Market Overview - On November 4, the railway and highway sector rose by 0.3% compared to the previous trading day, with Fujian Expressway leading the gains [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Top Performers - Fujian Expressway (600033) closed at 3.79, up 5.87% with a trading volume of 1.497 million shares and a turnover of 562 million yuan [1] - Sichuan Chengyu (601107) closed at 6.12, up 3.90% with a trading volume of 407,500 shares and a turnover of 249 million yuan [1] - Sanfengsi (001317) closed at 48.84, up 3.56% with a trading volume of 74,200 shares and a turnover of 360 million yuan [1] Underperformers - Guangshen Railway (601333) closed at 3.02, down 1.63% with a trading volume of 892,800 shares and a turnover of 271 million yuan [2] - Chongqing Road and Bridge (600106) closed at 6.61, down 1.05% with a trading volume of 181,500 shares and a turnover of 120 million yuan [2] - Haikou Group (603069) closed at 28.50, down 1.04% with a trading volume of 270,400 shares and a turnover of 764 million yuan [2] Capital Flow - The railway and highway sector experienced a net outflow of 163 million yuan from institutional investors, while retail investors saw a net inflow of 125 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types, with institutional investors pulling back while retail investors increased their positions [2][3] Individual Stock Capital Flow - Fujian Expressway saw a net inflow of 42.24 million yuan from institutional investors, but a net outflow of 50.68 million yuan from retail investors [3] - Guangdong Expressway A (000429) had a net inflow of 21.26 million yuan from institutional investors, with retail investors experiencing a net outflow of 26.64 million yuan [3] - Sanfengsi (001317) recorded a net inflow of 17.95 million yuan from institutional investors, while retail investors had a net outflow of 19.98 million yuan [3]

Group 1 - Jiangsu Ninghu Expressway (00177.HK) was increased by Jiangsu Communications Holding Co., Ltd. on October 31, 2025, acquiring 12.954 million shares at an average price of HKD 9.4362 per share, totaling approximately HKD 122 million [1] - Following the acquisition, Jiangsu Communications Holding Co., Ltd. holds a total of 25.998 million shares, increasing its ownership percentage from 1.07% to 2.13% [1][2]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing the timely allocation of transportation dividend assets [1]. Core Insights - The resilience of highway performance is highlighted, with a notable inflection point in bulk commodity performance. The report indicates that the transportation sector is currently experiencing a favorable investment environment [1]. Summary by Sections Highway: Stable Growth in Toll Revenue and Resilient Performance - In the first three quarters of 2025, the overall toll revenue of listed highway companies remained stable, with a year-on-year increase of 2.4% [4][7]. - The net profit growth rate for the highway sector in Q3 2025 was 7.1%, with notable performers including Ganyue Expressway (+64.7%) and Zhongyuan Expressway (+43.8%) [10][11]. - Current dividend yields for highway companies as of October 31, 2025, show Sichuan Chengyu at 5.1%, followed by Guangdong Expressway A and Shandong Expressway at 4.5% each [17][18]. Port: Slight Recovery in Bulk Cargo and Mixed Overall Performance - In Q3 2025, the total cargo throughput of national ports increased by 5.8% year-on-year, with container throughput rising by 5.2% [19][21]. - The port industry achieved a net profit of 97.9 billion yuan in Q3 2025, a decrease of 7.4% year-on-year, with Liaoport Co. leading in performance growth at +37.5% for the first three quarters [25][27]. - Current dividend yields for major ports include Tangshan Port at 5.0% and Qingdao Port at 3.7% [17][18]. Railway: Improvement in Q3 Performance - The railway sector showed a sequential improvement in Q3 2025, with key companies like Beijing-Shanghai High-Speed Railway reporting a net profit of 39.86 billion yuan, up 8.96% year-on-year [11][12]. - Current dividend yields for railway companies include Daqin Railway at 4.7% and Beijing-Shanghai High-Speed Railway at 2.3% [17][18]. Bulk Supply Chain: Continuous Recovery in Operating Environment - Xiamen Xiangyu reported a significant net profit increase of 443.17% in Q3 2025, indicating a strong upward trend [4][28]. - Xiamen Guomao turned profitable in Q3 2025, reflecting a stabilization in operations despite a year-on-year decline of 18.94% in the first three quarters [4][28]. Investment Recommendations - The report suggests a continued positive outlook for A/H shares in transportation dividend assets, emphasizing the importance of industrial logic and valuation elasticity [4]. - Key recommendations include Sichuan Chengyu and Wuhu Expressway for highways, and Tangshan Port and Qingdao Port for ports, highlighting their strong dividend yields and growth potential [4].

