利润总额减少约6.9亿元。本次计提减值准备金额未经 审计，最终会计处理及对公司2025年度利润的影响以公司披露的2025年年度报告为准。 三、风险提示 （一）公司本次拟计提的减值准备金额为公司初步测算结果，最终计提金额以公司披露的2025年年度报 告为准。敬请广大投资者谨慎决策，注意投资风险。 （二）公司本次拟计提减值准备事 ...

Market Overview - The railway and highway sector increased by 0.42% on December 19, with Haikou Group leading the gains [1] - The Shanghai Composite Index closed at 3890.45, up 0.36%, while the Shenzhen Component Index closed at 13140.22, up 0.66% [1] Top Performers - Haikou Group (603069) closed at 23.86, up 10.00% with a trading volume of 234,900 shares and a transaction value of 543 million [1] - Hainan Expressway (000886) closed at 6.68, up 6.37% with a trading volume of 834,200 shares [1] - Sanfeng Company (001317) closed at 56.22, up 5.08% with a trading volume of 209,700 shares and a transaction value of 1.151 billion [1] Underperformers - Ninghu Expressway (600377) closed at 12.16, down 1.46% with a trading volume of 151,000 shares and a transaction value of 18.4 million [2] - China Merchants Highway (001965) closed at 9.98, down 1.09% with a trading volume of 158,600 shares [2] - Guangdong Expressway A (000429) closed at 11.86, down 1.08% with a trading volume of 83,700 shares [2] Capital Flow - The railway and highway sector experienced a net outflow of 17.788 million from institutional investors, while retail investors saw a net inflow of 7.817 million [2] - The main stocks with significant capital inflow included Dazhong Transportation (600611) with a net inflow of 58.3566 million [3] - Haikou Group (603069) had a net inflow of 55.5408 million, while Sanfeng Company (001317) saw a net inflow of 52.0940 million [3]

本报讯(记者袁传玺)天眼查App显示，近日，济南儒商嘉逸产业投资合伙企业(有限合伙)成立，执行事 务合伙人为山东通汇儒商新动能投资有限公司，出资额约101亿元，经营范围为以自有资金从事投资活 动，由山东黄金（600547）集团有限公司、山东高速（600350）集团有限公司及旗下山东通汇儒商新动 能投资有限公司共同出资。 ...

Core Viewpoint - The public announcement regarding the sea use application for the expansion project of the Rongwu Expressway from Weihai to Yantai marks a significant step in advancing the project, which aims to enhance regional transportation networks and boost economic development in the Weihai and Yantai areas [1][3]. Group 1: Project Details - The sea use applicant for the project is Shandong Expressway (600350) Peninsula Investment Co., Ltd., with the total sea area involved being 8.2175 hectares and a usage period of 50 years [3]. - The project includes various key segments such as the Jinshan Port Bridge, Shuangdao Bay section, and Huangbu Port Middle Bridge, utilizing non-permeable structures, cross-sea bridges, and underwater tunnels [3]. Group 2: Economic and Social Impact - The expansion project is crucial for improving traffic capacity in response to the rapid economic growth and increasing vehicle ownership in the region, addressing the current inadequacies of road capacity [3]. - The successful advancement of the project is expected to strengthen transportation links between Weihai and Yantai, enhance the highway network layout in the peninsula region, and promote tourism resource development and regional industrial collaboration [4].

山东高速于2025 年12 月18 日发布《关于拟计提减值准备的提示性公告》： 2025 年12 月18 日，东兴证券发布《中国国际金融股份有限公司换股吸收合并东兴证券股份有限公司、 信达证券股份有限公司预案》，中国国际金融股份有限公司向东兴证券全体A 股换股股东发行中金公司 A 股股票实现换股吸收合并东兴证券，东兴证券的A 股换股价格为16.14 元/股，东兴证券与中金公司的 换股比例为1:0.4373。 拟转让粤高速A 股权或将对减值影响形成对冲。根据公司2025 年11 月28 日发布的《关于全资子公司出 售资产暨关联交易的公告》，公司全资子公司山东高速投资发展有限公司拟通过非公开协议转让方式将 其持有的广东省高速公路发展股份有限公司9.68%股权转让给山东通汇资本投资集团有限公司，交易金 额为24.35 亿元，较账面成本16.33 亿元溢价49.10%，两者差额约为8.02 亿元，转让完成后投资公司不 再持有粤高速A 股份。2025 年前3 季度，公司实现归母净利润26.19 亿元，同比增长4.11%；拟转让粤 高速A 股权产生的收益或将对前述减值事项造成的影响形成对冲，业务经营平稳预期下，公司今年全 ...

Group 1 - A new investment partnership named Jinlan (Jinan) Industrial Investment Partnership (Limited Partnership) has been established with a capital contribution of approximately 9.9 billion yuan [1] - The business scope of the new partnership includes engaging in investment activities using its own funds [1] - The partnership is co-funded by Shandong Gold Group Co., Ltd. and Shandong Hi-Speed Group Co., Ltd. among others [1]