Group 1 - Jiangsu Communications Holding Co., Ltd. increased its stake in Jiangsu Ningtong Expressway (600377) by acquiring 12.954 million shares at a price of HKD 9.4362 per share, totaling approximately HKD 122 million [1] - After the acquisition, Jiangsu Communications Holding's total shareholding in Jiangsu Ningtong Expressway reached approximately 25.998 million shares, representing a holding percentage of 2.13% [1]

Group 1 - Jiangsu Transportation Holding Co., Ltd. increased its stake in Jiangsu Ningtong Expressway (00177) by acquiring 12.954 million shares at a price of HKD 9.4362 per share, totaling approximately HKD 122 million [1] - After the acquisition, the total number of shares held by Jiangsu Transportation is approximately 25.998 million, representing a holding percentage of 2.13% [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 JIANGSU EXPRESSWAY COMPANY LIMITED 江蘇寧滬高速公路股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00177） 須予披露交易 關於向本公司控股子公司提供同比例增資 的 公 告 本 公 司 董 事 會 及 全 體 董 事 保 證 本 公 告 內 容 不 存 在 任 何 虛 假 記 載、誤 導 性 陳 述 或 者 重 大 遺 漏，並 對 其 內 容 的 真 實 性、準 確 性 和 完 整 性 承 擔 法 律 責 任。 重 要 內 容 提 示： – 1 – 根據《上海證券交易所股票上市規則》，本次增資事項不構成關聯交易。 根 據 香 港 上 市 規 則，本 次 增 資 事 項 構 成 關 連 交 易，但 根 據 香 港 上 市 規則第14A.92(1)條，可 獲 得 全 面 豁 免。本 ...

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]

Investment Rating - The report maintains a "Buy" rating for Ninghu Expressway (600377) [7] Core Views - The company's core road traffic volume shows steady growth, with a single-quarter profit increase year-on-year in Q3 2025 [7] - The report highlights that while the total revenue for Q3 2025 decreased by 12.76% year-on-year, the net profit for the same quarter increased by 3.06% [7] - The toll revenue for the first three quarters of 2025 reached approximately 7.2 billion yuan, reflecting a year-on-year growth of about 1.03% [7] Financial Summary - Total revenue for 2025 is projected at approximately 23.935 billion yuan, with a year-on-year growth rate of 3.2% [6] - The net profit attributable to the parent company for 2025 is estimated to be 5.447 billion yuan, corresponding to a year-on-year growth of 10.1% [6] - The earnings per share (EPS) for 2025 is expected to be 1.08 yuan, with a gross profit margin of 27.1% [6] Traffic Volume Insights - The weighted average traffic volume for the company's controlled road network decreased by 3.66% year-on-year [7] - Specific segments such as the Huning Expressway saw a traffic volume increase of 2.66%, while the Ningchang Expressway experienced a decline of 16.57% due to construction impacts [7] - The Wufengshan Bridge reported a traffic volume increase of 20.07% [7]

Core Viewpoint - Ninghu Expressway's net profit attributable to shareholders for the first three quarters of 2025 is 3.84 billion yuan, a year-on-year decrease of 6.9%, while Q3 net profit is 1.41 billion yuan, a year-on-year increase of 3.1%, indicating that performance meets expectations [1] Revenue and Profitability - Toll revenue remains stable, while auxiliary business income declines, reflecting the effectiveness of cost reduction and efficiency improvement measures [1] - Q3 real estate revenue recognition is approximately 0.03 billion yuan, down 55.9% year-on-year, primarily due to a decrease in the delivery scale of real estate projects by subsidiaries [1] - Other business income is 0.4 billion yuan, down 15.9% year-on-year, mainly due to adjustments in the settlement model of subsidiary advertising businesses and the dismantling of some billboards [1] Cost Management - Operating costs (excluding construction costs) for Q3 are approximately 1.31 billion yuan, down 3.9% year-on-year, resulting in a gross margin of 60%, an increase of 11 percentage points year-on-year, primarily due to cost reduction and efficiency improvements in the toll road business [1] - Financial expenses amount to 0.21 billion yuan, down 16.55% year-on-year, mainly due to further reductions in financing costs [1] Investment Outlook - The company's dividend yield has returned to a favorable range, highlighting its value in a low-interest-rate environment, maintaining an "overweight" rating [1]

Investment Rating - The report maintains a "Buy" rating for Ninghu Expressway (600377) [2][7] Core Insights - The company reported a third-quarter profit growth of 3.06% year-on-year, despite a decline in total revenue for the first three quarters [7] - The toll revenue for the first three quarters was approximately RMB 7.2 billion, showing a year-on-year increase of about 1.03% [7] - The report projects net profits for 2025E-2027E at RMB 5.447 billion, RMB 5.790 billion, and RMB 6.049 billion, respectively, with corresponding PE ratios of 13, 12, and 11 [7] Financial Data Summary - Total revenue for 2025 is estimated at RMB 23.935 billion, with a year-on-year growth rate of 3.2% [6][8] - The net profit for 2025 is projected to be RMB 5.447 billion, reflecting a year-on-year growth of 10.1% [6][8] - The gross profit margin is expected to be 27.1% in 2025, with a return on equity (ROE) of 12.7% [6][8]